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Section 1: 8-K

 

 

 

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

August 7, 2020

Date of Report (Date of earliest event reported)

 

Overseas Shipholding Group, Inc.

(Exact Name of Registrant as Specified in 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))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Class A Common Stock (par value $0.01 per share)   OSG   NYSE

 

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 pursuant to Section 13(a) of the Exchange Act. [  ]

 

 

 

 

 

 

OVERSEAS SHIPHOLDING GROUP, INC.

 

FORM 8-K

CURRENT REPORT

 

Section 2 – Financial Information

 

  Item 2.02 Results of Operations and Financial Condition.

 

The following information, including the Exhibit to this Form 8-K, is being furnished pursuant to Item 2.02 – Results of Operations and Financial Condition of Form 8-K. This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities Act of 1933 registration statements.

 

On August 7, 2020, Overseas Shipholding Group, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing second quarter 2020 earnings.

 

Section 9 - Financial Statements and Exhibits.

 

  Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Pursuant to General Instruction B.2 of Form 8-K, the following exhibit is furnished with this Form 8-K.

 

Exhibit No.   Description
99.1   Press Release dated August 7, 2020.

 

 

 

 

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 7, 2020 By /s/ Richard Trueblood
  Name:

Richard Trueblood

  Title: Vice President and Chief Financial Officer

 

 

 

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press Release dated August 7, 2020.

 

 

(Back To Top)

Section 2: EX-99.1

 

 

Exhibit 99.1

 

OVERSEAS SHIPHOLDING GROUP REPORTS

SECOND QUARTER 2020 RESULTS

 

Tampa, FL – August 7, 2020 – 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 of 2020.

 

Highlights

 

  Net income for the second quarter 2020 was $6.4 million, or $0.07 per diluted share, compared with a net loss of $1.7 million, or $(0.02) per diluted share, for the second quarter 2019.
     
  Shipping revenues for the second quarter 2020 were $114.5 million, up 29.5% compared with the second quarter 2019.
     
  Time charter equivalent (TCE) revenues(A), a non-GAAP measure, for the second quarter 2020 were $100.4 million, up 22.3% compared with the second quarter 2019.
     
  Second quarter 2020 Adjusted EBITDA(B), a non-GAAP measure, was $29.8 million, up 63.1% from $18.2 million in the second quarter 2019.
     
  Total cash(C) was $94.3 million as of June 30, 2020.
     
  At the end of May 2020, the Company took delivery of a 204,000 barrel capacity oil and chemical tank barge. The barge, named the OSG 204, has been paired with an existing tug within the Company’s fleet, the OSG Endurance. The ATB unit will be operating in the Jones Act trade and has entered into a one-year time charter.
     
  On July 30, 2020, the Company used $20.0 million of restricted cash, along with a cash payment of $4.2 million, which included interest and other fees, to pay in full the Company’s term loan on the Overseas Gulf Coast, due 2024. At June 30, 2020, the principal amount of the term loan of $24.0 million is included in current installments of long-term debt on the condensed consolidated balance sheets.

 

Sam Norton, President and CEO, stated, “Under the continuing disruptive influence of the COVID-19 pandemic, it is important to remember that our business is not one that can be done remotely in all respects. The contribution made by all of our employees, and in particular our seafarers, in realizing the strong financial results reported this morning should be applauded by all who benefit from their service. As was the case during the first quarter of this year, the deep book of time charters that we entered into at the end of last year has provided considerable insulation from exposure to the drop in transportation demand affecting both crude oil and refined product. The results produced in this context both met our expectations and provided renewed confidence in the value of OSG’s operating platform.”

 

Mr. Norton added, “Looking ahead, we anticipate that the combined effects of observable COVID-19 related demand suppression, the usual seasonally slow summer period, and the impact of a high concentration of drydock activities will result in lower time charter earnings for the third quarter. As we move through the balance of the year, the slope of demand recovery in transportation fuel consumption in the US will likely shape our overall future performance. Available data indicate that this recovery is, with the exception of jet fuel demand, well underway. Absent a reversal of this encouraging trend, there is  cause for optimism that in terms of both rate and utilization, a restoration of a balanced and healthy market condition is foreseeable in our key markets.”

