EX-99.1 2 v349018_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al.1 Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Monthly Operating Report

For the Period April 1, 2013 through April 30, 2013

 

Required Documents Form No.

Documents

Complete

Explanation

Attached

Debtors’

Statement

Schedule of Operating Cash Flow MOR-1 X    
Schedule of Disbursements by Legal Entity MOR-1a X    
Schedule of Professional Fees and Expenses Paid MOR-1b X    
Banks Account Reconciliations, Bank Statements and Cash Disbursements Journal       X
Statement of Operations MOR-2 X    
Balance Sheets MOR-3 X    
Status of Post-Petition Taxes       X
Summary of Unpaid Post-Petition Accounts Payable MOR-4 X    
Trade Accounts Receivable and Aging MOR-5 X    
Debtor Questionnaire MOR-6 X    

 

I declare under penalty of perjury (28 U.S.C. Section 1746) that the information contained in this monthly operating report (including attached schedules) is true and correct to the best of my knowledge, information and belief.

 

/s/ Ian T. Blackley   July 1, 2013
Ian T. Blackley   Date

Senior Vice President, Chief Financial Officer and Treasurer

Overseas Shipholding Group, Inc.

 

Notes:

1Refer to Appendix A for a full listing of the Debtors.

 

The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee.  All information contained herein is unaudited and subject to future adjustment.  Overseas Shipholding Group, Inc. (the “Company”) maintains its books and records on a business unit reporting level and those units do not in all cases correspond to legal entities.  Certain assumptions have been made as noted herein.  In addition, the Company maintains certain liabilities on its balance sheet (such as administrative payroll, benefits, professional fees and tax related liabilities) that may relate to one or more of the Company’s subsidiaries and no conclusion as to the legal obligation is made by the presentation herein.  Nothing contained in this Monthly Operating Report shall constitute a waiver of any of the Debtors’ rights or an admission with respect to their chapter 11 Proceedings (as defined herein), including, but not limited to, matters involving objections to claims, substantive consolidation, equitable subordination, defenses, characterization or re-characterization of contracts, assumption or rejection of contracts under the provisions of chapter 3 of Title 11 of the United States Code (the “Bankruptcy Code”) and/or causes of action under the provisions of chapter 5 of the Bankruptcy Code or any other relevant applicable laws to recover assets or avoid transfers.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 1 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

General Notes

 

Introduction – On November 14, 2012, Overseas Shipholding Group, Inc. and its affiliated Debtors in the above referenced chapter 11 cases, filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Debtors are operating their business and managing their property as debtors-in-possession pursuant to the Bankruptcy Code. The Company prepared this Monthly Operating Report relying primarily upon the information set forth in its books and records. Consequently, certain transactions that are not identified in the normal course of business in its books and records may not be included in this Monthly Operating Report. Nonetheless, in preparing this Monthly Operating Report, the Company made reasonable efforts to supplement the information set forth in its books and records with additional information concerning transactions that may not have been identified therein. The notes that are contained in this Monthly Operating Report (the "MOR") have been provided to assist the reader in understanding the information presented.  No conclusion as to the completeness of the notes that are included in this MOR, the importance or significance of such notes, or the importance or significance of information that could have been included in such notes, but is not, is made by the inclusion of the notes contained in this MOR.

 

Unaudited Condensed Consolidated Financial Statements – The unaudited condensed consolidated financial statements and supplemental information contained herein are unaudited, preliminary, and may not comply with generally accepted accounting principles in the United States of America (“U.S. GAAP”) in all material respects.

 

Accounting Standards Codification (“ASC”) Topic 852, “Reorganizations” (“ASC Topic 852”), which is applicable to companies in chapter 11, generally does not change the manner in which financial statements are prepared. It does require, however, that the financial statements for periods subsequent to the filing of the chapter 11 petition distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Overseas Shipholding Group, Inc.’s (the “Company”) unaudited condensed consolidated financial statements contained herein have been prepared in accordance with the guidance in ASC Topic 852 and have not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework. The unaudited condensed consolidated financial statements have been derived from the books and records of the Company. This information, however, has not been subject to procedures that would typically be applied to financial information presented in accordance with U.S. GAAP, and upon application of such procedures, the Company believes that the financial information could be subject to changes, and these changes could be material. The information furnished in this report includes primarily normal recurring adjustments, but does not include all of the adjustments that would typically be made in accordance with U.S. GAAP.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 2 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

General Notes (Continued)

 

The results of operations contained herein are not necessarily indicative of results which may be expected from any other period or for the full year and may not necessarily reflect the consolidated results of operations, financial position, and cash flows of the Company in the future.

 

As disclosed in the Forms 8-K filed by the Company with the Securities and Exchange Commission (“SEC”) on October 3, 2012 and October 22, 2012, the Company is in the process of reviewing a tax issue arising from the fact that the Company is domiciled in the United States and has substantial international operations, and relating to the interpretation of certain provisions contained in the Company’s loan agreements. As a result of that continuing process, on October 19, 2012, the Audit Committee of the Board of Directors of the Company, on the recommendation of management, concluded that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon. The Audit Committee and authorized officers have informed the Company’s independent registered public accountants of this conclusion. The Company is continuing its review processes, including determining whether a restatement of those financial statements may be required, and the nature and amount of any potential restatement. Due to the Company’s continuing review processes, the financial statements contained herein have been prepared without any consideration of income taxes, including income taxes with respect to prior periods, and should be evaluated taking into consideration the recommendation of management that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon.

 

The Internal Revenue Service filed an amended claim (Claim No. 82) in the Overseas Shipholding Group, Inc. bankruptcy case (Case 12-20000-PJW) on February 11, 2013 in the amount of $463,013,177.63, including interest to the Petition Date, asserting priority treatment under Bankruptcy Code section 507(a)(8).

 

Intercompany Balances – Receivables and payables between the Debtors and between Debtors and non-debtor subsidiaries are eliminated in the unaudited condensed consolidated financial statements. However, receivables and payables between Debtors and between Debtors and non-debtor subsidiaries are reflected as separate line items in the Company’s unaudited condensed consolidating balance sheets attached hereto in Appendix B. No conclusion as to the legal obligation related to the intercompany transactions resulting in these balances is made by the presentation herein. Annual allocations of certain expenses that occur between OSG International, Inc., Overseas Shipholding Group, Inc. and OSG Ship Management, Inc. under an Amended and Restated Personnel and Facilities Cost Sharing Agreement, dated January 1, 2005, for the year ended December 31, 2012 have been reflected in the financial

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 3 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

statements presented herein. The books and records for December 2012 have accordingly been revised from that previously presented to reflect such annual allocation.

 

Liabilities Subject to Compromise – As a result of the chapter 11 filings, the payment of prepetition indebtedness is subject to compromise or other treatment under a plan of reorganization. The determination of how liabilities will ultimately be settled and treated cannot be made until the Court approves a chapter 11 plan of reorganization. Accordingly, the ultimate amount of such liabilities is not determinable at this time. ASC Topic 852 requires prepetition liabilities that are subject to compromise to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts. The amounts currently classified as liabilities subject to compromise are preliminary and may be subject to future adjustments depending on Court actions, further developments with respect to disputed claims, determinations of the secured status of certain claims, the value of any collateral securing such claims, rejection of executory contracts or unexpired leases, continued reconciliation or other events.

 

Net Book Value of Assets – It would be an inefficient use of estate assets for the Debtors to obtain current market valuations of all of their assets. Accordingly, unless otherwise indicated, the values for assets contained in this Monthly Operating Report are net book values as of the end of the month. The net book values as of the end of the month are subject to future adjustment for possible impairment based on conditions that existed as of the end of the reporting period. Consequently, amounts ultimately realized from a potential disposition of the Debtors’ assets may materially vary from the stated net book value. Unless otherwise noted, this Monthly Operating Report reflects the carrying value of the assets as currently recorded on the Debtors’ books and records as of the end of the reporting period and are not based upon any estimate of their current market value. The Debtors reserve their right to amend or adjust the value of each asset or liability set forth herein.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 4 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1

Overseas Shipholding Group, Inc.

Unaudited Consolidated Statement of Cash Receipts and Disbursements

For the Period April 1, 2013 through April 30, 2013

(in thousands of dollars)

 

Beginning Cash Balance  $556,618 
      
Cash Receipts:     
Vessel Related Receipts   82,592 
Other Receipts1   3,331 
Total Receipts   85,923 
      
Cash Disbursements:     
Vessel Related Disbursements2   63,658 
General and Administrative:     
Compensation & Benefits   4,383 
Other General & Administrative   3,173 
Taxes   344 
Restructuring Costs and Adequate Protection Payments   5,187 
U.S. Trustee Fees   800 
Other Disbursements   185 
Total Disbursements   77,730 
      
Ending Cash Balance  $5 64,811 

 

1   Other Receipts includes items such as distributions from joint ventures, reimbursements from joint ventures for expenses paid on their behalf, pool commissions, insurance claim receipts and other miscellaneous refunds and receipts.

2   Includes expenses paid on behalf of joint ventures.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 5 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period April 1, 2013 through April 30, 2013

 

   Filing Entities:  Case #  Total Disbursements 
1  Overseas Shipholding Group, Inc.  12-20000  $747,126 
2  OSG International, Inc.  12-20001   1,521,667 
3  OSG Bulk Ships, Inc.  12-20002   869,276 
4  1372 Tanker Corporation  12-20003   215,887 
5  Africa Tanker Corporation  12-20004   87,482 
6  Alcesmar Limited  12-20005   205,469 
7  Alcmar Limited  12-20006   294,778 
8  Alpha Suezmax Corporation  12-20007   81,432 
9  Alpha Tanker Corporation  12-20008   146 
10  Amalia Product Corporation  12-20009   299,649 
11  Ambermar Product Carrier Corporation  12-20010   663,571 
12  Ambermar Tanker Corporation  12-20011   579 
13  Andromar Limited  12-20012   255,945 
14  Antigmar Limited  12-20013   162,433 
15  Aqua Tanker Corporation  12-20014   1,986 
16  Aquarius Tanker Corporation  12-20015   242,744 
17  Ariadmar Limited  12-20016   264,527 
18  Aspro Tanker Corporation  12-20017   570 
19  Atalmar Limited  12-20018   803,345 
20  Athens Product Tanker Corporation  12-20019   870,753 
21  Atlas Chartering Corporation  12-20020   110,296 
22  Aurora Shipping Corporation  12-20021   479,252 
23  Avila Tanker Corporation  12-20022   526 
24  Batangas Tanker Corporation  12-20023   108,023 
25  Beta Aframax Corporation  12-20024   (27,058)

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. Prior period credit adjustments applied against vendor payments that have been allocated to a specific debtor and corrections to prior period allocations may and have resulted in negative cash disbursement amounts for certain debtors. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 6 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period April 1, 2013 through April 30, 2013

 

   Filing Entities:  Case #  Total Disbursements 
26  Brooklyn Product Tanker Corporation  12-20025   16,600 
27  Cabo Hellas Limited  12-20026   225,993 
28  Cabo Sounion Limited  12-20027   368,028 
29  Caribbean Tanker Corporation  12-20028   5,324 
30  Carina Tanker Corporation  12-20029   271,764 
31  Carl Product Corporation  12-20030   312,999 
32  Concept Tanker Corporation  12-20031   405,357 
33  Crown Tanker Corporation  12-20032   110 
34  Delphina Tanker Corporation  12-20033   - 
35  Delta Aframax Corporation  12-20034   316,430 
36  DHT Ania Aframax Corp.  12-20035   508 
37  DHT Ann VLCC Corp.  12-20036   11,244 
38  DHT Cathy Aframax Corp.  12-20037   6,072 
39  DHT Chris VLCC Corp.  12-20038   9,390 
40  DHT Rebecca Aframax Corp.  12-20039   770 
41  DHT Regal Unity VLCC Corp.  12-20040   5,434 
42  DHT Sophie Aframax Corp.  12-20041   4,200 
43  Dignity Chartering Corporation  12-20042   7,632 
44  Edindun Shipping Corporation  12-20043   - 
45  Eighth Aframax Tanker Corporation  12-20044   262,154 
46  Epsilon Aframax Corporation  12-20045   425,251 
47  First Chemical Carrier Corporation  12-20046   442,265 
48  First LPG Tanker Corporation  12-20047   2,428 
49  First Union Tanker Corporation  12-20048   710,706 
50  Fourth Aframax Tanker Corporation  12-20049   5,109 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. Prior period credit adjustments applied against vendor payments that have been allocated to a specific debtor and corrections to prior period allocations may and have resulted in negative cash disbursement amounts for certain debtors. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 7 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period April 1, 2013 through April 30, 2013

 

   Filing Entities:  Case #  Total Disbursements 
51  Front President Inc.  12-20050   359,545 
52  Goldmar Limited  12-20051   239,009 
53  GPC Aframax Corporation  12-20052   668,261 
54  Grace Chartering Corporation  12-20053   (4,205)
55  International Seaways, Inc.  12-20054   2,197,366 
56  Jademar Limited  12-20055   292,538 
57  Joyce Car Carrier Corporation  12-20056   5,868 
58  Juneau Tanker Corporation  12-20057   3,128 
59  Kimolos Tanker Corporation  12-20058   1,408,328 
60  Kythnos Chartering Corporation  12-20059   1,103,688 
61  Leo Tanker Corporation  12-20060   41,944 
62  Leyte Product Tanker Corporation  12-20061   245,654 
63  Limar Charter Corporation  12-20062   73,118 
64  Luxmar Product Tanker Corporation  12-20063   627,745 
65  Luxmar Tanker LLC  12-20064   17,359 
66  Majestic Tankers Corporation  12-20065   494,486 
67  Maple Tanker Corporation  12-20066   463,808 
68  Maremar Product Tanker Corporation  12-20067   21 
69  Maremar Tanker LLC  12-20068   368,448 
70  Marilyn Vessel Corporation  12-20069   164 
71  Maritrans General Partner Inc.  12-20070   91 
72  Maritrans Operating Company L.P.  12-20071   9,204 
73  Milos Product Tanker Corporation  12-20072   239,971 
74  Mindanao Tanker Corporation  12-20073   15,888 
75  Mykonos Tanker LLC  12-20074   1,110,344 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. Prior period credit adjustments applied against vendor payments that have been allocated to a specific debtor and corrections to prior period allocations may and have resulted in negative cash disbursement amounts for certain debtors. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 8 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period April 1, 2013 through April 30, 2013

 

   Filing Entities:  Case #  Total Disbursements 
76  Nedimar Charter Corporation  12-20075   28,547 
77  Oak Tanker Corporation  12-20076   344,988 
78  Ocean Bulk Ships, Inc.  12-20077   3 
79  Oceania Tanker Corporation  12-20078   181,594 
80  OSG 192 LLC  12-20079   516,078 
81  OSG 209 LLC  12-20080   63,349 
82  OSG 214 LLC  12-20081   113,137 
83  OSG 215 Corporation  12-20082   42 
84  OSG 242 LLC  12-20083   48,255 
85  OSG 243 LLC  12-20084   130,874 
86  OSG 244 LLC  12-20085   56,381 
87  OSG 252 LLC  12-20086   111,832 
88  OSG 254 LLC  12-20087   93,041 
89  OSG 300 LLC  12-20088   14 
90  OSG 400 LLC  12-20089   5,017 
91  OSG America L.P.  12-20090   14 
92  OSG America LLC  12-20091   79 
93  OSG America Operating Company LLC  12-20092   414,849 
94  OSG Car Carriers, Inc.  12-20093   2,366 
95  OSG Clean Products International, Inc.  12-20094   17 
96  OSG Columbia LLC  12-20095   212,074 
97  OSG Constitution LLC  12-20096   1,370 
98  OSG Courageous LLC  12-20097   240,063 
99  OSG Delaware Bay Lightering LLC  12-20098   2,155,193 
100  OSG Discovery LLC  12-20099   312 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. Prior period credit adjustments applied against vendor payments that have been allocated to a specific debtor and corrections to prior period allocations may and have resulted in negative cash disbursement amounts for certain debtors. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 9 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period April 1, 2013 through April 30, 2013

 

   Filing Entities:  Case #  Total Disbursements 
101  OSG Endeavor LLC  12-20100   75 
102  OSG Endurance LLC  12-20101   230,030 
103  OSG Enterprise LLC  12-20102   221,082 
104  OSG Financial Corp.  12-20103   3,480 
105  OSG Freedom LLC  12-20104   67,129 
106  OSG Honour LLC  12-20105   211,986 
107  OSG Independence LLC  12-20106   211,536 
108  OSG Intrepid LLC  12-20107   197,215 
109  OSG Liberty LLC  12-20108   3,481 
110  OSG Lightering LLC  12-20109   8,731,808 
111  OSG Lightering Acquisition Corporation  12-20110   686 
112  OSG Lightering Solutions LLC  12-20111   1,178 
113  OSG Mariner LLC  12-20112   75 
114  OSG Maritrans Parent LLC  12-20113   38,564 
115  OSG Navigator LLC  12-20114   214,905 
116  OSG New York, Inc.  12-20115   510,092 
117  OSG Product Tankers AVTC, LLC  12-20116   17 
118  OSG Product Tankers Member LLC  12-20117   0 
119  OSG Product Tankers II, LLC  12-20118   1 
120  OSG Product Tankers I, LLC  12-20119   1 
121  OSG Product Tankers, LLC  12-20120   3 
122  OSG Quest LLC  12-20121   48 
123  OSG Seafarer LLC  12-20122   235 
124  OSG Ship Management, Inc.  12-20123   5,395,771 
125  OSG Valour LLC  12-20124   384 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. Prior period credit adjustments applied against vendor payments that have been allocated to a specific debtor and corrections to prior period allocations may and have resulted in negative cash disbursement amounts for certain debtors. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 10 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period April 1, 2013 through April 30, 2013

 

   Filing Entities:  Case #  Total Disbursements 
126  Overseas Allegiance Corporation  12-20125   1 
127  Overseas Anacortes LLC  12-20126   1,325,068 
128  Overseas Boston LLC  12-20127   1,331,940 
129  Overseas Diligence LLC  12-20128   137 
130  Overseas Galena Bay LLC  12-20129   911 
131  Overseas Houston LLC  12-20130   1,110,830 
132  Overseas Integrity LLC  12-20131   367 
133  Overseas Long Beach LLC  12-20132   1,132,896 
134  Overseas Los Angeles LLC  12-20133   1,284,357 
135  Overseas Martinez LLC  12-20134   1,324,086 
136  Overseas New Orleans LLC  12-20135   760 
137  Overseas New York LLC  12-20136   1,814,492 
138  Overseas Nikiski LLC  12-20137   1,247,207 
139  Overseas Perseverance Corporation  12-20138   131 
140  Overseas Philadelphia LLC  12-20139   312 
141  Overseas Puget Sound LLC  12-20140   2,946 
142  Overseas Sea Swift Corporation  12-20141   3 
143  Overseas Shipping (GR) Ltd.  12-20142   199,484 
144  Overseas ST Holding LLC  12-20143   1,289,982 
145  Overseas Tampa LLC  12-20144   1,407,577 
146  Overseas Texas City LLC  12-20145   1,171,981 
147  Pearlmar Limited  12-20146   386,055 
148  Petromar Limited  12-20147   712,366 
149  Pisces Tanker Corporation  12-20148   227,514 
150  Polaris Tanker Corporation  12-20149   77,243 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. Prior period credit adjustments applied against vendor payments that have been allocated to a specific debtor and corrections to prior period allocations may and have resulted in negative cash disbursement amounts for certain debtors. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 11 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period April 1, 2013 through April 30, 2013

 

   Filing Entities:  Case #  Total Disbursements 
151  Queens Product Tanker Corporation  12-20150   27,354 
152  Reymar Limited  12-20151   521,201 
153  Rich Tanker Corporation  12-20152   940,737 
154  Rimar Chartering Corporation  12-20153   146,833 
155  Rosalyn Tanker Corporation  12-20154   757,088 
156  Rosemar Limited  12-20155   281,330 
157  Rubymar Limited  12-20156   49,699 
158  Sakura Transport Corp.  12-20157   538,892 
159  Samar Product Tanker Corporation  12-20158   350,630 
160  Santorini Tanker LLC  12-20159   1,252,202 
161  Serifos Tanker Corporation  12-20160   106,012 
162  Seventh Aframax Tanker Corporation  12-20161   224,664 
163  Shirley Tanker SRL  12-20162   334,769 
164  Sifnos Tanker Corporation  12-20163   420,505 
165  Silvermar Limited  12-20164   187,960 
166  Sixth Aframax Tanker Corporation  12-20165   231,050 
167  Skopelos Product Tanker Corporation  12-20166   865,695 
168  Star Chartering Corporation  12-20167   449,946 
169  Suezmax International Agencies, Inc.  12-20168   1,891,987 
170  Talara Chartering Corporation  12-20169   32,144 
171  Third United Shipping Corporation  12-20170   18,040 
172  Tokyo Transport Corp.  12-20171   431,415 
173  Transbulk Carriers, Inc.  12-20172   87 
174  Troy Chartering Corporation  12-20173   52,615 
175  Troy Product Corporation  12-20174   20,097 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. Prior period credit adjustments applied against vendor payments that have been allocated to a specific debtor and corrections to prior period allocations may and have resulted in negative cash disbursement amounts for certain debtors. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 12 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1a

Schedule of Disbursements by Legal Entity1

For the Period April 1, 2013 through April 30, 2013

 

176  Urban Tanker Corporation  12-20175   403,944 
177  Vega Tanker Corporation  12-20176   1,263 
178  View Tanker Corporation  12-20177   399,341 
179  Vivian Tankships Corporation  12-20178   6,110 
180  Vulpecula Chartering Corporation  12-20179   116,477 
181  Wind Aframax Tanker Corporation  12-20180   11 
            
      Total Disbursements  $69,925,960 

 

 

1Most of the Debtors’ disbursements are made through centralized cash management accounts; however, the Debtors have estimated the allocation of disbursements to the legal entity on whose behalf a disbursement was made. Additionally, bankruptcy related professional fees paid by Overseas Shipholding Group, Inc. have been allocated on a pro rata basis to all debtors based on the sum of the absolute value of each debtor’s total assets and liabilities based on their balance sheet as of the last day of the prior month. Prior period credit adjustments applied against vendor payments that have been allocated to a specific debtor and corrections to prior period allocations may and have resulted in negative cash disbursement amounts for certain debtors. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 13 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1b

Schedule of Professional Fees and Expenses Paid1

For the Period April 1, 2013 through April 30, 2013

 

   Amounts Paid this Period   Cumulative Amount Paid Since Petition Date 
Professional  Fees   Expenses   Total   Fees   Expenses   Total 
Akin Gump Straus Hauer & Feld LLP  $696,995   $25,050   $722,044   $1,299,824   $33,724   $1,333,548 
Bowman Gilfillan, Inc.             -    -    -    - 
Burke & Parsons   6,143         6,143    78,748    3,139    81,887 
Chilmark Partners, LLC             -    -    -    - 
Cleary Gottlieb Steen & Hamilton LLP   2,486,228    60,053    2,546,281    4,054,885    85,637    4,140,523 
Deloitte Tax LLP             -    -    -    - 
Eversheds LLP             -    -    -    - 
FTI Consulting, Inc.   368,476    767    369,243    516,581    860    517,442 
Houlihan Lokey Capital, Inc.             -    284,667    3,116    287,782 
Kurtzman Carson Consultants LLC             -    -    -    - 
Mercer (US) Inc.             -    -    -    - 
Morris, Nichols, Arsht & Tunnell LLP   95,642    1,747    97,389    95,642    13,836    109,478 
Mullin Hoard & Brown LLP   82,657    8,802    91,459    82,657    8,802    91,459 
Pepper Hamilton LLP   24,638    1,206    25,845    71,459    5,068    76,527 
Pricewaterhouse Coopers LLP             -    -    -    - 
                             - 
Total Professional Fees and Expenses  $3,760,778   $97,625   $3,858,404   $6,484,463   $154,182   $6,638,645 

 

 

1 Certain of the professionals listed in the table have had retention applications approved by the Bankruptcy Court (the “Retention Orders”) prior to the reporting date, but no payments have been made to the retained professionals as of the reporting date under the Retention Orders.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 14 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-1b

Schedule of Professional Fees and Expenses Paid (continued)1

For the Period April 1, 2013 through April 30, 2013

 

Professional   Role
Akin Gump Strauss Hauer & Feld LLP   Unsecured Creditors' Committee Co-Counsel
Bowman Gilfillan, Inc.   Debtors' Special Counsel for South African Matters
Burke & Parsons   Debtors' Special Counsel for United States Maritime Matters
Chilmark Partners, LLC   Debtors' Financial and Restructuring Advisor
Cleary Gottlieb Steen & Hamilton LLP   Debtors' Counsel
Deloitte Tax LLP   Debtors' Tax Advisor
Eversheds LLP   Debtors' Special Counsel For United Kingdom Maritime Matters
FTI Consulting, Inc.   Unsecured Creditors' Committee Financial Advisor
Houlihan Lokey Capital, Inc.   Unsecured Creditors' Committee Financial Advisor and Investment Banker
Kurtzman Carson Consultants LLC   Claims and Noticing Agent
Mercer (US) Inc.   Compensation Specialist
Morris, Nichols, Arsht & Tunnell LLP   Debtors' Delaware Bankruptcy Co-Counsel
Mullin Hoard & Brown, L.L.P.   Debtors' Special Litigation Counsel
Pepper Hamilton LLP   Unsecured Creditors' Committee Co-Counsel
PricewaterhouseCoopers LLP   Debtors' Independent Auditor, Accountant and Tax Advisor

 

 

1 Certain of the professionals listed in the table below have had retention applications approved by the Bankruptcy Court (the “Retention Orders”) prior to the reporting date, but no payments have been made to the retained professionals as of the reporting date under the Retention Orders.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 15 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Debtors Statement with respect to Bank Account Reconciliations, Bank Statements and Cash

Disbursements Journal

For the Period April 1, 2013 through April 30, 2013

 

Bank Account Reconciliations & Cash Disbursement Journals

The Debtors affirm that bank reconciliations are prepared for all open and active bank accounts on a monthly basis. The Debtors affirm that within its financial accounting systems, check registers and/or disbursement journals are maintained for each disbursement account.

