Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Overseas Shipholding Group Reports Second Quarter 2022 Results


Overseas Shipholding Group, Inc. (NYSE: OSG) (the "Company" or "OSG"), a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the second quarter 2022.

Sam Norton, President and CEO, offered the following comments on the quarterly results announced today: "Second quarter results announced this morning continued to build on the progressive quarter-to-quarter improvements in important financial measures that we have witnessed over the past year. A return to profitability is perhaps the most gratifying highlight, as we ended the quarter with all vessels in operation for the first time since the onset of COVID-19. The long shadow of COVID-induced demand destruction seems to have finally receded, and the continued emergence of renewable diesel transport is providing favorable demand growth. Time charter equivalent earnings for the quarter exceeded $100 million for the first time in two years, and adjusted EBITDA of $31.5 million represents the best quarterly performance on this metric in many years."

Mr. Norton added, "Our patience in seeking medium-term charters at remunerative rates for our conventional tankers and ATBs has also yielded positive results. In recent weeks we have concluded employment contracts for our vessels securing nearly $250 million in forward time charter equivalent earnings over contract periods ranging from six to 36 months. As of today, we have fixed employment for 92% of available vessel days across the balance of 2022, and close to 80% of vessel available days for 2023. The welcome cash flow visibility that these fixed revenue streams will provide over the next 18 months should provide greater flexibility in managing opportunities for building on our recent achievements."

 

A, B, C

Reconciliations of these non-GAAP financial measures are included in the financial tables attached to this press release starting on Page 8.

Second Quarter 2022 Results

Shipping revenues were $118.0 million for the second quarter of 2022, an increase of $14.0 million, or 13.4%, from the first quarter of 2022. TCE revenues increased $9.3 million, or 9.9%, from the first quarter of 2022 to $103.2 million in the second quarter of 2022. The increases were primarily a result of a 173-day decrease in layup days, as our two remaining vessels in layup returned to service in May 2022 and two full Government of Israel voyages and one partial Government of Israel voyage during the second quarter of 2022 that overlapped into the third quarter compared to one such voyage during the first quarter of 2022. The increases were partially offset by a 14-day increase in scheduled drydocking and an 11-day increase in repair days.

Second quarter 2022 operating income was $12.6 million compared to the first quarter 2022 operating income of $7.7 million.

Quarterly adjusted EBITDA increased to $31.5 million during the second quarter of 2022, a $6.1 million increase from the first quarter of 2022. The increase was driven by the increased revenues for the quarter.

In comparison to the second quarter of 2021, shipping revenues were up 33.5%. TCE revenues for the second quarter of 2022 were $103.2 million, an increase of $31.6 million, or 44.0%, compared with the second quarter of 2021. The increases primarily resulted from a 555-day decrease in layup days as we had fewer vessels in layup during the second quarter of 2022 compared to the second quarter of 2021. During the second quarter of 2022, we had two vessels in layup for 82 days, both of which came out of layup in May 2022. During the second quarter of 2021, we had seven vessels in layup. Additionally, the increases resulted from two full Government of Israel voyages and one partial Government of Israel voyage during the second quarter of 2022 that overlapped into the third quarter, compared to one such voyage during the same period in 2021 and an increase in average daily rates earned by our fleet. The increases were partially offset by (a) a 17-day increase in scheduled drydocking, (b) a 14-day increase in repair days, (c) one less MR tanker in our fleet, Overseas Gulf Coast, which was sold in mid-June 2021 and (d) a decrease in Delaware lightering volumes and a decrease in the price per barrel lightered during the second quarter of 2022 compared to the second quarter of 2021.

Operating income for the second quarter of 2022 was $12.6 million compared to an operating loss of $5.8 million for the second quarter of 2021. Net income for the second quarter of 2022 was $3.7 million, or $0.04 per diluted share, compared with a net loss of $10.7 million, or $(0.12) per diluted share, for the second quarter of 2021.

Adjusted EBITDA was $31.5 million for the 2022 second quarter, an increase of $21.3 million compared with the second quarter of 2021, driven primarily by the increase in TCE revenues.

Conference Call

The Company will host a conference call to discuss its second quarter 2022 results at 9:30 a.m. Eastern Time ("ET") on Monday, August 8, 2022.

To access the call, participants should dial (844) 200-6205 for domestic callers and (929) 526-1599 for international callers and enter Access Code 445428. Please dial in ten minutes prior to the start of the call.

