EX-99.1 2 v349927_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 May 1, 2013 through May 31, 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 15, 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

May 1, 2013 through May 31, 2013

 

Page 1 of 174
 

 

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

May 1, 2013 through May 31, 2013

 

Page 2 of 174
 

 

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 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

May 1, 2013 through May 31, 2013

 

Page 3 of 174
 

 

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

 

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

May 1, 2013 through May 31, 2013

 

Page 4 of 174
 

 

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 May 1, 2013 through May 31, 2013

(in thousands of dollars)

 

Beginning Cash Balance  $564,811 
      
Cash Receipts:     
Vessel Related Receipts   80,848 
Other Receipts1   4,680 
Total Receipts   85,528 
      
Cash Disbursements:     
Vessel Related Disbursements2   59,563 
General and Administrative:     
Compensation & Benefits   3,672 
Other General & Administrative   3,873 
Taxes   30 
Restructuring Costs and Adequate Protection Payments   9,363 
U.S. Trustee Fees   5 
Other Disbursements   172 
Total Disbursements   76,678 
      
Ending Cash Balance  $573,661 

  

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

May 1, 2013 through May 31, 2013

 

Page 5 of 174
 

 

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 May 1, 2013 through May 31, 2013

 

   Filing Entities:  Case #  Total Disbursements 
1  Overseas Shipholding Group, Inc.  12-20000  $1,886,219 
2  OSG International, Inc.  12-20001   2,385,279 
3  OSG Bulk Ships, Inc.  12-20002   1,202,646 
4  1372 Tanker Corporation  12-20003   299,644 
5  Africa Tanker Corporation  12-20004   151,294 
6  Alcesmar Limited  12-20005   155,403 
7  Alcmar Limited  12-20006   181,136 
8  Alpha Suezmax Corporation  12-20007   20,782 
9  Alpha Tanker Corporation  12-20008   252 
10  Amalia Product Corporation  12-20009   231,679 
11  Ambermar Product Carrier Corporation  12-20010   359,665 
12  Ambermar Tanker Corporation  12-20011   820 
13  Andromar Limited  12-20012   182,949 
14  Antigmar Limited  12-20013   168,585 
15  Aqua Tanker Corporation  12-20014   3,413 
16  Aquarius Tanker Corporation  12-20015   32,494 
17  Ariadmar Limited  12-20016   224,545 
18  Aspro Tanker Corporation  12-20017   980 
19  Atalmar Limited  12-20018   779,596 
20  Athens Product Tanker Corporation  12-20019   941,697 
21  Atlas Chartering Corporation  12-20020   250,258 
22  Aurora Shipping Corporation  12-20021   726,838 
23  Avila Tanker Corporation  12-20022   905 
24  Batangas Tanker Corporation  12-20023   90,410 
25  Beta Aframax Corporation  12-20024   49,488 

 

 
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

May 1, 2013 through May 31, 2013

 

Page 6 of 174
 

 

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 May 1, 2013 through May 31, 2013

 

   Filing Entities:  Case #  Total Disbursements 
26  Brooklyn Product Tanker Corporation  12-20025   23,616 
27  Cabo Hellas Limited  12-20026   198,666 
28  Cabo Sounion Limited  12-20027   221,208 
29  Caribbean Tanker Corporation  12-20028   9,147 
30  Carina Tanker Corporation  12-20029   177,132 
31  Carl Product Corporation  12-20030   169,273 
32  Concept Tanker Corporation  12-20031   431,765 
33  Crown Tanker Corporation  12-20032   188 
34  Delphina Tanker Corporation  12-20033   - 
35  Delta Aframax Corporation  12-20034   284,138 
36  DHT Ania Aframax Corp.  12-20035   873 
37  DHT Ann VLCC Corp.  12-20036   19,318 
38  DHT Cathy Aframax Corp.  12-20037   10,432 
39  DHT Chris VLCC Corp.  12-20038   20,750 
40  DHT Rebecca Aframax Corp.  12-20039   1,323 
41  DHT Regal Unity VLCC Corp.  12-20040   9,337 
42  DHT Sophie Aframax Corp.  12-20041   7,216 
43  Dignity Chartering Corporation  12-20042   27,961 
44  Edindun Shipping Corporation  12-20043   - 
45  Eighth Aframax Tanker Corporation  12-20044   237,953 
46  Epsilon Aframax Corporation  12-20045   267,078 
47  First Chemical Carrier Corporation  12-20046   449,755 
48  First LPG Tanker Corporation  12-20047   4,172 
49  First Union Tanker Corporation  12-20048   292,518 
50  Fourth Aframax Tanker Corporation  12-20049   8,778 

 

 
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

May 1, 2013 through May 31, 2013

 

Page 7 of 174
 

 

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 May 1, 2013 through May 31, 2013

 

   Filing Entities:  Case #  Total Disbursements 
51  Front President Inc.  12-20050   405,703 
52  Goldmar Limited  12-20051   200,845 
53  GPC Aframax Corporation  12-20052   438,776 
54  Grace Chartering Corporation  12-20053   15,694 
55  International Seaways, Inc.  12-20054   2,769,144 
56  Jademar Limited  12-20055   199,466 
57  Joyce Car Carrier Corporation  12-20056   10,880 
58  Juneau Tanker Corporation  12-20057   5,374 
59  Kimolos Tanker Corporation  12-20058   422,119 
60  Kythnos Chartering Corporation  12-20059   249,719 
61  Leo Tanker Corporation  12-20060   85,840 
62  Leyte Product Tanker Corporation  12-20061   781,338 
63  Limar Charter Corporation  12-20062   27,756 
64  Luxmar Product Tanker Corporation  12-20063   407,744 
65  Luxmar Tanker LLC  12-20064   34,805 
66  Majestic Tankers Corporation  12-20065   378,495 
67  Maple Tanker Corporation  12-20066   400,883 
68  Maremar Product Tanker Corporation  12-20067   7,693 
69  Maremar Tanker LLC  12-20068   785,591 
70  Marilyn Vessel Corporation  12-20069   281 
71  Maritrans General Partner Inc.  12-20070   157 
72  Maritrans Operating Company L.P.  12-20071   15,814 
73  Milos Product Tanker Corporation  12-20072   623,921 
74  Mindanao Tanker Corporation  12-20073   31,922 
75  Mykonos Tanker LLC  12-20074   1,198,721 

 

 
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

May 1, 2013 through May 31, 2013

 

Page 8 of 174
 

 

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 May 1, 2013 through May 31, 2013

 

   Filing Entities:  Case #  Total Disbursements 
76  Nedimar Charter Corporation  12-20075   13,360 
77  Oak Tanker Corporation  12-20076   335,098 
78  Ocean Bulk Ships, Inc.  12-20077   4 
79  Oceania Tanker Corporation  12-20078   175,022 
80  OSG 192 LLC  12-20079   178,120 
81  OSG 209 LLC  12-20080   98,899 
82  OSG 214 LLC  12-20081   191,456 
83  OSG 215 Corporation  12-20082   73 
84  OSG 242 LLC  12-20083   117,176 
85  OSG 243 LLC  12-20084   187,738 
86  OSG 244 LLC  12-20085   156,925 
87  OSG 252 LLC  12-20086   69,413 
88  OSG 254 LLC  12-20087   135,141 
89  OSG 300 LLC  12-20088   25 
90  OSG 400 LLC  12-20089   8,620 
91  OSG America L.P.  12-20090   23 
92  OSG America LLC  12-20091   135 
93  OSG America Operating Company LLC  12-20092   723,159 
94  OSG Car Carriers, Inc.  12-20093   4,065 
95  OSG Clean Products International, Inc.  12-20094   29 
96  OSG Columbia LLC  12-20095   242,091 
97  OSG Constitution LLC  12-20096   1,667 
98  OSG Courageous LLC  12-20097   245,383 
99  OSG Delaware Bay Lightering LLC  12-20098   2,171,094 
100  OSG Discovery LLC  12-20099   536 

 

 
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

May 1, 2013 through May 31, 2013

 

Page 9 of 174
 

 

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 May 1, 2013 through May 31, 2013

 

   Filing Entities:  Case #  Total Disbursements 
101  OSG Endeavor LLC  12-20100   15,451 
102  OSG Endurance LLC  12-20101   227,355 
103  OSG Enterprise LLC  12-20102   227,770 
104  OSG Financial Corp.  12-20103   5,980 
105  OSG Freedom LLC  12-20104   12,200 
106  OSG Honour LLC  12-20105   228,103 
107  OSG Independence LLC  12-20106   209,173 
108  OSG Intrepid LLC  12-20107   217,063 
109  OSG Liberty LLC  12-20108   5,981 
110  OSG Lightering LLC  12-20109   8,986,910 
111  OSG Lightering Acquisition Corporation  12-20110   1,179 
112  OSG Lightering Solutions LLC  12-20111   2,024 
113  OSG Mariner LLC  12-20112   15,451 
114  OSG Maritrans Parent LLC  12-20113   66,258 
115  OSG Navigator LLC  12-20114   238,090 
116  OSG New York, Inc.  12-20115   461,666 
117  OSG Product Tankers AVTC, LLC  12-20116   29 
118  OSG Product Tankers Member LLC  12-20117   1 
119  OSG Product Tankers II, LLC  12-20118   2 
120  OSG Product Tankers I, LLC  12-20119   2 
121  OSG Product Tankers, LLC  12-20120   5 
122  OSG Quest LLC  12-20121   7,744 
123  OSG Seafarer LLC  12-20122   404 
124  OSG Ship Management, Inc.  12-20123   5,334,917 
125  OSG Valour LLC  12-20124   660 

 

 
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

May 1, 2013 through May 31, 2013

 

Page 10 of 174
 

 

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 May 1, 2013 through May 31, 2013

 

   Filing Entities:  Case #  Total Disbursements 
126  Overseas Allegiance Corporation  12-20125   1 
127  Overseas Anacortes LLC  12-20126   1,314,992 
128  Overseas Boston LLC  12-20127   1,271,777 
129  Overseas Diligence LLC  12-20128   236 
130  Overseas Galena Bay LLC  12-20129   1,565 
131  Overseas Houston LLC  12-20130   1,131,232 
132  Overseas Integrity LLC  12-20131   631 
133  Overseas Long Beach LLC  12-20132   1,170,638 
134  Overseas Los Angeles LLC  12-20133   1,148,674 
135  Overseas Martinez LLC  12-20134   1,920,685 
136  Overseas New Orleans LLC  12-20135   1,307 
137  Overseas New York LLC  12-20136   1,333,448 
138  Overseas Nikiski LLC  12-20137   1,304,753 
139  Overseas Perseverance Corporation  12-20138   224 
140  Overseas Philadelphia LLC  12-20139   796 
141  Overseas Puget Sound LLC  12-20140   5,061 
142  Overseas Sea Swift Corporation  12-20141   5 
143  Overseas Shipping (GR) Ltd.  12-20142   342,748 
144  Overseas ST Holding LLC  12-20143   1,161,152 
145  Overseas Tampa LLC  12-20144   1,259,903 
146  Overseas Texas City LLC  12-20145   1,170,766 
147  Pearlmar Limited  12-20146   245,633 
148  Petromar Limited  12-20147   529,734 
149  Pisces Tanker Corporation  12-20148   359,469 
150  Polaris Tanker Corporation  12-20149   68,650 

 

 
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

May 1, 2013 through May 31, 2013

 

Page 11 of 174
 

 

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 May 1, 2013 through May 31, 2013

 

   Filing Entities:  Case #  Total Disbursements 
151  Queens Product Tanker Corporation  12-20150   36,910 
152  Reymar Limited  12-20151   323,960 
153  Rich Tanker Corporation  12-20152   1,182,771 
154  Rimar Chartering Corporation  12-20153   82,110 
155  Rosalyn Tanker Corporation  12-20154   1,443,153 
156  Rosemar Limited  12-20155   239,482 
157  Rubymar Limited  12-20156   31,693 
158  Sakura Transport Corp.  12-20157   257,111 
159  Samar Product Tanker Corporation  12-20158   309,216 
160  Santorini Tanker LLC  12-20159   1,347,582 
161  Serifos Tanker Corporation  12-20160   242,216 
162  Seventh Aframax Tanker Corporation  12-20161   310,517 
163  Shirley Tanker SRL  12-20162   248,599 
164  Sifnos Tanker Corporation  12-20163   433,961 
165  Silvermar Limited  12-20164   177,096 
166  Sixth Aframax Tanker Corporation  12-20165   215,656 
167  Skopelos Product Tanker Corporation  12-20166   511,578 
168  Star Chartering Corporation  12-20167   474,642 
169  Suezmax International Agencies, Inc.  12-20168   931,453 
170  Talara Chartering Corporation  12-20169   33,682 
171  Third United Shipping Corporation  12-20170   30,996 
172  Tokyo Transport Corp.  12-20171   366,835 
173  Transbulk Carriers, Inc.  12-20172   149 
174  Troy Chartering Corporation  12-20173   79,351 
175  Troy Product Corporation  12-20174   34,529 

 

 
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

May 1, 2013 through May 31, 2013

 

Page 12 of 174
 

 

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 May 1, 2013 through May 31, 2013

 

176  Urban Tanker Corporation  12-20175   426,442 
177  Vega Tanker Corporation  12-20176   2,170 
178  View Tanker Corporation  12-20177   413,854 
179  Vivian Tankships Corporation  12-20178   10,498 
180  Vulpecula Chartering Corporation  12-20179   86,929 
181  Wind Aframax Tanker Corporation  12-20180   18 
            
      Total Disbursements  $70,047,166 

 

 
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

May 1, 2013 through May 31, 2013

 

Page 13 of 174
 

 

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 May 1, 2013 through May 31, 2013

 

   Amounts Paid this Period   Cumulative Amount Paid Since Petition Date 
Professional  Fees   Expenses   Total   Fees   Expenses   Total 
Akin Gump Straus Hauer & Feld LLP  $1,192,536   $53,559   $1,246,095   $2,492,360   $87,283   $2,579,643 
Bowman Gilfillan, Inc.   -    -    -    -    -    - 
Burke & Parsons   3,831    35    3,866    82,579    3,174    85,753 
Chilmark Partners, LLC   120,000    48,911    168,911    120,000    48,911    168,911 
Cleary Gottlieb Steen & Hamilton LLP   3,901,995    108,957    4,010,952    7,956,880    194,595    8,151,475 
Deloitte Tax LLP   263,467    84    263,551    263,467    84    263,551 
Eversheds LLP   -    -    -    -    -    - 
FTI Consulting, Inc.   1,042,843    2,435    1,045,278    1,559,424    3,295    1,562,719 
Houlihan Lokey Capital, Inc.   71,167    -    71,167    355,833    3,116    358,949 
Kurtzman Carson Consultants LLC   -    -    -    -    -    - 
Mercer (US) Inc.   111,694    32,231    143,925    111,694    32,231    143,925 
Morris, Nichols, Arsht & Tunnell LLP   176,956    4,798    181,754    272,598    18,633    291,232 
Mullin Hoard & Brown LLP   54,328    1,703    56,031    136,985    10,505    147,490 
Pepper Hamilton LLP   17,865    -    17,865    71,459    5,068    76,527 
Pricewaterhouse Coopers LLP   711,726    4,133    715,858    711,726    4,133    715,858 
                             - 
Total Professional Fees and Expenses  $7,668,406   $256,846   $7,925,251   $14,135,004   $411,027   $14,546,032 

 

 

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

May 1, 2013 through May 31, 2013

 

Page 14 of 174
 

 

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 May 1, 2013 through May 31, 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

May 1, 2013 through May 31, 2013

 

Page 15 of 174
 

 

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 May 1, 2013 through May 31, 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

None

 

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

May 1, 2013 through May 31, 2013

 

Page 16 of 174
 

 

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 May 1, 2013 through May 31, 2013, and

November 14, 2012 through May 31, 2013

(in thousands of dollars)

 

   May 1, 2013
through
May 31, 2013		   November 14, 2012
through
May 31, 2013		 
         
Shipping Revenues:          
           
Pool revenues  $17,163   $114,080 
Time and bareboat charter revenues   31,454    188,943 
Voyage charter revenues   30,387    231,154 
    79,004    534,177 
Operating Expenses:          
Voyage expenses   14,726    115,300 
Vessel expenses   21,654    149,434 
Charter hire expenses   17,494    139,133 
Depreciation and amortization   16,922    107,724 
General and administrative   8,422    47,677 
(Gain)/loss on disposal of vessels   (61)   586 
Total Operating Expenses   79,157    559,854 
Income/(Loss) from Vessel Operations   (153)   (25,677)
Equity in Income/(Loss) of Affiliated Companies   3,941    24,001 
Operating Income/(Loss)   3,788    (1,676)
Other Income/(expense)   129    193 
Income/(loss) before Interest Expense and Income Taxes   3,917    (1,483)
Interest Expense   (1,505)   (7,104)
Income/(loss) before Reorganization Items and Income Taxes   2,412    (8,587)
Reorganization Items, net   4,230    45,448 
Loss before Income Taxes  $(1,818)  $(54,035)

 

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

 

Monthly Operating Report

May 1, 2013 through May 31, 2013

 

Page 17 of 174
 

 

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 May 1, 2013 through May 31, 2013, and

November 14, 2012 through May 31, 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:

 

   May 1, 2013   November 14, 2012 
   through   through 
   May 31, 2013   May 31, 2013 
Professional fees, including Trustee Fees of $273 and $2,006  $4,342   $37,187 
Expenses incurred on rejected executory contracts  $(112)  $8,261 
   $4,230   $45,448 

  

Monthly Operating Report

May 1, 2013 through May 31, 2013

 

Page 18 of 174
 

 

 

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 May 31, 2013

(in thousands of dollars)

 

   November 13, 2012   May 31, 2013 
ASSETS          
Current Assets:          
Cash and cash equivalents  $477,973   $573,661 
Voyage receivables   171,753    153,504 
Other receivables   80,669    61,933 
Inventory   14,150    12,748 
Prepaid expenses and other current assets   46,636    43,056 
Total Current Assets   791,181    844,902 
Vessels and other property, less accumulated depreciation   3,135,823    3,060,159 
Deferred drydock expenditures, net   73,898    63,563 
Total Vessels, Deferred Drydock and Other Property   3,209,721    3,123,722 
Investments in Affiliated Companies   247,964    281,710 
Intangible Assets, less accumulated amortization   72,655    69,815 
Goodwill   9,589    9,589 
Other Assets   20,579    20,357 
Total Assets  $4,351,689   $4,350,095 
           
LIABILITIES AND EQUITY          
Current Liabilities:          
Accounts payable, accrued expenses and other current liabilities  $93,168   $127,928 
Total Current Liabilities   93,168    127,928 
           
Noncurrent Liabilities:          
Deferred Gain/(loss) on Sale and Leaseback of Vessels   5,457    - 
Deferred Taxes and Other Liabilities   247,704    241,093 
Liabilities Subject to Compromise   2,627,704    2,625,554 
Total Noncurrent Liabilities   2,880,865    2,866,647 
           
Total Liabilities   2,974,033    2,994,575 
Equity:          
Total Equity   1,377,656    1,355,520 
Total Liabilities and Equity  $4,351,689   $4,350,095 

 

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

 

Monthly Operating Report

May 1, 2013 through May 31, 2013

 

Page 19 of 174
 

 

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 May 31, 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

May 1, 2013 through May 31, 2013

 

Page 20 of 174
 

 

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 May 31, 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   May 31, 2013 
Pre-petition accounts payable, accrued expenses and other liabilities  $398   $1,776 
Senior Notes   500,780    500,780 
Unsecured revolver   1,488,579    1,488,579 
Accrued interest and fees on unsecured revolver and senior notes   10,878    10,878 
Secured debt and accrued interest   582,139    582,423 
Derivative liabilities   3,566    3,566 
Pension and other postretirement benefit plan liabilities   41,363    37,189 
Accrued liabilities relating to rejected executory contracts   0    363 
           
   $2,627,704   $2,625,554 

 

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

May 1, 2013 through May 31, 2013

 

Page 21 of 174
 

 

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 May 31, 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 15, 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

May 1, 2013 through May 31, 2013

 

Page 22 of 174
 

 

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 Payable2

May 31, 2013

 

Days Past Due 
Current   1-30   31-60   61-90   >91   Total 
$10,536,704   $2,484,239   $485,962   $67,611   $881,643   $14,456,159 
 73%   17%   3%   1%   6%     

 

 

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

May 1, 2013 through May 31, 2013

 

Page 23 of 174
 

 

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

May 31, 2013

 

   Days Aged 1 
   0-30   31-60   61-90   91-120   120-180   >180   Total 
Trade Receivables:                                   
Trade - Invoiced 2  $14,466,921   $5,718,811   $4,268,703   $2,982,057   $827,592   $6,188,995   $34,453,078 
Trade - Accrued and Unbilled3                                $19,587,753 
Trade - Pools4                                $100,936,958 
Allowance for Doubtful Receivables                                $(2,786,372)
Accounts Receivable  $14,466,921   $5,718,811   $4,268,703   $2,982,057   $827,592   $6,188,995   $152,191,417 
Percentage of Trade-Invoiced 5   42%   17%   12%   9%   2%   18%   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

May 1, 2013 through May 31, 2013

 

Page 24 of 174
 

 

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 May 1, 2013 through May 31, 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.   X
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. X1  
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 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

May 1, 2013 through May 31, 2013

 

Page 25 of 174
 

 

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

May 1, 2013 through May 31, 2013

 

Page 26 of 174
 

 

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

May 1, 2013 through May 31, 2013

 

Page 27 of 174
 

 

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

May 1, 2013 through May 31, 2013

 

Page 28 of 174
 

 

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

May 1, 2013 through May 31, 2013

 

Page 29 of 174
 

 

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

May 1, 2013 through May 31, 2013

 

Page 30 of 174
 

 

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 Balances per Books as of
May 31, 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     121,961,592.35  
OSG Bulk Ships, Inc.     13-2632600     Fifth Third Bank - Tampa     USD     XXXXXXX4290     8,163,361.44  
OSG Bulk Ships, Inc.     13-2632600     JP Morgan Chase     USD     XXXX-XXXXX0-509     (2,279,818.99 )
OSG Bulk Ships, Inc.     13-2632600     JP Morgan Chase     USD     XXX-X-XX7251     26,216,551.49  
OSG Financial Corp.     13-3178639     JP Morgan Chase     USD     XXX-X-XX3754     255,848.01  
OSG International, Inc.     98-0467117     HSBC     USD     XXXXX6923     2,233,008.48  
OSG International, Inc.     98-0467117     JP Morgan Chase     USD     XXX-X-XX5113     88,024,560.50  
OSG International, Inc.     98-0467117     JP Morgan Chase     USD     XXXXX7192     7,637,738.18  
OSG Lightering LLC     98-0380553     Bank of Oklahoma     USD     XXXXX9048     10,236,838.17  
OSG Lightering LLC     98-0380553     Bank of Texas - Houston     USD     XXXXXX9108     (41,420.13 )
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     36,483.03  
OSG Ship Management, Inc.     13-3589004     JP Morgan Chase     USD     XXX-XX6624     510,820.35  
OSG Ship Management, Inc.     13-3589004     JP Morgan Chase     USD     XXX-XX5045     66,847.06  
Overseas Shipholding Group, Inc.     13-2637623     DnB NOR Bank ASA     USD     XXXX6002     1,815.55  
Overseas Shipholding Group, Inc.     13-2637623     TD Bank, N.A.     USD     XXX-XXX6647     24,044,812.78  
Overseas Shipholding Group, Inc.     13-2637623     Morgan Stanley     USD     XXX-XXXXX1-852     -  
Overseas Shipholding Group, Inc.     13-2637623     BlackRock     USD     X4888     96,006,208.97  
Overseas Shipholding Group, Inc.     13-2637623     Fidelity     USD     XXXXXXX7175     99,718,146.28  
Overseas Shipholding Group, Inc.     13-2637623     JP Morgan Chase     USD     XXX-X-XX5014     1,007,068.91  
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     4,254.49  
                            $ 549,829,791.82  

 

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 balances sheets presented herein.

