Overseas Shipholding Group, Inc. - Ordinary Shares 8K Regulation FD Disclosure | OSG 14 Feb 14

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 December 1, 2013 through December 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		February 14, 2014
Ian T. Blackley		Date
Senior Vice President, Chief Financial Officer and Treasurer
Overseas Shipholding Group, Inc.

Notes:

Refer 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. The statements contained herein (including estimates) other than historical data and information constitute forward-looking statements. These statements involve risks, assumptions and uncertainties that could cause the Debtors’ actual results to differ materially from those stated or implied by such forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements after the date of this Monthly Operating Report.

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 1 of 170

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. Unless otherwise noted, all amounts are in thousands.

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

December 1, 2013 through December 31, 2013

Page 2 of 170

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. The financial statements do not reflect the Company’s potential termination cost of the OSG Ship Management (UK) Ltd. single employer pension plan or multi-employer pension plans should the plans be terminated on a full buy-out basis. The single employer plan termination liability is estimated to be approximately $26.1 million based on current interest rates, and the current estimated underfunding of the plan is estimated to be approximately $13.6 million as of July 22, 2012. The multi-employer pension plans approximate a solvency deficit estimated to be approximately $14.2 million as of March 31, 2011.

In October 2012, at the request and under the direction of the audit committee of the board of directors of the Company (the “Audit Committee”), the Company, with the assistance of counsel, commenced an inquiry into the Company’s provision for United States (“U.S.”) federal income taxes in light of certain provisions contained in the Company’s unsecured revolving credit facility scheduled to mature on February 8, 2013 and certain predecessor credit facilities (the “Credit Facilities”). In connection with the inquiry process, on October 19, 2012, the Audit Committee, 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 each of the quarters ended March 31, 2012 and June 30, 2012, should no longer be relied upon. Upon completion of the inquiry in June 2013 it was determined that there were errors in the Company’s previously issued financial statements for each of the years in the twelve year period ended December 31, 2011 (including the interim periods within those years), and for each of the calendar quarters ended March 31, 2012 and June 30, 2012, and such financial statements should be restated.

For purposes of its financial statements as of December 31, 2012, the Company has recorded reserves related to the tax effects of cumulative potential deemed dividends, (1) in connection with the Credit Facilities based on a deemed repatriation of $1,194,150 of foreign earnings and (2) related to intercompany balances resulting in the inclusion of $77,000 of foreign earnings, in taxable income. The potential deemed repatriation amount of $1,194,150, takes into account certain defenses available to the Company that the Company believes are more- likely-than-not to be successful. The Company also has recorded a deferred tax liability of $103,388 for the tax effects of unremitted earnings of foreign subsidiaries, which reflects amounts that may be included in taxable income as deemed dividends for taxable year 2013 and future years.

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 3 of 170

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)

On February 11, 2013, the Internal Revenue Service (the “IRS”) filed a proof of claim, claim number 82, in the Overseas Shipholding Group, Inc. (“OSG”) bankruptcy case (Case 12-20000-PJW) in the aggregate liquidated amount of $463,013,177.63 that the Company believes was in respect of the tax effects of the cumulative potential deemed dividends, including interest to the Petition Date, asserting priority treatment under Bankruptcy Code section 507(a)(8). On December 19, 2013, the IRS filed with the Bankruptcy Court-appointed claims agent claim number 1654, an amended proof of claim (the “Amended Proof of Claim”), a priority claim against OSG for corporate income tax and interest for the years 2004, 2005, 2009, 2010 and 2011, in the amount of $264,277,962.29. The Amended Proof of Claim amends claim number 82, in the amount of $463,013,177.63. On December 19, 2013, the IRS additionally filed with the Bankruptcy Court-appointed claims agent claim number 1653, an amended administrative claim (the “Amended Administrative Claim”), an administrative claim against OSG for corporate income tax, interest and penalties for 2012, in the amount of $1,659,739.94. The Amended Administrative Claim amends claim number 1650, in the amount of $1,654,764.80. More information regarding the Amended Proof of Claim and the Amended Administrative Claim is available in the Company’s Current Report on Form 8-K dated December 19, 2013.

The Company has also restated the consolidated balance sheet as of December 31, 2011 and the related consolidated statements of operations, comprehensive loss, changes in equity and cash flows for the year ended December 31, 2011 to reflect the correction of an error in the method used to estimate the credit valuation adjustments associated with the fair valuation of the interest rate swap derivative contracts of certain of the Company’s equity method investees. The credit risk valuation adjustments were incorrectly estimated without giving consideration to the credit enhancements that were contractually linked to the obligations under such contracts for the year ended December 31, 2011 and for the quarters ended March 31, 2012 and June 30, 2012. Such error overstated the investments in affiliated companies by $19,015 and retained earnings by $1,499 and understated net loss by $1,499 and accumulated other comprehensive loss by $17,516 as of and for the year ended December 31, 2011. The appropriate estimation of the credit risk valuation adjustments has been applied within the consolidated financial statements for the year ended December 31, 2012.

The adjustments made as a result of and the potential related cash impact of the restatements are discussed in Note 2, “Company Inquiry and Restatement,” to the consolidated financial statements included in Item 8, “Financial Statement and Supplementary Data,” of the Company’s Annual Report on Form 10-K for 2012 (“Annual Report”), which was filed with the Securities and Exchange Commission on August 26, 2013, and the cumulative impact of the restatement for taxes at the beginning of fiscal year 2008 is presented in Item 6, “Selected Financial Data,” of the Annual Report. For additional discussion of the inquiry and the restatement adjustments, see Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Company Inquiry and Restatement,” and Note 2, “Company Inquiry and Restatement,” to the consolidated financial statements in such Annual Report. For a description of the material weaknesses identified by management in internal control over financial reporting with respect to income taxes and fair market valuation of interest rate swaps and management’s remediation actions to address the material weaknesses, see Item 9A—“Controls and Procedures,” in such Annual Report.

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 4 of 170

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 audit of the Company’s consolidated financial statements as of and for the year ended December 31, 2013 and procedures that would typically be applied to financial information presented in accordance with U.S. GAAP is still in progress as of the filing of this MOR. In addition, the financial statements contained herein for the period December 1, 2013 through December 31, 2013 and as of December 31, 2013 have been prepared without consideration of U.S. federal and state and local income taxes for the fourth quarter of 2013 and the possible impairment of vessels, intangible assets and goodwill based on conditions that existed as of the end of the reporting period.

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 C. 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, 2013 have been reflected in the December 2013 period of the financial statements presented herein.

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, determination 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.

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 5 of 170

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)

Included within liabilities subject to compromise as of December 31, 2013 are the estimations of potential claims that may be allowed with respect to vessels that had been chartered-in by the Debtors or with respect to nonresidential leases for commercial office space by the Debtors to the extent that such leases were rejected by the Debtors, and the Debtors ceased performing under the charters prior to December 31, 2013.

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 of the Company’s assets as of December 31, 2013 reflect impairment charges taken on fifteen of the Company’s vessels in conjunction with held-for-use impairment testing performed by the Company during the preparation of its consolidated financial statements for the period ended December 31, 2012 under U.S. GAAP. As stated above, in conjunction with the preparation of its consolidated financial statements for the period ended December 31, 2013 under U.S. GAAP, the Company is in the process of completing impairment testing, including with respect to certain of its vessels, intangible assets and goodwill. Impairment charges, which could be material in amount, may result from this testing process. 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.

Subsequent Events- On January 13, 2014, certain subsidiaries of OSG (the “Vessel-Holding Entities”) that own or charter-in 33 vessels in OSG’s international flag fleet (the “Core International Flag Fleet”) entered into ship management agreements with V.Ships UK Limited (“V.Ships”) providing for outsourcing certain management services, including, but not limited to, the technical management, certain aspects of commercial management and crew management of the Core International Flag Fleet (the “Ship Management Agreements”). In addition, OSG International, Inc. (“OIN”) entered into an agreement providing for the transfer of certain services for the International Flag Fleet from OSG Ship Management (GR) Ltd. and OSG Ship Management (UK) Ltd. to V.Ships (the “Transition Agreement”). The effectiveness of the Transition Agreement and the Ship Management Agreements is subject to the approval of the Bankruptcy Court, which was received on February 3, 2014. More information regarding the outsourcing contemplated by the Transition Agreement and the Ship Management Agreements is available in the Company’s Current Report on Form 8-K dated January 13, 2014.

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 6 of 170

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)

On January 21, 2014, the IRS filed with the Bankruptcy Court-appointed claims agent claim number 1658, an amended proof of claim (the “Second Amended Proof of Claim”), a priority claim against OSG for corporate income tax and interest for the years 2004, 2005, 2009, 2010 and 2011, in the amount of $255,760,439.22. The Second Amended Proof of Claim amends claim number 1654, in the amount of $264,277,962.29.

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 7 of 170

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 December 1, 2013 through December 31, 2013

(in thousands of dollars)

Beginning Cash Balance			582,851

Cash Receipts:
Vessel Related Receipts			92,876
Other Receipts¹			8,792
Total Receipts			101,668

Cash Disbursements:
Vessel Related Disbursements²			62,342
General and Administrative:
Compensation & Benefits			4,893
Other General & Administrative			3,279
Taxes			5,644
Restructuring Costs and Adequate Protection Payments			5,948
U.S. Trustee Fees			0
Other Disbursements			486
Total Disbursements			82,592

Ending Cash Balance³			601,927

¹Other 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.

²Includes expenses paid on behalf of joint ventures.

³ Includes approximately $24.5 million of cash restricted under secured debt facilities, but excludes approximately $10 million of additional restricted cash included in other current assets in the unaudited condensed consolidated balance sheets.

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 8 of 170

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 December 1, 2013 through December 31, 2013

	Filing Entities:	Case #	Total Disbursements
1	Overseas Shipholding Group, Inc.	12-20000	$	6,699,401
2	OSG International, Inc.	12-20001		1,504,975
3	OSG Bulk Ships, Inc.	12-20002		804,657
4	1372 Tanker Corporation	12-20003		450,684
5	Africa Tanker Corporation	12-20004		96,426
6	Alcesmar Limited	12-20005		354,877
7	Alcmar Limited	12-20006		315,208
8	Alpha Suezmax Corporation	12-20007		3,349
9	Alpha Tanker Corporation	12-20008		130
10	Amalia Product Corporation	12-20009		286,230
11	Ambermar Product Carrier Corporation	12-20010		216,496
12	Ambermar Tanker Corporation	12-20011		502
13	Andromar Limited	12-20012		566,985
14	Antigmar Limited	12-20013		862,291
15	Aqua Tanker Corporation	12-20014		2,154
16	Aquarius Tanker Corporation	12-20015		10,158
17	Ariadmar Limited	12-20016		263,298
18	Aspro Tanker Corporation	12-20017		591
19	Atalmar Limited	12-20018		424,155
20	Athens Product Tanker Corporation	12-20019		685,334
21	Atlas Chartering Corporation	12-20020		19,911
22	Aurora Shipping Corporation	12-20021		318,688
23	Avila Tanker Corporation	12-20022		480
24	Batangas Tanker Corporation	12-20023		296,264
25	Beta Aframax Corporation	12-20024		10,541

Most 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. All allocations are subject to certain assumptions and uncertainties and such allocations are not recorded in the debtors’ books and records.

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 9 of 170

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 December 1, 2013 through December 31, 2013

	Filing Entities:	Case #	Total Disbursements
26	Brooklyn Product Tanker Corporation	12-20025		8,252
27	Cabo Hellas Limited	12-20026		1,046,547
28	Cabo Sounion Limited	12-20027		284,060
29	Caribbean Tanker Corporation	12-20028		1,409,635
30	Carina Tanker Corporation	12-20029		8,898
31	Carl Product Corporation	12-20030		256,846
32	Concept Tanker Corporation	12-20031		534,870
33	Crown Tanker Corporation	12-20032		122
34	Delphina Tanker Corporation	12-20033		-
35	Delta Aframax Corporation	12-20034		405,515
36	DHT Ania Aframax Corp.	12-20035		549
37	DHT Ann VLCC Corp.	12-20036		38,918
38	DHT Cathy Aframax Corp.	12-20037		26,823
39	DHT Chris VLCC Corp.	12-20038		109,946
40	DHT Rebecca Aframax Corp.	12-20039		812
41	DHT Regal Unity VLCC Corp.	12-20040		5,774
42	DHT Sophie Aframax Corp.	12-20041		4,752
43	Dignity Chartering Corporation	12-20042		6,461
44	Edindun Shipping Corporation	12-20043		-
45	Eighth Aframax Tanker Corporation	12-20044		248,294
46	Epsilon Aframax Corporation	12-20045		287,793
47	First Chemical Carrier Corporation	12-20046		2,746
48	First LPG Tanker Corporation	12-20047		2,563
49	First Union Tanker Corporation	12-20048		358,873
50	Fourth Aframax Tanker Corporation	12-20049		1,368,454

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 10 of 170

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 December 1, 2013 through December 31, 2013

	Filing Entities:	Case #	Total Disbursements
51	Front President Inc.	12-20050		473,741
52	Goldmar Limited	12-20051		222,440
53	GPC Aframax Corporation	12-20052		9,321
54	Grace Chartering Corporation	12-20053		111,964
55	International Seaways, Inc.	12-20054		2,932,799
56	Jademar Limited	12-20055		232,114
57	Joyce Car Carrier Corporation	12-20056		4,502
58	Juneau Tanker Corporation	12-20057		3,301
59	Kimolos Tanker Corporation	12-20058		973,590
60	Kythnos Chartering Corporation	12-20059		865,655
61	Leo Tanker Corporation	12-20060		8,608
62	Leyte Product Tanker Corporation	12-20061		224,454
63	Limar Charter Corporation	12-20062		823
64	Luxmar Product Tanker Corporation	12-20063		247,096
65	Luxmar Tanker LLC	12-20064		18,133
66	Majestic Tankers Corporation	12-20065		539,550
67	Maple Tanker Corporation	12-20066		341,640
68	Maremar Product Tanker Corporation	12-20067		22
69	Maremar Tanker LLC	12-20068		26,213
70	Marilyn Vessel Corporation	12-20069		173
71	Maritrans General Partner Inc.	12-20070		-
72	Maritrans Operating Company L.P.	12-20071		9,714
73	Milos Product Tanker Corporation	12-20072		733,330
74	Mindanao Tanker Corporation	12-20073		19,450
75	Mykonos Tanker LLC	12-20074		1,548,538

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 11 of 170

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 December 1, 2013 through December 31, 2013

	Filing Entities:	Case #	Total Disbursements
76	Nedimar Charter Corporation	12-20075		-
77	Oak Tanker Corporation	12-20076		310,993
78	Ocean Bulk Ships, Inc.	12-20077		3
79	Oceania Tanker Corporation	12-20078		170,532
80	OSG 192 LLC	12-20079		136,961
81	OSG 209 LLC	12-20080		85,165
82	OSG 214 LLC	12-20081		177,087
83	OSG 215 Corporation	12-20082		45
84	OSG 242 LLC	12-20083		128,300
85	OSG 243 LLC	12-20084		151,128
86	OSG 244 LLC	12-20085		110,469
87	OSG 252 LLC	12-20086		81,003
88	OSG 254 LLC	12-20087		78,811
89	OSG 300 LLC	12-20088		15
90	OSG 400 LLC	12-20089		5,413
91	OSG America L.P.	12-20090		14
92	OSG America LLC	12-20091		83
93	OSG America Operating Company LLC	12-20092		481,240
94	OSG Car Carriers, Inc.	12-20093		2,497
95	OSG Clean Products International, Inc.	12-20094		18
96	OSG Columbia LLC	12-20095		284,613
97	OSG Constitution LLC	12-20096		1,024
98	OSG Courageous LLC	12-20097		288,671
99	OSG Delaware Bay Lightering LLC	12-20098		2,561,106
100	OSG Discovery LLC	12-20099		477

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 12 of 170

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 December 1, 2013 through December 31, 2013

	Filing Entities:	Case #	Total Disbursements
101	OSG Endeavor LLC	12-20100		87
102	OSG Endurance LLC	12-20101		350,851
103	OSG Enterprise LLC	12-20102		335,446
104	OSG Financial Corp.	12-20103		3,673
105	OSG Freedom LLC	12-20104		928
106	OSG Honour LLC	12-20105		284,625
107	OSG Independence LLC	12-20106		326,748
108	OSG Intrepid LLC	12-20107		317,491
109	OSG Liberty LLC	12-20108		3,675
110	OSG Lightering LLC	12-20109		5,952,684
111	OSG Lightering Acquisition Corporation	12-20110		724
112	OSG Lightering Solutions LLC	12-20111		1,244
113	OSG Mariner LLC	12-20112		87
114	OSG Maritrans Parent LLC	12-20113		40,693
115	OSG Navigator LLC	12-20114		288,739
116	OSG New York, Inc.	12-20115		198,697
117	OSG Product Tankers AVTC, LLC	12-20116		18
118	OSG Product Tankers Member LLC	12-20117		-
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		3
122	OSG Quest LLC	12-20121		55
123	OSG Seafarer LLC	12-20122		248
124	OSG Ship Management, Inc.	12-20123		4,543,869
125	OSG Valour LLC	12-20124		405

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 13 of 170

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 December 1, 2013 through December 31, 2013

	Filing Entities:	Case #	Total Disbursements
126	Overseas Allegiance Corporation	12-20125		1
127	Overseas Anacortes LLC	12-20126		1,579,078
128	Overseas Boston LLC	12-20127		1,599,444
129	Overseas Diligence LLC	12-20128		145
130	Overseas Galena Bay LLC	12-20129		962
131	Overseas Houston LLC	12-20130		1,394,938
132	Overseas Integrity LLC	12-20131		388
133	Overseas Long Beach LLC	12-20132		1,291,702
134	Overseas Los Angeles LLC	12-20133		1,271,207
135	Overseas Martinez LLC	12-20134		1,421,835
136	Overseas New Orleans LLC	12-20135		797
137	Overseas New York LLC	12-20136		1,262,403
138	Overseas Nikiski LLC	12-20137		1,360,594
139	Overseas Perseverance Corporation	12-20138		138
140	Overseas Philadelphia LLC	12-20139		508
141	Overseas Puget Sound LLC	12-20140		3,098
142	Overseas Sea Swift Corporation	12-20141		3
143	Overseas Shipping (GR) Ltd.	12-20142		210,538
144	Overseas ST Holding LLC	12-20143		1,309,036
145	Overseas Tampa LLC	12-20144		1,462,418
146	Overseas Texas City LLC	12-20145		1,323,649
147	Pearlmar Limited	12-20146		301,184
148	Petromar Limited	12-20147		748,483
149	Pisces Tanker Corporation	12-20148		9,072
150	Polaris Tanker Corporation	12-20149		9,585

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 14 of 170

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 December 1, 2013 through December 31, 2013

	Filing Entities:	Case #	Total Disbursements
151	Queens Product Tanker Corporation	12-20150		16,869
152	Reymar Limited	12-20151		332,169
153	Rich Tanker Corporation	12-20152		1,148,997
154	Rimar Chartering Corporation	12-20153		22,182
155	Rosalyn Tanker Corporation	12-20154		371,489
156	Rosemar Limited	12-20155		279,918
157	Rubymar Limited	12-20156		18,572
158	Sakura Transport Corp.	12-20157		605,280
159	Samar Product Tanker Corporation	12-20158		254,300
160	Santorini Tanker LLC	12-20159		612,993
161	Serifos Tanker Corporation	12-20160		1,081,636
162	Seventh Aframax Tanker Corporation	12-20161		309,552
163	Shirley Tanker SRL	12-20162		399,563
164	Sifnos Tanker Corporation	12-20163		467,187
165	Silvermar Limited	12-20164		242,346
166	Sixth Aframax Tanker Corporation	12-20165		305,302
167	Skopelos Product Tanker Corporation	12-20166		670,251
168	Star Chartering Corporation	12-20167		464,463
169	Suezmax International Agencies, Inc.	12-20168		567,058
170	Talara Chartering Corporation	12-20169		6,715
171	Third United Shipping Corporation	12-20170		19,040
172	Tokyo Transport Corp.	12-20171		407,919
173	Transbulk Carriers, Inc.	12-20172		92
174	Troy Chartering Corporation	12-20173		13,012
175	Troy Product Corporation	12-20174		21,210

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 15 of 170

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 December 1, 2013 through December 31, 2013

176	Urban Tanker Corporation	12-20175		424,886
177	Vega Tanker Corporation	12-20176		1,307
178	View Tanker Corporation	12-20177		1,890,864
179	Vivian Tankships Corporation	12-20178		6,449
180	Vulpecula Chartering Corporation	12-20179		9,666
181	Wind Aframax Tanker Corporation	12-20180		9

		Total Disbursements	$	75,397,627

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 16 of 170

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 December 1, 2013 through December 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	$	767,565	$	28,513	$	796,077	$	5,891,216	$	210,235	$	6,101,451
Bowman Gilfillan, Inc.						-		50,499		17,446		67,945
Burke & Parsons		4,702		-		4,702		425,654		10,371		436,025
Chilmark Partners, LLC		320,000		48,686		368,686		1,640,000		190,645		1,830,645
Cleary Gottlieb Steen & Hamilton LLP		1,692,302		61,267		1,753,569		17,360,085		550,010		17,910,095
Deloitte & Touche LLP		756,831		13,484		770,315		2,198,154		46,911		2,245,065
Deloitte Tax LLP		333,747		1,936		335,683		3,683,433		11,627		3,695,061
Eversheds LLP		-		-		-		198,367		1,588		199,955
FTI Consulting, Inc.		260,089		435		260,524		3,227,969		6,435		3,234,404
Gellert, Scali, Busenkell & Brown, LLC						-		-		-		-
Houlihan Lokey Capital, Inc.						-		1,580,833		42,529		1,623,362
Kurtzman Carson Consultants LLC						-		-		-		-
Mercer (US) Inc.		3,320		8,701		12,020		141,810		48,101		189,910
Morris, Nichols, Arsht & Tunnell LLP		53,786		1,251		55,037		781,247		29,013		810,260
Mullin Hoard & Brown LLP		129,018		6,997		136,015		1,083,769		61,423		1,145,192
Pepper Hamilton LLP		16,754		929		17,682		199,355		9,869		209,223
Pricewaterhouse Coopers LLP						-		4,768,847		63,735		4,832,582
Venable LLP						-		-		-		-
Total Professional Fees and Expenses	$	4,338,113	$	172,200	$	4,510,313	$	43,231,238	$	1,299,937	$	44,531,174

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

December 1, 2013 through December 31, 2013

Page 17 of 170

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 December 1, 2013 through December 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 & Touche LLP		Debtors' Accounting Advisor
Deloitte Tax LLP		Debtors' Tax Advisor
Eversheds LLP		Debtors' Special Counsel For United Kingdom Maritime Matters
FTI Consulting, Inc.		Unsecured Creditors' Committee Financial Advisor
Gellert, Scali, Busenkell & Brown, LLC		Debtors' Special Litigation Counsel
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
Venable LLP		Debtors' Special Litigation Counsel

¹ Certain of theprofessionals 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

December 1, 2013 through December 31, 2013

Page 18 of 170

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 December 1, 2013 through December 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

December 1, 2013 through December 31, 2013

Page 19 of 170

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 December 1, 2013 through December 31, 2013, and

November 14, 2012 through December 31, 2013

(in thousands of dollars)

	December 1, 2013 through December 31, 2013			November 14, 2012 through December 31, 2013

Shipping Revenues:

Pool revenues	$	16,379		$	203,945
Time and bareboat charter revenues		32,861			414,764
Voyage charter revenues		49,161			534,438
		98,401			1,153,147
Operating Expenses:
Voyage expenses		25,668			287,855
Vessel expenses		25,908			302,885
Charter hire expenses		14,876			250,637
Depreciation and amortization		16,978			202,481
General and administrative		11,090			106,867
(Gain)/loss on disposal of vessels, including impairments		(79	)		278,230
Total Operating Expenses		94,441			1,428,955
Income/(Loss) from Vessel Operations		3,960			(275,808	)
Equity in Income/(Loss) of Affiliated Companies		5,113			47,886
Operating Income/(Loss)		9,073			(227,922	)
Other Income/(expense)		34			1,084
Income/(loss) before Interest Expense and Income Taxes		9,107			(226,838	)
Interest Expense		(21	)		(216	)
Income/(loss) before Reorganization Items and Income Taxes		9,086			(227,054	)
Reorganization Items, net		64,350			363,678
Loss before Income Taxes		(55,264	)		(590,732	)
Income Tax (Benefit)/Provision		228			(8,050	)
Net Loss	$	(55,492	)	$	(582,682	)

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

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 20 of 170

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 December 1, 2013 through December 31, 2013, and

November 14, 2012 through December 31, 2013

(in thousands of dollars)

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.

In October 2012, at the request and under the direction of the audit committee of the board of directors of the Company (the “Audit Committee”), the Company, with the assistance of counsel, commenced an inquiry into the Company’s provision for United States (“U.S.”) federal income taxes in light of certain provisions contained in the Company’s unsecured revolving credit facility scheduled to mature on February 8, 2013 and certain predecessor credit facilities (the “Credit Facilities”). In connection with the inquiry process, on October 19, 2012, the Audit Committee, 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 each of the quarters ended March 31, 2012 and June 30, 2012, should no longer be relied upon. Upon completion of the inquiry in June 2013, it was determined that there were errors in the Company’s previously issued financial statements for each of the years in the twelve year period ended December 31, 2011 (including the interim periods within those years), and for each of the calendar quarters ended March 31, 2012 and June 30, 2012, and such financial statements should be restated.

For purposes of its financial statements as of December 31, 2012, the Company has recorded reserves related to the tax effects of the cumulative potential deemed dividends (1) in connection with the Credit Facilities based on a deemed repatriation of $1,194,150 of foreign earnings and (2) related to intercompany balances resulting in the inclusion of $77,000 of foreign earnings in taxable income. The potential deemed repatriation amount of $1,194,150, takes into account certain defenses available to the Company that the Company believes are more- likely-than-not to be successful. The Company also has recorded a deferred tax liability of $103,388 for the tax effects of unremitted earnings of foreign subsidiaries, which reflects amounts that may be included in taxable income as deemed dividends for taxable year 2013 and future years.

