OSG
$2.05
Overseas Shipholding Group
$.02
.99%
Earnings Details
Quarter June 2021
Friday, August 06, 2021 7:30:00 AM
Tweet Share Watch
Summary

Overseas Shipholding Group (OSG) Recent Earnings

Overseas Shipholding Group (OSG) reported a Quarter June 2021 loss of $0.12 per share on revenue of $88.4 million.. Revenue fell 22.9% compared to the same quarter a year ago.

Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets.

Results
Reported Earnings
($0.12)
Earnings Whisper
-
Consensus Estimate
Reported Revenue
$88.4 Mil
Revenue Estimate
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Overseas Shipholding Group Reports Second Quarter 2021 Results

TAMPA, Fla.--(BUSINESS WIRE)--Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”), a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the second quarter 2021.

  • Shipping revenues for the second quarter 2021 were $88.4 million, an increase of $7.1 million from the first quarter 2021. Compared to the second quarter 2020, shipping revenues decreased 22.9% from $114.5 million.
  • Net loss for the second quarter 2021 was $10.7 million, or $(0.12) per diluted share, compared with net loss of $15.9 million, or ($0.18) per diluted share, in the first quarter 2021. Net income was $6.4 million, or $0.07 per diluted share, for the second quarter 2020.
  • Time charter equivalent (TCE) revenues(A), a non-GAAP measure, for the second quarter 2021 were $71.7 million, an increase of $6.2 million from first quarter 2021. TCE revenues were down 28.6% compared to second quarter 2020.
  • Second quarter 2021 Adjusted EBITDA(B), a non-GAAP measure, was $10.2 million, an increase of $4 million from the first quarter. Adjusted EBITDA decreased 65.9% from $29.8 million in the second quarter 2020.
  • In June, we sold the Overseas Gulf Coast for $32.1 million, net of broker commissions and other fees. The sale of this unencumbered asset provided additional liquidity.
  • During the quarter, the Company had seven ships in lay-up.
  • Total cash(c) was $61.8 million as of June 30, 2021.

Sam Norton, President and CEO, commenting on the recently completed quarter, stated, “OSG’s financial performance this quarter offers evidence of improving fundamentals in our core markets. Continued solid cash flows generated by our niche and ATC assets combined with stable contributions from our conventional tanker and ATB fleets to deliver better than anticipated EBITDA. The recovery slope of domestic marine transportation demand has been flatter than what had been expected earlier in the year due to import substitution for domestic supply. When fuel demand patterns consistent with historic levels of consumption normalize in the quarters ahead, we believe this will stimulate more marine transportation demand, which would positively impact our financial results.”

Mr. Norton added, “The ongoing global coronavirus pandemic continues to weigh on demand and transport pricing dynamics in the global liquid bulk transportation markets. Our customers' reluctance to enter into longer-term transportation commitments has been a continuing condition since the onset of the pandemic. As vaccines become more widely distributed globally and consumption of transportation fuels outside of the United States regains traction, demand for Jones Act tankers domestically should normalize as our customers' visibility toward and confidence in the future returns.”

 

 

 

 

 

A, B, C Reconciliations of these non-GAAP financial measures are included in the financial tables attached to this press release starting on Page 8.

Second Quarter 2021 Results

Shipping revenues were $88.4 million for the quarter, an increase of $7.1 million, or 8.7%, from the first quarter of 2021. TCE revenues increased $6.2 million, or 9.4%, from the first quarter to $71.7 million in the second quarter. The revenue increase was driven by increases in lightering volumes and a 58-day increase in chartered out days during the second quarter.

The second quarter operating loss was $5.8 million compared to the first quarter operating loss of $15.7 million. The first quarter loss included a provision for loss related to the sale of the Overseas Gulf Coast of $5.5 million.

Quarterly adjusted EBITDA increased to $10.2 million during the second quarter, a $4 million increase from the first quarter of 2021. The increase was driven by the increased revenues for the quarter.

Shipping revenues were $88.4 million for the quarter, down 22.9% compared with the second quarter of 2020. TCE revenues for the second quarter of 2021 were $71.7 million, a decrease of $28.7 million, or 28.6%, compared with the second quarter of 2020, primarily a result of a 599-day increase in lay-up days due to seven vessels in lay-up, a decision taken in light of the lack of demand due to the economic impact of COVID-19.

Operating loss for the second quarter of 2021 was $5.8 million compared to operating income of $13.6 million in the second quarter of 2020.