 

Preliminary and Unaudited

 

Page 31 of 174
 

 

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. The balance sheets and statements of operations presented herein for Caribbean Tanker Corporation, Fourth Aframax Tanker Corporation and OSG Lightering LLC have been adjusted to appropriately reflect the ownership and operation of two vessels that are utilized in business conducted by OSG Lightering LLC. The vessels were previously reported as assets of OSG Lightering LLC and the results of operations of the vessels were also reported in the financial statements of OSG Lightering LLC. The balance sheets and statements of operations of the two entities that actually own the vessels, Caribbean Tanker Corporation and Fourth Aframax Tanker Corporation, and OSG Lightering LLC have been adjusted herein to correct this inadvertent error. 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

May 1, 2013 through May 31, 2013

 

Page 32 of 174
 

 

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

May 1, 2013 through May 31, 2013

 

Page 33 of 174
 

 

 

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Overseas Shipholding Group, Inc.   OSG International, Inc. 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $2   $-   $(15)
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    2    -    (15)
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    -    (61)
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   812    847    315    3,463 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   812    847    315    3,402 
Income/(loss) from Vessel Operations   (812)   (845)   (315)   (3,417)
Equity in Income/(loss) of Affiliated Companies   -    215    737    4,310 
Operating Income/(loss)   (812)   (629)   422    893 
Other Income/(expense)   523    3,343    (1,312)   (9,978)
Income/(loss) before Interest Expense and Income Taxes   (289)   2,714    (890)   (9,085)
Interest Expense   -    -    (471)   47 
Income/(loss) before Reorganization Items and Income Taxes   (289)   2,714    (1,361)   (9,038)
Reorganization Items, net   4,254    36,107    -    - 
Income/(loss) before Income Taxes  $(4,542)  $(33,392)  $(1,361)  $(9,038)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 34 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG Bulk Ships, Inc.   1372 Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $735   $3,084 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    735    3,084 
Operating Expenses:                    
Voyage expenses   -    -    17    164 
Vessel expenses   23    (38)   266    1,796 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    264    1,676 
General and administrative   4    74    -    - 
(Gain)/loss on disposal of vessels   -    (4)   -    - 
Total Operating Expenses   27    32    546    3,635 
Income/(loss) from Vessel Operations   (27)   (32)   189    (551)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (27)   (32)   189    (551)
Other Income/(expense)   (207)   (1,347)   (1)   (3)
Income/(loss) before Interest Expense and Income Taxes   (234)   (1,379)   188    (555)
Interest Expense   -    33    (101)   (721)
Income/(loss) before Reorganization Items and Income Taxes   (234)   (1,346)   87    (1,275)
Reorganization Items, net   -    -    5    26 
Income/(loss) before Income Taxes  $(234)  $(1,346)  $82   $(1,302)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 35 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Africa Tanker Corporation   Alcesmar Limited 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $457   $2,776 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    457    2,776 
Operating Expenses:                    
Voyage expenses   -    -    -    3 
Vessel expenses   6    37    156    1,218 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    210    1,350 
General and administrative   -    77    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   6    114    366    2,571 
Income/(loss) from Vessel Operations   (6)   (114)   91    205 
Equity in Income/(loss) of Affiliated Companies   3,204    16,489    -    - 
Operating Income/(loss)   3,198    16,375    91    205 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   3,198    16,375    91    205 
Interest Expense   -    -    (13)   (93)
Income/(loss) before Reorganization Items and Income Taxes   3,198    16,375    78    112 
Reorganization Items, net   -    -    5    26 
Income/(loss) before Income Taxes  $3,198   $16,375   $73   $86 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 36 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Alcmar Limited   Alpha Suezmax Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $433   $2,925   $-   $(89)
Time and bareboat charter revenues   -    0    -    1,276 
Voyage charter revenues   -    (1)   -    14 
    433    2,924    -    1,201 
Operating Expenses:                    
Voyage expenses   -    (30)   -    183 
Vessel expenses   194    1,224    (12)   340 
Charter hire expenses   -    -    -    1,580 
Depreciation and amortization   190    1,225    -    133 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   385    2,420    (12)   2,236 
Income/(loss) from Vessel Operations   48    504    12    (1,035)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   48    504    12    (1,035)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   48    504    12    (1,035)
Interest Expense   (13)   (93)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   36    411    12    (1,035)
Reorganization Items, net   5    26    -    2,054 
Income/(loss) before Income Taxes  $31   $385   $12   $(3,089)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 37 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Alpha Tanker Corporation   Amalia Product Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(0)  $700   $3,583 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    4 
    -    (0)   700    3,587 
Operating Expenses:                    
Voyage expenses   -    -    3    7 
Vessel expenses   -    -    176    1,283 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    518    1,823 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    696    3,113 
Income/(loss) from Vessel Operations   -    (0)   3    475 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (0)   3    475 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (0)   3    475 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (0)   3    475 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $(0)  $3   $475 
                     

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 38 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Ambermar Product Carrier
Corporation		   Ambermar Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   821    5,751    -    - 
    821    5,751    -    - 
Operating Expenses:                    
Voyage expenses   350    2,895    -    - 
Vessel expenses   190    1,366    3    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   173    1,128    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   713    5,389    3    - 
Income/(loss) from Vessel Operations   107    362    (3)   - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   107    362    (3)   - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   107    362    (3)   - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   107    362    (3)   - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $107   $362   $(3)  $- 
                     

