Overseas Shipholding Group Reports Third Quarter 2022 Results
Overseas Shipholding Group (NYSE: OSG) reported strong financial results for Q3 2022, with shipping revenues reaching $123.1 million, a 31.0% increase year-over-year. The company's net income grew to $13.2 million or $0.15 per diluted share, up from a net loss of $16.0 million in Q3 2021. Time charter equivalent (TCE) revenues were $115.1 million, marking a 52.7% increase compared to the same quarter last year. Adjusted EBITDA rose to $42.3 million, up 247.6% year-over-year. The company anticipates further growth and reduced financial obligations in 2023.
- Shipping revenues of $123.1 million, a 31.0% increase compared to Q3 2021.
- Net income reached $13.2 million, a significant turnaround from a net loss of $16.0 million in Q3 2021.
- Time charter equivalent revenues increased by 52.7% year-over-year to $115.1 million.
- Adjusted EBITDA of $42.3 million, up 247.6% from Q3 2021.
- Increased scheduled drydocking by 54 days impacted overall performance.
-
Shipping revenues for the third quarter of 2022 were
$123.1 million $5.1 million 4.3% , from the second quarter of 2022. Compared to the third quarter of 2021, shipping revenues increased31.0% from$94.0 million -
Net income for the third quarter of 2022 was
$13.2 million $0.15 $3.7 million $0.04 $16.0 million $(0.18) -
Time charter equivalent (TCE) revenues(A), a non-GAAP measure, for the third quarter of 2022 were
$115.1 million $11.8 million 11.4% , from the second quarter of 2022. TCE revenues were up52.7% compared to the third quarter of 2021. -
Third quarter 2022 Adjusted EBITDA(B), a non-GAAP measure, was
$42.3 million $10.8 million 34.4% , from the second quarter of 2022. Adjusted EBITDA increased247.6% from$12.2 million -
Total cash(C) was
$73.7 million September 30, 2022 . -
During the quarter, the Company used cash on hand to purchase a
$15.0 million U.S. Treasury Note for$14.8 million August 15, 2024 . TheU.S. Treasury Note is classified as investment in security to be held to maturity on the condensed consolidated balance sheets.
A, B, C Reconciliations of these non-GAAP financial measures are included in the financial tables attached to this press release |
||||
Third Quarter 2022 Results
Shipping revenues were
Third quarter 2022 operating income was
Quarterly adjusted EBITDA increased to
In comparison to the third quarter of 2021, shipping revenues were up
Operating income for the third quarter of 2022 was
Adjusted EBITDA was
Conference Call
The Company will host a conference call to discuss its third quarter 2022 results at
To access the call, participants should dial (844) 200-6205 for domestic callers and (929) 526-1599 for international callers and enter Access Code 947417. 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 www.osg.com.
An audio replay of the conference call will be available for one week starting at
About
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
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
Consolidated Statements of Operations
|
||||||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
||||||||
Shipping Revenues: |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Time and bareboat charter revenues |
|
$ |
92,730 |
|
|
$ |
64,535 |
|
|
$ |
232,934 |
|
|
$ |