Pool revenue and voyage expense presentation—For the Company’s vessels operating in pools, revenues and voyage expenses are pooled and allocated to each pool’s participants on a time charter equivalent (“TCE”) basis in accordance with an agreed-upon formula. Such TCE revenues are reported as pool revenues in the accompanying condensed consolidated statement of operations. For the pools in which the Company participates, management monitors, among other things, the relative proportion of the Company’s vessels operating in each of the pools to the total number of vessels in each of the respective pools, and assesses whether or not OSG’s participation interest in each of the pools is sufficiently significant so as to determine that OSG has effective control of the pool. Management determined that as of June 30, 2013, it had effective control of one of the pools in which the Company participates. Such pool is not a legal entity, but operates under a contractual arrangement. Pool revenue amounts previously reported on a net TCE basis in July and August 2013 were reversed in September 2013 and the cumulative effect of reporting the Company’s allocated TCE revenues for such pool on a gross basis as voyage charter revenues and voyage expenses for the three months ended September 30, 2013 was recorded in September 2013.

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 21 of 170

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 (continued)

For the Periods December 1, 2013 through December 31, 2013, and

November 14, 2012 through December 31, 2013

(in thousands of dollars)

Reorganization Items consists of the following:

	December 1, 2013		November 14, 2012
	through		through
	December 31, 2013		December 31, 2013
Professional fees, including Trustee Fees of $225 and $3,678	$	5,017	$	74,389
Expenses incurred on rejected executory contracts		59,318		289,073
Other claims adjustments		15		216
	$	64,350	$	363,678

The books and records include estimations of potential claims that may be allowed with respect to vessels that had been chartered-in by the Debtors or with respect to nonresidential leases for commercial office space by the Debtors to the extent that such leases were rejected by the Debtors, and the Debtors ceased performing under the charters prior to December 31, 2013. These amounts are preliminary and may be subject to future adjustments depending on Court actions, further developments with respect to disputed claims, determination of the secured status of certain claims, the value of any collateral securing such claims, continued reconciliation or other events. In December 2013, the Company recorded an increase of $59,318 in the estimated liability for executory contracts, charters-in, which were rejected prior to December 31, 2013.

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 22 of 170

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 December 31, 2013

(in thousands of dollars)

	November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	477,973	$	601,927
Voyage receivables		171,753		147,963
Other receivables		59,295		9,923
Inventory		14,150		16,884
Prepaid expenses and other current assets		46,636		28,128
Total Current Assets		769,807		804,825
Vessels and other property, less accumulated depreciation		3,135,823		2,725,791
Deferred drydock expenditures, net		73,898		57,248
Total Vessels, Deferred Drydock and Other Property		3,209,721		2,783,039
Investments in Affiliated Companies		247,964		323,327
Intangible Assets, less accumulated amortization		72,655		66,792
Goodwill		9,589		9,589
Other Assets		16,464		30,570
Total Assets	$	4,326,200	$	4,018,142

LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	$	93,170	$	421,925
Total Current Liabilities		93,170		421,925

Noncurrent Liabilities:
Deferred Gain/(loss) on Sale and Leaseback of Vessels		5,457		-
Deferred Taxes and Other Liabilities		758,736		389,198
Liabilities Subject to Compromise		2,623,588		2,883,638
Total Noncurrent Liabilities		3,387,781		3,272,836

Total Liabilities		3,480,951		3,694,761
Equity:
Total Equity		845,249		323,381
Total Liabilities and Equity	$	4,326,200	$	4,018,142

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

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 23 of 170

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 December 31, 2013

(in thousands of dollars)

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.

In October 2012, at the request and under the direction of the audit committee of the board of directors of the Company (the “Audit Committee”), the Company, with the assistance of counsel, commenced an inquiry into the Company’s provision for United States (“U.S.”) federal income taxes in light of certain provisions contained in the Company’s unsecured revolving credit facility scheduled to mature on February 8, 2013 and certain predecessor credit facilities (the “Credit Facilities”). In connection with the inquiry process, on October 19, 2012, the Audit Committee, 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 each of the quarters ended March 31, 2012 and June 30, 2012, should no longer be relied upon. Upon completion of the inquiry it was determined that there were errors in the Company’s previously issued financial statements for each of the years in the twelve year period ended December 31, 2011 (including the interim periods within those years), and for each of the calendar quarters ended March 31, 2012 and June 30, 2012, and such financial statements should be restated.

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 24 of 170

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 December 31, 2013

(in thousands of dollars)

The liabilities reported in the Unaudited Condensed Consolidated Balance Sheets do not currently reflect a complete analysis regarding potential claims under the Bankruptcy Code, however, the balance sheet as of December 31, 2013 does include the Debtors’ estimates of potential claims that may be allowed with respect to vessels that had been chartered-in by the Debtors or with respect to nonresidential leases for commercial office space by the Debtors to the extent that such leases were rejected by the Debtors for which performance had also ceased by the end of the reporting period.

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.

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 Adequate Protection Interest Payments are being characterized as payments on the prepetition principal amounts outstanding under the term loan agreements commencing with the monthly operating report for June 2013.

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 25 of 170

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 December 31, 2013

(in thousands of dollars)

Liabilities Subject to Compromise consist of the following:

	November 13, 2012		December 31, 2013
Pre-petition accounts payable, accrued expenses and other liabilities	$	398	$	4,633
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		578,024		565,226
Derivative liabilities		3,566		3,566
Pension and other postretirement benefit plan liabilities		41,363		27,377
Accrued liabilities relating to rejected executory contracts		0		282,599

	$	2,623,588	$	2,883,638

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 and the increase in the market value of plan assets during 2013 under the Debtors’ domestic defined benefit pension plan. In December 2013, management revised its estimates of provisions needed for seventeen rejected executory contracts with respect to vessels that had been chartered-in by the Debtors. The impact of such revisions, an increase in the accrued liability relating to rejected executory claims of approximately $59,318 (and an aggregate reduction of the liquidated amounts of such claims of $115,928), has been reflected in the financial statements presented herein.

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 26 of 170

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 December 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: February 14, 2014	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

December 1, 2013 through December 31, 2013

Page 27 of 170

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

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

MOR-4

Overseas Shipholding Group, Inc.

Consolidated Summary of Unpaid Post-Petition Accounts Payable¹

December 31, 2013

Days Past Due
Current			1-30			31-60			61-90			>91			Total
$	13,284,782		$	4,142,914		$	1,065,065		$	66,346		$	(127,227	)	$	18,431,880
	72	%		23	%		6	%		0	%		-1	%

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

December 1, 2013 through December 31, 2013

Page 28 of 170

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

December 31, 2013

	Days Aged¹
	0-30			31-60			61-90			91-120			120-180			> 180			Total
Trade Receivables:
Trade - Invoiced²	$	18,297,516		$	6,259,715		$	3,089,024		$	1,634,233		$	1,563,813		$	6,606,951		$	37,451,252
Trade - Accrued and Unbilled³																			$	26,016,184
Trade - Pools⁴																			$	85,908,089
Allowance for Doubtful Receivables																			$	(2,024,435	)
Accounts Receivable	$	18,297,516		$	6,259,715		$	3,089,024		$	1,634,233		$	1,563,813		$	6,606,951		$	147,351,090
Percentage of Trade-Invoiced⁵		49	%		17	%		8	%		4	%		4	%		18	%		100	%

Notes:

Days Aged is based on the date of invoice

Represents invoiced freight & miscellaneous, demurrage and non-voyage accounts receivable for the consolidated Company.

Represents unbilled trade accounts receivables of the consolidated Company

⁴

Represents undistributed earnings receivable from the commercial pools in which the Company participates

⁵

Represents percentage of Trade-Invoiced amounts only

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 29 of 170

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 December 1, 2013 through December 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

December 1, 2013 through December 31, 2013

Page 30 of 170

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

December 1, 2013 through December 31, 2013

Page 31 of 170

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

December 1, 2013 through December 31, 2013

Page 32 of 170

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

December 1, 2013 through December 31, 2013

Page 33 of 170

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

December 1, 2013 through December 31, 2013

Page 34 of 170

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

December 1, 2013 through December 31, 2013

Page 35 of 170

Appendix B

Overseas Shipholding Group, Inc., et al.

Listing of Debtors' Bank Accounts and Book Balances as of December 31, 2013¹

(in USD)

Debtor

EIN

Bank

Currency

Account Number

USD Balance per Books as of
December 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

Maple Tanker Corporation

98-0595229

HSBC

USD

XXXX6753

1,000.00

Oak Tanker Corporation

98-0595234

HSBC

USD

XXXX6761

1,000.00

OSG America Operating Company LLC

45-0575493

Fifth Third Bank - Tampa

USD

XXXXXXX3987

233,182,566.87

OSG Bulk Ships, Inc.

13-2632600

Fifth Third Bank - Tampa

USD

XXXXXXX4290

1,014,670.20

OSG Bulk Ships, Inc.

13-2632600

JP Morgan Chase

USD

XXXX-XXXXX0-509

(1,294,425.31

)

OSG Bulk Ships, Inc.

13-2632600

JP Morgan Chase

USD

XXX-X-XX7251

13,560,275.46

OSG Financial Corp.

13-3178639

JP Morgan Chase

USD

XXX-X-XX3754

371,213.74

OSG International, Inc.

98-0467117

HSBC

USD

XXXXX6923

6,445,946.96

OSG International, Inc.

98-0467117

JP Morgan Chase

USD

XXX-X-XX5113

123,062,681.45

OSG International, Inc.

98-0467117

JP Morgan Chase

USD

XXXXX7192

17,999,210.87

OSG Lightering LLC

98-0380553

Bank of Oklahoma

USD

XXXXX9048

10,451,840.66

OSG Lightering LLC

98-0380553

Bank of Texas - Houston

USD

XXXXXX9108

(41,958.85

)

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

17,797.16

OSG Ship Management, Inc.

13-3589004

JP Morgan Chase

USD

XXX-XX6624

536,132.88

OSG Ship Management, Inc.

13-3589004

JP Morgan Chase

USD

XXX-XX5045

74,741.86

Overseas Shipholding Group, Inc.

13-2637623

TD Bank, N.A.

USD

XXX-XXX6647

24,051,862.42

Overseas Shipholding Group, Inc.

13-2637623

Morgan Stanley

USD

XXX-XXXXX1-852

Overseas Shipholding Group, Inc.

13-2637623

BlackRock

USD

X4888

62,007,890.62

Overseas Shipholding Group, Inc.

13-2637623

Fidelity

USD

XXXXXXX7175

62,723,292.60

Overseas Shipholding Group, Inc.

13-2637623

JP Morgan Chase

USD

XXX-X-XX5014

1,714,523.23

Overseas Shipholding Group, Inc.

13-2637623

JP Morgan Chase

USD

XXX6306

30,005,848.60

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

Serifos Tanker Corporation

98-0513004

JPMorgan Chase

USD

XXXXX0222

Shirley Tanker SRL

98-0513551

Cidel Bank & Trust, Inc.

USD

XXXXXX-XXX4290

1,057.47

Shirley Tanker SRL

98-0513551

Cidel Bank & Trust, Inc.

CAD

XXXXXX-XXX9190

Shirley Tanker SRL

98-0513551

Cidel Bank & Trust, Inc.

CAD

XXXXXX-XXX6490

Sifnos Tanker Corporation

98-0513006

JPMorgan Chase

USD

XXXXX0230

TOTAL

585,905,170.19

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

Preliminary and Unaudited

Page 36 of 170

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

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

Appendix C

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

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

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

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

The audit of the Company’s consolidated financial statements as of and for the year ended December 31, 2013 and procedures that would typically be applied to financial information presented in accordance with U.S. GAAP is still in progress as of the filing of this MOR. In addition, these unaudited condensed consolidating financial statements for the period December 1, 2013 through December 31, 2013 and as of December 31, 2013 have been prepared without consideration of U.S. federal and state and local income taxes for the fourth quarter of 2013 and the possible impairment of vessels, intangible assets and goodwill based on conditions that existed as of the end of the reporting period.

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.

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 37 of 170

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)

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.

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, 2013 have been reflected in the December 2013 period of the financial statements presented herein.

Monthly Operating Report

December 1, 2013 through December 31, 2013

Page 38 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Overseas Shipholding Group, Inc.						OSG International, Inc.
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	45		$	(6	)	$	(29	)
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			-
		-			45			(6	)		(29	)
Operating Expenses:
Voyage expenses		-			-			-			-
Vessel expenses		-			-			2			(49	)
Charter hire expenses		-			-			-			49
Depreciation and amortization		-			-			3			3
General and administrative		371			6,374			23,177			28,810
(Gain)/loss on disposal of vessels, including impairments		-			-		��	-			0
Total Operating Expenses		371			6,374			23,181			28,813
Income/(loss) from Vessel Operations		(371	)		(6,330	)		(23,187	)		(28,842	)
Equity in Income/(loss) of Affiliated Companies		-			215			269			8,316
Operating Income/(loss)		(371	)		(6,114	)		(22,918	)		(20,526	)
Other Income/(expense)		548			7,047			(2,368	)		(21,019	)
Income/(loss) before Interest Expense and Income Taxes		177			932			(25,286	)		(41,545	)
Interest Expense		-			0			-			0
Income/(loss) before Reorganization Items and Income Taxes		177			932			(25,286	)		(41,545	)
Reorganization Items, net		4,761			76,387			-			-
Income/(loss) before Income Taxes		(4,584	)		(75,455	)		(25,286	)		(41,545	)
Income Tax (Benefit)/Provision		-			(9,596	)		7			128
Net Income/(Loss)	$	(4,584	)	$	(65,859	)	$	(25,293	)	$	(41,673	)

Preliminary and Unaudited

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

Page 39 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG Bulk Ships, Inc.						1372 Tanker Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	3		$	3,419
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			1,072			8,723
		-			-			1,074			12,142
Operating Expenses:
Voyage expenses		-			-			622			6,023
Vessel expenses		390			407			374			3,665
Charter hire expenses		-			-			-			-
Depreciation and amortization		-			-			362			3,575
General and administrative		29			191			0			0
(Gain)/loss on disposal of vessels, including impairments		-			(4	)		-			-
Total Operating Expenses		419			594			1,359			13,264
Income/(loss) from Vessel Operations		(419	)		(594	)		(285	)		(1,122	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(419	)		(594	)		(285	)		(1,122	)
Other Income/(expense)		(217	)		(2,498	)		(1	)		(10	)
Income/(loss) before Interest Expense and Income Taxes		(636	)		(3,092	)		(286	)		(1,131	)
Interest Expense		-			0			(3	)		(16	)
Income/(loss) before Reorganization Items and Income Taxes		(636	)		(3,092	)		(289	)		(1,147	)
Reorganization Items, net		-			-			5			36
Income/(loss) before Income Taxes		(636	)		(3,092	)		(294	)		(1,183	)
Income Tax (Benefit)/Provision		1			1,021			-			-
Net Income/(Loss)	$	(637	)	$	(4,113	)	$	(294	)	$	(1,183	)

Preliminary and Unaudited

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

Page 40 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Africa Tanker Corporation						Alcesmar Limited
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	332		$	5,586
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			4
		-			-			332			5,590
Operating Expenses:
Voyage expenses		-			-			-			7
Vessel expenses		6			80			296			2,694
Charter hire expenses		-			-			-			-
Depreciation and amortization		-			-			274			1,799
General and administrative		220			313			0			0
(Gain)/loss on disposal of vessels, including impairments		-			-			-			18,737
Total Operating Expenses		226			394			570			23,238
Income/(loss) from Vessel Operations		(226	)		(394	)		(239	)		(17,648	)
Equity in Income/(loss) of Affiliated Companies		2,476			33,244			-			-
Operating Income/(loss)		2,250			32,851			(239	)		(17,648	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		2,250			32,851			(239	)		(17,648	)
Interest Expense		-			-			(3	)		(8	)
Income/(loss) before Reorganization Items and Income Taxes		2,250			32,851			(241	)		(17,656	)
Reorganization Items, net		-			-			5			36
Income/(loss) before Income Taxes		2,250			32,851			(246	)		(17,692	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	2,250		$	32,851		$	(246	)	$	(17,692	)

Preliminary and Unaudited

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

Page 41 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Alcmar Limited						Alpha Suezmax Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	505		$	5,907		$	(1	)	$	(158	)
Time and bareboat charter revenues		-			0			-			1,276
Voyage charter revenues		-			3			-			14
		505			5,909			(1	)		1,132
Operating Expenses:
Voyage expenses		(1	)		(30	)		-			255
Vessel expenses		342			2,814			22			406
Charter hire expenses		-			-			0			1,580
Depreciation and amortization		98			1,411			-			133
General and administrative		0			0			0			0
(Gain)/loss on disposal of vessels, including impairments		-			18,356			-			-
Total Operating Expenses		438			22,551			22			2,375
Income/(loss) from Vessel Operations		67			(16,641	)		(23	)		(1,243	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		67			(16,641	)		(23	)		(1,243	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		67			(16,641	)		(23	)		(1,243	)
Interest Expense		(3	)		(8	)		-			-
Income/(loss) before Reorganization Items and Income Taxes		65			(16,649	)		(23	)		(1,243	)
Reorganization Items, net		5			36			-			15,492
Income/(loss) before Income Taxes		60			(16,686	)		(23	)		(16,735	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	60		$	(16,686	)	$	(23	)	$	(16,735	)

Preliminary and Unaudited

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

Page 42 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Alpha Tanker Corporation					Amalia Product Corporation
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	(2	)	$	457		$	7,251
Time and bareboat charter revenues		-		-			-			-
Voyage charter revenues		-		-			-			13
		-		(2	)		457			7,264
Operating Expenses:
Voyage expenses		-		-			-			11
Vessel expenses		-		-			322			2,699
Charter hire expenses		-		131			-			-
Depreciation and amortization		-		-			915			4,182
General and administrative		-		-			0			0
(Gain)/loss on disposal of vessels, including impairments		-		-			-			-
Total Operating Expenses		-		131			1,238			6,892
Income/(loss) from Vessel Operations		-		(133	)		(781	)		372
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		-		(133	)		(781	)		372
Other Income/(expense)		-		-			-			-
Income/(loss) before Interest Expense and Income Taxes		-		(133	)		(781	)		372
Interest Expense		-		-			-			-
Income/(loss) before Reorganization Items and Income Taxes		-		(133	)		(781	)		372
Reorganization Items, net		-		-			-			-
Income/(loss) before Income Taxes		-		(133	)		(781	)		372
Income Tax (Benefit)/Provision		-		-			-			-
Net Income/(Loss)	$	-	$	(133	)	$	(781	)	$	372

Preliminary and Unaudited

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

Page 43 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Ambermar Product Carrier Corporation					Ambermar Tanker Corporation
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-		$	-	$	-
Time and bareboat charter revenues		450		2,015			-		-
Voyage charter revenues		12		8,371			-		-
		462		10,386			-		-
Operating Expenses:
Voyage expenses		9		3,861			-		(4	)
Vessel expenses		242		2,753			-		1
Charter hire expenses		-		-			-		-
Depreciation and amortization		86		1,219			-		-
General and administrative		0		0			-		-
(Gain)/loss on disposal of vessels, including impairments		-		15,735			-		-
Total Operating Expenses		338		23,569			-		(3	)
Income/(loss) from Vessel Operations		124		(13,183	)		-		3
Equity in Income/(loss) of Affiliated Companies		-		-			-		-
Operating Income/(loss)		124		(13,183	)		-		3
Other Income/(expense)		-		-			-		-
Income/(loss) before Interest Expense and Income Taxes		124		(13,183	)		-		3
Interest Expense		-		-			-		-
Income/(loss) before Reorganization Items and Income Taxes		124		(13,183	)		-		3
Reorganization Items, net		-		-			-		-
Income/(loss) before Income Taxes		124		(13,183	)		-		3
Income Tax (Benefit)/Provision		-		-			-		-
Net Income/(Loss)	$	124	$	(13,183	)	$	-	$	3

Preliminary and Unaudited

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

Page 44 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Andromar Limited						Antigmar Limited
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	506		$	5,922		$	506		$	5,900
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		71			(5	)		-			51
		577			5,916			506			5,951
Operating Expenses:
Voyage expenses		(2	)		(0	)		-			73
Vessel expenses		230			2,485			240			2,519
Charter hire expenses		-			-			-			-
Depreciation and amortization		103			1,498			99			1,316
General and administrative		0			0			0			0
(Gain)/loss on disposal of vessels, including impairments		-			19,207			-			18,905
Total Operating Expenses		332			23,190			339			22,813
Income/(loss) from Vessel Operations		245			(17,274	)		166			(16,863	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		245			(17,274	)		166			(16,863	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		245			(17,274	)		166			(16,863	)
Interest Expense		(3	)		(8	)		(3	)		(8	)
Income/(loss) before Reorganization Items and Income Taxes		242			(17,282	)		164			(16,870	)
Reorganization Items, net		5			36			5			36
Income/(loss) before Income Taxes		237			(17,318	)		159			(16,907	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	237		$	(17,318	)	$	159		$	(16,907	)

Preliminary and Unaudited

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

Page 45 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Aqua Tanker Corporation						Aquarius Tanker Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	(4	)	$	(7	)	$	-		$	-
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			25			4,599
		(4	)		(7	)		25			4,599
Operating Expenses:
Voyage expenses		-			-			8			2,693
Vessel expenses		-			-			0			15
Charter hire expenses		-			(203	)		9			1,936
Depreciation and amortization		-			-			-			-
General and administrative		-			3			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		-			(200	)		16			4,644
Income/(loss) from Vessel Operations		(4	)		193			9			(45	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(4	)		193			9			(45	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(4	)		193			9			(45	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(4	)		193			9			(45	)
Reorganization Items, net		-			-			506			2,343
Income/(loss) before Income Taxes		(4	)		193			(497	)		(2,388	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(4	)	$	193		$	(497	)	$	(2,388	)

Preliminary and Unaudited

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

Page 46 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Ariadmar Limited						Aspro Tanker Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	592		$	5,820		$	-	$	(3	)
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		-			-			-		-
		592			5,820			-		(3	)
Operating Expenses:
Voyage expenses		(0	)		25			-		-
Vessel expenses		180			2,462			-		-
Charter hire expenses		-			-			-		57
Depreciation and amortization		107			1,543			-		-
General and administrative		0			0			-		-
(Gain)/loss on disposal of vessels, including impairments		-			19,082			-		-
Total Operating Expenses		288			23,112			-		57
Income/(loss) from Vessel Operations		305			(17,293	)		-		(60	)
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		305			(17,293	)		-		(60	)
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		305			(17,293	)		-		(60	)
Interest Expense		(3	)		(8	)		-		-
Income/(loss) before Reorganization Items and Income Taxes		302			(17,301	)		-		(60	)
Reorganization Items, net		5			36			-		-
Income/(loss) before Income Taxes		297			(17,337	)		-		(60	)
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	297		$	(17,337	)	$	-	$	(60	)

Preliminary and Unaudited

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

Page 47 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Atalmar Limited					Athens Product Tanker Corporation
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-		$	-	$	-
Time and bareboat charter revenues		-		-			-		-
Voyage charter revenues		966		14,186			649		14,422
		966		14,186			649		14,422
Operating Expenses:
Voyage expenses		386		8,299			219		6,685
Vessel expenses		255		2,412			169		2,113
Charter hire expenses		-		-			-		-
Depreciation and amortization		101		1,463			136		1,815
General and administrative		0		0			0		0
(Gain)/loss on disposal of vessels, including impairments		-		18,960			-		-
Total Operating Expenses		743		31,135			525		10,613
Income/(loss) from Vessel Operations		223		(16,948	)		124		3,810
Equity in Income/(loss) of Affiliated Companies		-		-			-		-
Operating Income/(loss)		223		(16,948	)		124		3,810
Other Income/(expense)		-		-			-		-
Income/(loss) before Interest Expense and Income Taxes		223		(16,948	)		124		3,810
Interest Expense		-		-			-		-
Income/(loss) before Reorganization Items and Income Taxes		223		(16,948	)		124		3,810
Reorganization Items, net		-		-			-		-
Income/(loss) before Income Taxes		223		(16,948	)		124		3,810
Income Tax (Benefit)/Provision		-		-			-		-
Net Income/(Loss)	$	223	$	(16,948	)	$	124	$	3,810

Preliminary and Unaudited

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

Page 48 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Atlas Chartering Corporation						Aurora Shipping Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	82	$	3,464
Time and bareboat charter revenues		-			-			558		2,636
Voyage charter revenues		-			3,975			-		-
		-			3,975			640		6,100
Operating Expenses:
Voyage expenses		-			2,053			25		243
Vessel expenses		-			9			265		5,049
Charter hire expenses		-			1,982			-		-
Depreciation and amortization		-			-			243		3,206
General and administrative		-			-			0		0
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		-			4,045			534		8,498
Income/(loss) from Vessel Operations		-			(70	)		105		(2,398	)
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		-			(70	)		105		(2,398	)
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		-			(70	)		105		(2,398	)
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		-			(70	)		105		(2,398	)
Reorganization Items, net		1,954			4,376			-		-
Income/(loss) before Income Taxes		(1,954	)		(4,446	)		105		(2,398	)
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(1,954	)	$	(4,446	)	$	105	$	(2,398	)

Preliminary and Unaudited

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

Page 49 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Avila Tanker Corporation					Batangas Tanker Corporation
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	(3	)	$	-	$	-
Time and bareboat charter revenues		-		-			-		-
Voyage charter revenues		-		-			1,594		8,133
		-		(3	)		1,594		8,133
Operating Expenses:
Voyage expenses		-		-			973		5,607
Vessel expenses		-		-			206		1,201
Charter hire expenses		-		(81	)		-		-
Depreciation and amortization		-		-			222		1,214
General and administrative		-		-			-		-
(Gain)/loss on disposal of vessels, including impairments		-		-			-		-
Total Operating Expenses		-		(81	)		1,401		8,022
Income/(loss) from Vessel Operations		-		78			194		111
Equity in Income/(loss) of Affiliated Companies		-		-			-		-
Operating Income/(loss)		-		78			194		111
Other Income/(expense)		-		-			-		-
Income/(loss) before Interest Expense and Income Taxes		-		78			194		111
Interest Expense		-		-			-		-
Income/(loss) before Reorganization Items and Income Taxes		-		78			194		111
Reorganization Items, net		-		-			-		-
Income/(loss) before Income Taxes		-		78			194		111
Income Tax (Benefit)/Provision		-		-			-		-
Net Income/(Loss)	$	-	$	78		$	194	$	111

