Overseas Shipholding posts $3.91 million of October operating income

By Caroline Salls

Pittsburgh, Dec. 13 - Overseas Shipholding Group, Inc. posted operating income of $3.91 million for October on shipping revenue of $88.72 million, according to its monthly operating report filed Friday with the Securities and Exchange Commission.

Those figures showed a decline from the $5.03 million of operating income reported for September on shipping revenue of $111.69 million.

The net loss for October was $1.85 million, widening from a $1.38 million September net loss.

The company also reported cash and cash equivalents of $581.73 million as of Oct. 31, up from $570.63 million at the end of September.

Overseas Shipholding, a New York-based tanker company, filed for bankruptcy on Nov. 14, 2012 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 12-20000.

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