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Overseas Shipholding Group Reports Third Quarter 2011 Results

Stocks in this article: OSG

Appendix 2 – Capital Expenditures

The following table presents information with respect to OSG’s capital expenditures for the three months and nine months ended September 30, 2011 and 2010:

      Three Months Ended Sep. 30,       Nine Months Ended Sep. 30,
($ in thousands)       2011     2010       2011     2010
Expenditures for vessels $54,293     $63,202       $163,088     $240,230
Investments in and advances to affiliated companies 4,688 167,646
Payments for drydockings 17,048     5,021       28,244     14,078
$71,341     $72,911       $191,332     $421,954

Appendix 3 – Fourth Quarter 2011 TCE Rates

The Company has achieved the following average estimated TCE rates for the fourth quarter of 2011 for the percentage of days booked for vessels operating through October 21, 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.

            Fourth Quarter Revenue Days
Average TCE Fixed as of     Open as of         % Days
Vessel Class and Charter Type       Rate       10/21/11     10/21/11     Total     Booked
Business Unit – Crude Oil                                  
VLCC – Spot $9,000 718 426 1,144 63%
Suezmax – Spot $12,000 178 351 529 34%
Aframax – Spot $9,500 306 492 798 38%
Aframax – Time $17,500 83 83 100%
Aframax Lightering $15,500 169 415 584 29%
Panamax – Spot $13,000 88 364 452 20%
Panamax – Time       $16,500       346         346     100%
Business Unit – Refined Petroleum Products                                  
LR1 – Spot $13,000 84 336 420 20%
LR1 – Time $14,000 132 132 100%
MR – Spot $13,500 1,008 2,082 3,090 33%
MR– Time       $14,500       185         185     100%
Business Unit – U.S. Flag                                  
Product Carrier – Time $51,500 1,093 1,093 100%
ATB – Spot       $27,000       362     217     579     63%
 

Appendix 4 – 2012 Fixed TCE Rates

The following table shows average estimated TCE rates and associated days booked for the four quarters of 2012 as of October 21, 2011.

      Fixed Rates and Revenue Days as of 10/21/11      
        1Q2012     2Q2012     3Q2012       4Q2012
Business Unit – Crude Oil                            
Panamax        
Average TCE Rate $13,000 $13,500 $13,500 $13,500
Number of Revenue Days       273     207     184       135
Business Unit – Refined Petroleum Products                            
MR
Average TCE Rate $15,000 $15,000 $14,000 $14,000
Number of Revenue Days       182     150     92       92
Business Unit – U.S. Flag                            
Handysize Product Carrier
Average TCE Rate $51,500 $53,000 $54,500 $55,000
Number of Revenue Days 920 757 644 623
 
 

Conference Call Information

OSG has scheduled a conference call for today at 11:00 a.m. ET. Call-in information is (877) 941-8416 (domestic) and (480) 629-9808 (international). The conference call and supporting presentation can also be accessed by webcast, which will be available at www.osg.com in the Investor Relations/Webcasts and Presentations section. Additionally, a replay of the call will be available by telephone through November 8, 2011; the number for the replay is (877) 870-5176 (domestic) and (858) 384-5517 (international). The passcode for the replay is 4481374.

About OSG

Overseas Shipholding Group, Inc. (NYSE: OSG), a Dow Jones Transportation Index company, is one of the largest publicly traded tanker companies in the world. As a market leader in global energy transportation services for crude oil and petroleum products in the U.S. and International Flag markets, OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in New York City, NY. More information is available at www.osg.com.

Forward-Looking Statements

This release contains forward-looking statements regarding the Company's prospects, including the outlook for tanker and articulated tug barge markets, changing oil trading patterns, anticipated levels of newbuilding and scrapping, prospects for certain strategic alliances and investments, estimated TCE rates achieved for the fourth quarter of 2011 and for the four quarters of 2012, timely delivery of newbuildings in accordance with contractual terms, prospects of OSG’s strategy of being a market leader in the segments in which it competes and the forecast of world economic activity and oil demand. These statements are based on certain assumptions made by OSG management based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Forward-looking statements are subject to a number of risks, uncertainties and assumptions, many of which are beyond the control of OSG, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Factors, risks and uncertainties that could cause actual results to differ from the expectations reflected in these forward-looking statements are described in the Company’s Annual Report for 2010 on Form 10-K and those risks discussed in the other reports OSG files with the Securities and Exchange Commission.

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