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Section 1: 8-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

August 9, 2017

Date of Report (Date of earliest event reported)

 

Overseas Shipholding Group, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-06479

 

13-2637623

(State of

Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

Two Harbor Place

302 Knights Run Avenue, Suite 1200

Tampa, Florida 33602

 

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (813) 209-0600

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company [  ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

 

 

 
 

 

OVERSEAS SHIPHOLDING GROUP, INC.

 

FORM 8-K

CURRENT REPORT

 

Item 2.02 Results of Operation and Financial Condition

 

On August 9, 2017, Overseas Shipholding Group, Inc. (the “Corporation”) announced via press release its financial results for the second quarter of 2017. A copy of the Corporation’s press release is included herein as Exhibit 99.1 and incorporated herein by reference.

 

The information furnished under Item 2.02 of this Current Report, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

99.1 Press Release, dated August 9, 2017.

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

OVERSEAS SHIPHOLDING GROUP, INC.

(Registrant)

     
Date: August 9, 2017 By: /s/ Susan Allan
    Susan Allan
   

Vice President, General Counsel and

Corporate Secretary

 

 
 

 

EXHIBIT INDEX

 

Exhibit No.   Description
     
99.1   Press Release, dated August 9, 2017.

 

 
 

 

(Back To Top)

Section 2: EX-99.1

 

 

OVERSEAS SHIPHOLDING GROUP REPORTS

SECOND QUARTER 2017 RESULTS

 

TAMPA, Fl.—(BUSINESS WIRE)—Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”) a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the second quarter 2017.

 

Highlights

 

 

Income from continuing operations for the second quarter was $3.2 million, or $0.04 per diluted share, compared to a net loss from continuing operations of $4.2 million, or ($0.04) per diluted share, for the second quarter 2016.
     
  Shipping revenues were $96.2 million for the current quarter, a decrease of 18.7% from $118.4 million in the prior year quarter. Time charter equivalent (TCE) revenues(A) for the second quarter 2017 were $91.1 million, down 20.6% compared to the same period in 2016.
     
  Net income was $3.2 million for the quarter ended June 30, 2017, compared to $29.9 million for the quarter ended June 30, 2016. Net income for the prior year period included income from discontinued operations from International Seaways (INSW) of $34.0 million.
     
  Second quarter 2017 adjusted EBITDA(B) was $29.6 million, down 35.6% from $46.0 million in the same period in 2016.
     
  Cash and cash equivalents were $204.6 million at June 30, 2017. Total cash(C) was $210.5 million at the end of the current quarter.
     
  During the second quarter 2017, we repurchased and retired $4.6 million in principal of the 8.125% notes due in 2018.

 

“Increasing exposure to weakening spot markets during the just completed quarter weighed on top-line performance”, Sam Norton, OSG’s President and CEO stated. “However, cost discipline helped to mitigate the effects of these developments, and, together with earnings from our shuttle tanker and lightering operations, served to produce healthy cash flows. Progress continues strengthening our balance sheet and, with over $275 million of available liquidity, OSG remains favorably positioned to respond to opportunities in our markets.”

 

Second Quarter 2017 Results

 

Shipping revenues were $96.2 million for the quarter, down 18.7% compared with the second quarter of 2016. The decrease in shipping revenues was also driven by lower charter rates. TCE revenues for the second quarter of 2017 were $91.1 million, a decrease of $23.7 million, or 20.6%, compared with the second quarter of 2016, primarily due to lower average daily rates earned. Shipping revenue for the first half of 2017 were $204.3 million, a decrease of $29.1 million compared to the first half of 2016.TCE revenues for the first half of 2017 were $193.4 million, a decrease of $33.6 million compared to the first half of 2016.

 

 

A, B Reconciliations of these non-GAAP financial measures are included in the financial tables attached to this press release starting on Page 8.

C Reconciliation to total cash is included in the financial tables attached to this press release starting on Page 8.