 

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

 

 

 

 

Second Quarter 2020 Results

 

Shipping revenues were $114.5 million for the quarter, up 29.5% compared with the second quarter of 2019. TCE revenues for the second quarter of 2020 were $100.4 million, an increase of $18.3 million, or 22.3%, compared with the second quarter of 2019. The increase primarily resulted from the addition to our fleet of two Marshall Islands flagged MR tankers, Overseas Gulf Coast and Overseas Sun Coast, three crude oil tankers, Alaskan Explorer, Alaskan Legend and Alaskan Navigator, and one ATB, OSG 204 and OSG Endurance, which was delivered at the end of May 2020, and two Government of Israel voyages during the second quarter of 2020 compared to one during the second quarter of 2019. The increase was offset by two fewer ATBs in our fleet and a decrease in Delaware Bay lightering volumes during the second quarter of 2020 compared to the second quarter of 2019.

 

Operating income for the second quarter of 2020 was $13.6 million compared to operating income of $3.8 million in the second quarter of 2019.

 

Net income for the second quarter 2020 was $6.4 million, or $0.07 per diluted share, compared with a net loss of $1.7 million, or $(0.02) per diluted share, for the second quarter 2019.

 

Adjusted EBITDA was $29.8 million for the quarter, an increase of $11.6 million compared with the second quarter of 2019.

 

Conference Call

 

The Company will host a conference call to discuss its second quarter 2020 results at 9:30 a.m. Eastern Time (“ET”) on Friday, August 7, 2020.

 

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 11:30 a.m. ET on Friday, August 7, 2020 through 10:59 p.m. ET on Friday, August 14, 2020 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10145914.

 

2

 

 

About Overseas Shipholding Group, Inc.

 

Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded 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 22 vessel U.S. Flag fleet consists of three crude oil tankers doing business in Alaska, two conventional ATBs, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program. OSG also currently owns and operates two Marshall Islands flagged MR tankers which trade internationally. In addition to the currently operating fleet, OSG has on order one Jones Act compliant barge which is scheduled for delivery in 2020.

 

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 press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, the Company may make or approve certain forward-looking statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to our prospects, supply and demand for vessels in the markets in which we operate and the impact on market rates and vessel earnings, the expected delivery schedule of our two new barges under construction and their expected participation in the Jones Act trade, the continued stability of our niche businesses, and the impact of our time charter contracts on our future financial performance. Forward-looking statements are based on our current plans, estimates and projections, and are subject to change based on a number of factors. COVID-19 has had, and will have in the future, a profound impact on our workforce, and many aspects of our business and industry. Investors should carefully consider the risk factors outlined in more detail in our Annual Report on Form 10-K for the year ended December 31, 2019, in our upcoming Form 10-Q filing, and in similar sections of other filings we make with the SEC from time to time. We do not assume any obligation to update or revise any forward-looking statements except as may be required by applicable law. Forward-looking statements and written and oral forward-looking statements attributable to us or our representatives after the date of this press release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by us with the SEC.

 

Investor Relations & Media Contact:

 

Susan Allan, Overseas Shipholding Group, Inc.

(813) 209-0620

[email protected]

 

3

 

 

Consolidated Balance Sheets

($ in thousands)

 