 

Bank Statements

The Debtors affirm that bank statements for all open and active bank accounts are retained by the Debtors.

 

Closed Bank Accounts

The Debtors affirm that the following bank account(s) were closed during the current reporting period.

 

Debtor Bank/Institution Account # Date of Closing
Goldmar Limited JPMorgan Chase Bank XXX-XX0622 4/17/2013
Jademar Limited JPMorgan Chase Bank XXX-XX0932 4/17/2013
Pearlmar Limited JPMorgan Chase Bank XXX-XX0940 4/17/2013
Reymar Limited JPMorgan Chase Bank XXX-XX0533 4/17/2013
Silvermar Limited JPMorgan Chase Bank XXX-XX0975 4/17/2013

 

Opened Bank Accounts

The Debtors affirm that the following bank account(s) were opened during the current reporting period.

 

Debtor Bank/Institution Account # Date of Opening
None      

 

Debtor Bank Account Balances

See Appendix B

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 16 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-2

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidated Statements of Operations

For the Periods April 1, 2013 through April 30, 2013, and

November 14, 2012 through April 30, 2013

(in thousands of dollars)

 

   April 1, 2013
through
April 30, 2013		   November 14, 2012
through
April 30, 2013		 
         
Shipping Revenues:          
           
Pool revenues  $13,787   $96,920 
Time and bareboat charter revenues   29,614    157,489 
Voyage charter revenues   27,185    200,767 
    70,586    455,176 
Operating Expenses:          
Voyage expenses   13,591    100,574 
Vessel expenses   23,678    127,780 
Charter hire expenses   12,414    121,639 
Depreciation and amortization   15,812    90,802 
General and administrative   11,593    39,272 
(Gain)/loss on disposal of vessels   (439)   647 
Total Operating Expenses   76,651    480,714 
Loss from Vessel Operations   (6,065)   (25,538)
Equity in Income of Affiliated Companies   2,778    20,060 
Operating Loss   (3,287)   (5,478)
Other Income   61    64 
Loss before Interest Expense and Income Taxes   (3,226)   (5,414)
Interest Expense   (902)   (5,599)
Loss before Reorganization Items and Income Taxes   (4,128)   (11,013)
Reorganization Items, net   4,862    41,218 
Loss before Income Taxes  $(8,990)  $(52,231)

 

See Notes to Unaudited Condensed Consolidated Statements of Operations on the following page

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 17 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-2

Overseas Shipholding Group, Inc.

Notes to Unaudited Condensed Consolidated Statements of Operations

For the Periods April 1, 2013 through April 30, 2013, and

November 14, 2012 through April 30, 2013

 

1.The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. All information contained herein is unaudited and subject to future adjustment. The Unaudited Condensed Consolidated Statements of Operations have not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework.

 

2.As disclosed in the Forms 8-K filed by Overseas Shipholding Group, Inc. (the “Company”) with the Securities and Exchange Commission (“SEC”) on October 3, 2012 and October 22, 2012, the Company is in the process of reviewing a tax issue arising from the fact that the Company is domiciled in the United States and has substantial international operations, and relating to the interpretation of certain provisions contained in the Company’s loan agreements. As a result of that continuing process, on October 19, 2012, the Audit Committee of the Board of Directors of the Company, on the recommendation of management, concluded that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon. The Audit Committee and authorized officers have informed the Company’s independent registered public accountants of this conclusion. The Company is continuing its review processes, including determining whether a restatement of those financial statements may be required, and the nature and amount of any potential restatement. Due to the Company’s continuing review processes, the financial statements contained herein have been prepared without any consideration of income taxes, including income taxes with respect to prior periods, and should be evaluated taking into consideration the recommendation of management that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon.

 

3.Reorganization Items consists of the following:

 

   April 1, 2013   November 14, 2012 
   through   through 
   April 30, 2013   April 30, 2013 
Professional fees, including Trustee Fees of $266 and $1,733  $4,859   $32,845 
Expenses incurred on rejected executory contracts  $3   $8,373 
   $4,862   $41,218 

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 18 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-3

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidated Balance Sheets

As of November 13, 2012 and April 30, 2013

(in thousands of dollars)

 

   November 13, 2012   April 30, 2013 
ASSETS          
Current Assets:          
Cash and cash equivalents  $477,973   $564,811 
Voyage receivables   171,753    146,703 
Other receivables   80,669    62,466 
Inventory   14,150    12,316 
Prepaid expenses and other current assets   46,636    43,726 
Total Current Assets   791,181    830,023 
Vessels and other property, less accumulated depreciation   3,135,823    3,072,811 
Deferred drydock expenditures, net   73,898    65,072 
Total Vessels, Deferred Drydock and Other Property   3,209,721    3,137,884 
Investments in Affiliated Companies   247,964    265,345 
Intangible Assets, less accumulated amortization   72,655    70,247 
Goodwill   9,589    9,589 
Other Assets   20,579    20,234 
Total Assets  $4,351,689   $4,333,322 
           
LIABILITIES AND EQUITY          
Current Liabilities:          
Accounts payable, accrued expenses and other current liabilities  $93,168   $123,581 
Total Current Liabilities   93,168    123,581 
           
Noncurrent Liabilities:          
Deferred Gain/(loss) on Sale and Leaseback of Vessels   5,457    - 
Deferred Taxes and Other Liabilities   247,704    240,637 
Liabilities Subject to Compromise   2,627,704    2,624,842 
Total Noncurrent Liabilities   2,880,865    2,865,479 
           
Total Liabilities   2,974,033    2,989,059 
Equity:          
Total Equity   1,377,656    1,344,263 
Total Liabilities and Equity  $4,351,689   $4,333,322 

 

See Notes to Unaudited Condensed Consolidated Balance Sheets on the following page

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 19 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-3

Overseas Shipholding Group, Inc.

Notes to Unaudited Condensed Consolidated Balance Sheets

As of November 13, 2012 and April 30, 2013

(in thousands of dollars)

 

1.The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements. Actual results may differ from those estimates. All information contained herein is unaudited and subject to future adjustment and certain such adjustments recorded to the financial statements previously reported in the Monthly Operating Reports are reflected in the financial statements presented herein. The Unaudited Condensed Consolidated Balance Sheets have not been prepared in accordance with U.S. GAAP or any other recognized financial reporting framework.

 

2.As disclosed in the Forms 8-K filed by Overseas Shipholding Group, Inc. (the “Company”) with the Securities and Exchange Commission (“SEC”) on October 3, 2012 and October 22, 2012, the Company is in the process of reviewing a tax issue arising from the fact that the Company is domiciled in the United States and has substantial international operations, and relating to the interpretation of certain provisions contained in the Company’s loan agreements. As a result of that continuing process, on October 19, 2012, the Audit Committee of the Board of Directors of the Company, on the recommendation of management, concluded that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon. The Audit Committee and authorized officers have informed the Company’s independent registered public accountants of this conclusion. The Company is continuing its review processes, including determining whether a restatement of those financial statements may be required, and the nature and amount of any potential restatement. Due to the Company’s continuing review processes, the financial statements contained herein have been prepared without any consideration of income taxes, including income taxes with respect to prior periods, and should be evaluated taking into consideration the recommendation of management that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31 and June 30, 2012, should no longer be relied upon.

 

3.The liabilities reported in the Unaudited Condensed Consolidated Balance Sheets do not currently reflect any analysis regarding potential claims under the Bankruptcy Code, including executory contracts rejected prior to the end of the reporting period for which performance had also ceased by the end of the reporting period.

 

4.The Company allocated liabilities between pre-petition and post-petition periods based on the information available and research conducted in connection with the preparation of this Monthly Operating Report. As additional information becomes available, the allocation of liabilities between the pre-petition and post-petition periods may change.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 20 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-3

Overseas Shipholding Group, Inc.

Notes to Unaudited Condensed Consolidated Balance Sheets (continued)

As of November 13, 2012 and April 30, 2013

(in thousands of dollars)

 

5.As a result of the chapter 11 filings, the Company’s unsecured debt has been classified as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. In accordance with ASC Topic 852, as interest on the Company’s unsecured debt subsequent to the Petition Date is not expected to be an allowed claim, the Company has not accrued interest expense on its unsecured debt subsequent to the Petition Date. With respect to the Company’s secured debt, the value of the collateral securing the debt is still being determined, and accordingly, the Company does not know if the value of the collateral is sufficient to satisfy the secured debt claims. As a result, the Company has classified secured debt as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. Pursuant to the Bankruptcy Court's orders, dated February 5, 2013, granting adequate protection [D.I. 0459 and 0460], the Company has continued to pay unpaid interest expense on the secured debt as part of the adequate protection payments. The Bankruptcy Court Orders preserve any challenge to the application of any such authorized payments pursuant to Section 506 (b) of the Bankruptcy Code or otherwise. Should a determination be made that collateral is not sufficient to satisfy the secured debt, the Company and other parties in interest reserve the right to seek to recharacterize the adequate protection payments as payments on account of the principal amounts outstanding as of the petition date. The Company is evaluating the presentation of the adequate protection payments in its Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statement of Operations.

 

6.Liabilities Subject to Compromise consist of the following:

 

   November 13, 2012   April 30, 2013 
Pre-petition accounts payable, accrued expenses and other liabilities  $398   $1,855 
Senior Notes   500,780    500,780 
Unsecured revolver   1,488,579    1,488,579 
Accrued interest and fees on unsecured revolver   10,878    10,878 
Secured debt and accrued interest   582,139    581,658 
Derivative liabilities   3,566    3,566 
Pension and other postretirement benefit plan liabilities   41,363    37,148 
Accrued liabilities relating to rejected executory contracts   0    377 
           
   $2,627,704   $2,624,842 

 

The reduction in Pension and other postretirement benefit plan liabilities in the above table is principally attributable to an increase in the discount rate subsequent to November 13, 2012 that was used to calculate the benefit obligation under the Debtors’ domestic defined benefit pension plan.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 21 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Declaration Regarding the Status of Post-Petition Taxes of the Debtors

As of April 30, 2013

 

STATE OF NEW YORK

 

NEW YORK COUNTY

 

Jerry Miller hereby declares and states:

 

1.          I am Controller for Overseas Shipholding Group, Inc., a corporation organized under the laws of the State of Delaware and the Debtor in the above-captioned chapter 11 cases (the “Debtors”). I am familiar with the Debtors’ day-to-day operations, business affairs and books and records.

 

2.          All statements in this Declaration are based on my personal knowledge, my review of the relevant documents, my discussions with other employees of the Debtors, or my opinion based upon my experience and knowledge of the Debtors’ operations and financial condition. If I were called upon to testify, I could and would testify to each of the facts set forth herein based on such personal knowledge, review of documents or opinion. I am authorized to submit this Declaration on behalf of the Debtors.

 

3.          To the best of my knowledge, the Debtors have filed all necessary federal, state and local post-petition tax returns and made all required post-petition tax payments in connection therewith on a timely basis or have promptly remediated any late filings or payments that may have occurred due to unintentional oversights.1

 

Dated: July 1, 2013   Respectfully submitted,
New York, New York    
     
    /s/ Jerry Miller
    Jerry Miller
    Controller, Overseas Shipholding Group, Inc.

 

 

1 The Debtors used ADP for the remittance of all payroll taxes.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 22 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-4

Overseas Shipholding Group, Inc.

Consolidated Summary of Unpaid Post-Petition Accounts Payable1

April 30, 2013

 

Days Past Due 
Current   1-30   31-60   61-90   >91   Total 
$12,572,865   $1,254,477   $614,356   $3,027,312   $1,317,339   $18,786,349 
 67%   7%   3%   16%   7%     

 

 

 

1 The post-petition accounts payable is reported at a consolidated basis including both Debtors and non-Debtor subsidiaries to more completely reflect the liabilities of all Debtor entities, many of which utilize non-Debtor affiliates as their paying agent under the centralized cash management system of the Company. The accounts payable reported represent open trade vendor invoices that have been entered into the Company’s accounts payable system and pre-petition amounts that the Company intends to pay in accordance with various orders of the Bankruptcy Court. This summary does not include accruals for invoices not yet received or approved.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 23 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-5

Overseas Shipholding Group, Inc.

Consolidated Trade Accounts Receivable and Aging

April 30, 2013

 

   Days Aged 1 
   0-30   31-60   61-90   91-120   120-180   > 180   Total 
Trade Receivables:                                   
Trade - Invoiced 2  $9,627,901   $4,937,986   $4,545,687   $907,603   $2,818,084   $5,807,349   $28,644,610 
Trade - Accrued and Unbilled3                                $17,638,262 
Trade - Pools4                                $101,314,470 
Allowance for Doubtful Receivables                                $(3,077,148)
Accounts Receivable  $9,627,901   $4,937,986   $4,545,687   $907,603   $2,818,084   $5,807,349   $144,520,194 
Percentage of Trade-Invoiced 5   34%   17%   16%   3%   10%   20%   100%

 

Notes:

1Days Aged is based on the date of invoice
2Represents invoiced freight & miscellaneous, demurrage and non-voyage accounts receivable for the consolidated Company.
3Represents unbilled trade accounts receivables of the consolidated Company
4Represents undistributed earnings receivable from the commercial pools in which the Company participates
5Represents percentage of Trade-Invoiced amounts only

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 24 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

MOR-6

Debtor Questionnaire

For the Period April 1, 2013 through April 30, 2013

 

    Yes No
1. Have any assets been sold or transferred outside the normal course of business this reporting period?  If yes, provide an explanation below. X1  
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period.  If yes, provide an explanation below. X2  
3. Have all post-petition tax returns been timely filed?  If no, provide an explanation. X  
4. Are workers compensation, general liability and other necessary insurance coverage’s in effect?  If no, provide an explanation. X  
5. Have any bank accounts been opened during the reporting period?  If yes, provide documentation identifying the opened account(s).  If an investment account has been opened provide the required documentation pursuant to Local Rule 4001-3   X

 

 

1 Certain chartered vessels have been redelivered to their respective owners in conjunction with the rejection of the related charter agreements as provided for under various contract rejection orders approved by the Bankruptcy Court.

2 As provided for in the Final Order Pursuant to 11 U.S.C. §§ 105(a), 345, 363(c)(1), 364(a), 364(c) and 503(b)(1), and Fed. R. Bankr. P. 6003: (A) Approving the Continued Use of the Cash Management System, Bank Accounts and Business Forms; (B) Permitting Continued Intercompany Transactions and Transfers and Granting Liens, Claims and Other Relief in Connection Therewith; (C) Authorizing Banks to Honor Certain Transfers and Charge Certain Fees and Other Amounts; and (D) Approving Limited Waiver of Section 345 dated January 24, 2013 [D.I. 0396] (the “Cash Management Order”), certain non-Debtor affiliates pay expenses to third parties on behalf of current or prior vessel-operating Debtors, including the payment of general and administrative expenses incurred by such non-Debtor affiliates. These non-Debtor affiliates are funded through Intercompany Revolvers, as defined in the Cash Management Order.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 25 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Appendix A

Debtors Listing

 

Company Legal Name Case No.
Overseas Shipholding Group, Inc. 12-20000
OSG International, Inc. 12-20001
OSG Bulk Ships, Inc. 12-20002
1372 Tanker Corporation 12-20003
Africa Tanker Corporation 12-20004
Alcesmar Limited 12-20005
Alcmar Limited 12-20006
Alpha Suezmax Corporation 12-20007
Alpha Tanker Corporation 12-20008
Amalia Product Corporation 12-20009
Ambermar Product Carrier Corporation 12-20010
Ambermar Tanker Corporation 12-20011
Andromar Limited 12-20012
Antigmar Limited 12-20013
Aqua Tanker Corporation 12-20014
Aquarius Tanker Corporation 12-20015
Ariadmar Limited 12-20016
Aspro Tanker Corporation 12-20017
Atalmar Limited 12-20018
Athens Product Tanker Corporation 12-20019
Atlas Chartering Corporation 12-20020
Aurora Shipping Corporation 12-20021
Avila Tanker Corporation 12-20022
Batangas Tanker Corporation 12-20023
Beta Aframax Corporation 12-20024
Brooklyn Product Tanker Corporation 12-20025
Cabo Hellas Limited 12-20026
Cabo Sounion Limited 12-20027
Caribbean Tanker Corporation 12-20028
Carina Tanker Corporation 12-20029
Carl Product Corporation 12-20030
Concept Tanker Corporation 12-20031
Crown Tanker Corporation 12-20032
Delphina Tanker Corporation 12-20033
Delta Aframax Corporation 12-20034
DHT Ania Aframax Corp. 12-20035
DHT Ann VLCC Corp. 12-20036
DHT Cathy Aframax Corp. 12-20037
DHT Chris VLCC Corp. 12-20038
DHT Rebecca Aframax Corp. 12-20039

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 26 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Appendix A

Debtors Listing

Company Legal Name Case No.
DHT Regal Unity VLCC Corp. 12-20040
DHT Sophie Aframax Corp. 12-20041
Dignity Chartering Corporation 12-20042
Edindun Shipping Corporation 12-20043
Eighth Aframax Tanker Corporation 12-20044
Epsilon Aframax Corporation 12-20045
First Chemical Carrier Corporation 12-20046
First LPG Tanker Corporation 12-20047
First Union Tanker Corporation 12-20048
Fourth Aframax Tanker Corporation 12-20049
Front President Inc. 12-20050
Goldmar Limited 12-20051
GPC Aframax Corporation 12-20052
Grace Chartering Corporation 12-20053
International Seaways, Inc. 12-20054
Jademar Limited 12-20055
Joyce Car Carrier Corporation 12-20056
Juneau Tanker Corporation 12-20057
Kimolos Tanker Corporation 12-20058
Kythnos Chartering Corporation 12-20059
Leo Tanker Corporation 12-20060
Leyte Product Tanker Corporation 12-20061
Limar Charter Corporation 12-20062
Luxmar Product Tanker Corporation 12-20063
Luxmar Tanker LLC 12-20064
Majestic Tankers Corporation 12-20065
Maple Tanker Corporation 12-20066
Maremar Product Tanker Corporation 12-20067
Maremar Tanker LLC 12-20068
Marilyn Vessel Corporation 12-20069
Maritrans General Partner Inc. 12-20070
Maritrans Operating Company L.P. 12-20071
Milos Product Tanker Corporation 12-20072
Mindanao Tanker Corporation 12-20073
Mykonos Tanker LLC 12-20074
Nedimar Charter Corporation 12-20075
Oak Tanker Corporation 12-20076
Ocean Bulk Ships, Inc. 12-20077
Oceania Tanker Corporation 12-20078
OSG 192 LLC 12-20079
OSG 209 LLC 12-20080

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 27 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Appendix A

Debtors Listing

Company Legal Name Case No.
OSG 214 LLC 12-20081
OSG 215 Corporation 12-20082
OSG 242 LLC 12-20083
OSG 243 LLC 12-20084
OSG 244 LLC 12-20085
OSG 252 LLC 12-20086
OSG 254 LLC 12-20087
OSG 300 LLC 12-20088
OSG 400 LLC 12-20089
OSG America L.P. 12-20090
OSG America LLC 12-20091
OSG America Operating Company LLC 12-20092
OSG Car Carriers, Inc. 12-20093
OSG Clean Products International, Inc. 12-20094
OSG Columbia LLC 12-20095
OSG Constitution LLC 12-20096
OSG Courageous LLC 12-20097
OSG Delaware Bay Lightering LLC 12-20098
OSG Discovery LLC 12-20099
OSG Endeavor LLC 12-20100
OSG Endurance LLC 12-20101
OSG Enterprise LLC 12-20102
OSG Financial Corp. 12-20103
OSG Freedom LLC 12-20104
OSG Honour LLC 12-20105
OSG Independence LLC 12-20106
OSG Intrepid LLC 12-20107
OSG Liberty LLC 12-20108
OSG Lightering LLC 12-20109
OSG Lightering Acquisition Corporation 12-20110
OSG Lightering Solutions LLC 12-20111
OSG Mariner LLC 12-20112
OSG Maritrans Parent LLC 12-20113
OSG Navigator LLC 12-20114
OSG New York, Inc. 12-20115
OSG Product Tankers AVTC, LLC 12-20116
OSG Product Tankers Member LLC 12-20117
OSG Product Tankers II, LLC 12-20118
OSG Product Tankers I, LLC 12-20119
OSG Product Tankers, LLC 12-20120
OSG Quest LLC 12-20121

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 28 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Appendix A

Debtors Listing

Company Legal Name Case No.
OSG Seafarer LLC 12-20122
OSG Ship Management, Inc. 12-20123
OSG Valour LLC 12-20124
Overseas Allegiance Corporation 12-20125
Overseas Anacortes LLC 12-20126
Overseas Boston LLC 12-20127
Overseas Diligence LLC 12-20128
Overseas Galena Bay LLC 12-20129
Overseas Houston LLC 12-20130
Overseas Integrity LLC 12-20131
Overseas Long Beach LLC 12-20132
Overseas Los Angeles LLC 12-20133
Overseas Martinez LLC 12-20134
Overseas New Orleans LLC 12-20135
Overseas New York LLC 12-20136
Overseas Nikiski LLC 12-20137
Overseas Perseverance Corporation 12-20138
Overseas Philadelphia LLC 12-20139
Overseas Puget Sound LLC 12-20140
Overseas Sea Swift Corporation 12-20141
Overseas Shipping (GR) Ltd. 12-20142
Overseas ST Holding LLC 12-20143
Overseas Tampa LLC 12-20144
Overseas Texas City LLC 12-20145
Pearlmar Limited 12-20146
Petromar Limited 12-20147
Pisces Tanker Corporation 12-20148
Polaris Tanker Corporation 12-20149
Queens Product Tanker Corporation 12-20150
Reymar Limited 12-20151
Rich Tanker Corporation 12-20152
Rimar Chartering Corporation 12-20153
Rosalyn Tanker Corporation 12-20154
Rosemar Limited 12-20155
Rubymar Limited 12-20156
Sakura Transport Corp. 12-20157
Samar Product Tanker Corporation 12-20158
Santorini Tanker LLC 12-20159
Serifos Tanker Corporation 12-20160
Seventh Aframax Tanker Corporation 12-20161
Shirley Tanker SRL 12-20162

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 29 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Appendix A

Debtors Listing

Company Legal Name Case No.
Sifnos Tanker Corporation 12-20163
Silvermar Limited 12-20164
Sixth Aframax Tanker Corporation 12-20165
Skopelos Product Tanker Corporation 12-20166
Star Chartering Corporation 12-20167
Suezmax International Agencies, Inc. 12-20168
Talara Chartering Corporation 12-20169
Third United Shipping Corporation 12-20170
Tokyo Transport Corp. 12-20171
Transbulk Carriers, Inc. 12-20172
Troy Chartering Corporation 12-20173
Troy Product Corporation 12-20174
Urban Tanker Corporation 12-20175
Vega Tanker Corporation 12-20176
View Tanker Corporation 12-20177
Vivian Tankships Corporation 12-20178
Vulpecula Chartering Corporation 12-20179
Wind Aframax Tanker Corporation 12-20180

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 30 of 165
 

 

Appendix B

Overseas Shipholding Group, Inc., et al.