 

 
 

 

Operating income for the second quarter of 2017 was $14.2 million, compared to operating income of $23.0 million in the second quarter of 2016. The decrease reflected reduced operating expense, including depreciation and amortization expense, and lower general and administrative expenses, which partially offset the decline in shipping revenues. Operating income for the first half of 2017 was $33.5 million, a decrease of $6.9 million compared to the first half of 2016.

 

Income from continuing operations for the current period second quarter was $3.2 million, or $0.04 per diluted share, compared with a loss from continuing operations of $4.2 million, or ($0.04) per diluted share, for the second quarter 2016. The increase reflects a lower tax provision in the second quarter of 2017 compared to 2016. In the prior year period, a deferred tax liability on the unremitted earnings of INSW was recorded, resulting in an income tax provision of $15.1 million, compared to tax expense of $1.6 million in the 2017 period. In addition, interest expense decreased by $1.4 million in the current period as the result of significant debt reductions in the current and prior year periods.

 

Income from continuing operations for the first half of 2017 was $8.6 million compared with a loss from continuing operations of $12.9 million for the first half of 2016. The increase reflects a lower tax provision in the first half of 2017 compared to 2016. In the prior period, a deferred tax liability on the unremitted earnings of INSW was recorded, resulting in an income tax provision of $48.3 million, compared to tax expense of $5.2 million in the 2017 period.

 

Adjusted EBITDA(B), a non-GAAP measure, was $29.6 million for the quarter, a decrease of $16.4 million or 35.6% compared with the second quarter of 2016, driven primarily by the decline in TCE revenues, partially offset by lower general and administrative expenses. Adjusted EBITDA for the first half of 2017 was $65.7 million, a decrease of $21.0 million or 24.2% compared with the first half of 2016.

 

Discontinued Operations

 

As previously disclosed, OSG completed the separation of its business into two independent publicly traded companies through the spin-off of its then wholly owned subsidiary INSW on November 30, 2016. The spin-off separated OSG and INSW into two distinct businesses with separate management. OSG retained the U.S. Flag business and INSW holds entities and other assets and liabilities that formed OSG’s former International Flag business. The spin-off transaction was in the form of a pro rata distribution of INSW’s common stock to our stockholders and warrant holders of record as of the close of business on November 18, 2016.

 

In accordance with Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, the assets and liabilities and results of operations of INSW are reported as discontinued operations for the three and six months ended June 30, 2016.

 

Net income from discontinued operations for the three and six months ended June 30, 2016 was $34.0 million and $93.5 million, respectively.

 

Conference Call

 

The Company will host a conference call to discuss its second quarter 2017 results at 9:00 a.m. Eastern Time (“ET”) on Wednesday, August 9, 2017.

 

To access the call, participants should dial (844) 850-0546 for domestic callers and (412) 317-5203 for international callers. Please dial in ten minutes prior to the start of the call.

 

A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at http://www.osg.com/

 

An audio replay of the conference call will be available starting at 11:00 a.m. ET on Wednesday, August 9, 2017 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10106141.

 

 
 

 

About Overseas Shipholding Group, Inc.

 

Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded tanker company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 24-vessel U.S. Flag fleet consists of eight ATBs, two lightering ATBs, three shuttle tankers, nine MR tankers, and two non-Jones Act MR tankers that participate in the U.S. MSP. 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 Tampa, FL. More information is available at www.osg.com.

 

Forward-Looking Statements

 

This release contains forward-looking statements as defined under the federal securities laws. Words such as “may”, “should”, “believes”, “estimates”, “targets”, “anticipates” and similar expressions generally identify forward-looking statements; however, statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company’s prospects, its ability to retain and effectively integrate new members of management and the effect of the Company’s spin-off of International Seaways, Inc. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. The following factors, among others, could cause the Company’s actual results to differ: the reduced diversification and heightened exposure to the Jones Act market of OSG’s business following the spin-off from OSG on November 30, 2016 of International Seaways, Inc. (INSW), which owned or leased OSG’s fleet of International Flag vessels, which may make OSG more susceptible to market fluctuations than before such spin-off; the highly cyclical nature of OSG’s industry; fluctuations in the market value of vessels; declines in charter rates, including spot charter rates or other market deterioration; an increase in the supply of vessels without a commensurate increase in demand; the impact of adverse weather and natural disasters; the adequacy of OSG’s insurance to cover its losses, including in connection with maritime accidents or spill events; constraints on capital availability; the Company’s ability to generate sufficient cash to service its indebtedness and to comply with debt covenants; the Company’s ability to renew its time charters when they expire or to enter into new time charters; competition within the Company’s industry and OSG’s ability to compete effectively for charters; the loss of a large customer; and changes in demand in specialized markets in which the Company currently trades. Investors should also carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for OSG and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