191,130 |
|
Voyage charter revenues |
|
|
30,329 |
|
|
|
29,432 |
|
|
|
112,108 |
|
|
|
72,469 |
|
|
|
|
123,059 |
|
|
|
93,967 |
|
|
|
345,042 |
|
|
|
263,599 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Expenses: |
|
|
|
|
|
|
|
|
||||||||
Voyage expenses |
|
|
7,997 |
|
|
|
18,602 |
|
|
|
32,813 |
|
|
|
51,030 |
|
Vessel expenses |
|
|
45,430 |
|
|
|
36,006 |
|
|
|
130,380 |
|
|
|
101,815 |
|
Charter hire expenses |
|
|
22,743 |
|
|
|
22,806 |
|
|
|
67,089 |
|
|
|
67,719 |
|
Depreciation and amortization |
|
|
17,902 |
|
|
|
15,526 |
|
|
|
51,058 |
|
|
|
45,913 |
|
General and administrative |
|
|
6,556 |
|
|
|
5,707 |
|
|
|
20,929 |
|
|
|
18,076 |
|
Loss on disposal of vessels and other property, including impairments, net |
|
|
— |
|
|
|
960 |
|
|
|
— |
|
|
|
6,257 |
|
Total operating expenses |
|
|
100,628 |
|
|
|
99,607 |
|
|
|
302,269 |
|
|
|
290,810 |
|
Operating income/(loss) |
|
|
22,431 |
|
|
|
(5,640 |
) |
|
|
42,773 |
|
|
|
(27,211 |
) |
Loss on extinguishment of debt, net |
|
|
— |
|
|
|
(7,961 |
) |
|
|
— |
|
|
|
(7,961 |
) |
Other income, net |
|
|
568 |
|
|
|
129 |
|
|
|
649 |
|
|
|
140 |
|
Income/(loss) before interest expense and income taxes |
|
|
22,999 |
|
|
|
(13,472 |
) |
|
|
43,422 |
|
|
|
(35,032 |
) |
Interest expense |
|
|
(8,229 |
) |
|
|
(7,052 |
) |
|
|
(24,869 |
) |
|
|
(20,739 |
) |
Income/(loss) before income taxes |
|
|
14,770 |
|
|
|
(20,524 |
) |
|
|
18,553 |
|
|
|
(55,771 |
) |
Income tax (expense)/benefit |
|
|
(1,522 |
) |
|
|
4,515 |
|
|
|
(2,074 |
) |
|
|
13,195 |
|
Net income/(loss) |
|
$ |
13,248 |
|
|
$ |
(16,009 |
) |
|
$ |
16,479 |
|
|
$ |
(42,576 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Number of Common Shares Outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic - Class A |
|
|
88,174,640 |
|
|
|
90,808,080 |
|
|
|
87,579,624 |
|
|
|
90,513,150 |
|
Diluted - Class A |
|
|
90,349,567 |
|
|
|
90,808,080 |
|
|
|
89,211,983 |
|
|
|
90,513,150 |
|
Per Share Amounts: |
|
|
|
|
|
|
|
|
||||||||
Basic net income/(loss) - Class A |
|
$ |
0.15 |
|
|
$ |
(0.18 |
) |
|
$ |
0.19 |
|
|
$ |
(0.47 |
) |
Diluted net income/(loss) - Class A |
|
$ |
0.15 |
|
|
$ |
(0.18 |
) |
|
$ |
0.18 |
|
|
$ |
(0.47 |
) |
Consolidated Balance Sheets
|
||||||||
|
|
|
|
|
||||
|
|
(unaudited) |
|
|
||||
ASSETS |
|
|
|
|
||||
Current Assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
73,682 |
|
|
$ |
83,253 |
|
Voyage receivables, including unbilled of |
|
|
22,338 |
|
|
|
14,586 |
|
Income tax receivable |
|
|
1,886 |
|
|
|
1,882 |
|
Other receivables |
|
|
10,325 |
|
|
|
5,816 |
|
Inventories, prepaid expenses and other current assets |
|
|
4,506 |
|
|
|
3,438 |
|
Total Current Assets |
|
|
112,737 |
|
|
|
108,975 |
|
Vessels and other property, less accumulated depreciation |
|
|
734,204 |
|
|
|
761,777 |
|
Deferred drydock expenditures, net |
|
|
42,135 |
|
|
|
43,342 |
|
Total Vessels, Other Property and Deferred Drydock |
|
|
776,339 |
|
|
|
805,119 |
|
Intangible assets, less accumulated amortization |
|
|
19,167 |
|
|
|
22,617 |
|
Operating lease right-of-use assets, net |
|
|
94,425 |
|
|
|
152,027 |
|
Investment security to be held to maturity |
|
|
14,803 |
|
|
|
— |
|
Other assets |
|
|
25,339 |
|
|
|
26,991 |
|
Total Assets |
|
$ |
1,042,810 |
|
|
$ |
1,115,729 |
|
LIABILITIES AND EQUITY |