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 39 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Andromar Limited   Antigmar Limited 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $439   $2,940   $461   $2,930 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   (0)   (93)   -    51 
    439    2,846    461    2,981 
Operating Expenses:                    
Voyage expenses   -    0    0    71 
Vessel expenses   174    1,186    181    1,161 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   193    1,245    179    1,150 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   367    2,431    359    2,382 
Income/(loss) from Vessel Operations   72    416    102    599 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   72    416    102    599 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   72    416    102    599 
Interest Expense   (13)   (93)   (13)   (93)
Income/(loss) before Reorganization Items and Income Taxes   59    322    89    506 
Reorganization Items, net   5    26    5    26 
Income/(loss) before Income Taxes  $55   $296   $84   $480 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 40 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Aqua Tanker Corporation   Aquarius Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(2)  $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    35    4,561 
    -    (2)   35    4,561 
Operating Expenses:                    
Voyage expenses   -    -    -    2,728 
Vessel expenses   -    -    (1)   13 
Charter hire expenses   -    -    -    1,918 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    (1)   4,660 
Income/(loss) from Vessel Operations   -    (2)   35    (99)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (2)   35    (99)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (2)   35    (99)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (2)   35    (99)
Reorganization Items, net   -    -    2    1 
Income/(loss) before Income Taxes  $-   $(2)  $33   $(99)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 41 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Ariadmar Limited   Aspro Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $460   $2,758   $-   $0 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    460    2,758    -    0 
Operating Expenses:                    
Voyage expenses   -    (2)   -    - 
Vessel expenses   205    1,267    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   201    1,299    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   407    2,564    -    - 
Income/(loss) from Vessel Operations   54    194    -    0 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   54    194    -    0 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   54    194    -    0 
Interest Expense   (13)   (93)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   41    101    -    0 
Reorganization Items, net   5    26    -    - 
Income/(loss) before Income Taxes  $36   $75   $-   $0 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 42 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Atalmar Limited   Athens Product Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   1,240    7,565    746    7,602 
    1,240    7,565    746    7,602 
Operating Expenses:                    
Voyage expenses   674    4,214    497    3,481 
Vessel expenses   122    1,089    188    1,067 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   195    1,256    136    874 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   990    6,559    822    5,422 
Income/(loss) from Vessel Operations   250    1,006    (76)   2,181 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   250    1,006    (76)   2,181 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   250    1,006    (76)   2,181 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   250    1,006    (76)   2,181 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $250   $1,006   $(76)  $2,181 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 43 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Atlas Chartering Corporation   Aurora Shipping Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $247   $1,829 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   45    3,867    -    - 
    45    3,867    247    1,829 
Operating Expenses:                    
Voyage expenses   (0)   2,035    53    92 
Vessel expenses   -    16    407    2,961 
Charter hire expenses   -    1,982    -    - 
Depreciation and amortization   -    -    237    1,506 
General and administrative   -    -    0    0 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   (0)   4,034    698    4,559 
Income/(loss) from Vessel Operations   45    (166)   (451)   (2,730)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   45    (166)   (451)   (2,730)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   45    (166)   (451)   (2,730)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   45    (166)   (451)   (2,730)
Reorganization Items, net   2    1    -    - 
Income/(loss) before Income Taxes  $43   $(168)  $(451)  $(2,730)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 44 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Avila Tanker Corporation   Batangas Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Beta Aframax Corporation   Brooklyn Product Tanker
Corporation		 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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   (3)   687    3    115 
Charter hire expenses   4    1,714    -    - 
Depreciation and amortization   -    26    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    (20)
Total Operating Expenses   2    2,426    3    41 
Income/(loss) from Vessel Operations   (2)   (722)   (3)   (20)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (2)   (722)   (3)   (20)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (2)   (722)   (3)   (20)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (2)   (722)   (3)   (20)
Reorganization Items, net   (144)   973    -    - 
Income/(loss) before Income Taxes  $142   $(1,694)  $(3)  $(20)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 46 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Cabo Hellas Limited   Cabo Sounion Limited 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   377    2,419    377    2,514 
Voyage charter revenues   -    8    -    7 
    377    2,427    377    2,521 
Operating Expenses:                    
Voyage expenses   9    67    11    66 
Vessel expenses   182    1,269    178    1,268 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   196    1,261    197    1,270 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   387    2,597    386    2,604 
Income/(loss) from Vessel Operations   (10)   (169)   (10)   (83)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (10)   (169)   (10)   (83)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (10)   (169)   (10)   (83)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (10)   (169)   (10)   (83)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(10)  $(169)  $(10)  $(83)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 47 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Caribbean Tanker Corporation   Carina Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(0)  $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   1,053    5,492    79    4,888 
    1,053    5,492    79    4,888 
Operating Expenses:                    
Voyage expenses   745    3,144    10    2,084 
Vessel expenses   825    2,604    0    15 
Charter hire expenses   -    -    (0)   2,146 
Depreciation and amortization   264    1,635    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,834    7,383    10    4,245 
Income/(loss) from Vessel Operations   (782)   (1,891)   69    643 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (782)   (1,891)   69    643 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (782)   (1,891)   69    643 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (782)   (1,891)   69    643 
Reorganization Items, net   -    -    2    2 
Income/(loss) before Income Taxes  $(782)  $(1,891)  $67   $641 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 48 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Carl Product Corporation   Concept Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $9   $0   $301   $2,798 
Time and bareboat charter revenues   388    2,488    -    - 
Voyage charter revenues   -    (2)   -    - 
    397    2,486    301    2,798 
Operating Expenses:                    
Voyage expenses   12    (338)   -    - 
Vessel expenses   138    1,092    5    29 
Charter hire expenses   -    -    259    2,098 
Depreciation and amortization   522    1,838    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   671    2,591    263    2,127 
Income/(loss) from Vessel Operations   (274)   (105)   38    671 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (274)   (105)   38    671 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (274)   (105)   38    671 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (274)   (105)   38    671 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(274)  $(105)  $38   $671 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 49 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Crown Tanker Corporation   Delphina Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Delta Aframax Corporation   DHT Ania Aframax Corp. 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(49)  $-   $0 
Time and bareboat charter revenues   421    2,697    -    - 
Voyage charter revenues   -    -    -    - 
    421    2,648    -    0 
Operating Expenses:                    
Voyage expenses   13    28    -    - 
Vessel expenses   291    1,620    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   204    1,307    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   507    2,954    -    - 
Income/(loss) from Vessel Operations   (86)   (306)   -    0 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (86)   (306)   -    0 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (86)   (306)   -    0 
Interest Expense   (88)   (608)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (174)   (915)   -    0 
Reorganization Items, net   7    121    -    - 
Income/(loss) before Income Taxes  $(182)  $(1,036)  $-   $0 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 51 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   DHT Ann VLCC Corp.   DHT Cathy Aframax Corp. 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   DHT Chris VLCC Corp.   DHT Rebecca Aframax Corp. 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   DHT Regal Unity VLCC Corp.   DHT Sophie Aframax Corp. 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Dignity Chartering Corporation   Edindun Shipping Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $396   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    (14)   -    - 
    -    382    -    - 
Operating Expenses:                    
Voyage expenses   -    (9)   -    - 
Vessel expenses   2    394    -    - 
Charter hire expenses   -    1,052    -    - 
Depreciation and amortization   -    68    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   2    1,504    -    - 
Income/(loss) from Vessel Operations   (2)   (1,122)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (2)   (1,122)   -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (2)   (1,122)   -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (2)   (1,122)   -    - 
Reorganization Items, net   -    1,897    -    - 
Income/(loss) before Income Taxes  $(2)  $(3,019)  $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 55 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Eighth Aframax Tanker Corporation   Epsilon Aframax Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $310   $1,735   $260   $1,723 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    310    1,735    260    1,723 
Operating Expenses:                    
Voyage expenses   -    (0)   3    166 
Vessel expenses   276    1,595    233    1,473 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   139    896    202    1,293 
General and administrative   -    -    -    0 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   415    2,491    438    2,931 
Income/(loss) from Vessel Operations   (105)   (756)   (178)   (1,208)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (105)   (756)   (178)   (1,208)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (105)   (756)   (178)   (1,208)
Interest Expense   -    -    (88)   (602)
Income/(loss) before Reorganization Items and Income Taxes   (105)   (756)   (266)   (1,809)
Reorganization Items, net   -    -    7    121 
Income/(loss) before Income Taxes  $(105)  $(756)  $(273)  $(1,931)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 56 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   First Chemical Carrier Corporation   First LPG Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   307    2,283    -    - 
Voyage charter revenues   -    -    -    - 
    307    2,283    -    - 
Operating Expenses:                    
Voyage expenses   4    29    -    - 
Vessel expenses   5    29    -    - 
Charter hire expenses   307    1,242    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   316    1,299    -    - 
Income/(loss) from Vessel Operations   (9)   984    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (9)   984    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (9)   984    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (9)   984    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(9)  $984   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 57 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   First Union Tanker Corporation   Fourth Aframax Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $438   $2,394   $-    637.24 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    1    1,165    6,813 
    438    2,395    1,165    6,814 
Operating Expenses:                    
Voyage expenses   46    146    484    3,766 
Vessel expenses   345    2,187    210    1,485 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   322    2,075    274    1,748 
General and administrative   -    (0)   -    - 
(Gain)/loss on disposal of vessels   -    -    -    0 
Total Operating Expenses   713    4,409    968    6,999 
Income/(loss) from Vessel Operations   (275)   (2,014)   197    (186)
Equity in Income/(loss) of Affiliated Companies   -    -    -    0.00 
Operating Income/(loss)   (275)   (2,014)   197    (186)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (275)   (2,014)   197    (186)
Interest Expense   -    -    -    0 
Income/(loss) before Reorganization Items and Income Taxes   (275)   (2,014)   197    (186)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(275)  $(2,014)  $197   $(186)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 58 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Front President Inc.   Goldmar Limited 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $36   $3,891   $637   $3,295 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   (3)   -    -    3 
    33    3,891    637    3,298 
Operating Expenses:                    
Voyage expenses   43    256    1    6 
Vessel expenses   180    1,848    184    1,492 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   368    2,349    210    1,350 
General and administrative   -    (0)   -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   591    4,452    395    2,848 
Income/(loss) from Vessel Operations   (558)   (561)   242    450 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (558)   (561)   242    450 
Other Income/(expense)   (2)   (8)   -    - 
Income/(loss) before Interest Expense and Income Taxes   (560)   (569)   242    450 
Interest Expense   (164)   (1,124)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (724)   (1,693)   242    450 
Reorganization Items, net   (14)   138    -    - 
Income/(loss) before Income Taxes  $(710)  $(1,831)  $242   $450 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 59 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   GPC Aframax Corporation   Grace Chartering Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $941   $(18)  $1,575 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    941    (18)   1,575 
Operating Expenses:                    
Voyage expenses   -    22    -    - 
Vessel expenses   20    1,118    -    8 
Charter hire expenses   -    1,788    -    1,612 
Depreciation and amortization   11    49    -    - 
General and administrative   -    0    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   31    2,977    -    1,621 
Income/(loss) from Vessel Operations   (31)   (2,036)   (18)   (46)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (31)   (2,036)   (18)   (46)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (31)   (2,036)   (18)   (46)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (31)   (2,036)   (18)   (46)
Reorganization Items, net   -    1,543    2    2 
Income/(loss) before Income Taxes  $(31)  $(3,579)  $(20)  $(48)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 60 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   International Seaways, Inc.   Jademar Limited 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $2,343   $12,658   $647   $3,274 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    6 
    2,343    12,658    647    3,280 
Operating Expenses:                    
Voyage expenses   -    84    3    15 
Vessel expenses   254    900    152    1,203 
Charter hire expenses   2,611    14,893    -    - 
Depreciation and amortization   -    -    214    1,385 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    1    -    - 
Total Operating Expenses   2,864    15,878    369    2,603 
Income/(loss) from Vessel Operations   (521)   (3,220)   278    677 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (521)   (3,220)   278    677 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (521)   (3,220)   278    677 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (521)   (3,220)   278    677 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(521)  $(3,220)  $278   $677 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 61 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Joyce Car Carrier Corporation   Juneau Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    (61)   -    - 
Voyage charter revenues   -    -    -    - 
    -    (61)   -    - 
Operating Expenses:                    
Voyage expenses   -    10    -    - 
Vessel expenses   2    (0)   -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    (110)   -    - 
Total Operating Expenses   2    (99)   -    - 
Income/(loss) from Vessel Operations   (2)   38    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (2)   38    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (2)   38    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (2)   38    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(2)  $38   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 62 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Kimolos Tanker Corporation   Kythnos Chartering Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   991    6,077    1,168    5,392 
    991    6,077    1,168    5,392 
Operating Expenses:                    
Voyage expenses   607    3,633    468    2,986 
Vessel expenses   168    1,082    158    1,219 
Charter hire expenses   194    1,966    -    - 
Depreciation and amortization   32    209    118    755 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,001    6,890    743    4,960 
Income/(loss) from Vessel Operations   (10)   (813)   425    432 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (10)   (813)   425    432 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (10)   (813)   425    432 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (10)   (813)   425    432 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(10)  $(813)  $425   $432 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 63 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Leo Tanker Corporation   Leyte Product Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $652   $839 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   35    4,778    (13)   3,427 
    35    4,778    639    4,266 
Operating Expenses:                    
Voyage expenses   6    2,819    (5)   1,319 
Vessel expenses   0    18    188    1,117 
Charter hire expenses   -    2,213    -    - 
Depreciation and amortization   -    -    185    1,188 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   6    5,050    368    3,624 
Income/(loss) from Vessel Operations   28    (272)   271    642 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   28    (272)   271    642 
Other Income/(expense)   -    -    (0)   (1)
Income/(loss) before Interest Expense and Income Taxes   28    (272)   270    641 
Interest Expense   -    -    (51)   (333)
Income/(loss) before Reorganization Items and Income Taxes   28    (272)   219    309 
Reorganization Items, net   2    (6)   (45)   26 
Income/(loss) before Income Taxes  $27   $(266)  $264   $282 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 64 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Limar Charter Corporation   Luxmar Product Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    1,769    636    6,163 
    -    1,769    636    6,163 
Operating Expenses:                    
Voyage expenses   -    849    467    3,878 
Vessel expenses   (59)   278    209    1,363 
Charter hire expenses   -    765    -    - 
Depreciation and amortization   -    437    238    1,549 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   (59)   2,329    914    6,790 
Income/(loss) from Vessel Operations   59    (560)   (278)   (626)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   59    (560)   (278)   (626)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   59    (560)   (278)   (626)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   59    (560)   (278)   (626)
Reorganization Items, net   -    2,515    -    - 
Income/(loss) before Income Taxes  $59   $(3,074)  $(278)  $(626)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 65 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Luxmar Tanker LLC   Majestic Tankers Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $(10)  $2,530 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    (10)   2,530 
Operating Expenses:                    
Voyage expenses   -    6    102    267 
Vessel expenses   2    12    410    2,779 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    373    2,395 
General and administrative   0    0    -    0 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   2    18    885    5,441 
Income/(loss) from Vessel Operations   (2)   (18)   (895)   (2,910)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (2)   (18)   (895)   (2,910)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (2)   (18)   (895)   (2,910)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (2)   (18)   (895)   (2,910)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(2)  $(18)  $(895)  $(2,910)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 66 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Oak Tanker Corporation   Maremar Product Tanker
Corporation		 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $739   $3,900   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    3    -    - 
    739    3,903    -    - 
Operating Expenses:                    
Voyage expenses   (1)   107    -    - 
Vessel expenses   177    1,562    -    (3)
Charter hire expenses   -    -    -    - 
Depreciation and amortization   454    2,914    -    - 
General and administrative   0    0    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   630    4,584    -    (3)
Income/(loss) from Vessel Operations   109    (681)   -    3 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   109    (681)   -    3 
Other Income/(expense)   (3)   (14)   -    - 
Income/(loss) before Interest Expense and Income Taxes   106    (694)   -    3 
Interest Expense   (207)   (1,440)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (101)   (2,134)   -    3 
Reorganization Items, net   7    121    -    - 
Income/(loss) before Income Taxes  $(108)  $(2,256)  $-   $3 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 67 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Maremar Tanker LLC   Marilyn Vessel Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   438    5,088    -    - 
    438    5,088    -    - 
Operating Expenses:                    
Voyage expenses   389    3,263    -    - 
Vessel expenses   210    1,299    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   172    1,414    -    - 
General and administrative   (0)   5    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   771    5,982    -    - 
Income/(loss) from Vessel Operations   (332)   (894)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (332)   (894)   -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (332)   (894)   -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (332)   (894)   -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(332)  $(894)  $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 68 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Maritrans General Partner Inc.   Maritrans Operating Company L.P. 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Milos Product Tanker Corporation   Mindanao Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   1,047    6,531    -    - 
    1,047    6,531    -    - 
Operating Expenses:                    
Voyage expenses   527    2,872    -    - 
Vessel expenses   154    1,143    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   140    897    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   822    4,911    -    - 
Income/(loss) from Vessel Operations   225    1,619    -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   225    1,619    -    - 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   225    1,619    -    - 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   225    1,619    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $225   $1,619   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 70 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Mykonos Tanker LLC   Nedimar Charter Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   1,590    10,668    (0)   832 
    1,590    10,668    (0)   832 
Operating Expenses:                    
Voyage expenses   561    4,380    -    434 
Vessel expenses   272    1,905    8    469 
Charter hire expenses   -    -    -    613 
Depreciation and amortization   173    1,097    -    172 
General and administrative   15    105    -    - 
(Gain)/loss on disposal of vessels   -    19    -    - 
Total Operating Expenses   1,022    7,506    8    1,688 
Income/(loss) from Vessel Operations   568    3,161    (8)   (856)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   568    3,161    (8)   (856)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   568    3,161    (8)   (856)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   568    3,161    (8)   (856)
Reorganization Items, net   -    -    -    174 
Income/(loss) before Income Taxes  $568   $3,161   $(8)  $(1,031)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 71 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Maple Tanker Corporation   Ocean Bulk Ships, Inc. 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $147   $3,517   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    147    3,517    -    - 
Operating Expenses:                    
Voyage expenses   -    172    -    - 
Vessel expenses   221    1,582    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   454    2,912    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   675    4,666    -    - 
Income/(loss) from Vessel Operations   (528)   (1,149)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (528)   (1,149)   -    - 
Other Income/(expense)   (1)   (6)   -    - 
Income/(loss) before Interest Expense and Income Taxes   (529)   (1,155)   -    - 
Interest Expense   (201)   (1,405)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (730)   (2,559)   -    - 
Reorganization Items, net   7    121    -    - 
Income/(loss) before Income Taxes  $(738)  $(2,681)  $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 72 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Oceania Tanker Corporation   OSG 192 LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $715   $-   $- 
Time and bareboat charter revenues   -    -    806    4,242 
Voyage charter revenues   -    -    1    23 
    -    715    807    4,266 
Operating Expenses:                    
Voyage expenses   -    288    11    56 
Vessel expenses   171    1,523    17    348 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   328    2,069    178    1,732 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   500    3,880    206    2,136 
Income/(loss) from Vessel Operations   (500)   (3,165)   601    2,130 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (500)   (3,165)   601    2,130 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (500)   (3,165)   601    2,130 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (500)   (3,165)   601    2,130 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(500)  $(3,165)  $601   $2,130 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 73 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG 209 LLC   OSG 214 LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   798    5,047    782    4,768 
Voyage charter revenues   4    107    90    394 
    802    5,155    872    5,162 
Operating Expenses:                    
Voyage expenses   12    156    94    466 
Vessel expenses   59    276    79    346 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   187    1,209    233    1,508 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   258    1,641    405    2,320 
Income/(loss) from Vessel Operations   544    3,514    466    2,842 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   544    3,514    466    2,842 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   544    3,514    466    2,842 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   544    3,514    466    2,842 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $544   $3,514   $466   $2,842 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 74 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG 215 Corporation   OSG 242 LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    1,372    8,090 
Voyage charter revenues   -    -    21    923 
    -    -    1,394    9,012 
Operating Expenses:                    
Voyage expenses   -    -    17    443 
Vessel expenses   -    -    66    245 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    215    1,385 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    297    2,073 
Income/(loss) from Vessel Operations   -    -    1,096    6,939 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    1,096    6,939 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    1,096    6,939 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    1,096    6,939 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $1,096   $6,939 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 75 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG 243 LLC   OSG 244 LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,395    3,047    868    5,544 
Voyage charter revenues   (47)   4,319    15    126 
    1,348    7,367    883    5,670 
Operating Expenses:                    
Voyage expenses   38    756    10    72 
Vessel expenses   60    332    28    283 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   249    1,515    230    1,486 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   347    2,603    269    1,842 
Income/(loss) from Vessel Operations   1,001    4,763    614    3,828 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   1,001    4,763    614    3,828 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   1,001    4,763    614    3,828 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   1,001    4,763    614    3,828 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $1,001   $4,763   $614   $3,828 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 76 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG 252 LLC   OSG 254 LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,054    4,031    -    - 
Voyage charter revenues   31    4,407    1,054    5,819 
    1,085    8,438    1,054    5,819 
Operating Expenses:                    
Voyage expenses   6    1,290    14    97 
Vessel expenses   47    222    71    354 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   239    1,547    270    1,806 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   292    3,059    354    2,257 
Income/(loss) from Vessel Operations   792    5,379    700    3,562 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   792    5,379    700    3,562 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   792    5,379    700    3,562 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   792    5,379    700    3,562 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $792   $5,379   $700   $3,562 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 77 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG 300 LLC   OSG 400 LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG America L.P.   OSG America LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG America Operating Company
LLC		   OSG Car Carriers, Inc. 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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    2,517    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   383    2,516    -    - 
Income/(loss) from Vessel Operations   (383)   (2,516)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    2,988    -    - 
Operating Income/(loss)   (383)   472    -    - 
Other Income/(expense)   15    53    -    - 
Income/(loss) before Interest Expense and Income Taxes   (369)   524    -    - 
Interest Expense   -    0    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (369)   524    -    - 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(369)  $524   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 80 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG Clean Products International, 
Inc.		   OSG Columbia LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    (0)
Vessel expenses   -    -    269    1,497 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    75    484 
General and administrative   -    -    8    45 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    351    2,026 
Income/(loss) from Vessel Operations   -    -    (351)   (2,026)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    (351)   (2,026)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    (351)   (2,026)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    (351)   (2,026)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $(351)  $(2,026)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 81 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG Constitution LLC   OSG Courageous LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   (0)   -    274    1,532 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    78    500 
General and administrative   -    -    7    45 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   (0)   -    359    2,077 
Income/(loss) from Vessel Operations   0    -    (359)   (2,077)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   0    -    (359)   (2,077)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   0    -    (359)   (2,077)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   0    -    (359)   (2,077)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $0   $-   $(359)  $(2,077)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 82 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG Delaware Bay Lightering LLC   OSG Discovery LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   5,205    29,392    -    - 
    5,205    29,392    -    - 
Operating Expenses:                    
Voyage expenses   771    5,425    -    - 
Vessel expenses   1,027    7,483    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   1,133    7,210    -    - 
General and administrative   23    138    -    - 
(Gain)/loss on disposal of vessels   -    -    (99)   (84)
Total Operating Expenses   2,954    20,256    (99)   (84)
Income/(loss) from Vessel Operations   2,251    9,137    99    84 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   2,251    9,137    99    84 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   2,251    9,137    99    84 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   2,251    9,137    99    84 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $2,251   $9,137   $99   $84 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 83 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG Endeavor LLC   OSG Endurance LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   -    -    191    1,376 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    90    545 
General and administrative   -    -    7    43 
(Gain)/loss on disposal of vessels   15    31    -    - 
Total Operating Expenses   15    31    287    1,963 
Income/(loss) from Vessel Operations   (15)   (31)   (287)   (1,963)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (15)   (31)   (287)   (1,963)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (15)   (31)   (287)   (1,963)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (15)   (31)   (287)   (1,963)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(15)  $(31)  $(287)  $(1,963)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 84 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG Enterprise LLC   OSG Financial Corp. 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   271    1,492    -    - 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   110    718    -    - 
General and administrative   7    42    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   388    2,253    -    - 
Income/(loss) from Vessel Operations   (388)   (2,253)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (388)   (2,253)   -    - 
Other Income/(expense)   -    -    -    (174)
Income/(loss) before Interest Expense and Income Taxes   (388)   (2,253)   -    (174)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (388)   (2,253)   -    (174)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(388)  $(2,253)  $-   $(174)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 85 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG Freedom LLC   OSG Honour LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    -    -    - 
Vessel expenses   0    30    265    1,508 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    290    60    392 
General and administrative   -    -    7    45 
(Gain)/loss on disposal of vessels   -    709    -    - 
Total Operating Expenses   0    1,029    332    1,944 
Income/(loss) from Vessel Operations   (0)   (1,029)   (332)   (1,944)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (0)   (1,029)   (332)   (1,944)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (0)   (1,029)   (332)   (1,944)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (0)   (1,029)   (332)   (1,944)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(0)  $(1,029)  $(332)  $(1,944)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 86 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG Independence LLC   OSG Intrepid LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    -    - 
Operating Expenses:                    
Voyage expenses   -    9    -    - 
Vessel expenses   239    1,445    261    1,582 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   72    431    79    648 
General and administrative   7    44    7    46 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   318    1,928    347    2,276 
Income/(loss) from Vessel Operations   (318)   (1,928)   (347)   (2,276)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (318)   (1,928)   (347)   (2,276)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (318)   (1,928)   (347)   (2,276)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (318)   (1,928)   (347)   (2,276)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(318)  $(1,928)  $(347)  $(2,276)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 87 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG Liberty LLC   OSG Lightering LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $(1)
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    7,485    43,501 
    -    -    7,485    43,501 
Operating Expenses:                    
Voyage expenses   -    -    4,730    28,762 
Vessel expenses   -    0    5    122 
Charter hire expenses   -    -    3,206    15,538 
Depreciation and amortization   -    -    128    893 
General and administrative   -    -    287    1,577 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    0    8,356    46,892 
Income/(loss) from Vessel Operations   -    (0)   (871)   (3,391)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (0)   (871)   (3,391)
Other Income/(expense)   -    -    1    5 
Income/(loss) before Interest Expense and Income Taxes   -    (0)   (870)   (3,386)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (0)   (870)   (3,386)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $(0)  $(870)  $(3,386)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 88 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG Lightering Acquisition
Corporation		   OSG Lightering Solutions LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG Mariner LLC   OSG Maritrans Parent LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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    39 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   15    31    -    - 
Total Operating Expenses   15    31    6    39 
Income/(loss) from Vessel Operations   (15)   (31)   (6)   (39)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (15)   (31)   (6)   (39)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (15)   (31)   (6)   (39)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (15)   (31)   (6)   (39)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(15)  $(31)  $(6)  $(39)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 90 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG Navigator LLC   OSG New York, Inc. 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $588   $3,459 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    (0)   4,014 
    -    -    588    7,474 
Operating Expenses:                    
Voyage expenses   -    -    0    2,131 
Vessel expenses   242    1,461    3    42 
Charter hire expenses   -    -    691    6,108 
Depreciation and amortization   71    465    -    - 
General and administrative   7    45    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   321    1,970    694    8,280 
Income/(loss) from Vessel Operations   (321)   (1,970)   (106)   (807)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (321)   (1,970)   (106)   (807)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (321)   (1,970)   (106)   (807)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (321)   (1,970)   (106)   (807)
Reorganization Items, net   -    -    2    6 
Income/(loss) before Income Taxes  $(321)  $(1,970)  $(108)  $(813)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 91 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG Product Tankers AVTC, LLC   OSG Product Tankers I, LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   OSG Product Tankers II, LLC   OSG Product Tankers Member LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

 