Listing of Debtors' Bank Accounts and Book Balances as of April 30, 20131

(in USD)

 

Debtor  EIN  Bank  Currency  Account Number  USD Balance per Books as of
April 30, 2013		 
Cabo Hellas Limited  98-0465299  JP Morgan Chase  USD  XXX-XX0606  $- 
Cabo Sounion Limited  98-0465296  JP Morgan Chase  USD  XXX-XX0614  $- 
Delta Aframax Corporation  98-0489892  HSBC  USD  XXXXX6729  $1,000.00 
Epsilon Aframax Corporation  98-0489895  HSBC  USD  XXXXX6737  $1,000.00 
Front President Inc.  77-0681687  HSBC  USD  XXXXX6745  $1,000.00 
Oak Tanker Corporation  98-0595234  HSBC  USD  XXXX6753  $1,000.00 
Maple Tanker Corporation  98-0595229  HSBC  USD  XXXX6761  $1,000.00 
OSG America Operating Company LLC  45-0575493  Fifth Third Bank - Tampa  USD  XXXXXXX3987  $93,254,323.19 
OSG Bulk Ships, Inc.  13-2632600  Fifth Third Bank - Tampa  USD  XXXXXXX4290  $9,901,140.85 
OSG Bulk Ships, Inc.  13-2632600  JP Morgan Chase  USD  XXXX-XXXXX0-509  $(1,973,466.07)
OSG Bulk Ships, Inc.  13-2632600  JP Morgan Chase  USD  XXX-X-XX7251  $33,335,085.28 
OSG Financial Corp.  13-3178639  JP Morgan Chase  USD  XXX-X-XX3754  $226,485.76 
OSG International, Inc.  98-0467117  HSBC  USD  XXXXX6923  $3,682,863.03 
OSG International, Inc.  98-0467117  JP Morgan Chase  USD  XXX-X-XX5113  $68,075,479.48 
OSG International, Inc.  98-0467117  JP Morgan Chase  USD  XXXXX7192  $5,790,115.60 
OSG Lightering LLC  98-0380553  Bank of Oklahoma  USD  XXXXX9048  $11,343,830.34 
OSG Lightering LLC  98-0380553  Bank of Texas - Houston  USD  XXXXXX9108  $(11,933.96)
OSG Lightering LLC  98-0380553  Bank of Texas - Houston  USD  XXXXXX9174  $1.00 
OSG Ship Management, Inc.  13-3589004  JP Morgan Chase  USD  XXX-XX2788  $10,000.30 
OSG Ship Management, Inc.  13-3589004  Fifth Third Bank - Tampa  USD  XXXXXX2932  $36,690.14 
OSG Ship Management, Inc.  13-3589004  JP Morgan Chase  USD  XXX-XX6624  $381,326.76 
OSG Ship Management, Inc.  13-3589004  JP Morgan Chase  USD  XXX-XX5045  $64,035.83 
Overseas Shipholding Group, Inc.  13-2637623  DnB NOR Bank ASA  USD  XXXX6002  $1,940.55 
Overseas Shipholding Group, Inc.  13-2637623  TD Bank, N.A.  USD  XXX-XXX6647  $24,043,791.74 
Overseas Shipholding Group, Inc.  13-2637623  Morgan Stanley  USD  XXX-XXXXX1-852     
Overseas Shipholding Group, Inc.  13-2637623  BlackRock  USD  X4888  $106,006,205.67 
Overseas Shipholding Group, Inc.  13-2637623  Fidelity  USD  XXXXXXX7175  $99,717,326.60 
Overseas Shipholding Group, Inc.  13-2637623  JP Morgan Chase  USD  XXX-X-XX5014  $1,139,514.73 
Overseas Shipholding Group, Inc.  13-2637623  JP Morgan Chase  USD  XXX6306  $66,005,050.75 
Overseas Shipholding Group, Inc.  13-2637623  JP Morgan Chase  USD  XXX-XX9772  $5,000.00 
Rosemar Limited  98-0417974  JP Morgan Chase  USD  XXX-XX0959  $- 
Rubymar Limited  98-0420767  JP Morgan Chase  USD  XXX-XX0967  $- 
Shirley Tanker SRL  98-0513551  Cidel Bank & Trust, Inc.  USD  XXXXXX-XXX4290  $22.85 
Shirley Tanker SRL  98-0513551  Cidel Bank & Trust, Inc.  CAD  XXXXXX-XXX9190  $- 
Shirley Tanker SRL  98-0513551  Cidel Bank & Trust, Inc.  CAD  XXXXXX-XXX6490  $4,368.67 
            TOTAL  $272,877,489.27 

 

1 Petty cash accounts with nominal balances maintained at certain office locations have been excluded from this list, but are reported in the Cash and Cash Equivalents line item in the balance sheets presented herein.

 

Preliminary and Unaudited

 

Page 31 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Appendix C

Notes to the Unaudited Condensed Consolidating Statements of Operations and Balance Sheets

 

These unaudited condensed consolidating financial statements are provided to fulfill the requirements of the Office of the United States Trustee. Amounts in the columns and rows in the Unaudited Condensed Consolidating Statements of Operations and Balance Sheets may not sum to subtotal or total amounts due to rounding. All information contained herein is unaudited and subject to future adjustment and certain such adjustments recorded to the financial statements previously reported in the Monthly Operating Reports are reflected in the financial statements presented herein. The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements. Actual results may differ from those estimates. The Company put forth significant efforts to attribute the results of operations to the proper legal entity. However, because the Company’s accounting systems, policies, and practices were developed with a view to producing consolidated reporting, rather than by legal entity, it is possible that not all assets and liabilities and/or results of operations have been recorded at the correct legal entity in the unaudited condensed consolidating financial statements. These statements should be read in conjunction with the General Notes contained within this Monthly Operating Report. The notes that are contained in this Monthly Operating Report (the "MOR") have been provided to assist the reader in understanding the information presented.  No conclusion as to the completeness of the notes that are included in this MOR, the importance or significance of such notes, or the importance or significance of information that could have been included in such notes, but is not, is made by the inclusion of the notes contained in this MOR.

 

In accordance with normal Company practice, adjustments related to prior periods are recorded and reflected in the period in which it is determined that such adjustments are needed.

 

The Company is a publicly-held company that prepared and filed consolidated financial statements on a quarterly basis. In accordance with the Company’s historic policies and practices related to quarterly reporting, certain information contained in the Monthly Operating Reports is estimated in the first and second months of each calendar quarter, then reconciled to actual results and/or other analysis performed quarterly and adjusted accordingly in the final month of the calendar quarter.

 

Post-petition interest expense and interest income on intercompany loans from Non-Debtors to Debtors is included in Other Income in the accompanying Unaudited Condensed Consolidating Statements of Operations.

 

The Company owns a fleet of ten (10) articulated tug-barges (“ATB”). An ATB consists of a tug and a barge. Each tug and its respective barge are owned by a different Debtor. The revenue associated with the operation of an ATB is recorded on the related barge Debtor entity, whereas the operating expenses of the ATB are recorded on both the related tug and barge respective Debtor entities, based on the specific expenses incurred by each.

 

All of the Company's chartered in vessels are accounted for as operating leases. ASC Topic 840 states that if costs expected to be incurred under an operating sublease (that is, executory costs, which represent costs typically classified as voyage expenses, and charter hire expense - rental payments) exceed anticipated revenue on the operating sublease, a loss shall be recognized by the sublessor in the period it executed the sublease. The provision for a loss on a sublease would be based on the net expected future cash disbursements. Credits to charter hire expense arise, when terms of the sublease, time charter-out, are modified in a period subsequent to the period in which the provision is recorded.

 

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 32 of 165
 

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In Re: Chapter 11
OVERSEAS SHIPHOLDING GROUP, INC., et al. Case Number: 12-20000 (PJW)
Debtors Jointly Administered
  Hon. Peter J. Walsh

 

Appendix C

Notes to the Unaudited Condensed Consolidating Statements of Operations and Balance Sheets

(continued)

 

As a result of the chapter 11 filings, the Company’s unsecured debt has been classified as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. In accordance with ASC Topic 852, as interest on the Company’s unsecured debt subsequent to the Petition Date is not expected to be an allowed claim, the Company has not accrued interest expense on its unsecured debt subsequent to the Petition Date. With respect to the Company’s secured debt, the value of the collateral securing the debt is still being determined, and accordingly, the Company does not know if the value of the collateral is sufficient to satisfy the secured debt claims. As a result, the Company has classified secured debt as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. Pursuant to the Bankruptcy Court's orders, dated February 5, 2013, granting adequate protection [D.I. 0459 and 0460], the Company has continued to pay unpaid interest expense on the secured debt as part of the adequate protection payments. The Bankruptcy Court Orders preserve any challenge to the application of any such authorized payments pursuant to Section 506 (b) of the Bankruptcy Code or otherwise. Should a determination be made that collateral is not sufficient to satisfy the secured debt, the Company and other parties in interest reserve the right to seek to recharacterize the adequate protection payments as payments on account of the principal amounts outstanding as of the petition date. The Company is evaluating the presentation of the adequate protection payments in its Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statement of Operations.

 

Annual allocations of certain expenses that occur between OSG International, Inc., Overseas Shipholding Group, Inc. and OSG Ship Management, Inc. under an Amended and Restated Personnel and Facilities Cost Sharing Agreement, dated January 1, 2005, for the year ended December 31, 2012 have been reflected in the financial statements presented herein. The books and records for December 2012 have accordingly been revised from that previously presented to reflect such annual allocation.

Monthly Operating Report

April 1, 2013 through April 30, 2013

 

Page 33 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

  

   Overseas Shipholding Group, Inc.   OSG International, Inc. 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $2   $-   $(15)
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    2    -    (15)
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    (3)   (61)
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   1,428    1,138    572    (107)
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,428    1,138    568    (168)
Income/(loss) from Vessel Operations   (1,428)   (1,136)   (568)   153 
Equity in Income/(loss) of Affiliated Companies   -    215    677    3,573 
Operating Income/(loss)   (1,428)   (920)   109    3,726 
Other Income/(expense)   507    2,821    (1,995)   (8,666)
Income/(loss) before Interest Expense and Income Taxes   (921)   1,900    (1,886)   (4,940)
Interest Expense   -    -    88    518 
Income/(loss) before Reorganization Items and Income Taxes   (921)   1,900    (1,797)   (4,422)
Reorganization Items, net   4,616    31,853    -    - 
Income/(loss) before Income Taxes  $(5,537)  $(29,953)  $(1,797)  $(4,422)

  

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 34 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG Bulk Ships, Inc.   1372 Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $659   $2,349 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    659    2,349 
Operating Expenses:                    
Voyage expenses   -    -    0    147 
Vessel expenses   8    (61)   241    1,530 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    253    1,412 
General and administrative   0    70    -    - 
(Gain)/loss on disposal of vessels   -    (4)   -    - 
Total Operating Expenses   8    5    493    3,090 
Income/(loss) from Vessel Operations   (8)   (5)   166    (741)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (8)   (5)   166    (741)
Other Income/(expense)   (200)   (1,140)   (1)   (2)
Income/(loss) before Interest Expense and Income Taxes   (208)   (1,145)   165    (743)
Interest Expense   -    33    (98)   (619)
Income/(loss) before Reorganization Items and Income Taxes   (208)   (1,112)   67    (1,362)
Reorganization Items, net   -    -    -    21 
Income/(loss) before Income Taxes  $(208)  $(1,112)  $67   $(1,384)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 35 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Africa Tanker Corporation   Alcesmar Limited 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $380   $2,319 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    380    2,319 
Operating Expenses:                    
Voyage expenses   -    -    -    3 
Vessel expenses   7    31    163    1,062 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    204    1,140 
General and administrative   14    77    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   21    108    367    2,205 
Income/(loss) from Vessel Operations   (21)   (108)   13    114 
Equity in Income/(loss) of Affiliated Companies   2,100    13,285    -    - 
Operating Income/(loss)   2,079    13,178    13    114 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   2,079    13,178    13    114 
Interest Expense   -    -    (12)   (80)
Income/(loss) before Reorganization Items and Income Taxes   2,079    13,178    1    34 
Reorganization Items, net   -    -    -    21 
Income/(loss) before Income Taxes  $2,079   $13,178   $1   $12 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 36 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Alcmar Limited   Alpha Suezmax Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $407   $2,492   $-   $(89)
Time and bareboat charter revenues   -    0    -    1,276 
Voyage charter revenues   -    (1)   (5)   14 
    407    2,491    (5)   1,201 
Operating Expenses:                    
Voyage expenses   -    (30)   -    183 
Vessel expenses   202    1,030    40    352 
Charter hire expenses   -    -    -    1,580 
Depreciation and amortization   185    1,035    -    133 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   387    2,035    40    2,248 
Income/(loss) from Vessel Operations   20    456    (45)   (1,047)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   20    456    (45)   (1,047)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   20    456    (45)   (1,047)
Interest Expense   (12)   (80)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   8    376    (45)   (1,047)
Reorganization Items, net   -    21    (29)   2,054 
Income/(loss) before Income Taxes  $8   $354   $(16)  $(3,100)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 37 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Alpha Tanker Corporation   Amalia Product Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(0)  $526   $2,884 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    4 
    -    (0)   526    2,888 
Operating Expenses:                    
Voyage expenses   -    -    2    4 
Vessel expenses   -    -    238    1,107 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    233    1,305 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    473    2,417 
Income/(loss) from Vessel Operations   -    (0)   53    471 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (0)   53    471 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (0)   53    471 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (0)   53    471 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $(0)  $53   $471 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 38 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Ambermar Product Carrier
Corporation		   Ambermar Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   798    4,931    -    - 
    798    4,931    -    - 
Operating Expenses:                    
Voyage expenses   488    2,544    -    - 
Vessel expenses   231    1,176    (0)   (3)
Charter hire expenses   -    -    -    - 
Depreciation and amortization   168    955    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   887    4,676    (0)   (3)
Income/(loss) from Vessel Operations   (89)   255    0    3 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (89)   255    0    3 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (89)   255    0    3 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (89)   255    0    3 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(89)  $255   $0   $3 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 39 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Andromar Limited   Antigmar Limited 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $407   $2,501   $407   $2,468 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    (93)   -    51 
    407    2,407    407    2,520 
Operating Expenses:                    
Voyage expenses   -    0    -    71 
Vessel expenses   215    1,012    180    980 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   188    1,051    174    971 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   404    2,064    354    2,022 
Income/(loss) from Vessel Operations   4    343    54    497 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   4    343    54    497 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   4    343    54    497 
Interest Expense   (12)   (80)   (12)   (80)
Income/(loss) before Reorganization Items and Income Taxes   (9)   263    41    417 
Reorganization Items, net   -    21    -    21 
Income/(loss) before Income Taxes  $(9)  $242   $41   $396 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 40 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Aqua Tanker Corporation   Aquarius Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(2)  $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    (10)   4,526 
    -    (2)   (10)   4,526 
Operating Expenses:                    
Voyage expenses   -    -    11    2,728 
Vessel expenses   -    -    2    14 
Charter hire expenses   -    -    -    1,918 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    13    4,660 
Income/(loss) from Vessel Operations   -    (2)   (23)   (134)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (2)   (23)   (134)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (2)   (23)   (134)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (2)   (23)   (134)
Reorganization Items, net   -    -    -    (1)
Income/(loss) before Income Taxes  $-   $(2)  $(23)  $(133)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 41 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Ariadmar Limited   Aspro Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $379   $2,298   $-   $0 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    379    2,298    -    0 
Operating Expenses:                    
Voyage expenses   (0)   (2)   -    - 
Vessel expenses   164    1,062    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   196    1,097    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   360    2,157    -    - 
Income/(loss) from Vessel Operations   19    141    -    0 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   19    141    -    0 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   19    141    -    0 
Interest Expense   (12)   (80)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   7    60    -    0 
Reorganization Items, net   -    21    -    - 
Income/(loss) before Income Taxes  $7   $39   $-   $0 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 42 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Atalmar Limited   Athens Product Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   794    6,325    1,209    6,857 
    794    6,325    1,209    6,857 
Operating Expenses:                    
Voyage expenses   631    3,540    662    2,983 
Vessel expenses   191    967    200    878 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   190    1,061    132    738 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,011    5,568    994    4,600 
Income/(loss) from Vessel Operations   (217)   756    215    2,257 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (217)   756    215    2,257 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (217)   756    215    2,257 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (217)   756    215    2,257 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(217)  $756   $215   $2,257 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 43 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Atlas Chartering Corporation   Aurora Shipping Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $(151)  $1,582 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   (54)   3,823    -    - 
    (54)   3,823    (151)   1,582 
Operating Expenses:                    
Voyage expenses   (8)   2,036    1    38 
Vessel expenses   0    16    630    2,554 
Charter hire expenses   -    1,982    -    - 
Depreciation and amortization   -    -    233    1,269 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   (8)   4,034    864    3,861 
Income/(loss) from Vessel Operations   (46)   (211)   (1,015)   (2,279)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (46)   (211)   (1,015)   (2,279)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (46)   (211)   (1,015)   (2,279)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (46)   (211)   (1,015)   (2,279)
Reorganization Items, net   (0)   (1)   -    - 
Income/(loss) before Income Taxes  $(46)  $(210)  $(1,015)  $(2,279)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 44 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Avila Tanker Corporation   Batangas Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $0   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    0    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    (1)
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    -    (1)
Income/(loss) from Vessel Operations   -    0    -    1 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    0    -    1 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    0    -    1 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    0    -    1 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $0   $-   $1 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 45 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Beta Aframax Corporation   Brooklyn Product Tanker
Corporation		 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(3)  $-   $- 
Time and bareboat charter revenues   -    1,708    -    - 
Voyage charter revenues   -    -    -    22 
    -    1,704    -    22 
Operating Expenses:                    
Voyage expenses   -    -    -    (54)
Vessel expenses   31    689    -    112 
Charter hire expenses   -    1,709    -    - 
Depreciation and amortization   -    26    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    (20)
Total Operating Expenses   31    2,424    -    39 
Income/(loss) from Vessel Operations   (31)   (720)   -    (17)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (31)   (720)   -    (17)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (31)   (720)   -    (17)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (31)   (720)   -    (17)
Reorganization Items, net   6    1,116    -    - 
Income/(loss) before Income Taxes  $(37)  $(1,836)  $-   $(17)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 46 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Cabo Hellas Limited   Cabo Sounion Limited 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   365    2,043    365    2,137 
Voyage charter revenues   -    8    -    7 
    365    2,051    365    2,145 
Operating Expenses:                    
Voyage expenses   9    57    8    56 
Vessel expenses   184    1,087    257    1,089 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   191    1,065    192    1,073 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   383    2,210    457    2,218 
Income/(loss) from Vessel Operations   (19)   (159)   (92)   (73)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (19)   (159)   (92)   (73)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (19)   (159)   (92)   (73)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (19)   (159)   (92)   (73)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(19)  $(159)  $(92)  $(73)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 47 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Caribbean Tanker Corporation   Carina Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(0)  $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    166    4,810 
    -    (0)   166    4,810 
Operating Expenses:                    
Voyage expenses   -    -    86    2,074 
Vessel expenses   -    -    (0)   15 
Charter hire expenses   -    -    (96)   2,146 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    (10)   4,236 
Income/(loss) from Vessel Operations   -    (0)   176    574 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (0)   176    574 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (0)   176    574 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (0)   176    574 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $(0)  $176   $574 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 48 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Carl Product Corporation   Concept Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(9)  $407   $2,497 
Time and bareboat charter revenues   375    2,100    -    - 
Voyage charter revenues   -    (2)   -    - 
    375    2,089    407    2,497 
Operating Expenses:                    
Voyage expenses   10    (350)   -    - 
Vessel expenses   163    954    4    24 
Charter hire expenses   -    -    (365)   1,840 
Depreciation and amortization   235    1,316    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   409    1,920    (360)   1,864 
Income/(loss) from Vessel Operations   (34)   169    767    633 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (34)   169    767    633 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (34)   169    767    633 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (34)   169    767    633 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(34)  $169   $767   $633 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 49 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Crown Tanker Corporation   Delphina Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $5   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    5    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    -    - 
Income/(loss) from Vessel Operations   -    5    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    5    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    5    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    5    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $5   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 50 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Delta Aframax Corporation   DHT Ania Aframax Corp. 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(49)  $-   $0 
Time and bareboat charter revenues   408    2,276    -    - 
Voyage charter revenues   -    -    -    - 
    408    2,227    -    0 
Operating Expenses:                    
Voyage expenses   3    15    -    - 
Vessel expenses   198    1,329    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   197    1,103    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   397    2,447    -    - 
Income/(loss) from Vessel Operations   10    (220)   -    0 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   10    (220)   -    0 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   10    (220)   -    0 
Interest Expense   (85)   (521)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (75)   (740)   -    0 
Reorganization Items, net   31    114    -    - 
Income/(loss) before Income Taxes  $(106)  $(854)  $-   $0 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 51 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   DHT Ann VLCC Corp.   DHT Cathy Aframax Corp. 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $514   $-   $284 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    514    -    284 
Operating Expenses:                    
Voyage expenses   -    101    -    24 
Vessel expenses   -    3    -    11 
Charter hire expenses   -    1,412    -    964 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    1,516    -    999 
Income/(loss) from Vessel Operations   -    (1,002)   -    (715)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (1,002)   -    (715)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (1,002)   -    (715)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (1,002)   -    (715)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $(1,002)  $-   $(715)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 52 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   DHT Chris VLCC Corp.   DHT Rebecca Aframax Corp. 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(12)  $-   $(0)
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    (12)   -    (0)
Operating Expenses:                    
Voyage expenses   -    (0)   -    - 
Vessel expenses   -    (5)   -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    (5)   -    - 
Income/(loss) from Vessel Operations   -    (7)   -    (0)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (7)   -    (0)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (7)   -    (0)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (7)   -    (0)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $(7)  $-   $(0)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 53 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   DHT Regal Unity VLCC Corp.   DHT Sophie Aframax Corp. 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(67)  $-   $(53)
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    (67)   -    (53)
Operating Expenses:                    
Voyage expenses   -    -    -    (3)
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    -    (3)
Income/(loss) from Vessel Operations   -    (67)   -    (50)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (67)   -    (50)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (67)   -    (50)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (67)   -    (50)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $(67)  $-   $(50)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 54 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Dignity Chartering Corporation   Edindun Shipping Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $396   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   (14)   (14)   -    - 
    (14)   382    -    - 
Operating Expenses:                    
Voyage expenses   -    (9)   -    - 
Vessel expenses   39    392    -    - 
Charter hire expenses   -    1,052    -    - 
Depreciation and amortization   -    68    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   39    1,502    -    - 
Income/(loss) from Vessel Operations   (53)   (1,120)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (53)   (1,120)   -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (53)   (1,120)   -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (53)   (1,120)   -    - 
Reorganization Items, net   0    1,897    -    - 
Income/(loss) before Income Taxes  $(53)  $(3,017)  $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 55 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Eighth Aframax Tanker Corporation   Epsilon Aframax Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $288   $1,425   $241   $1,463 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    288    1,425    241    1,463 
Operating Expenses:                    
Voyage expenses   -    (0)   -    162 
Vessel expenses   341    1,319    244    1,239 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   136    757    195    1,091 
General and administrative   -    -    -    0 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   476    2,076    439    2,493 
Income/(loss) from Vessel Operations   (189)   (651)   (197)   (1,030)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (189)   (651)   (197)   (1,030)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (189)   (651)   (197)   (1,030)
Interest Expense   -    -    (85)   (514)
Income/(loss) before Reorganization Items and Income Taxes   (189)   (651)   (283)   (1,544)
Reorganization Items, net   -    -    31    114 
Income/(loss) before Income Taxes  $(189)  $(651)  $(313)  $(1,657)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 56 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   First Chemical Carrier Corporation   First LPG Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   360    1,976    -    - 
Voyage charter revenues   -    -    -    - 
    360    1,976    -    - 
Operating Expenses:                    
Voyage expenses   5    25    -    - 
Vessel expenses   5    24    -    - 
Charter hire expenses   360    934    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   369    983    -    - 
Income/(loss) from Vessel Operations   (9)   992    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (9)   992    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (9)   992    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (9)   992    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(9)  $992   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 57 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   First Union Tanker Corporation   Fourth Aframax Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $249   $1,956   $-   $1 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    1    -    - 
    249    1,957    -    1 
Operating Expenses:                    
Voyage expenses   10    100    -    - 
Vessel expenses   355    1,842    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   314    1,754    -    - 
General and administrative   -    (0)   -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   679    3,696    -    - 
Income/(loss) from Vessel Operations   (430)   (1,739)   -    1 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (430)   (1,739)   -    1 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (430)   (1,739)   -    1 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (430)   (1,739)   -    1 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(430)  $(1,739)  $-   $1 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 58 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Front President Inc.   Goldmar Limited 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $6   $3,855   $480   $2,659 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   3    3    -    3 
    9    3,858    480    2,662 
Operating Expenses:                    
Voyage expenses   1    212    0    5 
Vessel expenses   477    1,668    256    1,309 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   357    1,981    204    1,140 
General and administrative   -    (0)   -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   835    3,861    461    2,453 
Income/(loss) from Vessel Operations   (826)   (3)   19    208 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (826)   (3)   19    208 
Other Income/(expense)   (2)   (6)   -    - 
Income/(loss) before Interest Expense and Income Taxes   (828)   (9)   19    208 
Interest Expense   (159)   (960)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (987)   (969)   19    208 
Reorganization Items, net   68    151    -    - 
Income/(loss) before Income Taxes  $(1,055)  $(1,120)  $19   $208 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 59 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   GPC Aframax Corporation   Grace Chartering Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $941   $-   $1,593 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    941    -    1,593 
Operating Expenses:                    
Voyage expenses   0    22    -    - 
Vessel expenses   21    1,099    0    8 
Charter hire expenses   -    1,788    -    1,612 
Depreciation and amortization   2    38    -    - 
General and administrative   (0)   0    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   23    2,946    0    1,621 
Income/(loss) from Vessel Operations   (23)   (2,005)   (0)   (27)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (23)   (2,005)   (0)   (27)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (23)   (2,005)   (0)   (27)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (23)   (2,005)   (0)   (27)
Reorganization Items, net   -    1,543    0    0 
Income/(loss) before Income Taxes  $(23)  $(3,548)  $(0)  $(27)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 60 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   International Seaways, Inc.   Jademar Limited 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $2,195   $10,315   $488   $2,627 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    2    6 
    2,195    10,315    490    2,633 
Operating Expenses:                    
Voyage expenses   -    84    2    13 
Vessel expenses   305    646    254    1,050 
Charter hire expenses   2,553    12,282    -    - 
Depreciation and amortization   -    -    208    1,171 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    1    -    - 
Total Operating Expenses   2,858    13,013    464    2,234 
Income/(loss) from Vessel Operations   (663)   (2,699)   26    399 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (663)   (2,699)   26    399 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (663)   (2,699)   26    399 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (663)   (2,699)   26    399 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(663)  $(2,699)  $26   $399 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 61 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Joyce Car Carrier Corporation   Juneau Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   (61)   (61)   -    - 
Voyage charter revenues   -    -    -    - 
    (61)   (61)   -    - 
Operating Expenses:                    
Voyage expenses   10    10    -    - 
Vessel expenses   9    (2)   -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   (110)   (110)   -    - 
Total Operating Expenses   (90)   (102)   -    - 
Income/(loss) from Vessel Operations   29    40    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   29    40    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   29    40    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   29    40    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $29   $40   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 62 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Kimolos Tanker Corporation   Kythnos Chartering Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   805    5,085    906    4,225 
    805    5,085    906    4,225 
Operating Expenses:                    
Voyage expenses   598    3,026    576    2,518 
Vessel expenses   184    913    182    1,061 
Charter hire expenses   188    1,772    -    - 
Depreciation and amortization   32    177    114    638 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,001    5,889    872    4,217 
Income/(loss) from Vessel Operations   (195)   (803)   33    8 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (195)   (803)   33    8 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (195)   (803)   33    8 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (195)   (803)   33    8 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(195)  $(803)  $33   $8 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 63 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Leo Tanker Corporation   Leyte Product Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $187   $187 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   59    4,743    631    3,440 
    59    4,743    818    3,627 
Operating Expenses:                    
Voyage expenses   40    2,813    381    1,324 
Vessel expenses   2    18    215    929 
Charter hire expenses   33    2,213    -    - 
Depreciation and amortization   -    -    180    1,003 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   74    5,043    776    3,256 
Income/(loss) from Vessel Operations   (15)   (300)   42    371 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (15)   (300)   42    371 
Other Income/(expense)   -    -    (0)   (1)
Income/(loss) before Interest Expense and Income Taxes   (15)   (300)   42    371 
Interest Expense   -    -    (45)   (281)
Income/(loss) before Reorganization Items and Income Taxes   (15)   (300)   (3)   89 
Reorganization Items, net   (8)   (8)   49    71 
Income/(loss) before Income Taxes  $(8)  $(293)  $(53)  $18 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 64 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Limar Charter Corporation   Luxmar Product Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   (27)   1,769    885    5,527 
    (27)   1,769    885    5,527 
Operating Expenses:                    
Voyage expenses   (31)   849    537    3,411 
Vessel expenses   (2)   337    297    1,154 
Charter hire expenses   -    765    -    - 
Depreciation and amortization   -    437    232    1,310 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   (32)   2,388    1,066    5,876 
Income/(loss) from Vessel Operations   6    (619)   (182)   (349)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   6    (619)   (182)   (349)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   6    (619)   (182)   (349)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   6    (619)   (182)   (349)
Reorganization Items, net   (0)   2,515    -    - 
Income/(loss) before Income Taxes  $6   $(3,133)  $(182)  $(349)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 65 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Luxmar Tanker LLC   Majestic Tankers Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $119   $2,540 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    119    2,540 
Operating Expenses:                    
Voyage expenses   -    6    10    165 
Vessel expenses   (42)   10    822    2,369 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    364    2,022 
General and administrative   0    0    -    0 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   (42)   16    1,197    4,556 
Income/(loss) from Vessel Operations   42    (16)   (1,078)   (2,015)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   42    (16)   (1,078)   (2,015)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   42    (16)   (1,078)   (2,015)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   42    (16)   (1,078)   (2,015)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $42   $(16)  $(1,078)  $(2,015)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 66 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Oak Tanker Corporation   Maremar Product Tanker
Corporation		 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $534   $3,161   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    3    -    - 
    534    3,164    -    - 
Operating Expenses:                    
Voyage expenses   51    108    -    - 
Vessel expenses   327    1,385    0    (3)
Charter hire expenses   -    -    -    - 
Depreciation and amortization   440    2,460    -    - 
General and administrative   (0)   (0)   -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   817    3,954    0    (3)
Income/(loss) from Vessel Operations   (283)   (790)   (0)   3 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (283)   (790)   (0)   3 
Other Income/(expense)   (3)   (10)   -    - 
Income/(loss) before Interest Expense and Income Taxes   (286)   (800)   (0)   3 
Interest Expense   (200)   (1,233)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (486)   (2,033)   (0)   3 
Reorganization Items, net   31    114    -    - 
Income/(loss) before Income Taxes  $(517)  $(2,147)  $(0)  $3 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 67 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Maremar Tanker LLC   Marilyn Vessel Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   151    4,649    -    - 
    151    4,649    -    - 
Operating Expenses:                    
Voyage expenses   82    2,875    -    - 
Vessel expenses   168    1,089    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   222    1,242    -    - 
General and administrative   (0)   5    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   472    5,211    -    - 
Income/(loss) from Vessel Operations   (321)   (562)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (321)   (562)   -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (321)   (562)   -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (321)   (562)   -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(321)  $(562)  $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 68 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Maritrans General Partner Inc.   Maritrans Operating Company L.P. 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    -    - 
Income/(loss) from Vessel Operations   -    -    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 69 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Milos Product Tanker Corporation   Mindanao Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   765    5,484    -    - 
    765    5,484    -    - 
Operating Expenses:                    
Voyage expenses   253    2,345    -    - 
Vessel expenses   179    988    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   135    757    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   567    4,090    -    - 
Income/(loss) from Vessel Operations   198    1,394    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   198    1,394    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   198    1,394    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   198    1,394    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $198   $1,394   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 70 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Mykonos Tanker LLC   Nedimar Charter Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   2,540    9,077    (9)   832 
    2,540    9,077    (9)   832 
Operating Expenses:                    
Voyage expenses   622    3,819    (0)   434 
Vessel expenses   316    1,633    46    461 
Charter hire expenses   -    -    -    613 
Depreciation and amortization   164    924    -    172 
General and administrative   16    89    -    - 
(Gain)/loss on disposal of vessels   -    19    -    - 
Total Operating Expenses   1,118    6,484    46    1,680 
Income/(loss) from Vessel Operations   1,422    2,593    (54)   (848)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   1,422    2,593    (54)   (848)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   1,422    2,593    (54)   (848)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   1,422    2,593    (54)   (848)
Reorganization Items, net   -    -    (0)   174 
Income/(loss) before Income Taxes  $1,422   $2,593   $(54)  $(1,022)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 71 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Maple Tanker Corporation   Ocean Bulk Ships, Inc. 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $614   $3,370   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    614    3,370    -    - 
Operating Expenses:                    
Voyage expenses   48    172    -    - 
Vessel expenses   269    1,361    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   440    2,458    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   757    3,991    -    - 
Income/(loss) from Vessel Operations   (143)   (621)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (143)   (621)   -    - 
Other Income/(expense)   (1)   (5)   -    - 
Income/(loss) before Interest Expense and Income Taxes   (144)   (626)   -    - 
Interest Expense   (195)   (1,203)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (339)   (1,829)   -    - 
Reorganization Items, net   31    114    -    - 
Income/(loss) before Income Taxes  $(370)  $(1,943)  $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 72 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Oceania Tanker Corporation   OSG 192 LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $715   $-   $- 
Time and bareboat charter revenues   -    -    838    3,436 
Voyage charter revenues   -    -    -    23 
    -    715    838    3,459 
Operating Expenses:                    
Voyage expenses   -    288    10    45 
Vessel expenses   273    1,351    19    331 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   318    1,741    171    1,553 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   591    3,380    201    1,929 
Income/(loss) from Vessel Operations   (591)   (2,665)   637    1,530 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (591)   (2,665)   637    1,530 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (591)   (2,665)   637    1,530 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (591)   (2,665)   637    1,530 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(591)  $(2,665)  $637   $1,530 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 73 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG 209 LLC   OSG 214 LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   773    4,249    723    3,986 
Voyage charter revenues   6    103    54    304 
    778    4,352    778    4,291 
Operating Expenses:                    
Voyage expenses   14    144    72    373 
Vessel expenses   37    217    42    267 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   183    1,022    229    1,275 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   234    1,383    343    1,915 
Income/(loss) from Vessel Operations   544    2,970    435    2,376 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   544    2,970    435    2,376 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   544    2,970    435    2,376 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   544    2,970    435    2,376 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $544   $2,970   $435   $2,376 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 74 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG 215 Corporation   OSG 242 LLC 
   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    1,350    6,718 
Voyage charter revenues   -    -    (30)   901 
    -    -    1,320    7,619 
Operating Expenses:                    
Voyage expenses   -    -    18    426 
Vessel expenses   -    -    26    180 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    209    1,170 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    254    1,776 
Income/(loss) from Vessel Operations   -    -    1,066    5,843 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    1,066    5,843 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    1,066    5,843 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    1,066    5,843 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $1,066   $5,843 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 75 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG 243 LLC   OSG 244 LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,273    1,652    840    4,676 
Voyage charter revenues   228    4,366    22    111 
    1,501    6,019    862    4,787 
Operating Expenses:                    
Voyage expenses   33    718    11    62 
Vessel expenses   47    272    26    255 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   246    1,266    225    1,256 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   327    2,257    262    1,573 
Income/(loss) from Vessel Operations   1,174    3,762    600    3,214 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   1,174    3,762    600    3,214 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   1,174    3,762    600    3,214 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   1,174    3,762    600    3,214 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $1,174   $3,762   $600   $3,214 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 76 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG 252 LLC   OSG 254 LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,020    2,977    -    - 
Voyage charter revenues   40    4,376    1,020    4,765 
    1,060    7,353    1,020    4,765 
Operating Expenses:                    
Voyage expenses   13    1,283    39    83 
Vessel expenses   79    175    29    283 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   234    1,308    265    1,536 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   326    2,767    332    1,903 
Income/(loss) from Vessel Operations   734    4,587    688    2,863 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   734    4,587    688    2,863 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   734    4,587    688    2,863 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   734    4,587    688    2,863 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $734   $4,587   $688   $2,863 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 77 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG 300 LLC   OSG 400 LLC 
   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    (1)
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    -    (1)
Income/(loss) from Vessel Operations   -    -    -    1 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    1 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    1 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    1 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $-   $1 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 78 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG America L.P.   OSG America LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    -    - 
Income/(loss) from Vessel Operations   -    -    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 79 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG America Operating Company
LLC		   OSG Car Carriers, Inc. 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    (1)   -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   383    2,134    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   383    2,133    -    - 
Income/(loss) from Vessel Operations   (383)   (2,133)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    2,988    -    - 
Operating Income/(loss)   (383)   855    -    - 
Other Income/(expense)   12    38    -    - 
Income/(loss) before Interest Expense and Income Taxes   (371)   893    -    - 
Interest Expense   -    0    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (371)   893    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(371)  $893   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 80 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