   June 30,
2020
   December 31,
2019
 
    (unaudited)      
ASSETS          
Current Assets:          
Cash and cash equivalents  $74,192   $41,503 
Restricted cash   20,062    60 
Voyage receivables, including unbilled of $3,291 and $5,611, net of reserve for doubtful accounts   6,100    9,247 
Income tax receivable   454    1,192 
Other receivables   2,967    3,037 
Inventories, prepaid expenses and other current assets   3,037    2,470 
Total Current Assets   106,812    57,509 
Vessels and other property, less accumulated depreciation   833,716    737,212 
Deferred drydock expenditures, net   27,557    23,734 
Total Vessels, Other Property and Deferred Drydock   861,273    760,946 
Restricted cash - non current   88    114 
Investments in and advances to affiliated companies       3,599 
Intangible assets, less accumulated amortization   29,517    31,817 
Operating lease right-of-use assets   252,379    286,469 
Other assets   18,547    35,013 
Total Assets  $1,268,616   $1,175,467 
LIABILITIES AND EQUITY          
Current Liabilities:          
Accounts payable, accrued expenses and other current liabilities  $37,567   $35,876 
Current portion of operating lease liabilities   90,384    90,145 
Current portion of finance lease liabilities   4,001    4,011 
Current installments of long-term debt   60,755    31,512 
Total Current Liabilities   192,707    161,544 
Reserve for uncertain tax positions   891    864 
Noncurrent operating lease liabilities   184,662    219,501 
Noncurrent finance lease liabilities   22,473    23,548 
Long-term debt   376,529    336,535 
Deferred income taxes, net   80,237    72,833 
Other liabilities   37,094    19,097 
Total Liabilities   894,593    833,922 
Equity:          
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 86,336,977 and 85,713,610 shares issued and outstanding)   863    857 
Paid-in additional capital   591,286    590,436 
Accumulated deficit   (211,834)   (243,339)
    380,315    347,954 
Accumulated other comprehensive loss   (6,292)   (6,409)
Total Equity   374,023    341,545 
Total Liabilities and Equity  $1,268,616   $1,175,467 

 

4

 

 

Consolidated Statements of Operations

($ in thousands, except per share amounts)

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2020   2019   2020   2019 
   (unaudited)   (unaudited)   (unaudited)   (unaudited) 
Shipping Revenues:                    
                     
Time and bareboat charter revenues  $96,662   $62,007   $174,812   $125,127 
Voyage charter revenues   17,877    26,452    40,586    51,070 
    114,539    88,459    215,398    176,197 
                     
Operating Expenses:                    
Voyage expenses   14,112    6,353    17,897    11,337 
Vessel expenses   41,644    32,520    77,413    64,967 
Charter hire expenses   22,505    22,581    44,965    44,879 
Depreciation and amortization   14,217    13,084    28,236    25,561 
General and administrative   7,599    5,957    13,772    11,633 
Bad debt expense       4,300        4,300 
Loss/(gain) on disposal of vessels and other property, including impairments, net   813    (66)   1,110    51 
Total operating expenses   100,890    84,729    183,393    162,728 
Income from vessel operations   13,649    3,730    32,005    13,469 
Equity in income of affiliated companies       68        68 
Gain on termination of pre-existing arrangement           19,172     
Operating income   13,649    3,798    51,177    13,537 
Other (expense)/income, net   (58)   262    (27)   617 
Income before interest expense and income taxes   13,591    4,060    51,150    14,154 
Interest expense   (6,167)   (6,571)   (12,241)   (13,077)
Income/(loss) before income taxes   7,424    (2,511)   38,909    1,077 
Income tax (expense)/benefit   (1,044)   773    (7,404)   381 
Net income/(loss)  $6,380   $(1,738)  $31,505   $1,458 
                     
Weighted Average Number of Common Shares Outstanding:                    
Basic - Class A   89,747,630    89,245,696    89,584,969    89,125,986 
Diluted - Class A   90,812,332    89,245,696    90,600,658    89,507,860 
Per Share Amounts:                    
Basic and diluted net income - Class A  $0.07   $(0.02)  $0.35   $0.02 

 

5

 

 

Consolidated Statements of Cash Flows

($ in thousands)

 

