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Overseas Shipholding Group Reports Third Quarter 2017 Results

TAMPA, Fla., Nov 09, 2017 (BUSINESS WIRE) --

Overseas Shipholding Group, Inc. (NYSE: OSG) (the "Company", "we", "us", "our" or "OSG"), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the third quarter 2017.

Highlights

-- Loss from continuing operations for the third quarter was $6.3 million, or ($0.07) per diluted share, compared to a loss from continuing operations of $52.9 million, or ($0.59) per diluted share, for the third quarter 2016. During the third quarter 2017, we recognized a $7.4 million impairment charge on one of our ATBs which is currently held for sale.

-- Net loss was $6.3 million for the quarter ended September 30, 2017, compared to a net loss of $98.7 million for the quarter ended September 30, 2016. Net loss for the prior year period included a loss from discontinued operations from International Seaways (INSW) of $45.9 million.

-- Shipping revenues were $93.3 million for the current quarter, a decrease of 18.3% from $114.2 million in the prior year quarter. Time charter equivalent (TCE) revenues(A) for the third quarter 2017 were $84.9 million, down 22.6% compared to the same period in 2016.

-- Third quarter 2017 adjusted EBITDA(B), a non-GAAP measure, was $22.6 million, down 43.0% from $39.6 million in the same period in 2016.

-- Cash and cash equivalents were $199.7 million at September 30, 2017. Total cash(C), a non-GAAP measure, was $203.6 million at the end of the current quarter.

-- During the third quarter 2017, we repurchased and retired $18.5 million in principal of the 8.125% notes due in 2018.

"The solid performance of our niche market activities was once again the key take away from our third quarter results," Sam Norton, OSG's President and CEO stated. "Earnings from spot market voyages disappointed, but a strong balance sheet, continued focus on cost control and a belief that upside potential now outweighs downside risk in accepting short term market challenges leads us to be optimistic about the future."

Third Quarter 2017 Results

Shipping revenues were $93.3 million for the quarter, down 18.3% compared with the third quarter of 2016. The decrease in shipping revenues primarily resulted from weakening market conditions and reduced charter rates. TCE revenues for the third quarter of 2017 were $84.9 million, a decrease of $24.8 million, or 22.6%, compared with the third quarter of 2016, primarily due to lower average daily rates earned as a result of a continuing excess supply of vessels in the market and the shift from time charter contracts to spot market charters. The hurricanes that occurred during the third quarter disrupted the petroleum markets in the Gulf of Mexico. As a result, shipments were reduced for a period of time due to port and refinery closures. The impact was partially mitigated by recoveries from customers and an increase in demand after the storms. Shipping revenue for the first nine months of 2017 were $297.6 million, a decrease of $50.0 million compared to the first nine months of 2016. TCE revenues for the first nine months of 2017 were $278.3 million, a decrease of $58.3 million compared to the first nine months of 2016.

Operating income for the third quarter of 2017 was $0.4 million, compared to an operating loss of $83.4 million in the third quarter of 2016. The increase reflected reduced operating expenses, including depreciation and amortization expense and lower general and administrative expenses, which partially offset the decline in shipping revenues. During the third quarter 2017, we recognized an impairment charge of $7.4 million on one of our ATBs due to a change in its expected deployment. In the third quarter of 2016, we recognized an impairment charge of $97.8 million. Operating income for the first nine months of 2017 was $33.9 million, an increase of $76.9 million compared to the first nine months of 2016.

Loss from continuing operations for the third quarter 2017 was $6.3 million, or ($0.07) per diluted share, compared with a loss from continuing operations of $52.9 million, or ($0.59) per diluted share, for the third quarter of 2016. This change reflects a lower tax benefit in the third quarter of 2017 compared to 2016. In the prior year period, a deferred tax liability on the unremitted earnings of INSW was recorded, resulting in an income tax provision of $49.8 million, compared to an income tax provision of $3.1 million in the 2017 period. In addition, interest expense decreased by $1.1 million in the current period as the result of significant debt reductions in the current and prior year periods.

Income from continuing operations for the first nine months of 2017 was $2.3 million compared with a loss from continuing operations of $65.7 million for the first nine months of 2016. The increase reflects a lower tax provision in the first nine months of 2017 compared to 2016. In the prior period, a deferred tax liability on the unremitted earnings of INSW was recorded, resulting in an income tax provision of $1.4 million, compared to tax expense of $2.1 million in the 2017 period.