Preliminary and Unaudited

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

Page 50 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Beta Aframax Corporation						Brooklyn Product Tanker Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	(10	)	$	(13	)	$	-		$	-
Time and bareboat charter revenues		-			1,708			-			-
Voyage charter revenues		-			-			-			22
		(10	)		1,695			-			22
Operating Expenses:
Voyage expenses		-			-			-			(68	)
Vessel expenses		(7	)		570			(11	)		66
Charter hire expenses		-			1,714			-			-
Depreciation and amortization		-			26			-			-
General and administrative		0			0			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			(20	)
Total Operating Expenses		(7	)		2,309			(11	)		(22	)
Income/(loss) from Vessel Operations		(4	)		(614	)		11			44
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(4	)		(614	)		11			44
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(4	)		(614	)		11			44
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(4	)		(614	)		11			44
Reorganization Items, net		6,614			31,960			-			-
Income/(loss) before Income Taxes		(6,617	)		(32,574	)		11			44
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(6,617	)	$	(32,574	)	$	11		$	44

Preliminary and Unaudited

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

Page 51 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Cabo Hellas Limited						Cabo Sounion Limited
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	-		$	-
Time and bareboat charter revenues		423			4,601			377			4,803
Voyage charter revenues		-			11			-			14
		423			4,612			377			4,816
Operating Expenses:
Voyage expenses		11			129			9			129
Vessel expenses		449			2,841			195			2,968
Charter hire expenses		-			-			-			-
Depreciation and amortization		285			2,686			270			2,835
General and administrative		0			0			0			0
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		745			5,656			474			5,933
Income/(loss) from Vessel Operations		(323	)		(1,045	)		(98	)		(1,117	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(323	)		(1,045	)		(98	)		(1,117	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(323	)		(1,045	)		(98	)		(1,117	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(323	)		(1,045	)		(98	)		(1,117	)
Reorganization Items, net		-			-			-			-
Income/(loss) before Income Taxes		(323	)		(1,045	)		(98	)		(1,117	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(323	)	$	(1,045	)	$	(98	)	$	(1,117	)

Preliminary and Unaudited

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

Page 52 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Caribbean Tanker Corporation					Carina Tanker Corporation
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	(4	)	$	-		$	-
Time and bareboat charter revenues		-		-			-			-
Voyage charter revenues		1,192		12,116			(3	)		4,777
		1,192		12,112			(3	)		4,777
Operating Expenses:
Voyage expenses		580		6,238			(0	)		2,105
Vessel expenses		265		4,478			-			14
Charter hire expenses		-		-			-			2,146
Depreciation and amortization		50		1,044			-			-
General and administrative		0		0			-			-
(Gain)/loss on disposal of vessels, including impairments		-		17,385			-			-
Total Operating Expenses		896		29,146			(0	)		4,266
Income/(loss) from Vessel Operations		296		(17,033	)		(2	)		511
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		296		(17,033	)		(2	)		511
Other Income/(expense)		-		-			-			-
Income/(loss) before Interest Expense and Income Taxes		296		(17,033	)		(2	)		511
Interest Expense		-		-			-			-
Income/(loss) before Reorganization Items and Income Taxes		296		(17,033	)		(2	)		511
Reorganization Items, net		-		-			-			4,102
Income/(loss) before Income Taxes		296		(17,033	)		(2	)		(3,591	)
Income Tax (Benefit)/Provision		-		-			-			-
Net Income/(Loss)	$	296	$	(17,033	)	$	(2	)	$	(3,591	)

Preliminary and Unaudited

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

Page 53 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Carl Product Corporation						Concept Tanker Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	(2	)	$	(35	)	$	620	$	6,042
Time and bareboat charter revenues		415			5,249			-		-
Voyage charter revenues		-			10			-		(4	)
		413			5,223			620		6,038
Operating Expenses:
Voyage expenses		10			(248	)		21		21
Vessel expenses		207			2,365			4		67
Charter hire expenses		-			-			403		5,705
Depreciation and amortization		810			4,105			-		-
General and administrative		0			0			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		1,028			6,222			429		5,793
Income/(loss) from Vessel Operations		(615	)		(998	)		191		245
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(615	)		(998	)		191		245
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		(615	)		(998	)		191		245
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		(615	)		(998	)		191		245
Reorganization Items, net		-			-			-		1,943
Income/(loss) before Income Taxes		(615	)		(998	)		191		(1,698	)
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(615	)	$	(998	)	$	191	$	(1,698	)

Preliminary and Unaudited

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

Page 54 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Crown Tanker Corporation				Delphina Tanker Corporation
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	39	$	-	$	-
Time and bareboat charter revenues		-		-		-		-
Voyage charter revenues		-		-		-		-
		-		39		-		-
Operating Expenses:
Voyage expenses		-		-		-		-
Vessel expenses		-		-		-		-
Charter hire expenses		-		-		-		-
Depreciation and amortization		-		-		-		-
General and administrative		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		-		-		-		-
Income/(loss) from Vessel Operations		-		39		-		-
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		-		39		-		-
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		-		39		-		-
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		-		39		-		-
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		-		39		-		-
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	-	$	39	$	-	$	-

Preliminary and Unaudited

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

Page 55 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Delta Aframax Corporation						DHT Ania Aframax Corp.
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	(12	)	$	(75	)	$	-	$	(4	)
Time and bareboat charter revenues		421			5,604			-		-
Voyage charter revenues		-			-			-		-
		409			5,529			-		(4	)
Operating Expenses:
Voyage expenses		3			46			-		-
Vessel expenses		277			3,363			-		-
Charter hire expenses		-			-			-		-
Depreciation and amortization		204			2,712			-		-
General and administrative		0			0			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		484			6,122			-		-
Income/(loss) from Vessel Operations		(75	)		(592	)		-		(4	)
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(75	)		(592	)		-		(4	)
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		(75	)		(592	)		-		(4	)
Interest Expense		-			(19	)		-		-
Income/(loss) before Reorganization Items and Income Taxes		(75	)		(611	)		-		(4	)
Reorganization Items, net		41			182			-		(12	)
Income/(loss) before Income Taxes		(116	)		(793	)		-		8
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(116	)	$	(793	)	$	-	$	8

Preliminary and Unaudited

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

Page 56 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	DHT Ann VLCC Corp.						DHT Cathy Aframax Corp.
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	(1	)	$	587		$	(12	)	$	206
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			-
		(1	)		587			(12	)		206
Operating Expenses:
Voyage expenses		-			101			-			24
Vessel expenses		-			3			0			11
Charter hire expenses		-			1,615			-			964
Depreciation and amortization		-			-			-			-
General and administrative		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		-			1,719			0			999
Income/(loss) from Vessel Operations		(1	)		(1,133	)		(12	)		(792	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(1	)		(1,133	)		(12	)		(792	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(1	)		(1,133	)		(12	)		(792	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(1	)		(1,133	)		(12	)		(792	)
Reorganization Items, net		-			(119	)		15			(12	)
Income/(loss) before Income Taxes		(1	)		(1,014	)		(27	)		(780	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(1	)	$	(1,014	)	$	(27	)	$	(780	)

Preliminary and Unaudited

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

Page 57 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	DHT Chris VLCC Corp.						DHT Rebecca Aframax Corp.
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	(0	)	$	43		$	-	$	(5	)
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		-			-			-		-
		(0	)		43			-		(5	)
Operating Expenses:
Voyage expenses		-			(0	)		-		-
Vessel expenses		-			(5	)		-		(0	)
Charter hire expenses		-			-			-		-
Depreciation and amortization		-			-			-		-
General and administrative		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		-			(5	)		-		(0	)
Income/(loss) from Vessel Operations		(0	)		48			-		(4	)
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(0	)		48			-		(4	)
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		(0	)		48			-		(4	)
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		(0	)		48			-		(4	)
Reorganization Items, net		-			144			-		-
Income/(loss) before Income Taxes		(0	)		(96	)		-		(4	)
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(0	)	$	(96	)	$	-	$	(4	)

Preliminary and Unaudited

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

Page 58 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	DHT Regal Unity VLCC Corp.						DHT Sophie Aframax Corp.
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	(0	)	$	(22	)	$	(13	)	$	(88	)
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			-
		(0	)		(22	)		(13	)		(88	)
Operating Expenses:
Voyage expenses		-			-			0			(3	)
Vessel expenses		-			-			(0	)		(0	)
Charter hire expenses		-			-			-			-
Depreciation and amortization		-			-			-			-
General and administrative		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		-			-			0			(3	)
Income/(loss) from Vessel Operations		(0	)		(22	)		(13	)		(84	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(0	)		(22	)		(13	)		(84	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(0	)		(22	)		(13	)		(84	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(0	)		(22	)		(13	)		(84	)
Reorganization Items, net		-			258			-			17
Income/(loss) before Income Taxes		(0	)		(280	)		(13	)		(102	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(0	)	$	(280	)	$	(13	)	$	(102	)

Preliminary and Unaudited

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

Page 59 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Dignity Chartering Corporation						Edindun Shipping Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	(3	)	$	311		$	-	$	-
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		-			(14	)		-		-
		(3	)		297			-		-
Operating Expenses:
Voyage expenses		-			18			-		-
Vessel expenses		(33	)		356			-		-
Charter hire expenses		7			1,059			-		-
Depreciation and amortization		-			68			-		-
General and administrative		0			0			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		(26	)		1,500			-		-
Income/(loss) from Vessel Operations		23			(1,203	)		-		-
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		23			(1,203	)		-		-
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		23			(1,203	)		-		-
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		23			(1,203	)		-		-
Reorganization Items, net		-			34,442			-		-
Income/(loss) before Income Taxes		23			(35,645	)		-		-
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	23		$	(35,645	)	$	-	$	-

Preliminary and Unaudited

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

Page 60 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Eighth Aframax Tanker Corporation					Epsilon Aframax Corporation
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	2,012		$	-		$	1,947
Time and bareboat charter revenues		-		-			-			-
Voyage charter revenues		1,407		8,286			1,202			7,004
		1,407		10,298			1,202			8,951
Operating Expenses:
Voyage expenses		849		5,794			722			5,052
Vessel expenses		338		3,170			240			2,875
Charter hire expenses		-		-			-			-
Depreciation and amortization		139		1,859			202			2,686
General and administrative		0		0			0			0
(Gain)/loss on disposal of vessels, including impairments		-		-			-			-
Total Operating Expenses		1,326		10,823			1,164			10,614
Income/(loss) from Vessel Operations		80		(526	)		38			(1,663	)
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		80		(526	)		38			(1,663	)
Other Income/(expense)		-		-			(2	)		(12	)
Income/(loss) before Interest Expense and Income Taxes		80		(526	)		36			(1,675	)
Interest Expense		-		-			-			(14	)
Income/(loss) before Reorganization Items and Income Taxes		80		(526	)		36			(1,689	)
Reorganization Items, net		-		-			41			182
Income/(loss) before Income Taxes		80		(526	)		(5	)		(1,871	)
Income Tax (Benefit)/Provision		-		-			-			-
Net Income/(Loss)	$	80	$	(526	)	$	(5	)	$	(1,871	)

Preliminary and Unaudited

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

Page 61 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	First Chemical Carrier Corporation					First LPG Tanker Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013		December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-	$	-	$	-
Time and bareboat charter revenues		-			3,888		-		-
Voyage charter revenues		-			-		-		-
		-			3,888		-		-
Operating Expenses:
Voyage expenses		7			56		-		-
Vessel expenses		(0	)		48		-		-
Charter hire expenses		-			2,976		-		-
Depreciation and amortization		-			-		-		-
General and administrative		-			-		-		-
(Gain)/loss on disposal of vessels, including impairments		-			-		-		-
Total Operating Expenses		7			3,080		-		-
Income/(loss) from Vessel Operations		(7	)		808		-		-
Equity in Income/(loss) of Affiliated Companies		-			-		-		-
Operating Income/(loss)		(7	)		808		-		-
Other Income/(expense)		-			-		-		-
Income/(loss) before Interest Expense and Income Taxes		(7	)		808		-		-
Interest Expense		-			-		-		-
Income/(loss) before Reorganization Items and Income Taxes		(7	)		808		-		-
Reorganization Items, net		-			-		-		-
Income/(loss) before Income Taxes		(7	)		808		-		-
Income Tax (Benefit)/Provision		-			-		-		-
Net Income/(Loss)	$	(7	)	$	808	$	-	$	-

Preliminary and Unaudited

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

Page 62 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	First Union Tanker Corporation					Fourth Aframax Tanker Corporation
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	1,190	$	5,238		$	-		$	(3	)
Time and bareboat charter revenues		-		-			-			-
Voyage charter revenues		12		12			1,030			14,742
		1,202		5,250			1,030			14,738
Operating Expenses:
Voyage expenses		55		476			670			8,609
Vessel expenses		393		4,402			303			3,215
Charter hire expenses		-		-			-			-
Depreciation and amortization		163		2,434			64			1,319
General and administrative		0		0			0			0
(Gain)/loss on disposal of vessels, including impairments		-		16,903			-			15,717
Total Operating Expenses		611		24,214			1,037			28,861
Income/(loss) from Vessel Operations		590		(18,964	)		(7	)		(14,122	)
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		590		(18,964	)		(7	)		(14,122	)
Other Income/(expense)		-		-			-			-
Income/(loss) before Interest Expense and Income Taxes		590		(18,964	)		(7	)		(14,122	)
Interest Expense		-		-			-			-
Income/(loss) before Reorganization Items and Income Taxes		590		(18,964	)		(7	)		(14,122	)
Reorganization Items, net		-		-			-			-
Income/(loss) before Income Taxes		590		(18,964	)		(7	)		(14,122	)
Income Tax (Benefit)/Provision		-		-			-			-
Net Income/(Loss)	$	590	$	(18,964	)	$	(7	)	$	(14,122	)

Preliminary and Unaudited

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

Page 63 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Front President Inc.						Goldmar Limited
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	1,836		$	8,547		$	468		$	6,970
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			1
		1,836			8,547			468			6,971
Operating Expenses:
Voyage expenses		36			445			-			10
Vessel expenses		237			3,418			263			2,844
Charter hire expenses		-			-			-			-
Depreciation and amortization		368			4,888			235			2,828
General and administrative		0			0			0			0
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		641			8,752			498			5,682
Income/(loss) from Vessel Operations		1,195			(205	)		(30	)		1,289
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		1,195			(205	)		(30	)		1,289
Other Income/(expense)		(2	)		(22	)		-			-
Income/(loss) before Interest Expense and Income Taxes		1,193			(227	)		(30	)		1,289
Interest Expense		-			(27	)		-			-
Income/(loss) before Reorganization Items and Income Taxes		1,193			(253	)		(30	)		1,289
Reorganization Items, net		(53	)		182			-			-
Income/(loss) before Income Taxes		1,245			(435	)		(30	)		1,289
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	1,245		$	(435	)	$	(30	)	$	1,289

Preliminary and Unaudited

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

Page 64 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	GPC Aframax Corporation						Grace Chartering Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	(6	)	$	888		$	14		$	1,555
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			-
		(6	)		888			14			1,555
Operating Expenses:
Voyage expenses		-			25			-			-
Vessel expenses		(1	)		1,189			0			8
Charter hire expenses		-			1,788			-			1,612
Depreciation and amortization		4			96			-			-
General and administrative		-			0			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		3			3,097			0			1,621
Income/(loss) from Vessel Operations		(9	)		(2,209	)		14			(66	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(9	)		(2,209	)		14			(66	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(9	)		(2,209	)		14			(66	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(9	)		(2,209	)		14			(66	)
Reorganization Items, net		2,014			21,847			22			881
Income/(loss) before Income Taxes		(2,024	)		(24,056	)		(8	)		(947	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(2,024	)	$	(24,056	)	$	(8	)	$	(947	)

Preliminary and Unaudited

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

Page 65 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	International Seaways, Inc.						Jademar Limited
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	(5	)	$	14,653		$	478	$	7,017
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		9,335			53,601			-		9
		9,330			68,255			478		7,026
Operating Expenses:
Voyage expenses		5,681			37,554			-		23
Vessel expenses		389			3,562			195		2,406
Charter hire expenses		2,151			30,509			-		-
Depreciation and amortization		91			268			242		2,894
General and administrative		0			0			0		0
(Gain)/loss on disposal of vessels, including impairments		-			1			-		-
Total Operating Expenses		8,312			71,895			437		5,323
Income/(loss) from Vessel Operations		1,017			(3,640	)		41		1,703
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		1,017			(3,640	)		41		1,703
Other Income/(expense)		-			2			-		-
Income/(loss) before Interest Expense and Income Taxes		1,017			(3,638	)		41		1,703
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		1,017			(3,638	)		41		1,703
Reorganization Items, net		-			-			-		-
Income/(loss) before Income Taxes		1,017			(3,638	)		41		1,703
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	1,017		$	(3,638	)	$	41	$	1,703

Preliminary and Unaudited

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

Page 66 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Joyce Car Carrier Corporation						Juneau Tanker Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	-	$	-
Time and bareboat charter revenues		-			(61	)		-		-
Voyage charter revenues		-			-			-		-
		-			(61	)		-		-
Operating Expenses:
Voyage expenses		-			12			-		-
Vessel expenses		(4	)		(9	)		-		-
Charter hire expenses		-			-			-		-
Depreciation and amortization		-			-			-		-
General and administrative		0			0			-		-
(Gain)/loss on disposal of vessels, including impairments		-			(110	)		-		-
Total Operating Expenses		(4	)		(107	)		-		-
Income/(loss) from Vessel Operations		4			45			-		-
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		4			45			-		-
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		4			45			-		-
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		4			45			-		-
Reorganization Items, net		-			-			-		-
Income/(loss) before Income Taxes		4			45			-		-
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	4		$	45		$	-	$	-

Preliminary and Unaudited

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

Page 67 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Kimolos Tanker Corporation						Kythnos Chartering Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	-	$	-
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		1,347			12,860			1,300		13,330
		1,347			12,860			1,300		13,330
Operating Expenses:
Voyage expenses		748			6,994			493		6,869
Vessel expenses		206			2,560			193		2,344
Charter hire expenses		194			3,304			-		-
Depreciation and amortization		29			418			134		1,593
General and administrative		0			0			0		0
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		1,176			13,277			821		10,805
Income/(loss) from Vessel Operations		171			(417	)		479		2,525
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		171			(417	)		479		2,525
Other Income/(expense)		-			-			-		8
Income/(loss) before Interest Expense and Income Taxes		171			(417	)		479		2,533
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		171			(417	)		479		2,533
Reorganization Items, net		3,663			14,130			-		-
Income/(loss) before Income Taxes		(3,492	)		(14,547	)		479		2,533
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(3,492	)	$	(14,547	)	$	479	$	2,533

Preliminary and Unaudited

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

Page 68 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Leo Tanker Corporation						Leyte Product Tanker Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	472		$	4,467
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			4,763			-			3,432
		-			4,763			472			7,899
Operating Expenses:
Voyage expenses		0			2,826			-			1,368
Vessel expenses		0			18			223			2,383
Charter hire expenses		-			2,213			-			-
Depreciation and amortization		-			-			185			2,466
General and administrative		-			-			0			0
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		0			5,057			409			6,217
Income/(loss) from Vessel Operations		(0	)		(294	)		63			1,681
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(0	)		(294	)		63			1,681
Other Income/(expense)		-			-			(0	)		(3	)
Income/(loss) before Interest Expense and Income Taxes		(0	)		(294	)		63			1,679
Interest Expense		-			-			-			(9	)
Income/(loss) before Reorganization Items and Income Taxes		(0	)		(294	)		63			1,669
Reorganization Items, net		543			2,416			(46	)		36
Income/(loss) before Income Taxes		(543	)		(2,710	)		109			1,633
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(543	)	$	(2,710	)	$	109		$	1,633

Preliminary and Unaudited

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

Page 69 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Limar Charter Corporation						Luxmar Product Tanker Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	-	$	-
Time and bareboat charter revenues		255			255			-		-
Voyage charter revenues		-			1,757			1,071		12,215
		255			2,012			1,071		12,215
Operating Expenses:
Voyage expenses		(17	)		834			522		7,198
Vessel expenses		(4	)		376			277		3,039
Charter hire expenses		-			776			-		-
Depreciation and amortization		-			437			102		1,521
General and administrative		0			0			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		16,941
Total Operating Expenses		(20	)		2,423			900		28,698
Income/(loss) from Vessel Operations		276			(411	)		171		(16,484	)
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		276			(411	)		171		(16,484	)
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		276			(411	)		171		(16,484	)
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		276			(411	)		171		(16,484	)
Reorganization Items, net		332			7,625			-		-
Income/(loss) before Income Taxes		(56	)		(8,036	)		171		(16,484	)
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(56	)	$	(8,036	)	$	171	$	(16,484	)

Preliminary and Unaudited

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

Page 70 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Luxmar Tanker LLC						Majestic Tankers Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	832	$	5,902
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		-			-			-		-
		-			-			832		5,902
Operating Expenses:
Voyage expenses		(34	)		(27	)		110		697
Vessel expenses		(1	)		170			398		5,331
Charter hire expenses		-			-			-		-
Depreciation and amortization		-			-			189		2,707
General and administrative		-			0			0		0
(Gain)/loss on disposal of vessels, including impairments		-			-			-		20,232
Total Operating Expenses		(35	)		143			697		28,966
Income/(loss) from Vessel Operations		35			(143	)		134		(23,064	)
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		35			(143	)		134		(23,064	)
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		35			(143	)		134		(23,064	)
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		35			(143	)		134		(23,064	)
Reorganization Items, net		-			-			-		-
Income/(loss) before Income Taxes		35			(143	)		134		(23,064	)
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	35		$	(143	)	$	134	$	(23,064	)

Preliminary and Unaudited

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

Page 71 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Oak Tanker Corporation						Maremar Product Tanker Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	1,362		$	7,901		$	-	$	-
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		-			3			-		-
		1,362			7,904			-		-
Operating Expenses:
Voyage expenses		7			296			-		-
Vessel expenses		229			3,025			-		(3	)
Charter hire expenses		-			-			-		-
Depreciation and amortization		454			6,050			-		-
General and administrative		0			1			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		691			9,372			-		(3	)
Income/(loss) from Vessel Operations		671			(1,468	)		-		3
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		671			(1,468	)		-		3
Other Income/(expense)		(3	)		(32	)		-		-
Income/(loss) before Interest Expense and Income Taxes		668			(1,500	)		-		3
Interest Expense		-			(34	)		-		-
Income/(loss) before Reorganization Items and Income Taxes		668			(1,533	)		-		3
Reorganization Items, net		41			182			-		-
Income/(loss) before Income Taxes		626			(1,715	)		-		3
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	626		$	(1,715	)	$	-	$	3

Preliminary and Unaudited

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

Page 72 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Maremar Tanker LLC						Marilyn Vessel Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	-	$	-
Time and bareboat charter revenues		171			933			-		-
Voyage charter revenues		(8	)		5,816			-		-
		163			6,749			-		-
Operating Expenses:
Voyage expenses		(4	)		3,627			-		-
Vessel expenses		(28	)		1,867			-		-
Charter hire expenses		-			-			-		-
Depreciation and amortization		51			1,114			-		-
General and administrative		(0	)		5			-		-
(Gain)/loss on disposal of vessels, including impairments		-			16,057			-		-
Total Operating Expenses		19			22,670			-		-
Income/(loss) from Vessel Operations		143			(15,921	)		-		-
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		143			(15,921	)		-		-
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		143			(15,921	)		-		-
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		143			(15,921	)		-		-
Reorganization Items, net		-			-			-		-
Income/(loss) before Income Taxes		143			(15,921	)		-		-
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	143		$	(15,921	)	$	-	$	-

Preliminary and Unaudited

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

Page 73 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

Maritrans General Partner Inc.

Maritrans Operating Company L.P.

