TAMPA, Fla. –
Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”) a
provider of energy transportation services for crude oil and petroleum
products in the U.S. Flag markets, today reported results for the third
quarter 2018.
Mr. Sam Norton, President and CEO, stated, “The third quarter saw OSG
make meaningful progress in executing on its business plan,
notwithstanding our short-term financial results. Highlights for the
quarter are that we secured multiple new term-charter fixtures, extended
our contract of affreightment with the Government of Israel through the
end of 2020, and announced contracts for the construction of two new
tankers and one new barge. We are well along the path to refinance and
fully pay off our term debt which matures in August 2019 using a
combination of cash and new debt. We have in hand commitments exceeding
$325.0 million from a syndicate of lenders for a new term loan, as well
as a second loan with another lender of $27.5 million, both of which we
anticipate closing in the coming weeks. We expect these financings to
add longer-term stability to our balance sheet, clearing the path for
the pursuit of expansion opportunities. We are confident that the
trajectory and mix of our revenue streams position the Company well to
benefit from the continuing arc of improving fundamentals.”
Highlights
-
Net income for the third quarter was $11.9 million, or $0.13 per
diluted share, compared with a net loss of $6.3 million, or $(0.07)
per diluted share, for the third quarter 2017. -
Shipping revenues for the third quarter 2018 were $80.5 million, down
13.7% compared with the same period in 2017. Time charter equivalent
(TCE) revenues(A), a non-GAAP measure, for the third
quarter 2018 were $72.1 million, down 15.1% compared with the third
quarter 2017. -
Operating loss for the third quarter of 2018 was $(4.1) million,
compared to operating income of $0.6 million in the third quarter of
2017. -
Third quarter 2018 Adjusted EBITDA(B), a non-GAAP measure,
was $9.2 million, down 59.1% from $22.6 million in the third quarter
2017. -
Total cash(C), a non-GAAP measure, was $124.2 million as of
September 30, 2018.
Third Quarter 2018 Results
Shipping revenues were $80.5 million for the quarter, down 13.7%
compared with the third quarter of 2017. TCE revenues for the third
quarter of 2018 were $72.1 million, a decrease of $12.8 million, or
15.1%, compared with the third quarter of 2017. Several factors
contributed to the decrease in revenues including: (a) 52 day increase
in scheduled drydocking, which is an out of service period used to
perform required major maintenance to continue trading and maximize a
vessel’s useful life, (b) 89 unplanned repair days, including one vessel
that was hit by a third-party ship, (c) one less Government of Israel
voyage during the third quarter of 2018 compared to the same period in
2017, (d) one less vessel in operation in the third quarter 2018
compared to third quarter 2017, and (e) seasonal slow-down manifested by
fewer spot market opportunities. The new term charters we secured during
the third quarter will increase our forward revenue day coverage for
2019 to approximately 65%. In the future, we expect revenues from
long-term time charters to increase and revenues from spot market
charters to decrease, which should result in decreased exposure to
fluctuations in spot market rates.
Operating loss for the third quarter of 2018 was $(4.1) million,
compared to operating income of $0.6 million in the third quarter of
2017.
Net income for the third quarter was $11.9 million, or $0.13 per diluted
share, compared with a net loss of $6.3 million, or $(0.07) per diluted
share, for the third quarter 2017.
Adjusted EBITDA was $9.2 million for the third quarter, a decrease of
$13.4 million compared with the third quarter of 2017, driven primarily
by the decline in TCE revenues.
|
A, B, C Reconciliations of these non-GAAP financial |
Conference Call
The Company will host a conference call to discuss its third quarter
2018 results at 9:00 a.m. Eastern Time (“ET”) on Friday, November 9,
2018.
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
11:00 a.m. ET on Friday, November 9, 2018 by dialing (877) 344-7529 for
domestic callers and (412) 317-0088 for international callers, and
entering Access Code 10126013.
About Overseas Shipholding Group, Inc.
Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded tanker
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 23-vessel U.S. Flag
fleet consists of seven ATBs, two lightering ATBs, three shuttle
tankers, nine MR tankers, and two non-Jones Act MR tankers that
participate in the U.S. MSP. 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 release contains forward-looking statements. In addition, the
Company may make or approve certain 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 the Company’s prospects, its ability to retain and effectively
integrate new members of management and the effect of the Company’s
spin-off of International Seaways, Inc. Forward-looking statements are
based the Company’s current plans, estimates and projections, and are
subject to change based on a number of factors. Investors should
carefully consider the risk factors outlined in more detail in the
Annual Report on Form 10-K for OSG and in similar sections of other
filings made by the Company with the SEC from time to time. The Company
assumes no obligation to update or revise any forward-looking
statements. Forward-looking statements and written and oral
forward-looking statements attributable to the Company or its
representatives after the date of this release are qualified in their
entirety by the cautionary statements contained in this paragraph and in
other reports previously or hereafter filed by the Company with the SEC.
|
Consolidated Statements of Operations ($ in thousands, except per share amounts) |
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|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
| Shipping Revenues: | |||||||||||||||||||||
| Time and bareboat charter revenues | $ | 51,033 | $ | 56,911 | $ | 159,113 | $ | 208,794 | |||||||||||||
| Voyage charter revenues | 29,503 | 36,359 | 117,820 | 88,817 | |||||||||||||||||
| 80,536 | 93,270 | 276,933 | 297,611 | ||||||||||||||||||
| Operating Expenses: | |||||||||||||||||||||
| Voyage expenses | 8,481 | 8,388 | 30,135 | 19,329 | |||||||||||||||||
| Vessel expenses | 33,865 | 33,194 | 101,025 | 101,438 | |||||||||||||||||
| Charter hire expenses | 23,079 | 23,053 | 68,394 | 68,486 | |||||||||||||||||
| Depreciation and amortization | 12,828 | 14,390 | 37,627 | 46,100 | |||||||||||||||||
| General and administrative | 6,410 | 6,333 | 19,778 | 20,616 | |||||||||||||||||
| Loss on disposal of vessels and other property, including impairments | – | 7,353 | – | 7,353 | |||||||||||||||||
| Total operating expenses | 84,663 | 92,711 | 256,959 | 263,322 | |||||||||||||||||
| Operating (loss)/income | (4,127 | ) | 559 | 19,974 | 34,289 | ||||||||||||||||
| Other income/(expense) | 518 | (548 | ) | 271 | (1,428 | ) | |||||||||||||||
|
(Loss)/income before interest expense, reorganization items and income taxes |
(3,609 | ) | 11 | 20,245 | 32,861 | ||||||||||||||||
| Interest expense | (7,828 | ) | (9,474 | ) | (23,401 | ) | (28,277 | ) | |||||||||||||
| (Loss)/income before reorganization items and income taxes | (11,437 | ) | (9,463 | ) | (3,156 | ) | 4,584 | ||||||||||||||
| Reorganization items, net | – | 46 | – | (198 | ) | ||||||||||||||||
| (Loss)/income before income taxes | (11,437 | ) | (9,417 | ) | (3,156 | ) | 4,386 | ||||||||||||||
| Income tax benefit/(provision) | 23,385 | 3,110 | 21,821 | (2,052 | ) | ||||||||||||||||
| Net income/(loss) | $ | 11,948 | $ | (6,307 | ) | $ | 18,665 | $ | 2,334 | ||||||||||||
| Weighted Average Number of Common Shares Outstanding: | |||||||||||||||||||||
| Basic – Class A | 88,535,376 | 87,822,274 | 88,337,614 | 87,832,949 | |||||||||||||||||
| Diluted – Class A | 89,229,282 | 87,822,274 | 89,017,866 | 88,031,375 | |||||||||||||||||
| Per Share Amounts: | |||||||||||||||||||||
| Basic and diluted net income – Class A | $ | 0.13 | $ | (0.07 | ) | $ | 0.21 | $ | 0.03 | ||||||||||||
The Company adopted ASU No. 2017-07, Improving the Presentation of
Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost
(ASC 715), which requires that an employer classify and report the
service cost component in the same line item or items in the statement
of operations as other compensation costs arising from services rendered
by the pertinent employees during the period and disclose by line item
in the statement of operations the amount of net benefit cost that is
included in the statement of operations. The other components of net
benefit cost would be presented in the statement of operations
separately from the service cost component and outside the subtotal of
income from operations. The Company adopted this accounting standard on
January 1, 2018 and has applied the guidance retrospectively.
