Overseas Shipholding Group Reports First Quarter 2011 Results

Appendix 1 – Reconciliation to Non-GAAP Financial Information

TCE Reconciliation

Reconciliation of time charter equivalent revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow:

		Three Months Ended Mar. 31,
($ in thousands)		2011		2010
Time charter equivalent revenues		$206,562		$229,861
Add: Voyage Expenses		57,106		39,893
Shipping revenues		$263,668		$269,754

Consistent with general practice in the shipping industry, the Company uses time charter equivalent 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.



Appendix 2 – Capital Expenditures

The following table presents information with respect to OSG’s capital expenditures for the three months ended March 31, 2011 and 2010:

		Three Months Ended Mar. 31,
($ in thousands)		2011		2010
Expenditures for vessels		$63,653		$112,054
Investments in and advances to affiliated companies		—		103,223
Payments for drydockings		2,863		1,945
		$66,516		$217,222

Appendix 3 – Second Quarter 2011 TCE Rates

The Company has achieved the following average estimated TCE rates for the second quarter of 2011 for the percentage of days booked for vessels operating through April 15, 2011. The information is based in part on data provided by the pools or commercial joint ventures in which the vessels participate. All numbers provided are estimates and may be adjusted for a number of reasons, including the timing of any vessel acquisitions or disposals and the timing and length of drydocks and repairs.

				Second Quarter Revenue Days
Vessel Class and Charter Type		Average TCE Rate		Fixed as of 4/15/11		Open as of 4/15/11		Total		% Days Booked
Business Unit – Crude Oil
VLCC – Spot		$30,500		420		836		1,256		33%
Suezmax – Spot		$15,500		153		259		412		37%
Aframax – Spot		$12,500		289		639		928		31%
Aframax – Time		$22,500		157		—		157		100%
Aframax Lightering 1		$26,000		129		437		566		23%
Panamax – Spot		$24,000		92		385		477		19%
Panamax – Time		$18,000		328		—		328		100%
Business Unit – Refined Petroleum Products
LR1 – Spot		$24,500		71		280		351		20%
MR – Spot		$18,000		890		1,971		2,861		31%
MR– Time		$14,500		195		—		195		100%
Business Unit – U.S. Flag
Product Carrier – Spot		$31,500		21		—		21		100%
Product Carrier – Time		$51,500		970		—		970		100%
ATB – Spot		$21,000		117		339		456		26%

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