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Overseas Shipholding Group Reports First Quarter 2011 Results

Stocks in this article: OSG

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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