|
Consolidated Balance Sheets ($ in thousands) |
||||||||||
|
September 30, 2018 |
December 31, 2017 |
|||||||||
| (unaudited) | ||||||||||
| ASSETS | ||||||||||
| Current Assets: | ||||||||||
| Cash and cash equivalents | $ | 123,977 | $ | 165,994 | ||||||
| Restricted cash | 59 | 58 | ||||||||
| Voyage receivables, including unbilled of $5,711 and $9,919 | 14,364 | 24,209 | ||||||||
| Income tax receivable | 879 | 1,122 | ||||||||
| Other receivables | 1,123 | 2,556 | ||||||||
| Inventories, prepaid expenses and other current assets | 15,493 | 13,356 | ||||||||
| Total Current Assets | 155,895 | 207,295 | ||||||||
| Vessels and other property, less accumulated depreciation | 607,001 | 632,509 | ||||||||
| Deferred drydock expenditures, net | 26,537 | 23,914 | ||||||||
| Total Vessels, Other Property and Deferred Drydock | 633,538 | 656,423 | ||||||||
| Restricted cash – non current | 165 | 217 | ||||||||
| Investments in and advances to affiliated companies | 38 | 3,785 | ||||||||
| Intangible assets, less accumulated amortization | 37,567 | 41,017 | ||||||||
| Other assets | 33,690 | 23,150 | ||||||||
| Total Assets | $ | 860,893 | $ | 931,887 | ||||||
| LIABILITIES AND EQUITY | ||||||||||
| Current Liabilities: | ||||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 38,510 | $ | 34,371 | ||||||
| Current installments of long-term debt | 376,897 | 28,160 | ||||||||
| Total Current Liabilities | 415,407 | 62,531 | ||||||||
| Reserve for uncertain tax positions | 218 | 3,205 | ||||||||
| Long-term debt | 686 | 420,776 | ||||||||
| Deferred income taxes, net | 64,340 | 83,671 | ||||||||
| Other liabilities | 46,857 | 48,466 | ||||||||
| Total Liabilities | 527,508 | 618,649 | ||||||||
| Equity: | ||||||||||
|
Common stock – Class A ($0.01 par value; 166,666,666 shares authorized; 84,587,414 and 78,277,669 shares issued and outstanding) |
846 | 783 | ||||||||
| Paid-in additional capital | 586,877 | 584,675 | ||||||||
| Accumulated deficit | (248,321 | ) | (265,758 | ) | ||||||
| 339,402 | 319,700 | |||||||||
| Accumulated other comprehensive loss | (6,017 | ) | (6,462 | ) | ||||||
| Total Equity | 333,385 | 313,238 | ||||||||
| Total Liabilities and Equity | $ | 860,893 | $ | 931,887 | ||||||
|
Consolidated Statements of Cash Flows ($ in thousands) |
||||||||||
|
Nine Months Ended September 30, |
||||||||||
| 2018 | 2017 | |||||||||
| Cash Flows from Operating Activities: | ||||||||||
| Net income | $ | 18,665 | $ | 2,334 | ||||||
| Items included in net income not affecting cash flows: | ||||||||||
| Depreciation and amortization | 37,627 | 46,100 | ||||||||
| Loss on disposal of vessels and other property, including impairments | – | 7,353 | ||||||||
| Amortization of debt discount and other deferred financing costs | 3,117 | 3,971 | ||||||||
|
Compensation relating to restricted stock awards and stock option grants |
2,312 | 2,526 | ||||||||
| Deferred income tax (benefit)/provision | (22,328 | ) | 1,423 | |||||||
| Other – net | 1,575 | 2,336 | ||||||||
| Loss on extinguishment of debt, net | 981 | 1,999 | ||||||||
| Distributed earnings of affiliated companies | 3,747 | 3,656 | ||||||||
| Payments for drydocking | (9,629 | ) | (4,833 | ) | ||||||
| SEC, Bankruptcy and IRS claim payments | – | (5,000 | ) | |||||||
| Changes in operating assets and liabilities | 7,630 | (25,025 | ) | |||||||
| Net cash provided by operating activities | 43,697 | 36,840 | ||||||||
| Cash Flows from Investing Activities: | ||||||||||
| Expenditures for vessels and vessel improvements | (10,116 | ) | – | |||||||
| Expenditures for other property | (124 | ) | (11 | ) | ||||||
| Net cash used in investing activities | (10,240 | ) | (11 | ) | ||||||
| Cash Flows from Financing Activities: | ||||||||||
| Payments on debt | (28,166 | ) | – | |||||||
| Extinguishment of debt | (47,000 | ) | (39,115 | ) | ||||||
| Tax withholding on share-based awards | (359 | ) | (1,062 | ) | ||||||
| Net cash used in financing activities | (75,525 | ) | (40,177 | ) | ||||||
| Net decrease in cash, cash equivalents and restricted cash | (42,068 | ) | (3,348 | ) | ||||||
| Cash, cash equivalents and restricted cash at beginning of period | 166,269 | 206,933 | ||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 124,201 | $ | 203,585 | ||||||
The Company adopted ASU No. 2016-18, Statement of Cash Flows (ASC
230), Restricted Cash, which requires that amounts generally described
as restricted cash and restricted cash equivalents be included with cash
and cash equivalents when reconciling the beginning-of-period and
end-of-period total amounts shown on the statement of cash flows. The
standard is effective for annual periods beginning after December 31,
2017 and interim periods within that reporting period. The Company
adopted this accounting standard on January 1, 2018. The prior period
has been adjusted to conform to current period presentation, which
resulted in a decrease of $11,988 in net cash provided by investing
activities for the nine months ended September 30, 2017, related to
changes in restricted cash amounts.