Net loss for the second quarter of 2021 was $10.7 million, or $(0.12) per diluted share, compared with net income of $6.4 million, or $0.07 per diluted share, for the second quarter 2020.

Adjusted EBITDA was $10.2 million for the quarter, a decrease of $19.6 million compared with the second quarter of 2020, driven primarily by the decrease in TCE revenues.

Conference Call

The Company will host a conference call to discuss its second quarter 2021 results at 9:30 a.m. Eastern Time (“ET”) on Friday, August 6, 2021.

To access the call, participants should dial (844) 850-0546 for domestic callers and (412) 317-5203 for international callers. Please dial in ten minutes prior to the start of the call.

A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at http://www.osg.com/.

An audio replay of the conference call will be available starting at 11:30 a.m. ET on Friday, August 6, 2021 through 10:59 p.m. ET on Friday, August 13, 2021 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10158907.

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 22 vessel U.S. Flag fleet consists of three crude oil tankers doing business in Alaska, two conventional ATBs, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program. OSG also currently owns and operates one Marshall Islands flagged MR tanker which trades internationally.

OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, the Company may make or approve certain forward-looking statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to our prospects, supply and demand for vessels in the markets in which we operate and the impact on market rates and vessel earnings, the continued stability of our niche businesses, and the impact of our time charter contracts on our future financial performance. Forward-looking statements are based on our current plans, estimates and projections, and are subject to change based on a number of factors. COVID-19 has had, and will continue to have, a profound impact on our workforce and many other aspects of our business and industry. Investors should carefully consider the risk factors outlined in more detail in our filings with the SEC. We do not assume any obligation to update or revise any forward-looking statements except as may be required by applicable law. Forward-looking statements and written and oral forward-looking statements attributable to us or our representatives after the date of this press release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by us with the SEC.

Consolidated Statements of Operations
($ in thousands, except per share amounts)

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2021

 

2020

 

2021

 

2020

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

Shipping Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time and bareboat charter revenues

$

62,806

 

 

$

96,662

 

 

$

126,594

 

 

$

174,812

 

Voyage charter revenues

25,553

 

 

17,877

 

 

43,039

 

 

40,586

 

 

88,359

 

 

114,539

 

 

169,633

 

 

215,398

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

Voyage expenses

16,668

 

 

14,112

 

 

32,428

 

 

17,897

 

Vessel expenses

34,002

 

 

41,644

 

 

65,809

 

 

77,413

 

Charter hire expenses

22,595

 

 

22,505

 

 

44,913

 

 

44,965

 

Depreciation and amortization

15,068

 

 

14,217

 

 

30,387

 

 

28,236

 

General and administrative

6,004

 

 

7,599

 

 

12,370

 

 

13,772

 

(Gain)/loss on disposal of vessels and other property, including impairments, net

(196

)

 

813

 

 

5,298

 

 

1,110

 

Total operating expenses

94,141

 

 

100,890

 

 

191,205

 

 

183,393

 

(Loss)/income from vessel operations

(5,782

)

 

13,649

 

 

(21,572

)

 

32,005

 

Gain on termination of pre-existing arrangement

 

 

 

 

 

 

19,172

 

Operating (loss)/income

(5,782

)

 

13,649

 

 

(21,572

)

 

51,177

 

Other (expense)/income, net

(111

)

 

(58

)

 

11

 

 

(27

)

(Loss)/income before interest expense and income taxes

(5,893

)

 

13,591

 

 

(21,561

)

 

51,150

 

Interest expense

(7,317

)

 

(6,167

)

 

(13,687

)

 

(12,241

)

(Loss)/income before income taxes

(13,210

)

 

7,424

 

 

(35,248

)

 

38,909

 

Income tax benefit/(expense)

2,511

 

 

(1,044

)

 

8,681

 

 

(7,404

)

Net (loss)/income

$

(10,699

)

 

$

6,380

 

 

$

(26,567

)

 

$

31,505

 

 

 

 

 

 

 

 

 

Weighted Average Number of Common Shares Outstanding:

 

 

 

 

 

 

 

Basic - Class A

90,612,019

 

 

89,747,630

 

 

90,363,243

 

 

89,584,969

 

Diluted - Class A

90,612,019

 

 

90,812,332

 

 

90,363,243

 

 

90,600,658

 

Per Share Amounts:

 

 

 

 

 

 

 

