Overseas Shipholding marks $5.19 million of operating income for March

By Caroline Salls

Pittsburgh, May 15 - Overseas Shipholding Group Inc. posted operating income of $5.19 million for March on shipping revenue of $91.68 million, according to its monthly operating report filed May 15 with the U.S. Bankruptcy Court for the District of Delaware.

Those figures showed a decline from the $11.43 million of operating income reported for February on $94.01 million in shipping revenue.

The net loss for March was $15.5 million, compared with $6.33 million of net income for February.

The company also reported cash and cash equivalents of $477.98 million as of March 31, down from $624.27 million as of Feb. 28.

Overseas Shipholding, a New York-based tanker company, filed for bankruptcy on Nov. 14, 2012. Its Chapter 11 case number is 12-20000.

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