Fleet Information
As of September 30, 2018, OSG’s operating fleet consisted of 23 vessels,
13 of which were owned, with the remaining vessels chartered-in. Vessels
chartered-in are on Bareboat Charters.
| Vessels Owned | Vessels Chartered-in | Total at September 30, 2018 | |||||||||||||||||||||||||
| Vessel Type | Number |
Weighted by
Ownership |
Number |
Weighted by
Ownership |
Total Vessels |
Vessels
Weighted by Ownership |
Total dwt (1) | ||||||||||||||||||||
| Handysize Product Carriers | 4 | 4.0 | 10 | 10.0 | 14 | 14.0 | 664,490 | ||||||||||||||||||||
| Rebuilt ATBs | 7 | 7.0 | – | – | 7 | 7.0 | 195,131 | ||||||||||||||||||||
| Lightering ATBs | 2 | 2.0 | – | – | 2 | 2.0 | 91,112 | ||||||||||||||||||||
| Total Operating Fleet | 13 | 13.0 | 10 | 10.0 | 23 | 23.0 | 950,733 | ||||||||||||||||||||
| (1) |
Total dwt is defined as total deadweight tons for all vessels of that type. |
|||
Spot and Fixed TCE Rates Achieved and Revenue Days
The following tables provide a breakdown of TCE rates achieved for the
three and nine months ended September 30, 2018 and 2017, between spot
and fixed earnings and the related revenue days. Revenue days in the
quarter ended September 30, 2018 totaled 1,874 compared with 2,097 in
the same quarter in the prior year. A summary fleet list by vessel class
can be found later in this press release.
| 2018 | 2017 | ||||||||||||||||||
| Three Months Ended September 30, |
Spot |
Fixed |
Spot |
Fixed |
|||||||||||||||
| Jones Act Handysize Product Carriers: | |||||||||||||||||||
| Average rate | $ | 17,133 | $ | 56,999 | $ | 24,466 | $ | 64,553 | |||||||||||
| Revenue days | 276 | 797 | 367 | 732 | |||||||||||||||
| Non-Jones Act Handysize Product Carriers: | |||||||||||||||||||
| Average rate | $ | 16,541 | $ | – | $ | 35,054 | $ | – | |||||||||||
| Revenue days | 184 | – | 179 | – | |||||||||||||||
| ATBs: | |||||||||||||||||||
| Average rate | $ | 15,233 | $ | 22,171 | $ | 8,360 | $ | 25,331 | |||||||||||
| Revenue days | 235 | 224 | 280 | 355 | |||||||||||||||
| Lightering: | |||||||||||||||||||
| Average rate | $ | 65,023 | $ | – | $ | 59,857 | $ | – | |||||||||||
| Revenue days | 158 | – | 184 | – | |||||||||||||||
| 2018 | 2017 | ||||||||||||||||||
| Nine Months Ended September 30, |
Spot |
Fixed |
Spot |
Fixed |
|||||||||||||||
| Jones Act Handysize Product Carriers: | |||||||||||||||||||
| Average rate | $ | 30,931 | $ | 60,759 | $ | 25,224 | $ | 63,737 | |||||||||||
| Revenue days | 894 | 2,315 | 612 | 2,621 | |||||||||||||||
| Non-Jones Act Handysize Product Carriers: | |||||||||||||||||||
| Average rate | $ | 28,506 | $ | – | $ | 32,543 | $ | 14,031 | |||||||||||
| Revenue days | 526 | – | 382 | 159 | |||||||||||||||
| ATBs: | |||||||||||||||||||
| Average rate | $ | 16,620 | $ | 22,438 | $ | 10,378 | $ | 27,159 | |||||||||||
| Revenue days | 764 | 740 | 662 | 1,367 | |||||||||||||||
| Lightering: | |||||||||||||||||||
| Average rate | $ | 66,648 | $ | – | $ | 67,998 | $ | – | |||||||||||
| Revenue days | 513 | – | 546 | – | |||||||||||||||
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 may provide
certain investors with additional information 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. Time charter
equivalent 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 follow:
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||
| ($ in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||||||
| Time charter equivalent revenues | $ | 72,055 | $ | 84,882 | $ | 246,798 | $ | 278,282 | |||||||||||
| Add: voyage expenses | 8,481 | 8,388 | 30,135 | 19,329 | |||||||||||||||
| Shipping revenues | $ | 80,536 | $ | 93,270 | $ | 276,933 | $ | 297,611 | |||||||||||
Vessel Operating Contribution
Vessel operating contribution, a non-GAAP measure, is TCE revenues minus
vessel expenses and charter hire expenses.