  

OSG Clean Products International, 

Inc.

   OSG Columbia LLC 
   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    (0)
Vessel expenses   -    -    234    1,228 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    73    410 
General and administrative   -    -    6    37 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    314    1,675 
Income/(loss) from Vessel Operations   -    -    (314)   (1,675)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    (314)   (1,675)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    (314)   (1,675)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    (314)   (1,675)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $(314)  $(1,675)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 81 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG Constitution LLC   OSG Courageous LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   0    0    230    1,258 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    75    422 
General and administrative   -    -    7    38 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   0    0    312    1,718 
Income/(loss) from Vessel Operations   (0)   (0)   (312)   (1,718)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (0)   (0)   (312)   (1,718)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (0)   (0)   (312)   (1,718)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (0)   (0)   (312)   (1,718)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(0)  $(0)  $(312)  $(1,718)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 82 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG Delaware Bay Lightering LLC   OSG Discovery LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   4,947    24,187    -    - 
    4,947    24,187    -    - 
Operating Expenses:                    
Voyage expenses   1,047    4,654    -    - 
Vessel expenses   1,041    6,456    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   1,098    6,077    -    - 
General and administrative   23    115    -    - 
(Gain)/loss on disposal of vessels   -    -    -    15 
Total Operating Expenses   3,208    17,302    -    15 
Income/(loss) from Vessel Operations   1,739    6,885    -    (15)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   1,739    6,885    -    (15)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   1,739    6,885    -    (15)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   1,739    6,885    -    (15)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $1,739   $6,885   $-   $(15)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 83 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG Endeavor LLC   OSG Endurance LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    237    1,185 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    86    455 
General and administrative   -    -    6    36 
(Gain)/loss on disposal of vessels   -    16    -    - 
Total Operating Expenses   -    16    329    1,676 
Income/(loss) from Vessel Operations   -    (16)   (329)   (1,676)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (16)   (329)   (1,676)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (16)   (329)   (1,676)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (16)   (329)   (1,676)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $(16)  $(329)  $(1,676)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 84 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG Enterprise LLC   OSG Financial Corp. 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   233    1,221    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   109    608    -    - 
General and administrative   6    36    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   348    1,865    -    - 
Income/(loss) from Vessel Operations   (348)   (1,865)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (348)   (1,865)   -    - 
Other Income/(expense)   -    -    0    (174)
Income/(loss) before Interest Expense and Income Taxes   (348)   (1,865)   0    (174)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (348)   (1,865)   0    (174)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(348)  $(1,865)  $0   $(174)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 85 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG Freedom LLC   OSG Honour LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   (1)   29    249    1,243 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    290    59    332 
General and administrative   -    -    7    37 
(Gain)/loss on disposal of vessels   (329)   709    -    - 
Total Operating Expenses   (330)   1,029    315    1,612 
Income/(loss) from Vessel Operations   330    (1,029)   (315)   (1,612)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   330    (1,029)   (315)   (1,612)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   330    (1,029)   (315)   (1,612)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   330    (1,029)   (315)   (1,612)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $330   $(1,029)  $(315)  $(1,612)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 86 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG Independence LLC   OSG Intrepid LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    9    -    - 
Vessel expenses   242    1,205    217    1,322 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   71    359    78    569 
General and administrative   6    37    7    39 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   320    1,609    302    1,929 
Income/(loss) from Vessel Operations   (320)   (1,609)   (302)   (1,929)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (320)   (1,609)   (302)   (1,929)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (320)   (1,609)   (302)   (1,929)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (320)   (1,609)   (302)   (1,929)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(320)  $(1,609)  $(302)  $(1,929)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 87 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG Liberty LLC   OSG Lightering LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    7,242    46,103 
    -    -    7,242    46,103 
Operating Expenses:                    
Voyage expenses   -    -    4,692    29,714 
Vessel expenses   0    0    504    3,170 
Charter hire expenses   -    -    1,387    12,332 
Depreciation and amortization   -    -    589    3,610 
General and administrative   -    -    255    1,290 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   0    0    7,427    50,115 
Income/(loss) from Vessel Operations   (0)   (0)   (184)   (4,012)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (0)   (0)   (184)   (4,012)
Other Income/(expense)   -    -    1    4 
Income/(loss) before Interest Expense and Income Taxes   (0)   (0)   (183)   (4,008)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (0)   (0)   (183)   (4,008)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(0)  $(0)  $(183)  $(4,008)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 88 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG Lightering Acquisition
Corporation		   OSG Lightering Solutions LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    -    - 
Income/(loss) from Vessel Operations   -    -    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 89 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG Mariner LLC   OSG Maritrans Parent LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    6    33 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    16    -    - 
Total Operating Expenses   -    16    6    33 
Income/(loss) from Vessel Operations   -    (16)   (6)   (33)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (16)   (6)   (33)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (16)   (6)   (33)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (16)   (6)   (33)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $(16)  $(6)  $(33)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 90 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG Navigator LLC   OSG New York, Inc. 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $488   $2,871 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    30    4,014 
    -    -    518    6,885 
Operating Expenses:                    
Voyage expenses   -    -    14    2,131 
Vessel expenses   248    1,219    4    39 
Charter hire expenses   -    -    669    5,417 
Depreciation and amortization   70    393    -    - 
General and administrative   7    37    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   325    1,650    687    7,586 
Income/(loss) from Vessel Operations   (325)   (1,650)   (169)   (700)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (325)   (1,650)   (169)   (700)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (325)   (1,650)   (169)   (700)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (325)   (1,650)   (169)   (700)
Reorganization Items, net   -    -    -    4 
Income/(loss) before Income Taxes  $(325)  $(1,650)  $(169)  $(704)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 91 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG Product Tankers AVTC, LLC   OSG Product Tankers I, LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    -    - 
Income/(loss) from Vessel Operations   -    -    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 92 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

  

   OSG Product Tankers II, LLC   OSG Product Tankers Member LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    -    - 
Income/(loss) from Vessel Operations   -    -    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 93 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG Product Tankers, LLC   OSG Quest LLC 
   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    13 
Total Operating Expenses   -    -    -    13 
Income/(loss) from Vessel Operations   -    -    -    (13)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    (13)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    (13)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    (13)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $-   $(13)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 94 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG Seafarer LLC   OSG Ship Management, Inc. 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    (0)   -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    263    1,551 
General and administrative   -    -    6,334    23,364 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    (0)   6,597    24,915 
Income/(loss) from Vessel Operations   -    0    (6,597)   (24,915)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    0    (6,597)   (24,915)
Other Income/(expense)   -    -    -    3 
Income/(loss) before Interest Expense and Income Taxes   -    0    (6,597)   (24,913)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    0    (6,597)   (24,913)
Reorganization Items, net   -    -    -    120 
Income/(loss) before Income Taxes  $-   $0   $(6,597)  $(25,033)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 95 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   OSG Valour LLC   Overseas Allegiance Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    -    - 
Income/(loss) from Vessel Operations   -    -    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 96 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Overseas Anacortes LLC   Overseas Boston LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,871    9,599    1,598    8,946 
Voyage charter revenues   -    8    -    26 
    1,871    9,607    1,598    8,972 
Operating Expenses:                    
Voyage expenses   23    128    21    139 
Vessel expenses   540    2,996    569    3,148 
Charter hire expenses   760    4,308    748    4,236 
Depreciation and amortization   8    46    33    176 
General and administrative   17    92    17    94 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,349    7,570    1,387    7,792 
Income/(loss) from Vessel Operations   522    2,037    210    1,180 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   522    2,037    210    1,180 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   522    2,037    210    1,180 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   522    2,037    210    1,180 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $522   $2,037   $210   $1,180 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 97 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

  

