Overseas Shipholding reports $1.9 million for May operating income

By Kali Hays

New York, July 15 – Overseas Shipholding Group Inc. reported operating income of $1.9 million for May on shipping revenue of $81.42 million, according to its monthly operating report filed July 15 with the U.S. Bankruptcy Court for the District of Delaware.

Those numbers compare to an operating income of $4.04 million in April on shipping revenue of $82.31 million.

The net loss for May was $10.55 million, an increase from $6.25 million in April.

The company also reported cash and cash equivalents of $647.7 million as of May 31, down from $650.19 million at the end of April.

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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