A live webcast of the conference call will be available from the Investor Relations section of the Company's website at www.osg.com.

An audio replay of the conference call will be available for one week starting at 11:30 a.m. ET on Monday, August 8, 2022, by dialing (866) 813-9403 for domestic callers and (929) 458-6194 for international callers and entering Access Code 762707.

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG's 23 vessel U.S. Flag fleet consists of three crude oil tankers doing business in Alaska, two conventional ATBs, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program, and one tanker in cold layup. In addition, OSG also owns and operates one Marshall Islands flagged MR tanker which trades internationally.

OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world's most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, the Company may make or approve certain forward-looking statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical fact should be considered forward-looking statements. These matters or statements may relate to our prospects, supply and demand for vessels in the markets in which we operate and the impact on market rates and vessel earnings, the continued stability of our niche businesses, the impact of our time charter contracts on our future financial performance, and external events such as geopolitical conflicts such as the Russian/Ukraine conflict. Forward-looking statements are based on our current plans, estimates and projections, and are subject to change based on a number of factors. COVID-19 has had, and will continue to have, a profound impact on our workforce and many other aspects of our business and industry. Investors should carefully consider the risk factors outlined in more detail in our filings with the SEC. We do not assume any obligation to update or revise any forward-looking statements except as may be required by applicable law. Forward-looking statements and written and oral forward-looking statements attributable to us or our representatives after the date of this press release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by us with the SEC.

Consolidated Statements of Operations

($ in thousands, except per share amounts)

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

Shipping Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time and bareboat charter revenues

 

$

82,969

 

 

$

62,806

 

 

$

140,204

 

 

$

126,594

 

Voyage charter revenues

 

 

35,016

 

 

 

25,553

 

 

 

81,779

 

 

 

43,039

 

 

 

 

117,985

 

 

 

88,359

 

 

 

221,983

 

 

 

169,633

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Voyage expenses

 

 

14,742

 

 

 

16,668

 

 

 

24,816

 

 

 

32,428

 

Vessel expenses

 

 

44,153

 

 

 

34,002

 

 

 

84,950

 

 

 

65,809

 

Charter hire expenses

 

 

22,350

 

 

 

22,595

 

 

 

44,346

 

 

 

44,913

 

Depreciation and amortization

 

 

16,663

 

 

 

15,068

 

 

 

33,156

 

 

 

30,387

 

General and administrative

 

 

7,435

 

 

 

6,004

 

 

 

14,373

 

 

 

12,370

 

(Gain)/loss on disposal of vessels and other property, including impairments, net

 

 

?

 

 

 

(196

)

 

 

?

 

 

 

5,298

 

Total operating expenses

 

 

105,343

 

 

 

94,141

 

 

 

201,641

 

 

 

191,205

 

Operating income/(loss)

 

 

12,642

 

 

 

(5,782

)

 

 

20,342

 

 

 

(21,572

)

Other (expense)/income, net

 

 

(16

)

 

 

(111

)

 

 

81

 

 

 

11

 

Income/(loss) before interest expense and income taxes

 

 

12,626

 

 

 

(5,893

)

 

 

20,423

 

 

 

(21,561

)

Interest expense

 

 

(8,275

)

 

 

(7,317

)

 

 

(16,640

)

 

 

(13,687

)

Income/(loss) before income taxes

 

 

4,351

 

 

 

(13,210

)

 

 

3,783

 

 

 

(35,248

)

Income tax (expense)/benefit

 

 

(611

)

 

 

2,511

 

 

 

(552

)

 

 

8,681

 

Net income/(loss)

 

$

3,740

 

 

$

(10,699

)

 

$

3,231

 

 

$

(26,567

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic - Class A

 

 

91,254,864

 

 

 

90,612,019

 

 

 

90,984,407

 

 

 

90,363,243

 

Diluted - Class A

 

 

92,607,727

 

 

 

90,612,019

 

 

 

92,345,481

 

 

 

90,363,243

 

Per Share Amounts:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net income/(loss) - Class A

 

$

0.04

 

 

$

(0.12

)

 

$

0.04

 

 

$

(0.29

)

Consolidated Balance Sheets

($ in thousands)

 

 

 

June 30, 2022

 

 

December 31, 2021

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

84,441

 

 

$

83,253

 

Voyage receivables, including unbilled of $7,067 and $3,777, net of reserve for doubtful accounts

 

 

17,152

 

 

 

14,586

 

Income tax receivable

 

 

