Please wait while we load the requested 8-K report or click the link below:
https://last10k.com/sec-filings/report/75208/000007520819000016/a20184q8kerfacing.htm
March 2023
March 2023
December 2022
November 2022
November 2022
August 2022
June 2022
June 2022
May 2022
March 2022
• | Net loss for the fourth quarter was $5.2 million, or $(0.05) per diluted share, compared with net income of $53.6 million, or $0.61 per diluted share for the fourth quarter 2017. |
• | Net income for the full year 2018 was $13.5 million, or $0.15 per diluted share, compared with $56.0 million, or $0.64 per diluted share for the full year 2017. |
• | Shipping revenues for the fourth quarter and full year 2018 were $89.2 million and $366.2 million, down 4% and 6%, respectively, compared with the same periods in 2017. Time charter equivalent (TCE) revenues(A), a non-GAAP measure, for the fourth quarter and full year 2018 were $79.9 million and $326.7 million, down 4% and 10%, respectively, compared with the same periods in 2017. |
• | Fourth quarter and full year 2018 Adjusted EBITDA(B), a non-GAAP measure, was $23.1 million and $87.0 million, down 7% and 27%, respectively, from $24.8 million and $118.4 million in the same periods in 2017. |
• | Total cash(C) was $80.6 million as of December 31, 2018. |
• | During the quarter we refinanced our $380 million term loan due August 2019, with a $325 million term loan due December 2023, a $27.5 million term loan due November 2026 and $27.6 million from cash on hand. This lengthened the maturity of our long-term debt. |
• | We also extended the term on five of our bareboat charters to December 2022 and the remaining four vessels until December 2020. |
• | In January 2019, we entered into a 10-year bareboat charter party agreement for a U.S. flagged product tanker. |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
Shipping Revenues: | |||||||||||||||
Time and bareboat charter revenues | $ | 53,523 | $ | 57,400 | $ | 213,923 | $ | 266,193 | |||||||
Voyage charter revenues | 35,707 | 35,415 | 152,240 | 124,233 | |||||||||||
Total shipping revenues | 89,230 | 92,815 | 366,163 | 390,426 | |||||||||||
Operating Expenses: | |||||||||||||||
Voyage expenses | 9,321 | 10,061 | 39,456 | 29,390 | |||||||||||
Vessel expenses | 33,931 | 34,709 | 134,956 | 136,148 | |||||||||||
Charter hire expenses | 22,956 | 23,101 | 91,350 | 91,587 | |||||||||||
Depreciation and amortization | 12,885 | 12,573 | 50,512 | 58,673 | |||||||||||
General and administrative | 7,114 | 6,895 | 26,880 | 27,464 | |||||||||||
Severance costs | — | — | — | 16 | |||||||||||
(Gain)/loss on disposal of vessels and other property, including impairments | (877 | ) | 5,847 | (877 | ) | 13,200 | |||||||||
Total operating expenses | 85,330 | 93,186 | 342,277 | 356,478 | |||||||||||
Income from vessel operations | 3,900 | (371 | ) | 23,886 | 33,948 | ||||||||||
Equity in income of affiliated companies | 3,548 | 3,747 | 3,538 | 3,747 | |||||||||||
Operating income | 7,448 | 3,376 | 27,424 | 37,695 | |||||||||||
Other expense | (1,029 | ) | (293 | ) | (759 | ) | (1,753 | ) | |||||||
Income before interest expense, reorganization items and income taxes | 6,419 | 3,083 | 26,665 | 35,942 | |||||||||||
Interest expense | (7,488 | ) | (9,125 | ) | (30,890 | ) | (37,401 | ) | |||||||
Loss before reorganization items and income taxes | (1,069 | ) | (6,042 | ) | (4,225 | ) | (1,459 | ) | |||||||
Reorganization items, net | — | 8 | — | (190 | ) | ||||||||||
Loss from operations before income taxes | (1,069 | ) | (6,034 | ) | (4,225 | ) | (1,649 | ) | |||||||
Income tax (expense)/benefit from operations | (4,107 | ) | 59,679 | 17,714 | 57,627 | ||||||||||
Net (loss)/income | $ | (5,176 | ) | $ | 53,645 | $ | 13,489 | $ | 55,978 | ||||||
Weighted Average Number of Common Shares Outstanding: | |||||||||||||||