($000s)

December 1 - 31,
2013

November 14,
2012 - December
31, 2013

December 1 - 31,
2013

November 14,
2012 - December
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, including impairments

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

Income Tax (Benefit)/Provision

Net Income/(Loss)

Preliminary and Unaudited

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

Page 74 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Milos Product Tanker Corporation				Mindanao Tanker Corporation
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		-		-		-		-
Voyage charter revenues		1,198		13,153		-		-
		1,198		13,153		-		-
Operating Expenses:
Voyage expenses		625		6,306		-		-
Vessel expenses		198		2,292		-		-
Charter hire expenses		-		-		-		-
Depreciation and amortization		140		1,861		-		-
General and administrative		0		0		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		963		10,459		-		-
Income/(loss) from Vessel Operations		235		2,693		-		-
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		235		2,693		-		-
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		235		2,693		-		-
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		235		2,693		-		-
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		235		2,693		-		-
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	235	$	2,693	$	-	$	-

Preliminary and Unaudited

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

Page 75 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Mykonos Tanker LLC				Nedimar Charter Corporation
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	-		$	-
Time and bareboat charter revenues		-		-		-			-
Voyage charter revenues		2,186		20,931		-			894
		2,186		20,931		-			894
Operating Expenses:
Voyage expenses		687		8,263		(11	)		455
Vessel expenses		380		4,439		5			452
Charter hire expenses		-		-		-			609
Depreciation and amortization		173		2,295		-			172
General and administrative		16		218		0			0
(Gain)/loss on disposal of vessels, including impairments		-		19		-			-
Total Operating Expenses		1,257		15,234		(5	)		1,688
Income/(loss) from Vessel Operations		929		5,697		5			(795	)
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		929		5,697		5			(795	)
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		929		5,697		5			(795	)
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		929		5,697		5			(795	)
Reorganization Items, net		-		-		2,373			5,852
Income/(loss) before Income Taxes		929		5,697		(2,367	)		(6,647	)
Income Tax (Benefit)/Provision		-		-		-			-
Net Income/(Loss)	$	929	$	5,697	$	(2,367	)	$	(6,647	)

Preliminary and Unaudited

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

Page 76 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Maple Tanker Corporation						Ocean Bulk Ships, Inc.
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	1,006		$	7,817		$	-	$	-
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		-			-			-		-
		1,006			7,817			-		-
Operating Expenses:
Voyage expenses		22			363			-		-
Vessel expenses		170			3,015			-		-
Charter hire expenses		-			-			-		-
Depreciation and amortization		454			6,046			-		-
General and administrative		0			0			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		646			9,424			-		-
Income/(loss) from Vessel Operations		360			(1,607	)		-		-
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		360			(1,607	)		-		-
Other Income/(expense)		(2	)		(20	)		-		-
Income/(loss) before Interest Expense and Income Taxes		358			(1,627	)		-		-
Interest Expense		-			(33	)		-		-
Income/(loss) before Reorganization Items and Income Taxes		358			(1,660	)		-		-
Reorganization Items, net		41			182			-		-
Income/(loss) before Income Taxes		317			(1,841	)		-		-
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	317		$	(1,841	)	$	-	$	-

Preliminary and Unaudited

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

Page 77 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Oceania Tanker Corporation						OSG 192 LLC
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	796		$	-	$	-
Time and bareboat charter revenues		-			-			904		9,863
Voyage charter revenues		-			-			-		32
		-			796			904		9,895
Operating Expenses:
Voyage expenses		0			310			17		146
Vessel expenses		102			2,264			34		627
Charter hire expenses		-			-			-		-
Depreciation and amortization		149			2,291			188		2,956
General and administrative		0			0			-		-
(Gain)/loss on disposal of vessels, including impairments		-			31,352			-		-
Total Operating Expenses		252			36,217			239		3,729
Income/(loss) from Vessel Operations		(252	)		(35,421	)		665		6,165
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(252	)		(35,421	)		665		6,165
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		(252	)		(35,421	)		665		6,165
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		(252	)		(35,421	)		665		6,165
Reorganization Items, net		-			-			-		-
Income/(loss) before Income Taxes		(252	)		(35,421	)		665		6,165
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(252	)	$	(35,421	)	$	665	$	6,165

Preliminary and Unaudited

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

Page 78 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG 209 LLC				OSG 214 LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		930		10,995		930		10,724
Voyage charter revenues		-		141		64		836
		930		11,136		994		11,561
Operating Expenses:
Voyage expenses		7		243		75		1,001
Vessel expenses		29		564		62		714
Charter hire expenses		-		-		-		-
Depreciation and amortization		170		2,490		244		3,136
General and administrative		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		207		3,297		381		4,851
Income/(loss) from Vessel Operations		723		7,839		614		6,709
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		723		7,839		614		6,709
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		723		7,839		614		6,709
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		723		7,839		614		6,709
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		723		7,839		614		6,709
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	723	$	7,839	$	614	$	6,709

Preliminary and Unaudited

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

Page 79 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG 215 Corporation				OSG 242 LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		-		-		1,395		17,684
Voyage charter revenues		-		-		5		974
		-		-		1,400		18,658
Operating Expenses:
Voyage expenses		-		-		20		592
Vessel expenses		-		-		55		570
Charter hire expenses		-		-		-		-
Depreciation and amortization		-		-		177		2,833
General and administrative		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		-		-		252		3,995
Income/(loss) from Vessel Operations		-		-		1,148		14,664
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		-		-		1,148		14,664
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		-		-		1,148		14,664
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		-		-		1,148		14,664
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		-		-		1,148		14,664
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	-	$	-	$	1,148	$	14,664

Preliminary and Unaudited

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

Page 80 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG 243 LLC				OSG 244 LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		1,395		12,677		992		10,925
Voyage charter revenues		821		5,859		5		205
		2,216		18,536		997		11,130
Operating Expenses:
Voyage expenses		838		2,374		7		149
Vessel expenses		136		699		36		486
Charter hire expenses		-		-		-		-
Depreciation and amortization		259		3,241		205		3,559
General and administrative		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		1,234		6,314		248		4,195
Income/(loss) from Vessel Operations		982		12,222		749		6,936
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		982		12,222		749		6,936
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		982		12,222		749		6,936
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		982		12,222		749		6,936
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		982		12,222		749		6,936
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	982	$	12,222	$	749	$	6,936

Preliminary and Unaudited

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

Page 81 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG 252 LLC				OSG 254 LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		1,028		11,281		-		4,627
Voyage charter revenues		19		4,548		1,054		8,419
		1,047		15,829		1,054		13,046
Operating Expenses:
Voyage expenses		13		1,389		15		197
Vessel expenses		83		516		56		786
Charter hire expenses		-		-		-		-
Depreciation and amortization		254		3,222		284		3,690
General and administrative		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		350		5,127		355		4,673
Income/(loss) from Vessel Operations		697		10,702		699		8,373
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		697		10,702		699		8,373
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		697		10,702		699		8,373
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		697		10,702		699		8,373
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		697		10,702		699		8,373
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	697	$	10,702	$	699	$	8,373

Preliminary and Unaudited

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

Page 82 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG 300 LLC				OSG 400 LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	-		$	-
Time and bareboat charter revenues		-		-		-			-
Voyage charter revenues		-		-		-			-
		-		-		-			-
Operating Expenses:
Voyage expenses		-		-		-			-
Vessel expenses		-		-		(225	)		(226	)
Charter hire expenses		-		-		-			-
Depreciation and amortization		-		-		-			-
General and administrative		-		-		-			-
(Gain)/loss on disposal of vessels, including impairments		-		-		-			-
Total Operating Expenses		-		-		(225	)		(226	)
Income/(loss) from Vessel Operations		-		-		225			226
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		-		-		225			226
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		-		-		225			226
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		-		-		225			226
Reorganization Items, net		-		-		-			-
Income/(loss) before Income Taxes		-		-		225			226
Income Tax (Benefit)/Provision		-		-		-			-
Net Income/(Loss)	$	-	$	-	$	225		$	226

Preliminary and Unaudited

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

Page 83 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG America L.P.				OSG America LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013		November 14, 2012 - December 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, including impairments		-		-		-		-
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		-		-		-		-
Income Tax (Benefit)/Provision		-		-		-		1
Net Income/(Loss)	$	-	$	-	$	-	$	(1	)

Preliminary and Unaudited

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

Page 84 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG America Operating Company LLC						OSG Car Carriers, Inc.
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 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			5,201			-		-
General and administrative		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		383			5,199			-		-
Income/(loss) from Vessel Operations		(383	)		(5,199	)		-		-
Equity in Income/(loss) of Affiliated Companies		2,368			6,111			-		-
Operating Income/(loss)		1,984			912			-		-
Other Income/(expense)		29			226			-		-
Income/(loss) before Interest Expense and Income Taxes		2,013			1,138			-		-
Interest Expense		-			0			-		-
Income/(loss) before Reorganization Items and Income Taxes		2,013			1,138			-		-
Reorganization Items, net		-			-			-		-
Income/(loss) before Income Taxes		2,013			1,138			-		-
Income Tax (Benefit)/Provision		-			1			-		-
Net Income/(Loss)	$	2,013		$	1,137		$	-	$	-

Preliminary and Unaudited

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

Page 85 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG Clean Products International, Inc.				OSG Columbia LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	-		$	-
Time and bareboat charter revenues		-		-		-			-
Voyage charter revenues		-		-		-			-
		-		-		-			-
Operating Expenses:
Voyage expenses		-		-		-			(0	)
Vessel expenses		-		-		221			3,118
Charter hire expenses		-		-		-			-
Depreciation and amortization		-		-		75			1,003
General and administrative		-		-		6			93
(Gain)/loss on disposal of vessels, including impairments		-		-		-			-
Total Operating Expenses		-		-		302			4,213
Income/(loss) from Vessel Operations		-		-		(302	)		(4,213	)
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		-		-		(302	)		(4,213	)
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		-		-		(302	)		(4,213	)
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		-		-		(302	)		(4,213	)
Reorganization Items, net		-		-		-			-
Income/(loss) before Income Taxes		-		-		(302	)		(4,213	)
Income Tax (Benefit)/Provision		-		-		-			-
Net Income/(Loss)	$	-	$	-	$	(302	)	$	(4,213	)

Preliminary and Unaudited

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

Page 86 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG Constitution LLC					OSG Courageous LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-		$	-		$	-
Time and bareboat charter revenues		-		-			-			-
Voyage charter revenues		-		-			-			-
		-		-			-			-
Operating Expenses:
Voyage expenses		-		-			-			-
Vessel expenses		-		3			225			3,145
Charter hire expenses		-		-			-			-
Depreciation and amortization		-		-			84			1,056
General and administrative		-		-			7			94
(Gain)/loss on disposal of vessels, including impairments		-		-			-			-
Total Operating Expenses		-		3			316			4,295
Income/(loss) from Vessel Operations		-		(3	)		(316	)		(4,295	)
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		-		(3	)		(316	)		(4,295	)
Other Income/(expense)		-		-			-			-
Income/(loss) before Interest Expense and Income Taxes		-		(3	)		(316	)		(4,295	)
Interest Expense		-		-			-			-
Income/(loss) before Reorganization Items and Income Taxes		-		(3	)		(316	)		(4,295	)
Reorganization Items, net		-		-			-			-
Income/(loss) before Income Taxes		-		(3	)		(316	)		(4,295	)
Income Tax (Benefit)/Provision		-		-			-			-
Net Income/(Loss)	$	-	$	(3	)	$	(316	)	$	(4,295	)

Preliminary and Unaudited

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

Page 87 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG Delaware Bay Lightering LLC				OSG Discovery LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	-		$	-
Time and bareboat charter revenues		-		-		-			-
Voyage charter revenues		3,823		60,365		-			-
		3,823		60,365		-			-
Operating Expenses:
Voyage expenses		645		10,431		-			-
Vessel expenses		878		14,167		-			-
Charter hire expenses		-		-		-			-
Depreciation and amortization		1,134		15,048		-			-
General and administrative		24		306		-			-
(Gain)/loss on disposal of vessels, including impairments		-		-		(80	)		(956	)
Total Operating Expenses		2,681		39,952		(80	)		(956	)
Income/(loss) from Vessel Operations		1,142		20,414		80			956
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		1,142		20,414		80			956
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		1,142		20,414		80			956
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		1,142		20,414		80			956
Reorganization Items, net		-		-		-			-
Income/(loss) before Income Taxes		1,142		20,414		80			956
Income Tax (Benefit)/Provision		-		-		-			-
Net Income/(Loss)	$	1,142	$	20,414	$	80		$	956

Preliminary and Unaudited

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

Page 88 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG Endeavor LLC					OSG Endurance LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-		$	-		$	-
Time and bareboat charter revenues		-		-			-			-
Voyage charter revenues		-		-			-			-
		-		-			-			-
Operating Expenses:
Voyage expenses		-		-			-			-
Vessel expenses		-		-			247			2,919
Charter hire expenses		-		-			-			-
Depreciation and amortization		-		-			74			1,132
General and administrative		-		-			7			89
(Gain)/loss on disposal of vessels, including impairments		-		58			-			-
Total Operating Expenses		-		58			328			4,139
Income/(loss) from Vessel Operations		-		(58	)		(328	)		(4,139	)
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		-		(58	)		(328	)		(4,139	)
Other Income/(expense)		-		-			-			-
Income/(loss) before Interest Expense and Income Taxes		-		(58	)		(328	)		(4,139	)
Interest Expense		-		-			-			-
Income/(loss) before Reorganization Items and Income Taxes		-		(58	)		(328	)		(4,139	)
Reorganization Items, net		-		-			-			-
Income/(loss) before Income Taxes		-		(58	)		(328	)		(4,139	)
Income Tax (Benefit)/Provision		-		-			-			-
Net Income/(Loss)	$	-	$	(58	)	$	(328	)	$	(4,139	)

Preliminary and Unaudited

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

Page 89 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG Enterprise LLC						OSG Financial Corp.
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	-	$	-
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		-			-			-		-
		-			-			-		-
Operating Expenses:
Voyage expenses		-			-			-		-
Vessel expenses		247			3,206			-		-
Charter hire expenses		-			-			-		-
Depreciation and amortization		110			1,486			-		-
General and administrative		6			89			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		363			4,780			-		-
Income/(loss) from Vessel Operations		(363	)		(4,780	)		-		-
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(363	)		(4,780	)		-		-
Other Income/(expense)		-			-			-		(174	)
Income/(loss) before Interest Expense and Income Taxes		(363	)		(4,780	)		-		(174	)
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		(363	)		(4,780	)		-		(174	)
Reorganization Items, net		-			-			-		-
Income/(loss) before Income Taxes		(363	)		(4,780	)		-		(174	)
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(363	)	$	(4,780	)	$	-	$	(174	)

Preliminary and Unaudited

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

Page 90 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG Freedom LLC						OSG Honour LLC
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	-		$	-
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			-
		-			-			-			-
Operating Expenses:
Voyage expenses		-			-			-			-
Vessel expenses		0			18			228			3,090
Charter hire expenses		-			-			-			-
Depreciation and amortization		-			290			60			809
General and administrative		-			-			7			93
(Gain)/loss on disposal of vessels, including impairments		-			709			-			-
Total Operating Expenses		0			1,017			295			3,991
Income/(loss) from Vessel Operations		(0	)		(1,017	)		(295	)		(3,991	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(0	)		(1,017	)		(295	)		(3,991	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(0	)		(1,017	)		(295	)		(3,991	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(0	)		(1,017	)		(295	)		(3,991	)
Reorganization Items, net		-			-			-			-
Income/(loss) before Income Taxes		(0	)		(1,017	)		(295	)		(3,991	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(0	)	$	(1,017	)	$	(295	)	$	(3,991	)

Preliminary and Unaudited

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

Page 91 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG Independence LLC						OSG Intrepid LLC
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	-		$	-
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			-
		-			-			-			-
Operating Expenses:
Voyage expenses		-			9			-			-
Vessel expenses		294			3,084			230			3,205
Charter hire expenses		-			-			-			-
Depreciation and amortization		62			923			79			1,198
General and administrative		6			89			7			95
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		362			4,104			316			4,498
Income/(loss) from Vessel Operations		(362	)		(4,104	)		(316	)		(4,498	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(362	)		(4,104	)		(316	)		(4,498	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(362	)		(4,104	)		(316	)		(4,498	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(362	)		(4,104	)		(316	)		(4,498	)
Reorganization Items, net		-			-			-			-
Income/(loss) before Income Taxes		(362	)		(4,104	)		(316	)		(4,498	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(362	)	$	(4,104	)	$	(316	)	$	(4,498	)

Preliminary and Unaudited

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

Page 92 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG Liberty LLC					OSG Lightering LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-		$	-		$	-
Time and bareboat charter revenues		-		-			-			-
Voyage charter revenues		-		-			6,594			89,562
		-		-			6,594			89,562
Operating Expenses:
Voyage expenses		-		-			4,228			54,832
Vessel expenses		-		(9	)		7			168
Charter hire expenses		-		-			2,507			30,781
Depreciation and amortization		-		-			119			1,825
General and administrative		-		-			279			3,103
(Gain)/loss on disposal of vessels, including impairments		-		-			1			8
Total Operating Expenses		-		(9	)		7,140			90,718
Income/(loss) from Vessel Operations		-		9			(545	)		(1,156	)
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		-		9			(545	)		(1,156	)
Other Income/(expense)		-		-			1			12
Income/(loss) before Interest Expense and Income Taxes		-		9			(544	)		(1,144	)
Interest Expense		-		-			-			-
Income/(loss) before Reorganization Items and Income Taxes		-		9			(544	)		(1,144	)
Reorganization Items, net		-		-			-			(60	)
Income/(loss) before Income Taxes		-		9			(544	)		(1,084	)
Income Tax (Benefit)/Provision		-		-			-			-
Net Income/(Loss)	$	-	$	9		$	(544	)	$	(1,084	)

Preliminary and Unaudited

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

Page 93 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

OSG Lightering Acquisition
Corporation

OSG Lightering Solutions LLC

($000s)

December 1 - 31,
2013

November 14,
2012 - December
31, 2013

December 1 - 31,
2013

November 14,
2012 - December
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, including impairments

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

Income Tax (Benefit)/Provision

Net Income/(Loss)

Preliminary and Unaudited

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

Page 94 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG Mariner LLC					OSG Maritrans Parent LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 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			78
General and administrative		-		-			-			-
(Gain)/loss on disposal of vessels, including impairments		-		58			-			-
Total Operating Expenses		-		58			6			78
Income/(loss) from Vessel Operations		-		(58	)		(6	)		(78	)
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		-		(58	)		(6	)		(78	)
Other Income/(expense)		-		-			-			-
Income/(loss) before Interest Expense and Income Taxes		-		(58	)		(6	)		(78	)
Interest Expense		-		-			-			-
Income/(loss) before Reorganization Items and Income Taxes		-		(58	)		(6	)		(78	)
Reorganization Items, net		-		-			-			-
Income/(loss) before Income Taxes		-		(58	)		(6	)		(78	)
Income Tax (Benefit)/Provision		-		-			-			-
Net Income/(Loss)	$	-	$	(58	)	$	(6	)	$	(78	)

Preliminary and Unaudited

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

Page 95 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG Navigator LLC						OSG New York, Inc.
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	609		$	7,256
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			4,034
		-			-			609			11,290
Operating Expenses:
Voyage expenses		-			-			142			2,317
Vessel expenses		238			3,059			5			70
Charter hire expenses		-			-			501			10,408
Depreciation and amortization		71			962			-			-
General and administrative		7			94			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		317			4,115			649			12,795
Income/(loss) from Vessel Operations		(317	)		(4,115	)		(40	)		(1,506	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(317	)		(4,115	)		(40	)		(1,506	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(317	)		(4,115	)		(40	)		(1,506	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(317	)		(4,115	)		(40	)		(1,506	)
Reorganization Items, net		-			-			-			306
Income/(loss) before Income Taxes		(317	)		(4,115	)		(40	)		(1,812	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(317	)	$	(4,115	)	$	(40	)	$	(1,812	)

Preliminary and Unaudited

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

Page 96 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

OSG Product Tankers AVTC, LLC

OSG Product Tankers I, LLC

($000s)

December 1 - 31,
2013

November 14,
2012 - December
31, 2013

December 1 - 31,
2013

November 14,
2012 - December
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, including impairments

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

Income Tax (Benefit)/Provision

Net Income/(Loss)

Preliminary and Unaudited

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

Page 97 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

OSG Product Tankers II, LLC

OSG Product Tankers Member LLC

($000s)

December 1 - 31,
2013

November 14,
2012 - December
31, 2013

December 1 - 31,
2013

November 14,
2012 - December
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, including impairments

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

Income Tax (Benefit)/Provision

Net Income/(Loss)

Preliminary and Unaudited

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

Page 98 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG Product Tankers, LLC				OSG Quest LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013		November 14, 2012 - December 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, including impairments		-		-		-		33
Total Operating Expenses		-		-		-		33
Income/(loss) from Vessel Operations		-		-		-		(33	)
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		-		-		-		(33	)
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		-		-		-		(33	)
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		-		-		-		(33	)
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		-		-		-		(33	)
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	-	$	-	$	-	$	(33	)

Preliminary and Unaudited

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

Page 99 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	OSG Seafarer LLC					OSG Ship Management, Inc.
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 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		-		-			243			3,216
General and administrative		-		-			(17,894	)		31,913
(Gain)/loss on disposal of vessels, including impairments		-		-			-			-
Total Operating Expenses		-		(0	)		(17,650	)		35,130
Income/(loss) from Vessel Operations		-		0			17,650			(35,130	)
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		-		0			17,650			(35,130	)
Other Income/(expense)		-		-			-			28
Income/(loss) before Interest Expense and Income Taxes		-		0			17,650			(35,102	)
Interest Expense		-		-			-			-
Income/(loss) before Reorganization Items and Income Taxes		-		0			17,650			(35,102	)
Reorganization Items, net		-		-			144			2,013
Income/(loss) before Income Taxes		-		0			17,506			(37,115	)
Income Tax (Benefit)/Provision		-		-			0			2
Net Income/(Loss)	$	-	$	0		$	17,506		$	(37,117	)

Preliminary and Unaudited

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

Page 100 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

OSG Valour LLC

Overseas Allegiance Corporation

($000s)

December 1 - 31,
2013

November 14,
2012 - December
31, 2013

December 1 - 31,
2013

November 14,
2012 - December
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, including impairments

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

Income Tax (Benefit)/Provision

Net Income/(Loss)

Preliminary and Unaudited

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

Page 101 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Overseas Anacortes LLC				Overseas Boston LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	-		$	-
Time and bareboat charter revenues		2,015		24,915		1,323			21,894
Voyage charter revenues		4		24		2			43
		2,019		24,939		1,325			21,938
Operating Expenses:
Voyage expenses		29		335		19			325
Vessel expenses		589		7,456		857			7,837
Charter hire expenses		810		10,607		794			10,426
Depreciation and amortization		32		183		33			439
General and administrative		17		226		17			229
(Gain)/loss on disposal of vessels, including impairments		-		-		-			-
Total Operating Expenses		1,477		18,808		1,720			19,256
Income/(loss) from Vessel Operations		542		6,131		(395	)		2,682
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		542		6,131		(395	)		2,682
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		542		6,131		(395	)		2,682
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		542		6,131		(395	)		2,682
Reorganization Items, net		-		-		-			-
Income/(loss) before Income Taxes		542		6,131		(395	)		2,682
Income Tax (Benefit)/Provision		-		22		-			7
Net Income/(Loss)	$	542	$	6,109	$	(395	)	$	2,675

Preliminary and Unaudited

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

Page 102 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Overseas Diligence LLC					Overseas Galena Bay LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 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, including impairments		-		-			-		-
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			-		-
Income Tax (Benefit)/Provision		-		-			-		-
Net Income/(Loss)	$	-	$	2		$	-	$	-

Preliminary and Unaudited

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

Page 103 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Overseas Houston LLC					Overseas Integrity LLC
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013		December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-	$	-	$	-
Time and bareboat charter revenues		1,449			19,308		-		-
Voyage charter revenues		-			-		-		-
		1,449			19,308		-		-
Operating Expenses:
Voyage expenses		6			81		-		-
Vessel expenses		647			7,489		-		(3	)
Charter hire expenses		755			9,909		-		-
Depreciation and amortization		62			840		-		-
General and administrative		18			228		-		-
(Gain)/loss on disposal of vessels, including impairments		-			-		-		-
Total Operating Expenses		1,487			18,545		-		(3	)
Income/(loss) from Vessel Operations		(38	)		763		-		3
Equity in Income/(loss) of Affiliated Companies		-			-		-		-
Operating Income/(loss)		(38	)		763		-		3
Other Income/(expense)		-			-		-		-
Income/(loss) before Interest Expense and Income Taxes		(38	)		763		-		3
Interest Expense		-			-		-		-
Income/(loss) before Reorganization Items and Income Taxes		(38	)		763		-		3
Reorganization Items, net		-			-		-		-
Income/(loss) before Income Taxes		(38	)		763		-		3
Income Tax (Benefit)/Provision		-			-		-		-
Net Income/(Loss)	$	(38	)	$	763	$	-	$	3

Preliminary and Unaudited

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

Page 104 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Overseas Long Beach LLC				Overseas Los Angeles LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	-		$	-
Time and bareboat charter revenues		1,457		19,294		1,457			19,214
Voyage charter revenues		-		-		-			7
		1,457		19,294		1,457			19,221
Operating Expenses:
Voyage expenses		16		164		12			167
Vessel expenses		526		7,494		723			7,718
Charter hire expenses		756		9,923		760			9,969
Depreciation and amortization		45		594		42			559
General and administrative		16		225		17			227
(Gain)/loss on disposal of vessels, including impairments		-		-		-			-
Total Operating Expenses		1,360		18,400		1,554			18,640
Income/(loss) from Vessel Operations		97		894		(97	)		581
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		97		894		(97	)		581
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		97		894		(97	)		581
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		97		894		(97	)		581
Reorganization Items, net		-		-		-			-
Income/(loss) before Income Taxes		97		894		(97	)		581
Income Tax (Benefit)/Provision		-		1		-			1
Net Income/(Loss)	$	97	$	894	$	(97	)	$	580

Preliminary and Unaudited

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

Page 105 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Overseas Martinez LLC				Overseas New Orleans LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		1,790		22,235		-		-
Voyage charter revenues		4		44		-		-
		1,794		22,279		-		-
Operating Expenses:
Voyage expenses		26		333		-		-
Vessel expenses		666		8,085		-		5
Charter hire expenses		784		10,471		-		-
Depreciation and amortization		41		389		-		-
General and administrative		17		231		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		1,535		19,509		-		5
Income/(loss) from Vessel Operations		260		2,770		-		(5	)
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		260		2,770		-		(5	)
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		260		2,770		-		(5	)
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		260		2,770		-		(5	)
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		260		2,770		-		(5	)
Income Tax (Benefit)/Provision		-		7		-		-
Net Income/(Loss)	$	260	$	2,764	$	-	$	(5	)

Preliminary and Unaudited

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

Page 106 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Overseas New York LLC						Overseas Nikiski LLC
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	-	$	-
Time and bareboat charter revenues		1,449			18,338			1,651		21,992
Voyage charter revenues		-			-			-		49
		1,449			18,338			1,651		22,041
Operating Expenses:
Voyage expenses		6			76			21		338
Vessel expenses		682			7,482			626		7,682
Charter hire expenses		765			10,025			796		10,444
Depreciation and amortization		11			531			46		604
General and administrative		17			227			17		231
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		1,481			18,341			1,505		19,299
Income/(loss) from Vessel Operations		(32	)		(3	)		146		2,742
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(32	)		(3	)		146		2,742
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		(32	)		(3	)		146		2,742
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		(32	)		(3	)		146		2,742
Reorganization Items, net		-			-			-		-
Income/(loss) before Income Taxes		(32	)		(3	)		146		2,742
Income Tax (Benefit)/Provision		-			-			-		7
Net Income/(Loss)	$	(32	)	$	(3	)	$	146	$	2,735

Preliminary and Unaudited

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

Page 107 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Overseas Perseverance Corporation				Overseas Philadelphia LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		-		-		-		-
Voyage charter revenues		-		-		-		-
		-		-		-		-
Operating Expenses:
Voyage expenses		-		-		-		-
Vessel expenses		-		-		-		3
Charter hire expenses		-		-		-		-
Depreciation and amortization		-		-		-		-
General and administrative		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		-		-		-		3
Income/(loss) from Vessel Operations		-		-		-		(3	)
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		-		-		-		(3	)
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		-		-		-		(3	)
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		-		-		-		(3	)
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		-		-		-		(3	)
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	-	$	-	$	-	$	(3	)

