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TheStreet Open House

Overseas Shipholding Group Reports First Quarter 2011 Results

From time to time the Company enters into FFAs and related bunker swaps as hedges for reducing the volatility of earnings from operating the Company’s VLCCs in the spot market. These derivative instruments seek to create synthetic time charters. The impact of these derivatives, which qualify for hedge accounting treatment, are reported together with time charters entered in the physical market under Fixed Earnings. As of March 31, 2011, the Company had no synthetic time charters outstanding. The information in this table is based in part on information provided by the pools or commercial joint ventures in which the segment’s vessels participate.

  Three Months Ended Mar. 31, 2011   Three Months Ended Mar. 31, 2010
  Spot   Fixed   Total Spot   Fixed   Total
Business Unit – Crude Oil            
VLCC 1
Average TCE Rate $24,131 $ — $49,931 $49,511
Number of Revenue Days 1,272 1,272 915 338 1,253
Suezmax 2
Average TCE Rate $16,065 $ — $28,301 $ —
Number of Revenue Days 324 324 231 231
Aframax
Average TCE Rate $14,746 $21,385 $17,525 $23,058
Number of Revenue Days 912 176 1,088 956 177 1,133
Aframax – Lightering 1
Average TCE Rate $25,900 $ — $23,571 $ —
Number of Revenue Days 635 635 978 978
Panamax 3
Average TCE Rate $20,720 $17,318 $20,323 $18,926
Number of Revenue Days 450 360 810 450 360 810
Other Crude Oil Revenue Days 1 179 179 90 90
Total Crude Oil Revenue Days 3,772 536 4,308 3,620 875 4,495
Business Unit – Products            
LR2 4
Average TCE Rate $6,519 $ — $ — $16,288
Number of Revenue Days 28 28 90 90
LR1
Average TCE Rate $19,279 $ — $18,914 $ —
Number of Revenue Days 343 343 351 351
MR
Average TCE Rate $12,864 $14,322 $15,157 $21,217
Number of Revenue Days 2,623 355 2,978 1,423 982 2,405
Total Refined Products Revenue Days 2,994 355 3,349 1,774 1,072 2,846
Business Unit – U.S. Flag            
Handysize Product Carrier
Average TCE Rate $12,606 $49,924 $ — $45,599
Number of Revenue Days 72 893 966 618 618
ATB
Average TCE Rate $24,186 $ — $22,349 $34,218
Number of Revenue Days 532 532 365 89 454
Lightering
Average TCE Rate $39,045 $ — $23,452 $ —
Number of Revenue Days 258 258 270 270
Total U.S. Flag Revenue Days 862 893 1,755 635 707 1,342
Other – Number of Revenue Days 180 180 90 90
Total Revenue Days 7,628 1,964 9,592 6,029 2,744 8,773

1 Other Crude Oil revenue days includes the Company’s ULCC and, for the quarter ended March 31, 2011, one double-sided Aframax which had substantial idle time during such period, that was previously included in Aframax Lightering. 2 Rate for the quarter ended March 31, 2011 reflects the inclusion of revenue days and voyage costs incurred in positioning vessels at the end of the fourth quarter of 2010. 3 Includes one vessel performing a bareboat charter-out during the three months ended March 31, 2011 and 2010. 4 In January 2011, the Overseas Takamar completed a voyage that positioned it for redelivery .



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