1,883

 

 

 

1,882

 

Other receivables

 

 

11,210

 

 

 

5,816

 

Inventories, prepaid expenses and other current assets

 

 

6,932

 

 

 

3,438

 

Total Current Assets

 

 

121,618

 

 

 

108,975

 

Vessels and other property, less accumulated depreciation

 

 

742,834

 

 

 

761,777

 

Deferred drydock expenditures, net

 

 

41,940

 

 

 

43,342

 

Total Vessels, Other Property and Deferred Drydock

 

 

784,774

 

 

 

805,119

 

Intangible assets, less accumulated amortization

 

 

20,317

 

 

 

22,617

 

Operating lease right-of-use assets, net

 

 

112,198

 

 

 

152,027

 

Other assets

 

 

25,002

 

 

 

26,991

 

Total Assets

 

$

1,063,909

 

 

$

1,115,729

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable, accrued expenses and other current liabilities

 

$

47,850

 

 

$

49,901

 

Current portion of operating lease liabilities

 

 

87,054

 

 

 

100,010

 

Current portion of finance lease liabilities

 

 

4,001

 

 

 

4,000

 

Current installments of long-term debt

 

 

22,966

 

 

 

22,225

 

Total Current Liabilities

 

 

161,871

 

 

 

176,136

 

Reserve for uncertain tax positions

 

 

182

 

 

 

179

 

Noncurrent operating lease liabilities

 

 

45,003

 

 

 

73,150

 

Noncurrent finance lease liabilities

 

 

17,748

 

 

 

18,998

 

Long-term debt

 

 

411,137

 

 

 

422,515

 

Deferred income taxes, net

 

 

64,260

 

 

 

63,744

 

Other liabilities

 

 

20,513

 

 

 

22,393

 

Total Liabilities

 

 

720,714

 

 

 

777,115

 

Equity:

 

 

 

 

 

 

Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 87,974,424 and 87,170,463 shares issued and outstanding)

 

 

880

 

 

 

872

 

Paid-in additional capital

 

 

596,399

 

 

 

594,386

 

Accumulated deficit

 

 

(256,356

)

 

 

(259,587

)

Treasury stock, 145,741 shares, at cost

 

 

(310

)

 

 

?

 

 

 

 

340,613

 

 

 

335,671

 

Accumulated other comprehensive loss

 

 

2,582

 

 

 

2,943

 

Total Equity

 

 

343,195

 

 

 

338,614

 

Total Liabilities and Equity

 

$

1,063,909

 

 

$

1,115,729

 

Consolidated Statements of Cash Flows

($ in thousands)

 

 

 

Six Months Ended
June 30

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

(unaudited)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

Net income/(loss)

 

$

3,231

 

 

$

(26,567

)

Items included in net income not affecting cash flows:

 

 

 

 

 

 

Depreciation and amortization

 

 

33,156

 

 

 

30,387

 

Loss on disposal of vessels and other property, including impairments, net

 

 

?

 

 

 

5,298

 

Amortization of debt discount and other deferred financing costs

 

 

554

 

 

 

1,252

 

Compensation relating to restricted stock awards and stock option grants

 

 

2,391

 

 

 

1,270

 

Deferred income tax expense/(benefit)

 

 

519

 

 

 

(8,679

)

Interest on finance lease liabilities

 

 

826

 

 

 

914

 

Non-cash operating lease expense

 

 

44,874

 

 

 

45,672

 

Payments for drydocking

 

 

(7,386

)

 

 

(14,222

)

Operating lease liabilities

 

 

(45,935

)

 

 

(45,957

)

Changes in operating assets and liabilities, net

 

 

(15,061

)

 

 

63

 

Net cash provided by/(used in) operating activities

 

 

17,169

 

 

 

(10,569

)

Cash Flows from Investing Activities:

 

 

 

 

 

 

Expenditures for vessels and vessel improvements

 

 

(2,046

)

 

 

(5,101

)

Proceeds from disposals of vessels and other property

 

 

?

 

 

 

32,128

 

Net cash (used in)/provided by investing activities

 

 

(2,046

)

 

 

27,027

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

Payments on debt

 

 

(10,930

)

 

 

(19,251

)

Tax withholding on share-based awards

 

 

(371

)

 

 

(402

)

Payments on principal portion of finance lease liabilities

 

 

(2,063

)

 

 

(2,063

)

Deferred financing costs paid for debt amendments

 

 

(261

)

 

 

(2,429

)

Extinguishment of debt

 

 

?