   OSG Product Tankers, LLC   OSG Quest LLC 
   May 1 - 31, 2013   November 14,
2012- May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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   -    -    8    20 
Total Operating Expenses   -    -    8    20 
Income/(loss) from Vessel Operations   -    -    (8)   (20)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    (8)   (20)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    (8)   (20)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    (8)   (20)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $(8)  $(20)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 94 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   OSG Seafarer LLC   OSG Ship Management, Inc. 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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   -    -    267    1,818 
General and administrative   -    -    4,559    25,754 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    (0)   4,826    27,572 
Income/(loss) from Vessel Operations   -    0    (4,826)   (27,572)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    0    (4,826)   (27,572)
Other Income/(expense)   -    -    0    3 
Income/(loss) before Interest Expense and Income Taxes   -    0    (4,826)   (27,570)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    0    (4,826)   (27,570)
Reorganization Items, net   -    -    65    185 
Income/(loss) before Income Taxes  $-   $0   $(4,891)  $(27,755)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 95 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   OSG Valour LLC   Overseas Allegiance Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Overseas Anacortes LLC   Overseas Boston LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   2,015    11,614    1,651    10,597 
Voyage charter revenues   -    8    -    26 
    2,015    11,622    1,651    10,622 
Operating Expenses:                    
Voyage expenses   25    153    23    162 
Vessel expenses   557    3,553    497    3,645 
Charter hire expenses   785    5,093    773    5,009 
Depreciation and amortization   8    54    33    209 
General and administrative   17    108    16    110 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,392    8,962    1,342    9,134 
Income/(loss) from Vessel Operations   623    2,660    309    1,488 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   623    2,660    309    1,488 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   623    2,660    309    1,488 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   623    2,660    309    1,488 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $623   $2,660   $309   $1,488 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 97 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Overseas Diligence LLC   Overseas Galena Bay LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Overseas Houston LLC   Overseas Integrity LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,449    9,303    -    - 
Voyage charter revenues   -    -    -    - 
    1,449    9,303    -    - 
Operating Expenses:                    
Voyage expenses   6    39    -    - 
Vessel expenses   539    3,574    -    (3)
Charter hire expenses   735    4,760    -    - 
Depreciation and amortization   62    406    -    - 
General and administrative   16    109    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,358    8,888    -    (3)
Income/(loss) from Vessel Operations   91    415    -    3 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   91    415    -    3 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   91    415    -    3 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   91    415    -    3 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $91   $415   $-   $3 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 99 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Overseas Long Beach LLC   Overseas Los Angeles LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,442    9,254    1,442    9,246 
Voyage charter revenues   -    -    -    7 
    1,442    9,254    1,442    9,253 
Operating Expenses:                    
Voyage expenses   12    77    12    84 
Vessel expenses   558    3,601    572    3,639 
Charter hire expenses   736    4,766    739    4,788 
Depreciation and amortization   45    283    47    267 
General and administrative   16    108    17    109 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,368    8,836    1,385    8,886 
Income/(loss) from Vessel Operations   74    418    56    366 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   74    418    56    366 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   74    418    56    366 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   74    418    56    366 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $74   $418   $56   $366 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 100 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Overseas Martinez LLC   Overseas New Orleans LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,651    9,989    -    - 
Voyage charter revenues   -    26    -    - 
    1,651    10,015    -    - 
Operating Expenses:                    
Voyage expenses   19    158    -    - 
Vessel expenses   834    4,002    -    5 
Charter hire expenses   784    5,039    -    - 
Depreciation and amortization   41    105    -    - 
General and administrative   17    110    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,695    9,415    -    5 
Income/(loss) from Vessel Operations   (44)   601    -    (5)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (44)   601    -    (5)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (44)   601    -    (5)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (44)   601    -    (5)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(44)  $601   $-   $(5)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 101 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Overseas New York LLC   Overseas Nikiski LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,449    8,333    1,651    10,597 
Voyage charter revenues   -    -    -    29 
    1,449    8,333    1,651    10,626 
Operating Expenses:                    
Voyage expenses   6    35    21    173 
Vessel expenses   532    3,650    641    3,665 
Charter hire expenses   742    4,814    774    5,016 
Depreciation and amortization   40    279    46    293 
General and administrative   16    108    17    110 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,337    8,886    1,499    9,258 
Income/(loss) from Vessel Operations   113    (553)   152    1,368 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   113    (553)   152    1,368 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   113    (553)   152    1,368 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   113    (553)   152    1,368 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $113   $(553)  $152   $1,368 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 102 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Overseas Perseverance Corporation   Overseas Philadelphia LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Overseas Puget Sound LLC   Overseas Sea Swift Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
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 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Overseas Shipping (GR) Ltd.   Overseas ST Holding LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    4,450    27,936 
Voyage charter revenues   -    -    42    42 
    -    -    4,492    27,978 
Operating Expenses:                    
Voyage expenses   -    -    34    218 
Vessel expenses   -    3    1,154    7,426 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    909    5,857 
General and administrative   -    -    34    221 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    3    2,131    13,722 
Income/(loss) from Vessel Operations   -    (3)   2,361    14,256 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (3)   2,361    14,256 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (3)   2,361    14,256 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (3)   2,361    14,256 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $(3)  $2,361   $14,256 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 105 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Overseas Tampa LLC   Overseas Texas City LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   1,798    11,542    2,015    12,189 
Voyage charter revenues   3    24    1    3 
    1,801    11,566    2,016    12,192 
Operating Expenses:                    
Voyage expenses   25    169    26    158 
Vessel expenses   556    3,641    538    3,643 
Charter hire expenses   811    5,213    747    4,798 
Depreciation and amortization   2    14    18    97 
General and administrative   17    109    17    110 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,411    9,146    1,345    8,805 
Income/(loss) from Vessel Operations   390    2,421    671    3,387 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   390    2,421    671    3,387 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   390    2,421    671    3,387 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   390    2,421    671    3,387 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $390   $2,421   $671   $3,387 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 106 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Pearlmar Limited   Petromar Limited 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $673   $3,474   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    9    723    5,012 
    673    3,483    723    5,012 
Operating Expenses:                    
Voyage expenses   (0)   5    323    2,687 
Vessel expenses   97    1,719    180    1,145 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   219    1,407    172    1,106 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   316    3,130    675    4,938 
Income/(loss) from Vessel Operations   357    353    48    74 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   357    353    48    74 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   357    353    48    74 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   357    353    48    74 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $357   $353   $48   $74 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 107 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Pisces Tanker Corporation   Polaris Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   (1)   4,018    0    3,812 
    (1)   4,018    0    3,812 
Operating Expenses:                    
Voyage expenses   (3)   2,377    (3)   2,366 
Vessel expenses   0    33    (1)   11 
Charter hire expenses   -    2,350    -    1,996 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   (3)   4,760    (4)   4,373 
Income/(loss) from Vessel Operations   2    (741)   4    (561)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   2    (741)   4    (561)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   2    (741)   4    (561)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   2    (741)   4    (561)
Reorganization Items, net   2    (1)   2    5 
Income/(loss) before Income Taxes  $(0)  $(741)  $2   $(566)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 108 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Queens Product Tanker Corporation   Reymar Limited 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $646   $2,991 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   (10)   9    -    9 
    (10)   9    646    3,000 
Operating Expenses:                    
Voyage expenses   -    2    2    8 
Vessel expenses   1    94    229    2,178 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    197    1,270 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1    96    428    3,456 
Income/(loss) from Vessel Operations   (10)   (88)   218    (456)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (10)   (88)   218    (456)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (10)   (88)   218    (456)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (10)   (88)   218    (456)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $(10)  $(88)  $218   $(456)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 109 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Rich Tanker Corporation   Rimar Chartering Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    455    -    - 
Voyage charter revenues   1,153    5,385    -    841 
    1,153    5,840    -    841 
Operating Expenses:                    
Voyage expenses   692    2,827    1    500 
Vessel expenses   5    39    (2)   378 
Charter hire expenses   403    2,118    -    626 
Depreciation and amortization   -    -    -    80 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,099    4,984    (1)   1,584 
Income/(loss) from Vessel Operations   54    856    1    (743)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   54    856    1    (743)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   54    856    1    (743)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   54    856    1    (743)
Reorganization Items, net   -    -    -    (1,856)
Income/(loss) before Income Taxes  $54   $856   $1   $1,113 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 110 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Rosalyn Tanker Corporation   Rosemar Limited 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $28   $1,816   $-   $- 
Time and bareboat charter revenues   -    -    365    2,381 
Voyage charter revenues   -    -    -    7 
    28    1,816    365    2,388 
Operating Expenses:                    
Voyage expenses   33    163    11    68 
Vessel expenses   185    2,208    167    1,345 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   263    1,496    216    1,379 
General and administrative   0    0    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   481    3,867    394    2,792 
Income/(loss) from Vessel Operations   (454)   (2,051)   (28)   (403)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (454)   (2,051)   (28)   (403)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   (454)   (2,051)   (28)   (403)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (454)   (2,051)   (28)   (403)
Reorganization Items, net   5    26    -    - 
Income/(loss) before Income Taxes  $(459)  $(2,078)  $(28)  $(403)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 111 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Rubymar Limited   Sakura Transport Corp. 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $779   $4,206 
Time and bareboat charter revenues   262    1,832    -    - 
Voyage charter revenues   -    -    -    - 
    262    1,832    779    4,206 
Operating Expenses:                    
Voyage expenses   -    (0)   (0)   187 
Vessel expenses   0    (5)   223    1,563 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   207    1,334    249    1,607 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   207    1,329    472    3,357 
Income/(loss) from Vessel Operations   55    504    307    850 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   55    504    307    850 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   55    504    307    850 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   55    504    307    850 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $55   $504   $307   $850 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 112 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Samar Product Tanker Corporation   Santorini Tanker LLC 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   396    2,496    -    - 
Voyage charter revenues   -    (1)   1,727    9,575 
    396    2,495    1,727    9,575 
Operating Expenses:                    
Voyage expenses   10    81    659    3,558 
Vessel expenses   149    1,100    396    2,052 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   185    1,185    171    1,097 
General and administrative   -    -    16    98 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   344    2,366    1,242    6,806 
Income/(loss) from Vessel Operations   52    129    484    2,769 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   52    129    484    2,769 
Other Income/(expense)   (0)   (1)   -    - 
Income/(loss) before Interest Expense and Income Taxes   52    128    484    2,769 
Interest Expense   (46)   (302)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   5    (174)   484    2,769 
Reorganization Items, net   5    26    -    - 
Income/(loss) before Income Taxes  $0   $(200)  $484   $2,769 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 113 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Serifos Tanker Corporation   Seventh Aframax Tanker
Corporation		 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $(11)  $518   $310   $1,781 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   838    1,795    -    - 
    827    2,313    310    1,781 
Operating Expenses:                    
Voyage expenses   360    1,048    -    (6)
Vessel expenses   224    723    261    1,600 
Charter hire expenses   139    1,045    -    - 
Depreciation and amortization   15    100    142    919 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   738    2,916    403    2,513 
Income/(loss) from Vessel Operations   89    (604)   (93)   (732)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   89    (604)   (93)   (732)
Other Income/(expense)   53    (13)   -    - 
Income/(loss) before Interest Expense and Income Taxes   142    (617)   (93)   (732)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   142    (617)   (93)   (732)
Reorganization Items, net   14    28    -    - 
Income/(loss) before Income Taxes  $129   $(645)  $(93)  $(732)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 114 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Shirley Tanker SRL   Sifnos Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $310   $1,733   $473   $2,948 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    310    1,733    473    2,948 
Operating Expenses:                    
Voyage expenses   -    (62)   -    15 
Vessel expenses   199    2,022    181    1,205 
Charter hire expenses   -    -    194    1,966 
Depreciation and amortization   315    2,028    17    101 
General and administrative   15    59    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   530    4,047    391    3,287 
Income/(loss) from Vessel Operations   (220)   (2,315)   82    (340)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (220)   (2,315)   82    (340)
Other Income/(expense)   0    0    53    (13)
Income/(loss) before Interest Expense and Income Taxes   (220)   (2,315)   134    (353)
Interest Expense   (23)   (183)   -    - 
Income/(loss) before Reorganization Items and Income Taxes   (243)   (2,498)   134    (353)
Reorganization Items, net   5    26    -    - 
Income/(loss) before Income Taxes  $(248)  $(2,524)  $134   $(353)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 115 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Silvermar Limited   Sixth Aframax Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $651   $3,292   $310   $532 
Time and bareboat charter revenues   -    -    (3)   1,886 
Voyage charter revenues   -    8    -    - 
    651    3,300    307    2,418 
Operating Expenses:                    
Voyage expenses   (2)   6    15    25 
Vessel expenses   148    1,143    192    1,725 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   214    1,375    139    897 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   360    2,524    346    2,648 
Income/(loss) from Vessel Operations   291    776    (39)   (230)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   291    776    (39)   (230)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   291    776    (39)   (230)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   291    776    (39)   (230)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $291   $776   $(39)  $(230)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 116 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Skopelos Product Tanker
Corporation		   Star Chartering Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    457    2,605 
Voyage charter revenues   950    6,573    -    - 
    950    6,573    457    2,605 
Operating Expenses:                    
Voyage expenses   507    4,100    -    - 
Vessel expenses   196    1,215    2    14 
Charter hire expenses   -    -    445    2,606 
Depreciation and amortization   114    731    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   817    6,046    447    2,621 
Income/(loss) from Vessel Operations   133    527    11    (16)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   133    527    11    (16)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   133    527    11    (16)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   133    527    11    (16)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $133   $527   $11   $(16)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 117 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Suezmax International Agencies, Inc.   Talara Chartering Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $1,503   $9,918   $7   $1,398 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    7 
    1,503    9,918    7    1,405 
Operating Expenses:                    
Voyage expenses   -    (282)   0    18 
Vessel expenses   6    110    (8)   530 
Charter hire expenses   1,212    12,680    -    1,730 
Depreciation and amortization   -    -    -    34 
General and administrative   35    385    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   1,252    12,893    (8)   2,312 
Income/(loss) from Vessel Operations   250    (2,975)   15    (907)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   250    (2,975)   15    (907)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   250    (2,975)   15    (907)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   250    (2,975)   15    (907)
Reorganization Items, net   -    -    -    452 
Income/(loss) before Income Taxes  $250   $(2,975)  $15   $(1,359)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 118 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Third United Shipping Corporation   Tokyo Transport Corp. 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $1   $2,724 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    - 
    -    -    1    2,724 
Operating Expenses:                    
Voyage expenses   -    -    108    189 
Vessel expenses   -    -    209    1,881 
Charter hire expenses   -    -    -    - 
Depreciation and amortization   -    -    268    1,728 
General and administrative   -    -    -    0 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    585    3,798 
Income/(loss) from Vessel Operations   -    -    (584)   (1,075)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    (584)   (1,075)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    (584)   (1,075)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    (584)   (1,075)
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $(584)  $(1,075)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 119 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Transbulk Carriers, Inc.   Troy Chartering Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $(0)  $1,200 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    12 
    -    -    (0)   1,212 
Operating Expenses:                    
Voyage expenses   -    -    (6)   10 
Vessel expenses   -    -    1    481 
Charter hire expenses   -    -    -    1,676 
Depreciation and amortization   -    -    -    35 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    (5)   2,201 
Income/(loss) from Vessel Operations   -    -    5    (989)
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    5    (989)
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    5    (989)
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    5    (989)
Reorganization Items, net   -    -    -    464 
Income/(loss) before Income Taxes  $-   $-   $5   $(1,454)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 120 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Troy Product Corporation   Urban Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $481   $2,934 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    -    (8)
    -    -    481    2,926 
Operating Expenses:                    
Voyage expenses   -    -    -    (29)
Vessel expenses   -    -    5    32 
Charter hire expenses   -    -    403    2,236 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    408    2,238 
Income/(loss) from Vessel Operations   -    -    73    688 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    73    688 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    73    688 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    73    688 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $-   $73   $688 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 121 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

 

   Vega Tanker Corporation   View Tanker Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $(8)  $(34)
Time and bareboat charter revenues   -    -    442    2,839 
Voyage charter revenues   -    -    -    - 
    -    -    434    2,804 
Operating Expenses:                    
Voyage expenses   -    -    8    62 
Vessel expenses   -    26    5    29 
Charter hire expenses   -    -    208    1,726 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    26    221    1,816 
Income/(loss) from Vessel Operations   -    (26)   213    988 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    (26)   213    988 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    (26)   213    988 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    (26)   213    988 
Reorganization Items, net   -    -    -    - 
Income/(loss) before Income Taxes  $-   $(26)  $213   $988 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 122 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Vivian Tankships Corporation   Vulpecula Chartering Corporation 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $-   $- 
Time and bareboat charter revenues   -    -    -    - 
Voyage charter revenues   -    -    32    3,793 
    -    -    32    3,793 
Operating Expenses:                    
Voyage expenses   -    -    (0)   1,971 
Vessel expenses   -    -    -    5 
Charter hire expenses   -    -    16    1,813 
Depreciation and amortization   -    -    -    - 
General and administrative   -    -    -    - 
(Gain)/loss on disposal of vessels   -    -    -    - 
Total Operating Expenses   -    -    16    3,789 
Income/(loss) from Vessel Operations   -    -    16    4 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   -    -    16    4 
Other Income/(expense)   -    -    -    - 
Income/(loss) before Interest Expense and Income Taxes   -    -    16    4 
Interest Expense   -    -    -    - 
Income/(loss) before Reorganization Items and Income Taxes   -    -    16    4 
Reorganization Items, net   -    -    2    6 
Income/(loss) before Income Taxes  $-   $-   $14   $(2)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 123 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Wind Aframax Tanker Corporation   Combined
Debtors		 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $-   $17,162   $114,410 
Time and bareboat charter revenues   -    -    31,875    195,187 
Voyage charter revenues   -    -    30,387    231,320 
    -    -    79,424    540,918 
Operating Expenses:                    
Voyage expenses   -    -    14,725    115,705 
Vessel expenses   -    -    21,748    148,333 
Charter hire expenses   -    -    17,915    145,466 
Depreciation and amortization   -    -    16,995    108,137 
General and administrative   -    -    6,339    34,248 
(Gain)/loss on disposal of vessels   -    -    (61)   594 
Total Operating Expenses   -    -    77,662    552,484 
Income/(loss) from Vessel Operations   -    -    1,762    (11,566)
Equity in Income/(loss) of Affiliated Companies   -    -    3,941    24,002 
Operating Income/(loss)   -    -    5,703    12,436 
Other Income/(expense)   -    -    (882)   (8,154)
Income/(loss) before Interest Expense and Income Taxes   -    -    4,821    4,282 
Interest Expense   -    -    (1,505)   (7,103)
Income/(loss) before Reorganization Items and Income Taxes   -    -    3,316    (2,821)
Reorganization Items, net   -    -    4,222    45,439 
Income/(loss) before Income Taxes  $-   $-   $(906)  $(48,260)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 124 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Eliminations   Consolidated
Debtors		 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $-   $(285)  $17,162   $114,125 
Time and bareboat charter revenues   (421)   (6,291)   31,454    188,895 
Voyage charter revenues   -    -    30,387    231,320 
    (421)   (6,576)   79,003    534,341 
Operating Expenses:                    
Voyage expenses   -    -    14,725    115,705 
Vessel expenses   -    -    21,748    148,333 
Charter hire expenses   (421)   (6,576)   17,494    138,890 
Depreciation and amortization   -    -    16,995    108,137 
General and administrative   -    -    6,339    34,248 
(Gain)/loss on disposal of vessels   -    -    (61)   594 
Total Operating Expenses   (421)   (6,576)   77,240    545,907 
Income/(loss) from Vessel Operations   -    -    1,763    (11,566)
Equity in Income/(loss) of Affiliated Companies   -    -    3,941    24,001 
Operating Income/(loss)   -    -    5,704    12,435 
Other Income/(expense)   -    -    (882)   (8,154)
Income/(loss) before Interest Expense and Income Taxes   -    -    4,822    4,281 
Interest Expense   -    -    (1,505)   (7,104)
Income/(loss) before Reorganization Items and Income Taxes   -    -    3,317    (2,823)
Reorganization Items, net   -    -    4,222    45,439 
Income/(loss) before Income Taxes  $-   $-   $(905)  $(48,262)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 125 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Total
Non-Debtors		   Eliminations 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
                 
Shipping Revenues:                    
                     
Pool revenues  $0   $(45)  $-   $- 
Time and bareboat charter revenues   -    47    -    - 
Voyage charter revenues   -    (167)   -    - 
    0    (165)   -    - 
Operating Expenses:                    
Voyage expenses   1    (405)   -    - 
Vessel expenses   (94)   1,101    -    - 
Charter hire expenses   -    244    -    - 
Depreciation and amortization   (73)   (413)   -    - 
General and administrative   2,083    13,428    -    - 
(Gain)/loss on disposal of vessels   -    (6)   -    - 
Total Operating Expenses   1,917    13,950    -    - 
Income/(loss) from Vessel Operations   (1,917)   (14,114)   -    - 
Equity in Income/(loss) of Affiliated Companies   -    -    -    - 
Operating Income/(loss)   (1,917)   (14,114)   -    - 
Other Income/(expense)   1,011    8,347    -    - 
Income/(loss) before Interest Expense and Income Taxes   (906)   (5,767)   -    - 
Interest Expense   -    0    -    - 
Income/(loss) before Reorganization Items and Income Taxes   (906)   (5,767)   -    - 
Reorganization Items, net   8    9    -    - 
Income/(loss) before Income Taxes  $(913)  $(5,776)  $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 126 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Statements of Operations
For the Periods May 1 - 31, 2013 and November 14, 2012 to May 31, 2013

  

   Consolidated Overseas Shipholding
Group, Inc.		 
   May 1 - 31, 2013   November 14,
2012 - May 31,
2013		 
         
Shipping Revenues:          
           
Pool revenues  $17,163   $114,080 
Time and bareboat charter revenues   31,454    188,943 
Voyage charter revenues   30,387    231,154 
    79,004    534,177 
Operating Expenses:          
Voyage expenses   14,726    115,300 
Vessel expenses   21,654    149,434 
Charter hire expenses   17,494    139,133 
Depreciation and amortization   16,922    107,724 
General and administrative   8,422    47,677 
(Gain)/loss on disposal of vessels   (61)   586 
Total Operating Expenses   79,157    559,854 
Income/(loss) from Vessel Operations   (153)   (25,677)
Equity in Income/(loss) of Affiliated Companies   3,941    24,001 
Operating Income/(loss)   3,788    (1,676)
Other Income/(expense)   129    193 
Income/(loss) before Interest Expense and Income Taxes   3,917    (1,483)
Interest Expense   (1,505)   (7,104)
Income/(loss) before Reorganization Items and Income Taxes   2,412    (8,587)
Reorganization Items, net   4,230    45,448 
Income/(loss) before Income Taxes  $(1,818)  $(54,035)

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 127 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

 

   Overseas Shipholding Group, Inc.   OSG International, Inc.   OSG Bulk Ships, Inc.   1372 Tanker Corporation 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $320,126   $286,788   $3,986   $97,895   $46,300   $32,100   $-   $- 
Voyage receivables   530    0    (990)   (1,005)   -    -    2,611    4,367 
Other receivables   26,385    26,352    13,363    13,057    746    571    27    46 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   16,696    10,823    (133)   54    -    -    75    237 
Total Current Assets   363,738    323,964    16,227    110,002    47,046    32,671    2,713    4,650 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    50,585    49,186 
Deferred drydock expenditures, net   -    -    -    -    -    -    2,212    1,951 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    52,797    51,137 
Investments in Affiliated Companies   38    253    (2,998)   20,698    -    -    -    - 
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    270,677    180,732    153,807    -    -    -    - 
Pre-petition intercompany receivables from debtors   331,328    352,970    339,231    339,233    986,889    986,888    16,336    16,336 
Pre-petition Intercompany receivables from non-debtors   10,840    10,840    1,487,388    1,487,354    4,045    4,045    -    - 
Post-petition intercompany receivables from non-debtors   -    231    -    2,996    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    18,126    -    25,952    -    20,878    -    - 
Other Assets   0    0    6    24    237    334    257    250 
Total Assets  $1,789,319   $1,793,061   $4,057,090   $4,176,578   $2,550,477   $2,557,076   $72,103   $72,372 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   8,019    18,611    -    (175)   55    1,437    1,150    967 
Total Current Liabilities Not Subject to Compromise   8,019    18,611    -    (175)   55    1,437    1,150    967 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    76,981    -    51,321    -    504 
Post-petition intercompany payables to non-debtors   -    -    -    26,199    -    -    -    491 
Post-petition intercompany payables to other debtors   -    6,532    -    81,218    -    4,320    -    257 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   213,101    208,297    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   221,120    233,440    -    184,222    55    57,077    1,150    2,219 
                                         
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 
Pre-petition intercompany payables to other debtors   29,734    44,070    1,932,666    1,954,310    1,079,806    1,079,805    -    - 
Other liabilities   2,018,557    2,018,572    509    509    2,210    3,377    47,270    47,319 
Total  Liabilities Subject to Compromise   2,060,968    2,075,320    2,478,631    2,425,276    1,191,215    1,142,381    75,397    75,445 
                                         
Total Liabilities   2,282,087    2,308,760    2,478,631    2,609,498    1,191,270    1,199,457    76,547    77,665 
Equity:                                        
Total Equity   (492,769)   (515,700)   1,578,459    1,567,080    1,359,207    1,357,619    (4,444)   (5,292)
Total Liabilities and Equity  $1,789,319   $1,793,061   $4,057,090   $4,176,578   $2,550,477   $2,557,076   $72,103   $72,372 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 128 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Africa Tanker Corporation   Alcesmar Limited   Alcmar Limited   Alpha Suezmax Corporation 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    1,547    1,281    153    1,348    2,957    3,413 
Other receivables   (1)   (1)   11    (26)   (24)   (17)   2,741    131 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   18    155    21    55    21    53    528    435 
Total Current Assets   18    154    1,579    1,310    150    1,384    6,226    3,978 
Vessels and other property, less accumulated depreciation   -    -    34,822    33,754    34,750    33,691    228    - 
Deferred drydock expenditures, net   -    -    674    458    401    237    1,800    - 
Total Vessels, Deferred Drydock and Other Property   -    -    35,496    34,212    35,151    33,928    2,028    - 
Investments in Affiliated Companies   231,376    250,974    300    300    600    600    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   259,313    259,313    3,930    3,930    7,926    7,926    6,502    6,502 
Pre-petition Intercompany receivables from non-debtors   4,350    4,350    0    0    -    -    14    14 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    1,922    -    772    -    1,211 
Other Assets   -    -    53    64    67    59    55    - 
Total Assets  $495,057   $514,792   $41,358   $41,737   $43,893   $44,669   $14,825   $11,705 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    44    22    708    690    116    85 
Total Current Liabilities Not Subject to Compromise   -    -    44    22    708    690    116    85 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    304    -    398    -    - 
Post-petition intercompany payables to other debtors   -    1,043    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   43    13    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   43    1,056    44    326    708    1,088    116    85 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   17    17    6,818    6,818    7,706    7,706    26,898    26,898 
Pre-petition intercompany payables to other debtors   39    39    238    238    222    222    2,722    2,722 
Other liabilities   -    -    19,950    19,955    19,950    19,955    -    - 
Total  Liabilities Subject to Compromise   56    56    27,006    27,012    27,878    27,883    29,620    29,620 
                                         
Total Liabilities   99    1,112    27,050    27,337    28,586    28,971    29,736    29,705 
Equity:                                        
Total Equity   494,959    513,680    14,308    14,400    15,308    15,698    (14,912)   (18,000)
Total Liabilities and Equity  $495,057   $514,792   $41,358   $41,737   $43,893   $44,669   $14,825   $11,705 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 129 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Alpha Tanker Corporation   Amalia Product Corporation   Ambermar Product Carrier
Corporation		   Ambermar Tanker Corporation 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   (62)   (62)   2,562    3,001    1,417    1,463    (22)   - 
Other receivables   131    131    6    5    14    (17)   -    - 
Inventory   -    -    38    -    318    606    -    - 
Prepaid expenses and other current assets   -    -    388    83    21    47    1,071    - 
Total Current Assets   69    69    2,995    3,089    1,769    2,099    1,049    - 
Vessels and other property, less accumulated depreciation   -    -    51,954    50,389    26,361    25,452    -    - 
Deferred drydock expenditures, net   -    -    1,747    1,489    1,657    1,438    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    53,701    51,878    28,018    26,890    -    - 
Investments in Affiliated Companies   -    -    601    601    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   157    157    6,826    6,826    16,108    16,108    102    102 
Pre-petition Intercompany receivables from non-debtors   481    481    -    -    -    -    783    783 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    2,285    -    1,295    -    840 
Other Assets   -    -    (1)   (1)   33    26    -    208 
Total Assets  $707   $706   $64,121   $64,678   $45,929   $46,418   $1,934   $1,934 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    41    123    374    501    4    4 
Total Current Liabilities Not Subject to Compromise   -    -    41    123    374    501    4    4 
                                         