   Overseas Diligence LLC   Overseas Galena Bay LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    (2)   -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    (2)   -    - 
Income/(loss) from Vessel Operations   -    2    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    2    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    2    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    2    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $2   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 98 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Overseas Houston LLC   Overseas Integrity LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,403    7,854    -    - 
Voyage charter revenues   -    -    -    - 
    1,403    7,854    -    - 
Operating Expenses:                    
Voyage expenses   6    33    -    - 
Vessel expenses   506    3,035    -    (3)
Charter hire expenses   711    4,025    -    - 
Depreciation and amortization   62    344    -    - 
General and administrative   17    93    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,301    7,530    -    (3)
Income/(loss) from Vessel Operations   101    324    -    3 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   101    324    -    3 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   101    324    -    3 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   101    324    -    3 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $101   $324   $-   $3 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 99 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Overseas Long Beach LLC   Overseas Los Angeles LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,395    7,812    1,395    7,804 
Voyage charter revenues   -    -    -    7 
    1,395    7,812    1,395    7,811 
Operating Expenses:                    
Voyage expenses   12    65    12    72 
Vessel expenses   545    3,043    534    3,068 
Charter hire expenses   712    4,031    715    4,049 
Depreciation and amortization   17    238    (6)   220 
General and administrative   17    91    17    92 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,302    7,468    1,272    7,501 
Income/(loss) from Vessel Operations   93    344    123    310 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   93    344    123    310 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   93    344    123    310 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   93    344    123    310 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $93   $344   $123   $310 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 100 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Overseas Martinez LLC   Overseas New Orleans LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,015    8,338    -    - 
Voyage charter revenues   -    26    -    - 
    1,015    8,364    -    - 
Operating Expenses:                    
Voyage expenses   14    139    -    - 
Vessel expenses   593    3,169    -    5 
Charter hire expenses   760    4,254    -    - 
Depreciation and amortization   11    64    -    - 
General and administrative   17    94    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,396    7,719    -    5 
Income/(loss) from Vessel Operations   (380)   645    -    (5)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (380)   645    -    (5)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (380)   645    -    (5)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (380)   645    -    (5)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(380)  $645   $-   $(5)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 101 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Overseas New York LLC   Overseas Nikiski LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,373    6,884    1,598    8,946 
Voyage charter revenues   -    -    -    29 
    1,373    6,884    1,598    8,975 
Operating Expenses:                    
Voyage expenses   6    29    24    153 
Vessel expenses   573    3,119    525    3,024 
Charter hire expenses   719    4,072    749    4,242 
Depreciation and amortization   40    239    46    247 
General and administrative   17    92    17    94 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,354    7,550    1,361    7,759 
Income/(loss) from Vessel Operations   18    (666)   236    1,216 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   18    (666)   236    1,216 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   18    (666)   236    1,216 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   18    (666)   236    1,216 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $18   $(666)  $236   $1,216 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 102 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Overseas Perseverance Corporation   Overseas Philadelphia LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    -    - 
Income/(loss) from Vessel Operations   -    -    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 103 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Overseas Puget Sound LLC   Overseas Sea Swift Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    10    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    10    -    - 
Income/(loss) from Vessel Operations   -    (10)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (10)   -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (10)   -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (10)   -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $(10)  $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 104 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Overseas Shipping (GR) Ltd.   Overseas ST Holding LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    4,252    23,486 
Voyage charter revenues   -    -    -    - 
    -    -    4,252    23,486 
Operating Expenses:                    
Voyage expenses   -    -    37    184 
Vessel expenses   -    3    1,092    6,272 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    880    4,948 
General and administrative   -    -    34    188 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    3    2,042    11,591 
Income/(loss) from Vessel Operations   -    (3)   2,210    11,895 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (3)   2,210    11,895 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (3)   2,210    11,895 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (3)   2,210    11,895 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $(3)  $2,210   $11,895 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 105 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Overseas Tampa LLC   Overseas Texas City LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,740    9,744    1,950    10,174 
Voyage charter revenues   6    21    -    2 
    1,746    9,765    1,950    10,176 
Operating Expenses:                    
Voyage expenses   28    143    25    132 
Vessel expenses   603    3,085    569    3,105 
Charter hire expenses   786    4,402    723    4,051 
Depreciation and amortization   2    12    18    79 
General and administrative   17    92    17    93 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,435    7,734    1,352    7,459 
Income/(loss) from Vessel Operations   311    2,031    598    2,717 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   311    2,031    598    2,717 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   311    2,031    598    2,717 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   311    2,031    598    2,717 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $311   $2,031   $598   $2,717 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 106 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Pearlmar Limited   Petromar Limited 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $506   $2,801   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   2    9    494    4,289 
    508    2,810    494    4,289 
Operating Expenses:                    
Voyage expenses   2    5    387    2,364 
Vessel expenses   336    1,622    187    964 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   213    1,188    167    935 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   550    2,815    741    4,262 
Income/(loss) from Vessel Operations   (42)   (5)   (247)   26 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (42)   (5)   (247)   26 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (42)   (5)   (247)   26 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (42)   (5)   (247)   26 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(42)  $(5)  $(247)  $26 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 107 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Pisces Tanker Corporation   Polaris Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   153    4,019    13    3,812 
    153    4,019    13    3,812 
Operating Expenses:                    
Voyage expenses   59    2,379    1    2,369 
Vessel expenses   1    33    0    12 
Charter hire expenses   94    2,350    -    1,996 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   154    4,762    1    4,376 
Income/(loss) from Vessel Operations   (1)   (743)   12    (564)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (1)   (743)   12    (564)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (1)   (743)   12    (564)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (1)   (743)   12    (564)
Reorganization Items, net   (3)   (3)   -    3 
Income/(loss) before Income Taxes  $1   $(741)  $12   $(568)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 108 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Queens Product Tanker Corporation   Reymar Limited 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $436   $2,345 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   3    18    1    9 
    3    18    437    2,354 
Operating Expenses:                    
Voyage expenses   -    2    2    6 
Vessel expenses   (0)   93    218    1,950 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    192    1,073 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   (0)   95    412    3,028 
Income/(loss) from Vessel Operations   3    (77)   25    (674)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   3    (77)   25    (674)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   3    (77)   25    (674)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   3    (77)   25    (674)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $3   $(77)  $25   $(674)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 109 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Rich Tanker Corporation   Rimar Chartering Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    455    -    - 
Voyage charter revenues   1,102    4,232    -    841 
    1,102    4,688    -    841 
Operating Expenses:                    
Voyage expenses   605    2,136    (1)   499 
Vessel expenses   6    35    30    380 
Charter hire expenses   (392)   1,715    -    626 
Depreciation and amortization   -    -    -    80 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   219    3,885    29    1,584 
Income/(loss) from Vessel Operations   883    802    (29)   (744)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   883    802    (29)   (744)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   883    802    (29)   (744)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   883    802    (29)   (744)
Reorganization Items, net   -    -    7    (1,856)
Income/(loss) before Income Taxes  $883   $802   $(36)  $1,112 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 110 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Rosalyn Tanker Corporation   Rosemar Limited 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $(145)  $1,788   $-   $- 
Time and bareboat charter revenues   -    -    360    2,016 
Voyage charter revenues   -    -    -    7 
    (145)   1,788    360    2,023 
Operating Expenses:                    
Voyage expenses   11    130    10    57 
Vessel expenses   572    2,023    249    1,178 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   257    1,232    209    1,163 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   841    3,385    469    2,398 
Income/(loss) from Vessel Operations   (986)   (1,597)   (109)   (375)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (986)   (1,597)   (109)   (375)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (986)   (1,597)   (109)   (375)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (986)   (1,597)   (109)   (375)
Reorganization Items, net   -    21    -    - 
Income/(loss) before Income Taxes  $(986)  $(1,619)  $(109)  $(375)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 111 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Rubymar Limited   Sakura Transport Corp. 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $473   $3,427 
Time and bareboat charter revenues   281    1,571    -    - 
Voyage charter revenues   -    -    -    - 
    281    1,571    473    3,427 
Operating Expenses:                    
Voyage expenses   -    (0)   (0)   187 
Vessel expenses   (6)   (6)   170    1,340 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   202    1,127    243    1,357 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   196    1,122    412    2,885 
Income/(loss) from Vessel Operations   84    449    61    543 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   84    449    61    543 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   84    449    61    543 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   84    449    61    543 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $84   $449   $61   $543 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 112 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Samar Product Tanker Corporation   Santorini Tanker LLC 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   375    2,100    -    - 
Voyage charter revenues   -    (1)   1,252    7,848 
    375    2,099    1,252    7,848 
Operating Expenses:                    
Voyage expenses   10    71    585    2,899 
Vessel expenses   167    951    231    1,656 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   179    1,000    166    926 
General and administrative   -    -    16    82 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   356    2,022    998    5,563 
Income/(loss) from Vessel Operations   19    77    253    2,284 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   19    77    253    2,284 
Other Income/(expense)   (0)   (1)   -    - 
Income/(loss) before Interest Expense and Income Taxes   18    76    253    2,284 
Interest Expense   (40)   (256)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (22)   (179)   253    2,284 
Reorganization Items, net   -    21    -    - 
Income/(loss) before Income Taxes  $(22)  $(201)  $253   $2,284 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 113 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Serifos Tanker Corporation   Seventh Aframax Tanker
Corporation		 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $529   $288   $1,471 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   (12)   957    -    - 
    (12)   1,486    288    1,471 
Operating Expenses:                    
Voyage expenses   1    689    -    (6)
Vessel expenses   66    499    215    1,339 
Charter hire expenses   -    906    -    - 
Depreciation and amortization   15    85    139    777 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   81    2,179    354    2,111 
Income/(loss) from Vessel Operations   (93)   (693)   (67)   (640)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (93)   (693)   (67)   (640)
Other Income/(expense)   -    (66)   -    - 
Income/(loss) before Interest Expense and Income Taxes   (93)   (759)   (67)   (640)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (93)   (759)   (67)   (640)
Reorganization Items, net   1    14    -    - 
Income/(loss) before Income Taxes  $(93)  $(773)  $(67)  $(640)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 114 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Shirley Tanker SRL   Sifnos Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $288   $1,422   $389   $2,475 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    288    1,422    389    2,475 
Operating Expenses:                    
Voyage expenses   -    (62)   6    15 
Vessel expenses   284    1,823    221    1,025 
Charter hire expenses   -    -    188    1,772 
Depreciation and amortization   306    1,713    16    84 
General and administrative   5    44    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   596    3,518    431    2,896 
Income/(loss) from Vessel Operations   (308)   (2,095)   (42)   (422)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (308)   (2,095)   (42)   (422)
Other Income/(expense)   0    0    -    (66)
Income/(loss) before Interest Expense and Income Taxes   (308)   (2,095)   (42)   (487)
Interest Expense   (23)   (160)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (331)   (2,255)   (42)   (487)
Reorganization Items, net   -    21    -    - 
Income/(loss) before Income Taxes  $(331)  $(2,276)  $(42)  $(487)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 115 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Silvermar Limited   Sixth Aframax Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $491   $2,642   $276   $221 
Time and bareboat charter revenues   -    -    16    1,889 
Voyage charter revenues   5    8    -    - 
    496    2,650    292    2,110 
Operating Expenses:                    
Voyage expenses   0    9    0    10 
Vessel expenses   194    995    306    1,533 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   209    1,161    136    758 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   402    2,164    442    2,302 
Income/(loss) from Vessel Operations   93    485    (150)   (191)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   93    485    (150)   (191)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   93    485    (150)   (191)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   93    485    (150)   (191)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $93   $485   $(150)  $(191)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 116 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Skopelos Product Tanker
Corporation		   Star Chartering Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    360    2,148 
Voyage charter revenues   1,024    5,623    -    - 
    1,024    5,623    360    2,148 
Operating Expenses:                    
Voyage expenses   635    3,593    -    - 
Vessel expenses   132    1,019    2    12 
Charter hire expenses   -    -    372    2,162 
Depreciation and amortization   110    617    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   877    5,229    375    2,174 
Income/(loss) from Vessel Operations   147    394    (15)   (26)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   147    394    (15)   (26)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   147    394    (15)   (26)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   147    394    (15)   (26)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $147   $394   $(15)  $(26)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 117 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Suezmax International Agencies, Inc.   Talara Chartering Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $1,190   $8,416   $-   $1,390 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    7 
    1,190    8,416    -    1,398 
Operating Expenses:                    
Voyage expenses   -    (282)   0    18 
Vessel expenses   27    104    51    538 
Charter hire expenses   1,299    11,468    -    1,730 
Depreciation and amortization   -    -    -    34 
General and administrative   (23)   350    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,303    11,640    51    2,320 
Income/(loss) from Vessel Operations   (113)   (3,225)   (51)   (922)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (113)   (3,225)   (51)   (922)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (113)   (3,225)   (51)   (922)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (113)   (3,225)   (51)   (922)
Reorganization Items, net   -    -    4    452 
Income/(loss) before Income Taxes  $(113)  $(3,225)  $(55)  $(1,374)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 118 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Third United Shipping Corporation   Tokyo Transport Corp. 
   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $(121)  $2,723 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    (121)   2,723 
Operating Expenses:                    
Voyage expenses   -    -    2    81 
Vessel expenses   -    -    492    1,672 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    261    1,460 
General and administrative   -    -    -    0 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    755    3,213 
Income/(loss) from Vessel Operations   -    -    (877)   (490)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    (877)   (490)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    (877)   (490)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    (877)   (490)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $(877)  $(490)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 119 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Transbulk Carriers, Inc.   Troy Chartering Corporation 
   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $1,201 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    12 
    -    -    -    1,213 
Operating Expenses:                    
Voyage expenses   -    -    (0)   16 
Vessel expenses   -    -    41    480 
Charter hire expenses   -    -    -    1,676 
Depreciation and amortization   -    -    -    35 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    41    2,206 
Income/(loss) from Vessel Operations   -    -    (41)   (994)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    (41)   (994)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    (41)   (994)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    (41)   (994)
Reorganization Items, net   -    -    24    464 
Income/(loss) before Income Taxes  $-   $-   $(64)  $(1,458)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 120 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Troy Product Corporation   Urban Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $407   $2,453 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    (8)
    -    -    407    2,445 
Operating Expenses:                    
Voyage expenses   -    -    0    (29)
Vessel expenses   -    -    4    27 
Charter hire expenses   -    -    (389)   1,833 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    (385)   1,831 
Income/(loss) from Vessel Operations   -    -    792    614 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    792    614 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    792    614 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    792    614 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $792   $614 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 121 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Vega Tanker Corporation   View Tanker Corporation 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $(26)
Time and bareboat charter revenues   -    -    428    2,397 
Voyage charter revenues   -    -    -    - 
    -    -    428    2,371 
Operating Expenses:                    
Voyage expenses   -    -    8    54 
Vessel expenses   -    26    4    24 
Charter hire expenses   -    -    (447)   1,518 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    26    (434)   1,595 
Income/(loss) from Vessel Operations   -    (26)   862    775 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (26)   862    775 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (26)   862    775 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (26)   862    775 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $(26)  $862   $775 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 122 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Vivian Tankships Corporation   Vulpecula Chartering Corporation 
   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    (10)   3,761 
    -    -    (10)   3,761 
Operating Expenses:                    
Voyage expenses   -    -    (6)   1,971 
Vessel expenses   -    -    0    5 
Charter hire expenses   -    -    (2)   1,797 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    (8)   3,773 
Income/(loss) from Vessel Operations   -    -    (2)   (12)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    (2)   (12)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    (2)   (12)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    (2)   (12)
Reorganization Items, net   -    -    0    4 
Income/(loss) before Income Taxes  $-   $-   $(2)  $(16)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 123 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Wind Aframax Tanker Corporation   Combined
Debtors		 
   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $13,787   $97,249 
Time and bareboat charter revenues   -    -    30,035    163,312 
Voyage charter revenues   -    -    27,185    200,933 
    -    -    71,007    461,494 
Operating Expenses:                    
Voyage expenses   -    -    13,588    100,980 
Vessel expenses   -    -    23,678    126,585 
Charter hire expenses   -    -    12,835    127,550 
Depreciation and amortization   -    -    15,882    91,143 
General and administrative   -    -    8,894    27,926 
(Gain)/loss on disposal of vessels   -    -    (439)   655 
Total Operating Expenses   -    -    74,437    474,838 
Income/(loss) from Vessel Operations   -    -    (3,430)   (13,344)
Equity in Income/(loss) of Affiliated Companies   -    -    2,778    20,061 
Operating Income/(loss)   -    -    (653)   6,717 
Other Income/(expense)   -    -    (1,682)   (7,272)
Income/(loss) before Interest Expense and Income Taxes   -    -    (2,334)   (555)
Interest Expense   -    -    (902)   (5,598)
Income/(loss) before Reorganization Items and Income Taxes   -    -    (3,236)   (6,153)
Reorganization Items, net   -    -    4,861    41,216 
Income/(loss) before Income Taxes  $-   $-   $(8,097)  $(47,370)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 124 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Eliminations   Consolidated
Debtors		 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(285)  $13,787   $96,964 
Time and bareboat charter revenues   (420)   (5,870)   29,614    157,442 
Voyage charter revenues   -    -    27,185    200,933 
    (420)   (6,155)   70,587    455,339 
Operating Expenses:                    
Voyage expenses   -    -    13,588    100,980 
Vessel expenses   -    -    23,678    126,585 
Charter hire expenses   (420)   (6,155)   12,414    121,395 
Depreciation and amortization   -    -    15,882    91,143 
General and administrative   -    -    8,894    27,926 
(Gain)/loss on disposal of vessels   -    -    (439)   655 
Total Operating Expenses   (420)   (6,155)   74,016    468,683 
Income/(loss) from Vessel Operations   -    -    (3,429)   (13,344)
Equity in Income/(loss) of Affiliated Companies   -    -    2,778    20,060 
Operating Income/(loss)   -    -    (652)   6,716 
Other Income/(expense)   -    -    (1,682)   (7,272)
Income/(loss) before Interest Expense and Income Taxes   -    -    (2,333)   (556)
Interest Expense   -    -    (902)   (5,599)
Income/(loss) before Reorganization Items and Income Taxes   -    -    (3,235)   (6,155)
Reorganization Items, net   -    -    4,861    41,216 
Income/(loss) before Income Taxes  $-   $-   $(8,096)  $(47,372)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 125 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Total 
Non-Debtors		   Eliminations 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		   April 1 - 30, 2013   November 14,
2012 – April 30,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(45)          
Time and bareboat charter revenues   -    47           
Voyage charter revenues   -    (167)          
    -    (165)   -    - 
Operating Expenses:                    
Voyage expenses   3    (405)          
Vessel expenses   0    1,195           
Charter hire expenses   -    244           
Depreciation and amortization   (69)   (340)          
General and administrative   2,700    11,345           
(Gain)/loss on disposal of vessels   -    (6)          
Total Operating Expenses   2,634    12,033    -    - 
Income/(loss) from Vessel Operations   (2,634)   (12,198)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -           
Operating Income/(loss)   (2,634)   (12,198)   -    - 
Other Income/(expense)   1,743    7,336           
Income/(loss) before Interest Expense and Income Taxes   (891)   (4,862)   -    - 
Interest Expense   -    0           
Income/(loss) before Reorganization Items and Income Taxes   (891)   (4,862)   -    - 
Reorganization Items, net   1    1           
Income/(loss) before Income Taxes  $(892)  $(4,863)  $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 126 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods from April 1-30, 2013 and November 14, 2012 to April 30, 2013

 

   Consolidated Overseas Shipholding
Group, Inc.		 
   April 1 - 30, 2013   November 14,
2012 - April 30,
2013		 
         
Shipping Revenues:          
           
Pool revenues  $13,787   $96,920 
Time and bareboat charter revenues   29,614    157,489 
Voyage charter revenues   27,185    200,767 
    70,586    455,176 
Operating Expenses:          
Voyage expenses   13,591    100,574 
Vessel expenses   23,678    127,780 
Charter hire expenses   12,414    121,639 
Depreciation and amortization   15,812    90,802 
General and administrative   11,593    39,272 
(Gain)/loss on disposal of vessels   (439)   647 
Total Operating Expenses   76,651    480,714 
Income/(loss) from Vessel Operations   (6,065)   (25,538)
Equity in Income/(loss) of Affiliated Companies   2,778    20,060 
Operating Income/(loss)   (3,287)   (5,478)
Other Income/(expense)   61    64 
Income/(loss) before Interest Expense and Income Taxes   (3,226)   (5,414)
Interest Expense   (902)   (5,599)
Income/(loss) before Reorganization Items and Income Taxes   (4,128)   (11,013)
Reorganization Items, net   4,862    41,218 
Income/(loss) before Income Taxes  $(8,990)  $(52,231)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 127 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

 

   Overseas Shipholding Group, Inc.   OSG International, Inc.   OSG Bulk Ships, Inc.   1372 Tanker Corporation   Africa Tanker Corporation 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $320,126   $296,919   $3,986   $77,548   $46,300   $41,263   $-   $-   $-   $- 
Voyage receivables   530    0    (990)   (1,005)   -    -    2,611    3,654    -    - 
Other receivables   26,385    26,352    13,363    12,996    746    548    27    51    (1)   (1)
Inventory   -    -    -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   16,696    10,831    (133)   60    -    -    75    265    18    161 
Total Current Assets   363,738    334,103    16,227    89,599    47,046    41,811    2,713    3,969    18    160 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    50,585    49,388    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    2,212    1,990    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    52,797    51,379    -    - 
Investments in Affiliated Companies   38    253    (2,998)   7,716    -    -    -    -    231,376    247,591 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   816,000    816,000    2,036,505    2,036,512    1,512,260    1,512,260    -    -    -    - 
Intercompany loans receivable and accrued interest   267,376    270,158    180,732    153,551    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   331,328    331,409    339,231    339,233    986,889    986,889    16,336    16,336    259,313    259,313 
Pre-petition Intercompany receivables from non-debtors   10,840    10,840    1,487,388    1,487,354    4,045    4,045    -    -    4,350    4,350 
Post-petition intercompany receivables from non-debtors   -    188    -    2,807    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    28,415    -    21,704    -    12,859    -    342    -    - 
Other Assets   0    0    6    24    237    339    257    278    -    - 
Total Assets  $1,789,319   $1,791,365   $4,057,090   $4,138,500   $2,550,477   $2,558,204   $72,103   $72,304   $495,057   $511,416 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   8,019    22,922    -    (1,257)   55    2,376    1,150    993    -    - 
Total Current Liabilities Not Subject to Compromise   8,019    22,922    -    (1,257)   55    2,376    1,150    993    -    - 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    76,669    -    51,113    -    503    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    3,902    -    -    -    838    -    - 
Post-petition intercompany payables to other debtors   -    10,275    -    99,269    -    4,559    -    -    -    1,647 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   213,101    208,297    -    -    -    -    -    -    43    13 
Total Liabilities Not Subject to Compromise   221,120    241,494    -    178,583    55    58,047    1,150    2,334    43    1,659 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    227,716    152,716    50,033    33    -    -    -    - 
Pre-petition intercompany payables to non-debtors   12,677    12,677    317,740    317,740    59,165    59,165    28,127    28,127    17    17 
Pre-petition intercompany payables to other debtors   29,734    29,814    1,932,666    1,932,748    1,079,806    1,079,806    -    -    39    39 
Other liabilities   2,018,557    2,018,572    509    509    2,210    3,298    47,270    47,217    -    - 
Total  Liabilities Subject to Compromise   2,060,968    2,061,064    2,478,631    2,403,714    1,191,215    1,142,302    75,397    75,344    56    56 
                                                   
Total Liabilities   2,282,087    2,302,558    2,478,631    2,582,297    1,191,270    1,200,350    76,547    77,678    99    1,715 
Equity:                                                  
Total Equity   (492,769)   (511,194)   1,578,459    1,556,203    1,359,207    1,357,854    (4,444)   (5,374)   494,959    509,700 
Total Liabilities and Equity  $1,789,319   $1,791,365   $4,057,090   $4,138,500   $2,550,477   $2,558,204   $72,103   $72,304   $495,057   $511,416 

 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 128 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Alcesmar Limited   Alcmar Limited   Alpha Suezmax Corporation   Alpha Tanker Corporation   Amalia Product Corporation 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,547    1,758    153    1,851    2,957    3,763    (62)   (62)   2,562    2,695 
Other receivables   11    (15)   (24)   (1)   2,741    131    131    131    6    14 
Inventory   -    -    -    -    -    -    -    -    38    - 
Prepaid expenses and other current assets   21    65    21    66    528    433    -    -    388    98 
Total Current Assets   1,579    1,808    150    1,915    6,226    4,327    69    69    2,995    2,807 
Vessels and other property, less accumulated depreciation   34,822    33,921    34,750    33,856    228    -    -    -    51,954    50,868 
Deferred drydock expenditures, net   674    501    401    262    1,800    -    -    -    1,747    1,528 
Total Vessels, Deferred Drydock and Other Property   35,496    34,421    35,151    34,118    2,028    -    -    -    53,701    52,396 
Investments in Affiliated Companies   300    300    600    600    -    -    -    -    601    601 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   3,930    3,930    7,926    7,926    6,502    6,502    157    157    6,826    6,826 
Pre-petition Intercompany receivables from non-debtors   0    0    -    -    14    14    481    481    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    1,245    -    129    -    865    -    -    -    2,084 
Other Assets   53    64    67    59    55    -    -    -    (1)   (1)
Total Assets  $41,358   $41,768   $43,893   $44,748   $14,825   $11,707   $707   $706   $64,121   $64,713 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   44    33    708    707    116    99    -    -    41    162 
Total Current Liabilities Not Subject to Compromise   44    33    708    707    116    99    -    -    41    162 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    410    -    502    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   44    443    708    1,209    116    99    -    -    41    162 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   6,818    6,818    7,706    7,706    26,898    26,898    -    -    6,322    6,322 
Pre-petition intercompany payables to other debtors   238    238    222    222    2,722    2,722    147    147    3    3 
Other liabilities   19,950    19,943    19,950    19,943    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   27,006    26,999    27,878    27,871    29,620    29,620    147    147    6,325    6,325 
                                                   
Total Liabilities   27,050    27,442    28,586    29,080    29,736    29,719    147    147    6,366    6,487 
Equity:                                                  
Total Equity   14,308    14,326    15,308    15,668    (14,912)   (18,012)   560    560    57,755    58,226 
Total Liabilities and Equity  $41,358   $41,768   $43,893   $44,748   $14,825   $11,707   $707   $706   $64,121   $64,713 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 129 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Ambermar Product Carrier
Corporation		   Ambermar Tanker Corporation   Andromar Limited   Antigmar Limited   Aqua Tanker Corporation 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,417    1,009    (22)   -    1,480    2,070    270    1,767    455    453 
Other receivables   14    (7)   -    -    20    22    (27)   (3)   3,779    3,779 
Inventory   318    327    -    -    -    -    484    (0)   -    - 
Prepaid expenses and other current assets   21    59    1,071    -    23    64    21    65    4,651    4,651 
Total Current Assets   1,769    1,388    1,049    -    1,523    2,155    748    1,829    8,884    8,882 
Vessels and other property, less accumulated depreciation   26,361    25,594    -    -    35,473    34,608    35,287    34,425    -    - 
Deferred drydock expenditures, net   1,657    1,469    -    -    534    350    395    286    -    - 
Total Vessels, Deferred Drydock and Other Property   28,018    27,063    -    -    36,006    34,958    35,682    34,711    -    - 
Investments in Affiliated Companies   -    -    -    -    600    600    600    600    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   16,108    16,108    102    102    14,837    14,837    15,228    15,228    199    199 
Pre-petition Intercompany receivables from non-debtors   -    -    783    783    1    1    -    -    440    440 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    1,729    -    828    -    196    -    301    -    - 
Other Assets   33    20    -    224    46    46    (24)   45    -    - 
Total Assets  $45,929   $46,307   $1,934   $1,937   $53,013   $52,793   $52,233   $52,714   $9,523   $9,521 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   374    497    4    4    928    42    469    45    57    57 
Total Current Liabilities Not Subject to Compromise   374    497    4    4    928    42    469    45    57    57 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    426    -    510    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   374    497    4    4    928    468    469    555    57    57 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   17,078    17,078    -    -    16,388    16,388    17,540    17,540    1,979    1,979 
Pre-petition intercompany payables to other debtors   335    335    840    840    226    226    241    241    18    18 
Other liabilities   -    -    -    -    19,950    19,943    19,950    19,943    -    - 
Total  Liabilities Subject to Compromise   17,413    17,413    840    840    36,564    36,557    37,731    37,724    1,997    1,997 
                                                   
Total Liabilities   17,787    17,911    844    844    37,492    37,025    38,200    38,279    2,053    2,053 
Equity:                                                  
Total Equity   28,142    28,397    1,090    1,093    15,521    15,768    14,033    14,435    7,470    7,468 
Total Liabilities and Equity  $45,929   $46,307   $1,934   $1,937   $53,013   $52,793   $52,233   $52,714   $9,523   $9,521 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 130 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Aquarius Tanker Corporation   Ariadmar Limited   Aspro Tanker Corporation   Atalmar Limited   Athens Product Tanker Corporation 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   2,193    513    1,578    1,757    330    330    1,936    964    1,699    1,402 
Other receivables   15    366    6    (4)   26    26    2    4    (4)   (12)
Inventory   150    -    -    -    -    -    182    661    323    590 
Prepaid expenses and other current assets   273    3    29    64    31    31    23    64    19    68 
Total Current Assets   2,631    881    1,612    1,818    386    387    2,143    1,692    2,037    2,049 
Vessels and other property, less accumulated depreciation   -    -    35,133    34,250    -    -    35,037    34,155    41,872    41,134 
Deferred drydock expenditures, net   -    -    762    550    -    -    726    546    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    35,895    34,799    -    -    35,762    34,701    41,872    41,134 
Investments in Affiliated Companies   -    -    300    300    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   19,515    19,515    4,859    4,859    1,193    1,193    13,184    13,184    16    16 
Pre-petition Intercompany receivables from non-debtors   -    -    1    1    550    550    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    1,302    -    1,372    -    -    -    2,356    -    4,120 
Other Assets   -    -    30    35    -    -    (114)   (56)   2    2 
Total Assets  $22,146   $21,699   $42,697   $43,184   $2,130   $2,130   $50,976   $51,877   $43,926   $47,320 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   478    163    42    19    -    -    571    716    63    1,199 
Total Current Liabilities Not Subject to Compromise   478    163    42    19    -    -    571    716    63    1,199 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    472    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   478    163    42    492    -    -    571    716    63    1,199 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   23,009    23,009    7,987    7,987    -    -    9,783    9,783    7,512    7,512 
Pre-petition intercompany payables to other debtors   -    -    223    223    1,193    1,193    261    261    35,276    35,276 
Other liabilities   -    -    19,950    19,943    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   23,009    23,009    28,159    28,152    1,193    1,193    10,045    10,045    42,788    42,788 
                                                   
Total Liabilities   23,487    23,171    28,202    28,644    1,193    1,193    10,616    10,761    42,851    43,987 
Equity:                                                  
Total Equity   (1,340)   (1,473)   14,496    14,540    936    937    40,360    41,116    1,075    3,332 
Total Liabilities and Equity  $22,146   $21,699   $42,697   $43,184   $2,130   $2,130   $50,976   $51,877   $43,926   $47,320 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 131 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Atlas Chartering Corporation   Aurora Shipping Corporation   Avila Tanker Corporation   Batangas Tanker Corporation   Beta Aframax Corporation 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   904    877    3,187    2,623    171    171    -    -    697    958 
Other receivables   -    87    28    30    (53)   (53)   -    -    13    467 
Inventory   433    -    -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   605    11    96    277    221    221    -    -    44    - 
Total Current Assets   1,941    975    3,311    2,930    339    339    -    -    753    1,425 
Vessels and other property, less accumulated depreciation   -    -    38,944    37,994    -    -    59,564    60,259    141    - 
Deferred drydock expenditures, net   -    -    1,486    1,361    -    -    -    -    65    - 
Total Vessels, Deferred Drydock and Other Property   -    -    40,429    39,355    -    -    59,564    60,259    206    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   22,309    22,309    12,328    12,328    1,271    1,271    22,063    22,063    10,281    9,741 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    299    299    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    973    -    -    -    -    -    -    -    - 
Other Assets   (9)   (9)   (37)   5    -    -    -    -    105    - 
Total Assets  $24,241   $24,248   $56,032   $54,619   $1,611   $1,611   $81,926   $82,620   $11,345   $11,165 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   59    277    321    553    249    249    -    0    609    836 
Total Current Liabilities Not Subject to Compromise   59    277    321    553    249    249    -    0    609    836 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    288    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    635    -    -    -    407    -    575 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    (854)   - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   59    277    321    1,188    249    249    -    694    (245)   1,411 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    57,592    57,592    -    - 
Pre-petition intercompany payables to non-debtors   25,381    25,381    6,453    6,453    -    -    24,229    24,229    15,430    15,430 
Pre-petition intercompany payables to other debtors   365    365    7    7    1,208    1,208    5    5    341    341 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   25,746    25,746    6,460    6,460    1,208    1,208    81,826    81,826    15,771    15,771 
                                                   