 

 
 

 

Consolidated Statements of Operations($ in thousands, except per share amounts)

 

  

Three Months Ended

June 30,

  

Six Months Ended

June 3

 
   2017   2016   2017   2016 
Shipping Revenues:                    
                     
Time and bareboat charter revenues  $72,116   $97,413   $151,883   $196,103 
Voyage charter revenues   24,109    20,971    52,458    37,361 
    96,225    118,384    204,341    233,464 
                     
Operating Expenses:                    
Voyage expenses   5,149    3,643    10,941    6,510 
Vessel expenses   32,564    34,610    68,173    70,514 
Charter hire expenses   22,856    22,884    45,433    45,726 
Depreciation and amortization   15,086    22,672    31,711    45,796 
General and administrative   6,350    11,540    14,604    24,496 
Total Operating Expenses   82,005    95,349    170,862    193,042 
Operating income   14,220    23,035    33,479    40,422 
Other (expense)/income   38    (422)   (630)   736 
Income before interest expense, reorganization items and income taxes   14,258    22,613    32,849    41,158 
Interest expense   (9,445)   (10,862)   (18,802)   (22,779)
Income before reorganization items and income taxes   4,813    11,751    14,047    18,379 
Reorganization items, net   (9)   (861)   (244)   17,050 
Income from continuing operations before income taxes   4,804    10,890    13,803    35,429 
Income tax provision from continuing operations   (1,593)   (15,075)   (5,162)   (48,310)
Income/(loss) from continuing operations   3,211    (4,185)   8,641    (12,881)
Income from discontinued operations   -    34,045    -    93,481 
Net income  $3,211   $29,860   $8,641   $80,600 
                     
Weighted Average Number of Common Shares Outstanding:                    
Basic - Class A   87,769,483    92,255,692    88,309,231    93,496,651 
Diluted - Class A   87,964,755    92,321,359    88,542,779    93,531,462 
Basic and Diluted - Class B   -    826,794    -    1,073,382 
                     
Per Share Amounts:                    
Basic and diluted net income/(loss) - Class A from continuing operations   $0.04  $(0.04)  $0.10  $(0.13)
Basic and diluted net income - Class A from discontinued operations  $-    $0.35  $-    $0.97 
Basic net income - Class A  $0.04   $0.31   $0.10   $0.84 
Diluted net income - Class A  $0.04   0.32   $0.10   $0.85 
                     
Basic and diluted net income/(loss) - Class B from continuing operations   $-    $(0.27)  $-    $(0.35)
Basic and diluted net income - Class B from discontinued operations  $-    $2.19  $-    $2.56 
Basic and diluted net income - Class B $   $1.92   $   $2.21 
                    
Cash dividends declared - Class A $-    $-    $-    $0.48 
Cash dividends declared - Class B $   $1.08    $   $1.56 

 

 
 

 

Consolidated Balance Sheets        
($ in thousands)        
         
   June 30, 2017   December 31, 2016 
   (unaudited)     
ASSETS          
Current Assets:          
Cash and cash equivalents  $204,575   $191,089 
Restricted cash   5,935    7,272 
Voyage receivables, including unbilled of $5,887 and $12,593   20,819    23,456 
Income tax receivable   381    877 
Receivable from INSW   506    683 
Other receivables   17,745    2,696 
Inventories, prepaid expenses and other current assets   11,542    12,243 
Total Current Assets   261,503    238,316 
Restricted cash – non-current   -    8,572 
Vessels and other property, less accumulated depreciation of $233,241 and $213,173   664,411    684,468 
Deferred drydock expenditures, net   25,697    31,172 
Total Vessels, Deferred Drydock and Other Property   690,108    715,640 
Investments in and advances to affiliated companies   38    3,694 
Intangible assets, less accumulated amortization of $48,683 and $46,383   43,317    45,617 
Other assets   22,481    18,658 
Total Assets  $1,017,447   $1,030,497 
           