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   -    -    41    123    374    501    4    4 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    6,322    6,322    17,078    17,078    -    - 
Pre-petition intercompany payables to other debtors   147    147    3    3    335    335    840    840 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   147    147    6,325    6,325    17,413    17,413    840    840 
                                         
Total Liabilities   147    147    6,366    6,448    17,787    17,914    844    844 
Equity:                                        
Total Equity   560    560    57,755    58,230    28,142    28,504    1,090    1,090 
Total Liabilities and Equity  $707   $706   $64,121   $64,678   $45,929   $46,418   $1,934   $1,934 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 130 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Andromar Limited   Antigmar Limited   Aqua Tanker Corporation   Aquarius Tanker Corporation 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,480    1,574    270    1,293    455    453    2,193    313 
Other receivables   20    (2)   (27)   (9)   3,779    3,779    15    366 
Inventory   -    -    484    (0)   -    -    150    - 
Prepaid expenses and other current assets   23    52    21    58    4,651    4,651    273    1 
Total Current Assets   1,523    1,624    748    1,342    8,884    8,882    2,631    680 
Vessels and other property, less accumulated depreciation   35,473    34,448    35,287    34,274    -    -    -    - 
Deferred drydock expenditures, net   534    317    395    267    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   36,006    34,765    35,682    34,540    -    -    -    - 
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   14,837    14,837    15,228    15,228    199    199    19,515    19,515 
Pre-petition Intercompany receivables from non-debtors   1    1    -    -    440    440    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    954    -    898    -    -    -    1,529 
Other Assets   46    46    (24)   43    -    -    -    - 
Total Assets  $53,013   $52,826   $52,233   $52,652   $9,523   $9,521   $22,146   $21,723 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   928    39    469    41    57    57    478    154 
Total Current Liabilities Not Subject to Compromise   928    39    469    41    57    57    478    154 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    394    -    355    -    -    -    - 
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   928    433    469    396    57    57    478    154 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   16,388    16,388    17,540    17,540    1,979    1,979    23,009    23,009 
Pre-petition intercompany payables to other debtors   226    226    241    241    18    18    -    - 
Other liabilities   19,950    19,955    19,950    19,955    -    -    -    - 
Total  Liabilities Subject to Compromise   36,564    36,570    37,731    37,736    1,997    1,997    23,009    23,009 
                                         
Total Liabilities   37,492    37,003    38,200    38,132    2,053    2,053    23,487    23,163 
Equity:                                        
Total Equity   15,521    15,823    14,033    14,519    7,470    7,468    (1,340)   (1,439)
Total Liabilities and Equity  $53,013   $52,826   $52,233   $52,652   $9,523   $9,521   $22,146   $21,723 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 131 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Ariadmar Limited   Aspro Tanker Corporation   Atalmar Limited   Athens Product Tanker Corporation 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,578    1,285    330    330    1,936    1,797    1,699    761 
Other receivables   6    6    26    26    2    1    (4)   25 
Inventory   -    -    -    -    182    452    323    704 
Prepaid expenses and other current assets   29    52    31    31    23    51    19    57 
Total Current Assets   1,612    1,343    386    387    2,143    2,301    2,037    1,546 
Vessels and other property, less accumulated depreciation   35,133    34,086    -    -    35,037    33,992    41,872    40,997 
Deferred drydock expenditures, net   762    512    -    -    726    514    -    - 
Total Vessels, Deferred Drydock and Other Property   35,895    34,598    -    -    35,762    34,506    41,872    40,997 
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   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   -    2,075    -    -    -    2,286    -    4,535 
Other Assets   30    44    -    -    (114)   (42)   2    2 
Total Assets  $42,697   $43,220   $2,130   $2,130   $50,976   $52,235   $43,926   $47,096 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   42    21    -    -    571    825    63    1,052 
Total Current Liabilities Not Subject to Compromise   42    21    -    -    571    825    63    1,052 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    458    -    -    -    -    -    - 
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   42    478    -    -    571    825    63    1,052 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   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    19,955    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   28,159    28,165    1,193    1,193    10,045    10,045    42,788    42,788 
                                         
Total Liabilities   28,202    28,643    1,193    1,193    10,616    10,869    42,851    43,840 
Equity:                                        
Total Equity   14,496    14,576    936    937    40,360    41,366    1,075    3,256 
Total Liabilities and Equity  $42,697   $43,220   $2,130   $2,130   $50,976   $52,235   $43,926   $47,096 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 132 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Atlas Chartering Corporation   Aurora Shipping Corporation   Avila Tanker Corporation   Batangas Tanker Corporation 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   904    588    3,187    2,761    171    171    -    - 
Other receivables   -    87    28    16    (53)   (53)   -    - 
Inventory   433    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   605    0    96    248    221    221    -    7 
Total Current Assets   1,941    675    3,311    3,025    339    339    -    7 
Vessels and other property, less accumulated depreciation   -    -    38,944    37,814    -    -    59,564    60,785 
Deferred drydock expenditures, net   -    -    1,486    1,304    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    40,429    39,118    -    -    59,564    60,785 
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 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    299    299 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    1,106    -    -    -    -    -    - 
Other Assets   (9)   (9)   (37)   7    -    -    -    - 
Total Assets  $24,241   $24,081   $56,032   $54,478   $1,611   $1,611   $81,926   $83,154 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   59    66    321    403    249    249    -    52 
Total Current Liabilities Not Subject to Compromise   59    66    321    403    249    249    -    52 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    339 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    1,095    -    -    -    836 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   59    66    321    1,498    249    249    -    1,228 
                                         
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 
Pre-petition intercompany payables to other debtors   365    365    7    7    1,208    1,208    5    5 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   25,746    25,746    6,460    6,460    1,208    1,208    81,826    81,826 
                                         
Total Liabilities   25,805    25,812    6,782    7,959    1,457    1,457    81,826    83,054 
Equity:                                        
Total Equity   (1,564)   (1,732)   49,250    46,519    154    154    100    100 
Total Liabilities and Equity  $24,241   $24,081   $56,032   $54,478   $1,611   $1,611   $81,926   $83,154 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 133 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Beta Aframax Corporation   Brooklyn Product Tanker
Corporation		   Cabo Hellas Limited   Cabo Sounion Limited 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   697    958    710    -    195    6    205    12 
Other receivables   13    467    (3)   (5)   22    0    (9)   (25)
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   44    -    -    -    47    90    33    84 
Total Current Assets   753    1,425    707    (5)   264    96    230    71 
Vessels and other property, less accumulated depreciation   141    -    -    -    36,005    34,919    37,294    36,174 
Deferred drydock expenditures, net   65    -    -    -    358    183    306    170 
Total Vessels, Deferred Drydock and Other Property   206    -    -    -    36,364    35,102    37,600    36,343 
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   10,281    9,741    2,827    2,827    26,270    26,270    27,240    27,240 
Pre-petition Intercompany receivables from non-debtors   -    -    25,270    25,270    4    4    3    3 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    438    -    1,234    -    1,221 
Other Assets   105    -    (3)   (6)   -    -    (41)   1 
Total Assets  $11,345   $11,165   $28,802   $28,524   $62,901   $62,705   $65,032   $64,879 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   609    723    279    41    461    434    489    419 
Total Current Liabilities Not Subject to Compromise   609    723    279    41    461    434    489    419 
                                         
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   -    547    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   (854)   -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   (245)   1,269    279    41    461    434    489    419 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   15,430    15,430    370    370    3,342    3,342    2,979    2,979 
Pre-petition intercompany payables to other debtors   341    341    47,640    47,620    17,008    17,008    17,774    17,774 
Other liabilities   -    -    -    0    -    -    -    - 
Total  Liabilities Subject to Compromise   15,771    15,771    48,010    47,990    20,350    20,350    20,753    20,753 
                                         
Total Liabilities   15,526    17,040    48,289    48,031    20,811    20,784    21,242    21,172 
Equity:                                        
Total Equity   (4,181)   (5,875)   (19,488)   (19,507)   42,091    41,922    43,790    43,707 
Total Liabilities and Equity  $11,345   $11,165   $28,802   $28,524   $62,901   $62,705   $65,032   $64,879 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 134 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Caribbean Tanker Corporation   Carina Tanker Corporation   Carl Product Corporation   Concept Tanker Corporation 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   887    968    908    630    2,622    3,210    1,991    1,180 
Other receivables   908    (26)   -    -    11    (4)   -    - 
Inventory   344    878    752    0    -    -    -    - 
Prepaid expenses and other current assets   54    139    3    (0)   33    83    241    490 
Total Current Assets   2,194    1,959    1,662    630    2,667    3,289    2,232    1,670 
Vessels and other property, less accumulated depreciation   22,147    20,877    -    -    51,896    50,343    -    - 
Deferred drydock expenditures, net   789    1,815    -    -    1,873    1,603    -    - 
Total Vessels, Deferred Drydock and Other Property   22,935    22,692    -    -    53,768    51,945    -    - 
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   28,974    28,974    18,588    18,588    6,388    6,388    7,495    7,495 
Pre-petition Intercompany receivables from non-debtors   18    18    0    0    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    1,856    -    2,808    -    741 
Other Assets   14    6    -    -    (58)   (56)   -    - 
Total Assets  $54,135   $53,648   $20,251   $21,074   $63,377   $64,374   $10,027   $10,205 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   651    1,091    19    201    102    1,204    -    - 
Total Current Liabilities Not Subject to Compromise   651    1,091    19    201    102    1,204    -    - 
                                         
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   -    983    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    493    - 
Total Liabilities Not Subject to Compromise   651    2,074    19    201    102    1,204    493    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   20,445    20,445    24,230    24,230    6,327    6,327    11,522    11,522 
Pre-petition intercompany payables to other debtors   3,073    3,073    -    -    2    2    1    1 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   23,518    23,518    24,230    24,230    6,330    6,330    11,523    11,523 
                                         
Total Liabilities   24,169    25,592    24,249    24,432    6,431    7,534    12,015    11,523 
Equity:                                        
Total Equity   29,966    28,056    (3,998)   (3,357)   56,946    56,840    (1,989)   (1,317)
Total Liabilities and Equity  $54,135   $53,648   $20,251   $21,074   $63,377   $64,374   $10,027   $10,205 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 135 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Crown Tanker Corporation   Delphina Tanker Corporation   Delta Aframax Corporation   DHT Ania Aframax Corp. 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $1   $1   $-   $- 
Voyage receivables   90    0    -    -    758    694    (40)   (40)
Other receivables   -    -    -    -    4    7    (15)   (4)
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    42    110    (60)   - 
Total Current Assets   90    0    -    -    805    813    (115)   (44)
Vessels and other property, less accumulated depreciation   -    -    -    -    56,274    55,002    -    - 
Deferred drydock expenditures, net   -    -    -    -    43    28    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    56,317    55,029    -    - 
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   431    431    -    -    3,875    3,875    1,477    1,477 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    119    119 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    96    -    -    -    805    -    - 
Other Assets   -    -    -    -    136    134    -    - 
Total Assets  $522   $527   $-   $-   $61,132   $60,656   $1,481   $1,552 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    -    -    660    747    -    71 
Total Current Liabilities Not Subject to Compromise   -    -    -    -    660    747    -    71 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    447    -    - 
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   -    -    -    -    660    1,194    -    71 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   83    83    -    -    7,653    7,653    1,337    1,337 
Pre-petition intercompany payables to other debtors   18    18    -    -    2    2    -    - 
Other liabilities   10    10    -    -    36,973    36,991    -    - 
Total  Liabilities Subject to Compromise   111    111    -    -    44,628    44,646    1,337    1,337 
                                         
Total Liabilities   111    111    -    -    45,288    45,839    1,337    1,408 
Equity:                                        
Total Equity   410    416    -    -    15,844    14,816    144    144 
Total Liabilities and Equity  $522   $527   $-   $-   $61,132   $60,656   $1,481   $1,552 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 136 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   DHT Ann VLCC Corp.   DHT Cathy Aframax Corp.   DHT Chris VLCC Corp.   DHT Rebecca Aframax Corp. 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   3,455    634    1,711    515    2,422    448    243    243 
Other receivables   687    688    883    983    44    329    373    424 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   579    176    409    107    479    0    -    - 
Total Current Assets   4,721    1,497    3,003    1,605    2,945    777    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   31,966    31,966    14,591    14,591    26,495    26,495    1,106    1,106 
Pre-petition Intercompany receivables from non-debtors   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    -    693    -    2,251    -    - 
Other Assets   (1)   -    (5)   (15)   -    -    51    - 
Total Assets  $37,873   $36,900   $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   285    314    -    -    100    189    -    - 
Total Current Liabilities Not Subject to Compromise   285    314    -    -    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   285    314    -    -    100    189    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   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   28,300    28,300    18,441    18,441    23,673    23,673    1,881    1,881 
                                         
Total Liabilities   28,585    28,614    18,441    18,441    23,773    23,863    1,881    1,881 
Equity:                                        
Total Equity   9,288    8,285    (786)   (1,501)   6,999    6,992    727    727 
Total Liabilities and Equity  $37,873   $36,900   $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 137 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   DHT Regal Unity VLCC Corp.   DHT Sophie Aframax Corp.   Dignity Chartering Corporation   Edindun Shipping Corporation 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,247    99    581    499    3,016    355    -    - 
Other receivables   750    750    865    858    8    1,475    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    (31)   -    511    195    -    - 
Total Current Assets   1,997    848    1,415    1,357    3,534    2,025    -    - 
Vessels and other property, less accumulated depreciation   -    -    -    -    483    -    -    - 
Deferred drydock expenditures, net   -    -    -    -    1,422    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    1,905    -    -    - 
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    -    - 
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    -    32    -    250    -    - 
Other Assets   -    -    0    -    26    20    -    - 
Total Assets  $15,262   $15,192   $11,965   $11,939   $14,624   $11,455   $-   $- 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    7    31    162    11    -    - 
Total Current Liabilities Not Subject to Compromise   -    -    7    31    162    11    -    - 
                                         
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    11    -    - 
                                         
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    -    - 
Pre-petition intercompany payables to other debtors   -    -    -    -    0    0    -    - 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   16,475    16,475    12,505    12,505    26,407    26,407    -    - 
                                         
Total Liabilities   16,475    16,475    12,512    12,536    26,569    26,418    -    - 
Equity:                                        
Total Equity   (1,213)   (1,283)   (547)   (596)   (11,944)   (14,963)   -    - 
Total Liabilities and Equity  $15,262   $15,192   $11,965   $11,939   $14,624   $11,455   $-   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 138 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Eighth Aframax Tanker Corporation   Epsilon Aframax Corporation   First Chemical Carrier Corporation   First LPG Tanker Corporation 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $1   $1   $-   $-   $-   $- 
Voyage receivables   1,427    1,161    1,703    1,524    22    4    287    287 
Other receivables   33    15    73    74    -    -    0    0 
Inventory   -    -    -    -    -    -    (0)   (0)
Prepaid expenses and other current assets   46    112    42    109    335    496    0    0 
Total Current Assets   1,506    1,288    1,819    1,708    357    499    288    288 
Vessels and other property, less accumulated depreciation   23,283    22,608    56,928    55,850    -    -    -    - 
Deferred drydock expenditures, net   1,671    1,450    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   24,954    24,058    56,928    55,850    -    -    -    - 
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   7,170    7,170    2,383    2,383    5,755    5,755    7,053    7,053 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    370    -    -    -    -    -    - 
Other Assets   85    87    290    167    -    -    -    - 
Total Assets  $33,715   $32,972   $61,419   $60,108   $6,113   $6,255   $7,341   $7,341 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   119    132    423    196    2,054    517    995    995 
Total Current Liabilities Not Subject to Compromise   119    132    423    196    2,054    517    995    995 
                                         
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   -    -    -    283    -    695    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   119    132    423    1,019    2,054    1,212    995    995 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   32,826    32,826    7,606    7,606    8,117    8,117    5,815    5,815 
Pre-petition intercompany payables to other debtors   7    7    34    34    -    -    -    - 
Other liabilities   -    (0)   36,973    36,991    -    -    -    - 
Total  Liabilities Subject to Compromise   32,833    32,833    44,613    44,631    8,117    8,117    5,815    5,815 
                                         
Total Liabilities   32,952    32,965    45,036    45,650    10,170    9,328    6,810    6,810 
Equity:                                        
Total Equity   763    7    16,383    14,459    (4,058)   (3,074)   531    531 
Total Liabilities and Equity  $33,715   $32,972   $61,419   $60,108   $6,113   $6,255   $7,341   $7,341 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 139 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   First Union Tanker Corporation   Fourth Aframax Tanker Corporation   Front President Inc.   Goldmar Limited 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $1   $1   $-   $- 
Voyage receivables   2,635    3,664    924    1,466    2,991    3,691    2,099    2,473 
Other receivables   7    (17)   53    (2)   179    177    0    (0)
Inventory   -    -    893    1,569    -    -    -    - 
Prepaid expenses and other current assets   107    299    216    139    90    236    33    77 
Total Current Assets   2,749    3,946    2,086    3,171    3,261    4,105    2,132    2,550 
Vessels and other property, less accumulated depreciation   38,368    36,836    21,167    19,961    105,641    103,531    34,252    33,116 
Deferred drydock expenditures, net   2,032    1,489    1,676    1,259    -    267    1,546    1,612 
Total Vessels, Deferred Drydock and Other Property   40,401    38,325    22,843    21,220    105,641    103,798    35,798    34,728 
Investments in Affiliated Companies   -    -    -    -    -    -    641    641 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   21,750    21,750    30,407    30,407    65,978    65,978    19,307    19,307 
Pre-petition Intercompany receivables from non-debtors   117    117    0    0    0    0    8    8 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    2,721    -    629    -    1,495 
Other Assets   421    471    107    139    380    310    67    42 
Total Assets  $65,438   $64,610   $55,442   $57,658   $175,261   $174,820   $57,955   $58,771 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   525    193    65    1,693    239    309    39    411 
Total Current Liabilities Not Subject to Compromise   525    193    65    1,693    239    309    39    411 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    567    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    707    -    - 
Post-petition intercompany payables to other debtors   -    1,518    -    795    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   525    1,711    65    2,488    239    1,584    39    411 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   11,373    11,373    22,491    22,491    12,424    12,424    5,499    5,499 
Pre-petition intercompany payables to other debtors   10    10    3,432    3,432    3    3    11,659    11,659 
Other liabilities   -    -    -    -    69,042    69,075    -    - 
Total  Liabilities Subject to Compromise   11,383    11,383    25,923    25,923    81,469    81,501    17,158    17,158 
                                         
Total Liabilities   11,908    13,094    25,988    28,411    81,708    83,085    17,198    17,569 
Equity:                                        
Total Equity   53,530    51,516    29,454    29,247    93,553    91,735    40,757    41,202 
Total Liabilities and Equity  $65,438   $64,610   $55,442   $57,658   $175,261   $174,820   $57,955   $58,771 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 140 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   GPC Aframax Corporation   Grace Chartering Corporation   International Seaways, Inc.   Jademar Limited 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,818    860    1,564    833    5,877    8,461    2,067    2,444 
Other receivables   25    (10)   -    123    75    76    21    16 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   470    123    242    -    917    2,893    29    77 
Total Current Assets   2,312    972    1,806    957    6,869    11,430    2,116    2,537 
Vessels and other property, less accumulated depreciation   77    237    -    -    -    -    35,721    34,505 
Deferred drydock expenditures, net   16    5    -    -    -    -    1,321    1,231 
Total Vessels, Deferred Drydock and Other Property   93    242    -    -    -    -    37,042    35,735 
Investments in Affiliated Companies   -    -    300    300    -    -    420    420 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   1,460    1,460    6,486    6,486    15,356    15,356    33,198    33,198 
Pre-petition Intercompany receivables from non-debtors   9,871    9,871    2    2    49    49    5,584    5,584 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    911    -    -    -    1,866 
Other Assets   (185)   (50)   -    -    -    -    (34)   (1)
Total Assets  $13,551   $12,495   $8,594   $8,655   $22,274   $26,835   $78,326   $79,340 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   224    493    -    109    5    240    53    390 
Total Current Liabilities Not Subject to Compromise   224    493    -    109    5    240    53    390 
                                         
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   -    628    -    -    -    7,547    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   (1,626)   -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   (1,402)   1,121    -    109    5    7,787    53    390 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   21,856    21,856    9,511    9,511    -    21,891    6,402    6,402 
Pre-petition intercompany payables to other debtors   1    1    -    -    -    7,825    32,050    32,050 
Other liabilities   -    -    -    -    0    -    -    - 
Total  Liabilities Subject to Compromise   21,857    21,857    9,511    9,511    0    29,716    38,453    38,453 
                                         
Total Liabilities   20,455    22,978    9,511    9,621    5    37,503    38,506    38,843 
Equity:                                        
Total Equity   (6,905)   (10,484)   (918)   (965)   (7,448)   (10,668)   39,820    40,497 
Total Liabilities and Equity  $13,551   $12,495   $8,594   $8,655   $(7,443)  $26,835   $78,326   $79,340 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 141 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Joyce Car Carrier Corporation   Juneau Tanker Corporation   Kimolos Tanker Corporation   Kythnos Chartering Corporation 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    2,143    1,663    1,368    1,832 
Other receivables   (19)   (19)   -    -    21    (15)   42    47 
Inventory   -    -    -    -    524    556    216    392 
Prepaid expenses and other current assets   0    -    -    -    240    253    263    54 
Total Current Assets   (19)   (19)   -    -    2,928    2,457    1,889    2,325 
Vessels and other property, less accumulated depreciation   -    -    -    -    982    886    35,080    34,324 
Deferred drydock expenditures, net   -    -    -    -    164    75    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    1,146    960    35,080    34,324 
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   27,330    27,330    10,114    10,114    13,389    13,389    18,822    18,822 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    1,372 
Other Assets   (198)   (85)   -    -    (22)   (22)   (20)   (20)
Total Assets  $27,112   $27,226   $10,114   $10,114   $17,441   $16,783   $55,771   $56,824 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   56    82    -    -    719    409    99    719 
Total Current Liabilities Not Subject to Compromise   56    82    -    -    719    409    99    719 
                                         