Basic and diluted net (loss)/income - Class A

$

(0.12

)

 

$

0.07

 

 

$

(0.29

)

 

$

0.35

 

Consolidated Balance Sheets
($ in thousands)

 

June 30,
2021

 

December 31,
2020

 

(unaudited)

 

 

ASSETS

 

 

 

Current Assets:

 

 

 

Cash and cash equivalents

$

61,735

 

 

$

69,697

 

Restricted cash

37

 

 

49

 

Voyage receivables, including unbilled of $4,954 and $6,740, net of reserve for doubtful accounts

9,234

 

 

13,123

 

Income tax receivable

386

 

 

387

 

Other receivables

3,165

 

 

1,817

 

Inventories, prepaid expenses and other current assets

4,348

 

 

3,603

 

Total Current Assets

78,905

 

 

88,676

 

Vessels and other property, less accumulated depreciation

777,698

 

 

832,174

 

Deferred drydock expenditures, net

46,703

 

 

43,134

 

Total Vessels, Other Property and Deferred Drydock

824,401

 

 

875,308

 

Restricted cash - non current

59

 

 

73

 

Intangible assets, less accumulated amortization

24,917

 

 

27,217

 

Operating lease right-of-use assets, net

177,752

 

 

215,817

 

Other assets

26,096

 

 

24,646

 

Total Assets

$

1,132,130

 

 

$

1,231,737

 

LIABILITIES AND EQUITY

 

 

 

Current Liabilities:

 

 

 

Accounts payable, accrued expenses and other current liabilities

$

42,208

 

 

$

48,089

 

Current portion of operating lease liabilities

90,590

 

 

90,613

 

Current portion of finance lease liabilities

4,001

 

 

4,000

 

Current installments of long-term debt

38,867

 

 

38,922

 

Total Current Liabilities

175,666

 

 

181,624

 

Reserve for uncertain tax positions

185

 

 

189

 

Noncurrent operating lease liabilities

108,396

 

 

147,154

 

Noncurrent finance lease liabilities

20,198

 

 

21,360

 

Long-term debt

369,523

 

 

390,198

 

Deferred income taxes, net

72,317

 

 

80,992

 

Other liabilities

31,932

 

 

30,409

 

Total Liabilities

778,217

 

 

851,926

 

Equity:

 

 

 

Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 87,146,851 and 86,365,422 shares issued and outstanding)

871

 

 

864

 

Paid-in additional capital

593,424

 

 

592,564

 

Accumulated deficit

(239,902

)

 

(213,335

)

 

354,393

 

 

380,093

 

Accumulated other comprehensive loss

(480

)

 

(282

)

Total Equity

353,913

 

 

379,811

 

Total Liabilities and Equity

$

1,132,130

 

 

$

1,231,737

 

Consolidated Statements of Cash Flows
($ in thousands)

 

Six Months Ended
June 30,

 

2021

 

2020

 

(unaudited)

 

(unaudited)

Cash Flows from Operating Activities:

 

 

 

Net (loss)/income

$

(26,567

)

 

$

31,505

 

Items included in net income not affecting cash flows:

 

 

 

Depreciation and amortization

30,387

 

 

28,236

 

Gain on termination of pre-existing arrangement

 

 

(19,172

)

Loss on disposal of vessels and other property, including impairments, net

5,298

 

 

1,110

 

Amortization of debt discount and other deferred financing costs

1,252

 

 

1,124

 

Compensation relating to restricted stock awards and stock option grants

1,270

 

 

1,055

 

Deferred income tax (benefit)/expense

(8,679

)

 

7,431

 

Interest on finance lease liabilities

914

 

 

1,001

 

Non-cash operating lease expense

45,672

 

 

45,680

 

Loss on extinguishment of debt, net

 

 

14

 

Distributed earnings of affiliated companies

 

 

3,562

 

Payments for drydocking

(14,222

)

 

(10,078

)

Operating lease liabilities

(45,957

)

 

(45,998

)

Changes in operating assets and liabilities, net

63

 

 

(3,204

)

Net cash (used in)/provided by operating activities

(10,569

)

 

42,266

 

Cash Flows from Investing Activities:

 

 

 

Acquisition, net of cash acquired

 

 

(16,973

)

Proceeds from disposals of vessels and other property

32,128

 

 

700

 

Expenditures for vessels and vessel improvements

(5,101

)

 

(38,657

)

Expenditures for other property

 

 

(498

)