LIABILITIES AND EQUITY          
Current Liabilities:          
Accounts payable, accrued expenses and other current liabilities  $44,029   $57,222 
Income taxes payable   1,990    306 
Current installments of long-term debt   86,579    - 
Total Current Liabilities   132,598    57,528 
Reserve for uncertain tax positions   3,175    3,129 
Long-term debt   422,147    525,082 
Deferred income taxes, net   143,777    141,457 
Other liabilities   51,455    48,969 
Total Liabilities   753,152    776,165 
           
Equity:          
Common stock   753    702 
Paid-in additional capital   584,112    583,526 
Accumulated deficit   (313,095)   (321,736)
    271,770    262,492 
Accumulated other comprehensive loss   (7,475)   (8,160)
Total Equity  264,295    254,332 
Total Liabilities and Equity  $1,017,447   $1,030,497 

 

 
 

 

Consolidated Balance Sheets 

($ in thousands)

 

   Six Months Ended 
   June 30, 
   2017   2016 
Cash Flows from Operating Activities:          
Net income  $8,641   $80,600 
Less: Net income from discontinued operations   -    93,481 
Net income/(loss) from continuing operations   8,641    (12,881)
Items included in net (loss)/income from continuing operations not affecting cash flows:          
Depreciation and amortization   31,711    45,796 
Amortization of debt discount and other deferred financing costs   2,653    3,190 
Compensation relating to restricted stock/stock unit and stock option grants   1,699    1,804 
Deferred income tax benefit   2,121    45,666 
Reorganization items, non-cash   85    327 
Discount on repurchase of debt   (925)   (3,415)
Other – net   1,481    1,176 
Distributions from INSW   -    102,000 
Distributed earnings of affiliated companies   3,656    3,789 
Payments for drydocking   (3,305)   (4,588)
SEC, Bankruptcy and IRS claim payments   (5,000)   (7,136)
Changes in operating assets and liabilities   (19,084)   7,349 
Net cash provided by operating activities   23,733    183,077 
Cash Flows from Investing Activities:          
Change in restricted cash   9,909    4,994 
Expenditures for vessels and vessel improvements   -    (58)
Expenditures for other property   (11)   (265)
Net cash provided by investing activities   9,898    4,671 
Cash Flows from Financing Activities:          
Cash dividends paid   -    (31,910)
Payments on debt   -    (43,879)
Extinguishment of debt   (19,083)   (52,667)
Repurchases of common stock and common stock warrants   -    (76,388)
Tax withholding on share-based awards   (1,062)   - 
Net cash used in financing activities   (20,145)   (204,844)
Net increase/(decrease) in cash and cash equivalents from continuing operations   13,486    (17,096)
Cash and cash equivalents at beginning of period   191,089    193,978 
Cash and cash equivalents at end of period  $204,575   $176,882 
           
Cash flows from discontinued operations:          
Cash flows provided by operating activities  $-   $122,764 
Cash flows used in investing activities   -    26,464 
Cash flows used in financing activities   -    (179,141)
Net decrease in cash and cash equivalents from discontinued operations  $-   $(29,913)

 

 
 

 

Spot and Fixed TCE Rates Achieved and Revenue Days

 

The following tables provide a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three and six months ended June 30, 2017 and 2016. Revenue days in the quarter ended June 30, 2017 totaled 2,127 compared with 2,169 in the same quarter in the prior year. A summary fleet list by vessel class can be found later in this press release.