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   -    49    -    -    -    466    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   56    131    -    -    719    875    99    719 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   5,554    5,554    -    -    23,413    23,413    15,205    15,205 
Pre-petition intercompany payables to other debtors   4    4    8,114    8,114    5    5    -    - 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   5,558    5,558    8,114    8,114    23,418    23,418    15,205    15,205 
                                         
Total Liabilities   5,614    5,690    8,114    8,114    24,137    24,293    15,304    15,924 
Equity:                                        
Total Equity   21,498    21,536    2,000    2,000    (6,696)   (7,510)   40,468    40,900 
Total Liabilities and Equity  $27,112   $27,226   $10,114   $10,114   $17,441   $16,783   $55,771   $56,824 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 142 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Leo Tanker Corporation   Leyte Product Tanker Corporation   Limar Charter Corporation   Luxmar Product Tanker Corporation 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   2,865    219    2,668    418    812    (82)   410    1,147 
Other receivables   -    145    23    25    27    (5)   -    4 
Inventory   259    -    479    (0)   206    (0)   52    592 
Prepaid expenses and other current assets   273    0    27    76    246    11    (9)   51 
Total Current Assets   3,397    363    3,198    519    1,290    (76)   454    1,795 
Vessels and other property, less accumulated depreciation   -    -    55,430    54,271    199    -    23,904    22,841 
Deferred drydock expenditures, net   -    -    -    -    3,322    -    482    1,377 
Total Vessels, Deferred Drydock and Other Property   -    -    55,430    54,271    3,521    -    24,386    24,218 
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 
Pre-petition Intercompany receivables from non-debtors   -    -    11    11    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    2,101    -    3,087    -    262    -    - 
Other Assets   -    -    263    223    (26)   28    -    - 
Total Assets  $22,868   $21,935   $65,882   $65,996   $13,253   $8,682   $48,847   $50,020 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   745    78    1,398    239    1,021    434    636    969 
Total Current Liabilities Not Subject to Compromise   745    78    1,398    239    1,021    434    636    969 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    137    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    814    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    -    -    1,466 
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    78    1,398    1,191    2,053    300    636    2,435 
                                         
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 
Pre-petition intercompany payables to other debtors   -    -    267    267    9    9    11,407    11,407 
Other liabilities   -    -    41,668    41,695    -    122    -    - 
Total Liabilities Subject to Compromise   23,812    23,812    66,967    66,993    26,423    26,545    35,612    35,612 
                                         
Total Liabilities   24,557    23,890    68,364    68,184    28,476    26,845    36,248    38,047 
Equity:                                        
Total Equity   (1,689)   (1,955)   (2,482)   (2,188)   (15,223)   (18,163)   12,600    11,973 
Total Liabilities and Equity  $22,868   $21,935   $65,882   $65,996   $13,253   $8,682   $48,847   $50,020 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 143 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Luxmar Tanker LLC   Majestic Tankers Corporation   Oak Tanker Corporation   Maremar Product Tanker
Corporation		 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $1   $1   $-   $- 
Voyage receivables   0    -    2,926    3,100    (430)   4,603    -    - 
Other receivables   12    -    21    94    86    118    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    86    268    62    219    -    - 
Total Current Assets   12    -    3,032    3,463    (282)   4,942    -    - 
Vessels and other property, less accumulated depreciation   -    -    40,698    38,999    141,583    138,668    -    - 
Deferred drydock expenditures, net   0    -    2,099    1,403    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   0    -    42,797    40,402    141,583    138,668    -    - 
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   56,792    56,792    11,354    11,354    40    40    99    99 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    536    -    12 
Other Assets   13    110    (2)   (2)   1,143    1,143    9    - 
Total Assets  $56,818   $56,902   $57,181   $55,216   $146,113   $145,329   $108   $111 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   121    147    461    403    424    189    -    - 
Total Current Liabilities Not Subject to Compromise   121    147    461    403    424    189    -    - 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    959    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    668    -    - 
Post-petition intercompany payables to other debtors   -    76    -    1,004    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   121    223    461    1,407    424    1,816    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   568    568    10,471    10,471    14,674    14,674    7    7 
Pre-petition intercompany payables to other debtors   31,784    31,784    16    16    44,979    44,979    1    1 
Other liabilities   -    -    -    -    87,005    87,046    -    - 
Total Liabilities Subject to Compromise   32,351    32,351    10,487    10,487    146,658    146,698    8    8 
                                         
Total Liabilities   32,472    32,574    10,949    11,894    147,081    148,514    8    8 
Equity:                                        
Total Equity   24,346    24,328    46,232    43,322    (968)   (3,185)   100    103 
Total Liabilities and Equity  $56,818   $56,902   $57,181   $55,216   $146,113   $145,329   $108   $111 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 144 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Maremar Tanker LLC   Marilyn Vessel Corporation   Maritrans General Partner Inc.   Maritrans Operating Company L.P. 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   3,112    845    -    -    -    -    -    - 
Other receivables   427    81    -    -    -    -    -    - 
Inventory   198    485    -    -    -    -    -    - 
Prepaid expenses and other current assets   36    31    -    -    -    -    -    - 
Total Current Assets   3,772    1,442    -    -    -    -    -    - 
Vessels and other property, less accumulated depreciation   24,600    23,507    -    -    -    -    -    - 
Deferred drydock expenditures, net   310    114    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   24,910    23,621    -    -    -    -    -    - 
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   40,336    40,336    901    901    -    -    53,629    53,629 
Pre-petition Intercompany receivables from non-debtors   -    -    52    52    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    2,799    -    -    -    -    -    - 
Other Assets   (216)   71    -    -    -    -    -    - 
Total Assets  $68,802   $68,269   $953   $953   $(385)  $(385)  $53,629   $53,629 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   726    1,088    -    -    -    -    -    - 
Total Current Liabilities Not Subject to Compromise   726    1,088    -    -    -    -    -    - 
                                         
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   726    1,088    -    -    -    -    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   435    435    -    -    -    -    7    7 
Pre-petition intercompany payables to other debtors   30,577    30,577    -    -    146    146    -    - 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   31,011    31,011    -    -    146    146    7    7 
                                         
Total Liabilities   31,738    32,099    -    -    146    146    7    7 
Equity:                                        
Total Equity   37,064    36,170    953    953    (531)   (531)   53,622    53,622 
Total Liabilities and Equity  $68,802   $68,269   $953   $953   $(385)  $(385)  $53,629   $53,629 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 145 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Milos Product Tanker Corporation   Mindanao Tanker Corporation   Mykonos Tanker LLC   Nedimar Charter Corporation 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,078    1,795    -    -    881    1,675    1,553    314 
Other receivables   (12)   (36)   -    -    -    500    (5)   (4)
Inventory   733    497    -    -    55    741    333    - 
Prepaid expenses and other current assets   25    56    -    -    24    103    256    (0)
Total Current Assets   1,824    2,313    -    -    959    3,020    2,137    309 
Vessels and other property, less accumulated depreciation   42,284    41,388    34,414    46,064    47,429    46,344    47    - 
Deferred drydock expenditures, net   -    -    -    -    -    109    1,379    - 
Total Vessels, Deferred Drydock and Other Property   42,284    41,388    34,414    46,064    47,429    46,453    1,426    - 
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   0    0    5    5    47,635    47,615    12,466    12,466 
Pre-petition Intercompany receivables from non-debtors   -    -    135    135    -    -    2    2 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    2,210    -    -    -    2,864    -    473 
Other Assets   -    -    -    -    -    6    (41)   (38)
Total Assets  $44,109   $45,911   $34,554   $46,204   $96,023   $99,957   $15,991   $13,212 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   114    297    -    -    277    1,050    591    139 
Total Current Liabilities Not Subject to Compromise   114    297    -    -    277    1,050    591    139 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    11,024    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    -    -    626    -    -    -    - 
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   114    297    -    11,650    277    1,050    2,127    (104)
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    33,894    33,894    -    -    -    - 
Pre-petition intercompany payables to non-debtors   22,672    22,672    345    345    47,682    47,682    24,337    24,337 
Pre-petition intercompany payables to other debtors   19,387    19,387    214    214    26,607    26,607    9    9 
Other liabilities   -    -    -    -    -    -    -    241 
Total Liabilities Subject to Compromise   42,059    42,059    34,454    34,454    74,289    74,289    24,346    24,587 
                                         
Total Liabilities   42,173    42,355    34,454    46,104    74,566    75,339    26,473    24,482 
Equity:                                        
Total Equity   1,936    3,555    100    100    21,457    24,618    (10,482)   (11,271)
Total Liabilities and Equity  $44,109   $45,911   $34,554   $46,204   $96,023   $99,957   $15,991   $13,212 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 146 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Maple Tanker Corporation   Ocean Bulk Ships, Inc.   Oceania Tanker Corporation   OSG 192 LLC 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $1   $1   $-   $-   $-   $-   $-   $- 
Voyage receivables   (234)   4,069    -    -    2,100    (324)   (20)   - 
Other receivables   115    108    -    -    114    567    -    - 
Inventory   -    -    -    -    -    878    -    - 
Prepaid expenses and other current assets   61    220    -    -    96    296    9    37 
Total Current Assets   (57)   4,398    -    -    2,310    1,417    (11)   37 
Vessels and other property, less accumulated depreciation   138,736    135,892    -    -    79,751    77,644    9,219    8,373 
Deferred drydock expenditures, net   -    -    -    -    168    -    796    1,258 
Total Vessels, Deferred Drydock and Other Property   138,736    135,892    -    -    79,920    77,644    10,015    9,631 
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   422    422    -    -    84,867    84,867    24,239    24,239 
Pre-petition Intercompany receivables from non-debtors   0    0    -    -    -    -    3,001    3,001 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    551    -    -    -    76    -    3,014 
Other Assets   1,197    1,129    -    -    -    -    -    - 
Total Assets  $144,086   $142,393   $-   $-   $167,097   $164,005   $37,244   $39,922 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   325    214    -    -    102    175    440    988 
Total Current Liabilities Not Subject to Compromise   325    214    -    -    102    175    440    988 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    422    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    595    -    -    -    -    -    - 
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   325    1,232    -    -    102    175    440    988 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   16,128    16,128    -    -    10,310    10,310    52    52 
Pre-petition intercompany payables to other debtors   46,972    46,972    15    15    360    360    14,899    14,899 
Other liabilities   84,746    84,786    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   147,846    147,886    15    15    10,670    10,670    14,950    14,950 
                                         
Total Liabilities   148,171    149,118    15    15    10,772    10,845    15,391    15,939 
Equity:                                        
Total Equity   (4,085)   (6,725)   (15)   (15)   156,325    153,160    21,853    23,984 
Total Liabilities and Equity  $144,086   $142,393   $-   $0   $167,097   $164,005   $37,244   $39,922 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 147 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   OSG 209 LLC   OSG 214 LLC   OSG 215 Corporation   OSG 242 LLC 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   (9)   4    34    90    -    -    1,551    (0)
Other receivables   265    265    298    299    -    -    284    251 
Inventory   -    -    -    -    -    -    315    - 
Prepaid expenses and other current assets   5    41    5    39    -    -    5    42 
Total Current Assets   261    310    337    428    -    -    2,155    293 
Vessels and other property, less accumulated depreciation   22,021    21,095    18,892    18,040    -    -    29,890    28,820 
Deferred drydock expenditures, net   1,099    817    1,762    1,101    -    -    746    431 
Total Vessels, Deferred Drydock and Other Property   23,121    21,912    20,653    19,141    -    -    30,636    29,251 
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 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    4,304    -    4,660    -    -    -    10,524 
Other Assets   19    (23)   -    -    -    -    17    17 
Total Assets  $47,801   $50,902   $35,826   $39,065   $124   $124   $62,739   $70,016 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   464    51    398    795    -    -    1,084    1,422 
Total Current Liabilities Not Subject to Compromise   464    51    398    795    -    -    1,084    1,422 
                                         
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   464    51    398    795    -    -    1,084    1,422 
                                         
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 
Pre-petition intercompany payables to other debtors   11,106    11,106    8,902    8,902    124    124    8,725    8,725 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   11,160    11,160    8,951    8,951    124    124    8,783    8,783 
                                         
Total Liabilities   11,624    11,211    9,349    9,746    124    124    9,867    10,205 
Equity:                                        
Total Equity   36,177    39,691    26,477    29,319    (0)   (0)   52,872    59,811 
Total Liabilities and Equity  $47,801   $50,902   $35,826   $39,065   $124   $124   $62,739   $70,016 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 148 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   OSG 243 LLC   OSG 244 LLC   OSG 252 LLC   OSG 254 LLC 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,820    424    68    15    1,600    31    -    - 
Other receivables   60    60    276    276    328    300    247    247 
Inventory   166    -    -    -    278    -    -    - 
Prepaid expenses and other current assets   15    40    5    38    5    40    5    40 
Total Current Assets   2,061    523    350    328    2,211    371    252    287 
Vessels and other property, less accumulated depreciation   31,327    30,285    16,006    14,909    18,995    17,967    21,186    20,009 
Deferred drydock expenditures, net   703    1,338    1,102    864    1,152    633    1,870    2,110 
Total Vessels, Deferred Drydock and Other Property   32,030    31,623    17,108    15,773    20,147    18,600    23,056    22,120 
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   2,761    2,761    27,376    27,376    18,417    18,417    22,276    22,276 
Pre-petition Intercompany receivables from non-debtors   25,647    25,647    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    35,373    -    4,749    -    8,459    -    4,502 
Other Assets   (94)   (50)   -    -    (7)   -    -    - 
Total Assets  $62,405   $95,877   $44,834   $48,227   $40,769   $45,847   $45,584   $49,184 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   20    738    474    39    386    85    1    39 
Total Current Liabilities Not Subject to Compromise   20    738    474    39    386    85    1    39 
                                         
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   -    27,991    -    -    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   20    28,729    474    39    386    85    1    39 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   70    70    51    51    53    53    55    55 
Pre-petition intercompany payables to other debtors   10,001    10,001    11,421    11,421    1,872    1,872    5,994    5,994 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   10,070    10,070    11,472    11,472    1,925    1,925    6,048    6,048 
                                         
Total Liabilities   10,090    38,799    11,946    11,511    2,312    2,010    6,050    6,087 
Equity:                                        
Total Equity   52,314    57,078    32,888    36,716    38,457    43,836    39,535    43,097 
Total Liabilities and Equity  $62,405   $95,877   $44,834   $48,227   $40,769   $45,847   $45,584   $49,184 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 149 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   OSG 300 LLC   OSG 400 LLC   OSG America L.P.   OSG America LLC 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables   -    -    -    -    -    -    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    -    -    -    - 
Total Current Assets   -    -    -    -    -    -    -    - 
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   -    -    -    -    -    -    0    0 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   84    84    4,141    4,141    -    -    458    458 
Pre-petition Intercompany receivables from non-debtors   -    -    18,323    18,323    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    - 
Other Assets   -    -    532    532    -    -    -    - 
Total Assets  $84   $84   $22,996   $22,996   $-   $-   $459   $459 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    (1)   -    -    -    -    - 
Total Current Liabilities Not Subject to Compromise   -    -    (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    -    -    -    1 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    -    (1)   6    -    -    -    1 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    50    50    -    -    -    - 
Pre-petition intercompany payables to other debtors   -    -    6,183    6,183    79    79    -    - 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   -    -    6,233    6,233    79    79    -    - 
                                         
Total Liabilities   -    -    6,232    6,239    79    79    -    1 
Equity:                                        
Total Equity   84    84    16,764    16,757    (79)   (79)   459    458 
Total Liabilities and Equity  $84   $84   $22,996   $22,996   $-   $-   $459   $459 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 150 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   OSG America Operating Company
LLC		   OSG Car Carriers, Inc.   OSG Clean Products International,
Inc.		   OSG Columbia LLC 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $23,350   $121,962   $-   $-   $-   $-   $-   $- 
Voyage receivables   (1,501)   -    -    -    -    -    -    - 
Other receivables   -    -    -    -    -    -    26    26 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   (1)   -    -    -    -    -    4    22 
Total Current Assets   21,847    121,962    -    -    -    -    29    47 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    7,024    6,794 
Deferred drydock expenditures, net   -    -    -    -    -    -    602    348 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    7,626    7,142 
Investments in Affiliated Companies   995    411    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   64,617    62,100    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   423,001    423,001    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   834,346    834,346    6,682    6,682    100    100    2,435    2,435 
Pre-petition Intercompany receivables from non-debtors   1    1    205    205    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    60,237    -    -    -    -    -    - 
Other Assets   -    -    -    -    -    -    -    (1)
Total Assets  $1,344,807   $1,502,058   $6,887   $6,887   $100   $100   $10,091   $9,623 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   16    19    -    -    -    -    125    137 
Total Current Liabilities Not Subject to Compromise   16    19    -    -    -    -    125    137 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    1,897    -    -    -    -    -    - 
Post-petition intercompany payables to other debtors   -    153,476    -    -    -    -    -    1,547 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   16    155,392    -    -    -    -    125    1,683 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    134,975    0    0    -    -    33    33 
Pre-petition intercompany payables to other debtors   -    686,794    6,899    6,899    -    -    9,323    9,323 
Other liabilities   302    302    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   302    822,070    6,899    6,899    -    -    9,355    9,355 
                                         
Total Liabilities   318    977,462    6,899    6,899    -    -    9,480    11,039 
Equity:                                        
Total Equity   522,721    524,596    (13)   (13)   100    100    611    (1,415)
Total Liabilities and Equity  $523,039   $1,502,058   $6,887   $6,887   $100   $100   $10,091   $9,623 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 151 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   OSG Constitution LLC   OSG Courageous LLC   OSG Delaware Bay Lightering LLC   OSG Discovery LLC 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    5,421    4,282    -    - 
Other receivables   -    -    10    10    63    64    -    - 
Inventory   -    -    -    -    710    923    -    - 
Prepaid expenses and other current assets   -    -    4    28    47    263    -    - 
Total Current Assets   -    -    14    38    6,241    5,532    -    - 
Vessels and other property, less accumulated depreciation   -    -    30,264    29,764    382,438    375,324    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    626    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    30,264    29,764    382,438    375,950    -    - 
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   1,070    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   -    -    -    -    -    23,347    -    63 
Other Assets   0    3    (2)   (1)   0    (46)   -    - 
Total Assets  $1,070   $1,073   $32,339   $31,863   $508,278   $524,382   $1,272   $1,335 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   2    3    140    131    598    806    21    - 
Total Current Liabilities Not Subject to Compromise   2    3    140    131    598    806    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   -    2    -    1,611    -    6,759    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   2    5    140    1,742    598    7,565    21    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   32    32    1    1    380    380    -    - 
Pre-petition intercompany payables to other debtors   4,544    4,544    17,212    17,212    88,794    88,794    508    508 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   4,576    4,576    17,213    17,213    89,174    89,174    508    508 
                                         
Total Liabilities   4,579    4,582    17,353    18,955    89,772    96,740    529    508 
Equity:                                        
Total Equity   (3,508)   (3,508)   14,986    12,908    418,506    427,643    743    827 
Total Liabilities and Equity  $1,070   $1,073   $32,339   $31,863   $508,278   $524,382   $1,272   $1,335 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 152 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   OSG Endeavor LLC   OSG Endurance LLC   OSG Enterprise LLC   OSG Financial Corp. 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $16   $256 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables   -    -    23    23    10    16    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    4    28    4    21    -    - 
Total Current Assets   -    -    27    51    14    36    16    256 
Vessels and other property, less accumulated depreciation   -    -    32,214    31,681    4,238    4,078    -    - 
Deferred drydock expenditures, net   -    -    -    164    1,494    936    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    32,214    31,845    5,732    5,013    -    - 
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 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    - 
Other Assets   -    -    (30)   (29)   9    (5)   731    318 
Total Assets  $-   $-   $32,280   $31,936   $8,895   $8,185   $10,999   $10,825 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    145    242    189    139    -    - 
Total Current Liabilities Not Subject to Compromise   -    -    145    242    189    139    -    - 
                                         
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   -    31    -    1,522    -    1,593    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    31    145    1,764    189    1,732    -    - 
                                         
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    -    - 
Pre-petition intercompany payables to other debtors   310    310    15,683    15,683    8,420    8,420    9,457    9,457 
Other liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Subject to Compromise   421    421    15,684    15,684    8,449    8,449    9,457    9,457 
                                         
Total Liabilities   421    453    15,828    17,448    8,638    10,181    9,457    9,457 
Equity:                                        
Total Equity   (421)   (453)   16,452    14,488    257    (1,996)   1,541    1,368 
Total Liabilities and Equity  $-   $-   $32,280   $31,936   $8,895   $8,185   $10,999   $10,825 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 153 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

 