Basic - Class A | 88,563,614 | 87,840,169 | 88,394,580 | 87,834,769 | |||||||||||
Diluted - Class A | 88,563,614 | 88,108,079 | 89,045,734 | 88,082,978 | |||||||||||
Per Share Amounts from Continuing Operations: | |||||||||||||||
Basic and diluted net (loss)/income – Class A | $ | (0.05 | ) | $ | 0.61 | $ | 0.15 | $ | 0.64 |
December 31, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 80,417 | $ | 165,994 | |||
Restricted cash | 59 | 58 | |||||
Voyage receivables, including unbilled of $10,160 and $9,919 | 16,096 | 24,209 | |||||
Income tax recoverable | 439 | 1,122 | |||||
Receivable from INSW | 34 | 372 | |||||
Other receivables | 2,993 | 2,184 | |||||
Prepaid expenses | 9,886 | 9,867 | |||||
Inventories and other current assets | 2,456 | 3,489 | |||||
Total Current Assets | 112,380 | 207,295 | |||||
Vessels and other property, less accumulated depreciation | 597,659 | 632,509 | |||||
Deferred drydock expenditures, net | 26,099 | 23,914 | |||||
Total Vessels, Deferred Drydock and Other Property | 623,758 | 656,423 | |||||
Restricted cash | 165 | 217 | |||||
Investments in and advances to affiliated companies | 3,585 | 3,785 | |||||
Intangible assets, less accumulated amortization | 36,417 | 41,017 | |||||
Other assets | 51,425 | 23,150 | |||||
Total Assets | $ | 827,730 | $ | 931,887 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable, accrued expenses and other current liabilities | $ | 34,678 | $ | 34,371 | |||
Current installments of long-term debt | 23,240 | 28,160 | |||||
Total Current Liabilities | 57,918 | 62,531 | |||||
Reserve for uncertain tax positions | 220 | 3,205 | |||||
Long-term debt | 322,295 | 420,776 | |||||
Deferred income taxes, net | 73,365 | 83,671 | |||||
Other liabilities | 44,464 | 48,466 | |||||
Total Liabilities | 498,262 | 618,649 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 84,834,790 and 78,277,669 shares issued and outstanding) | 848 | 783 | |||||
Paid-in additional capital | 587,826 | 584,675 | |||||
Accumulated deficit | (252,014 | ) | (265,758 | ) | |||
336,660 | 319,700 | ||||||
Accumulated other comprehensive loss | (7,192 | ) | (6,462 | ) | |||
Total Equity | 329,468 | 313,238 | |||||
Total Liabilities and Equity | $ | 827,730 | $ | 931,887 |
Years Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income/(loss) | $ | 13,489 | $ | 55,978 | $ | (293,614 | ) | ||||
Loss from discontinued operations | — | — | (292,555 | ) | |||||||
Net income/(loss) from continuing operations | 13,489 | 55,978 | (1,059 | ) | |||||||
Items included in net income/(loss) from continuing operations not affecting cash flows: | |||||||||||
Depreciation and amortization | 50,512 | 58,673 | 89,563 | ||||||||
Amortization of debt discount and other deferred financing costs | 4,069 | 5,167 | 6,005 | ||||||||
Compensation relating to restricted stock, stock unit and stock option grants | 3,785 | 2,388 | 7,441 | ||||||||
Deferred income tax benefit | (18,794 | ) | (59,047 | ) | (67,394 | ) | |||||
Undistributed earnings of affiliated companies | 200 | (91 | ) | 132 | |||||||
Reorganization items, non-cash | — | (105 | ) | 5,198 | |||||||
Vessel impairment charges | — | 5,878 | 104,405 | ||||||||
Other – net | 1,961 | 3,282 | 2,268 | ||||||||
Items included in net income/(loss) related to investing and financing activities: | |||||||||||
Loss on repurchases and extinguishment of debt | 3,399 | 3,237 | 2,988 | ||||||||
(Gain)/loss on disposal of vessels and other property, net | (877 | ) | 7,322 | 127 | |||||||
Payments for drydocking | (12,902 | ) | (8,390 | ) | (6,844 | ) | |||||
SEC payment, bankruptcy and IRS claim payments | — | (5,000 | ) | (7,136 | ) | ||||||
Distributions from INSW | — | — | 202,000 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Decrease/(increase) in receivables | 6,531 | (753 | ) | (16,794 | ) | ||||||