Preliminary and Unaudited

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

Page 108 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Overseas Puget Sound LLC					Overseas Sea Swift Corporation
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 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		-		(0	)		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-			-		-
Total Operating Expenses		-		9			-		-
Income/(loss) from Vessel Operations		-		(9	)		-		-
Equity in Income/(loss) of Affiliated Companies		-		-			-		-
Operating Income/(loss)		-		(9	)		-		-
Other Income/(expense)		-		-			-		-
Income/(loss) before Interest Expense and Income Taxes		-		(9	)		-		-
Interest Expense		-		-			-		-
Income/(loss) before Reorganization Items and Income Taxes		-		(9	)		-		-
Reorganization Items, net		-		-			-		-
Income/(loss) before Income Taxes		-		(9	)		-		-
Income Tax (Benefit)/Provision		-		-			-		-
Net Income/(Loss)	$	-	$	(9	)	$	-	$	-

Preliminary and Unaudited

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

Page 109 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Overseas Shipping (GR) Ltd.					Overseas ST Holding LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-		$	-	$	-
Time and bareboat charter revenues		-		-			4,424		58,118
Voyage charter revenues		-		-			-		47
		-		-			4,424		58,165
Operating Expenses:
Voyage expenses		-		-			33		466
Vessel expenses		-		3			1,317		15,281
Charter hire expenses		-		-			-		-
Depreciation and amortization		-		-			917		12,194
General and administrative		-		-			35		459
(Gain)/loss on disposal of vessels, including impairments		-		-			-		-
Total Operating Expenses		-		3			2,302		28,400
Income/(loss) from Vessel Operations		-		(3	)		2,122		29,765
Equity in Income/(loss) of Affiliated Companies		-		-			-		-
Operating Income/(loss)		-		(3	)		2,122		29,765
Other Income/(expense)		-		-			-		-
Income/(loss) before Interest Expense and Income Taxes		-		(3	)		2,122		29,765
Interest Expense		-		-			-		-
Income/(loss) before Reorganization Items and Income Taxes		-		(3	)		2,122		29,765
Reorganization Items, net		-		-			-		-
Income/(loss) before Income Taxes		-		(3	)		2,122		29,765
Income Tax (Benefit)/Provision		-		-			-		-
Net Income/(Loss)	$	-	$	(3	)	$	2,122	$	29,765

Preliminary and Unaudited

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

Page 110 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Overseas Tampa LLC				Overseas Texas City LLC
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		2,015		25,032		2,015		24,968
Voyage charter revenues		3		55		-		24
		2,018		25,087		2,015		24,992
Operating Expenses:
Voyage expenses		28		369		40		356
Vessel expenses		561		7,572		615		7,853
Charter hire expenses		811		10,832		747		9,972
Depreciation and amortization		2		30		30		428
General and administrative		17		227		17		228
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		1,419		19,029		1,448		18,837
Income/(loss) from Vessel Operations		599		6,058		567		6,155
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		599		6,058		567		6,155
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		599		6,058		567		6,155
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		599		6,058		567		6,155
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		599		6,058		567		6,155
Income Tax (Benefit)/Provision		-		13		-		-
Net Income/(Loss)	$	599	$	6,046	$	567	$	6,155

Preliminary and Unaudited

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

Page 111 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Pearlmar Limited					Petromar Limited
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013		December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	467		$	7,172	$	-		$	-
Time and bareboat charter revenues		-			-		-			-
Voyage charter revenues		-			14		789			10,615
		467			7,186		789			10,615
Operating Expenses:
Voyage expenses		-			12		480			6,143
Vessel expenses		261			3,098		324			2,987
Charter hire expenses		-			-		-			-
Depreciation and amortization		243			2,944		81			1,192
General and administrative		0			0		396			933
(Gain)/loss on disposal of vessels, including impairments		-			-		-			14,775
Total Operating Expenses		505			6,054		1,280			26,030
Income/(loss) from Vessel Operations		(38	)		1,132		(491	)		(15,415	)
Equity in Income/(loss) of Affiliated Companies		-			-		-			-
Operating Income/(loss)		(38	)		1,132		(491	)		(15,415	)
Other Income/(expense)		-			-		-			-
Income/(loss) before Interest Expense and Income Taxes		(38	)		1,132		(491	)		(15,415	)
Interest Expense		-			-		-			-
Income/(loss) before Reorganization Items and Income Taxes		(38	)		1,132		(491	)		(15,415	)
Reorganization Items, net		-			-		-			-
Income/(loss) before Income Taxes		(38	)		1,132		(491	)		(15,415	)
Income Tax (Benefit)/Provision		-			-		-			-
Net Income/(Loss)	$	(38	)	$	1,132	$	(491	)	$	(15,415	)

Preliminary and Unaudited

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

Page 112 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Pisces Tanker Corporation						Polaris Tanker Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	-		$	-
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			3,940			5			3,824
		-			3,940			5			3,824
Operating Expenses:
Voyage expenses		(1	)		2,380			0			2,368
Vessel expenses		(0	)		26			0			16
Charter hire expenses		-			2,350			-			1,996
Depreciation and amortization		-			-			-			-
General and administrative		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		(1	)		4,756			0			4,380
Income/(loss) from Vessel Operations		1			(817	)		5			(556	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		1			(817	)		5			(556	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		1			(817	)		5			(556	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		1			(817	)		5			(556	)
Reorganization Items, net		2,260			5,816			1,976			5,570
Income/(loss) before Income Taxes		(2,259	)		(6,633	)		(1,971	)		(6,126	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(2,259	)	$	(6,633	)	$	(1,971	)	$	(6,126	)

Preliminary and Unaudited

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

Page 113 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Queens Product Tanker Corporation						Reymar Limited
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	135		$	6,047
Time and bareboat charter revenues		-			-			248			248
Voyage charter revenues		-			9			-			16
		-			9			383			6,311
Operating Expenses:
Voyage expenses		(1	)		3			(501	)		(497	)
Vessel expenses		(10	)		69			355			3,593
Charter hire expenses		-			-			-			-
Depreciation and amortization		-			-			241			2,678
General and administrative		-			-			0			0
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		(11	)		72			96			5,775
Income/(loss) from Vessel Operations		11			(64	)		288			536
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		11			(64	)		288			536
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		11			(64	)		288			536
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		11			(64	)		288			536
Reorganization Items, net		-			-			-			-
Income/(loss) before Income Taxes		11			(64	)		288			536
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	11		$	(64	)	$	288		$	536

Preliminary and Unaudited

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

Page 114 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Rich Tanker Corporation						Rimar Chartering Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	-		$	-
Time and bareboat charter revenues		-			455			-			-
Voyage charter revenues		892			11,445			1			797
		892			11,900			1			797
Operating Expenses:
Voyage expenses		610			6,518			(8	)		493
Vessel expenses		13			88			(12	)		306
Charter hire expenses		403			5,723			-			626
Depreciation and amortization		-			-			-			80
General and administrative		-			-			0			0
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		1,025			12,328			(19	)		1,505
Income/(loss) from Vessel Operations		(133	)		(428	)		20			(709	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(133	)		(428	)		20			(709	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(133	)		(428	)		20			(709	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(133	)		(428	)		20			(709	)
Reorganization Items, net		-			2,159			2,527			8,825
Income/(loss) before Income Taxes		(133	)		(2,587	)		(2,508	)		(9,534	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(133	)	$	(2,587	)	$	(2,508	)	$	(9,534	)

Preliminary and Unaudited

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

Page 115 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Rosalyn Tanker Corporation					Rosemar Limited
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	1,448	$	6,844		$	-		$	-
Time and bareboat charter revenues		-		-			224			4,916
Voyage charter revenues		-		-			-			15
		1,448		6,844			224			4,931
Operating Expenses:
Voyage expenses		5		256			6			138
Vessel expenses		415		4,264			712			3,225
Charter hire expenses		-		-			-			-
Depreciation and amortization		131		3,185			240			2,894
General and administrative		0		0			0			0
(Gain)/loss on disposal of vessels, including impairments		-		-			-			-
Total Operating Expenses		552		7,705			958			6,257
Income/(loss) from Vessel Operations		896		(861	)		(734	)		(1,326	)
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		896		(861	)		(734	)		(1,326	)
Other Income/(expense)		-		-			-			-
Income/(loss) before Interest Expense and Income Taxes		896		(861	)		(734	)		(1,326	)
Interest Expense		-		-			-			-
Income/(loss) before Reorganization Items and Income Taxes		896		(861	)		(734	)		(1,326	)
Reorganization Items, net		5		36			-			-
Income/(loss) before Income Taxes		891		(897	)		(734	)		(1,326	)
Income Tax (Benefit)/Provision		-		-			-			-
Net Income/(Loss)	$	891	$	(897	)	$	(734	)	$	(1,326	)

Preliminary and Unaudited

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

Page 116 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Rubymar Limited					Sakura Transport Corp.
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-		$	119		$	6,580
Time and bareboat charter revenues		248		3,544			-			-
Voyage charter revenues		-		-			-			-
		248		3,544			119			6,580
Operating Expenses:
Voyage expenses		-		(0	)		(1	)		324
Vessel expenses		0		(3	)		632			4,524
Charter hire expenses		-		-			-			-
Depreciation and amortization		220		2,776			762			3,846
General and administrative		0		0			0			0
(Gain)/loss on disposal of vessels, including impairments		-		-			-			-
Total Operating Expenses		221		2,774			1,394			8,695
Income/(loss) from Vessel Operations		27		771			(1,275	)		(2,115	)
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		27		771			(1,275	)		(2,115	)
Other Income/(expense)		-		-			-			-
Income/(loss) before Interest Expense and Income Taxes		27		771			(1,275	)		(2,115	)
Interest Expense		-		-			-			-
Income/(loss) before Reorganization Items and Income Taxes		27		771			(1,275	)		(2,115	)
Reorganization Items, net		-		-			-			-
Income/(loss) before Income Taxes		27		771			(1,275	)		(2,115	)
Income Tax (Benefit)/Provision		-		-			-			-
Net Income/(Loss)	$	27	$	771		$	(1,275	)	$	(2,115	)

Preliminary and Unaudited

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

Page 117 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Samar Product Tanker Corporation						Santorini Tanker LLC
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	-		$	-	$	-
Time and bareboat charter revenues		415			5,355			-		-
Voyage charter revenues		-			2			1,836		18,044
		415			5,357			1,836		18,044
Operating Expenses:
Voyage expenses		10			164			347		6,873
Vessel expenses		222			2,350			426		4,796
Charter hire expenses		-			-			-		-
Depreciation and amortization		185			2,460			174		2,282
General and administrative		0			0			16		212
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		417			4,975			963		14,163
Income/(loss) from Vessel Operations		(2	)		383			873		3,881
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(2	)		383			873		3,881
Other Income/(expense)		(0	)		(2	)		-		-
Income/(loss) before Interest Expense and Income Taxes		(2	)		380			873		3,881
Interest Expense		-			(9	)		-		-
Income/(loss) before Reorganization Items and Income Taxes		(2	)		371			873		3,881
Reorganization Items, net		5			36			-		-
Income/(loss) before Income Taxes		(7	)		335			873		3,881
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(7	)	$	335		$	873	$	3,881

Preliminary and Unaudited

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

Page 118 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Serifos Tanker Corporation						Seventh Aframax Tanker Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	25		$	525		$	-	$	2,051
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		883			8,284			1,426		8,349
		909			8,809			1,426		10,400
Operating Expenses:
Voyage expenses		588			4,914			862		5,825
Vessel expenses		218			1,881			272		3,288
Charter hire expenses		194			2,382			-		-
Depreciation and amortization		17			223			142		1,905
General and administrative		0			0			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		1,017			9,400			1,277		11,018
Income/(loss) from Vessel Operations		(108	)		(590	)		149		(618	)
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(108	)		(590	)		149		(618	)
Other Income/(expense)		-			(13	)		-		-
Income/(loss) before Interest Expense and Income Taxes		(108	)		(604	)		149		(618	)
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		(108	)		(604	)		149		(618	)
Reorganization Items, net		3,342			15,145			-		-
Income/(loss) before Income Taxes		(3,450	)		(15,749	)		149		(618	)
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(3,450	)	$	(15,749	)	$	149	$	(618	)

Preliminary and Unaudited

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

Page 119 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Shirley Tanker SRL						Sifnos Tanker Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-		$	2,004		$	566		$	5,684
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		934			7,857			-			-
		934			9,861			566			5,684
Operating Expenses:
Voyage expenses		570			5,477			-			15
Vessel expenses		278			3,851			244			2,778
Charter hire expenses		-			-			194			3,304
Depreciation and amortization		315			4,209			33			294
General and administrative		6			67			0			0
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		1,170			13,603			470			6,391
Income/(loss) from Vessel Operations		(236	)		(3,742	)		96			(708	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(236	)		(3,742	)		96			(708	)
Other Income/(expense)		0			0			-			(13	)
Income/(loss) before Interest Expense and Income Taxes		(236	)		(3,742	)		96			(721	)
Interest Expense		(5	)		(15	)		-			-
Income/(loss) before Reorganization Items and Income Taxes		(241	)		(3,757	)		96			(721	)
Reorganization Items, net		5			36			3,590			13,781
Income/(loss) before Income Taxes		(246	)		(3,793	)		(3,494	)		(14,502	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(246	)	$	(3,793	)	$	(3,494	)	$	(14,502	)

Preliminary and Unaudited

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

Page 120 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Silvermar Limited					Sixth Aframax Tanker Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013		December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	449		$	6,861	$	-		$	857
Time and bareboat charter revenues		-			-		-			1,886
Voyage charter revenues		-			10		1,123			8,092
		449			6,872		1,123			10,835
Operating Expenses:
Voyage expenses		-			13		691			5,685
Vessel expenses		229			2,486		373			3,492
Charter hire expenses		-			-		-			-
Depreciation and amortization		239			2,883		139			1,860
General and administrative		0			0		0			0
(Gain)/loss on disposal of vessels, including impairments		-			-		-			-
Total Operating Expenses		469			5,382		1,204			11,038
Income/(loss) from Vessel Operations		(20	)		1,489		(81	)		(203	)
Equity in Income/(loss) of Affiliated Companies		-			-		-			-
Operating Income/(loss)		(20	)		1,489		(81	)		(203	)
Other Income/(expense)		-			-		-			-
Income/(loss) before Interest Expense and Income Taxes		(20	)		1,489		(81	)		(203	)
Interest Expense		-			-		-			-
Income/(loss) before Reorganization Items and Income Taxes		(20	)		1,489		(81	)		(203	)
Reorganization Items, net		-			-		-			-
Income/(loss) before Income Taxes		(20	)		1,489		(81	)		(203	)
Income Tax (Benefit)/Provision		-			-		-			-
Net Income/(Loss)	$	(20	)	$	1,489	$	(81	)	$	(203	)

Preliminary and Unaudited

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

Page 121 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Skopelos Product Tanker Corporation				Star Chartering Corporation
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	-		$	-
Time and bareboat charter revenues		-		-		457			5,762
Voyage charter revenues		999		13,529		-			-
		999		13,529		457			5,762
Operating Expenses:
Voyage expenses		676		8,186		-			-
Vessel expenses		199		2,386		2			37
Charter hire expenses		-		-		457			5,763
Depreciation and amortization		86		1,488		-			-
General and administrative		0		0		-			-
(Gain)/loss on disposal of vessels, including impairments		-		-		-			-
Total Operating Expenses		962		12,060		460			5,800
Income/(loss) from Vessel Operations		36		1,469		(2	)		(38	)
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		36		1,469		(2	)		(38	)
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		36		1,469		(2	)		(38	)
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		36		1,469		(2	)		(38	)
Reorganization Items, net		-		-		-			-
Income/(loss) before Income Taxes		36		1,469		(2	)		(38	)
Income Tax (Benefit)/Provision		-		-		-			-
Net Income/(Loss)	$	36	$	1,469	$	(2	)	$	(38	)

Preliminary and Unaudited

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

Page 122 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Suezmax International Agencies, Inc.						Talara Chartering Corporation
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	(21	)	$	10,597		$	(6	)	$	1,363
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		1,548			6,321			-			7
		1,527			16,919			(6	)		1,371
Operating Expenses:
Voyage expenses		750			3,925			-			21
Vessel expenses		4			134			(8	)		545
Charter hire expenses		421			16,002			-			1,730
Depreciation and amortization		-			-			-			34
General and administrative		81			1,062			0			0
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		1,256			21,123			(7	)		2,330
Income/(loss) from Vessel Operations		271			(4,204	)		1			(959	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		271			(4,204	)		1			(959	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		271			(4,204	)		1			(959	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		271			(4,204	)		1			(959	)
Reorganization Items, net		-			-			12,578			36,040
Income/(loss) before Income Taxes		271			(4,204	)		(12,577	)		(36,999	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	271		$	(4,204	)	$	(12,577	)	$	(36,999	)

Preliminary and Unaudited

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

Page 123 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Third United Shipping Corporation				Tokyo Transport Corp.
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	1,355	$	8,105
Time and bareboat charter revenues		-		-		-		-
Voyage charter revenues		-		-		-		-
		-		-		1,355		8,105
Operating Expenses:
Voyage expenses		-		-		106		403
Vessel expenses		-		-		256		4,046
Charter hire expenses		-		-		-		-
Depreciation and amortization		-		-		352		3,669
General and administrative		-		-		0		0
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		-		-		715		8,119
Income/(loss) from Vessel Operations		-		-		641		(14	)
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		-		-		641		(14	)
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		-		-		641		(14	)
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		-		-		641		(14	)
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		-		-		641		(14	)
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	-	$	-	$	641	$	(14	)

Preliminary and Unaudited

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

Page 124 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Transbulk Carriers, Inc.				Troy Chartering Corporation
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	(2	)	$	1,194
Time and bareboat charter revenues		-		-		-			-
Voyage charter revenues		-		-		-			12
		-		-		(2	)		1,206
Operating Expenses:
Voyage expenses		-		-		0			12
Vessel expenses		-		-		(2	)		463
Charter hire expenses		-		-		-			1,676
Depreciation and amortization		-		-		-			35
General and administrative		-		-		0			0
(Gain)/loss on disposal of vessels, including impairments		-		-		-			-
Total Operating Expenses		-		-		(2	)		2,185
Income/(loss) from Vessel Operations		-		-		(0	)		(979	)
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		-		-		(0	)		(979	)
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		-		-		(0	)		(979	)
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		-		-		(0	)		(979	)
Reorganization Items, net		-		-		13,132			37,194
Income/(loss) before Income Taxes		-		-		(13,132	)		(38,173	)
Income Tax (Benefit)/Provision		-		-		-			-
Net Income/(Loss)	$	-	$	-	$	(13,132	)	$	(38,173	)

Preliminary and Unaudited

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

Page 125 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Troy Product Corporation				Urban Tanker Corporation
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	532		$	6,062
Time and bareboat charter revenues		-		-		-			-
Voyage charter revenues		-		-		-			(8	)
		-		-		532			6,054
Operating Expenses:
Voyage expenses		-		-		8			(27	)
Vessel expenses		-		-		13			60
Charter hire expenses		-		-		403			5,822
Depreciation and amortization		-		-		-			-
General and administrative		-		-		-			-
(Gain)/loss on disposal of vessels, including impairments		-		-		-			-
Total Operating Expenses		-		-		424			5,855
Income/(loss) from Vessel Operations		-		-		109			199
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		-		-		109	��		199
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		-		-		109			199
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		-		-		109			199
Reorganization Items, net		-		-		-			4,083
Income/(loss) before Income Taxes		-		-		109			(3,884	)
Income Tax (Benefit)/Provision		-		-		-			-
Net Income/(Loss)	$	-	$	-	$	109		$	(3,884	)

Preliminary and Unaudited

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

Page 126 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Vega Tanker Corporation					View Tanker Corporation
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-		$	83	$	39
Time and bareboat charter revenues		-		-			-		4,686
Voyage charter revenues		-		-			667		2,103
		-		-			751		6,828
Operating Expenses:
Voyage expenses		-		-			183		1,245
Vessel expenses		-		80			7		70
Charter hire expenses		-		-			403		5,355
Depreciation and amortization		-		-			-		-
General and administrative		-		-			-		-
(Gain)/loss on disposal of vessels, including impairments		-		-			-		-
Total Operating Expenses		-		80			593		6,670
Income/(loss) from Vessel Operations		-		(80	)		158		159
Equity in Income/(loss) of Affiliated Companies		-		-			-		-
Operating Income/(loss)		-		(80	)		158		159
Other Income/(expense)		-		-			-		-
Income/(loss) before Interest Expense and Income Taxes		-		(80	)		158		159
Interest Expense		-		-			-		-
Income/(loss) before Reorganization Items and Income Taxes		-		(80	)		158		159
Reorganization Items, net		-		-			-		3,104
Income/(loss) before Income Taxes		-		(80	)		158		(2,946	)
Income Tax (Benefit)/Provision		-		-			-		-
Net Income/(Loss)	$	-	$	(80	)	$	158	$	(2,946	)

Preliminary and Unaudited

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

Page 127 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Vivian Tankships Corporation				Vulpecula Chartering Corporation
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013		December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-	$	-		$	-
Time and bareboat charter revenues		-		-		-			-
Voyage charter revenues		-		-		1			3,831
		-		-		1			3,831
Operating Expenses:
Voyage expenses		-		-		-			1,978
Vessel expenses		-		-		-			7
Charter hire expenses		-		-		0			1,828
Depreciation and amortization		-		-		-			-
General and administrative		-		-		-			-
(Gain)/loss on disposal of vessels, including impairments		-		-		-			-
Total Operating Expenses		-		-		0			3,813
Income/(loss) from Vessel Operations		-		-		0			19
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		-		-		0			19
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		-		-		0			19
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		-		-		0			19
Reorganization Items, net		-		-		1,893			4,357
Income/(loss) before Income Taxes		-		-		(1,893	)		(4,338	)
Income Tax (Benefit)/Provision		-		-		-			-
Net Income/(Loss)	$	-	$	-	$	(1,893	)	$	(4,338	)

Preliminary and Unaudited

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

Page 128 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Wind Aframax Tanker Corporation						Combined Debtors
($000s)	December 1 - 31, 2013		November 14, 2012 - December 31, 2013				December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	-	$	-			$	16,945		$	205,041
Time and bareboat charter revenues		-		-				33,282			423,844
Voyage charter revenues		-		-				49,161			534,605
		-		-				99,388			1,163,490
Operating Expenses:
Voyage expenses		-		-		��		25,668			288,265
Vessel expenses		-		(0	)			25,908			302,412
Charter hire expenses		-		10				16,024			260,768
Depreciation and amortization		-		-				17,078			203,176
General and administrative		-		-				7,004			77,007
(Gain)/loss on disposal of vessels, including impairments		-		-				(79	)		278,142
Total Operating Expenses		-		10				91,604			1,409,770
Income/(loss) from Vessel Operations		-		(10	)			7,785			(246,280	)
Equity in Income/(loss) of Affiliated Companies		-		-				5,113			47,887
Operating Income/(loss)		-		(10	)			12,898			(198,393	)
Other Income/(expense)		-		-				(2,019	)		(16,494	)
Income/(loss) before Interest Expense and Income Taxes		-		(10	)			10,879			(214,887	)
Interest Expense		-		-				(21	)		(215	)
Income/(loss) before Reorganization Items and Income Taxes		-		(10	)			10,858			(215,102	)
Reorganization Items, net		-		-				64,350			363,678
Income/(loss) before Income Taxes		-		(10	)			(53,491	)		(578,780	)
Income Tax (Benefit)/Provision		-		-				8			(8,387	)
Net Income/(Loss)	$	-	$	(10	)		$	(53,499	)	$	(570,394	)

Preliminary and Unaudited

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

Page 129 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Eliminations						Consolidated Debtors
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	(727	)	$	(1,267	)	$	16,217		$	203,773
Time and bareboat charter revenues		(421	)		(9,198	)		32,861			414,646
Voyage charter revenues		-			-			49,161			534,605
		(1,149	)		(10,465	)		98,240			1,153,025
Operating Expenses:
Voyage expenses		-			-			25,668			288,265
Vessel expenses		-			-			25,908			302,412
Charter hire expenses		(1,149	)		(10,465	)		14,876			250,303
Depreciation and amortization		-			-			17,078			203,176
General and administrative		-			-			7,004			77,007
(Gain)/loss on disposal of vessels, including impairments		-			-			(79	)		278,142
Total Operating Expenses		(1,149	)		(10,465	)		90,454			1,399,305
Income/(loss) from Vessel Operations		-			-			7,786			(246,280	)
Equity in Income/(loss) of Affiliated Companies		-			-			5,113			47,886
Operating Income/(loss)		-			-			12,899			(198,394	)
Other Income/(expense)		-			-			(2,019	)		(16,494	)
Income/(loss) before Interest Expense and Income Taxes		-			-			10,880			(214,888	)
Interest Expense		-			-			(21	)		(216	)
Income/(loss) before Reorganization Items and Income Taxes		-			-			10,859			(215,104	)
Reorganization Items, net		-			-			64,350			363,678
Income/(loss) before Income Taxes		-			-			(53,490	)		(578,782	)
Income Tax (Benefit)/Provision		-			-			8			(8,387	)
Net Income/(Loss)	$	-		$	-		$	(53,498	)	$	(570,396	)

Preliminary and Unaudited

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

Page 130 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Total Non-Debtors						Eliminations
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013			December 1 - 31, 2013		November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	162		$	172		$	-	$	-
Time and bareboat charter revenues		-			117			-		-
Voyage charter revenues		-			(167	)		-		-
		162			122			-		-
Operating Expenses:
Voyage expenses		-			(411	)		-		-
Vessel expenses		-			473			-		-
Charter hire expenses		-			334			-		-
Depreciation and amortization		(100	)		(695	)		-		-
General and administrative		4,086			29,860			-		-
(Gain)/loss on disposal of vessels, including impairments		-			88			-		-
Total Operating Expenses		3,986			29,650			-		-
Income/(loss) from Vessel Operations		(3,824	)		(29,528	)		-		-
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(3,824	)		(29,528	)		-		-
Other Income/(expense)		2,052			17,578			-		-
Income/(loss) before Interest Expense and Income Taxes		(1,771	)		(11,949	)		-		-
Interest Expense		-			0			-		-
Income/(loss) before Reorganization Items and Income Taxes		(1,771	)		(11,949	)		-		-
Reorganization Items, net		-			0			-		-
Income/(loss) before Income Taxes		(1,771	)		(11,949	)		-		-
Income Tax (Benefit)/Provision		220			337			-		-
Net Income/(Loss)	$	(1,992	)	$	(12,286	)	$	-	$	-

