Overseas Shipholding Group Reports Fourth Quarter and Full Year 2020 Results | Financial Buzz

Overseas Shipholding Group Reports Fourth Quarter and Full Year 2020 Results

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 fourth quarter and full year 2020.

Highlights

  • Net income for the full year 2020 was $30.0 million, or $0.33 per diluted share, compared with $8.7 million, or $0.10 per diluted share for the full year 2019.
  • Net loss for the fourth quarter was $844 thousand, or $(0.01) per diluted share, compared with net income of $11.0 million, or $0.12 per diluted share, for the fourth quarter 2019.
  • Shipping revenues for the fourth quarter 2020 were $97.5 million, down 0.9% compared with the fourth quarter 2019. Shipping revenues for the full year 2020 were $418.7 million, up 17.8% compared with the full year 2019.
  • Time charter equivalent (TCE) revenues(A), a non-GAAP measure, for the fourth quarter 2020 were $86.1 million, down 8.2% compared with the fourth quarter 2019. TCE revenues for the full year 2020 were $375.9 million, up 12.2%, compared with the full year 2019.
  • Fourth quarter 2020 Adjusted EBITDA(B), a non-GAAP measure, was $20.5 million, down 39.1% from $33.7 million in the same period in 2019. Full year Adjusted EBITDA was $124.9 million, up 36.3%, from $91.6 million in the same period in 2019.
  • Total cash(C) was $69.8 million as of December 31, 2020.
  • In November 2020, the Company closed on a $49.2 million loan for a term of 7 years. OSG’s subsidiaries, OSG 205 LLC and OSG Courageous II LLC, obtained the loan to finance one new 204,000 barrel U.S. Flag oil and chemical ATB barge, the OSG 205, and to refinance the tug to which the barge is paired, the OSG Courageous. In December 2020, the Company took delivery of the barge. The ATB unit is operating in the Jones Act trade and has entered into a one-year time charter.

Sam Norton, President and CEO, stated, “The full year 2020 financial results reported today met our expectations and gave us confidence in realizing the full potential of OSG’s diverse mix of business assets. To have realized these results in the midst of a global pandemic is largely the work of OSG professionals whose dedication and commitment to a safe and virus free environment has enabled us to provide operational readiness of our vessels throughout the past year. The continuing effects of the pandemic will present more pronounced financial pressures in the short run, the result of an expiring book of time charters coming off at a time when global petroleum fuels demand remains muted. However, we consider the prospects for a vaccine enabled recovery in the second half of this year to be strong, and look forward to a resumption of the positive market trends witnessed in recent years.”

As reported by the Company in its Form 12b-25 filing made on March 17, 2021, due to the prolonged depressed market conditions that exist as a result of the COVID-19 pandemic’s direct impact on our business, we sought and obtained modifications to certain of our financial covenants in our vessel financing facilities.

 

 

 

 

 

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

Fourth Quarter 2020 Results

Shipping revenues were $97.5 million for the quarter, down 0.9% compared with the fourth quarter of 2019. TCE revenues for the fourth quarter of 2020 were $86.1 million, a decrease of $7.7 million, or 8.2%, compared with the fourth quarter of 2019, primarily due to (a) two fewer ATBs in our fleet, (b) a 74-day increase in scheduled drydocking, (c) a decrease in Delaware Bay lightering volumes and (d) a 232-day increase in lay-up days primarily due to two vessels placed in lay-up, a decision taken in light of the lack of demand due to COVID-19 economic impact. The decrease was offset by the addition to our fleet of three crude oil tankers, Alaskan Explorer, Alaskan Legend and Alaskan Navigator, which were purchased in March 2020, and two ATBs, OSG 204 and OSG Endurance and OSG 205 and OSG Courageous, which were delivered at the end of May 2020 and beginning of December 2020, respectively.

Operating income for the fourth quarter of 2020 was $2.2 million compared to operating income of $18.7 million in the fourth quarter of 2019.

Net loss for the fourth quarter was $844 thousand, or $(0.01) per diluted share, compared with net income of $11.0 million, or $0.12 per diluted share, for the fourth quarter 2019.

Adjusted EBITDA was $20.5 million for the quarter, a decrease of $13.2 million compared with the fourth quarter of 2019, driven primarily by the decrease in TCE revenues.