Adjusted EBITDA(B), a non-GAAP measure, was $22.6 million for the quarter, a decrease of $17.1 million or 43.0% compared with the third quarter of 2016, driven primarily by the decline in TCE revenues, partially offset by lower general and administrative expenses. Adjusted EBITDA for the first nine months of 2017 was $88.3 million, a decrease of $38.0 million or 30.1% compared with the first nine months of 2016.

 
-------------------------------------------------------------
 
A, B, C Reconciliations of these non-GAAP financial measures
are included in the financial tables at the end of this press
releasestarting on Page 8.
 
-------------------------------------------------------------
 

Discontinued Operations

As previously disclosed, OSG completed the separation of its business into two independent publicly traded companies through the spin-off of its then wholly owned subsidiary INSW on November 30, 2016. The spin-off separated OSG and INSW into two distinct businesses with separate management. OSG retained the U.S. Flag business and INSW holds entities and other assets and liabilities that formed OSG's former International Flag business. The spin-off transaction was in the form of a pro rata distribution of INSW's common stock to our stockholders and warrant holders of record as of the close of business on November 18, 2016.

In accordance with Accounting Standards Update ("ASU") 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, the assets and liabilities and results of operations of INSW are reported as discontinued operations for the three and nine months ended September 30, 2016.

Net (loss)/income from discontinued operations for the three and nine months ended September 30, 2016 was $(45.9) million and $47.6 million, respectively.

Conference Call

The Company will host a conference call to discuss its third quarter 2017 results at 9:00 a.m. Eastern Time ("ET") on Thursday, November 9, 2017.

To access the call, participants should dial (844) 850-0546 for domestic callers, (412) 317-5203 for international callers and (855) 669-9657 for Canada callers. 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 http://www.osg.com/

An audio replay of the conference call will be available starting at 11:00 a.m. ET on Thursday, November 9, 2017 by dialing (877) 344-7529 for domestic callers, (412) 317-0088 for international callers and (855) 669-9658 for Canada callers, and entering Access Code 10114153.

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded tanker 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 24-vessel U.S. Flag fleet consists of eight ATBs, two lightering ATBs, three shuttle tankers, nine MR tankers, and two non-Jones Act MR tankers that participate in the U.S. MSP. 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 release contains forward-looking statements as defined under the federal securities laws. Words such as "may", "should", "believes", "estimates", "targets", "anticipates" and similar expressions generally identify forward-looking statements; however, statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company's prospects, its ability to retain and effectively integrate new members of management and the effect of the Company's spin-off of International Seaways, Inc. Forward-looking statements are based on the Company's current plans, estimates and projections, and are subject to change based on a number of factors. The following factors, among others, could cause the Company's actual results to differ: the reduced diversification and heightened exposure to the Jones Act market of OSG's business following the spin-off from OSG on November 30, 2016 of International Seaways, Inc. (INSW), which owned or leased OSG's fleet of International Flag vessels, which may make OSG more susceptible to market fluctuations than before such spin-off; the highly cyclical nature of OSG's industry; fluctuations in the market value of vessels; declines in charter rates, including spot charter rates or other market deterioration; an increase in the supply of vessels without a commensurate increase in demand; the impact of adverse weather and natural disasters; the adequacy of OSG's insurance to cover its losses, including in connection with maritime accidents or spill events; constraints on capital availability; the Company's ability to generate sufficient cash to service its indebtedness and to comply with debt covenants; the Company's ability to renew its time charters when they expire or to enter into new time charters; competition within the Company's industry and OSG's ability to compete effectively for charters; the loss of a large customer; and changes in demand in specialized markets in which the Company currently trades. Investors should also carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for OSG and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

