Overseas Shipholding reports $5.96 million of second-quarter income

By Caroline Salls

Pittsburgh, Aug. 4 – Overseas Shipholding Group, Inc. reported $5.96 million of operating income for the quarter ended June 30 on $241.78 million in total shipping revenue, according to a 10-Q filed Monday with the Securities and Exchange Commission.

In comparison, Overseas posted $11.01 million of operating income for the quarter ended June 30, 2013 on $228.11 million in total shipping revenue.

The net loss for the three months ended June 30 was $204.11 million, widening from a $24.15 million net loss for the same period of 2013.

Meanwhile, the company saw $46.96 million of operating income for the first six months of this year on $534.22 million in total operating revenue, compared with $22.52 million in operating income for the first half of last year on $475.55 million in total shipping revenue.

The net loss for the six months ended June 30 was $193.69 million, growing from a $191.91 million net loss for the six months ended June 30, 2013.

The company had $644.91 million in cash and cash equivalents at June 30, up from $601.93 million at Dec. 31, 2013.

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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