   Six Months Ended
June 30,
 
   2020   2019 
   (unaudited)   (unaudited) 
Cash Flows from Operating Activities:          
Net income  $31,505   $1,458 
Items included in net income not affecting cash flows:          
Depreciation and amortization   28,236    25,561 
Bad debt expense       4,300 
Gain on termination of pre-existing arrangement   (19,172)    
Loss on disposal of vessels and other property, including impairments, net   1,110    51 
Amortization of debt discount and other deferred financing costs   1,124    1,023 
Compensation relating to restricted stock awards and stock option grants   1,055    763 
Deferred income tax expense/(benefit)   7,431    (1,047)
Interest on finance lease liabilities   1,001    410 
Non-cash operating lease expense   45,680    44,805 
Loss on extinguishment of debt, net   14    48 
Distributed earnings of affiliated companies   3,562    3,470 
Payments for drydocking   (10,078)   (9,383)
Operating lease liabilities   (45,998)   (45,316)
Changes in operating assets and liabilities, net   (3,204)   (6,337)
Net cash provided by operating activities   42,266    19,806 
Cash Flows from Investing Activities:          
Acquisition, net of cash acquired   (16,973)    
Proceeds from disposals of vessels and other property   700    2,197 
Expenditures for vessels and vessel improvements   (38,657)   (34,722)
Expenditures for other property   (498)   (638)
Net cash used in investing activities   (55,428)   (33,163)
Cash Flows from Financing Activities:          
Payments on debt   (26,669)   (10,417)
Extinguishment of debt   (673)   (2,139)
Tax withholding on share-based awards   (197)   (294)
Issuance of debt, net of issuance and deferred financing costs   95,441     
Payments on principal portion of finance lease liabilities   (2,075)   (798)
Net cash provided by/(used in) financing activities   65,827    (13,648)
Net increase/(decrease) in cash, cash equivalents and restricted cash   52,665    (27,005)
Cash, cash equivalents and restricted cash at beginning of period   41,677    80,641 
Cash, cash equivalents and restricted cash at end of period  $94,342   $53,636 

 

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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, 2020 and the comparable period of 2019. Revenue days in the quarter ended June 30, 2020 totaled 2,031 compared with 1,808 in the prior year quarter. A summary fleet list by vessel class can be found later in this press release.

 

   2020   2019 
Three Months Ended June 30,  Spot
Earnings
   Fixed
Earnings
   Spot
Earnings
   Fixed
Earnings
 
Jones Act Handysize Product Carriers:                    
Average rate  $31,120   $61,360   $37,356   $57,212 
Revenue days   89    1,088    157    959 
Non-Jones Act Handysize Product Carriers:                    
Average rate  $27,051   $16,752   $17,347   $11,962 
Revenue days   156    181    99    83 
ATBs:                    
Average rate  $16,333   $   $19,000   $21,610 
Revenue days   124        89    252 
Lightering:                    
Average rate  $44,346   $   $68,220   $ 
Revenue days   121        169     
Alaska (a):                    
Average rate  $   $58,538   $   $ 
Revenue days       272         

 

   2020   2019 
Six Months Ended June 30,  Spot
Earnings
   Fixed
Earnings
   Spot
Earnings
   Fixed
Earnings
 
Jones Act Handysize Product Carriers:                    
Average rate  $46,830   $60,819   $33,920   $57,035 
Revenue days   181    2,140    247    1,941 
Non-Jones Act Handysize Product Carriers:                    
Average rate  $27,387    16,770   $21,905   $12,023 
Revenue days   310    363    211    151 
ATBs:                    
Average rate  $21,213   $24,686   $19,979   $21,583 
Revenue days   217    89    175    518 
Lightering:                    
Average rate  $51,388   $61,012   $70,634   $ 
Revenue days   243    87    349     
Alaska (a):                    
Average rate  $   $58,621   $   $ 
Revenue days       330         

 

(a) Excludes one Alaska vessel currently in layup.

 

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Fleet Information

 

As of June 30, 2020, OSG’s operating fleet consisted of 25 vessels, 13 of which were owned, with the remaining vessels chartered-in. Vessels chartered-in are on Bareboat Charters.