(Increase)/decrease in income tax recoverable | (4,797 | ) | (246 | ) | 323 | ||||||
Increase/(decrease) in deferred revenue | 1,514 | (4,639 | ) | 63 | |||||||
Net change in prepaid items and accounts payable, accrued expenses and other current and long-term liabilities | (2,835 | ) | (20,035 | ) | 7,574 | ||||||
Net cash provided by operating activities | 45,255 | 43,619 | 328,860 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Expenditures for vessels and vessel improvements | (21,807 | ) | — | — | |||||||
Expenditures for other property | (386 | ) | (11 | ) | (666 | ) | |||||
Proceeds from disposal of vessels and other property | 2,367 | 1,055 | — | ||||||||
Net cash (used in)/provided by investing activities | (19,826 | ) | 1,044 | (666 | ) | ||||||
Cash Flows from Financing Activities: | |||||||||||
Repurchases and extinguishment of debt | (427,123 | ) | (84,170 | ) | (120,224 | ) | |||||
Issuance of debt, net of issuance and deferred financing costs | 344,801 | — | — | ||||||||
Payments on debt, including adequate protection payments | (28,166 | ) | — | (54,345 | ) | ||||||
Tax withholding on share-based awards | (569 | ) | (1,157 | ) | — | ||||||
Repurchases of common stock and common stock warrants | — | — | (119,343 | ) | |||||||
Cash dividends paid | — | — | (31,910 | ) | |||||||
Net cash used in financing activities | (111,057 | ) | (85,327 | ) | (325,822 | ) | |||||
Net (decrease)/increase in cash, cash equivalents and restricted cash (Note 3) | (85,628 | ) | (40,664 | ) | 2,372 | ||||||
Cash, cash equivalents and restricted cash at beginning of year (Note 3) | 166,269 | 206,933 | 204,561 | ||||||||
Cash, cash equivalents and restricted cash at end of year (Note 3) | $ | 80,641 | $ | 166,269 | $ | 206,933 | |||||
Cash flows from discontinued operations: | |||||||||||
Cash flows provided by operating activities | $ | — | $ | — | $ | 111,768 | |||||
Cash flows provided by investing activities | — | — | 25,202 | ||||||||
Cash flows used in financing activities | — | — | (355,687 | ) | |||||||
Net decrease in cash and cash equivalents from discontinued operations | $ | — | $ | — | $ | (218,717 | ) |
For the three months ended December 31, | 2018 | 2017 | |||||||||||||
Spot Earnings | Fixed Earnings | Spot Earnings | Fixed Earnings | ||||||||||||
Jones Act Handysize Product Carriers: | |||||||||||||||
Average rate | $ | 32,420 | $ | 58,833 | $ | 31,397 | $ | 63,163 | |||||||
Revenue days | 248 | 826 | 284 | 790 | |||||||||||
Non-Jones Act Handysize Product Carriers: | |||||||||||||||
Average rate | $ | 18,427 | $ | 11,220 | $ | 28,334 | $ | — | |||||||
Revenue days | 181 | 3 | 184 | — | |||||||||||
ATBs: | |||||||||||||||
Average rate | $ | 10,984 | $ | 21,548 | $ | 12,644 | $ | 25,363 | |||||||
Revenue days | 226 | 259 | 317 | 270 | |||||||||||
Lightering: | |||||||||||||||
Average rate | $ | 64,347 | $ | — | $ | 42,802 | $ | — | |||||||
Revenue days | 184 | — | 184 | — |
For the years ended December 31, | 2018 | 2017 | |||||||||||||
Spot Earnings | Fixed Earnings | Spot Earnings | Fixed Earnings | ||||||||||||
Jones Act Handysize Product Carriers: | |||||||||||||||
Average rate | $ | 31,254 | $ | 60,252 | $ | 27,179 | $ | 63,604 | |||||||
Revenue days | 1,142 | 3,141 | 896 | 3,411 | |||||||||||
Non-Jones Act Handysize Product Carriers: | |||||||||||||||
Average rate | $ | 25,925 | $ | 12,097 | $ | 31,174 | $ | 14,031 | |||||||
Revenue days | 707 | 3 | 566 | 159 | |||||||||||
ATBs: | |||||||||||||||
Average rate | $ | 15,333 | $ | 22,207 | $ | 11,111 | $ | 26,863 | |||||||
Revenue days | 990 | 998 | 979 | 1,637 | |||||||||||
Lightering: | |||||||||||||||
Average rate | $ | 66,041 | $ | — | $ | 61,648 | $ | — | |||||||
Revenue days | 697 | — | 730 | — |