Consolidated Statements of Operations
($ in thousands, except per share amounts)
                                                                                                                            Three Months Ended                                                                                                                 Nine Months Ended
                                                                                                                                                                     September 30,                                                                                                                                                           September 30,
                                                                                                          --------------------------------------------------------------------------------------------------------------------------                                                  ------------------------------------------------------------------------------------------------------------------
                                                                                                                              2017                                            2016                                                                                  2017                                        2016
                                                                                                          --------------------------------------------                                          --------------------------------------------                                          --------------------------------------------                                          ------------------------------------
Shipping Revenues:
Time and bareboat charter revenues                                                                              $         56,911                                                                      $         90,507                                                                      $        208,794                                                                     $ 286,610
Voyage charter revenues                                                                                                   36,359                                                             23,673                                                             88,817                                                     61,034  
                                                                                                          -------------------------------------------                                           -------------------------------------------                                           -------------------------------------------                                           -----------------------------------
                                                                                                                          93,270                                                            114,180                                                            297,611                                                    347,644  
                                                                                                          -------------------------------------------                                           -------------------------------------------                                           -------------------------------------------                                           -----------------------------------
Operating Expenses:
Voyage expenses                                                                                                            8,388                                                                                 4,531                                                                                19,329                                                                        11,041
Vessel expenses                                                                                                           33,159                                                                                36,839                                                                               101,332                                                                       107,353
Charter hire expenses                                                                                                     23,053                                                                                23,083                                                                                68,486                                                                        68,809
Depreciation and amortization                                                                                             14,390                                                                                22,905                                                                                46,100                                                                        68,701
General and administrative                                                                                                 6,493                                                                                10,241                                                                                21,081                                                                        34,610
Severance costs                                                                                                   --                                                                                 2,238                                                                                    16                                                                         2,238
Loss on disposal of vessels and other property, including                                                                  7,353                                                             97,782                                                              7,353                                                     97,909  
impairments
                                                                                                          ---------------------  --------------------                                           ---------------------  --------------------                                           ---------------------  --------------------                                           -------------  --------------------
Total operating expenses                                                                                                  92,836                                                            197,619                                                            263,697                                                    390,661  
                                                                                                          -------------------------------------------                                           -------------------------------------------                                           -------------------------------------------                                           -----------------------------------
Operating income/(loss)                                                                                                      434                                                                               (83,439 )                                                                              33,914                                                                       (43,017 )
Other expense                                                                                                               (423 )                                                                              (2,832 )                                                                              (1,053 )                                                                      (2,096 )
                                                                                                          -------------------------------------------                                           -------------------------------------------                                           -------------------------------------------                                           -----------------------------------
Income/(loss) before interest expense, reorganization items and                                                               11                                                                               (86,271 )                                                                              32,861                                                                       (45,113 )
income taxes
Interest expense                                                                                                          (9,474 )                                                                             (10,607 )                                                                             (28,277 )                                                                     (33,386 )
                                                                                                          -------------------------------------------                                           -------------------------------------------                                           -------------------------------------------                                           -----------------------------------
(Loss)/income before reorganization items and                                                                             (9,463 )                                                                             (96,878 )                                                                               4,584                                                                       (78,499 )
income taxes
Reorganization items, net                                                                                                     46                                                             (5,732 )                                                                                (198 )                                                                      11,318  
                                                                                                          -------------------------------------------                                           -------------------------------------------                                           -------------------------------------------                                           -----------------------------------
(Loss)/income from continuing operations before income taxes                                                              (9,417 )                                                                            (102,610 )                                                                               4,386                                                                       (67,181 )
Income tax benefit/(provision) from continuing operations                                                                  3,110                                                             49,755                                                             (2,052 )                                                                       1,445  
                                                                                                          -------------------------------------------                                           -------------------------------------------                                           -------------------------------------------                                           -----------------------------------
(Loss)/income from continuing operations                                                                                  (6,307 )                                                                             (52,855 )                                                                               2,334                                                                       (65,736 )
(Loss)/income from discontinued operations                                                                        --                                                                               (45,884 )                                                                      --                                                                        47,597
Net (loss)/income                                                                                               $         (6,307 )                                                                    $        (98,739 )                                                                    $          2,334                                                  $ (18,139 )
                                                                                                          ======= ============== ====================                                           ======= ============== ====================                                           ======= ============== ====================                                           ====== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                             
Weighted Average Number of Common Shares Outstanding:
   Basic - Class A                                                                                                    87,822,274                                                                            89,363,106                                                                            87,832,949                                                                    92,108,745
   Diluted - Class A                                                                                                  87,822,274                                                                            89,363,106                                                                            88,031,375                                                                    92,108,745
   Basic and Diluted - Class B                                                                                    --                                                                        --                                                                        --                                                                       712,976
                                                                                                                                                                                                                                                                                                                                                                             