|
|
|
|
||||
Current Liabilities: |
|
|
|
|
||||
Accounts payable, accrued expenses and other current liabilities |
|
$ |
46,342 |
|
|
$ |
49,901 |
|
Current portion of operating lease liabilities |
|
|
80,809 |
|
|
|
100,010 |
|
Current portion of finance lease liabilities |
|
|
4,001 |
|
|
|
4,000 |
|
Current installments of long-term debt |
|
|
23,346 |
|
|
|
22,225 |
|
Total Current Liabilities |
|
|
154,498 |
|
|
|
176,136 |
|
Reserve for uncertain tax positions |
|
|
184 |
|
|
|
179 |
|
Noncurrent operating lease liabilities |
|
|
32,954 |
|
|
|
73,150 |
|
Noncurrent finance lease liabilities |
|
|
17,102 |
|
|
|
18,998 |
|
Long-term debt |
|
|
405,441 |
|
|
|
422,515 |
|
Deferred income taxes, net |
|
|
65,737 |
|
|
|
63,744 |
|
Other liabilities |
|
|
20,626 |
|
|
|
22,393 |
|
Total Liabilities |
|
|
696,542 |
|
|
|
777,115 |
|
Equity: |
|
|
|
|
||||
Common stock - Class A ( |
|
|
883 |
|
|
|
872 |
|
Paid-in additional capital |
|
|
597,117 |
|
|
|
594,386 |
|
Accumulated deficit |
|
|
(243,108 |
) |
|
|
(259,587 |
) |
|
|
|
(11,026 |
) |
|
|
— |
|
|
|
|
343,866 |
|
|
|
335,671 |
|
Accumulated other comprehensive loss |
|
|
2,402 |
|
|
|
2,943 |
|
Total Equity |
|
|
346,268 |
|
|
|
338,614 |
|
Total Liabilities and Equity |
|
$ |
1,042,810 |
|
|
$ |
1,115,729 |
|
Consolidated Statements of Cash Flows
|
||||||||
|
|
Nine Months Ended
|
||||||
|
|
2022 |
|
2021 |
||||
|
|
(unaudited) |
|
(unaudited) |
||||
Cash Flows from Operating Activities: |
|
|
|
|
||||
Net income/(loss) |
|
$ |
16,479 |
|
|
$ |
(42,576 |
) |
Items included in net income not affecting cash flows: |
|
|
|
|
||||
Depreciation and amortization |
|
|
51,058 |
|
|
|
45,913 |
|
Loss on disposal of vessels and other property, including impairments, net |
|
|
— |
|
|
|
6,257 |
|
Amortization of debt discount and other deferred financing costs |
|
|
840 |
|
|
|
1,822 |
|
Compensation relating to restricted stock awards and stock option grants |
|
|
3,237 |
|
|
|
1,989 |
|
Deferred income tax expense/(benefit) |
|
|
1,998 |
|
|
|
(13,193 |
) |
Interest on finance lease liabilities |
|
|
1,228 |
|
|
|
1,362 |
|
Non-cash operating lease expense |
|
|
67,769 |
|
|
|
68,383 |
|
Loss on extinguishment of debt, net |
|
|
— |
|
|
|
5,225 |
|
Payments for drydocking |
|
|
(13,896 |
) |
|
|
(14,883 |
) |
Operating lease liabilities |
|
|
(69,368 |
) |
|
|
(69,297 |
) |
Changes in operating assets and liabilities, net |
|
|
(18,166 |
) |
|
|
(11,430 |
) |
Net cash provided by/(used in) operating activities |
|
|
41,179 |
|
|
|
(20,428 |
) |
Cash Flows from Investing Activities: |
|
|
|
|
||||
Expenditures for vessels and vessel improvements |
|
|
(4,519 |
) |
|
|
(5,827 |
) |
Purchase of investment security to be held to maturity |
|
|
(14,794 |
) |
|
|
— |
|
Proceeds from disposals of vessels and other property |
|
|
— |
|
|
|
32,128 |
|
Net cash (used in)/provided by investing activities |
|
|
(19,313 |
) |
|
|
26,301 |
|
Cash Flows from Financing Activities: |
|
|
|
|
||||
Payments on debt |
|
|
(16,530 |
) |
|
|
(28,919 |
) |
Tax withholding on share-based awards |
|
|
(496 |
) |
|
|
(402 |
) |
Payments on principal portion of finance lease liabilities |
|
|
(3,124 |
) |
|
|
(3,124 |
) |
Deferred financing costs paid for debt amendments |
|
|
(261 |
) |
|
|
(2,429 |
) |