   OSG Freedom LLC   OSG Honour LLC   OSG Independence LLC   OSG Intrepid LLC 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables   -    -    16    16    14    14    13    12 
Inventory   0    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   5    8    4    21    4    22    4    21 
Total Current Assets   5    8    20    37    18    36    17    32 
Vessels and other property, less accumulated depreciation   1,478    -    3,802    3,633    6,615    6,397    2,897    2,692 
Deferred drydock expenditures, net   -    -    848    639    311    612    1,219    1,130 
Total Vessels, Deferred Drydock and Other Property   1,478    -    4,649    4,271    6,926    7,009    4,116    3,821 
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   829    829    2,458    2,458    246    246    2    2 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    1    1    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    472    -    -    -    6,005    -    - 
Other Assets   0    -    (3)   (2)   0    (1)   (8)   36 
Total Assets  $2,312   $1,310   $7,124   $6,765   $7,191   $13,296   $4,126   $3,891 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   (7)   23    143    145    270    224    134    137 
Total Current Liabilities Not Subject to Compromise   (7)   23    143    145    270    224    134    137 
                                         
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   -    -    -    1,583    -    8,078    -    2,037 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   (7)   23    143    1,728    270    8,302    134    2,174 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   28    28    31    31    33    33    30    30 
Pre-petition intercompany payables to other debtors   3,753    3,753    8,722    8,722    6,907    6,907    7,284    7,284 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   3,781    3,781    8,753    8,753    6,940    6,941    7,314    7,314 
                                         
Total Liabilities   3,775    3,804    8,896    10,481    7,210    15,242    7,447    9,488 
Equity:                                        
Total Equity   (1,462)   (2,493)   (1,772)   (3,716)   (19)   (1,947)   (3,321)   (5,597)
Total Liabilities and Equity  $2,312   $1,310   $7,124   $6,765   $7,191   $13,296   $4,126   $3,891 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 154 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   OSG Liberty LLC   OSG Lightering LLC   OSG Lightering Acquisition
Corporation		   OSG Lightering Solutions LLC 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $3,502   $10,195   $-   $-   $-   $- 
Voyage receivables   -    -    8,284    11,412    -    -    -    - 
Other receivables   -    -    9,798    4,901    -    -    -    - 
Inventory   -    -    2,227    1,272    -    -    -    - 
Prepaid expenses and other current assets   -    -    1,623    1,096    -    -    -    - 
Total Current Assets   -    -    25,433    28,877    -    -    -    - 
Vessels and other property, less accumulated depreciation   -    -    4,340    4,048    -    -    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    4,340    4,048    -    -    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    7,190    6,917    -    -    -    - 
Goodwill   -    -    8,101    8,101    -    -    1,567    1,567 
Investments in subsidiaries   -    -    -    -    2,000    2,000    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   9,493    9,493    127,232    127,232    -    -    2,650    2,650 
Pre-petition Intercompany receivables from non-debtors   1    1    137,738    137,738    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    1    -    1,771    -    -    -    - 
Other Assets   (9)   (9)   -    -    -    -    -    - 
Total Assets  $9,485   $9,486   $310,035   $314,684   $2,000   $2,000   $4,216   $4,216 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   (1)   -    3,384    8,521    -    -    -    - 
Total Current Liabilities Not Subject to Compromise   (1)   -    3,384    8,521    -    -    -    - 
                                         
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   -    -    -    3,186    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   (1)   -    3,384    12,201    -    -    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   32    32    127,578    127,578    -    -    -    - 
Pre-petition intercompany payables to other debtors   10,766    10,766    167,222    166,275    1,999    1,999    2,650    2,650 
Other liabilities   -    -    (11)   147    -    -    -    - 
Total  Liabilities Subject to Compromise   10,799    10,799    294,790    293,999    1,999    1,999    2,650    2,650 
                                         
Total Liabilities   10,798    10,799    298,174    306,200    1,999    1,999    2,650    2,650 
Equity:                                        
Total Equity   (1,313)   (1,313)   11,861    8,484    1    1    1,567    1,567 
Total Liabilities and Equity  $9,485   $9,486   $310,035   $314,684   $2,000   $2,000   $4,216   $4,216 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 155 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   OSG Mariner LLC   OSG Maritrans Parent LLC   OSG Navigator LLC   OSG New York, Inc. 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    5,178    3,170 
Other receivables   -    -    -    -    18    18    -    11 
Inventory   -    -    -    -    -    -    352    - 
Prepaid expenses and other current assets   -    -    -    -    4    20    781    583 
Total Current Assets   -    -    -    -    21    38    6,311    3,764 
Vessels and other property, less accumulated depreciation   -    -    -    -    2,853    2,653    -    - 
Deferred drydock expenditures, net   -    -    -    -    587    322    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    3,440    2,975    -    - 
Investments in Affiliated Companies   -    -    -    -    -    -    300    300 
Intangible Assets, less accumulated amortization   -    -    606    567    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    103,806    103,806    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   -    -    -    -    19    19    21,479    21,479 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    2,643 
Other Assets   -    -    -    -    (4)   -    -    - 
Total Assets  $-   $-   $104,411   $104,373   $3,476   $3,032   $28,090   $28,185 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    -    -    167    127    506    180 
Total Current Liabilities Not Subject to Compromise   -    -    -    -    167    127    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   -    31    -    -    -    1,567    -    1,235 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   -    31    -    -    167    1,693    506    1,415 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   111    111    -    -    30    30    26,292    26,292 
Pre-petition intercompany payables to other debtors   311    311    120,341    120,341    6,801    6,801    10,719    10,719 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   422    422    120,341    120,341    6,831    6,831    37,011    37,011 
                                         
Total Liabilities   422    453    120,341    120,341    6,999    8,525    37,517    38,425 
Equity:                                        
Total Equity   (422)   (453)   (15,930)   (15,969)   (3,523)   (5,493)   (9,427)   (10,240)
Total Liabilities and Equity  $-   $(0)  $104,411   $104,373   $3,476   $3,032   $28,090   $28,185 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 156 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   OSG Product Tankers AVTC, LLC   OSG Product Tankers I, LLC   OSG Product Tankers II, LLC   OSG Product Tankers Member LLC 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables   -    -    -    -    -    -    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    -    -    -    - 
Total Current Assets   -    -    -    -    -    -    -    - 
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   100    100    -    -    -    -    1    - 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    - 
Other Assets   -    -    -    -    -    -    -    - 
Total Assets  $100   $100   $-   $-   $-   $-   $1   $- 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    -    -    -    -    -    - 
Total Current Liabilities Not Subject to Compromise   -    -    -    -    -    -    -    - 
                                         
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   -    -    -    -    -    -    -    - 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to other debtors   -    -    8    8    8    8    1    - 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   -    -    8    8    8    8    1    - 
                                         
Total Liabilities   -    -    8    8    8    8    1    - 
Equity:                                        
Total Equity   100    100    (8)   (8)   (8)   (8)   -    - 
Total Liabilities and Equity  $100   $100   $-   $-   $-   $-   $1   $- 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 157 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   OSG Product Tankers, LLC   OSG Quest LLC   OSG Seafarer LLC   OSG Ship Management, Inc. 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $1,431   $626 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables   -    -    -    -    -    -    1,773    863 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    -    -    2,832    3,209 
Total Current Assets   -    -    -    -    -    -    6,036    4,698 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    12,623    11,017 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    12,623    11,017 
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    207,365 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    993    912 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    0    -    1,336 
Other Assets   -    -    -    -    -    -    117    400 
Total Assets  $-   $-   $64   $64   $1,000   $1,001   $212,936   $225,868 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    4    -    -    -    9,813    13,518 
Total Current Liabilities Not Subject to Compromise   -    -    4    -    -    -    9,813    13,518 
                                         
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   -    -    -    24    -    -    -    22,866 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    528    526 
Total Liabilities Not Subject to Compromise   -    -    4    24    -    -    10,341    36,911 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    140    140    27    27    -    328 
Pre-petition intercompany payables to other debtors   16    16    61    61    343    343    -    369,019 
Other liabilities   -    -    -    -    -    -    23,988    19,851 
Total  Liabilities Subject to Compromise   16    16    201    201    370    370    23,988    389,198 
                                         
Total Liabilities   16    16    205    225    370    370    34,328    426,109 
Equity:                                        
Total Equity   (16)   (16)   (140)   (161)   631    631    (190,740)   (200,241)
Total Liabilities and Equity  $-   $-   $64   $64   $1,000   $1,001   $(156,411)  $225,868 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 158 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   OSG Valour LLC   Overseas Allegiance Corporation   Overseas Anacortes LLC   Overseas Boston LLC 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    13    -    -    - 
Other receivables   -    -    -    -    28    17    21    78 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    450    864    448    858 
Total Current Assets   -    -    -    -    492    881    468    936 
Vessels and other property, less accumulated depreciation   -    -    -    -    274    220    171    118 
Deferred drydock expenditures, net   -    -    -    -    4    106    606    423 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    279    327    776    541 
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   1,163    1,163    2    2    42,388    42,388    40,291    40,291 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    30    30    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    3,448    -    2,053 
Other Assets   -    -    -    -    2,141    1,975    1,159    1,028 
Total Assets  $1,163   $1,163   $2   $2   $45,329   $49,049   $42,695   $44,849 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    -    -    1,193    2,275    1,192    1,864 
Total Current Liabilities Not Subject to Compromise   -    -    -    -    1,193    2,275    1,192    1,864 
                                         
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    2,275    1,192    1,864 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    -    -    106    106    91    91 
Pre-petition intercompany payables to other debtors   1,075    1,075    2    2    35,688    35,688    36,030    36,030 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   1,075    1,075    2    2    35,794    35,794    36,122    36,122 
                                         
Total Liabilities   1,075    1,075    2    2    36,986    38,068    37,313    37,986 
Equity:                                        
Total Equity   88    88    0    0    8,343    10,981    5,382    6,863 
Total Liabilities and Equity  $1,163   $1,163   $2   $2   $45,329   $49,049   $42,695   $44,849 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 159 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Overseas Diligence LLC   Overseas Galena Bay LLC   Overseas Houston LLC   Overseas Integrity LLC 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    -    - 
Other receivables   137    137    276    276    289    298    8    100 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    357    684    -    - 
Total Current Assets   137    137    276    276    646    983    8    100 
Vessels and other property, less accumulated depreciation   -    -    -    -    143    93    -    - 
Deferred drydock expenditures, net   -    -    -    -    2,793    2,439    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    2,936    2,532    -    - 
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   311    311    4,465    4,465    35,162    35,162    1,150    1,150 
Pre-petition Intercompany receivables from non-debtors   2    2    4    4    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    407    -    - 
Other Assets   -    -    -    -    601    565    -    - 
Total Assets  $451   $451   $4,744   $4,744   $39,345   $39,649   $1,157   $1,250 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   (0)   (0)   -    -    990    269    -    - 
Total Current Liabilities Not Subject to Compromise   (0)   (0)   -    -    990    269    -    - 
                                         
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   -    -    -    -    -    -    -    41 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    5,875    6,484    -    - 
Total Liabilities Not Subject to Compromise   (0)   (0)   -    -    6,865    6,753    -    41 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   49    49    -    -    96    96    -    - 
Pre-petition intercompany payables to other debtors   300    300    565    565    33,329    33,329    932    932 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   348    348    565    565    33,425    33,425    932    932 
                                         
Total Liabilities   348    348    565    565    40,289    40,178    932    973 
Equity:                                        
Total Equity   103    103    4,179    4,179    (944)   (529)   225    277 
Total Liabilities and Equity  $451   $451   $4,744   $4,744   $39,345   $39,649   $1,157   $1,250 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 160 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Overseas Long Beach LLC   Overseas Los Angeles LLC   Overseas Martinez LLC   Overseas New Orleans LLC 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    430    -    - 
Other receivables   307    324    358    275    34    43    211    211 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   357    684    360    684    447    854    -    - 
Total Current Assets   664    1,008    719    959    482    1,327    211    211 
Vessels and other property, less accumulated depreciation   164    106    167    120    345    269    -    - 
Deferred drydock expenditures, net   2,195    1,787    2,489    1,837    -    840    -    - 
Total Vessels, Deferred Drydock and Other Property   2,359    1,893    2,656    1,957    345    1,109    -    - 
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   35,775    35,774    34,432    34,432    14,892    14,892    3,717    3,717 
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   -    262    -    -    -    -    -    - 
Other Assets   588    552    921    881    2,138    1,962    -    - 
Total Assets  $39,388   $39,491   $38,730   $38,232   $17,860   $19,293   $3,928   $3,928 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   1,268    347    1,881    398    1,207    623    11    - 
Total Current Liabilities Not Subject to Compromise   1,268    347    1,881    398    1,207    623    11    - 
                                         
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   -    -    -    10    -    1,424    -    16 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   5,458    6,067    5,016    5,625    -    -    -    - 
Total Liabilities Not Subject to Compromise   6,726    6,413    6,897    6,034    1,207    2,046    11    16 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   95    95    98    98    97    97    28    28 
Pre-petition intercompany payables to other debtors   31,967    31,966    33,285    33,285    8,451    8,451    459    459 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   32,062    32,061    33,383    33,383    8,549    8,549    488    488 
                                         
Total Liabilities   38,788    38,474    40,280    39,417    9,755    10,595    498    503 
Equity:                                        
Total Equity   600    1,017    (1,551)   (1,186)   8,104    8,698    3,430    3,425 
Total Liabilities and Equity  $39,388   $39,491   $38,730   $38,232   $17,860   $19,293   $3,928   $3,928 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 161 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Overseas New York LLC   Overseas Nikiski LLC   Overseas Perseverance Corporation   Overseas Philadelphia LLC 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    5    -    -    -    -    -    - 
Other receivables   119    120    30    64    -    -    211    211 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   357    683    448    858    -    -    -    - 
Total Current Assets   476    808    477    921    -    -    211    211 
Vessels and other property, less accumulated depreciation   51    40    244    160    -    -    -    - 
Deferred drydock expenditures, net   209    2,223    891    630    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   260    2,263    1,134    790    -    -    -    - 
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   35,303    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   -    -    -    2,091    -    -    -    - 
Other Assets   1,189    1,098    1,246    1,153    -    -    66    68 
Total Assets  $43,418   $45,662   $42,113   $44,212   $383   $383   $875   $877 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   1,043    858    1,239    1,977    -    -    -    - 
Total Current Liabilities Not Subject to Compromise   1,043    858    1,239    1,977    -    -    -    - 
                                         
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   -    2,374    -    -    -    -    -    2 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   4,570    5,178    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   5,613    8,410    1,239    1,977    -    -    -    2 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   95    95    91    91    -    -    -    - 
Pre-petition intercompany payables to other debtors   36,723    36,723    35,177    35,177    378    378    940    940 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   36,818    36,818    35,268    35,268    378    378    940    940 
                                         
Total Liabilities   42,430    45,228    36,507    37,245    378    378    940    942 
Equity:                                        
Total Equity   987    434    5,606    6,967    4    4    (65)   (65)
Total Liabilities and Equity  $43,418   $45,662   $42,113   $44,212   $383   $383   $875   $877 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 162 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Overseas Puget Sound LLC   Overseas Sea Swift Corporation   Overseas Shipping (GR) Ltd.   Overseas ST Holding LLC 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    -    -    -    -    211    (0)
Other receivables   222    222    -    -    -    -    188    190 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    -    -    7    -    36    280 
Total Current Assets   222    222    -    -    7    -    436    470 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    244,259    238,539 
Deferred drydock expenditures, net   -    -    -    -    -    -    235    220 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    244,494    238,760 
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 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    314,966    314,966    6    6 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    22,000 
Other Assets   -    -    -    -    -    -    88    193 
Total Assets  $10,885   $10,885   $9   $9   $1,117,796   $1,156,444   $341,448   $357,853 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   18    -    -    -    5    -    3,003    5,151 
Total Current Liabilities Not Subject to Compromise   18    -    -    -    5    -    3,003    5,151 
                                         
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    5,151 
                                         
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 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   6,251    6,251    7    7    6,021    6,021    158,570    158,570 
                                         
Total Liabilities   6,269    6,279    7    7    6,025    6,021    161,573    163,721 
Equity:                                        
Total Equity   4,616    4,606    2    2    1,111,770    1,150,424    179,876    194,132 
Total Liabilities and Equity  $10,885   $10,885   $9   $9   $1,117,796   $1,156,444   $341,448   $357,853 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 163 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Overseas Tampa LLC   Overseas Texas City LLC   Pearlmar Limited   Petromar Limited 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   10    -    -    1    2,457    2,455    1,407    1,772 
Other receivables   51    44    (30)   88    21    4    10    (14)
Inventory   -    -    -    -    -    -    421    362 
Prepaid expenses and other current assets   443    871    358    686    29    77    27    55 
Total Current Assets   504    916    328    774    2,507    2,535    1,865    2,176 
Vessels and other property, less accumulated depreciation   219    204    9    8    35,337    34,130    24,544    23,658 
Deferred drydock expenditures, net   -    -    309    175    1,450    1,250    1,497    1,276 
Total Vessels, Deferred Drydock and Other Property   219    204    318    183    36,787    35,380    26,041    24,935 
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   4,190    4,190    41,721    41,721    32,776    32,776    13,809    13,809 
Pre-petition Intercompany receivables from non-debtors   5    5    -    -    5,550    5,550    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    2,983    -    4,991    -    1,813    -    1,087 
Other Assets   3,469    3,320    1,584    1,460    -    -    (40)   (2)
Total Assets  $8,387   $11,618   $43,952   $49,129   $78,059   $78,493   $41,675   $42,004 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   1,186    2,010    1,050    2,231    373    455    67    321 
Total Current Liabilities Not Subject to Compromise   1,186    2,010    1,050    2,231    373    455    67    321 
                                         
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    4,688    -    -    -    - 
Total Liabilities Not Subject to Compromise   1,186    2,010    5,129    6,919    373    455    67    321 
                                         
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 
Pre-petition intercompany payables to other debtors   6,866    6,866    29,053    29,053    31,100    31,100    166    166 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   6,866    6,866    29,152    29,152    37,326    37,326    14,519    14,519 
                                         
Total Liabilities   8,052    8,876    34,280    36,070    37,700    37,781    14,586    14,840 
Equity:                                        
Total Equity   334    2,742    9,671    13,058    40,360    40,712    27,089    27,163 
Total Liabilities and Equity  $8,387   $11,618   $43,952   $49,129   $78,059   $78,493   $41,675   $42,004 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 164 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Pisces Tanker Corporation   Polaris Tanker Corporation   Queens Product Tanker Corporation   Reymar Limited 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   1,982    1,221    1,168    150    418    0    2,373    2,201 
Other receivables   -    345    (5)   553    11    (8)   (7)   12 
Inventory   248    -    359    -    658    (0)   -    - 
Prepaid expenses and other current assets   282    1    282    1    34    -    29    77 
Total Current Assets   2,512    1,568    1,804    704    1,122    (7)   2,395    2,291 
Vessels and other property, less accumulated depreciation   -    -    -    -    -    -    37,449    36,339 
Deferred drydock expenditures, net   -    -    -    -    -    -    331    237 
Total Vessels, Deferred Drydock and Other Property   -    -    -    -    -    -    37,780    36,576 
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   20,752    20,752    21,287    21,287    4,141    4,141    26,868    26,868 
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   -    225    -    110    -    628    -    1,027 
Other Assets   (1)   (7)   (3)   -    3    -    (33)   38 
Total Assets  $23,264   $22,538   $23,088   $22,101   $52,639   $52,134   $79,279   $79,069 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   84    98    438    17    431    14    59    305 
Total Current Liabilities Not Subject to Compromise   84    98    438    17    431    14    59    305 
                                         
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   84    98    438    17    431    14    59    305 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   24,007    24,007    24,709    24,709    23,799    23,799    2,567    2,567 
Pre-petition intercompany payables to other debtors   162    162    741    741    47,711    47,711    30,609    30,609 
Other liabilities   -    -    -    -    -    0    -    - 
Total  Liabilities Subject to Compromise   24,168    24,168    25,450    25,450    71,510    71,510    33,177    33,177 
                                         
Total Liabilities   24,252    24,267    25,888    25,467    71,941    71,524    33,236    33,482 
Equity:                                        
Total Equity   (989)   (1,729)   (2,800)   (3,367)   (19,302)   (19,390)   46,044    45,587 
Total Liabilities and Equity  $23,264   $22,538   $23,088   $22,101   $52,639   $52,134   $79,279   $79,069 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 165 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Rich Tanker Corporation   Rimar Chartering Corporation   Rosalyn Tanker Corporation   Rosemar Limited 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   2,779    2,236    598    248    3,110    2,942    24    12 
Other receivables   9    9    53    151    21    186    11    (1)
Inventory   -    209    192    0    -    -    -    - 
Prepaid expenses and other current assets   243    201    303    (0)   75    233    34    85 
Total Current Assets   3,031    2,654    1,147    398    3,206    3,361    69    96 
Vessels and other property, less accumulated depreciation   -    -    269    -    51,807    51,677    35,909    34,708 
Deferred drydock expenditures, net   -    -    387    -    73    2,233    1,270    1,330 
Total Vessels, Deferred Drydock and Other Property   -    -    656    -    51,879    53,909    37,179    36,038 
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   15,814    15,814    52,488    52,488    10,179    10,179    25,954    25,954 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    698    -    -    -    -    -    872 
Other Assets   -    -    (96)   (35)   (23)   (23)   (38)   - 
Total Assets  $18,845   $19,166   $54,195   $52,852   $65,241   $67,426   $63,163   $62,959 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   367    343    350    84    301    206    247    447 
Total Current Liabilities Not Subject to Compromise   367    343    350    84    301    206    247    447 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    3,047    -    - 
Post-petition intercompany payables to other debtors   -    -    -    2,092    -    1,309    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    4,284    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   511    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   878    343    4,633    2,177    301    4,563    247    447 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   19,532    19,532    27,292    27,292    6,406    6,406    6,632    6,632 
Pre-petition intercompany payables to other debtors   11    11    30,274    30,274    1    1    18,287    18,287 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   19,542    19,542    57,566    57,566    6,407    6,407    24,919    24,919 
                                         
