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Overseas Shipholding Group Reports First Quarter 2011 Results

Consolidated Statements of Operations

($ in thousands, except per share amounts)   Three Months Ended March 31,
2011   2010
Shipping Revenues:
Pool revenues $77,217 $108,584
Time and bareboat charter revenues 60,456 65,546
Voyage charter revenues 125,995 95,624
Total Shipping Revenues 263,668 269,754
Operating Expenses:
Voyage expenses 57,106 39,893
Vessel expenses 69,409 64,074
Charter hire expenses 95,350 90,614
Depreciation and amortization 42,308 41,926
General and administrative 24,468 26,829
Shipyard contract termination recoveries


Loss on disposal of vessels, including impairments in 2010 868 2,256
Total Operating Expenses 289,509 265,361
(Loss) / Income from Vessel Operations (25,841) 4,393
Equity in Income / (Loss) of Affiliated Companies 5,642 (2,298)
Operating (Loss) / Income (20,199) 2,095
Other Income / (Expense) 1,824 (146)
(18,375) 1,949
Interest Expense (17,739) (12,294)
Loss before Income Taxes (36,114) (10,345)
Income Tax Benefit 1,556 992
Net Loss $(34,558) $(9,353)
Weighted Average Number of Common Shares Outstanding:
Basic 30,210,882 27,760,420
Diluted 30,210,882 27,760,420
Per Share Amounts:
Basic $(1.15) $(0.34)
Diluted $(1.15) $(0.34)
Cash dividends declared $0.4375 $0.4375

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