Full Year 2020 Results

Shipping revenues were $418.7 million for the full year 2020, up 17.8% compared with the full year 2019. TCE revenues for the full year 2020 were $375.9 million, an increase of $40.7 million, or 12.2%, compared with the full year 2019. The increase in shipping revenues and TCE revenues was primarily due to the addition to our fleet of two Marshall Islands flagged MR tankers, Overseas Gulf Coast and Overseas Sun Coast, which entered service during the fourth quarter of 2019, three crude oil tankers, Alaskan Explorer, Alaskan Legend and Alaskan Navigator, which were purchased in March 2020, and two ATBs, OSG 204 and OSG Endurance and OSG 205 and OSG Courageous, which were delivered at the end of May 2020 and beginning of December 2020, respectively. The increase was offset by (a) two fewer ATBs in our fleet, (b) a 322-day increase in scheduled drydocking, (c) a decrease in Delaware Bay lightering volumes and (d) a 160-day increase in lay-up days primarily due to one vessel that was redelivered from time charter during the third quarter of 2020 and placed in lay-up, a decision taken in light of the lack of demand due to COVID-19 economic impact.

Operating income for the full year 2020 was $58.6 million compared to operating income of $33.4 million for the full year 2019.

Net income for the full year 2020 was $33.0 million, or $0.33 per diluted share, compared with net income of $8.7 million, or $0.10 per diluted share, for the full year 2019.

Adjusted EBITDA was $124.9 million for the full year 2020, an increase of $33.3 million compared with the full year 2019.

Conference Call

The Company will host a conference call to discuss its fourth quarter and full year 2020 results at 9:30 a.m. Eastern Time (“ET”) on Wednesday, April 7, 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 Wednesday, April 7, 2021 through 10:59 p.m. ET on Wednesday, April 21, 2021 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10153746.

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 ATB, 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 two Marshall Islands flagged MR tankers which trade 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 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

December 31,

 

Years Ended

December 31,

 

2020

 

2019

 

2020

 

2019

 

(unaudited)

 

(unaudited)

 

 

 

 

Shipping Revenues:

 

 

 

 

 

 

 

Time and bareboat charter revenues

$

80,427

 

 

$

75,064

 

 

$

344,512

 

 

$

263,683

 

Voyage charter revenues

17,119

 

 

23,361

 

 

74,180

 

 

91,864

97,546

 

 

98,425

 

 

418,692

 

 

355,547

 

Operating Expenses:

 

 

 

 

 

 

 

Voyage expenses

11,448

 

 

4,652

 

 

42,813

 

 

20,414

 

Vessel expenses

39,009

 

 

35,657

 

 

159,466

 

 

134,618

 

Charter hire expenses

22,861

 

 

22,630

 

 

90,608

 

 

90,359

 

Depreciation and amortization

15,024

 

 

13,662

 

 

58,513

 

 

52,499

 

General and administrative

6,957

 

 

6,482

 

 

26,869

 

 

23,399

 

Bad debt expense

 

 

 

 

 

 

4,300

 

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

24

 

 

19

 

 

982

 

 

106

 

Total operating expenses

95,323

 

 

83,102

 

 

379,251

 

 

325,695

 

Income from vessel operations

2,223

 

 

15,323

 

 

39,441

 

 

29,852

 

Equity in income of affiliated companies

 

 

3,328

 

 

 

 

3,552

 

Gain on termination of pre-existing arrangement

 

 

 

 

19,172

 

 

 

Operating income

2,223

 

 

18,651

 

 

58,613

 

 

33,404

 

Other income, net

1,808

 

 

448

 

 

1,621

 

 

1,440

 

Income before interest expense and income taxes

4,031

 

 

19,099

 

 

60,234

 

 

34,844

 

Interest expense, net

(5,902

)

 

(6,509

)

 

(24,045

)

 

(25,633

)

(Loss)/income before income taxes

(1,871

)

 

12,590

 

 

36,189

 

 

9,211

 

Income tax benefit/(expense)

1,027

 

 

(1,611

)

 

(6,185

)

 

(536

)

Net (loss)/income

$

(844

)

 

$

10,979

 

 

$

30,004

 

