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Myles R. Itkin - Chief Financial Officer, Principal Accounting Officer, Executive Vice President, Treasurer, Chief Executive Officer of OSG America LLC and President of OSG America LLC
Robert E. Johnston - Senior Vice President and Head of the U S Flag Strategic Business Unit
Lois K. Zabrocky - Senior Vice President and Chief Commercial Officer of International Flag Strategic Business Unit
Michael Webber - Wells Fargo Securities, LLC, Research Division
Justin B. Yagerman - Deutsche Bank AG, Research Division
Jonathan B. Chappell - Evercore Partners Inc., Research Division
Gregory Lewis - Crédit Suisse AG, Research Division
Urs M. Dür - Clarkson Capital Markets, Research Division
Brandon R. Oglenski - Barclays Capital, Research Division
David E. Beard - Iberia Capital Partners, Research Division
Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Overseas Shipholding Group Inc. Second Quarter 2012 Investor Conference Call. [Operator Instructions]
At this time, I'd like to turn the conference over to Jim Edelson, General Counsel. Please go ahead, sir.
James I. Edelson
Thank you. Before we start, let me just say the following. This conference call may contain forward-looking statements regarding OSG's prospects, including the outlook for tanker and articulated tug barge markets; changing oil trading patterns; anticipated levels and timing of newbuilding and scrapping; prospects for certain strategic alliances and investments, including OSG's U.S. Flag business unit; estimated TCE rates achieved for the third quarter of 2012 and estimated TCE rates for the fourth quarter of 2012; projected scheduled drydock and off-hire days for the third and fourth quarters of 2012; projected locked-in charter revenue and locked-in time charter days for the remaining 6 months of 2012 and for 2013 through 2016 and thereafter; OSG's ability to achieve its liquidity-raising objectives, including satisfactory long-term financing; estimated revenue and expense items, levels of equity income and capital expenditures for 2012; the profitability in 2012 of certain business units and OSG's LNG and FSO joint ventures; OSG's ability to access capital markets, raise additional debt financing and sell assets; OSG's projected compliance with financial covenants in 2012 and 2013; OSG's ability to further reduce general administrative expenses and vessel expenses; prospects of OSG's strategy of being a market leader in the segments in which it competes; the project the growth of the Jones Act in world tanker fleets; and the forecast of world economic activity and world oil demand.