Preliminary and Unaudited

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

Page 131 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from December 1 - 31, 2013 and from November 14, 2012 through December 31, 2013

	Consolidated Overseas Shipholding Group, Inc.
($000s)	December 1 - 31, 2013			November 14, 2012 - December 31, 2013

Shipping Revenues:

Pool revenues	$	16,379		$	203,945
Time and bareboat charter revenues		32,861			414,764
Voyage charter revenues		49,161			534,438
		98,401			1,153,147
Operating Expenses:
Voyage expenses		25,668			287,855
Vessel expenses		25,908			302,885
Charter hire expenses		14,876			250,637
Depreciation and amortization		16,978			202,481
General and administrative		11,090			106,867
(Gain)/loss on disposal of vessels, including impairments		(79	)		278,230
Total Operating Expenses		94,441			1,428,955
Income/(loss) from Vessel Operations		3,960			(275,808	)
Equity in Income/(loss) of Affiliated Companies		5,113			47,886
Operating Income/(loss)		9,073			(227,922	)
Other Income/(expense)		34			1,084
Income/(loss) before Interest Expense and Income Taxes		9,107			(226,838	)
Interest Expense		(21	)		(216	)
Income/(loss) before Reorganization Items and Income Taxes		9,086			(227,054	)
Reorganization Items, net		64,350			363,678
Income/(loss) before Income Taxes		(55,264	)		(590,732	)
Income Tax (Benefit)/Provision		228			(8,050	)
Net Income/(Loss)	$	(55,492	)	$	(582,682	)

Preliminary and Unaudited

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

Page 132 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Overseas Shipholding Group, Inc.						OSG International, Inc.						OSG Bulk Ships, Inc.				1372 Tanker Corporation						Africa Tanker Corporation
($000s)	November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	320,126		$	180,508		$	3,986		$	147,508		$	46,300	$	13,281	$	-		$	-		$	-		$	-
Voyage receivables		530			0			(990	)		(756	)		-		-		2,611			2,199			-			-
Other receivables		5,011			47			13,363			452			746		146		27			47			(1	)		(1	)
Inventory		-			-			-			-			-		-		-			3,905			-			-
Prepaid expenses and other current assets		16,696			1,518			(133	)		-			-		-		75			150			18			112
Total Current Assets		342,364			182,073			16,227			147,204			47,046		13,426		2,713			6,301			18			111
Vessels and other property, less accumulated depreciation		-			-			-			153			-		-		50,585			47,589			-			-
Deferred drydock expenditures, net		-			-			-			-			-		-		2,212			1,723			-			-
Total Vessels, Deferred Drydock and Other Property		-			-			-			153			-		-		52,797			49,312			-			-
Investments in Affiliated Companies		38			253			(2,998	)		44,278			-		-		-			-			231,376			268,551
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			274,359			180,732			137,906			-		-		-			-			-			-
Pre-petition intercompany receivables from debtors		331,328			352,780			339,231			339,233			986,889		986,888		16,336			16,336			259,313			259,313
Pre-petition Intercompany receivables from non-debtors		10,840			10,345			1,487,388			1,498,820			4,045		4,045		-			-			4,350			4,350
Post-petition intercompany receivables from non-debtors		-			436			-			15,383			-		-		-			-			-			-
Post-petition Intercompany receivables from debtors		-			32,842			-			51,783			-		43,646		-			1,290			-			-
Other Assets		0			9,168			6			10			237		130		21			(73	)		-			-
Total Assets	$	1,767,945		$	1,678,257		$	4,057,090		$	4,271,281		$	2,550,477	$	2,560,396	$	71,867		$	73,166		$	495,057		$	532,326

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		8,019			318,770			-			505			55		2,523		1,150			223			-			-
Total Current Liabilities Not Subject to Compromise		8,019			318,770			-			505			55		2,523		1,150			223			-			-

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-			79,190			-		52,793		-			502			-			-
Post-petition intercompany payables to non-debtors		-			-			-			31,827			-		5		-			3,767			-			-
Post-petition intercompany payables to other debtors		-			13,327			-			178,783			-		7,634		-			-			-			494
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-			-		-		-			-			-			-
Deferred Income Taxes and Other Liabilities		724,132			348,471			-			-			-		-		-			-			43			-
Total Liabilities Not Subject to Compromise		732,151			680,569			-			290,305			55		62,956		1,150			4,493			43			494

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			227,716			152,549			50,033		33		-			-			-			-
Pre-petition intercompany payables to non-debtors		12,677			12,677			317,740			317,996			59,165		59,165		28,127			28,120			17			17
Pre-petition intercompany payables to other debtors		29,734			44,070			1,932,666			1,954,055			1,079,806		1,079,614		-			-			39			39
Other liabilities		2,018,557			2,022,218			509			772			2,210		3,609		47,035			45,786			-			-
Total Liabilities Subject to Compromise		2,060,968			2,078,965			2,478,631			2,425,372			1,191,215		1,142,422		75,161			73,906			56			56

Total Liabilities		2,793,118			2,759,534			2,478,631			2,715,677			1,191,270		1,205,378		76,311			78,398			99			550
Equity:
Total Equity		(1,025,174	)		(1,081,278	)		1,578,459			1,555,604			1,359,207		1,355,018		(4,444	)		(5,233	)		494,959			531,776
Total Liabilities and Equity	$	1,767,945		$	1,678,257		$	4,057,090		$	4,271,281		$	2,550,477	$	2,560,396	$	71,867		$	73,166		$	495,057		$	532,326

Preliminary and Unaudited

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

Page 133 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Alcesmar Limited						Alcmar Limited						Alpha Suezmax Corporation						Alpha Tanker Corporation						Amalia Product Corporation
($000s)	November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Voyage receivables		1,547			998			153			1,219			2,957			1,750			(62	)		(64	)		2,562			3,213
Other receivables		11			45			(24	)		(2	)		2,741			-			131			-			6			(35	)
Inventory		-			-			-			-			-			-			-			-			38			-
Prepaid expenses and other current assets		21			54			21			55			528			-			-			-			388			64
Total Current Assets		1,579			1,097			150			1,272			6,226			1,750			69			(64	)		2,995			3,242
Vessels and other property, less accumulated depreciation		34,822			15,027			34,750			15,323			228			-			-			-			51,954			48,304
Deferred drydock expenditures, net		674			114			401			187			1,800			-			-			-			1,747			1,215
Total Vessels, Deferred Drydock and Other Property		35,496			15,141			35,151			15,509			2,028			-			-			-			53,701			49,519
Investments in Affiliated Companies		300			300			600			300			-			-			-			-			601			601
Intangible Assets, less accumulated amortization		-			-			-			-			-			-			-			-			-			-
Goodwill		-			-			-			-			-			-			-			-			-			-
Investments in subsidiaries		-			-			-			-			-			-			-			-			-			-
Intercompany loans receivable and accrued interest		-			-			-			-			-			-			-			-			-			-
Pre-petition intercompany receivables from debtors		3,930			3,930			7,926			7,926			6,502			6,502			157			157			6,826			6,826
Pre-petition Intercompany receivables from non-debtors		0			0			-			-			14			14			481			481			-			-
Post-petition intercompany receivables from non-debtors		-			-			-			-			-			-			-			-			-			-
Post-petition Intercompany receivables from debtors		-			3,625			-			2,854			-			3,886			-			-			-			4,351
Other Assets		(13	)		(15	)		0			(21	)		55			-			-			-			(1	)		2
Total Assets	$	41,292		$	24,078		$	43,827		$	27,840		$	14,825		$	12,152		$	707		$	574		$	64,121		$	64,540

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		44			148			708			760			116			729			-			-			41			88
Total Current Liabilities Not Subject to Compromise		44			148			708			760			116			729			-			-			41			88

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-			-			-			-			-			-			-			-
Post-petition intercompany payables to non-debtors		-			563			-			835			-			-			-			-			-			-
Post-petition intercompany payables to other debtors		-			-			-			-			-			-			-			-			-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-			-			-			-			-			-			-
Deferred Income Taxes and Other Liabilities		-			-			-			-			-			-			-			-			-			-
Total Liabilities Not Subject to Compromise		44			711			708			1,596			116			729			-			-			41			88

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-			-			-			-			-			-			-
Pre-petition intercompany payables to non-debtors		6,818			6,818			7,706			7,706			26,898			26,898			-			-			6,322			6,322
Pre-petition intercompany payables to other debtors		238			238			222			222			2,722			2,722			147			147			3			3
Other liabilities		19,883			19,695			19,883			19,695			-			13,450			-			-			-			-
Total Liabilities Subject to Compromise		26,940			26,751			27,811			27,623			29,620			43,070			147			147			6,325			6,325

Total Liabilities		26,984			27,462			28,519			29,218			29,736			43,799			147			147			6,366			6,413
Equity:
Total Equity		14,308			(3,384	)		15,308			(1,378	)		(14,912	)		(31,647	)		560			427			57,755			58,127
Total Liabilities and Equity	$	41,292		$	24,078		$	43,827		$	27,840		$	14,825		$	12,152		$	707		$	574		$	64,121		$	64,540

Preliminary and Unaudited

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

Page 134 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Ambermar Product Carrier Corporation				Ambermar Tanker Corporation						Andromar Limited						Antigmar Limited						Aqua Tanker Corporation
($000s)	November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-	$	-		$	-		$	-		$	-		$	-		$	-		$	-	$	-
Voyage receivables		1,417		-		(22	)		-			1,480			1,506			270			1,198			455		449
Other receivables		14		449		-			-			20			30			(27	)		17			3,779		4,038
Inventory		318		-		-			-			-			-			484			-			-		-
Prepaid expenses and other current assets		21		62		1,071			-			23			56			21			57			4,651		4,651
Total Current Assets		1,769		511		1,049			-			1,523			1,591			748			1,272			8,884		9,137
Vessels and other property, less accumulated depreciation		26,361		9,845		-			-			35,473			15,216			35,287			15,340			-		-
Deferred drydock expenditures, net		1,657		1,219		-			-			534			86			395			136			-		-
Total Vessels, Deferred Drydock and Other Property		28,018		11,064		-			-			36,006			15,303			35,682			15,476			-		-
Investments in Affiliated Companies		-		-		-			-			600			300			600			600			-		-
Intangible Assets, less accumulated amortization		-		-		-			-			-			-			-			-			-		-
Goodwill		-		-		-			-			-			-			-			-			-		-
Investments in subsidiaries		-		-		-			-			-			-			-			-			-		-
Intercompany loans receivable and accrued interest		-		-		-			-			-			-			-			-			-		-
Pre-petition intercompany receivables from debtors		16,108		16,108		102			102			14,837			14,837			15,228			15,228			199		199
Pre-petition Intercompany receivables from non-debtors		-		-		783			783			1			1			-			-			440		440
Post-petition intercompany receivables from non-debtors		-		-		-			-			-			-			-			-			-		-
Post-petition Intercompany receivables from debtors		-		4,735		-			1,318			-			3,326			-			3,114			-		-
Other Assets		33		24		-			(270	)		(20	)		(23	)		(24	)		(2	)		-		-
Total Assets	$	45,929	$	32,442	$	1,934		$	1,933		$	52,947		$	35,334		$	52,233		$	35,688		$	9,523	$	9,776

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		374		70		4			-			928			60			469			108			57		113
Total Current Liabilities Not Subject to Compromise		374		70		4			-			928			60			469			108			57		113

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-		-		-			-			-			-			-			-			-		-
Post-petition intercompany payables to non-debtors		-		-		-			-			-			763			-			977			-		-
Post-petition intercompany payables to other debtors		-		-		-			-			-			-			-			-			-		3
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-		-			-			-			-			-			-			-		-
Deferred Income Taxes and Other Liabilities		-		-		-			-			-			-			-			-			-		-
Total Liabilities Not Subject to Compromise		374		70		4			-			928			823			469			1,085			57		116

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-		-		-			-			-			-			-			-			-		-
Pre-petition intercompany payables to non-debtors		17,078		17,078		-			-			16,388			16,388			17,540			17,540			1,979		1,979
Pre-petition intercompany payables to other debtors		335		335		840			840			226			226			241			241			18		18
Other liabilities		-		-		-			-			19,883			19,695			19,950			19,695			-		-
Total Liabilities Subject to Compromise		17,413		17,413		840			840			36,498			36,309			37,731			37,476			1,997		1,997

Total Liabilities		17,787		17,483		844			840			37,426			37,132			38,200			38,561			2,053		2,113
Equity:
Total Equity		28,142		14,959		1,090			1,093			15,521			(1,797	)		14,033			(2,873	)		7,470		7,663
Total Liabilities and Equity	$	45,929	$	32,442	$	1,934		$	1,933		$	52,947		$	35,334		$	52,233		$	35,688		$	9,523	$	9,776

Preliminary and Unaudited

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

Page 135 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Aquarius Tanker Corporation						Ariadmar Limited						Aspro Tanker Corporation				Atalmar Limited						Athens Product Tanker Corporation
($000s)	November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-		$	-	$	-	$	-		$	-		$	-		$	-
Voyage receivables		2,193			5			1,578			1,199			330		327		1,936			1,106			1,699			3,266
Other receivables		15			351			6			16			26		-		2			7			(4	)		13
Inventory		150			-			-			-			-		-		182			365			323			817
Prepaid expenses and other current assets		273			-			29			54			31		-		23			54			19			64
Total Current Assets		2,631			356			1,612			1,268			386		327		2,143			1,534			2,037			4,159
Vessels and other property, less accumulated depreciation		-			-			35,133			15,027			-		-		35,037			15,051			41,872			40,057
Deferred drydock expenditures, net		-			-			762			246			-		-		726			288			-			-
Total Vessels, Deferred Drydock and Other Property		-			-			35,895			15,272			-		-		35,762			15,339			41,872			40,057
Investments in Affiliated Companies		-			-			300			300			-		-		-			-			-			-
Intangible Assets, less accumulated amortization		-			-			-			-			-		-		-			-			-			-
Goodwill		-			-			-			-			-		-		-			-			-			-
Investments in subsidiaries		-			-			-			-			-		-		-			-			-			-
Intercompany loans receivable and accrued interest		-			-			-			-			-		-		-			-			-			-
Pre-petition intercompany receivables from debtors		19,515			19,515			4,859			4,859			1,193		1,193		13,184			13,184			16			16
Pre-petition Intercompany receivables from non-debtors		-			-			1			1			550		550		-			-			-			-
Post-petition intercompany receivables from non-debtors		-			-			-			-			-		-		-			-			-			-
Post-petition Intercompany receivables from debtors		-			1,772			-			3,792			-		-		-			3,734			-			4,541
Other Assets		-			-			(37	)		(1	)		-		-		(114	)		(20	)		2			-
Total Assets	$	22,146		$	21,643		$	42,631		$	25,492		$	2,130	$	2,070	$	50,976		$	33,771		$	43,926		$	48,773

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		478			20			42			14			-		-		571			315			63			1,100
Total Current Liabilities Not Subject to Compromise		478			20			42			14			-		-		571			315			63			1,100

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-			-			-		-		-			-			-			-
Post-petition intercompany payables to non-debtors		-			-			-			415			-		-		-			-			-			-
Post-petition intercompany payables to other debtors		-			-			-			-			-		-		-			-			-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-			-		-		-			-			-			-
Deferred Income Taxes and Other Liabilities		-			-			-			-			-		-		-			-			-			-
Total Liabilities Not Subject to Compromise		478			20			42			428			-		-		571			315			63			1,100

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-			-		-		-			-			-			-
Pre-petition intercompany payables to non-debtors		23,009			23,009			7,987			7,987			-		-		9,783			9,783			7,512			7,512
Pre-petition intercompany payables to other debtors		-			-			223			223			1,193		1,193		261			261			35,276			35,276
Other liabilities		-			2,343			19,883			19,695			-		-		-			-			-			-
Total Liabilities Subject to Compromise		23,009			25,352			28,093			27,905			1,193		1,193		10,045			10,045			42,788			42,788

Total Liabilities		23,487			25,371			28,135			28,333			1,193		1,193		10,616			10,360			42,851			43,888
Equity:
Total Equity		(1,340	)		(3,728	)		14,496			(2,841	)		936		877		40,360			23,412			1,075			4,885
Total Liabilities and Equity	$	22,146		$	21,643		$	42,631		$	25,492		$	2,130	$	2,070	$	50,976		$	33,771		$	43,926		$	48,773

Preliminary and Unaudited

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

Page 136 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Atlas Chartering Corporation						Aurora Shipping Corporation					Avila Tanker Corporation					Batangas Tanker Corporation					Beta Aframax Corporation
($000s)	November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013		November 13, 2012			December 31, 2013		November 13, 2012		December 31, 2013			November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-	$	-		$	-	$	-	$	-		$	-		$	-
Voyage receivables		904			10			3,187			632		171			169		-		1,521			697			444
Other receivables		-			87			28			104		(53	)		-		-		(1	)		13			-
Inventory		433			-			-			-		-			-		-		-			-			-
Prepaid expenses and other current assets		605			0			96			138		221			-		-		68			44			-
Total Current Assets		1,941			97			3,311			873		339			169		-		1,588			753			444
Vessels and other property, less accumulated depreciation		-			-			38,944			36,603		-			-		59,564		70,980			141			-
Deferred drydock expenditures, net		-			-			1,486			1,001		-			-		-		-			65			-
Total Vessels, Deferred Drydock and Other Property		-			-			40,429			37,603		-			-		59,564		70,980			206			-
Investments in Affiliated Companies		-			-			-			-		-			-		-		-			-			-
Intangible Assets, less accumulated amortization		-			-			-			-		-			-		-		-			-			-
Goodwill		-			-			-			-		-			-		-		-			-			-
Investments in subsidiaries		-			-			-			-		-			-		-		-			-			-
Intercompany loans receivable and accrued interest		-			-			-			-		-			-		-		-			-			-
Pre-petition intercompany receivables from debtors		22,309			22,309			12,328			12,328		1,271			1,271		22,063		22,063			10,281			9,741
Pre-petition Intercompany receivables from non-debtors		-			-			-			-		-			-		299		299			-			-
Post-petition intercompany receivables from non-debtors		-			-			-			-		-			-		-		-			-			-
Post-petition Intercompany receivables from debtors		-			1,706			-			2,741		-			-		-		-			-			-
Other Assets		(9	)		-			(37	)		0		-			-		-		-			105			-
Total Assets	$	24,241		$	24,112		$	56,032		$	53,546	$	1,611		$	1,440	$	81,926	$	94,930		$	11,345		$	10,185

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		59			1			321			234		249			-		-		118			609			27
Total Current Liabilities Not Subject to Compromise		59			1			321			234		249			-		-		118			609			27

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		-			-			-			-		-			-		-		12,777			-			319
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-		-			-		-		-			(854	)		-
Deferred Income Taxes and Other Liabilities		-			-			-			-		-			-		-		-			-			-
Total Liabilities Not Subject to Compromise		59			1			321			234		249			-		-		12,894			(245	)		346

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-		-			-		57,592		57,592			-			-
Pre-petition intercompany payables to non-debtors		25,381			25,381			6,453			6,453		-			-		24,229		24,229			15,430			15,430
Pre-petition intercompany payables to other debtors		365			365			7			7		1,208			1,208		5		5			341			341
Other liabilities		-			4,375			-			-		-			-		-		-			-			30,823
Total Liabilities Subject to Compromise		25,746			30,121			6,460			6,460		1,208			1,208		81,826		81,826			15,771			46,594

Total Liabilities		25,805			30,122			6,782			6,695		1,457			1,208		81,826		94,720			15,526			46,940
Equity:
Total Equity		(1,564	)		(6,010	)		49,250			46,852		154			232		100		210			(4,181	)		(36,755	)
Total Liabilities and Equity	$	24,241		$	24,112		$	56,032		$	53,546	$	1,611		$	1,440	$	81,926	$	94,930		$	11,345		$	10,185

Preliminary and Unaudited

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

Page 137 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Brooklyn Product Tanker Corporation						Cabo Hellas Limited					Cabo Sounion Limited						Caribbean Tanker Corporation					Carina Tanker Corporation
($000s)	November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013			November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-	$	-		$	-		$	-		$	-	$	-		$	-		$	-
Voyage receivables		710			-			195		790			205			-			887		1,566			908			230
Other receivables		(3	)		-			22		(3	)		(9	)		(18	)		908		7			-			-
Inventory		-			-			-		-			-			-			344		909			752			0
Prepaid expenses and other current assets		-			-			47		82			33			70			54		70			3			(0	)
Total Current Assets		707			-			264		870			230			53			2,194		2,551			1,662			230
Vessels and other property, less accumulated depreciation		-			-			36,005		33,752			37,294			35,645			22,147		5,043			-			-
Deferred drydock expenditures, net		-			-			358		1,713			306			1,632			789		855			-			-
Total Vessels, Deferred Drydock and Other Property		-			-			36,364		35,465			37,600			37,277			22,935		5,898			-			-
Investments in Affiliated Companies		-			-			-		-			-			-			-		-			-			-
Intangible Assets, less accumulated amortization		-			-			-		-			-			-			-		-			-			-
Goodwill		-			-			-		-			-			-			-		-			-			-
Investments in subsidiaries		-			-			-		-			-			-			-		-			-			-
Intercompany loans receivable and accrued interest		-			-			-		-			-			-			-		-			-			-
Pre-petition intercompany receivables from debtors		2,827			2,827			26,270		26,270			27,240			27,240			28,974		28,974			18,588			18,588
Pre-petition Intercompany receivables from non-debtors		25,270			25,270			4		4			3			3			18		18			0			0
Post-petition intercompany receivables from non-debtors		-			-			-		-			-			-			-		-			-			-
Post-petition Intercompany receivables from debtors		-			451			-		248			-			-			-		398			-			1,951
Other Assets		(3	)		(1	)		-		0			(41	)		1			14		(3	)		-			-
Total Assets	$	28,802		$	28,548		$	62,901	$	62,857		$	65,032		$	64,574		$	54,135	$	37,835		$	20,251		$	20,769

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		279			1			461		1,461			489			585			651		644			19			28
Total Current Liabilities Not Subject to Compromise		279			1			461		1,461			489			585			651		644			19			28

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		-			-			-		-			-			563			-		759			-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-		-			-			-			-		-			-			-
Deferred Income Taxes and Other Liabilities		-			-			-		-			-			-			-		-			-			-
Total Liabilities Not Subject to Compromise		279			1			461		1,461			489			1,148			651		1,403			19			28

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-		-			-			-			-		-			-			-
Pre-petition intercompany payables to non-debtors		370			370			3,342		3,342			2,979			2,979			20,445		20,445			24,230			24,230
Pre-petition intercompany payables to other debtors		47,640			47,620			17,008		17,008			17,774			17,774			3,073		3,073			-			-
Other liabilities		-			0			-		-			-			-			-		-			-			4,100
Total Liabilities Subject to Compromise		48,010			47,990			20,350		20,350			20,753			20,753			23,518		23,518			24,230			28,330

Total Liabilities		48,289			47,992			20,811		21,811			21,242			21,901			24,169		24,921			24,249			28,358
Equity:
Total Equity		(19,488	)		(19,444	)		42,091		41,046			43,790			42,673			29,966		12,914			(3,998	)		(7,589	)
Total Liabilities and Equity	$	28,802		$	28,548		$	62,901	$	62,857		$	65,032		$	64,574		$	54,135	$	37,835		$	20,251		$	20,769

Preliminary and Unaudited

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

Page 138 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Carl Product Corporation						Concept Tanker Corporation						Crown Tanker Corporation				Delphina Tanker Corporation				Delta Aframax Corporation
($000s)	November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-		$	-	$	-	$	-	$	-	$	1		$	1
Voyage receivables		2,622			1,989			1,991			1,367			90		0		-		-		758			939
Other receivables		11			(11	)		-			-			-		-		-		-		4			20
Inventory		-			-			-			-			-		-		-		-		-			-
Prepaid expenses and other current assets		33			63			241			322			-		-		-		-		42			84
Total Current Assets		2,667			2,041			2,232			1,689			90		0		-		-		805			1,044
Vessels and other property, less accumulated depreciation		51,896			48,363			-			-			-		-		-		-		56,274			53,616
Deferred drydock expenditures, net		1,873			1,315			-			-			-		-		-		-		43			224
Total Vessels, Deferred Drydock and Other Property		53,768			49,679			-			-			-		-		-		-		56,317			53,840
Investments in Affiliated Companies		612			-			300			300			-		-		-		-		-			-
Intangible Assets, less accumulated amortization		-			-			-			-			-		-		-		-		-			-
Goodwill		-			-			-			-			-		-		-		-		-			-
Investments in subsidiaries		-			-			-			-			-		-		-		-		-			-
Intercompany loans receivable and accrued interest		-			-			-			-			-		-		-		-		-			-
Pre-petition intercompany receivables from debtors		6,388			6,388			7,495			7,495			431		431		-		-		3,875			3,875
Pre-petition Intercompany receivables from non-debtors		-			-			-			-			-		-		-		-		-			-
Post-petition intercompany receivables from non-debtors		-			-			-			-			-		-		-		-		-			-
Post-petition Intercompany receivables from debtors		-			5,298			-			1,079			-		129		-		-		-			704
Other Assets		(58	)		69			-			-			-		-		-		-		(47	)		1
Total Assets	$	63,377		$	63,475		$	10,027		$	10,562		$	522	$	560	$	-	$	-	$	60,949		$	59,464

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		102			1,197			-			-			-		-		-		-		660			332
Total Current Liabilities Not Subject to Compromise		102			1,197			-			-			-		-		-		-		660			332