 

$

8,675

 

 

 

 

 

 

 

 

 

Weighted Average Number of Common Shares Outstanding:

 

 

 

 

 

 

 

Basic – Class A

90,004,773

 

 

89,375,508

 

 

89,794,392

 

 

89,251,818

 

Diluted – Class A

90,004,773

 

 

89,954,079

 

 

90,838,262

 

 

89,658,938

 

 

 

 

 

 

 

 

 

Per Share Amounts from Continuing Operations:

 

 

 

 

 

 

 

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

$

(0.01

)

 

$

0.12

 

 

$

0.33

 

 

$

0.10

 

Consolidated Balance Sheets

 

December 31,

2020

 

December 31,

2019

ASSETS

 

 

 

Current Assets:

 

 

 

Cash and cash equivalents

$

69,697

 

 

$

41,503

 

Restricted cash

49

 

 

60

 

Voyage receivables, including unbilled of $6,740 and $5,611, net of reserve for doubtful accounts

13,123

 

 

9,247

 

Income tax recoverable

387

 

 

1,192

 

Other receivables

1,817

 

 

3,037

 

Prepaid expenses

1,310

 

 

1,292

 

Inventories and other current assets

2,293

 

 

1,178

 

Total Current Assets

88,676

 

 

57,509

 

Vessels and other property, less accumulated depreciation and amortization

832,174

 

 

737,212

 

Deferred drydock expenditures, net

43,134

 

 

23,734

 

Total Vessels, Deferred Drydock and Other Property

875,308

 

 

760,946

 

Restricted cash

73

 

 

114

 

Investments in and advances to affiliated companies

 

 

3,599

 

Intangible assets, less accumulated amortization

27,217

 

 

31,817

 

Operating lease right-of-use assets

215,817

 

 

286,469

 

Other assets

24,646

 

 

35,013

 

Total Assets

$

1,231,737

 

 

$

1,175,467

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current Liabilities:

 

 

 

Accounts payable, accrued expenses and other current liabilities

$

48,089

 

 

$

35,876

 

Current installments of long-term debt

38,922

 

 

31,512

 

Current portion of operating lease liabilities

90,613

 

 

90,145

 

Current portion of finance lease liabilities

4,000

 

 

4,011

 

Total Current Liabilities

181,624

 

 

161,544

 

Reserve for uncertain tax positions

189

 

 

864

 

Long-term debt, net

390,198

 

 

336,535

 

Deferred income taxes, net

80,992

 

 

72,833

 

Noncurrent operating lease liabilities

147,154

 

 

219,501

 

Noncurrent finance lease liabilities

21,360

 

 

23,548

 

Other liabilities

30,409

 

 

19,097

 

Total Liabilities

851,926

 

 

833,922

 

 

 

 

 

Commitments and contingencies (Note 18)

 

 

 

 

 

 

 

Equity:

 

 

 

Common stock – Class A ($0.01 par value; 166,666,666 shares authorized; 86,365,422 and 85,713,610 shares issued and outstanding)

864

 

 

857

 

Paid-in additional capital

592,564

 

 

590,436

 

Accumulated deficit

(213,335

)

 

(243,339

)

 

380,093

 

 

347,954

 

Accumulated other comprehensive loss

(282

)

 

(6,409

)

Total Equity

379,811

 

 

341,545

 

Total Liabilities and Equity

$

1,231,737

 

 

$

1,175,467

 

Consolidated Statements of Cash Flows

 

Years Ended December 31,

 

2020

 

2019

Cash Flows from Operating Activities:

 

 

 

Net income

$

30,004

 

 

$

8,675

 

Items included in net income not affecting cash flows:

 

 

 

Depreciation and amortization

58,513

 

 

52,499

 

Bad debt expense

 

 

4,300

 

Gain on termination of pre-existing arrangement

(19,172

)

 

 

Amortization of debt discount and other deferred financing costs

2,286

 

 

1,965

 

Compensation relating to restricted stock, stock unit and stock option grants

2,333

 

 

1,662

 

Deferred income tax expense/(benefit)

6,298

 

 

(991

)

Interest on finance lease liabilities

1,973

 

 

1,462

 

Non-cash operating lease expense

91,696

 

 