Total Liabilities   25,805    26,023    6,782    7,648    1,457    1,457    81,826    82,520    15,526    17,182 
Equity:                                                  
Total Equity   (1,564)   (1,774)   49,250    46,970    154    154    100    100    (4,181)   (6,017)
Total Liabilities and Equity  $24,241   $24,248   $56,032   $54,619   $1,611   $1,611   $81,926   $82,620   $11,345   $11,165 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 132 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Brooklyn Product Tanker
Corporation		   Cabo Hellas Limited   Cabo Sounion Limited   Caribbean Tanker Corporation   Carina Tanker Corporation 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   710    -    195    6    205    12    67    67    908    972 
Other receivables   (3)   (5)   22    39    (9)   (16)   -    -    -    - 
Inventory   -    -    -    -    -    -    -    -    752    0 
Prepaid expenses and other current assets   -    -    47    102    33    105    -    -    3    2 
Total Current Assets   707    (5)   264    147    230    100    67    67    1,662    974 
Vessels and other property, less accumulated depreciation   -    -    36,005    35,089    37,294    36,348    -    -    -    - 
Deferred drydock expenditures, net   -    -    358    210    306    179    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    36,364    35,298    37,600    36,527    -    -    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   2,827    2,827    26,270    26,270    27,240    27,240    30,925    30,925    18,588    18,588 
Pre-petition Intercompany receivables from non-debtors   25,270    25,270    4    4    3    3    18    18    0    0 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    439    -    995    -    1,055    -    -    -    1,588 
Other Assets   (3)   (4)   -    -    (41)   (1)   14    14    -    - 
Total Assets  $28,802   $28,527   $62,901   $62,713   $65,032   $64,925   $31,024   $31,024   $20,251   $21,151 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   279    42    461    431    489    455    -    -    19    344 
Total Current Liabilities Not Subject to Compromise   279    42    461    431    489    455    -    -    19    344 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   279    42    461    431    489    455    -    -    19    344 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   370    370    3,342    3,342    2,979    2,979    -    -    24,230    24,230 
Pre-petition intercompany payables to other debtors   47,640    47,620    17,008    17,008    17,774    17,774    -    -    -    - 
Other liabilities   -    0    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   48,010    47,990    20,350    20,350    20,753    20,753    -    -    24,230    24,230 
                                                   
Total Liabilities   48,289    48,032    20,811    20,781    21,242    21,208    -    -    24,249    24,575 
Equity:                                                  
Total Equity   (19,488)   (19,504)   42,091    41,932    43,790    43,716    31,024    31,024    (3,998)   (3,424)
Total Liabilities and Equity  $28,802   $28,527   $62,901   $62,713   $65,032   $64,925   $31,024   $31,024   $20,251   $21,151 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 133 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Carl Product Corporation   Concept Tanker Corporation   Crown Tanker Corporation   Delphina Tanker Corporation   Delta Aframax Corporation 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $1   $1 
Voyage receivables   2,622    3,201    1,991    1,807    90    0    -    -    758    709 
Other receivables   11    2    -    -    -    -    -    -    4    23 
Inventory   -    -    -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   33    98    241    347    -    -    -    -    42    119 
Total Current Assets   2,667    3,301    2,232    2,154    90    0    -    -    805    851 
Vessels and other property, less accumulated depreciation   51,896    50,808    -    -    -    -    -    -    56,274    55,203 
Deferred drydock expenditures, net   1,873    1,644    -    -    -    -    -    -    43    30 
Total Vessels, Deferred Drydock and Other Property   53,768    52,452    -    -    -    -    -    -    56,317    55,233 
Investments in Affiliated Companies   612    -    300    300    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   6,388    6,388    7,495    7,495    431    431    -    -    3,875    3,875 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    2,572    -    219    -    96    -    -    -    791 
Other Assets   (58)   (9)   -    -    -    -    -    -    136    134 
Total Assets  $63,377   $64,704   $10,027   $10,167   $522   $527   $-   $-   $61,132   $60,884 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   102    1,259    -    -    -    -    -    -    660    789 
Total Current Liabilities Not Subject to Compromise   102    1,259    -    -    -    -    -    -    660    789 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    539 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    493    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   102    1,259    493    -    -    -    -    -    660    1,328 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   6,327    6,327    11,522    11,522    83    83    -    -    7,653    7,653 
Pre-petition intercompany payables to other debtors   2    2    1    1    18    18    -    -    2    2 
Other liabilities   -    -    -    -    10    10    -    -    36,973    36,903 
Total  Liabilities Subject to Compromise   6,330    6,330    11,523    11,523    111    111    -    -    44,628    44,558 
                                                   
Total Liabilities   6,431    7,589    12,015    11,523    111    111    -    -    45,288    45,886 
Equity:                                                  
Total Equity   56,946    57,115    (1,989)   (1,355)   410    416    -    -    15,844    14,998 
Total Liabilities and Equity  $63,377   $64,704   $10,027   $10,167   $522   $527   $-   $-   $61,132   $60,884 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 134 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   DHT Ania Aframax Corp.   DHT Ann VLCC Corp.   DHT Cathy Aframax Corp.   DHT Chris VLCC Corp.   DHT Rebecca Aframax Corp. 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   (40)   (40)   3,455    634    1,711    548    2,422    448    243    243 
Other receivables   (15)   (4)   687    691    883    983    44    324    373    424 
Inventory   -    -    -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   (60)   -    579    176    409    107    479    0    -    - 
Total Current Assets   (115)   (44)   4,721    1,501    3,003    1,638    2,945    773    616    667 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    -    -    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    -    -    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   1,477    1,477    31,966    31,966    14,591    14,591    26,495    26,495    1,106    1,106 
Pre-petition Intercompany receivables from non-debtors   119    119    1,186    1,186    66    66    1,332    1,332    835    835 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    2,250    -    660    -    2,256    -    - 
Other Assets   -    -    (1)   -    (5)   (15)   -    -    51    - 
Total Assets  $1,481   $1,552   $37,873   $36,903   $17,655   $16,940   $30,772   $30,855   $2,608   $2,608 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   -    71    285    317    -    -    100    189    -    - 
Total Current Liabilities Not Subject to Compromise   -    71    285    317    -    -    100    189    -    - 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    71    285    317    -    -    100    189    -    - 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   1,337    1,337    28,300    28,300    18,440    18,440    22,718    22,718    1,046    1,046 
Pre-petition intercompany payables to other debtors   -    -    -    -    1    1    955    955    835    835 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   1,337    1,337    28,300    28,300    18,441    18,441    23,673    23,673    1,881    1,881 
                                                   
Total Liabilities   1,337    1,408    28,585    28,618    18,441    18,441    23,773    23,863    1,881    1,881 
Equity:                                                  
Total Equity   144    144    9,288    8,285    (786)   (1,501)   6,999    6,992    727    727 
Total Liabilities and Equity  $1,481   $1,552   $37,873   $36,903   $17,655   $16,940   $30,772   $30,855   $2,608   $2,608 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 135 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   DHT Regal Unity VLCC Corp.   DHT Sophie Aframax Corp.   Dignity Chartering Corporation   Edindun Shipping Corporation   Eighth Aframax Tanker Corporation 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,247    99    581    528    3,016    535    -    -    1,427    1,116 
Other receivables   750    750    865    858    8    1,475    -    -    33    102 
Inventory   -    -    -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    (31)   -    511    195    -    -    46    120 
Total Current Assets   1,997    848    1,415    1,386    3,534    2,205    -    -    1,506    1,338 
Vessels and other property, less accumulated depreciation   -    -    -    -    483    -    -    -    23,283    22,713 
Deferred drydock expenditures, net   -    -    -    -    1,422    -    -    -    1,671    1,484 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    1,905    -    -    -    24,954    24,197 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   10,664    10,664    10,543    10,543    9,160    9,160    -    -    7,170    7,170 
Pre-petition Intercompany receivables from non-debtors   2,601    2,601    8    8    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    1,078    -    3    -    81    -    -    -    265 
Other Assets   -    -    0    -    26    13    -    -    85    85 
Total Assets  $15,262   $15,192   $11,965   $11,939   $14,624   $11,459   $-   $-   $33,715   $33,055 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   -    -    7    31    162    14    -    -    119    110 
Total Current Liabilities Not Subject to Compromise   -    -    7    31    162    14    -    -    119    110 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    7    31    162    14    -    -    119    110 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   16,475    16,475    12,505    12,505    26,406    26,406    -    -    32,826    32,826 
Pre-petition intercompany payables to other debtors   -    -    -    -    0    0    -    -    7    7 
Other liabilities   -    -    -    -    -    -    -    -    -    (0)
Total  Liabilities Subject to Compromise   16,475    16,475    12,505    12,505    26,407    26,407    -    -    32,833    32,833 
                                                   
Total Liabilities   16,475    16,475    12,512    12,536    26,569    26,421    -    -    32,952    32,943 
Equity:                                                  
Total Equity   (1,213)   (1,283)   (547)   (596)   (11,944)   (14,962)   -    -    763    112 
Total Liabilities and Equity  $15,262   $15,192   $11,965   $11,939   $14,624   $11,459   $-   $-   $33,715   $33,055 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 136 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Epsilon Aframax Corporation   First Chemical Carrier Corporation   First LPG Tanker Corporation   First Union Tanker Corporation   Fourth Aframax Tanker Corporation 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $1   $1   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,703    1,481    22    124    287    287    2,635    3,316    (303)   (302)
Other receivables   73    64    -    -    0    0    7    1    0    0 
Inventory   -    -    -    -    (0)   (0)   -    -    -    - 
Prepaid expenses and other current assets   42    117    335    445    0    0    107    333    -    - 
Total Current Assets   1,819    1,663    357    569    288    288    2,749    3,650    (302)   (301)
Vessels and other property, less accumulated depreciation   56,928    56,050    -    -    -    -    38,368    37,075    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    2,032    1,572    -    - 
Total Vessels, Deferred Drydock and Other Property   56,928    56,050    -    -    -    -    40,401    38,647    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   2,383    2,383    5,755    5,755    7,053    7,053    21,750    21,750    30,074    30,074 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    117    117    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    -    -    - 
Other Assets   290    167    -    -    -    -    421    471    -    - 
Total Assets  $61,419   $60,263   $6,113   $6,325   $7,341   $7,341   $65,438   $64,636   $29,772   $29,773 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   423    242    2,054    606    995    995    525    198    0    0 
Total Current Liabilities Not Subject to Compromise   423    242    2,054    606    995    995    525    198    0    0 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    614    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    132    -    667    -    -    -    1,264    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   423    988    2,054    1,273    995    995    525    1,462    0    0 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   7,606    7,606    8,117    8,117    5,815    5,815    11,373    11,373    -    - 
Pre-petition intercompany payables to other debtors   34    34    -    -    -    -    10    10    -    - 
Other liabilities   36,973    36,903    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   44,613    44,543    8,117    8,117    5,815    5,815    11,383    11,383    -    - 
                                                   
Total Liabilities   45,036    45,531    10,170    9,390    6,810    6,810    11,908    12,845    0    0 
Equity:                                                  
Total Equity   16,383    14,732    (4,058)   (3,065)   531    531    53,530    51,791    29,772    29,773 
Total Liabilities and Equity  $61,419   $60,263   $6,113   $6,325   $7,341   $7,341   $65,438   $64,636   $29,772   $29,773 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 137 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Front President Inc.   Goldmar Limited   GPC Aframax Corporation   Grace Chartering Corporation   International Seaways, Inc. 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $1   $1   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   2,991    3,662    2,099    2,195    1,818    1,077    1,564    1,136    5,877    7,909 
Other receivables   179    197    0    7    25    (10)   -    123    75    88 
Inventory   -    -    -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   90    262    33    89    470    133    242    3    917    2,090 
Total Current Assets   3,261    4,122    2,132    2,291    2,312    1,200    1,806    1,262    6,869    10,087 
Vessels and other property, less accumulated depreciation   105,641    103,888    34,252    33,293    77    246    -    -    -    - 
Deferred drydock expenditures, net   -    278    1,546    1,645    16    7    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   105,641    104,166    35,798    34,938    93    253    -    -    -    - 
Investments in Affiliated Companies   -    -    641    641    -    -    300    300    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   65,978    65,978    19,307    19,307    1,460    1,460    6,486    6,486    15,356    15,356 
Pre-petition Intercompany receivables from non-debtors   0    0    8    8    9,871    9,871    2    2    49    49 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    1,122    -    1,304    -    -    -    625    -    70 
Other Assets   380    310    67    39    (185)   (27)   -    -    -    - 
Total Assets  $175,261   $175,698   $57,955   $58,528   $13,551   $12,756   $8,594   $8,676   $22,274   $25,562 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   239    491    39    409    224    675    -    109    5    134 
Total Current Liabilities Not Subject to Compromise   239    491    39    409    224    675    -    109    5    134 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    566    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    858    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    677    -    -    -    5,858 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    (1,626)   -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   239    1,915    39    409    (1,402)   1,352    -    109    5    5,992 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   12,424    12,424    5,499    5,499    21,856    21,856    9,511    9,511    21,891    21,891 
Pre-petition intercompany payables to other debtors   3    3    11,659    11,659    1    1    -    -    7,825    7,825 
Other liabilities   69,042    68,911    -    -    -    -    -    -    0    - 
Total  Liabilities Subject to Compromise   81,469    81,337    17,158    17,158    21,857    21,857    9,511    9,511    29,716    29,716 
                                                   
Total Liabilities   81,708    83,252    17,198    17,567    20,455    23,209    9,511    9,621    29,721    35,708 
Equity:                                                  
Total Equity   93,553    92,446    40,757    40,961    (6,905)   (10,453)   (918)   (945)   (7,448)   (10,147)
Total Liabilities and Equity  $175,261   $175,698   $57,955   $58,528   $13,551   $12,756   $8,594   $8,676   $22,274   $25,562 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 138 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Jademar Limited   Joyce Car Carrier Corporation   Juneau Tanker Corporation   Kimolos Tanker Corporation   Kythnos Chartering Corporation 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   2,067    2,163    -    -    -    -    2,143    1,305    1,368    1,499 
Other receivables   21    (4)   (19)   (19)   -    -    21    (7)   42    4 
Inventory   -    -    -    -    -    -    524    326    216    477 
Prepaid expenses and other current assets   29    91    0    -    -    -    240    273    263    66 
Total Current Assets   2,116    2,251    (19)   (19)   -    -    2,928    1,897    1,889    2,047 
Vessels and other property, less accumulated depreciation   35,721    34,691    -    -    -    -    982    901    35,080    34,442 
Deferred drydock expenditures, net   1,321    1,258    -    -    -    -    164    69    -    - 
Total Vessels, Deferred Drydock and Other Property   37,042    35,949    -    -    -    -    1,146    970    35,080    34,442 
Investments in Affiliated Companies   420    420    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   33,198    33,198    27,330    27,330    10,114    10,114    13,389    13,389    18,822    18,822 
Pre-petition Intercompany receivables from non-debtors   5,584    5,584    -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    1,684    -    -    -    -    -    39    -    822 
Other Assets   (34)   (2)   (198)   (85)   -    -    (22)   (22)   (20)   (20)
Total Assets  $78,326   $79,085   $27,112   $27,226   $10,114   $10,114   $17,441   $16,271   $55,771   $56,112 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   53    414    56    82    -    -    719    353    99    432 
Total Current Liabilities Not Subject to Compromise   53    414    56    82    -    -    719    353    99    432 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    47    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   53    414    56    129    -    -    719    353    99    432 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   6,402    6,402    5,554    5,554    -    -    23,413    23,413    15,205    15,205 
Pre-petition intercompany payables to other debtors   32,050    32,050    4    4    8,114    8,114    5    5    -    - 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   38,453    38,453    5,558    5,558    8,114    8,114    23,418    23,418    15,205    15,205 
                                                   
Total Liabilities   38,506    38,866    5,614    5,688    8,114    8,114    24,137    23,771    15,304    15,637 
Equity:                                                  
Total Equity   39,820    40,219    21,498    21,538    2,000    2,000    (6,696)   (7,500)   40,468    40,475 
Total Liabilities and Equity  $78,326   $79,085   $27,112   $27,226   $10,114   $10,114   $17,441   $16,271   $55,771   $56,112 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 139 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Leo Tanker Corporation   Leyte Product Tanker Corporation   Limar Charter Corporation   Luxmar Product Tanker Corporation   Luxmar Tanker LLC 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   2,865    379    2,668    147    812    (82)   410    1,333    0    - 
Other receivables   -    145    23    34    27    (5)   -    26    12    - 
Inventory   259    -    479    -    206    (0)   52    328    -    - 
Prepaid expenses and other current assets   273    2    27    88    246    23    (9)   57    -    4 
Total Current Assets   3,397    525    3,198    269    1,290    (64)   454    1,744    12    4 
Vessels and other property, less accumulated depreciation   -    -    55,430    54,456    199    -    23,904    23,014    -    - 
Deferred drydock expenditures, net   -    -    -    -    3,322    -    482    1,440    0    - 
Total Vessels, Deferred Drydock and Other Property   -    -    55,430    54,456    3,521    -    24,386    24,454    0    - 
Investments in Affiliated Companies   -    -    -    904    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   19,471    19,471    6,981    6,981    8,467    8,467    24,007    24,007    56,792    56,792 
Pre-petition Intercompany receivables from non-debtors   -    -    11    11    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    1,977    -    3,851    -    280    -    -    -    - 
Other Assets   -    -    263    223    (26)   (48)   -    -    13    110 
Total Assets  $22,868   $21,973   $65,882   $66,695   $13,253   $8,635   $48,847   $50,206   $56,818   $56,907 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   745    142    1,398    696    1,021    434    636    962    121    147 
Total Current Liabilities Not Subject to Compromise   745    142    1,398    696    1,021    434    636    962    121    147 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    137    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    1,231    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    1,380    -    79 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    972    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    60    (134)   -    -    -    - 
Total Liabilities Not Subject to Compromise   745    142    1,398    2,063    2,053    300    636    2,343    121    226 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   23,812    23,812    25,031    25,031    26,414    26,414    24,205    24,205    568    568 
Pre-petition intercompany payables to other debtors   -    -    267    267    9    9    11,407    11,407    31,784    31,784 
Other liabilities   -    -    41,668    41,785    -    134    -    -    -    - 
Total  Liabilities Subject to Compromise   23,812    23,812    66,967    67,083    26,423    26,557    35,612    35,612    32,351    32,351 
                                                   
Total Liabilities   24,557    23,954    68,364    69,147    28,476    26,857    36,248    37,955    32,472    32,577 
Equity:                                                  
Total Equity   (1,689)   (1,981)   (2,482)   (2,452)   (15,223)   (18,222)   12,600    12,251    24,346    24,330 
Total Liabilities and Equity  $22,868   $21,973   $65,882   $66,695   $13,253   $8,635   $48,847   $50,206   $56,818   $56,907 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 140 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Majestic Tankers Corporation   Oak Tanker Corporation   Maremar Product Tanker
Corporation		   Maremar Tanker LLC   Marilyn Vessel Corporation 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $1   $1   $-   $-   $-   $-   $-   $- 
Voyage receivables   2,926    3,144    (430)   3,921    -    -    3,112    491    -    - 
Other receivables   21    202    86    137    -    -    427    79    -    - 
Inventory   -    -    -    -    -    -    198    321    -    - 
Prepaid expenses and other current assets   86    302    62    271    -    -    36    38    -    - 
Total Current Assets   3,032    3,648    (282)   4,331    -    -    3,772    929    -    - 
Vessels and other property, less accumulated depreciation   40,698    39,265    141,583    139,122    -    -    24,600    23,679    -    - 
Deferred drydock expenditures, net   2,099    1,511    -    -    -    -    310    115    -    - 
Total Vessels, Deferred Drydock and Other Property   42,797    40,776    141,583    139,122    -    -    24,910    23,794    -    - 
Investments in Affiliated Companies   -    -    3,629    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   11,354    11,354    40    40    99    99    40,336    40,336    901    901 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    52    52 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    908    -    12    -    3,254    -    - 
Other Assets   (2)   (2)   1,143    1,143    9    -    (216)   29    -    - 
Total Assets  $57,181   $55,775   $146,113   $145,544   $108   $111   $68,802   $68,342   $953   $953 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   461    486    424    321    -    -    726    828    -    - 
Total Current Liabilities Not Subject to Compromise   461    486    424    321    -    -    726    828    -    - 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    956    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    852    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    585    -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   461    1,070    424    2,129    -    -    726    828    -    - 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   10,471    10,471    14,674    14,674    7    7    435    435    -    - 
Pre-petition intercompany payables to other debtors   16    16    44,979    44,979    1    1    30,577    30,577    -    - 
Other liabilities   -    -    87,005    86,839    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   10,487    10,487    146,658    146,492    8    8    31,011    31,011    -    - 
                                                   
Total Liabilities   10,949    11,558    147,081    148,621    8    8    31,738    31,839    -    - 
Equity:                                                  
Total Equity   46,232    44,218    (968)   (3,076)   100    103    37,064    36,503    953    953 
Total Liabilities and Equity  $57,181   $55,775   $146,113   $145,544   $108   $111   $68,802   $68,342   $953   $953 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 141 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Maritrans General Partner Inc.   Maritrans Operating Company L.P.   Milos Product Tanker Corporation   Mindanao Tanker Corporation   Mykonos Tanker LLC 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    1,078    798    -    -    881    2,845 
Other receivables   -    -    -    -    (12)   (27)   -    -    -    716 
Inventory   -    -    -    -    733    398    -    -    55    740 
Prepaid expenses and other current assets   -    -    -    -    25    68    -    -    24    115 
Total Current Assets   -    -    -    -    1,824    1,237    -    -    959    4,417 
Vessels and other property, less accumulated depreciation   -    -    -    -    42,284    41,527    34,414    45,700    47,429    46,513 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    -    -    113 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    42,284    41,527    34,414    45,700    47,429    46,626 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   (385)   (385)   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   -    -    53,629    53,629    0    0    5    5    47,635    47,615 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    135    135    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    2,848    -    -    -    284 
Other Assets   -    -    -    -    -    -    -    -    -    - 
Total Assets  $(385)  $(385)  $53,629   $53,629   $44,109   $45,612   $34,554   $45,840   $96,023   $98,942 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   -    -    -    -    114    223    -    -    277    602 
Total Current Liabilities Not Subject to Compromise   -    -    -    -    114    223    -    -    277    602 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    10,984    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    302    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    -    -    114    223    -    11,286    277    602 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    33,894    33,894    -    - 
Pre-petition intercompany payables to non-debtors   -    -    7    7    22,672    22,672    345    345    47,682    47,682 
Pre-petition intercompany payables to other debtors   146    146    -    -    19,387    19,387    214    214    26,607    26,607 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   146    146    7    7    42,059    42,059    34,454    34,454    74,289    74,289 
                                                   
Total Liabilities   146    146    7    7    42,173    42,282    34,454    45,740    74,566    74,892 
Equity:                                                  
Total Equity   (531)   (531)   53,622    53,622    1,936    3,330    100    100    21,457    24,050 
Total Liabilities and Equity  $(385)  $(385)  $53,629   $53,629   $44,109   $45,612   $34,554   $45,840   $96,023   $98,942 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 142 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Nedimar Charter Corporation   Maple Tanker Corporation   Ocean Bulk Ships, Inc.   Oceania Tanker Corporation   OSG 192 LLC 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $1   $1   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,553    314    (234)   4,002    -    -    2,100    (324)   (20)   - 
Other receivables   (5)   (4)   115    100    -    -    114    567    -    - 
Inventory   333    -    -    -    -    -    -    878    -    - 
Prepaid expenses and other current assets   256    3    61    248    -    -    96    331    9    27 
Total Current Assets   2,137    313    (57)   4,351    -    -    2,310    1,452    (11)   27 
Vessels and other property, less accumulated depreciation   47    -    138,736    136,346    -    -    79,751    77,973    9,219    8,505 
Deferred drydock expenditures, net   1,379    -    -    -    -    -    168    -    796    1,258 
Total Vessels, Deferred Drydock and Other Property   1,426    -    138,736    136,346    -    -    79,920    77,973    10,015    9,763 
Investments in Affiliated Companies   -    -    3,788    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   12,466    12,466    422    422    -    -    84,867    84,867    24,239    24,239 
Pre-petition Intercompany receivables from non-debtors   2    2    0    0    -    -    -    -    3,001    3,001 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    474    -    998    -    -    -    234    -    2,364 
Other Assets   (41)   (38)   1,197    1,129    -    -    -    -    -    - 
Total Assets  $15,991   $13,217   $144,086   $143,246   $-   $-   $167,097   $164,527   $37,244   $39,394 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   591    134    325    307    -    -    102    197    440    1,061 
Total Current Liabilities Not Subject to Compromise   591    134    325    307    -    -    102    197    440    1,061 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    421    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    821    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   1,339    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   197    (243)   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   2,127    (109)   325    1,549    -    -    102    197    440    1,061 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   24,337    24,337    16,128    16,128    -    -    10,310    10,310    52    52 
Pre-petition intercompany payables to other debtors   9    9    46,972    46,972    15    15    360    360    14,899    14,899 
Other liabilities   -    243    84,746    84,585    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   24,346    24,589    147,846    147,685    15    15    10,670    10,670    14,950    14,950 
                                                   