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-			-			-		-		-		-		-			-
Post-petition intercompany payables to non-debtors		-			-			-			-			-		-		-		-		-			717
Post-petition intercompany payables to other debtors		-			-			-			-			-		-		-		-		-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-			-		-		-		-		-			-
Deferred Income Taxes and Other Liabilities		-			-			493			-			-		-		-		-		-			-
Total Liabilities Not Subject to Compromise		102			1,197			493			-			-		-		-		-		660			1,049

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-			-		-		-		-		-			-
Pre-petition intercompany payables to non-debtors		6,327			6,327			11,522			11,522			83		83		-		-		7,653			7,649
Pre-petition intercompany payables to other debtors		2			2			1			1			18		18		-		-		2			2
Other liabilities		-			-			-			2,726			10		10		-		-		36,791			35,714
Total Liabilities Subject to Compromise		6,330			6,330			11,523			14,249			111		111		-		-		44,446			43,364

Total Liabilities		6,431			7,527			12,015			14,249			111		111		-		-		45,105			44,413
Equity:
Total Equity		56,946			55,947			(1,989	)		(3,687	)		410		449		-		-		15,844			15,051
Total Liabilities and Equity	$	63,377		$	63,475		$	10,027		$	10,562		$	522	$	560	$	-	$	-	$	60,949		$	59,464

Preliminary and Unaudited

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

Page 139 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	DHT Ania Aframax Corp.					DHT Ann VLCC Corp.					DHT Cathy Aframax Corp.						DHT Chris VLCC Corp.				DHT Rebecca Aframax Corp.
($000s)	November 13, 2012			December 31, 2013		November 13, 2012			December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-	$	-		$	-	$	-		$	-		$	-	$	-	$	-	$	-
Voyage receivables		(40	)		-		3,455			64		1,711			306			2,422		48		243		238
Other receivables		(15	)		-		687			-		883			-			44		-		373		-
Inventory		-			-		-			-		-			-			-		-		-		-
Prepaid expenses and other current assets		(60	)		-		579			-		409			0			479		-		-		-
Total Current Assets		(115	)		-		4,721			64		3,003			306			2,945		48		616		238
Vessels and other property, less accumulated depreciation		-			-		-			-		-			-			-		-		-		-
Deferred drydock expenditures, net		-			-		-			-		-			-			-		-		-		-
Total Vessels, Deferred Drydock and Other Property		-			-		-			-		-			-			-		-		-		-
Investments in Affiliated Companies		-			-		-			-		-			-			-		-		-		-
Intangible Assets, less accumulated amortization		-			-		-			-		-			-			-		-		-		-
Goodwill		-			-		-			-		-			-			-		-		-		-
Investments in subsidiaries		-			-		-			-		-			-			-		-		-		-
Intercompany loans receivable and accrued interest		-			-		-			-		-			-			-		-		-		-
Pre-petition intercompany receivables from debtors		1,477			1,477		31,966			31,966		14,591			14,591			26,495		26,495		1,106		1,106
Pre-petition Intercompany receivables from non-debtors		119			119		1,186			1,186		66			66			1,332		1,332		835		835
Post-petition intercompany receivables from non-debtors		-			-		-			-		-			-			-		-		-		-
Post-petition Intercompany receivables from debtors		-			-		-			3,050		-			1,095			-		2,711		-		51
Other Assets		-			-		(1	)		-		(5	)		(15	)		-		-		51		-
Total Assets	$	1,481		$	1,596	$	37,873		$	36,266	$	17,655		$	16,043		$	30,772	$	30,585	$	2,608	$	2,230

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		-			-		285			-		-			44			100		-		-		-
Total Current Liabilities Not Subject to Compromise		-			-		285			-		-			44			100		-		-		-

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		-			59		-			-		-			-			-		-		-		-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-		-			-		-			-			-		-		-		-
Deferred Income Taxes and Other Liabilities		-			-		-			-		-			-			-		-		-		-
Total Liabilities Not Subject to Compromise		-			59		285			-		-			44			100		-		-		-

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-		-			-		-			-			-		-		-		-
Pre-petition intercompany payables to non-debtors		1,337			1,341		28,300			27,613		18,440			17,564			22,718		22,394		1,046		673
Pre-petition intercompany payables to other debtors		-			-		-			-		1			1			955		955		835		835
Other liabilities		-			45		-			380		-			-			-		334		-		-
Total Liabilities Subject to Compromise		1,337			1,386		28,300			27,993		18,441			17,565			23,673		23,683		1,881		1,508

Total Liabilities		1,337			1,445		28,585			27,993		18,441			17,609			23,773		23,683		1,881		1,508
Equity:
Total Equity		144			151		9,288			8,274		(786	)		(1,567	)		6,999		6,903		727		722
Total Liabilities and Equity	$	1,481		$	1,596	$	37,873		$	36,266	$	17,655		$	16,043		$	30,772	$	30,585	$	2,608	$	2,230

Preliminary and Unaudited

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

Page 140 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	DHT Regal Unity VLCC Corp.						DHT Sophie Aframax Corp.						Dignity Chartering Corporation						Edindun Shipping Corporation				Eighth Aframax Tanker Corporation
($000s)	November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-		$	-		$	-		$	-	$	-	$	-	$	-
Voyage receivables		1,247			15			581			315			3,016			97			-		-		1,427		1,386
Other receivables		750			-			865			-			8			-			-		-		33		23
Inventory		-			-			-			-			-			-			-		-		-		-
Prepaid expenses and other current assets		-			-			(31	)		-			511			-			-		-		46		82
Total Current Assets		1,997			15			1,415			315			3,534			97			-		-		1,506		1,491
Vessels and other property, less accumulated depreciation		-			-			-			-			483			-			-		-		23,283		21,882
Deferred drydock expenditures, net		-			-			-			-			1,422			-			-		-		1,671		1,214
Total Vessels, Deferred Drydock and Other Property		-			-			-			-			1,905			-			-		-		24,954		23,096
Investments in Affiliated Companies		-			-			-			-			-			-			-		-		-		-
Intangible Assets, less accumulated amortization		-			-			-			-			-			-			-		-		-		-
Goodwill		-			-			-			-			-			-			-		-		-		-
Investments in subsidiaries		-			-			-			-			-			-			-		-		-		-
Intercompany loans receivable and accrued interest		-			-			-			-			-			-			-		-		-		-
Pre-petition intercompany receivables from debtors		10,664			10,664			10,543			10,543			9,160			9,160			-		-		7,170		7,170
Pre-petition Intercompany receivables from non-debtors		2,601			2,601			8			8			-			-			-		-		-		-
Post-petition intercompany receivables from non-debtors		-			-			-			-			-			-			-		-		-		-
Post-petition Intercompany receivables from debtors		-			1,207			-			163			-			2,094			-		-		-		1,330
Other Assets		-			-			0			-			26			23			-		-		85		86
Total Assets	$	15,262		$	14,487		$	11,965		$	11,029		$	14,624		$	11,372		$	-	$	-	$	33,715	$	33,172

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		-			-			7			-			162			4			-		-		119		102
Total Current Liabilities Not Subject to Compromise		-			-			7			-			162			4			-		-		119		102

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			-			162			4			-		-		119		102

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-			-			-			-		-		-		-
Pre-petition intercompany payables to non-debtors		16,475			15,769			12,505			11,677			26,406			26,407			-		-		32,826		32,826
Pre-petition intercompany payables to other debtors		-			-			-			-			0			0			-		-		7		7
Other liabilities		-			213			-			-			-			32,550			-		-		-		(0	)
Total Liabilities Subject to Compromise		16,475			15,982			12,505			11,677			26,407			58,957			-		-		32,833		32,833

Total Liabilities		16,475			15,982			12,512			11,677			26,569			58,962			-		-		32,952		32,935
Equity:
Total Equity		(1,213	)		(1,495	)		(547	)		(648	)		(11,944	)		(47,589	)		-		-		763		237
Total Liabilities and Equity	$	15,262		$	14,487		$	11,965		$	11,029		$	14,624		$	11,372		$	-	$	-	$	33,715	$	33,172

Preliminary and Unaudited

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

Page 141 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Epsilon Aframax Corporation				First Chemical Carrier Corporation						First LPG Tanker Corporation						First Union Tanker Corporation				Fourth Aframax Tanker Corporation
($000s)	November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	1	$	1	$	-		$	-		$	-		$	-		$	-	$	-	$	-	$	-
Voyage receivables		1,703		1,706		22			19			287			287			2,635		4,164		924		1,888
Other receivables		73		35		-			-			0			0			7		11		53		28
Inventory		-		-		-			-			(0	)		(0	)		-		-		893		370
Prepaid expenses and other current assets		42		90		335			3			0			0			107		145		216		71
Total Current Assets		1,819		1,833		357			22			288			288			2,749		4,320		2,086		2,356
Vessels and other property, less accumulated depreciation		56,928		54,468		-			-			-			-			38,368		20,154		21,167		5,114
Deferred drydock expenditures, net		-		-		-			-			-			-			2,032		910		1,676		818
Total Vessels, Deferred Drydock and Other Property		56,928		54,468		-			-			-			-			40,401		21,065		22,843		5,932
Investments in Affiliated Companies		-		-		-			-			-			-			-		-		-		-
Intangible Assets, less accumulated amortization		-		-		-			-			-			-			-		-		-		-
Goodwill		-		-		-			-			-			-			-		-		-		-
Investments in subsidiaries		-		-		-			-			-			-			-		-		-		-
Intercompany loans receivable and accrued interest		-		-		-			-			-			-			-		-		-		-
Pre-petition intercompany receivables from debtors		2,383		2,383		5,755			5,755			7,053			7,053			21,750		21,750		30,407		30,407
Pre-petition Intercompany receivables from non-debtors		-		-		-			-			-			-			117		117		0		0
Post-petition intercompany receivables from non-debtors		-		-		-			-			-			-			-		-		-		-
Post-petition Intercompany receivables from debtors		-		537		-			-			-			-			-		-		-		4,842
Other Assets		108		-		-			-			-			-			421		62		107		130
Total Assets	$	61,238	$	59,220	$	6,113		$	5,777		$	7,341		$	7,341		$	65,438	$	47,314	$	55,442	$	43,666

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		423		180		2,054			2			995			995			525		216		65		532
Total Current Liabilities Not Subject to Compromise		423		180		2,054			2			995			995			525		216		65		532

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-		748		-			-			-			-			-		-		-		-
Post-petition intercompany payables to non-debtors		-		425		-			-			-			-			-		-		-		-
Post-petition intercompany payables to other debtors		-		-		-			908			-			-			-		1,116		-		1,557
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-		-			-			-			-			-		-		-		-
Deferred Income Taxes and Other Liabilities		-		-		-			-			-			-			-		-		-		-
Total Liabilities Not Subject to Compromise		423		1,354		2,054			910			995			995			525		1,331		65		2,089

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-		-		-			-			-			-			-		-		-		-
Pre-petition intercompany payables to non-debtors		7,606		7,606		8,117			8,117			5,815			5,815			11,373		11,407		22,491		22,528
Pre-petition intercompany payables to other debtors		34		34		-			-			-			-			10		10		3,432		3,432
Other liabilities		36,792		35,715		-			-			-			-			-		-		-		306
Total Liabilities Subject to Compromise		44,432		43,355		8,117			8,117			5,815			5,815			11,383		11,417		25,923		26,266

Total Liabilities		44,854		44,709		10,170			9,027			6,810			6,810			11,908		12,749		25,988		28,355
Equity:
Total Equity		16,383		14,512		(4,058	)		(3,250	)		531			531			53,530		34,565		29,454		15,311
Total Liabilities and Equity	$	61,238	$	59,220	$	6,113		$	5,777		$	7,341		$	7,341		$	65,438	$	47,314	$	55,442	$	43,666

Preliminary and Unaudited

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

Page 142 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Front President Inc.				Goldmar Limited					GPC Aframax Corporation						Grace Chartering Corporation						International Seaways, Inc.
($000s)	November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	1	$	1	$	-	$	-		$	-		$	-		$	-		$	-		$	-		$	-
Voyage receivables		2,991		4,739		2,099		2,737			1,818			107			1,564			(1	)		5,877			9,622
Other receivables		179		37		0		19			25			13			-			123			75			76
Inventory		-		-		-		-			-			-			-			-			-			-
Prepaid expenses and other current assets		90		146		33		64			470			-			242			-			917			2,781
Total Current Assets		3,261		4,923		2,132		2,820			2,312			120			1,806			122			6,869			12,479
Vessels and other property, less accumulated depreciation		105,641		101,093		34,252		31,868			77			99			-			-			-			-
Deferred drydock expenditures, net		-		189		1,546		1,382			16			-			-			-			-			983
Total Vessels, Deferred Drydock and Other Property		105,641		101,282		35,798		33,250			93			99			-			-			-			983
Investments in Affiliated Companies		-		-		641		641			-			-			300			-			-			-
Intangible Assets, less accumulated amortization		-		-		-		-			-			-			-			-			-			-
Goodwill		-		-		-		-			-			-			-			-			-			-
Investments in subsidiaries		-		-		-		-			-			-			-			-			-			-
Intercompany loans receivable and accrued interest		-		-		-		-			-			-			-			-			-			-
Pre-petition intercompany receivables from debtors		65,978		65,978		19,307		19,307			1,460			1,460			6,486			6,486			15,356			15,356
Pre-petition Intercompany receivables from non-debtors		0		0		8		8			9,871			9,871			2			2			49			49
Post-petition intercompany receivables from non-debtors		-		-		-		-			-			-			-			-			-			-
Post-petition Intercompany receivables from debtors		-		1,723		-		3,575			-			670			-			1,917			-			1,340
Other Assets		61		-		67		(1	)		(185	)		(43	)		-			-			-			(40	)
Total Assets	$	174,942	$	173,906	$	57,955	$	59,601		$	13,551		$	12,177		$	8,594		$	8,527		$	22,274		$	30,167

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		239		139		39		401			224			408			-			1			5			810
Total Current Liabilities Not Subject to Compromise		239		139		39		401			224			408			-			1			5			810

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-		773		-		-			-			-			-			-			-			-
Post-petition intercompany payables to non-debtors		-		736		-		-			-			-			-			-			-			-
Post-petition intercompany payables to other debtors		-		-		-		-			-			569			-			-			-			10,675
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-		-		-			(1,626	)		-			-			-			-			-
Deferred Income Taxes and Other Liabilities		-		-		-		-			-			-			-			-			-			52
Total Liabilities Not Subject to Compromise		239		1,649		39		401			(1,402	)		977			-			1			5			11,537

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-		-		-		-			-			-			-			-			-			-
Pre-petition intercompany payables to non-debtors		12,424		12,424		5,499		5,499			21,856			21,856			9,511			9,511			21,891			21,891
Pre-petition intercompany payables to other debtors		3		3		11,659		11,659			1			1			-			-			7,825			7,825
Other liabilities		68,723		66,713		-		-			-			20,304			-			879			0			-
Total Liabilities Subject to Compromise		81,150		79,139		17,158		17,158			21,857			42,161			9,511			10,391			29,716			29,716

Total Liabilities		81,389		80,788		17,198		17,559			20,455			43,138			9,511			10,392			29,721			41,253
Equity:
Total Equity		93,553		93,118		40,757		42,041			(6,905	)		(30,961	)		(918	)		(1,865	)		(7,448	)		(11,086	)
Total Liabilities and Equity	$	174,942	$	173,906	$	57,955	$	59,601		$	13,551		$	12,177		$	8,594		$	8,527		$	22,274		$	30,167

Preliminary and Unaudited

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

Page 143 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Jademar Limited						Joyce Car Carrier Corporation					Juneau Tanker Corporation				Kimolos Tanker Corporation						Kythnos Chartering Corporation
($000s)	November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013		November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-	$	-	$	-	$	-		$	-		$	-		$	-
Voyage receivables		2,067			2,741			-			-		-		-		2,143			2,356			1,368			2,524
Other receivables		21			(34	)		(19	)		-		-		-		21			(8	)		42			45
Inventory		-			-			-			-		-		-		524			743			216			213
Prepaid expenses and other current assets		29			66			0			-		-		-		240			266			263			64
Total Current Assets		2,116			2,773			(19	)		-		-		-		2,928			3,357			1,889			2,846
Vessels and other property, less accumulated depreciation		35,721			33,187			-			-		-		-		982			782			35,080			33,499
Deferred drydock expenditures, net		1,321			1,039			-			-		-		-		164			761			-			103
Total Vessels, Deferred Drydock and Other Property		37,042			34,226			-			-		-		-		1,146			1,543			35,080			33,602
Investments in Affiliated Companies		420			420			-			-		-		-		-			-			-			-
Intangible Assets, less accumulated amortization		-			-			-			-		-		-		-			-			-			-
Goodwill		-			-			-			-		-		-		-			-			-			-
Investments in subsidiaries		-			-			-			-		-		-		-			-			-			-
Intercompany loans receivable and accrued interest		-			-			-			-		-		-		-			-			-			-
Pre-petition intercompany receivables from debtors		33,198			33,198			27,330			27,330		10,114		10,114		13,389			13,389		��	18,822			18,822
Pre-petition Intercompany receivables from non-debtors		5,584			5,584			-			-		-		-		-			-			-			-
Post-petition intercompany receivables from non-debtors		-			-			-			-		-		-		-			-			-			-
Post-petition Intercompany receivables from debtors		-			4,174			-			-		-		-		-			-			-			3,495
Other Assets		(34	)		-			(198	)		4		-		-		(22	)		(1	)		(20	)		(20	)
Total Assets	$	78,326		$	80,375		$	27,112		$	27,333	$	10,114	$	10,114	$	17,441		$	18,288		$	55,771		$	58,744

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		53			400			56			0		-		-		719			910			99			539
Total Current Liabilities Not Subject to Compromise		53			400			56			0		-		-		719			910			99			539

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		-			-			-			150		-		-		-			1,074			-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-		-		-		-			-			-			-
Deferred Income Taxes and Other Liabilities		-			-			-			-		-		-		-			-			-			-
Total Liabilities Not Subject to Compromise		53			400			56			150		-		-		719			1,984			99			539

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-		-		-		-			-			-			-
Pre-petition intercompany payables to non-debtors		6,402			6,402			5,554			5,554		-		-		23,413			23,413			15,205			15,205
Pre-petition intercompany payables to other debtors		32,050			32,050			4			4		8,114		8,114		5			5			-			-
Other liabilities		-			-			-			81		-		-		-			14,130			-			-
Total Liabilities Subject to Compromise		38,453			38,453			5,558			5,640		8,114		8,114		23,418			37,548			15,205			15,205

Total Liabilities		38,506			38,853			5,614			5,790		8,114		8,114		24,137			39,532			15,304			15,744
Equity:
Total Equity		39,820			41,522			21,498			21,543		2,000		2,000		(6,696	)		(21,244	)		40,468			43,001
Total Liabilities and Equity	$	78,326		$	80,375		$	27,112		$	27,333	$	10,114	$	10,114	$	17,441		$	18,288		$	55,771		$	58,744

Preliminary and Unaudited

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

Page 144 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Leo Tanker Corporation						Leyte Product Tanker Corporation						Limar Charter Corporation						Luxmar Product Tanker Corporation						Luxmar Tanker LLC
($000s)	November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-	$	-
Voyage receivables		2,865			76			2,668			2,145			812			-			410			1,589			0		-
Other receivables		-			145			23			5			27			-			-			(5	)		12		-
Inventory		259			-			479			-			206			-			52			544			-		-
Prepaid expenses and other current assets		273			-			27			74			246			-			(9	)		58			-		-
Total Current Assets		3,397			221			3,198			2,224			1,290			-			454			2,187			12		-
Vessels and other property, less accumulated depreciation		-			-			55,430			52,996			199			-			23,904			6,365			-		-
Deferred drydock expenditures, net		-			-			-			-			3,322			-			482			940			0		-
Total Vessels, Deferred Drydock and Other Property		-			-			55,430			52,996			3,521			-			24,386			7,305			0		-
Investments in Affiliated Companies		-			-			-			904			-			-			-			-			-		-
Intangible Assets, less accumulated amortization		-			-			-			-			-			-			-			-			-		-
Goodwill		-			-			-			-			-			-			-			-			-		-
Investments in subsidiaries		-			-			-			-			-			-			-			-			-		-
Intercompany loans receivable and accrued interest		-			-			-			-			-			-			-			-			-		-
Pre-petition intercompany receivables from debtors		19,471			19,471			6,981			6,981			8,467			8,467			24,007			24,007			56,792		56,792
Pre-petition Intercompany receivables from non-debtors		-			-			11			11			-			-			-			-			-		-
Post-petition intercompany receivables from non-debtors		-			-			-			-			-			-			-			-			-		-
Post-petition Intercompany receivables from debtors		-			2,146			-			2,866			-			347			-			-			-		-
Other Assets		-			-			30			(10	)		(26	)		(11	)		-			(6	)		13		58
Total Assets	$	22,868		$	21,837		$	65,649		$	65,972		$	13,253		$	8,803		$	48,847		$	33,493		$	56,818	$	56,850

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		745			2			1,398			160			1,021			407			636			320			121		56
Total Current Liabilities Not Subject to Compromise		745			2			1,398			160			1,021			407			636			320			121		56

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-			137			-			-			-			-			-		-
Post-petition intercompany payables to non-debtors		-			-			-			349			-			-			-			-			-		-
Post-petition intercompany payables to other debtors		-			-			-			-			-			-			-			1,445			-		241
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-			972			-			-			-			-		-
Deferred Income Taxes and Other Liabilities		-			-			-			-			60			-			-			-			-		-
Total Liabilities Not Subject to Compromise		745			2			1,398			645			2,053			407			636			1,765			121		297

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-			-			-			-			-			-		-
Pre-petition intercompany payables to non-debtors		23,812			23,812			25,031			25,031			26,414			26,414			24,205			24,205			568		568
Pre-petition intercompany payables to other debtors		-			-			267			267			9			9			11,407			11,407			31,784		31,784
Other liabilities		-			2,421			41,435			40,894			-			5,232			-			-			-		-
Total Liabilities Subject to Compromise		23,812			26,233			66,734			66,192			26,423			31,655			35,612			35,612			32,351		32,351

Total Liabilities		24,557			26,235			68,131			66,837			28,476			32,062			36,248			37,377			32,472		32,648
Equity:
Total Equity		(1,689	)		(4,399	)		(2,482	)		(866	)		(15,223	)		(23,259	)		12,600			(3,884	)		24,346		24,202
Total Liabilities and Equity	$	22,868		$	21,837		$	65,649		$	65,972		$	13,253		$	8,803		$	48,847		$	33,493		$	56,818	$	56,850

Preliminary and Unaudited

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

Page 145 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Majestic Tankers Corporation						Oak Tanker Corporation						Maremar Product Tanker Corporation				Maremar Tanker LLC						Marilyn Vessel Corporation
($000s)	November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	1		$	1		$	-	$	-	$	-		$	-		$	-	$	-
Voyage receivables		2,926			3,845			(430	)		4,502			-		-		3,112			865			-		-
Other receivables		21			30			86			133			-		-		427			(3	)		-		-
Inventory		-			-			-			-			-		-		198			-			-		-
Prepaid expenses and other current assets		86			145			62			157			-		-		36			2			-		-
Total Current Assets		3,032			4,021			(282	)		4,792			-		-		3,772			864			-		-
Vessels and other property, less accumulated depreciation		40,698			19,220			141,583			135,532			-		-		24,600			7,750			-		-
Deferred drydock expenditures, net		2,099			648			-			-			-		-		310			-			-		-
Total Vessels, Deferred Drydock and Other Property		42,797			19,868			141,583			135,532			-		-		24,910			7,750			-		-
Investments in Affiliated Companies		-			-			3,629			-			-		-		-			-			-		-
Intangible Assets, less accumulated amortization		-			-			-			-			-		-		-			-			-		-
Goodwill		-			-			-			-			-		-		-			-			-		-
Investments in subsidiaries		-			-			-			-			-		-		-			-			-		-
Intercompany loans receivable and accrued interest		-			-			-			-			-		-		-			-			-		-
Pre-petition intercompany receivables from debtors		11,354			11,354			40			40			99		99		40,336			40,336			901		901
Pre-petition Intercompany receivables from non-debtors		-			-			-			-			-		-		-			-			52		52
Post-petition intercompany receivables from non-debtors		-			-			-			-			-		-		-			-			-		-
Post-petition Intercompany receivables from debtors		-			-			-			1,533			-		12		-			3,335			-		-
Other Assets		(2	)		(0	)		-			-			9		-		(216	)		52			-		-
Total Assets	$	57,181		$	35,242		$	144,970		$	141,898		$	108	$	111	$	68,802		$	52,337		$	953	$	953

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		461			221			424			83			-		-		726			182			-		-
Total Current Liabilities Not Subject to Compromise		461			221			424			83			-		-		726			182			-		-

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-			977			-		-		-			-			-		-
Post-petition intercompany payables to non-debtors		-			-			-			541			-		-		-			-			-		-
Post-petition intercompany payables to other debtors		-			1,367			-			-			-		-		-			-			-		-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-			-		-		-			-			-		-
Deferred Income Taxes and Other Liabilities		-			-			-			-			-		-		-			-			-		-
Total Liabilities Not Subject to Compromise		461			1,587			424			1,601			-		-		726			182			-		-

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-			-		-		-			-			-		-
Pre-petition intercompany payables to non-debtors		10,471			10,471			14,674			14,674			7		7		435			435			-		-
Pre-petition intercompany payables to other debtors		16			16			44,979			44,979			1		1		30,577			30,577			-		-
Other liabilities		-			-			85,862			83,328			-		-		-			-			-		-
Total Liabilities Subject to Compromise		10,487			10,487			145,514			142,981			8		8		31,011			31,011			-		-

Total Liabilities		10,949			12,075			145,938			144,581			8		8		31,738			31,194			-		-
Equity:
Total Equity		46,232			23,168			(968	)		(2,683	)		100		103		37,064			21,143			953		953
Total Liabilities and Equity	$	57,181		$	35,242		$	144,970		$	141,898		$	108	$	111	$	68,802		$	52,337		$	953	$	953