Net cash provided by/(used in) investing activities

27,027

 

 

(55,428

)

Cash Flows from Financing Activities:

 

 

 

Payments on debt

(19,251

)

 

(26,669

)

Tax withholding on share-based awards

(402

)

 

(197

)

Payments on principal portion of finance lease liabilities

(2,063

)

 

(2,075

)

Extinguishment of debt

(301

)

 

(673

)

Deferred financing costs paid for debt amendments

(2,429

)

 

 

Issuance of debt, net of issuance and deferred financing costs

 

 

95,441

 

Net cash (used in)/provided by financing activities

(24,446

)

 

65,827

 

Net (decrease)/increase in cash, cash equivalents and restricted cash

(7,988

)

 

52,665

 

Cash, cash equivalents and restricted cash at beginning of period

69,819

 

 

41,677

 

Cash, cash equivalents and restricted cash at end of period

$

61,831

 

 

$

94,342

 

Spot and Fixed TCE Rates Achieved and Revenue Days

The following tables provide a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three and six months ended June 30, 2021 and the comparable periods of 2020. Revenue days in the quarter ended June 30, 2021 totaled 1,484 compared with 2,031 in the prior year quarter.

 

2021

 

2020

Three Months Ended June 30,

Spot Earnings

 

Fixed
Earnings

 

Spot Earnings

 

Fixed
Earnings

Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

 

Average rate

$

32,613

 

 

$

65,822

 

 

$

31,120

 

 

$

61,360

 

Revenue days

182

 

 

455

 

 

89

 

 

1,088

 

Non-Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

 

Average rate

$

33,437

 

 

$

12,417

 

 

$

27,051

 

 

$

16,752

 

Revenue days

187

 

 

159

 

 

156

 

 

181

 

ATBs:

 

 

 

 

 

 

 

 

Average rate

$

 

 

$

32,087

 

 

$

16,333

 

 

$

 

Revenue days

 

 

182

 

 

124

 

 

 

Lightering:

 

 

 

 

 

 

 

 

Average rate

$

87,948

 

 

$

 

 

$

44,346

 

 

$

 

Revenue days

91

 

 

 

 

121

 

 

 

Alaska (a):

 

 

 

 

 

 

 

 

Average rate

$

 

 

$

58,753

 

 

$

 

 

$

58,538

 

Revenue days

 

 

228

 

 

 

 

272

 

 

2021

 

2020

Six Months Ended June 30,

Spot Earnings

 

Fixed
Earnings

 

Spot Earnings

 

Fixed
Earnings

Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

Average rate

$

28,964

 

 

$

65,486

 

 

$

46,830

 

 

$

60,819

 

Revenue days

330

 

 

932

 

 

181

 

 

2,140

 

Non-Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

Average rate

$

24,383

 

 

$

9,586

 

 

$

27,387

 

 

$

16,770

 

Revenue days

367

 

 

336

 

 

310

 

 

363

 

ATBs:

 

 

 

 

 

 

 

Average rate

$

 

 

$

32,213

 

 

$

21,213

 

 

$

24,686

 

Revenue days

 

 

362

 

 

217

 

 

89

 

Lightering:

 

 

 

 

 

 

 

Average rate

$

81,339

 

 

$

 

 

$

51,388

 

 

$

61,012

 

Revenue days

181

 

 

 

 

243

 

 

87

 

Alaska (a):

 

 

 

 

 

 

 

Average rate

$

 

 

$

58,748

 

 

$

 

 

$

58,621

 

Revenue days

 

 

466

 

 

 

 

330

 

(a) Excludes one Alaska vessel currently in layup.

Fleet Information

As of June 30, 2021, OSG’s operating fleet consisted of 24 vessels, 12 of which were owned, with the remaining vessels chartered-in. Vessels chartered-in are on Bareboat Charters.

 

Vessels
Owned

 

Vessels
Chartered-In

 

Total at June 30, 2021

Vessel Type

Number

 

Number

 

Total Vessels

 

Total dwt (3)

Handysize Product Carriers (1)

5

 

 

11

 

 

16

 

 

760,493

 

Crude Oil Tankers (2)

3

 

 

1

 

 

4

 

 

772,194

 

Refined Product ATBs

2

 

 

 

 

2

 

 

54,182

 

Lightering ATBs

2

 

 

 

 

2

 

 

91,112

 

Total Operating Fleet

12

 

 

12

 

 

24

 

 

1,677,981

 

(1)

Includes two owned shuttle tankers, 11 chartered-in tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program, all of which are U.S. flagged, as well as one owned Marshall Island flagged non-Jones Act MR tanker trading in international markets.

