Overseas Shipholding reports $326.3 million operating loss for 2013

By Caroline Salls

Pittsburgh, March 13 - Overseas Shipholding Group, Inc. reported a $326.3 million operating loss for the year ended Dec. 31 on $1,015,996,000 in shipping revenue, according to a 10-K filed Thursday with the Securities and Exchange Commission.

In comparison, Overseas Shipholding posted a $345.75 million operating loss for the year ended Dec. 31, 2012 on $1,137,134,000 in shipping revenue.

The net loss for 2013 was $638.23 million, narrowing from a $480.11 million net loss in 2012.

The company had $601.93 million in cash and cash equivalents at Dec. 31, up from $507.34 million at the end of 2012.

According to the 10-K, the combined Overseas debtor entities had a $299.57 million operating loss for 2013 on $1,015,888,000 in shipping revenue, compared to a $319.57 million operating loss for 2012 on $1,136,260,000 in shipping revenue.

The net loss for the combined entities was $624.33 million for the year ended Dec. 31, growing from a $474.3 million net loss for year ended Dec. 31, 2012.

The combined debtors had $585.91 million in cash and cash equivalents at Dec. 31, increasing from $471.73 million at Dec. 31, 2012.

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. The Chapter 11 case number is 12-20000.

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