Vessel Type | Vessels Owned | Vessels Chartered-in | Total Vessels | Total dwt (2) | |||||||
Handysize Product Carriers (1) | 4 | 10 | 14 | 664,490 | |||||||
Refined Product ATBs | 5 | — | 5 | 141,612 | |||||||
Lightering ATBs | 2 | — | 2 | 91,112 | |||||||
Total Operating Fleet | 11 | 10 | 21 | 897,214 |
(1) | Includes two owned shuttle tankers, one chartered-in shuttle tanker and two owned U.S. Flag Product Carriers that trade internationally. |
(2) | Total dwt is defined as aggregate deadweight tons for all vessels of that type. |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
($ in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
TCE revenues | $ | 79,909 | $ | 82,754 | $ | 326,707 | $ | 361,036 | |||||||
Add: Voyage Expenses | 9,321 | 10,061 | 39,456 | 29,390 | |||||||||||
Shipping revenues | $ | 89,230 | $ | 92,815 | $ | 366,163 | $ | 390,426 |
Years Ended December 31, | |||||||||||
($ in thousands) | 2018 | 2017 | 2016 | ||||||||
Niche Market Activities | $ | 92,163 | $ | 101,333 | $ | 106,490 | |||||
Jones Act Handysize Tankers | (4,238 | ) | 5,991 | 36,750 | |||||||
ATBs | 12,477 | 25,977 | 70,019 | ||||||||
Vessel Operating Contribution | 100,402 | 133,301 | 213,259 | ||||||||
Depreciation and amortization | 50,512 | 58,673 | 89,563 | ||||||||
General and administrative | 26,881 | 27,464 | 41,060 | ||||||||
Severance costs | — | 16 | 12,996 | ||||||||
(Gain)/loss on disposal of vessels and other property, including impairments | (877 | ) | 13,200 | 104,532 | |||||||
Income/(loss) from vessel operations | $ | 23,886 | $ | 33,948 | $ | (34,892 | ) |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
($ in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net (loss)/income from continuing operations | $ | (5,176 | ) | $ | 53,645 | $ | 13,489 | $ | 55,978 | ||||||
Income tax expense/(benefit) from continuing operations | 4,107 | (59,679 | ) | (17,714 | ) | (57,627 | ) | ||||||||
Interest expense | 7,488 | 9,125 | 30,890 | 37,401 | |||||||||||
Depreciation and amortization | 12,885 | 12,573 | 50,512 | 58,673 | |||||||||||
EBITDA | 19,304 | 15,664 | 77,177 | 94,425 | |||||||||||
Amortization classified in charter hire expenses | 387 | 465 | 1,781 | 1,859 | |||||||||||
Interest expense classified in charter hire expenses | 420 | 450 | 1,711 | 1,831 | |||||||||||
(Gain)/loss on disposal of vessels and other property, including impairments | (877 | ) | 5,847 | (877 | ) | 13,200 | |||||||||
Loss on repurchases and extinguishment of debt | 2,417 | 1,238 | 3,399 | 3,237 | |||||||||||
Non-cash stock based compensation expense | 1,473 | 1,112 | 3,785 | 3,638 | |||||||||||
Reorganization items, net | — | (8 | ) | — | 190 | ||||||||||
Severance costs | — | — | — | 16 | |||||||||||
Adjusted EBITDA | $ | 23,124 | $ | 24,768 | $ | 86,976 | $ | 118,396 |
($ in thousands) | December 31, 2018 | December 31, 2017 | |||||
Cash and cash equivalents | $ | 80,417 | $ | 165,994 | |||
Restricted cash - current | 59 | 58 | |||||
Restricted cash – non-current | 165 | 217 | |||||
Total Cash | $ | 80,641 | $ | 166,269 |
Please wait while we load the requested 8-K report or click the link below:
https://last10k.com/sec-filings/report/75208/000007520819000016/a20184q8kerfacing.htm
Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Overseas Shipholding Group Inc.
Overseas Shipholding Group Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
Material Contracts, Statements, Certifications & more
Overseas Shipholding Group Inc provided additional information to their SEC Filing as exhibits
Ticker: OSGEvents:
CIK: 75208
Form Type: 8-K Corporate News
Accession Number: 0000075208-19-000016
Submitted to the SEC: Fri Mar 08 2019 7:31:06 AM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Friday, March 8, 2019
Industry: Deep Sea Foreign Transportation Of Freight