Purchases of treasury stock under the stock repurchase program |
|
|
(11,026 |
) |
|
|
— |
|
Extinguishment of debt |
|
|
— |
|
|
|
(274,582 |
) |
Extinguishment of debt costs paid |
|
|
— |
|
|
|
(2,736 |
) |
Issuance of debt, net of issuance and deferred financing costs |
|
|
— |
|
|
|
321,552 |
|
Net cash (used in)/provided by financing activities |
|
|
(31,437 |
) |
|
|
9,360 |
|
Net (decrease)/increase in cash, cash equivalents and restricted cash |
|
|
(9,571 |
) |
|
|
15,233 |
|
Cash, cash equivalents and restricted cash at beginning of year |
|
|
83,253 |
|
|
|
69,819 |
|
Cash, cash equivalents and restricted cash at end of year |
|
$ |
73,682 |
|
|
$ |
85,052 |
|
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 nine months ended
|
|
2022 |
|
|
2021 |
|
||||||||||
Three Months Ended |
|
Spot Earnings |
|
|
Fixed Earnings |
|
|
Spot Earnings |
|
|
Fixed Earnings |
|
||||
Jones Act Handysize Product Carriers: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
38,296 |
|
|
$ |
60,923 |
|
|
$ |
37,527 |
|
|
$ |
66,704 |
|
Revenue days |
|
|
55 |
|
|
|
1,086 |
|
|
|
219 |
|
|
|
449 |
|
Non-Jones Act Handysize Product Carriers: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
47,779 |
|
|
$ |
38,911 |
|
|
$ |
43,265 |
|
|
$ |
9,083 |
|
Revenue days |
|
|
184 |
|
|
|
92 |
|
|
|
184 |
|
|
|
92 |
|
ATBs: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
41,117 |
|
|
$ |
35,590 |
|
|
$ |
— |
|
|
$ |
36,146 |
|
Revenue days |
|
|
85 |
|
|
|
99 |
|
|
|
— |
|
|
|
182 |
|
Lightering: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
71,086 |
|
|
$ |
46,906 |
|
|
$ |
60,063 |
|
|
$ |
— |
|
Revenue days |
|
|
135 |
|
|
|
49 |
|
|
|
92 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
— |
|
|
$ |
60,438 |
|
|
$ |
— |
|
|
$ |
57,936 |
|
Revenue days |
|
|
— |
|
|
|
250 |
|
|
|
— |
|
|
|
276 |
|
|
|
2022 |
|
|
2021 |
|
||||||||||
Nine Months Ended |
|
Spot Earnings |
|
|
Fixed Earnings |
|
|
Spot Earnings |
|
|
Fixed Earnings |
|
||||
Jones Act Handysize Product Carriers: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
53,710 |
|
|
$ |
60,067 |
|
|
$ |
32,380 |
|
|
$ |
65,882 |
|
Revenue days |
|
|
585 |
|
|
|
2,574 |
|
|
|
548 |
|
|
|
1,380 |
|
Non-Jones Act Handysize Product Carriers: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
44,720 |
|
|
$ |
29,632 |
|
|
$ |
30,684 |
|
|
$ |
9,478 |
|
Revenue days |
|
|
546 |
|
|
|
273 |
|
|
|
551 |
|
|
|
428 |
|
ATBs: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
41,048 |
|
|
$ |
35,059 |
|
|
$ |
— |
|
|
$ |
33,529 |
|
Revenue days |
|
|
85 |
|
|
|
458 |
|
|
|
— |
|
|
|
544 |
|
Lightering: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
65,758 |
|
|
$ |
46,906 |
|
|
$ |
74,169 |
|
|
$ |
— |
|
Revenue days |
|
|
363 |
|
|
|
49 |
|
|
|
273 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average rate |
|
$ |
— |
|
|
$ |
59,799 |
|
|
$ |
— |
|
|
$ |
58,446 |
|
Revenue days |
|
|
— |
|
|
|
785 |
|
|
|
— |
|
|
|
742 |
|
(a) |
Excludes one |
Fleet Information
As of
|
|
Vessels Owned |
|
|
Vessels Chartered-In |
|
|
Total at |
|
|||
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 |
(2) |
Includes three crude oil tankers doing business in |
(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
|
|
|
Nine Months Ended
|
|
||||||||||