 

Three Months Ended June 30,  2017   2016 
   Spot   Fixed   Spot   Fixed 
   Earnings   Earnings   Earnings   Earnings 
Jones Act Handysize Product Carriers:                    
Average rate  $18,288   $63,796   $26,483   $64,830 
Revenue days   173    900    24    1,057 
Non-Jones Act Handysize Product Carriers:                    
Average rate  $28,169   $12,836   $30,492   $17,556 
Revenue days   91    91    125    57 
ATBs:                    
Average rate  $7,234   $26,047   $-   $37,054 
Revenue days   202    488    -    724 
Lightering:                    
Average rate  $69,183   $-   $76,555   $- 
Revenue days   182    -    182    - 
                     
TOTAL REVENUE DAYS   648    1,479    331    1,838 

 

Six Months Ended June 30,  2017   2016 
   Spot   Fixed   Spot   Fixed 
   Earnings   Earnings   Earnings   Earnings 
Jones Act Handysize Product Carriers:                    
Average rate  $26,361   $63,421   $26,483   $64,662 
Revenue days   245    1,889    24    2,136 
Non-Jones Act Handysize Product Carriers:                    
Average rate  $30,353   $13,997   $30,924   $18,452 
Revenue days   203    159    216    148 
ATBs:                    
Average rate  $11,856   $27,802   $-   $37,454 
Revenue days   382    1,012    -    1,420 
Lightering:                    
Average rate  $72,137   $-   $69,795   $- 
Revenue days   362    -    364    - 
                     
TOTAL REVENUE DAYS   1,192    3,060    604    3,704 

 

 
 

 

Fleet Information

 

As of June 30, 2017, OSG’s owned and operated fleet totaled 24 vessels (14 vessels owned and 10 chartered-in) which remains unchanged since December 31, 2016. Those figures include vessels in which the Company has a partial ownership interest through its participation in joint ventures.

 

   Vessels Owned   Vessels Chartered-in   Total at June 30, 2017 
Vessel Type  Number   Weighted by Ownership   Number   Weighted by Ownership   Total Vessels   Vessels Weighted by Ownership   Total dwt (2)) 
Handysize Product Carriers (1)   4    4.0    10    10.0    14    14.0    664,490 
Refined Product ATBs   8    8.0    -    -    8    8.0    226,064 
Lightering ATBs   2    2.0    -    -    2    2.0    91,112 
Total Operating Fleet   14    14.0    10    10.0    24    24.0    981,666 

 

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 the total deadweight for all vessels of that type.

 

Reconciliation to Total Cash

 

(C) Total Cash

 

($ in thousands)  June 30,2017   December 31,2016 
Cash and cash equivalents  $204,575   $191,089 
Restricted cash   5,935    15,844 
Total Cash  $210,510   $206,933 

 

Reconciliation to Non-GAAP Financial Information

 

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures may provide certain investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

 

(A) Time Charter Equivalent (TCE) Revenues

 

Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a long-term time charter. TCE, 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. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow:

 

 
 

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2017   2016   2017   2016 
Time charter equivalent revenues  $91,076   $114,741   $193,400   $226,954 
Add: Voyage expenses   5,149    3,643    10,941    6,510 
Shipping revenues  $96,225   $118,384   $204,341   $233,464 

 

(B) EBITDA and Adjusted EBITDA

 

EBITDA represents net income before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA are presented to provide investors with meaningful additional information that management uses to monitor ongoing operating results and evaluate trends over comparative periods. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income as reflected in the consolidated statements of operations, to EBITDA and Adjusted EBITDA:

 

   Three Months Ended June 30,   Six Months Ended June 30, 
($ in thousands)  2017   2016   2017   2016 
Net income (loss) from continuing operations  $3,211   $(4,185)  $8,641   $(12,881)
Income tax provision   1,593    15,075    5,162    48,310 
Interest expense   9,445    10,862    18,802    22,779 
Depreciation and amortization   15,086    22,672    31,711    45,796 
EBITDA   29,335    44,424    64,316    104,004 
Loss on disposal of vessels, including impairments   -    113    -    113 
Loss (gain) on repurchase of debt   252    580    1,189    (434)
Other costs associated with repurchase of debt   -    -    -    77 
Reorganization items, net   9    861    244    (17,050)
Adjusted EBITDA  $29,596   $45,978   $65,749   $86,710 

 

 
 

 

 

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