90,922

 

Distributed/(undistributed) earnings of affiliated companies

3,562

 

 

(14

)

Items included in net income related to investing and financing activities:

 

 

 

Loss on extinguishment and prepayments of debt, net

793

 

 

72

 

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

982

 

 

106

 

Payments for drydocking

(30,732

)

 

(12,278

)

Changes in operating assets and liabilities:

 

 

 

Operating lease liabilities

(92,753

)

 

(83,608

)

(Increase)/decrease in receivables

(3,876

)

 

2,549

 

Increase/(decrease) in income tax receivable

6,133

 

 

(601

)

(Decrease)/increase in deferred revenue

(2,903

)

 

4,848

 

Net change in other operating assets and liabilities

(2,469

)

 

1,881

 

Net cash provided by operating activities

52,668

 

 

73,449

 

Cash Flows from Investing Activities:

 

 

 

Acquisition, net of cash acquired

(16,973

)

 

 

Expenditures for vessels and vessel improvements

(62,586

)

 

(118,055

)

Proceeds from disposal of vessels and other property

1,407

 

 

3,404

 

Expenditures for other property

 

 

(4,459

)

Deposit for vessel purchases

 

 

(10,800

)

Net cash used in investing activities

(78,152

)

 

(129,910

)

Cash Flows from Financing Activities:

 

 

 

Extinguishment of debt and prepayments

(41,021

)

 

(3,271

)

Issuance of debt, net of issuance and deferred financing costs

143,949

 

 

47,824

 

Payments on debt

(44,933

)

 

(23,866

)

Tax withholding on share-based awards

(197

)

 

(294

)

Payments on principal portion of finance lease liabilities

(4,172

)

 

(2,896

)

Net cash provided by financing activities

53,626

 

 

17,497

 

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

28,142

 

 

(38,964

)

Cash, cash equivalents and restricted cash at beginning of year

41,677

 

 

80,641

 

Cash, cash equivalents and restricted cash at end of year

$

69,819

 

 

$

41,677

 

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 months and fiscal year ended December 31, 2020 and the comparable periods of 2019. Revenue days in the quarter ended December 31, 2020 totaled 1,756 compared with 1,887 in the prior year quarter. Revenue days in the fiscal year ended December 31, 2020 totaled 7,639 compared with 7,215 in the prior year. A summary fleet list by vessel class can be found later in this press release.

For the three months ended December 31,

2020

 

2019

 

Spot

Earnings

 

Fixed

Earnings

 

Spot

Earnings

 

Fixed

Earnings

Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

Average rate

$

1,712

 

 

$

62,935

 

 

$

45,640

 

 

$

59,832

 

Revenue days

111

 

 

828

 

 

92

 

 

1,102

 

Non-Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

Average rate

$

34,076

 

 

$

11,093

 

 

$

39,904

 

 

$

16,114

 

Revenue days

205

 

 

162

 

 

179

 

 

175

 

ATBs:

 

 

 

 

 

 

 

Average rate

$

 

 

$

30,056

 

 

$

20,666

 

 

$

24,150

 

Revenue days

 

 

116

 

 

66

 

 

89

 

Lightering:

 

 

 

 

 

 

 

Average rate

$

75,162

 

 

$

 

 

$

55,056

 

 

$

 

Revenue days

89

 

 

 

 

184

 

 

 

Alaska (a):

 

 

 

 

 

 

 

Average rate

$

 

 

$

58,987

 

 

$

 

 

$

 

Revenue days

 

 

245

 

 

 

 

 

For the years ended December 31,

2020

 

2019

 

Spot

Earnings

 

Fixed

Earnings

 

Spot

Earnings

 

Fixed

Earnings

Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

Average rate

$

24,568

 

 

$

61,411

 

 

$

25,036

 

 

$

57,910

 

Revenue days

359

 

 

3,889

 

 

523

 

 

4,052

 

Non-Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

Average rate

$

30,582

 

 

$

15,213

 

 

$

30,671

 

 

$

13,912

 

Revenue days

699

 

 

710

 

 

482

 

 

417

 

ATBs:

 

 

 

 

 

 

 

Average rate

$

16,987

 

 

$

28,536

 

 

$

19,117

 

 

$

21,861

 

Revenue days

277

 

 

291

 

 

255

 

 

773

 

Lightering:

 

 

 

 

 

 

 

Average rate

$

56,003

 

 

$

61,012

 

 

$

63,162

 

 

$

 

Revenue days

476

 

 

87

 

 

713

 

 

 

Alaska (a):

 

 

 

 

 

 

 

Average rate

$

 

 

$

58,742

 

 

$

 

 

$

 

Revenue days

 

 

851

 

 

 

 

 

 

(a) Excludes one Alaska vessel currently in layup.