($ in thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Time charter equivalent revenues |
|
$ |
115,062 |
|
|
$ |
75,365 |
|
|
$ |
312,229 |
|
|
$ |
212,569 |
|
Add: Voyage expenses |
|
|
7,997 |
|
|
|
18,602 |
|
|
|
32,813 |
|
|
|
51,030 |
|
Shipping revenues |
|
$ |
123,059 |
|
|
$ |
93,967 |
|
|
$ |
345,042 |
|
|
$ |
263,599 |
|
Vessel Operating Contribution
Vessel operating contribution, a non-GAAP measure, is TCE revenues minus vessel expenses and charter hire expenses.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
($ in thousands) |
|
2022 |
|
|
2021 |
|
2022 |
|
|
2021 |
||||||
Niche market activities |
|
$ |
28,194 |
|
|
$ |
16,334 |
|
|
$ |
63,720 |
|
|
$ |
47,118 |
|
Jones Act handysize tankers |
|
|
6,994 |
|
|
|
(11,958 |
) |
|
|
16,154 |
|
|
|
(35,698 |
) |
ATBs |
|
|
4,833 |
|
|
|
4,064 |
|
|
|
12,916 |
|
|
|
11,402 |
|
|
|
|
6,868 |
|
|
|
8,113 |
|
|
|
21,970 |
|
|
|
20,213 |
|
Vessel operating contribution |
|
|
46,889 |
|
|
|
16,553 |
|
|
|
114,760 |
|
|
|
43,035 |
|
Depreciation and amortization |
|
|
17,902 |
|
|
|
15,526 |
|
|
|
51,058 |
|
|
|
45,913 |
|
General and administrative |
|
|
6,556 |
|
|
|
5,707 |
|
|
|
20,929 |
|
|
|
18,076 |
|
Loss on disposal of vessels and other property, including impairments, net |
|
|
— |
|
|
|
960 |
|
|
|
— |
|
|
|
6,257 |
|
Operating income/(loss) |
|
$ |
22,431 |
|
|
$ |
(5,640 |
) |
|
$ |
42,773 |
|
|
$ |
(27,211 |
) |
(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
|
|
Nine Months Ended
|
||||||||||||
($ in thousands) |
|
2022 |
|
|
2021 |
|
2022 |
|
|
2021 |
||||||
Net income/(loss) |
|
$ |
13,248 |
|
|
$ |
(16,009 |
) |
|
$ |
16,479 |
|
|
$ |
(42,576 |
) |
Income tax expense/(benefit) |
|
|
1,522 |
|
|
|
(4,515 |
) |
|
|
2,074 |
|
|
|
(13,195 |
) |
Interest expense |
|
|
8,229 |
|
|
|
7,052 |
|
|
|
24,869 |
|
|
|
20,739 |
|
Depreciation and amortization |
|
|
17,902 |
|
|
|
15,526 |
|
|
|
51,058 |
|
|
|
45,913 |
|
EBITDA |
|
|
40,901 |
|
|
|
2,054 |
|
|
|
94,480 |
|
|
|
10,881 |
|
Amortization classified in charter hire and vessel expenses |
|
|
260 |
|
|
|
143 |
|
|
|
545 |
|
|
|
428 |
|
Interest expense classified in charter hire expenses |
|
|
308 |
|
|
|
338 |
|
|
|
935 |
|
|
|
1,024 |
|
Non-cash stock based compensation expense |
|
|
846 |
|
|
|
719 |
|
|
|
3,237 |
|
|
|
1,988 |
|
Loss on disposal of vessels and other property, including impairments, net |
|
|
— |
|
|
|
960 |
|
|
|
— |
|
|
|
6,257 |
|
Loss on extinguishment of debt, net |
|
|
— |
|
|
|
7,961 |
|
|
|
— |
|
|
|
7,961 |
|
Adjusted EBITDA |
|
$ |
42,315 |
|
|
$ |
12,175 |
|
|
$ |
99,197 |
|
|
$ |
28,539 |
|
(C) Total Cash
($ in thousands) |
|
2022 |
|
|
2021 |
|
||
Cash and cash equivalents |
|
$ |
73,630 |
|
|
$ |
83,172 |
|
Restricted cash |
|
|
52 |
|
|
|
81 |
|
Total cash |
|
$ |
73,682 |
|
|
$ |
83,253 |
|
Category: Earnings
View source version on businesswire.com: https://www.businesswire.com/news/home/20221103006044/en/
Investor Relations & Media Contact:
(813) 209-0620
sallan@osg.com
Source:
FAQ
What were Overseas Shipholding Group's shipping revenues for Q3 2022?
How much net income did OSG report for the third quarter of 2022?
What is the time charter equivalent revenue for OSG in Q3 2022?
What was the adjusted EBITDA for OSG in the third quarter of 2022?
How did OSG's Q3 2022 results compare to Q3 2021?