Total Liabilities   26,473    24,480    148,171    149,234    15    15    10,772    10,867    15,391    16,011 
Equity:                                                  
Total Equity   (10,482)   (11,262)   (4,085)   (5,987)   (15)   (15)   156,325    153,660    21,853    23,383 
Total Liabilities and Equity  $15,991   $13,217   $144,086   $143,246   $-   $0   $167,097   $164,527   $37,244   $39,394 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 143 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   OSG 209 LLC   OSG 214 LLC   OSG 215 Corporation   OSG 242 LLC   OSG 243 LLC 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   (9)   6    34    47    -    -    1,551    (21)   1,820    789 
Other receivables   265    265    298    302    -    -    284    251    60    60 
Inventory   -    -    -    -    -    -    315    -    166    - 
Prepaid expenses and other current assets   5    30    5    28    -    -    5    31    15    29 
Total Current Assets   261    302    337    377    -    -    2,155    261    2,061    878 
Vessels and other property, less accumulated depreciation   22,021    21,239    18,892    18,173    -    -    29,890    28,987    31,327    30,447 
Deferred drydock expenditures, net   1,099    860    1,762    1,201    -    -    746    479    703    1,418 
Total Vessels, Deferred Drydock and Other Property   23,121    22,099    20,653    19,374    -    -    30,636    29,466    32,030    31,865 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   24,400    24,400    14,836    14,836    124    124    29,932    29,932    2,761    2,761 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    25,647    25,647 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    3,585    -    4,061    -    -    -    9,262    -    35,373 
Other Assets   19    (31)   -    -    -    -    17    17    (94)   (50)
Total Assets  $47,801   $50,355   $35,826   $38,647   $124   $124   $62,739   $68,937   $62,405   $96,473 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   464    48    398    843    -    -    1,084    1,439    20    76 
Total Current Liabilities Not Subject to Compromise   464    48    398    843    -    -    1,084    1,439    20    76 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    -    -    30,251 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   464    48    398    843    -    -    1,084    1,439    20    30,327 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   54    54    50    50    -    -    58    58    70    70 
Pre-petition intercompany payables to other debtors   11,106    11,106    8,902    8,902    124    124    8,725    8,725    10,001    10,001 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   11,160    11,160    8,951    8,951    124    124    8,783    8,783    10,070    10,070 
                                                   
Total Liabilities   11,624    11,208    9,349    9,795    124    124    9,867    10,222    10,090    40,397 
Equity:                                                  
Total Equity   36,177    39,146    26,477    28,853    (0)   (0)   52,872    58,715    52,314    56,076 
Total Liabilities and Equity  $47,801   $50,355   $35,826   $38,647   $124   $124   $62,739   $68,937   $62,405   $96,473 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 144 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   OSG 244 LLC   OSG 252 LLC   OSG 254 LLC   OSG 300 LLC   OSG 400 LLC 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   68    22    1,600    63    -    (3)   -    -    -    - 
Other receivables   276    276    328    300    247    271    -    -    -    - 
Inventory   -    -    278    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   5    27    5    30    5    29    -    -    -    - 
Total Current Assets   350    325    2,211    392    252    298    -    -    -    - 
Vessels and other property, less accumulated depreciation   16,006    15,080    18,995    18,127    21,186    20,191    -    -    -    - 
Deferred drydock expenditures, net   1,102    827    1,152    712    1,870    2,198    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   17,108    15,907    20,147    18,839    23,056    22,389    -    -    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   27,376    27,376    18,417    18,417    22,276    22,276    84    84    4,141    4,141 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    18,323    18,323 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    4,029    -    7,400    -    3,539    -    -    -    - 
Other Assets   -    -    (7)   -    -    -    -    -    532    532 
Total Assets  $44,834   $47,637   $40,769   $45,048   $45,584   $48,502   $84   $84   $22,996   $22,996 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   474    63    386    79    1    57    -    -    (1)   - 
Total Current Liabilities Not Subject to Compromise   474    63    386    79    1    57    -    -    (1)   - 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    -    -    6 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   474    63    386    79    1    57    -    -    (1)   6 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   51    51    53    53    55    55    -    -    50    50 
Pre-petition intercompany payables to other debtors   11,421    11,421    1,872    1,872    5,994    5,994    -    -    6,183    6,183 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   11,472    11,472    1,925    1,925    6,048    6,048    -    -    6,233    6,233 
                                                   
Total Liabilities   11,946    11,535    2,312    2,004    6,050    6,105    -    -    6,232    6,239 
Equity:                                                  
Total Equity   32,888    36,102    38,457    43,044    39,535    42,397    84    84    16,764    16,757 
Total Liabilities and Equity  $44,834   $47,637   $40,769   $45,048   $45,584   $48,502   $84   $84   $22,996   $22,996 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 145 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   OSG America L.P.   OSG America LLC   OSG America Operating Company
LLC		   OSG Car Carriers, Inc.   OSG Clean Products International,
Inc.		 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $23,350   $93,254   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    (1,501)   -    -    -    -    - 
Other receivables   -    -    -    -    -    -    -    -    -    - 
Inventory   -    -    -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    (1)   -    -    -    -    - 
Total Current Assets   -    -    -    -    21,847    93,254    -    -    -    - 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    -    -    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    -    -    -    - 
Investments in Affiliated Companies   -    -    -    -    995    411    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    64,617    62,483    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    0    0    423,001    423,001    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   -    -    458    458    834,346    834,346    6,682    6,682    100    100 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    1    1    205    205    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    60,429    -    -    -    - 
Other Assets   -    -    -    -    -    -    -    -    -    - 
Total Assets  $-   $-   $459   $459   $1,344,807   $1,473,926   $6,887   $6,887   $100   $100 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   -    -    -    -    16    19    -    -    -    - 
Total Current Liabilities Not Subject to Compromise   -    -    -    -    16    19    -    -    -    - 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    2,211    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    1    -    124,661    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    -    1    16    126,891    -    -    -    - 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    -    -    134,975    134,975    0    0    -    - 
Pre-petition intercompany payables to other debtors   79    79    -    -    686,794    686,794    6,899    6,899    -    - 
Other liabilities   -    -    -    -    302    302    -    -    -    - 
Total  Liabilities Subject to Compromise   79    79    -    -    822,070    822,070    6,899    6,899    -    - 
                                                   
Total Liabilities   79    79    -    1    822,086    948,961    6,899    6,899    -    - 
Equity:                                                  
Total Equity   (79)   (79)   459    458    522,721    524,965    (13)   (13)   100    100 
Total Liabilities and Equity  $-   $-   $459   $459   $1,344,807   $1,473,926   $6,887   $6,887   $100   $100 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 146 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   OSG Columbia LLC   OSG Constitution LLC   OSG Courageous LLC   OSG Delaware Bay Lightering LLC   OSG Discovery LLC 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    5,421    4,322    -    - 
Other receivables   26    26    -    -    10    10    63    63    -    - 
Inventory   -    -    -    -    -    -    710    790    -    - 
Prepaid expenses and other current assets   4    16    -    -    4    24    47    275    -    - 
Total Current Assets   29    41    -    -    14    34    6,241    5,449    -    - 
Vessels and other property, less accumulated depreciation   7,024    6,830    -    -    30,264    29,842    382,438    376,433    -    - 
Deferred drydock expenditures, net   602    387    -    -    -    -    -    650    -    - 
Total Vessels, Deferred Drydock and Other Property   7,626    7,217    -    -    30,264    29,842    382,438    377,083    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   2,435    2,435    1,070    1,070    2,062    2,062    15,144    15,144    1,272    1,272 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    104,456    104,456    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    19,350    -    - 
Other Assets   -    (1)   0    3    (2)   7    0    (38)   -    - 
Total Assets  $10,091   $9,692   $1,070   $1,073   $32,339   $31,945   $508,278   $521,443   $1,272   $1,272 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   125    118    2    3    140    119    598    898    21    - 
Total Current Liabilities Not Subject to Compromise   125    118    2    3    140    119    598    898    21    - 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    1,283    -    2    -    1,346    -    5,979    -    36 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   125    1,401    2    5    140    1,465    598    6,878    21    36 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   33    33    32    32    1    1    380    380    -    - 
Pre-petition intercompany payables to other debtors   9,323    9,323    4,544    4,544    17,212    17,212    88,794    88,794    508    508 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   9,355    9,355    4,576    4,576    17,213    17,213    89,174    89,174    508    508 
                                                   
Total Liabilities   9,480    10,756    4,579    4,582    17,353    18,678    89,772    96,052    529    544 
Equity:                                                  
Total Equity   611    (1,064)   (3,508)   (3,508)   14,986    13,267    418,506    425,391    743    728 
Total Liabilities and Equity  $10,091   $9,692   $1,070   $1,073   $32,339   $31,945   $508,278   $521,443   $1,272   $1,272 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 147 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   OSG Endeavor LLC   OSG Endurance LLC   OSG Enterprise LLC   OSG Financial Corp.   OSG Freedom LLC 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $16   $226   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    -    -    - 
Other receivables   -    -    23    23    10    16    -    -    -    - 
Inventory   -    -    -    -    -    -    -    -    0    - 
Prepaid expenses and other current assets   -    -    4    24    4    14    -    -    5    16 
Total Current Assets   -    -    27    47    14    30    16    226    5    16 
Vessels and other property, less accumulated depreciation   -    -    32,214    31,764    4,238    4,103    -    -    1,478    - 
Deferred drydock expenditures, net   -    -    -    150    1,494    1,021    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    32,214    31,914    5,732    5,123    -    -    1,478    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   -    -    69    69    3,140    3,140    10,251    10,251    829    829 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    -    -    465 
Other Assets   -    -    (30)   (29)   9    11    731    348    0    - 
Total Assets  $-   $-   $32,280   $32,001   $8,895   $8,305   $10,999   $10,825   $2,312   $1,311 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   -    -    145    267    189    124    -    -    (7)   23 
Total Current Liabilities Not Subject to Compromise   -    -    145    267    189    124    -    -    (7)   23 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    16    -    1,275    -    1,341    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    16    145    1,542    189    1,465    -    -    (7)   23 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   111    111    1    1    29    29    -    -    28    28 
Pre-petition intercompany payables to other debtors   310    310    15,683    15,683    8,420    8,420    9,457    9,457    3,753    3,753 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   421    421    15,684    15,684    8,449    8,449    9,457    9,457    3,781    3,781 
                                                   
Total Liabilities   421    437    15,828    17,225    8,638    9,914    9,457    9,457    3,775    3,804 
Equity:                                                  
Total Equity   (421)   (437)   16,452    14,775    257    (1,608)   1,541    1,368    (1,462)   (2,493)
Total Liabilities and Equity  $-   $-   $32,280   $32,001   $8,895   $8,305   $10,999   $10,825   $2,312   $1,311 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 148 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   OSG Honour LLC   OSG Independence LLC   OSG Intrepid LLC   OSG Liberty LLC   OSG Lightering LLC 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $3,502   $11,332 
Voyage receivables   -    -    -    -    -    -    -    -    10,331    11,636 
Other receivables   16    20    14    14    13    12    -    -    10,758    4,792 
Inventory   -    -    -    -    -    -    -    -    3,464    4,603 
Prepaid expenses and other current assets   4    15    4    15    4    14    -    -    1,893    1,057 
Total Current Assets   20    35    18    29    17    26    -    -    29,948    33,420 
Vessels and other property, less accumulated depreciation   3,802    3,659    6,615    6,431    2,897    2,724    -    -    47,653    45,224 
Deferred drydock expenditures, net   848    672    311    651    1,219    1,176    -    -    2,465    3,188 
Total Vessels, Deferred Drydock and Other Property   4,649    4,331    6,926    7,082    4,116    3,900    -    -    50,118    48,411 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    7,190    6,958 
Goodwill   -    -    -    -    -    -    -    -    8,101    8,101 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   2,458    2,458    246    246    2    2    9,493    9,493    128,737    128,737 
Pre-petition Intercompany receivables from non-debtors   -    -    1    1    -    -    1    1    137,738    137,738 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    6,008    -    -    -    1    -    30 
Other Assets   (3)   2    0    (1)   (8)   33    (9)   (9)   107    118 
Total Assets  $7,124   $6,825   $7,191   $13,366   $4,126   $3,961   $9,485   $9,486   $361,940   $363,515 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   143    120    270    212    134    117    (1)   -    4,100    9,823 
Total Current Liabilities Not Subject to Compromise   143    120    270    212    134    117    (1)   -    4,100    9,823 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    494 
Post-petition intercompany payables to other debtors   -    1,337    -    7,841    -    1,780    -    0    -    36 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   143    1,456    270    8,054    134    1,897    (1)   0    4,100    10,353 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   31    31    33    33    30    30    32    32    170,514    170,514 
Pre-petition intercompany payables to other debtors   8,722    8,722    6,907    6,907    7,284    7,284    10,766    10,766    176,852    175,905 
Other liabilities   -    -    -    -    -    -    -    -    (11)   297 
Total  Liabilities Subject to Compromise   8,753    8,753    6,940    6,941    7,314    7,314    10,799    10,799    347,355    346,715 
                                                   
Total Liabilities   8,896    10,210    7,210    14,994    7,447    9,211    10,798    10,799    351,455    357,068 
Equity:                                                  
Total Equity   (1,772)   (3,384)   (19)   (1,628)   (3,321)   (5,250)   (1,313)   (1,313)   10,485    6,447 
Total Liabilities and Equity  $7,124   $6,825   $7,191   $13,366   $4,126   $3,961   $9,485   $9,486   $361,940   $363,515 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 149 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   OSG Lightering Acquisition
Corporation		   OSG Lightering Solutions LLC   OSG Mariner LLC   OSG Maritrans Parent LLC   OSG Navigator LLC 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    -    -    - 
Other receivables   -    -    -    -    -    -    -    -    18    18 
Inventory   -    -    -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    -    -    -    -    4    14 
Total Current Assets   -    -    -    -    -    -    -    -    21    32 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    -    -    2,853    2,684 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    -    587    362 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    -    -    3,440    3,046 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    606    572    -    - 
Goodwill   -    -    1,567    1,567    -    -    -    -    -    - 
Investments in subsidiaries   2,000    2,000    -    -    -    -    103,806    103,806    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   -    -    2,650    2,650    -    -    -    -    19    19 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    -    -    - 
Other Assets   -    -    -    -    -    -    -    -    (4)   (0)
Total Assets  $2,000   $2,000   $4,216   $4,216   $-   $-   $104,411   $104,378   $3,476   $3,096 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   -    -    -    -    -    -    -    -    167    125 
Total Current Liabilities Not Subject to Compromise   -    -    -    -    -    -    -    -    167    125 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    16    -    -    -    1,313 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    -    -    -    16    -    -    167    1,437 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    -    -    111    111    -    -    30    30 
Pre-petition intercompany payables to other debtors   1,999    1,999    2,650    2,650    311    311    120,341    120,341    6,801    6,801 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   1,999    1,999    2,650    2,650    422    422    120,341    120,341    6,831    6,831 
                                                   
Total Liabilities   1,999    1,999    2,650    2,650    422    438    120,341    120,341    6,999    8,269 
Equity:                                                  
Total Equity   1    1    1,567    1,567    (422)   (438)   (15,930)   (15,963)   (3,523)   (5,172)
Total Liabilities and Equity  $2,000   $2,000   $4,216   $4,216   $-   $(0)  $104,411   $104,378   $3,476   $3,096 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 150 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   OSG New York, Inc.   OSG Product Tankers AVTC, LLC   OSG Product Tankers I, LLC   OSG Product Tankers II, LLC   OSG Product Tankers Member LLC 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   5,178    3,568    -    -    -    -    -    -    -    - 
Other receivables   -    11    -    -    -    -    -    -    -    - 
Inventory   352    -    -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   781    868    -    -    -    -    -    -    -    - 
Total Current Assets   6,311    4,447    -    -    -    -    -    -    -    - 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    -    -    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    -    -    -    - 
Investments in Affiliated Companies   300    300    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   21,479    21,479    100    100    -    -    -    -    1    1 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    2,205    -    -    -    -    -    -    -    - 
Other Assets   -    -    -    -    -    -    -    -    -    - 
Total Assets  $28,090   $28,431   $100   $100   $-   $-   $-   $-   $1   $1 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   506    180    -    -    -    -    -    -    -    - 
Total Current Liabilities Not Subject to Compromise   506    180    -    -    -    -    -    -    -    - 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    1,373    -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   506    1,552    -    -    -    -    -    -    -    - 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   26,292    26,292    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to other debtors   10,719    10,719    -    -    8    8    8    8    1    1 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   37,011    37,011    -    -    8    8    8    8    1    1 
                                                   
Total Liabilities   37,517    38,563    -    -    8    8    8    8    1    1 
Equity:                                                  
Total Equity   (9,427)   (10,132)   100    100    (8)   (8)   (8)   (8)   -    - 
Total Liabilities and Equity  $28,090   $28,431   $100   $100   $-   $-   $-   $-   $1   $1 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 151 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   OSG Product Tankers, LLC   OSG Quest LLC   OSG Seafarer LLC   OSG Ship Management, Inc.   OSG Valour LLC 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $1,431   $494   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    -    -    - 
Other receivables   -    -    -    -    -    -    1,773    768    -    - 
Inventory   -    -    -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    -    -    2,832    2,897    -    - 
Total Current Assets   -    -    -    -    -    -    6,036    4,159    -    - 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    12,623    11,209    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    12,623    11,209    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    139    139    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   -    -    64    64    1,000    1,000    193,029    193,109    1,163    1,163 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    993    912    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    0    -    7,194    -    - 
Other Assets   -    -    -    -    -    -    117    400    -    - 
Total Assets  $-   $-   $64   $64   $1,000   $1,001   $212,936   $217,123   $1,163   $1,163 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   -    -    4    -    -    -    9,813    11,955    -    - 
Total Current Liabilities Not Subject to Compromise   -    -    4    -    -    -    9,813    11,955    -    - 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    16    -    -    -    10,828    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    528    526    -    - 
Total Liabilities Not Subject to Compromise   -    -    4    16    -    -    10,341    23,308    -    - 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    140    140    27    27    328    328    -    - 
Pre-petition intercompany payables to other debtors   16    16    61    61    343    343    369,019    369,019    1,075    1,075 
Other liabilities   -    -    -    -    -    -    23,988    19,818    -    - 
Total  Liabilities Subject to Compromise   16    16    201    201    370    370    393,334    389,165    1,075    1,075 
                                                   
Total Liabilities   16    16    205    217    370    370    403,675    412,473    1,075    1,075 
Equity:                                                  
Total Equity   (16)   (16)   (140)   (153)   631    631    (190,740)   (195,350)   88    88 
Total Liabilities and Equity  $-   $-   $64   $64   $1,000   $1,001   $212,936   $217,123   $1,163   $1,163 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 152 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Overseas Allegiance Corporation   Overseas Anacortes LLC   Overseas Boston LLC   Overseas Diligence LLC   Overseas Galena Bay LLC 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    13    -    -    -    -    -    -    - 
Other receivables   -    -    28    30    21    74    137    137    276    276 
Inventory   -    -    -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    450    905    448    898    -    -    -    - 
Total Current Assets   -    -    492    935    468    972    137    137    276    276 
Vessels and other property, less accumulated depreciation   -    -    274    229    171    126    -    -    -    - 
Deferred drydock expenditures, net   -    -    4    57    606    448    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    279    286    776    574    -    -    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   2    2    42,388    42,388    40,291    40,291    311    311    4,465    4,465 
Pre-petition Intercompany receivables from non-debtors   -    -    30    30    -    -    2    2    4    4 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    2,824    -    78    -    -    -    - 
Other Assets   -    -    2,141    2,001    1,159    1,041    -    -    -    - 
Total Assets  $2   $2   $45,329   $48,463   $42,695   $42,956   $451   $451   $4,744   $4,744 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   -    -    1,193    2,312    1,192    280    (0)   (0)   -    - 
Total Current Liabilities Not Subject to Compromise   -    -    1,193    2,312    1,192    280    (0)   (0)   -    - 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    1,193    2,312    1,192    280    (0)   (0)   -    - 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    106    106    91    91    49    49    -    - 
Pre-petition intercompany payables to other debtors   2    2    35,688    35,688    36,030    36,030    300    300    565    565 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   2    2    35,794    35,794    36,122    36,122    348    348    565    565 
                                                   
Total Liabilities   2    2    36,986    38,106    37,313    36,402    348    348    565    565 
Equity:                                                  
Total Equity   0    0    8,343    10,358    5,382    6,555    103    103    4,179    4,179 
Total Liabilities and Equity  $2   $2   $45,329   $48,463   $42,695   $42,956   $451   $451   $4,744   $4,744 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 153 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Overseas Houston LLC   Overseas Integrity LLC   Overseas Long Beach LLC   Overseas Los Angeles LLC   Overseas Martinez LLC 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    -    -    - 
Other receivables   289    284    8    12    307    323    358    284    34    50 
Inventory   -    -    -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   357    693    -    -    357    693    360    693    447    894 
Total Current Assets   646    976    8    12    664    1,016    719    976    482    943 
Vessels and other property, less accumulated depreciation   143    101    -    -    164    115    167    127    345    281 
Deferred drydock expenditures, net   2,793    2,493    -    -    2,195    1,823    2,489    1,842    -    300 
Total Vessels, Deferred Drydock and Other Property   2,936    2,594    -    -    2,359    1,939    2,656    1,969    345    580 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   35,162    35,162    1,150    1,150    35,775    35,775    34,432    34,432    14,892    14,892 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    3    3    3    3    3    3 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    152    -    47    -    34    -    -    -    - 
Other Assets   601    573    -    -    588    545    921    891    2,138    1,992 
Total Assets  $39,345   $39,458   $1,157   $1,209   $39,388   $39,311   $38,730   $38,271   $17,860   $18,412 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   990    264    -    -    1,268    334    1,881    393    1,207    1,049 
Total Current Liabilities Not Subject to Compromise   990    264    -    -    1,268    334    1,881    393    1,207    1,049 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    206    -    71 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   5,875    6,389    -    -    5,458    5,972    5,016    5,530    -    - 
Total Liabilities Not Subject to Compromise   6,865    6,653    -    -    6,726    6,306    6,897    6,129    1,207    1,120 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   96    96    -    -    95    95    98    98    97    97 
Pre-petition intercompany payables to other debtors   33,329    33,329    932    932    31,967    31,967    33,285    33,285    8,451    8,451 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   33,425    33,425    932    932    32,062    32,062    33,383    33,383    8,549    8,549 
                                                   
Total Liabilities   40,289    40,078    932    932    38,788    38,368    40,280    39,513    9,755    9,669 
Equity:                                                  
Total Equity   (944)   (620)   225    277    600    943    (1,551)   (1,242)   8,104    8,743 
Total Liabilities and Equity  $39,345   $39,458   $1,157   $1,209   $39,388   $39,311   $38,730   $38,271   $17,860   $18,412 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 154 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Overseas New Orleans LLC   Overseas New York LLC   Overseas Nikiski LLC   Overseas Perseverance Corporation   Overseas Philadelphia LLC 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    -    -    - 
Other receivables   211    211    119    183    30    31    -    -    211    211 
Inventory   -    -    -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    357    693    448    898    -    -    -    - 
Total Current Assets   211    211    476    876    477    929    -    -    211    211 
Vessels and other property, less accumulated depreciation   -    -    51    41    244    173    -    -    -    - 
Deferred drydock expenditures, net   -    -    209    2,262    891    664    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    260    2,303    1,134    837    -    -    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   3,717    3,717    35,303    35,303    39,256    39,256    383    383    596    596 
Pre-petition Intercompany receivables from non-debtors   -    -    6,190    6,190    -    -    -    -    2    2 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    202    -    -    -    - 
Other Assets   -    -    1,189    1,113    1,246    1,167    -    -    66    68 
Total Assets  $3,928   $3,928   $43,418   $45,785   $42,113   $42,390   $383   $383   $875   $877 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   11    -    1,043    1,048    1,239    307    -    -    -    - 
Total Current Liabilities Not Subject to Compromise   11    -    1,043    1,048    1,239    307    -    -    -    - 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    16    -    2,514    -    -    -    -    -    2 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    4,570    5,084    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   11    16    5,613    8,645    1,239    307    -    -    -    2 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   28    28    95    95    91    91    -    -    -    - 
Pre-petition intercompany payables to other debtors   459    459    36,723    36,723    35,177    35,177    378    378    940    940 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   488    488    36,818    36,818    35,268    35,268    378    378    940    940 
                                                   
Total Liabilities   498    503    42,430    45,463    36,507    35,575    378    378    940    942 
Equity:                                                  
Total Equity   3,430    3,425    987    322    5,606    6,815    4    4    (65)   (65)
Total Liabilities and Equity  $3,928   $3,928   $43,418   $45,785   $42,113   $42,390   $383   $383   $875   $877 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 155 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Overseas Puget Sound LLC   Overseas Sea Swift Corporation   Overseas Shipping (GR) Ltd.   Overseas ST Holding LLC   Overseas Tampa LLC 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    211    198    10    - 
Other receivables   222    222    -    -    -    -    188    205    51    26 
Inventory   -    -    -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    7    -    36    317    443    911 
Total Current Assets   222    222    -    -    7    -    436    719    504    937 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    244,259    239,431    219    207 
Deferred drydock expenditures, net   -    -    -    -    -    -    235    237    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    244,494    239,668    219    207 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    432,794    471,451    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   10,663    10,663    9    9    370,028    370,028    96,424    96,424    4,190    4,190 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    314,966    314,966    6    6    5    5 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    14,140    -    2,622 
Other Assets   -    -    -    -    -    -    88    184    3,469    3,332 
Total Assets  $10,885   $10,885   $9   $9   $1,117,796   $1,156,444   $341,448   $351,141   $8,387   $11,292 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   18    -    -    -    5    -    3,003    801    1,186    2,074 
Total Current Liabilities Not Subject to Compromise   18    -    -    -    5    -    3,003    801    1,186    2,074 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    29    -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   18    29    -    -    5    -    3,003    801    1,186    2,074 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   31    31    -    -    5,976    5,975    110    110    -    - 
Pre-petition intercompany payables to other debtors   6,220    6,220    7    7    45    45    158,460    158,460    6,866    6,866 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   6,251    6,251    7    7    6,021    6,021    158,570    158,570    6,866    6,866 
                                                   