Fleet Information

As of December 31, 2020, OSG’s operating fleet consisted of 25 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 December 31, 2020

Vessel Type

Number

 

Number

 

Total Vessels

 

Total dwt (3)

Handysize Product Carriers (1)

6

 

 

11

 

 

17

 

 

810,825

 

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

13

 

 

12

 

 

25

 

 

1,728,313

 

(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 two owned Marshall Island flagged non-Jones Act MR tankers 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

December 31,

 

Years Ended

December 31,

($ in thousands)

2020

 

2019

 

2020

 

2019

TCE revenues

$

86,098

 

 

$

93,773

 

 

$

375,879

 

 

$

335,133

 

Add: Voyage Expenses

11,448

 

 

4,652

 

 

42,813

 

 

20,414

 

Shipping revenues

$

97,546

 

 

$

98,425

 

 

$

418,692

 

 

$

355,547

 

Vessel Operating Contribution

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

 

Three Months Ended

December 31,

 

Years Ended

December 31,

($ in thousands)

2020

 

2019

 

2020

 

2019

Niche market activities

$

18,313

 

 

$

24,658

 

 

$

79,826

 

 

$

88,438

 

Jones Act handysize tankers

(2,464

)

 

9,385

 

 

15,670

 

 

12,902

 

ATBs

1,335

 

 

1,443

 

 

4,658

 

 

8,816

 

Alaska crude oil tankers

7,044

 

 

 

 

25,651

 

 

 

Vessel operating contribution

24,228

 

 

35,486

 

 

125,805

 

 

110,156

 

Depreciation and amortization

15,024

 

 

13,662

 

 

58,513

 

 

52,499

 

General and administrative

6,957

 

 

6,482

 

 

26,869

 

 

23,399

 

Bad debt expense

 

 

 

 

 

 

4,300

 

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

24

 

 

19

 

 

982

 

 

106

 

Income from vessel operations

$

2,223

 

 

$

15,323

 

 

$

39,441

 

 

$

29,852

 

(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

December 31,

 

Years Ended

December 31,

($ in thousands)

2020

 

2019

 

2020

 

2019

Net (loss)/income

$

(844

)

 

$

10,979

 

 

$

30,004

 

 

$

8,675

 

Income tax (benefit)/expense

(1,027

)

 

1,611

 

 

6,185

 

 

536

 

Interest expense

5,902

 

 

6,509

 

 

24,045

 

 

25,633

 

Depreciation and amortization

15,024

 

 

13,662

 

 

58,513

 

 

52,499

 

EBITDA

19,055

 

 

32,761

 

 

118,747

 

 

87,343

 

Amortization classified in charter hire expenses

143

 

 

96

 

 

570

 

 

873

 

Interest expense classified in charter hire expenses

360

 

 

390

 

 

1,477

 

 

1,592

 

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

24

 

 

19

 

 

982

 

 

106

 

Non-cash stock based compensation expense

646

 

 

450

 

 

2,332

 

 

1,662

 

Loss on extinguishment of debt, net

290

 

 

 

 

793

 

 

72

 

Adjusted EBITDA

$

20,518

 

 

$

33,716

 

 

$

124,901

 

 

$

91,648

 

(C) Total Cash

($ in thousands)

December 31,

2020

 

December 31,

2019

Cash and cash equivalents

$

69,697

 

 

$

41,503

 

Restricted cash – current

49

 

 

60

 

Restricted cash – non-current

73

 

 

114

 

Total Cash

$

69,819

 

 

$

41,677

 

Category: Earnings.

Contacts

Investor Relations & Media Contact:

Susan Allan, Overseas Shipholding Group, Inc.

(813) 209-0620

sallan@osg.com