 

   Vessels Owned   Vessels Chartered-In   Total at June 30, 2020 
Vessel Type  Number   Number   Total Vessels   Total dwt (3) 
Handysize Product Carriers (1)   6    11    17    810,825 
Crude Oil Tankers (2)   3    1    4    772,194 
Refined Product ATBs   2        2    56,133 
Lightering ATBs   2        2    91,112 
Total Operating Fleet   13    12    25    1,730,264 

 

  (1) Includes two owned shuttle tankers, 11 chartered-in tankers, two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program, all of which are U.S. flagged, as well as two owned Marshall Island flagged non-Jones Act MR tankers trading in international markets.
  (2) Includes three crude oil tankers doing business in Alaska and one crude oil tanker bareboat chartered-in and in layup.
  (3) Total dwt is defined as aggregate deadweight tons for all vessels of that type.

 

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 provide 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 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 time charter. TCE 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. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follows:

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2020   2019   2020   2019 
Time charter equivalent revenues  $100,427   $82,106   $197,501   $164,860 
Add: Voyage expenses   14,112    6,353    17,897    11,337 
Shipping revenues  $114,539   $88,459   $215,398   $176,197 

 

Vessel Operating Contribution

 

Vessel operating contribution, a non-GAAP measure, is TCE revenues minus vessel expenses and charter hire expenses.

 

Our “niche market activities”, which include Delaware Bay lightering, MSP vessels and shuttle tankers, continue to provide a stable operating platform underlying our total US Flag operations. These vessels’ operations are insulated from the forces affecting the broader Jones Act market.

 

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Three Months Ended

June 30,

  

Six Months Ended

June 30,

 
($ in thousands)  2020   2019   2020   2019 
Niche Market Activities  $17,716   $20,736   $39,420   $43,339 
Jones Act Handysize Tankers   9,927    2,692    22,309    5,126 
ATBs   174    3,577    2,978    6,549 
Alaska Crude Oil Tankers   8,461        10,416     
Vessel Operating Contribution   36,278    27,005    75,123    55,014 
Depreciation and amortization   14,217    13,084    28,236    25,561 
General and administrative   7,599    5,957    13,772    11,633 
Bad debt expense       4,300        4,300 
Loss/(gain) on disposal of vessels and other property, including impairments, net   813    (66)   1,110    51 
Income from vessel operations  $13,649   $3,730   $32,005   $13,469 

 

(B) EBITDA and Adjusted EBITDA

 

EBITDA represents net income/(loss) before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted to exclude amortization classified in charter hire expenses, interest expense classified in charter hire expenses, loss/(gain) on disposal of vessels and other property, including impairments, net, non-cash stock based compensation expense and loss on repurchases and extinguishment of debt and the impact of other items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income/(loss) 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 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 measures used by other companies due to differences in methods of calculation. The following table reconciles net income/(loss) 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)  2020   2019   2020   2019 
Net income/(loss)  $6,380   $(1,738)  $31,505   $1,458 
Income tax expense/(benefit)   1,044    (773)   7,404    (381)
Interest expense   6,167    6,571    12,241    13,077 
Depreciation and amortization   14,217    13,084    28,236    25,561 
EBITDA   27,808    17,144    79,386    39,715 
Amortization classified in charter hire expenses   143    267    285    497 
Interest expense classified in charter hire expenses   371    401    750    804 
Non-cash stock based compensation expense   616    453    1,055    763 
Loss/(gain) on disposal of vessels and other property, including impairments, net   813    (66)   1,110    51 
Loss on extinguishment of debt, net   14    48    14    48 
Adjusted EBITDA  $29,765   $18,247   $82,600   $41,878 

 

(C) Total Cash

 

($ in thousands) 

June 30, 2020

  

December 31, 2019

 
Cash and cash equivalents  $74,192   $41,503 
Restricted cash - current   20,062    60 
Restricted cash – non-current   88    114 
Total Cash  $94,342   $41,677 

 

9

 

 

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