Total Liabilities   6,269    6,279    7    7    6,025    6,021    161,573    159,371    8,052    8,940 
Equity:                                                  
Total Equity   4,616    4,606    2    2    1,111,770    1,150,424    179,876    191,771    334    2,353 
Total Liabilities and Equity  $10,885   $10,885   $9   $9   $1,117,796   $1,156,444   $341,448   $351,141   $8,387   $11,292 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 156 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Overseas Texas City LLC   Pearlmar Limited   Petromar Limited   Pisces Tanker Corporation   Polaris Tanker Corporation 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    2,457    2,161    1,407    1,765    1,982    1,287    1,168    208 
Other receivables   (30)   83    21    14    10    (14)   -    345    (5)   553 
Inventory   -    -    -    -    421    609    248    -    359    - 
Prepaid expenses and other current assets   358    694    29    91    27    70    282    220    282    13 
Total Current Assets   328    777    2,507    2,266    1,865    2,429    2,512    1,852    1,804    774 
Vessels and other property, less accumulated depreciation   9    8    35,337    34,318    24,544    23,797    -    -    -    - 
Deferred drydock expenditures, net   309    192    1,450    1,280    1,497    1,310    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   318    200    36,787    35,598    26,041    25,106    -    -    -    - 
Investments in Affiliated Companies   -    -    440    440    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   41,721    41,721    32,776    32,776    13,809    13,809    20,752    20,752    21,287    21,287 
Pre-petition Intercompany receivables from non-debtors   -    -    5,550    5,550    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    4,253    -    1,655    -    593    -    275    -    81 
Other Assets   1,584    1,479    -    -    (40)   (2)   (1)   (7)   (3)   - 
Total Assets  $43,952   $48,431   $78,059   $78,285   $41,675   $41,935   $23,264   $22,872   $23,088   $22,141 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   1,050    2,299    373    603    67    301    84    433    438    59 
Total Current Liabilities Not Subject to Compromise   1,050    2,299    373    603    67    301    84    433    438    59 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   4,079    4,593    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   5,129    6,891    373    603    67    301    84    433    438    59 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   98    98    6,226    6,226    14,353    14,353    24,007    24,007    24,709    24,709 
Pre-petition intercompany payables to other debtors   29,053    29,053    31,100    31,100    166    166    162    162    741    741 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   29,152    29,152    37,326    37,326    14,519    14,519    24,168    24,168    25,450    25,450 
                                                   
Total Liabilities   34,280    36,043    37,700    37,930    14,586    14,820    24,252    24,601    25,888    25,509 
Equity:                                                  
Total Equity   9,671    12,388    40,360    40,355    27,089    27,116    (989)   (1,729)   (2,800)   (3,368)
Total Liabilities and Equity  $43,952   $48,431   $78,059   $78,285   $41,675   $41,935   $23,264   $22,872   $23,088   $22,141 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 157 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Queens Product Tanker Corporation   Reymar Limited   Rich Tanker Corporation   Rimar Chartering Corporation   Rosalyn Tanker Corporation 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   418    10    2,373    1,904    2,779    1,375    598    259    3,110    2,882 
Other receivables   11    (8)   (7)   19    9    9    53    182    21    228 
Inventory   658    (0)   -    -    -    662    192    0    -    - 
Prepaid expenses and other current assets   34    -    29    90    243    202    303    3    75    260 
Total Current Assets   1,122    2    2,395    2,013    3,031    2,249    1,147    444    3,206    3,370 
Vessels and other property, less accumulated depreciation   -    -    37,449    36,512    -    -    269    -    51,807    51,797 
Deferred drydock expenditures, net   -    -    331    261    -    -    387    -    73    2,258 
Total Vessels, Deferred Drydock and Other Property   -    -    37,780    36,774    -    -    656    -    51,879    54,055 
Investments in Affiliated Companies   -    -    414    414    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   4,141    4,141    26,868    26,868    15,814    15,814    52,488    52,488    10,179    10,179 
Pre-petition Intercompany receivables from non-debtors   47,372    47,372    11,856    11,856    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    629    -    1,016    -    1,578    -    -    -    88 
Other Assets   3    -    (33)   8    -    -    (96)   (42)   (23)   (23)
Total Assets  $52,639   $52,145   $79,279   $78,948   $18,845   $19,641   $54,195   $52,890   $65,241   $67,668 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   431    14    59    402    367    872    350    123    301    781 
Total Current Liabilities Not Subject to Compromise   431    14    59    402    367    872    350    123    301    781 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    3,565 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    2,093    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    4,284    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    511    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   431    14    59    402    878    872    4,633    2,216    301    4,346 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   23,799    23,799    2,567    2,567    19,532    19,532    27,292    27,292    6,406    6,406 
Pre-petition intercompany payables to other debtors   47,711    47,711    30,609    30,609    11    11    30,274    30,274    1    1 
Other liabilities   -    0    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   71,510    71,510    33,177    33,177    19,542    19,542    57,566    57,566    6,407    6,407 
                                                   
Total Liabilities   71,941    71,524    33,236    33,578    20,420    20,414    62,199    59,782    6,707    10,753 
Equity:                                                  
Total Equity   (19,302)   (19,379)   46,044    45,370    (1,576)   (773)   (8,004)   (6,892)   58,534    56,915 
Total Liabilities and Equity  $52,639   $52,145   $79,279   $78,948   $18,845   $19,641   $54,195   $52,890   $65,241   $67,668 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 158 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Rosemar Limited   Rubymar Limited   Sakura Transport Corp.   Samar Product Tanker Corporation   Santorini Tanker LLC 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   24    15    66    452    2,925    3,942    226    -    364    912 
Other receivables   11    6    445    445    61    24    33    19    -    485 
Inventory   -    -    -    -    -    -    -    -    486    282 
Prepaid expenses and other current assets   34    96    2    5    94    275    30    91    119    120 
Total Current Assets   69    117    513    902    3,080    4,241    289    111    969    1,798 
Vessels and other property, less accumulated depreciation   35,909    34,895    34,354    33,415    47,915    46,816    55,715    54,712    47,696    46,877 
Deferred drydock expenditures, net   1,270    1,359    1,392    1,293    1,970    1,712    -    -    -    68 
Total Vessels, Deferred Drydock and Other Property   37,179    36,254    35,746    34,708    49,885    48,528    55,715    54,712    47,696    46,945 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   25,954    25,954    39,950    39,950    9,838    9,838    1,349    1,349    47,700    47,700 
Pre-petition Intercompany receivables from non-debtors   -    -    18    18    0    0    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    734    -    1,301    -    514    -    1,784    -    2,690 
Other Assets   (38)   -    -    -    (33)   (5)   230    231    -    - 
Total Assets  $63,163   $63,057   $76,226   $76,878   $62,770   $63,116   $57,583   $58,187   $96,365   $99,134 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   247    517    652    856    260    63    438    471    30    514 
Total Current Liabilities Not Subject to Compromise   247    517    652    856    260    63    438    471    30    514 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    122    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    533    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   247    517    652    856    260    63    438    1,126    30    514 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   6,632    6,632    4,148    4,148    8,952    8,952    15,238    15,238    1    1 
Pre-petition intercompany payables to other debtors   18,287    18,287    26,155    26,155    -    -    284    284    74,363    74,363 
Other liabilities   -    -    -    -    -    -    41,668    41,772    -    - 
Total  Liabilities Subject to Compromise   24,919    24,919    30,303    30,303    8,952    8,952    57,190    57,294    74,364    74,364 
                                                   
Total Liabilities   25,166    25,436    30,955    31,159    9,212    9,014    57,627    58,420    74,394    74,878 
Equity:                                                  
Total Equity   37,996    37,621    45,271    45,720    53,559    54,101    (44)   (233)   21,971    24,255 
Total Liabilities and Equity  $63,163   $63,057   $76,226   $76,878   $62,770   $63,116   $57,583   $58,187   $96,365   $99,134 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 159 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Serifos Tanker Corporation   Seventh Aframax Tanker
Corporation		   Shirley Tanker SRL   Sifnos Tanker Corporation   Silvermar Limited 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $10   $4   $-   $-   $-   $- 
Voyage receivables   1,537    160    1,417    1,097    1,727    1,464    1,549    1,752    2,047    2,165 
Other receivables   (4)   318    16    17    10    (38)   3    22    (16)   (9)
Inventory   -    0    -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   240    1    47    119    23    131    240    267    29    89 
Total Current Assets   1,773    478    1,480    1,233    1,770    1,561    1,792    2,042    2,061    2,245 
Vessels and other property, less accumulated depreciation   935    853    22,496    21,938    42,556    41,067    1,040    954    34,297    33,338 
Deferred drydock expenditures, net   4    -    1,887    1,667    1,389    1,165    (0)   88    1,564    1,862 
Total Vessels, Deferred Drydock and Other Property   938    853    24,384    23,604    43,945    42,232    1,040    1,042    35,861    35,200 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    703    703 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    875    875    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   5,941    5,941    9,979    9,979    10,555    10,555    5,840    5,840    17,433    17,433 
Pre-petition Intercompany receivables from non-debtors   0    0    1    1    -    -    -    -    0    0 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    640    -    333    -    -    -    -    -    1,334 
Other Assets   10    (49)   66    82    156    180    15    (59)   (12)   (13)
Total Assets  $8,663   $7,865   $35,909   $35,233   $57,301   $55,403   $8,687   $8,865   $56,046   $56,902 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   45    15    220    183    1,282    506    44    104    57    428 
Total Current Liabilities Not Subject to Compromise   45    15    220    183    1,282    506    44    104    57    428 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    692    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    453    -    600    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   45    15    220    183    1,282    1,651    44    704    57    428 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    6,111    6,111    -    -    -    - 
Pre-petition intercompany payables to non-debtors   11,875    11,875    34,974    34,974    19,866    19,866    12,130    12,130    5,014    5,014 
Pre-petition intercompany payables to other debtors   8    8    16    16    38    38    0    0    9,736    9,736 
Other liabilities   -    -    -    0    37,043    37,030    -    -    -    - 
Total  Liabilities Subject to Compromise   11,884    11,884    34,990    34,990    63,058    63,045    12,130    12,130    14,750    14,750 
                                                   
Total Liabilities   11,929    11,899    35,210    35,173    64,340    64,696    12,174    12,834    14,807    15,178 
Equity:                                                  
Total Equity   (3,266)   (4,034)   699    60    (7,038)   (9,293)   (3,487)   (3,969)   41,238    41,724 
Total Liabilities and Equity  $8,663   $7,865   $35,909   $35,233   $57,301   $55,403   $8,687   $8,865   $56,046   $56,902 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 160 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Sixth Aframax Tanker Corporation   Skopelos Product Tanker
Corporation		   Star Chartering Corporation   Suezmax International Agencies, Inc.   Talara Chartering Corporation 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   459    520    1,715    603    19    114    14,133    11,807    1,692    1,415 
Other receivables   6    36    33    21    -    -    522    53    26    859 
Inventory   -    -    598    325    -    -    -    -    -    - 
Prepaid expenses and other current assets   41    125    220    63    241    693    1,416    941    639    5 
Total Current Assets   506    681    2,565    1,012    260    807    16,071    12,800    2,357    2,279 
Vessels and other property, less accumulated depreciation   21,356    20,809    32,130    31,521    -    -    -    -    1,068    - 
Deferred drydock expenditures, net   1,279    1,067    (2)   25    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   22,635    21,876    32,128    31,546    -    -    -    -    1,068    - 
Investments in Affiliated Companies   -    -    -    -    -    -    2,864    1,350    542    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   8,513    8,105    19,977    19,977    8,855    8,855    35,592    35,592    11,095    11,095 
Pre-petition Intercompany receivables from non-debtors   -    -    2    2    -    -    486    486    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    328    -    2,991    -    -    -    672    -    - 
Other Assets   37    42    -    (40)   -    1    -    -    (20)   (3)
Total Assets  $31,690   $31,032   $54,673   $55,488   $9,116   $9,663   $55,012   $50,900   $15,042   $13,371 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   743    276    148    570    240    460    616    231    53    242 
Total Current Liabilities Not Subject to Compromise   743    276    148    570    240    460    616    231    53    242 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    354    -    964    -    146 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    633    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    563    -    -    - 
Total Liabilities Not Subject to Compromise   743    276    148    570    240    814    1,179    1,196    686    389 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    978    -    -    - 
Pre-petition intercompany payables to non-debtors   5,769    5,769    17,088    17,088    8,852    8,852    54,430    54,430    21,873    21,873 
Pre-petition intercompany payables to other debtors   80    80    7    7    -    -    2,592    2,592    1    1 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   5,849    5,849    17,095    17,095    8,852    8,852    58,000    57,022    21,874    21,874 
                                                   
Total Liabilities   6,592    6,125    17,243    17,665    9,091    9,665    59,179    58,218    22,560    22,262 
Equity:                                                  
Total Equity   25,098    24,907    37,429    37,823    24    (2)   (4,167)   (7,318)   (7,518)   (8,892)
Total Liabilities and Equity  $31,690   $31,032   $54,673   $55,488   $9,116   $9,663   $55,012   $50,900   $15,042   $13,371 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 161 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Third United Shipping Corporation   Tokyo Transport Corp.   Transbulk Carriers, Inc.   Troy Chartering Corporation   Troy Product Corporation 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    3,339    3,311    -    -    173    240    -    - 
Other receivables   -    -    18    25    -    -    13    630    -    - 
Inventory   -    -    -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    92    276    -    -    344    (3)   -    - 
Total Current Assets   -    -    3,449    3,612    -    -    531    866    -    - 
Vessels and other property, less accumulated depreciation   -    -    50,753    49,512    -    -    1,101    -    -    - 
Deferred drydock expenditures, net   -    -    1,950    1,731    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    52,703    51,243    -    -    1,101    -    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   105,125    105,125    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   -    -    10,324    10,324    295    295    30,356    30,356    58,765    58,765 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    678    -    -    -    -    -    - 
Other Assets   -    -    (6)   (12)   -    -    (35)   (35)   -    - 
Total Assets  $105,125   $105,125   $66,470   $65,844   $295   $295   $31,953   $31,188   $58,765   $58,765 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   -    -    326    191    -    -    68    178    -    - 
Total Current Liabilities Not Subject to Compromise   -    -    326    191    -    -    68    178    -    - 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    1,291    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    708    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    326    191    -    -    776    1,469    -    - 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    8,479    8,479    -    -    42,724    42,724    58,345    58,345 
Pre-petition intercompany payables to other debtors   -    -    16    16    211    211    4,372    4,372    -    - 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   -    -    8,494    8,494    211    211    47,096    47,096    58,345    58,345 
                                                   
Total Liabilities   -    -    8,821    8,686    211    211    47,872    48,565    58,345    58,345 
Equity:                                                  
Total Equity   105,125    105,125    57,649    57,159    85    85    (15,919)   (17,377)   420    420 
Total Liabilities and Equity  $105,125   $105,125   $66,470   $65,844   $295   $295   $31,953   $31,188   $58,765   $58,765 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 162 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Urban Tanker Corporation   Vega Tanker Corporation   View Tanker Corporation   Vivian Tankships Corporation   Vulpecula Chartering Corporation 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                                  
Current Assets:                                                  
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,574    1,768    -    -    2,869    (238)   -    -    753    476 
Other receivables   -    -    13    13    -    57    -    -    2    402 
Inventory   -    -    -    -    -    (0)   -    -    169    - 
Prepaid expenses and other current assets   243    236    -    -    186    376    -    -    272    4 
Total Current Assets   1,817    2,004    13    13    3,055    194    -    -    1,196    882 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    -    -    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    -    -    -    - 
Investments in Affiliated Companies   300    300    -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   19,341    19,341    5,080    5,080    7,323    7,323    21,117    21,117    24,373    24,373 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    188    188 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    2,596    -    -    -    - 
Other Assets   (9)   (9)   87    87    54    54    -    -    -    - 
Total Assets  $21,448   $21,636   $5,179   $5,179   $10,432   $10,167   $21,117   $21,117   $25,757   $25,443 
                                                   
LIABILITIES AND EQUITY                                                  
Current Liabilities Not Subject to Compromise:                                                  
Accounts payable, accrued expenses and other current liabilities   27    25    20    20    764    235    -    -    549    76 
Total Current Liabilities Not Subject to Compromise   27    25    20    20    764    235    -    -    549    76 
                                                   
Noncurrent Liabilities Not Subject to Compromise:                                                  
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    74    -    26    -    -    -    -    -    175 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   500    -    -    -    511    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   526    100    20    46    1,275    235    -    -    549    251 
                                                   
Liabilities Subject to Compromise:                                                  
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   23,602    23,602    9    9    11,439    11,439    -    -    24,937    24,937 
Pre-petition intercompany payables to other debtors   3    3    2,127    2,127    1    1    14,490    14,490    681    681 
Other liabilities   -    -    -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   23,604    23,604    2,136    2,136    11,440    11,440    14,490    14,490    25,618    25,618 
                                                   
Total Liabilities   24,131    23,704    2,156    2,182    12,715    11,675    14,490    14,490    26,167    25,869 
Equity:                                                  
Total Equity   (2,683)   (2,068)   3,023    2,997    (2,283)   (1,508)   6,627    6,627    (410)   (426)
Total Liabilities and Equity  $21,448   $21,636   $5,179   $5,179   $10,432   $10,167   $21,117   $21,117   $25,757   $25,443 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 163 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Wind Aframax Tanker Corporation   Combined
Debtors		   Eliminations   Consolidated Debtors 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $398,725   $521,046   $-   $-   $398,725   $521,046 
Voyage receivables   -    -    168,830    145,702    -    -    168,830    145,702 
Other receivables   10    10    70,348    67,830    -    -    70,348    67,830 
Inventory   -    -    14,150    12,316    -    -    14,150    12,316 
Prepaid expenses and other current assets   -    -    46,596    43,008    -    -    46,596    43,008 
Total Current Assets   10    10    698,648    789,903    -    -    698,648    789,903 
Vessels and other property, less accumulated depreciation   -    -    3,147,915    3,084,412    1    1    3,147,915    3,084,413 
Deferred drydock expenditures, net   -    -    73,898    65,072    -    -    73,898    65,072 
Total Vessels, Deferred Drydock and Other Property   -    -    3,221,813    3,149,485    1    1    3,221,813    3,149,486 
Investments in Affiliated Companies   -    -    247,664    265,045    -    -    247,664    265,045 
Intangible Assets, less accumulated amortization   -    -    72,413    70,014    -    -    72,413    70,014 
Goodwill   -    -    9,668    9,668    -    -    9,668    9,668 
Investments in subsidiaries   -    -    5,432,119    5,470,783    (5,439,235)   (5,477,872)   (7,116)   (7,089)
Intercompany loans receivable and accrued interest   -    -    448,108    423,708    (359,840)   (375,620)   88,268    48,088 
Pre-petition intercompany receivables from debtors   51    51    5,846,820    5,846,016    (5,846,820)   (5,846,016)   -    - 
Pre-petition Intercompany receivables from non-debtors   -    -    2,233,518    2,233,404    -    -    2,233,518    2,233,404 
Post-petition intercompany receivables from non-debtors   -    -    -    2,994    -    -    -    2,994 
Post-petition Intercompany receivables from debtors   -    -    -    328,107    -    (328,107)   -    - 
Other Assets   -    -    20,819    20,753    30    30    20,849    20,783 
Total Assets  $61   $61   $18,231,591   $18,609,878   $(11,645,865)  $(12,027,584)  $6,585,726   $6,582,294 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   0    0    73,627    94,043    62    62    73,689    94,105 
Total Current Liabilities Not Subject to Compromise   0    0    73,627    94,043    62    62    73,689    94,105 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    141,758    -    (141,758)   -    - 
Post-petition intercompany payables to non-debtors   -    -    -    19,471    -    -    -    19,471 
Post-petition intercompany payables to other debtors   -    -    -    328,107    -    (328,107)   -    0 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    5,457    -    -    -    5,457    - 
Deferred Income Taxes and Other Liabilities   -    -    241,503    236,026    -    -    241,503    236,026 
Total Liabilities Not Subject to Compromise   0    0    320,587    819,405    62    (469,803)   320,649    349,602 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    376,324    250,346    (359,840)   (233,862)   16,484    16,484 
Pre-petition intercompany payables to non-debtors   -    -    2,142,541    2,142,541    -    -    2,142,541    2,142,541 
Pre-petition intercompany payables to other debtors   -    -    5,846,820    5,846,016    (5,846,820)   (5,846,016)   -    (0)
Other liabilities   -    -    2,627,704    2,624,842    -    -    2,627,704    2,624,842 
Total  Liabilities Subject to Compromise   -    -    10,993,389    10,863,744    (6,206,660)   (6,079,878)   4,786,729    4,783,867 
                                         
Total Liabilities   0    0    11,313,976    11,683,150    (6,206,598)   (6,549,681)   5,107,378    5,133,469 
Equity:                                        
Total Equity   61    61    6,917,615    6,926,728    (5,439,267)   (5,477,903)   1,478,348    1,448,825 
Total Liabilities and Equity  $61   $61   $18,231,591   $18,609,878   $(11,645,865)  $(12,027,584)  $6,585,726   $6,582,294 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 164 of 165
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and April 30, 2013

 

   Total
Non-debtors		   Eliminations   Consolidated Overseas Shipholding 
Group, Inc.		 
   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013   November 13,
2012		   April 30, 2013 
ASSETS                              
Current Assets:                              
Cash and cash equivalents  $79,248   $43,765   $-   $-   $477,973   $564,811 
Voyage receivables   2,923    1,001    -    -    171,753    146,703 
Other receivables   10,321    (5,364)   -    -    80,669    62,466 
Inventory   -    -    -    -    14,150    12,316 
Prepaid expenses and other current assets   40    718    -    -    46,636    43,726 
Total Current Assets   92,533    40,119    -    -    791,181    830,023 
Vessels and other property, less accumulated depreciation   (12,092)   (11,602)   -    -    3,135,823    3,072,811 
Deferred drydock expenditures, net   -    -    -    -    73,898    65,072 
Total Vessels, Deferred Drydock and Other Property   (12,092)   (11,602)   -    -    3,209,721    3,137,884 
Investments in Affiliated Companies   300    300    -    -    247,964    265,345 
Intangible Assets, less accumulated amortization   242    233    -    -    72,655    70,247 
Goodwill   (79)   (79)   -    -    9,589    9,589 
Investments in subsidiaries   7,116    7,089    -    -    0    0 
Intercompany loans receivable and accrued interest   16,484    16,484    (104,752)   (64,572)   -    - 
Pre-petition intercompany receivables from debtors   2,142,541    2,142,541    (2,142,541)   (2,142,541)   -    - 
Pre-petition Intercompany receivables from non-debtors   -    -    (2,233,518)   (2,233,404)   -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    (2,994)   -    - 
Post-petition Intercompany receivables from debtors   -    19,471    -    (19,471)   -    - 
Other Assets   (271)   (549)   -    -    20,579    20,234 
Total Assets  $2,246,773   $2,214,008   $(4,480,811)  $(4,462,982)  $4,351,689   $4,333,322 
                               
LIABILITIES AND EQUITY                              
Current Liabilities Not Subject to Compromise:                              
Accounts payable, accrued expenses and other current liabilities   19,478    29,476    -    -    93,168    123,581 
Total Current Liabilities Not Subject to Compromise   19,478    29,476    -    -    93,168    123,581 
                               
Noncurrent Liabilities Not Subject to Compromise:                              
Intercompany loans payable and accrued interest   88,268    48,088    (88,268)   (48,088)   -    - 
Post-petition intercompany payables to non-debtors   -    -    -    (19,471)   -    - 
Post-petition intercompany payables to other debtors   2,233,518    2,236,398    (2,233,518)   (2,236,398)   -    0 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    5,457    - 
Deferred Income Taxes and Other Liabilities   6,201    4,611    -    -    247,704    240,637 
Total Liabilities Not Subject to Compromise   2,347,466    2,318,573    (2,321,786)   (2,303,957)   346,329    364,217 
                               
Liabilities Subject to Compromise:                              
Pre-petition intercompany loans payable and accrued interest   -    -    (16,484)   (16,484)   -    - 
Pre-petition intercompany payables to non-debtors   -    -    (2,142,541)   (2,142,541)   -    - 
Pre-petition intercompany payables to other debtors   -    -    -    0    -    - 
Other liabilities   -    -    -    -    2,627,704    2,624,842 
Total  Liabilities Subject to Compromise   -    -    (2,159,025)   (2,159,025)   2,627,704    2,624,842 
                               
Total Liabilities   2,347,466    2,318,573    (4,480,811)   (4,462,982)   2,974,033    2,989,059 
Equity:                              
Total Equity   (100,693)   (104,565)             1,377,656    1,344,263 
Total Liabilities and Equity  $2,246,773   $2,214,008   $(4,480,811)  $(4,462,982)  $4,351,689   $4,333,322 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 165 of 165