Overseas Shipholding posts $11.43 million of February operating income

By Caroline Salls

Pittsburgh, April 15 - Overseas Shipholding Group Inc. posted operating income of $11.43 million for February on shipping revenue of $94.01 million, according to its monthly operating report filed Tuesday with the Securities and Exchange Commission.

Those figures showed a decline from the $24.37 million of operating income posted for January on shipping revenue of $106.76 million.

Net income for February was $6.33 million, down from $19.59 million of net income in January.

The company also reported cash and cash equivalents of $624.27 million as of Feb. 28, up from $607.65 million as of Jan. 31.

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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