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Overseas Shipholding Group Reports First Quarter 2011 Results

Consolidated Balance Sheets

($ in thousands)   Mar. 31,

2011

  Dec. 31,

2010

ASSETS  
Current Assets:
Cash and cash equivalents $257,681 $253,649
Short-term investments 20,047 20,047
Voyage receivables 170,576 160,993
Other receivables, including income taxes recoverable 59,827 99,611
Inventories, prepaid expenses and other current assets 74,687   60,577
Total Current Assets 582,818 594,877
Vessels and other property, including construction in progress of $737,825 and $806,818,

less accumulated depreciation

3,218,736 3,195,383
Vessels held for sale

-

3,305
Deferred drydock expenditures, net 43,109   46,827
Total Vessels, Deferred Drydock and Other Property 3,261,845   3,245,515
Investments in affiliated companies 277,185 265,096
Intangible assets, less accumulated amortization 81,842 83,137
Goodwill 9,589 9,589
Other assets 53,563   42,889
Total Assets $4,266,842   $4,241,103
 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities $127,126 $129,178
Current installments of long-term debt 50,844   44,607
Total Current Liabilities 177,970 173,785
Long-term debt 2,010,130 1,941,583
Deferred gain on sale and leaseback of vessels 31,297 40,876
Deferred income taxes and other liabilities 273,961   274,716
Total Liabilities 2,493,358 2,430,960
Equity
Overseas Shipholding Group, Inc.’s equity 1,773,484   1,810,143
Total Equity 1,773,484   1,810,143
Total Liabilities and Equity $4,266,842   $4,241,103




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