Total Liabilities   20,420    19,886    62,199    59,742    6,707    10,969    25,166    25,366 
Equity:                                        
Total Equity   (1,576)   (720)   (8,004)   (6,891)   58,534    56,456    37,996    37,593 
Total Liabilities and Equity  $18,845   $19,166   $54,195   $52,852   $65,241   $67,426   $63,163   $62,959 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 166 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Rubymar Limited   Sakura Transport Corp.   Samar Product Tanker Corporation   Santorini Tanker LLC 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   66    452    2,925    4,619    226    -    364    2,639 
Other receivables   445    445    61    18    33    12    -    322 
Inventory   -    -    -    -    -    -    486    398 
Prepaid expenses and other current assets   2    4    94    244    30    79    119    107 
Total Current Assets   513    902    3,080    4,881    289    90    969    3,466 
Vessels and other property, less accumulated depreciation   34,354    33,236    47,915    46,612    55,715    54,527    47,696    46,708 
Deferred drydock expenditures, net   1,392    1,265    1,970    1,666    -    -    -    65 
Total Vessels, Deferred Drydock and Other Property   35,746    34,501    49,885    48,278    55,715    54,527    47,696    46,774 
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   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   -    1,562    -    424    -    1,778    -    1,803 
Other Assets   -    -    (33)   (5)   230    231    -    (1)
Total Assets  $76,226   $76,932   $62,770   $63,417   $57,583   $57,976   $96,365   $99,742 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   652    855    260    57    438    466    30    638 
Total Current Liabilities Not Subject to Compromise   652    855    260    57    438    466    30    638 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    122    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    407    -    - 
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   652    855    260    57    438    995    30    638 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   4,148    4,148    8,952    8,952    15,238    15,238    1    1 
Pre-petition intercompany payables to other debtors   26,155    26,155    -    -    284    284    74,363    74,363 
Other liabilities   -    -    -    -    41,668    41,692    -    - 
Total  Liabilities Subject to Compromise   30,303    30,303    8,952    8,952    57,190    57,213    74,364    74,364 
                                         
Total Liabilities   30,955    31,158    9,212    9,009    57,627    58,209    74,394    75,002 
Equity:                                        
Total Equity   45,271    45,775    53,559    54,408    (44)   (233)   21,971    24,740 
Total Liabilities and Equity  $76,226   $76,932   $62,770   $63,417   $57,583   $57,976   $96,365   $99,742 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 167 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Serifos Tanker Corporation   Seventh Aframax Tanker
Corporation		   Shirley Tanker SRL   Sifnos Tanker Corporation 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $10   $4   $-   $- 
Voyage receivables   1,537    738    1,417    1,146    1,727    1,512    1,549    1,290 
Other receivables   (4)   304    16    13    10    (33)   3    11 
Inventory   -    758    -    -    -    -    -    - 
Prepaid expenses and other current assets   240    228    47    111    23    116    240    251 
Total Current Assets   1,773    2,027    1,480    1,270    1,770    1,600    1,792    1,552 
Vessels and other property, less accumulated depreciation   935    840    22,496    21,835    42,556    40,792    1,040    938 
Deferred drydock expenditures, net   4    128    1,887    1,627    1,389    1,125    (0)   106 
Total Vessels, Deferred Drydock and Other Property   938    968    24,384    23,462    43,945    41,917    1,040    1,044 
Investments in Affiliated Companies   -    -    -    -    -    -    -    - 
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 
Pre-petition Intercompany receivables from non-debtors   0    0    1    1    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    461    -    300    -    -    -    - 
Other Assets   10    4    66    80    156    175    15    (3)
Total Assets  $8,663   $9,401   $35,909   $35,092   $57,301   $55,122   $8,687   $8,434 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   45    1,422    220    135    1,282    218    44    77 
Total Current Liabilities Not Subject to Compromise   45    1,422    220    135    1,282    218    44    77 
                                         
Noncurrent Liabilities Not Subject to Compromise:                                        
Intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Post-petition intercompany payables to non-debtors   -    -    -    -    -    443    -    - 
Post-petition intercompany payables to other debtors   -    -    -    -    -    934    -    61 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   45    1,422    220    135    1,282    1,595    44    138 
                                         
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 
Pre-petition intercompany payables to other debtors   8    8    16    16    38    38    0    0 
Other liabilities   -    -    -    0    37,043    37,054    -    - 
Total  Liabilities Subject to Compromise   11,884    11,884    34,990    34,990    63,058    63,068    12,130    12,130 
                                         
Total Liabilities   11,929    13,306    35,210    35,125    64,340    64,664    12,174    12,268 
Equity:                                        
Total Equity   (3,266)   (3,905)   699    (33)   (7,038)   (9,541)   (3,487)   (3,834)
Total Liabilities and Equity  $8,663   $9,401   $35,909   $35,092   $57,301   $55,122   $8,687   $8,434 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 168 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Silvermar Limited   Sixth Aframax Tanker Corporation   Skopelos Product Tanker
Corporation		   Star Chartering Corporation 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   2,047    2,444    459    827    1,715    1,462    19    13 
Other receivables   (16)   (14)   6    21    33    14    -    - 
Inventory   -    -    -    -    598    478    -    - 
Prepaid expenses and other current assets   29    77    41    116    220    52    241    453 
Total Current Assets   2,061    2,507    506    965    2,565    2,005    260    466 
Vessels and other property, less accumulated depreciation   34,297    33,161    21,356    20,709    32,130    31,408    -    - 
Deferred drydock expenditures, net   1,564    1,824    1,279    1,029    (2)   24    -    - 
Total Vessels, Deferred Drydock and Other Property   35,861    34,985    22,635    21,737    32,128    31,432    -    - 
Investments in Affiliated Companies   703    703    -    -    -    -    -    - 
Intangible Assets, less accumulated amortization   -    -    -    -    -    -    -    - 
Goodwill   -    -    -    -    -    -    -    - 
Investments in subsidiaries   -    -    -    -    -    -    -    - 
Intercompany loans receivable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany receivables from debtors   17,433    17,433    8,513    8,105    19,977    19,977    8,855    8,855 
Pre-petition Intercompany receivables from non-debtors   0    0    -    -    2    2    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    1,557    -    82    -    2,593    -    - 
Other Assets   (12)   (13)   37    42    -    (40)   -    1 
Total Assets  $56,046   $57,173   $31,690   $30,931   $54,673   $55,969   $9,116   $9,321 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   57    408    743    214    148    918    240    445 
Total Current Liabilities Not Subject to Compromise   57    408    743    214    148    918    240    445 
                                         
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 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   57    408    743    214    148    918    240    461 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   5,014    5,014    5,769    5,769    17,088    17,088    8,852    8,852 
Pre-petition intercompany payables to other debtors   9,736    9,736    80    80    7    7    -    - 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   14,750    14,750    5,849    5,849    17,095    17,095    8,852    8,852 
                                         
Total Liabilities   14,807    15,158    6,592    6,064    17,243    18,012    9,091    9,313 
Equity:                                        
Total Equity   41,238    42,014    25,098    24,868    37,429    37,956    24    9 
Total Liabilities and Equity  $56,046   $57,173   $31,690   $30,931   $54,673   $55,969   $9,116   $9,321 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 169 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Suezmax International Agencies, Inc.   Talara Chartering Corporation   Third United Shipping Corporation   Tokyo Transport Corp. 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   14,133    11,463    1,692    1,422    -    -    3,339    3,353 
Other receivables   522    81    26    859    -    -    18    95 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   1,416    423    639    (0)   -    -    92    244 
Total Current Assets   16,071    11,967    2,357    2,281    -    -    3,449    3,692 
Vessels and other property, less accumulated depreciation   -    -    1,068    -    -    -    50,753    49,283 
Deferred drydock expenditures, net   -    -    -    -    -    -    1,950    1,692 
Total Vessels, Deferred Drydock and Other Property   -    -    1,068    -    -    -    52,703    50,975 
Investments in Affiliated Companies   2,864    1,350    542    -    -    -    -    - 
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   35,592    35,592    11,095    11,095    -    -    10,324    10,324 
Pre-petition Intercompany receivables from non-debtors   486    486    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    944    -    -    -    -    -    214 
Other Assets   -    -    (20)   (2)   -    -    (6)   (12)
Total Assets  $55,012   $50,338   $15,042   $13,374   $105,125   $105,125   $66,470   $65,192 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   616    52    53    242    -    -    326    123 
Total Current Liabilities Not Subject to Compromise   616    52    53    242    -    -    326    123 
                                         
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   -    332    -    134    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    633    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   563    -    -    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   1,179    383    686    377    -    -    326    123 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   978    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   54,430    54,430    21,873    21,873    -    -    8,479    8,479 
Pre-petition intercompany payables to other debtors   2,592    2,592    1    1    -    -    16    16 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   58,000    57,022    21,874    21,874    -    -    8,494    8,494 
                                         
Total Liabilities   59,179    57,406    22,560    22,250    -    -    8,821    8,618 
Equity:                                        
Total Equity   (4,167)   (7,068)   (7,518)   (8,877)   105,125    105,125    57,649    56,574 
Total Liabilities and Equity  $55,012   $50,338   $15,042   $13,374   $105,125   $105,125   $66,470   $65,192 
                                         

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 170 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Transbulk Carriers, Inc.   Troy Chartering Corporation   Troy Product Corporation   Urban Tanker Corporation 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    173    239    -    -    1,574    1,295 
Other receivables   -    -    13    630    -    -    -    - 
Inventory   -    -    -    -    -    -    -    - 
Prepaid expenses and other current assets   -    -    344    (3)   -    -    243    235 
Total Current Assets   -    -    531    866    -    -    1,817    1,530 
Vessels and other property, less accumulated depreciation   -    -    1,101    -    -    -    -    - 
Deferred drydock expenditures, net   -    -    -    -    -    -    -    - 
Total Vessels, Deferred Drydock and Other Property   -    -    1,101    -    -    -    -    - 
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   295    295    30,356    30,356    58,765    58,765    19,341    19,341 
Pre-petition Intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition intercompany receivables from non-debtors   -    -    -    -    -    -    -    - 
Post-petition Intercompany receivables from debtors   -    -    -    -    -    -    -    468 
Other Assets   -    -    (35)   (35)   -    -    (9)   (9)
Total Assets  $295   $295   $31,953   $31,187   $58,765   $58,765   $21,448   $21,629 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   -    -    68    141    -    -    27    20 
Total Current Liabilities Not Subject to Compromise   -    -    68    141    -    -    27    20 
                                         
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   -    -    -    1,324    -    -    -    - 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    708    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    -    -    -    -    500    - 
Total Liabilities Not Subject to Compromise   -    -    776    1,464    -    -    526    20 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   -    -    42,724    42,724    58,345    58,345    23,602    23,602 
Pre-petition intercompany payables to other debtors   211    211    4,372    4,372    -    -    3    3 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   211    211    47,096    47,096    58,345    58,345    23,604    23,604 
                                         
Total Liabilities   211    211    47,872    48,560    58,345    58,345    24,131    23,624 
Equity:                                        
Total Equity   85    85    (15,919)   (17,373)   420    420    (2,683)   (1,995)
Total Liabilities and Equity  $295   $295   $31,953   $31,187   $58,765   $58,765   $21,448   $21,629 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 171 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Vega Tanker Corporation   View Tanker Corporation   Vivian Tankships Corporation   Vulpecula Chartering Corporation 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents  $-   $-   $-   $-   $-   $-   $-   $- 
Voyage receivables   -    -    2,869    199    -    -    753    294 
Other receivables   13    13    -    24    -    -    2    402 
Inventory   -    -    -    (0)   -    -    169    - 
Prepaid expenses and other current assets   -    -    186    375    -    -    272    1 
Total Current Assets   13    13    3,055    599    -    -    1,196    697 
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   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   -    -    -    2,186    -    -    -    - 
Other Assets   87    87    54    54    -    -    -    - 
Total Assets  $5,179   $5,179   $10,432   $10,161   $21,117   $21,117   $25,757   $25,258 
                                         
LIABILITIES AND EQUITY                                        
Current Liabilities Not Subject to Compromise:                                        
Accounts payable, accrued expenses and other current liabilities   20    20    764    16    -    -    549    34 
Total Current Liabilities Not Subject to Compromise   20    20    764    16    -    -    549    34 
                                         
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   -    26    -    -    -    -    -    18 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    511    -    -    -    -    - 
Total Liabilities Not Subject to Compromise   20    46    1,275    16    -    -    549    52 
                                         
Liabilities Subject to Compromise:                                        
Pre-petition intercompany loans payable and accrued interest   -    -    -    -    -    -    -    - 
Pre-petition intercompany payables to non-debtors   9    9    11,439    11,439    -    -    24,937    24,937 
Pre-petition intercompany payables to other debtors   2,127    2,127    1    1    14,490    14,490    681    681 
Other liabilities   -    -    -    -    -    -    -    - 
Total  Liabilities Subject to Compromise   2,136    2,136    11,440    11,440    14,490    14,490    25,618    25,618 
                                         
Total Liabilities   2,156    2,182    12,715    11,456    14,490    14,490    26,167    25,670 
Equity:                                        
Total Equity   3,023    2,997    (2,283)   (1,295)   6,627    6,627    (410)   (412)
Total Liabilities and Equity  $5,179   $5,179   $10,432   $10,161   $21,117   $21,117   $25,757   $25,258 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 172 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Wind Aframax Tanker Corporation   Combined
Debtors		   Eliminations   Consolidated 
Debtors		 
   November 13,
2012		   May 31, 2013   November 13, 
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   May 31, 2013 
ASSETS                                   
Current Assets:                                   
Cash and cash equivalents  $-   $-   $398,725   $549,832   $-   $-   $549,832 
Voyage receivables   -    -    168,830    152,188    -    -    152,188 
Other receivables   10    10    70,348    67,288    -    -    67,288 
Inventory   -    -    14,150    12,748    -    -    12,748 
Prepaid expenses and other current assets   -    -    46,596    42,551    -    -    42,551 
Total Current Assets   10    10    698,648    824,606    -    -    824,606 
Vessels and other property, less accumulated depreciation   -    -    3,147,915    3,071,669    1    1    3,071,670 
Deferred drydock expenditures, net   -    -    73,898    63,563    -    -    63,563 
Total Vessels, Deferred Drydock and Other Property   -    -    3,221,813    3,135,233    1    1    3,135,234 
Investments in Affiliated Companies   -    -    247,664    281,410    -    -    281,410 
Intangible Assets, less accumulated amortization   -    -    72,413    69,583    -    -    69,583 
Goodwill   -    -    9,668    9,668    -    -    9,668 
Investments in subsidiaries   -    -    5,432,119    5,470,783    (5,439,235)   (5,477,872)   (7,089)
Intercompany loans receivable and accrued interest   -    -    448,108    424,484    (359,840)   (376,239)   48,245 
Pre-petition intercompany receivables from debtors   51    51    5,843,696    5,878,705    (5,843,696)   (5,878,705)   - 
Pre-petition Intercompany receivables from non-debtors   -    -    2,233,518    2,233,404    -    -    2,233,404 
Post-petition intercompany receivables from non-debtors   -    -    -    3,227    -    -    3,227 
Post-petition Intercompany receivables from debtors   -    -    -    357,273    -    (357,273)   - 
Other Assets   -    -    20,819    20,767    30    30    20,797 
Total Assets  $61   $61   $18,228,466   $18,709,144   $(11,642,740)  $(12,090,058)  $6,619,085 
                                    
LIABILITIES AND EQUITY                                   
Current Liabilities Not Subject to Compromise:                                   
Accounts payable, accrued expenses and other current liabilities   0    0    73,627    98,311    62    62    98,373 
Total Current Liabilities Not Subject to Compromise   0    0    73,627    98,311    62    62    98,373 
                                    
Noncurrent Liabilities Not Subject to Compromise:                                   
Intercompany loans payable and accrued interest   -    -    -    142,377    -    (142,377)   - 
Post-petition intercompany payables to non-debtors   -    -    -    38,658    -    -    38,658 
Post-petition intercompany payables to other debtors   -    -    -    357,273    -    (357,273)   0 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    5,457    -    -    -    - 
Deferred Income Taxes and Other Liabilities   -    -    241,503    236,500    -    -    236,500 
Total Liabilities Not Subject to Compromise   0    0    320,587    873,120    62    (499,588)   373,532 
                                    
Liabilities Subject to Compromise:                                   
Pre-petition intercompany loans payable and accrued interest   -    -    376,324    250,346    (359,840)   (233,862)   16,484 
Pre-petition intercompany payables to non-debtors   -    -    1,985,347    2,142,541    -    -    2,142,541 
Pre-petition intercompany payables to other debtors   -    -    4,780,058    5,878,705    (4,780,058)   (5,878,705)   (0)
Other liabilities   -    -    2,627,704    2,625,555    -    -    2,625,555 
Total  Liabilities Subject to Compromise   -    -    9,769,433    10,897,147    (5,139,898)   (6,112,567)   4,784,580 
                                    
Total Liabilities   0    0    10,090,020    11,770,267    (5,139,836)   (6,612,156)   5,158,112 
Equity:                                   
Total Equity   61    61    6,917,615    6,938,877    (5,439,267)   (5,477,903)   1,460,974 
Total Liabilities and Equity  $61   $61   $17,007,635   $18,709,144   $(10,579,102)  $(12,090,058)  $6,619,085 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 173 of 174
Appendix C
Overseas Shipholding Group, Inc.
Unaudited Condensed Consolidating Balance Sheets
As of November 13, 2012 and May 31, 2012

 

   Total
Non-debtors		   Eliminations   Consolidated Overseas Shipholding
Group, Inc.		 
   November 13,
2012		   May 31, 2013   November 13,
2012		   May 31, 2013   November 13, 
2012		   May 31, 2013 
ASSETS                              
Current Assets:                              
Cash and cash equivalents  $79,248   $23,829   $-   $-   $477,973   $573,661 
Voyage receivables   2,923    1,316    -    -    171,753    153,504 
Other receivables   10,321    (5,356)   -    -    80,669    61,933 
Inventory   -    -    -    -    14,150    12,748 
Prepaid expenses and other current assets   40    506    -    -    46,636    43,056 
Total Current Assets   92,533    20,296    -    -    791,181    844,902 
Vessels and other property, less accumulated depreciation   (12,092)   (11,511)   -    -    3,135,823    3,060,159 
Deferred drydock expenditures, net   -    -    -    -    73,898    63,563 
Total Vessels, Deferred Drydock and Other Property   (12,092)   (11,511)   -    -    3,209,721    3,123,722 
Investments in Affiliated Companies   300    300    -    -    247,964    281,710 
Intangible Assets, less accumulated amortization   242    232    -    -    72,655    69,815 
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)   (64,729)   -    - 
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   -    -    -    (3,227)   -    - 
Post-petition Intercompany receivables from debtors   -    38,658    -    (38,658)   -    - 
Other Assets   (271)   (440)   -    -    20,579    20,357 
Total Assets  $2,246,773   $2,213,569   $(4,480,811)  $(4,482,560)  $4,351,689   $4,350,095 
                               
LIABILITIES AND EQUITY                              
Current Liabilities Not Subject to Compromise:                              
Accounts payable, accrued expenses and other current liabilities   19,478    29,555    -    -    93,168    127,928 
Total Current Liabilities Not Subject to Compromise   19,478    29,555    -    -    93,168    127,928 
                               
Noncurrent Liabilities Not Subject to Compromise:                              
Intercompany loans payable and accrued interest   88,268    48,245    (88,268)   (48,245)   -    - 
Post-petition intercompany payables to non-debtors   -    -    -    (38,658)   -    - 
Post-petition intercompany payables to other debtors   2,233,518    2,236,631    (2,233,518)   (2,236,631)   -    0 
Deferred Gain/(loss) on Sale and Leaseback of Vessels   -    -    -    -    5,457    - 
Deferred Income Taxes and Other Liabilities   6,201    4,593    -    -    247,704    241,093 
Total Liabilities Not Subject to Compromise   2,347,466    2,319,025    (2,321,786)   (2,323,535)   346,329    369,021 
                               
Liabilities Subject to Compromise:                              
Pre-petition intercompany loans payable and accrued interest   -    -    (16,484)   (16,484)   -    - 
Pre-petition intercompany payables to non-debtors   -    -    (1,985,347)   (2,142,541)   -    - 
Pre-petition intercompany payables to other debtors   -    -    -    0    -    - 
Other liabilities   -    -    -    -    2,627,704    2,625,554 
Total  Liabilities Subject to Compromise   -    -    (2,001,831)   (2,159,025)   2,627,704    2,625,554 
                               
Total Liabilities   2,347,466    2,319,025    (4,323,618)   (4,482,560)   2,974,033    2,994,575 
Equity:                              
Total Equity   (100,693)   (105,455)   -    -    1,377,656    1,355,520 
Total Liabilities and Equity  $2,246,773   $2,213,569   $(4,323,618)  $(4,482,560)  $4,351,689   $4,350,095 

 

Preliminary and UnauditedSee Notes to Unaudited Condensed Consolidating Statements of Operations and Balance SheetsPage 174 of 174