Per Share Amounts:
Basic and diluted net income/(loss) - Class A from continuing                                                   $          (0.07 )                                                                    $          (0.59 )                                                                    $           0.03                                                                     $   (0.79 )
operations
Basic and diluted net income - Class A from discontinued                                                        $ --                                                                      $          (0.51 )                                                                    $ --                                                                     $    0.57
operations
Basic and diluted net income - Class A                                                                          $          (0.07 )                                                                    $          (1.10 )                                                                    $           0.03                                                                     $   (0.22 )
                                                                                                                                                                                                                                                                                                                                                                             
Basic and diluted net income/(loss) - Class B from continuing                                                   $ --                                                                      $ --                                                                      $ --                                                                     $    9.93
operations
Basic and diluted net income - Class B from discontinued                                                        $ --                                                                      $ --                                                                      $ --                                                                     $   (6.60 )
operations
Basic and diluted net income - Class B                                                                          $ --                                                                      $ --                                                                      $ --                                                                     $    3.32
                                                                                                                                                                                                                                                                                                                                                                             
Cash dividends declared - Class A                                                                               $ --                                                                      $ --                                                                      $ --                                                                     $    0.48
Cash dividends declared - Class B                                                                               $ --                                                                      $ --                                                                      $ --                                                                     $    1.56
 
 
Consolidated Balance Sheets
($ in thousands)
                                                                                 September 30,                             December 31,
                                                                                                                           2017                                                                            2016
                                                                                                           ----------------------------------                                             ------------------------------------
                                                                                                                        (unaudited)
ASSETS
Current Assets:
Cash and cash equivalents                                                                                        $ 199,729                                                                      $   191,089
Restricted cash                                                                                                      3,856                                                                            7,272
Voyage receivables, including unbilled of $9,900 and $12,593                                                        20,773                                                                           23,456
Income tax receivable                                                                                                  563                                                                              877
Receivable from INSW                                                                                                   506                                                                              683
Other receivables                                                                                                    2,030                                                                            2,696
Inventories, prepaid expenses and other current assets                                                              12,056                                                        12,243  
                                                                                                           ------------------------------------                                           --------------------------------------
     Total Current Assets                                                                                          239,513                                                                          238,316
Restricted cash - non current                                                                               --                                                                            8,572
Vessels and other property, less accumulated depreciation of                                                       647,660                                                                          684,468
$215,431 and
$213,173
Deferred drydock expenditures, net                                                                                  23,759                                                        31,172  
                                                                                                           ------------------------------------                                           --------------------------------------
     Total Vessels, Deferred Drydock and Other Property                                                            671,419                                                       715,640  
                                                                                                           ------------------------------------                                           --------------------------------------
Investments in and advances to affiliated companies                                                                     38                                                                            3,694
Intangible assets, less accumulated amortization of $49,833 and                                                     42,167                                                                           45,617
$46,383
Other assets                                                                                                        22,711                                                        18,658  
                                                                                                           ------------------------------------                                           --------------------------------------
     Total Assets                                                                                                $ 975,848                                                   $ 1,030,497  
                                                                                                           ======= ======= ====================                                           ======= ========= ====================
                                                                                                                                                                                           
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities                                                 $  29,286                                                                      $    57,528
Current installments of long-term debt                                                                              71,554                                                --  
                                                                                                           ------------------------------------                                           --------------------------------------
     Total Current Liabilities                                                                                     100,840                                                                           57,528
Reserve for uncertain tax positions                                                                                  3,198                                                                            3,129
Long-term debt                                                                                                     420,098                                                                          525,082
Deferred income taxes, net                                                                                         142,827                                                                          141,457
Other liabilities                                                                                                   49,615                                                        48,969  
                                                                                                           ------------------------------------                                           --------------------------------------
     Total Liabilities                                                                                             716,578                                                                          776,165
                                                                                                                                                                                           
Equity:
Common stock                                                                                                           753                                                                              702
Paid-in additional capital                                                                                         584,940                                                                          583,526
Accumulated deficit                                                                                               (319,402 )                                                                       (321,736 )
                                                                                                           ------------------------------------                                           --------------------------------------
                                                                                                                   266,291                                                                          262,492
Accumulated other comprehensive loss                                                                                (7,021 )                                                                         (8,160 )
                                                                                                           ------------------------------------                                           --------------------------------------
     Total Equity                                                                                                  259,270                                                       254,332  
                                                                                                           ------------------------------------                                           --------------------------------------
     Total Liabilities and Equity                                                                                $ 975,848                                                   $ 1,030,497  
                                                                                                           ======= ======= ====================                                           ======= ========= ====================
 