(2)

Includes three crude oil tankers doing business in Alaska and one crude oil tanker bareboat chartered-in and in layup.

(3)

Total dwt is defined as aggregate deadweight tons for all vessels of that type.

Reconciliation to Non-GAAP Financial Information

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures provide investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.

(A) Time Charter Equivalent (TCE) Revenues

Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. TCE revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follows:

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2021

 

2020

 

2021

 

2020

Time charter equivalent revenues

$

71,691

 

 

$

100,427

 

 

$

137,205

 

 

$

197,501

 

Add: Voyage expenses

16,668

 

 

14,112

 

 

32,428

 

 

17,897

 

Shipping revenues

$

88,359

 

 

$

114,539

 

 

$

169,633

 

 

$

215,398

 

Vessel Operating Contribution

Vessel operating contribution, a non-GAAP measure, is TCE revenues minus vessel expenses and charter hire expenses.

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

($ in thousands)

2021

 

2020

 

2021

 

2020

Niche market activities

$

17,653

 

 

$

17,716

 

 

$

30,795

 

 

$

39,420

 

Jones Act handysize tankers

(11,490

)

 

9,927

 

 

(23,746

)

 

22,309

 

ATBs

3,755

 

 

174

 

 

7,337

 

 

2,978

 

Alaska crude oil tankers

5,176

 

 

8,461

 

 

12,097

 

 

10,416

 

Vessel operating contribution

15,094

 

 

36,278

 

 

26,483

 

 

75,123

 

Depreciation and amortization

15,068

 

 

14,217

 

 

30,387

 

 

28,236

 

General and administrative

6,004

 

 

7,599

 

 

12,370

 

 

13,772

 

(Gain)/loss on disposal of vessels and other property, including impairments, net

(196

)

 

813

 

 

5,298

 

 

1,110

 

(Loss)/income from vessel operations

$

(5,782

)

 

$

13,649

 

 

$

(21,572

)

 

$

32,005

 

(B) EBITDA and Adjusted EBITDA

EBITDA represents net income/(loss) before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted to exclude amortization classified in charter hire expenses, interest expense classified in charter hire expenses, loss/(gain) on disposal of vessels and other property, including impairments, net, non-cash stock based compensation expense and loss on repurchases and extinguishment of debt and the impact of other items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income/(loss) or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled measures used by other companies due to differences in methods of calculation. The following table reconciles net income/(loss) as reflected in the consolidated statements of operations, to EBITDA and Adjusted EBITDA.

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

($ in thousands)

2021

 

2020

 

2021

 

2020

Net (loss)/income

$

(10,699

)

 

$

6,380

 

 

$

(26,567

)

 

$

31,505

 

Income tax (benefit)/expense

(2,511

)

 

1,044

 

 

(8,681

)

 

7,404

 

Interest expense

7,317

 

 

6,167

 

 

13,687

 

 

12,241

 

Depreciation and amortization

15,068

 

 

14,217

 

 

30,387

 

 

28,236

 

EBITDA

9,175

 

 

27,808

 

 

8,826

 

 

79,386

 

Amortization classified in charter hire expenses

143

 

 

143

 

 

285

 

 

285

 

Interest expense classified in charter hire expenses

341

 

 

371

 

 

686

 

 

750

 

(Gain)/loss on disposal of vessels and other property, including impairments, net

(196

)

 

813

 

 

5,298

 

 

1,110

 

Non-cash stock based compensation expense

694

 

 

616

 

 

1,270

 

 

1,055

 

Loss extinguishment of debt, net

 

 

14

 

 

 

 

14

 

Adjusted EBITDA

$

10,157

 

 

$

29,765

 

 

$

16,365

 

 

$

82,600

 

(C) Total Cash

($ in thousands)

June 30,
2021

 

December 31,
2020

Cash and cash equivalents

$

61,735

 

 

$

69,697

 

Restricted cash - current

37

 

 

49

 

Restricted cash – non-current

59

 

 

73

 

Total cash

$

61,831

 

 

$

69,819

 

Category: Earnings

Investor Relations & Media Contact:
Susan Allan, Overseas Shipholding Group, Inc.
(813) 209-0620
sallan@osg.com

Source: Overseas Shipholding Group, Inc.