Our “niche market activities”, which includes Delaware Bay lightering,
MSP vessels and shuttle tankers, continue to provide a stable operating
platform underlying our total US Flag operations. These vessels’
operations are insulated from the forces affecting the broader Jones Act
market.
The following table sets forth the contribution of our vessels:
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||
| ($ in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||||||
| Niche Market Activities | $ | 19,224 | $ | 26,708 | $ | 71,475 | $ | 79,452 | |||||||||||
| Jones Act Handysize Tankers | (6,537 | ) | (2,982 | ) | (4,072 | ) | 7,100 | ||||||||||||
| ATBs | 2,424 | 4,909 | 9,976 | 21,806 | |||||||||||||||
| Vessel Operating Contribution | 15,111 | 28,635 | 77,379 | 108,358 | |||||||||||||||
| Depreciation and amortization | 12,828 | 14,390 | 37,627 | 46,100 | |||||||||||||||
| General and administrative | 6,410 | 6,333 | 19,778 | 20,616 | |||||||||||||||
| Loss on disposal of vessels and other property, including impairments | – | 7,353 | – | 7,353 | |||||||||||||||
| Operating (loss)/income | $ | (4,127 | ) | $ | 559 | $ | 19,974 | $ | 34,289 | ||||||||||
(B) EBITDA and Adjusted EBITDA
EBITDA represents net income before interest expense, income taxes and
depreciation and amortization expense. Adjusted EBITDA consists of
EBITDA adjusted for the impact of certain 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
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
significant 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 captions of other companies due to differences in
methods of calculation. The following table reconciles net income as
reflected in the consolidated statements of operations, to EBITDA and
Adjusted EBITDA:
|
Three Months Ended |
Nine Months Ended |
||||||||||||||||||
| ($ in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||||||
| Net income/(loss) | $ | 11,948 | $ | (6,307 | ) | $ | 18,665 | $ | 2,334 | ||||||||||
| Income tax (benefit)/provision | (23,385 | ) | (3,110 | ) | (21,821 | ) | 2,052 | ||||||||||||
| Interest expense | 7,828 | 9,474 | 23,401 | 28,277 | |||||||||||||||
| Depreciation and amortization | 12,828 | 14,390 | 37,627 | 46,100 | |||||||||||||||
| EBITDA | 9,219 | 14,447 | 57,872 | 78,763 | |||||||||||||||
| Severance costs | – | – | – | 16 | |||||||||||||||
| Loss on disposal of vessels, including impairments | – | 7,353 | – | 7,353 | |||||||||||||||
| Loss on extinguishment of debt, net | – | 810 | 981 | 1,999 | |||||||||||||||
| Reorganization items, net | – | (46 | ) | – | 198 | ||||||||||||||
| Adjusted EBITDA | $ | 9,219 | $ | 22,564 | $ | 58,853 | $ | 88,329 | |||||||||||
(C) Total Cash
| ($ in thousands) |
September 30, |
December 31, |
|||||||
| Cash and cash equivalents | $ | 123,977 | $ | 165,994 | |||||
| Restricted cash – current | 59 | 58 | |||||||
| Restricted cash – non-current | 165 | 217 | |||||||
| Total Cash | $ | 124,201 | $ | 166,269 | |||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20181109005082/en/
Overseas Shipholding Group, Inc.
Susan Allan, 813-209-0620
sallan@osg.com