 
Consolidated Statements of Cash Flows
($ in thousands)
                                                                                                                                Nine Months Ended
                                                                                                                                                                        September 30,
                                                                                                                --------------------------------------------------------------------------------------------------------------------
                                                                                                                                    2017                                         2016
                                                                                                                --------------------------------------------                                          --------------------------------------
Cash Flows from Operating Activities:
Net income/(loss)                                                                                                     $          2,334                                                                      $  (18,139 )
Income from discontinued operations                                                                                     --                                                       47,597  
                                                                                                                -------------------------------------------                                           -------------------------------------
Income/(loss) from continuing operations                                                                                         2,334                                                                         (65,736 )
Items included in net income/(loss) from continuing operations not
affecting cash flows:
     Depreciation and amortization                                                                                              46,100                                                                          68,701
     Loss on write-down of vessels                                                                                               7,353                                                                  --
     Amortization of debt discount and other deferred financing costs                                                            3,971                                                                           4,637
     Compensation relating to restricted stock/stock unit and stock                                                              2,526                                                                           3,768
     option grants
     Deferred income tax provision/(benefit)                                                                                     1,423                                                                          (5,624 )
     Reorganization items, non-cash                                                                                                (25 )                                                                         5,392
     Other - net                                                                                                    2,361                                                                           1,732
Loss on repurchase of debt, net                                                                                                  1,999                                                                           2,531
Distributions from INSW                                                                                                 --                                                                         202,000
Distributed earnings of affiliated companies                                                                                     3,656                                                                           3,789
Payments for drydocking                                                                                                         (4,833 )                                                                        (5,307 )
SEC, Bankruptcy and IRS claim payments                                                                                          (5,000 )                                                                        (7,136 )
Changes in operating assets and liabilities                                                                                    (25,025 )                                                                         8,177  
                                                                                                                -------------------------------------------                                           -------------------------------------
   Net cash provided by operating activities                                                                                    36,840                                                      216,924  
                                                                                                                -------------------------------------------                                           -------------------------------------
Cash Flows from Investing Activities:
Change in restricted cash                                                                                                       11,988                                                                           5,011
Expenditures for other property                                                                                                    (11 )                                                                          (583 )
                                                                                                                -------------------------------------------                                           -------------------------------------
   Net cash provided by investing activities                                                                                    11,977                                                        4,428  
                                                                                                                -------------------------------------------                                           -------------------------------------
Cash Flows from Financing Activities:
Cash dividends paid                                                                                                     --                                                                         (31,910 )
Payments on debt                                                                                                        --                                                                         (52,667 )
Extinguishment of debt                                                                                                         (39,115 )                                                                      (102,902 )
Repurchases of common stock and common stock warrants                                                                   --                                                                        (119,343 )
Tax withholding on share-based awards                                                                                           (1,062 )                                                                --  
                                                                                                                -------------------------------------------                                           -------------------------------------
   Net cash used in financing activities                                                                                       (40,177 )                                                                      (306,822 )
                                                                                                                -------------------------------------------                                           -------------------------------------
Net increase/(decrease) in cash and cash equivalents from continuing                                                             8,640                                                                         (85,470 )
operations
Cash and cash equivalents at beginning of period                                                                               191,089                                                      193,978  
                                                                                                                -------------------------------------------                                           -------------------------------------
Cash and cash equivalents at end of period                                                                            $        199,729                                                   $  108,508  
                                                                                                                ------- -------------- --------------------                                           ------- -------- --------------------
                                                                                                                                                                                                       
Cash flows from discontinued operations:
   Cash flows provided by operating activities                                                                        $ --                                                                      $  131,148
   Cash flows provided by investing activities                                                                          --                                                                          25,839
   Cash flows used in financing activities                                                                              --                                                     (355,686 )
                                                                                                                -------------------------------------------                                           -------------------------------------
Net decrease in cash and cash equivalents from discontinued                                                           $ --                                                   $ (198,699 )
operations
                                                                                                                ======= ============== ====================                                           ======= ======== ====================
 

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 nine months ended September 30, 2017 and 2016. Revenue days in the quarter ended September 30, 2017 totaled 2,097 compared with 2,181 in the same quarter in the prior year. A summary fleet list by vessel class can be found later in this press release.