 

 

 

(301

)

Purchases of treasury stock under the stock repurchase program

 

 

(310

)

 

 

?

 

Net cash used in financing activities

 

 

(13,935

)

 

 

(24,446

)

Net increase/(decrease) in cash, cash equivalents and restricted cash

 

 

1,188

 

 

 

(7,988

)

Cash, cash equivalents and restricted cash at beginning of year

 

 

83,253

 

 

 

69,819

 

Cash, cash equivalents and restricted cash at end of year

 

$

84,441

 

 

$

61,831

 

Spot and Fixed TCE Rates Achieved and Revenue Days

The following tables provide a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three and six months ended June 30, 2022 and the comparable period of 2021. Revenue days in the quarter ended June 30, 2022 totaled 1,903 compared with 1,484 in the prior year quarter.

 

 

2022

 

 

2021

 

Three Months Ended June 30,

 

Spot
Earnings

 

 

Fixed
Earnings

 

 

Spot
Earnings

 

 

Fixed
Earnings

 

Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

48,256

 

 

$

60,611

 

 

$

32,613

 

 

$

65,822

 

Revenue days

 

 

119

 

 

 

935

 

 

 

182

 

 

 

455

 

Non-Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

42,264

 

 

$

32,286

 

 

$

33,437

 

 

$

12,417

 

Revenue days

 

 

182

 

 

 

91

 

 

 

187

 

 

 

159

 

ATBs:

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

?

 

 

$

34,939

 

 

$

?

 

 

$

32,087

 

Revenue days

 

 

?

 

 

 

181

 

 

 

?

 

 

 

182

 

Lightering:

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

58,974

 

 

$

?

 

 

$

87,948

 

 

$

?

 

Revenue days

 

 

129

 

 

 

?

 

 

 

91

 

 

 

?

 

Alaska (a):

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

?

 

 

$

60,010

 

 

$

?

 

 

$

58,753

 

Revenue days

 

 

?

 

 

 

266

 

 

 

?

 

 

 

228

 

 

 

2022

 

 

2021

 

Six Months Ended June 30,

 

Spot
Earnings

 

 

Fixed
Earnings

 

 

Spot
Earnings

 

 

Fixed
Earnings

 

Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

55,325

 

 

$

59,442

 

 

$

28,964

 

 

$

65,486

 

Revenue days

 

 

529

 

 

 

1,487

 

 

 

330

 

 

 

932

 

Non-Jones Act Handysize Product Carriers:

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

43,164

 

 

$

24,909

 

 

$

24,383

 

 

$

9,586

 

Revenue days

 

 

362

 

 

 

181

 

 

 

367

 

 

 

336

 

ATBs:

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

?

 

 

$

34,897

 

 

$

?

 

 

$

32,213

 

Revenue days

 

 

?

 

 

 

359

 

 

 

?

 

 

 

362

 

Lightering:

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

62,613

 

 

$

?

 

 

$

81,339

 

 

$

?

 

Revenue days

 

 

228

 

 

 

?

 

 

 

181

 

 

 

?

 

Alaska (a):

 

 

 

 

 

 

 

 

 

 

 

 

Average rate

 

$

?

 

 

$

59,500

 

 

$

?

 

 

$

58,748

 

Revenue days

 

 

?

 

 

 

535

 

 

 

?

 

 

 

466

 

 

(a) Excludes one Alaska vessel currently in layup.

Fleet Information

As of June 30, 2022, OSG's operating fleet consisted of 24 vessels, 12 of which were owned, with the remaining vessels chartered-in. Vessels chartered-in are on Bareboat Charters.

 

 

Vessels Owned

 

 

Vessels
Chartered-In

 

 

Total at June 30, 2022

 

Vessel Type

 

Number

 

 

Number

 

 

Total Vessels

 

 

Total dwt (3)

 

Handysize Product Carriers (1)

 

 

5

 

 

 

11

 

 

 

16

 

 

 

760,493

 

Crude Oil Tankers (2)

 

 

3

 

 

 

1

 

 

 

4

 

 

 

772,194

 

Refined Product ATBs

 

 

2

 

 

 

?

 

 

 

2

 

 

 

54,182

 

Lightering ATBs

 

 

2

 

 

 

?

 

 

 

2

 

 

 

91,112

 

Total Operating Fleet

 

 

12

 

 

 

12

 

 

 

24

 

 

 

1,677,981

 

(1)

Includes two owned shuttle tankers, 11 chartered-in tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program, all of which are U.S. flagged, as well as one owned Marshall Island flagged non-Jones Act MR tanker trading in international markets.