                                                                                                      2017                                                                                                                 2016
                                                                                    ---------------------------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------------------
                                                                                                 Spot                                      Fixed                                                                                 Spot                                 Fixed
Three Months Ended September 30,                                                               Earnings                                                                        Earnings                                                                              Earnings                                                                   Earnings
                                                                                    -------------------------------                                          --------------------------------------------                                          --------------------------------------------                                          -----------------------
Jones Act Handysize Product Carriers:
Average rate                                                                         $ 24,466                                                                      $         64,553                                                                      $         28,416                                                                      $         65,175
Revenue days                                                                              367                                                                                   732                                                                                    92                                                                                   995
Non-Jones Act Handysize Product Carriers:
Average rate                                                                         $ 35,054                                                                      $ --                                                                      $         37,214                                                                      $ --
Revenue days                                                                              179                                                                        --                                                                                   181                                                                        --
ATBs:
Average rate                                                                         $  8,360                                                                      $         25,331                                                                      $ --                                                                      $         33,876
Revenue days                                                                              280                                                                                   355                                                                        --                                                                                   729
Lightering:
Average rate                                                                         $ 59,857                                                                      $ --                                                                      $         58,387                                                                      $ --
Revenue days                                                                              184                                                     --                                                                184                                                     --
                                                                                    ------------------------------                                           -------------------------------------------                                           -------------------------------------------                                           -----------------------
Total Revenue Days                                                                      1,010                                                              1,087                                                                457                                                              1,724
                                                                                    ------------------------------                                           -------------------------------------------                                           -------------------------------------------                                           -----------------------
 
                                                                                                      2017                                                                                                                   2016
                                                                                    ---------------------------------------------------------------------------------------------------------------------                                          ----------------------------------------------------------------------------------------------------------------
                                                                                                 Spot                                      Fixed                                                                                 Spot                                   Fixed
Nine Months Ended September 30,                                                                Earnings                                                                        Earnings                                                                              Earnings                                                                     Earnings
                                                                                    -------------------------------                                          --------------------------------------------                                          --------------------------------------------                                          --------------------------
Jones Act Handysize Product Carriers:
Average rate                                                                         $ 25,224                                                                      $         63,737                                                                      $         27,952                                                                         $         64,825
Revenue days                                                                              612                                                                                 2,621                                                                                   116                                                                                    3,131
Non-Jones Act Handysize Product Carriers:
Average rate                                                                         $ 32,543                                                                                14,031                                                                      $         33,798                                                                         $         18,452
Revenue days                                                                              382                                                                                   159                                                                                   397                                                                                      148
ATBs:
Average rate                                                                         $ 10,378                                                                      $         27,159                                                                      $ --                                                                         $         36,240
Revenue days                                                                              662                                                                                 1,367                                                                        --                                                                                    2,149
Lightering:
Average rate                                                                         $ 67,998                                                                      $ --                                                                      $         65,965                                                                         $ --
Revenue days                                                                              546                                                     --                                                                548                                                        --
                                                                                    ------------------------------                                           -------------------------------------------                                           -------------------------------------------                                           --------------------------
Total Revenue Days                                                                      2,202                                                              4,147                                                              1,061                                                                 5,428
                                                                                    ------------------------------                                           -------------------------------------------                                           -------------------------------------------                                           --------------------------
                                                                                                                                                                                                                                                                                                                                          

Fleet Information

As of September 30, 2017, OSG's owned and operated fleet totaled 24 vessels (14 vessels owned and 10 chartered-in) which remains unchanged since December 31, 2016. Those figures include vessels in which the Company has a partial ownership interest through its participation in joint ventures.

                                                                           Vessels Owned                                                                                           Vessels Chartered-in                                                                                                               Total at September 30, 2017
                                                                         ---------------------------------------------------------------------------------------                                                ------------------------------------------------------------------------------------------------------------                                                -----------------------------------------------------------------------------------------------------------------------------------------
Vessel Type                                                                       Number                       Weighted                                                                  Number                                 Weighted                                                                  Total                  

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