(2)

Includes three crude oil tankers doing business in Alaska and one crude oil tanker bareboat chartered-in and in layup.

(3)

Total dwt is defined as aggregate deadweight tons for all vessels of that type.

Reconciliation to Non-GAAP Financial Information

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures provide investors with additional information that will better enable them to evaluate the Company's performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.

(A) Time Charter Equivalent (TCE) Revenues

Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. TCE revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follows:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

($ in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Time charter equivalent revenues

 

$

103,243

 

 

$

71,691

 

 

$

197,167

 

 

$

137,205

 

Add: Voyage expenses

 

 

14,742

 

 

 

16,668

 

 

 

24,816

 

 

 

32,428

 

Shipping revenues

 

$

117,985

 

 

$

88,359

 

 

$

221,983

 

 

$

169,633

 

Vessel Operating Contribution

Vessel operating contribution, a non-GAAP measure, is TCE revenues minus vessel expenses and charter hire expenses.

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

($ in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Niche market activities

 

$

17,404

 

 

$

17,653

 

 

$

35,526

 

 

$

30,795

 

Jones Act handysize tankers

 

 

7,702

 

 

 

(11,490

)

 

 

9,160

 

 

 

(23,746

)

ATBs

 

 

4,014

 

 

 

3,755

 

 

 

8,083

 

 

 

7,337

 

Alaska crude oil tankers

 

 

7,620

 

 

 

5,176

 

 

 

15,102

 

 

 

12,097

 

Vessel operating contribution

 

 

36,740

 

 

 

15,094

 

 

 

67,871

 

 

 

26,483

 

Depreciation and amortization

 

 

16,663

 

 

 

15,068

 

 

 

33,156

 

 

 

30,387

 

General and administrative

 

 

7,435

 

 

 

6,004

 

 

 

14,373

 

 

 

12,370

 

(Gain)/loss on disposal of vessels and other property, including impairments, net

 

 

?

 

 

 

(196

)

 

 

?

 

 

 

5,298

 

Operating income/(loss)

 

$

12,642

 

 

$

(5,782

)

 

$

20,342

 

 

$

(21,572

)

(B) EBITDA and Adjusted EBITDA

EBITDA represents net income/(loss) before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted to exclude amortization classified in charter hire expenses, interest expense classified in charter hire expenses, loss/(gain) on disposal of vessels and other property, including impairments, net, non-cash stock based compensation expense and loss on repurchases and extinguishment of debt and the impact of other items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income/(loss) or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled measures used by other companies due to differences in methods of calculation. The following table reconciles net income/(loss) as reflected in the consolidated statements of operations, to EBITDA and Adjusted EBITDA.

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

($ in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income/(loss)

 

$

3,740

 

 

$

(10,699

)

 

$

3,231

 

 

$

(26,567

)

Income tax expense/(benefit)

 

 

611

 

 

 

(2,511

)

 

 

552

 

 

 

(8,681

)

Interest expense

 

 

8,275

 

 

 

7,317

 

 

 

16,640

 

 

 

13,687

 

Depreciation and amortization

 

 

16,663

 

 

 

15,068

 

 

 

33,156

 

 

 

30,387

 

EBITDA

 

 

29,289

 

 

 

9,175

 

 

 

53,579

 

 

 

8,826

 

Amortization classified in charter hire expenses

 

 

143

 

 

 

143

 

 

 

285

 

 

 

285

 

Interest expense classified in charter hire expenses

 

 

312

 

 

 

341

 

 

 

627

 

 

 

686

 

Non-cash stock based compensation expense

 

 

1,735

 

 

 

694

 

 

 

2,391

 

 

 

1,270

 

(Gain)/loss on disposal of vessels and other property, including impairments, net

 

 

?

 

 

 

(196

)

 

 

?

 

 

 

5,298

 

Adjusted EBITDA

 

$

31,479

 

 

$

10,157

 

 

$

56,882

 

 

$

16,365

 

(C) Total Cash

($ in thousands)

 

June 30,
2022

 

 

December 31,
2021

 

Cash and cash equivalents

 

$

84,374

 

 

$

83,172

 

Restricted cash

 

 

67

 

 

 

81

 

Total cash

 

$

84,441

 

 

$

83,253

 

Category: Earnings


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