Preliminary and Unaudited

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

Page 146 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

		Maritrans General Partner Inc.						Maritrans Operating Company L.P.				Milos Product Tanker Corporation					Mindanao Tanker Corporation				Mykonos Tanker LLC
($000s)		November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013		November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents		$	-		$	-		$	-	$	-	$	-		$	-	$	-	$	-	$	-	$	-
Voyage receivables			-			-			-		-		1,078			1,518		-		-		881		3,532
Other receivables			-			-			-		-		(12	)		12		-		-		-		459
Inventory			-			-			-		-		733			533		-		-		55		488
Prepaid expenses and other current assets			-			-			-		-		25			64		-		-		24		50
Total Current Assets			-			-			-		-		1,824			2,127		-		-		959		4,528
Vessels and other property, less accumulated depreciation			-			-			-		-		42,284			40,423		34,414		54,029		47,429		45,176
Deferred drydock expenditures, net			-			-			-		-		-			-		-		-		-		85
Total Vessels, Deferred Drydock and Other Property			-			-			-		-		42,284			40,423		34,414		54,029		47,429		45,261
Investments in Affiliated Companies	��		-			-			-		-		-			-		-		-		-		-
Intangible Assets, less accumulated amortization			-			-			-		-		-			-		-		-		-		-
Goodwill			-			-			-		-		-			-		-		-		-		-
Investments in subsidiaries			(385	)		(385	)		-		-		-			-		-		-		-		-
Intercompany loans receivable and accrued interest			-			-			-		-		-			-		-		-		-		-
Pre-petition intercompany receivables from debtors			-			-			53,629		53,629		0			0		5		5		47,635		47,615
Pre-petition Intercompany receivables from non-debtors			-			-			-		-		-			-		135		135		-		-
Post-petition intercompany receivables from non-debtors			-			-			-		-		-			-		-		-		-		-
Post-petition Intercompany receivables from debtors			-			-			-		-		-			4,864		-		-		-		4,610
Other Assets			-			-			-		-		-			-		-		-		-		3
Total Assets		$	(385	)	$	(385	)	$	53,629	$	53,629	$	44,109		$	47,414	$	34,554	$	54,169	$	96,023	$	102,017

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities			-			-			-		-		114			725		-		-		277		574
Total Current Liabilities Not Subject to Compromise			-			-			-		-		114			725		-		-		277		574

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest			-			-			-		-		-			-		-		10,800		-		-
Post-petition intercompany payables to non-debtors			-			-			-		-		-			-		-		-		-		-
Post-petition intercompany payables to other debtors			-			-			-		-		-			-		-		8,814		-		-
Deferred Gain/(loss) on Sale and Leaseback of Vessels			-			-			-		-		-			-		-		-		-		-
Deferred Income Taxes and Other Liabilities			-			-			-		-		-			-		-		-		-		-
Total Liabilities Not Subject to Compromise			-			-			-		-		114			725		-		19,615		277		574

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest			-			-			-		-		-			-		33,894		33,894		-		-
Pre-petition intercompany payables to non-debtors			-			-			7		7		22,672			22,672		345		345		47,682		47,682
Pre-petition intercompany payables to other debtors			146			146			-		-		19,387			19,387		214		214		26,607		26,607
Other liabilities			-			-			-		-		-			-		-		-		-		-
Total Liabilities Subject to Compromise			146			146			7		7		42,059			42,059		34,454		34,454		74,289		74,289

Total Liabilities			146			146			7		7		42,173			42,784		34,454		54,069		74,566		74,863
Equity:
Total Equity			(531	)		(531	)		53,622		53,622		1,936			4,629		100		100		21,457		27,154
Total Liabilities and Equity		$	(385	)	$	(385	)	$	53,629	$	53,629	$	44,109		$	47,414	$	34,554	$	54,169	$	96,023	$	102,017

Preliminary and Unaudited

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

Page 147 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Nedimar Charter Corporation						Maple Tanker Corporation						Ocean Bulk Ships, Inc.						Oceania Tanker Corporation				OSG 192 LLC
($000s)	November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	1		$	1		$	-		$	-		$	-	$	-	$	-		$	-
Voyage receivables		1,553			(9	)		(234	)		4,201			-			-			2,100		-		(20	)		-
Other receivables		(5	)		(5	)		115			117			-			-			114		73		-			0
Inventory		333			-			-			-			-			-			-		878		-			-
Prepaid expenses and other current assets		256			0			61			155			-			-			96		167		9			29
Total Current Assets		2,137			(14	)		(57	)		4,474			-			-			2,310		1,117		(11	)		29
Vessels and other property, less accumulated depreciation		47			-			138,736			132,781			-			-			79,751		46,070		9,219			7,449
Deferred drydock expenditures, net		1,379			-			-			-			-			-			168		-		796			910
Total Vessels, Deferred Drydock and Other Property		1,426			-			138,736			132,781			-			-			79,920		46,070		10,015			8,358
Investments in Affiliated Companies		-			-			3,788			-			-			-			-		-		-			-
Intangible Assets, less accumulated amortization		-			-			-			-			-			-			-		-		-			-
Goodwill		-			-			-			-			-			-			-		-		-			-
Investments in subsidiaries		-			-			-			-			-			-			-		-		-			-
Intercompany loans receivable and accrued interest		-			-			-			-			-			-			-		-		-			-
Pre-petition intercompany receivables from debtors		12,466			12,466			422			422			-			-			84,867		84,867		24,239			24,239
Pre-petition Intercompany receivables from non-debtors		2			2			0			0			-			-			-		-		3,001			3,001
Post-petition intercompany receivables from non-debtors		-			-			-			-			-			-			-		-		-			-
Post-petition Intercompany receivables from debtors		-			715			-			2,021			-			-			-		-		-			8,294
Other Assets		(41	)		(2	)		68			-			-			-			-		-		-			-
Total Assets	$	15,991		$	13,167		$	142,957		$	139,698		$	-		$	-		$	167,097	$	132,055	$	37,244		$	43,922

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		591			4			325			60			-			-			102		61		440			953
Total Current Liabilities Not Subject to Compromise		591			4			325			60			-			-			102		61		440			953

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-			772			-			-			-		-		-			-
Post-petition intercompany payables to non-debtors		-			-			-			543			-			-			-		-		-			-
Post-petition intercompany payables to other debtors		-			-			-			-			-			-			-		438		-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		1,339			-			-			-			-			-			-		-		-			-
Deferred Income Taxes and Other Liabilities		197			-			-			-			-			-			-		-		-			-
Total Liabilities Not Subject to Compromise		2,127			4			325			1,375			-			-			102		500		440			953

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-			-			-			-		-		-			-
Pre-petition intercompany payables to non-debtors		24,337			24,337			16,128			16,128			-			-			10,310		10,292		52			52
Pre-petition intercompany payables to other debtors		9			9			46,972			46,972			15			15			360		360		14,899			14,899
Other liabilities		-			5,946			83,617			81,149			-			-			-		-		-			-
Total Liabilities Subject to Compromise		24,346			30,292			146,717			144,249			15			15			10,670		10,652		14,950			14,950

Total Liabilities		26,473			30,296			147,042			145,624			15			15			10,772		11,151		15,391			15,903
Equity:
Total Equity		(10,482	)		(17,129	)		(4,085	)		(5,926	)		(15	)		(15	)		156,325		120,904		21,853			28,019
Total Liabilities and Equity	$	15,991		$	13,167		$	142,957		$	139,698		$	-		$	0		$	167,097	$	132,055	$	37,244		$	43,922

Preliminary and Unaudited

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

Page 148 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	OSG 209 LLC						OSG 214 LLC				OSG 215 Corporation						OSG 242 LLC				OSG 243 LLC
($000s)	November 13, 2012				December 31, 2013		November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-			$	-	$	-	$	-	$	-		$	-		$	-	$	-	$	-		$	-
Voyage receivables		(9	)			-		34		-		-			-			1,551		5		1,820			499
Other receivables		265				0		298		0		-			-			284		-		60			-
Inventory		-				-		-		-		-			-			315		-		166			-
Prepaid expenses and other current assets		5				36		5		31		-			-			5		35		15			39
Total Current Assets		261				36		337		32		-			-			2,155		40		2,061			538
Vessels and other property, less accumulated depreciation		22,021				20,115		18,892		17,112		-			-			29,890		27,706		31,327			29,151
Deferred drydock expenditures, net		1,099				516		1,762		400		-			-			746		96		703			755
Total Vessels, Deferred Drydock and Other Property		23,121				20,631		20,653		17,513		-			-			30,636		27,802		32,030			29,907
Investments in Affiliated Companies		-				-		-		-		-			-			-		-		-			-
Intangible Assets, less accumulated amortization		-				-		-		-		-			-			-		-		-			-
Goodwill		-				-		-		-		-			-			-		-		-			-
Investments in subsidiaries		-				-		-		-		-			-			-		-		-			-
Intercompany loans receivable and accrued interest		-				-		-		-		-			-			-		-		-			-
Pre-petition intercompany receivables from debtors		24,400				24,400		14,836		14,836		124			124			29,932		29,932		2,761			2,761
Pre-petition Intercompany receivables from non-debtors		-				-		-		-		-			-			-		-		25,647			25,647
Post-petition intercompany receivables from non-debtors		-				-		-		-		-			-			-		-		-			-
Post-petition Intercompany receivables from debtors		-				10,274		-		10,716		-			-			-		19,970		-			35,411
Other Assets		19				319		-		-		-			-			17		-		(94	)		(50	)
Total Assets	$	47,801			$	55,660	$	35,826	$	43,096	$	124		$	124		$	62,739	$	77,745	$	62,405		$	94,214

LIABILITIES AND EQUITY				��
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		464				484		398		959		-			-			1,084		1,427		20			1,249
Total Current Liabilities Not Subject to Compromise		464				484		398		959		-			-			1,084		1,427		20			1,249

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		-				-		-		-		-			-			-		-		-			18,358
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-				-		-		-		-			-			-		-		-			-
Deferred Income Taxes and Other Liabilities		-				-		-		-		-			-			-		-		-			-
Total Liabilities Not Subject to Compromise		464				484		398		959		-			-			1,084		1,427		20			19,607

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-				-		-		-		-			-			-		-		-			-
Pre-petition intercompany payables to non-debtors		54				54		50		50		-			-			58		58		70			70
Pre-petition intercompany payables to other debtors		11,106				11,106		8,902		8,902		124			124			8,725		8,725		10,001			10,001
Other liabilities		-				-		-		-		-			-			-		-		-			-
Total Liabilities Subject to Compromise		11,160				11,160		8,951		8,951		124			124			8,783		8,783		10,070			10,070

Total Liabilities		11,624				11,644		9,349		9,910		124			124			9,867		10,210		10,090			29,677
Equity:
Total Equity		36,177				44,016		26,477		33,186		(0	)		(0	)		52,872		67,536		52,314			64,537
Total Liabilities and Equity	$	47,801			$	55,660	$	35,826	$	43,096	$	124		$	124		$	62,739	$	77,745	$	62,405		$	94,214

Preliminary and Unaudited

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

Page 149 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	OSG 244 LLC				OSG 252 LLC					OSG 254 LLC					OSG 300 LLC				OSG 400 LLC
($000s)	November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013		November 13, 2012		December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-	$	-		$	-	$	-	$	-		$	-	$	-	$	-		$	-
Voyage receivables		68		5		1,600			19		-		(32	)		-		-		-			-
Other receivables		276		-		328			-		247		55			-		-		-			-
Inventory		-		-		278			-		-		-			-		-		-			-
Prepaid expenses and other current assets		5		32		5			33		5		33			-		-		-			-
Total Current Assets		350		38		2,211			52		252		56			-		-		-			-
Vessels and other property, less accumulated depreciation		16,006		13,770		18,995			16,846		21,186		18,742			-		-		-			-
Deferred drydock expenditures, net		1,102		1,988		1,152			79		1,870		1,496			-		-		-			-
Total Vessels, Deferred Drydock and Other Property		17,108		15,758		20,147			16,925		23,056		20,238			-		-		-			-
Investments in Affiliated Companies		-		-		-			-		-		-			-		-		-			-
Intangible Assets, less accumulated amortization		-		-		-			-		-		-			-		-		-			-
Goodwill		-		-		-			-		-		-			-		-		-			-
Investments in subsidiaries		-		-		-			-		-		-			-		-		-			-
Intercompany loans receivable and accrued interest		-		-		-			-		-		-			-		-		-			-
Pre-petition intercompany receivables from debtors		27,376		27,376		18,417			18,417		22,276		22,276			84		84		4,141			4,141
Pre-petition Intercompany receivables from non-debtors		-		-		-			-		-		-			-		-		18,323			18,323
Post-petition intercompany receivables from non-debtors		-		-		-			-		-		-			-		-		-			-
Post-petition Intercompany receivables from debtors		-		8,683		-			16,293		-		11,435			-		-		-			-
Other Assets		-		-		(7	)		-		-		-			-		-		532			771
Total Assets	$	44,834	$	51,854	$	40,769		$	51,688	$	45,584	$	54,005		$	84	$	84	$	22,996		$	23,235

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		474		559		386			604		1		50			-		-		(1	)		-
Total Current Liabilities Not Subject to Compromise		474		559		386			604		1		50			-		-		(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		-		-		-			-		-		-			-		-		-			20
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-		-			-		-		-			-		-		-			-
Deferred Income Taxes and Other Liabilities		-		-		-			-		-		-			-		-		-			-
Total Liabilities Not Subject to Compromise		474		559		386			604		1		50			-		-		(1	)		20

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-		-		-			-		-		-			-		-		-			-
Pre-petition intercompany payables to non-debtors		51		51		53			53		55		55			-		-		50			50
Pre-petition intercompany payables to other debtors		11,421		11,421		1,872			1,872		5,994		5,994			-		-		6,183			6,183
Other liabilities		-		-		-			-		-		-			-		-		-			-
Total Liabilities Subject to Compromise		11,472		11,472		1,925			1,925		6,048		6,048			-		-		6,233			6,233

Total Liabilities		11,946		12,031		2,312			2,529		6,050		6,098			-		-		6,232			6,254
Equity:
Total Equity		32,888		39,824		38,457			49,159		39,535		47,908			84		84		16,764			16,982
Total Liabilities and Equity	$	44,834	$	51,854	$	40,769		$	51,688	$	45,584	$	54,005		$	84	$	84	$	22,996		$	23,235

Preliminary and Unaudited

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

Page 150 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	OSG America L.P.						OSG America LLC				OSG America Operating Company LLC					OSG Car Carriers, Inc.						OSG Clean Products International, Inc.
($000s)	November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-	$	-	$	23,350		$	233,183	$	-		$	-		$	-	$	-
Voyage receivables		-			-			-		-		(1,501	)		-		-			-			-		-
Other receivables		-			-			-		-		-			-		-			-			-		-
Inventory		-			-			-		-		-			-		-			-			-		-
Prepaid expenses and other current assets		-			-			-		-		(1	)		-		-			-			-		-
Total Current Assets		-			-			-		-		21,847			233,183		-			-			-		-
Vessels and other property, less accumulated depreciation		-			-			-		-		-			-		-			-			-		-
Deferred drydock expenditures, net		-			-			-		-		-			-		-			-			-		-
Total Vessels, Deferred Drydock and Other Property		-			-			-		-		-			-		-			-			-		-
Investments in Affiliated Companies		-			-			-		-		995			3,535		-			-			-		-
Intangible Assets, less accumulated amortization		-			-			-		-		64,617			59,417		-			-			-		-
Goodwill		-			-			-		-		-			-		-			-			-		-
Investments in subsidiaries		-			-			0		0		423,001			423,001		-			-			-		-
Intercompany loans receivable and accrued interest		-			-			-		-		-			-		-			-			-		-
Pre-petition intercompany receivables from debtors		-			-			458		458		834,346			834,346		6,682			6,682			100		100
Pre-petition Intercompany receivables from non-debtors		-			-			-		-		1			1		205			205			-		-
Post-petition intercompany receivables from non-debtors		-			-			-		-		-			-		-			-			-		-
Post-petition Intercompany receivables from debtors		-			-			-		-		-			55,522		-			-			-		-
Other Assets		-			-			-		-		-			-		-			-			-		-
Total Assets	$	-		$	-		$	459	$	459	$	1,344,807		$	1,609,005	$	6,887		$	6,887		$	100	$	100

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		-			-			-		-		16			-		-			-			-		-
Total Current Liabilities Not Subject to Compromise		-			-			-		-		16			-		-			-			-		-

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-		-		-			-		-			-			-		-
Post-petition intercompany payables to non-debtors		-			-			-		-		-			2,237		-			-			-		-
Post-petition intercompany payables to other debtors		-			-			-		1		-			259,488		-			-			-		-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-		-		-			-		-			-			-		-
Deferred Income Taxes and Other Liabilities		-			-			-		-		-			-		-			-			-		-
Total Liabilities Not Subject to Compromise		-			-			-		1		16			261,725		-			-			-		-

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-		-		-			-		-			-			-		-
Pre-petition intercompany payables to non-debtors		-			-			-		-		134,975			134,975		0			0			-		-
Pre-petition intercompany payables to other debtors		79			79			-		-		686,794			686,794		6,899			6,899			-		-
Other liabilities		-			-			-		-		302			302		-			-			-		-
Total Liabilities Subject to Compromise		79			79			-		-		822,070			822,070		6,899			6,899			-		-

Total Liabilities		79			79			-		1		822,086			1,083,795		6,899			6,899			-		-
Equity:
Total Equity		(79	)		(79	)		459		458		522,721			525,209		(13	)		(13	)		100		100
Total Liabilities and Equity	$	-		$	-		$	459	$	459	$	1,344,807		$	1,609,005	$	6,887		$	6,887		$	100	$	100

Preliminary and Unaudited

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

Page 151 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	OSG Columbia LLC					OSG Constitution LLC						OSG Courageous LLC						OSG Delaware Bay Lightering LLC					OSG Discovery LLC
($000s)	November 13, 2012		December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013			November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-		$	-		$	-		$	-		$	-		$	-	$	-		$	-	$	-
Voyage receivables		-		-			-			-			-			-			5,421		3,092			-		-
Other receivables		26		26			-			-			10			15			63		410			-		80
Inventory		-		-			-			-			-			-			710		997			-		-
Prepaid expenses and other current assets		4		20			-			-			4			34			47		298			-		-
Total Current Assets		29		45			-			-			14			49			6,241		4,797			-		80
Vessels and other property, less accumulated depreciation		7,024		6,546			-			-			30,264			29,226			382,438		367,669			-		-
Deferred drydock expenditures, net		602		77			-			-			-			161			-		594			-		-
Total Vessels, Deferred Drydock and Other Property		7,626		6,623			-			-			30,264			29,387			382,438		368,263			-		-
Investments in Affiliated Companies		-		-			-			-			-			-			-		-			-		-
Intangible Assets, less accumulated amortization		-		-			-			-			-			-			-		-			-		-
Goodwill		-		-			-			-			-			-			-		-			-		-
Investments in subsidiaries		-		-			-			-			-			-			-		-			-		-
Intercompany loans receivable and accrued interest		-		-			-			-			-			-			-		-			-		-
Pre-petition intercompany receivables from debtors		2,435		2,435			1,070			1,070			2,062			2,062			15,144		15,144			1,272		1,272
Pre-petition Intercompany receivables from non-debtors		-		-			-			-			-			-			104,456		104,456			-		-
Post-petition intercompany receivables from non-debtors		-		-			-			-			-			-			-		-			-		-
Post-petition Intercompany receivables from debtors		-		-			-			-			-			-			-		48,646			-		855
Other Assets		-		-			0			(0	)		(2	)		(0	)		0		(12	)		-		-
Total Assets	$	10,091	$	9,104		$	1,070		$	1,070		$	32,339		$	31,497		$	508,278	$	541,294		$	1,272	$	2,207

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		125		102			2			3			140			156			598		425			21		-
Total Current Liabilities Not Subject to Compromise		125		102			2			3			140			156			598		425			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		-		3,249			-			2			-			3,437			-		12,776			-		-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-			-			-			-			-			-		-			-		-
Deferred Income Taxes and Other Liabilities		-		-			-			-			-			-			-		-			-		-
Total Liabilities Not Subject to Compromise		125		3,351			2			5			140			3,593			598		13,201			21		-

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-		-			-			-			-			-			-		-			-		-
Pre-petition intercompany payables to non-debtors		33		33			32			32			1			1			380		380			-		-
Pre-petition intercompany payables to other debtors		9,323		9,323			4,544			4,544			17,212			17,212			88,794		88,794			508		508
Other liabilities		-		-			-			-			-			-			-		-			-		-
Total Liabilities Subject to Compromise		9,355		9,355			4,576			4,576			17,213			17,213			89,174		89,174			508		508

Total Liabilities		9,480		12,707			4,579			4,582			17,353			20,806			89,772		102,375			529		508
Equity:
Total Equity		611		(3,603	)		(3,508	)		(3,511	)		14,986			10,691			418,506		438,920			743		1,698
Total Liabilities and Equity	$	10,091	$	9,104		$	1,070		$	1,070		$	32,339		$	31,497		$	508,278	$	541,294		$	1,272	$	2,207

Preliminary and Unaudited

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

Page 152 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	OSG Endeavor LLC						OSG Endurance LLC						OSG Enterprise LLC					OSG Financial Corp.				OSG Freedom LLC
($000s)	November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-		$	-	$	-		$	16	$	371	$	-		$	-
Voyage receivables		-			-			-			-			-		-			-		-		-			-
Other receivables		-			-			23			23			10		10			-		-		-			-
Inventory		-			-			-			-			-		-			-		-		0			-
Prepaid expenses and other current assets		-			-			4			34			4		18			-		-		5			20
Total Current Assets		-			-			27			57			14		28			16		371		5			20
Vessels and other property, less accumulated depreciation		-			-			32,214			31,107			4,238		3,906			-		-		1,478			-
Deferred drydock expenditures, net		-			-			-			60			1,494		340			-		-		-			-
Total Vessels, Deferred Drydock and Other Property		-			-			32,214			31,167			5,732		4,246			-		-		1,478			-
Investments in Affiliated Companies		-			-			-			-			-		-			-		-		-			-
Intangible Assets, less accumulated amortization		-			-			-			-			-		-			-		-		-			-
Goodwill		-			-			-			-			-		-			-		-		-			-
Investments in subsidiaries		-			-			-			-			-		-			-		-		-			-
Intercompany loans receivable and accrued interest		-			-			-			-			-		-			-		-		-			-
Pre-petition intercompany receivables from debtors		-			-			69			69			3,140		3,140			10,251		10,251		829			829
Pre-petition Intercompany receivables from non-debtors		-			-			-			-			-		-			-		-		-			-
Post-petition intercompany receivables from non-debtors		-			-			-			-			-		-			-		-		-			-
Post-petition Intercompany receivables from debtors		-			-			-			-			-		-			-		-		-			473
Other Assets		-			-			(30	)		(23	)		9		37			731		203		0			-
Total Assets	$	-		$	-		$	32,280		$	31,270		$	8,895	$	7,451		$	10,999	$	10,825	$	2,312		$	1,322

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		-			-			145			114			189		112			-		-		(7	)		22
Total Current Liabilities Not Subject to Compromise		-			-			145			114			189		112			-		-		(7	)		22

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		-			58			-			3,160			-		3,414			-		-		-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-			-		-			-		-		-			-
Deferred Income Taxes and Other Liabilities		-			-			-			-			-		-			-		-		-			-
Total Liabilities Not Subject to Compromise		-			58			145			3,274			189		3,525			-		-		(7	)		22

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-			-		-			-		-		-			-
Pre-petition intercompany payables to non-debtors		111			111			1			1			29		29			-		-		28			28
Pre-petition intercompany payables to other debtors		310			310			15,683			15,683			8,420		8,420			9,457		9,457		3,753			3,753
Other liabilities		-			-			-			-			-		-			-		-		-			-
Total Liabilities Subject to Compromise		421			421			15,684			15,684			8,449		8,449			9,457		9,457		3,781			3,781

Total Liabilities		421			479			15,828			18,958			8,638		11,975			9,457		9,457		3,775			3,803
Equity:
Total Equity		(421	)		(479	)		16,452			12,312			257		(4,524	)		1,541		1,368		(1,462	)		(2,481	)
Total Liabilities and Equity	$	-		$	-		$	32,280		$	31,270		$	8,895	$	7,451		$	10,999	$	10,825	$	2,312		$	1,322

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

Preliminary and Unaudited

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

Page 153 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	OSG Honour LLC						OSG Independence LLC						OSG Intrepid LLC						OSG Liberty LLC							OSG Lightering LLC
($000s)	November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012				December 31, 2013			November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-		$	-		$	-		$	-			$	-		$	3,502		$	10,410
Voyage receivables		-			-			-			-			-			-			-				-			8,284			14,927
Other receivables		16			16			14			14			13			12			-				-			9,798			2,604
Inventory		-			-			-			-			-			-			-				-			2,227			2,041
Prepaid expenses and other current assets		4			18			4			19			4			18			-				-			1,623			467
Total Current Assets		20			35			18			33			17			29			-				-			25,433			30,449
Vessels and other property, less accumulated depreciation		3,802			3,451			6,615			6,162			2,897			2,471			-				-			4,340			3,458
Deferred drydock expenditures, net		848			403			311			341			1,219			800			-				-			-			-
Total Vessels, Deferred Drydock and Other Property		4,649			3,854			6,926			6,504			4,116			3,271			-				-			4,340			3,458
Investments in Affiliated Companies		-			-			-			-			-			-			-				-			-			-
Intangible Assets, less accumulated amortization		-			-			-			-			-			-			-				-			7,190			6,625
Goodwill		-			-			-			-			-			-			-				-			8,101			8,101
Investments in subsidiaries		-			-			-			-			-			-			-				-			-			-
Intercompany loans receivable and accrued interest		-			-			-			-			-			-			-				-			-			-
Pre-petition intercompany receivables from debtors		2,458			2,458			246			246			2			2			9,493				9,493			127,232			127,232
Pre-petition Intercompany receivables from non-debtors		-			-			1			1			-			-			1				1			137,738			137,738
Post-petition intercompany receivables from non-debtors		-			-			-			-			-			-			-				-			-			-
Post-petition Intercompany receivables from debtors		-			-			-			5,998			-			-			-				1			-			7,120
Other Assets		(3	)		(2	)		0			(1	)		(8	)		1			(9	)			-			-			-
Total Assets	$	7,124		$	6,345		$	7,191		$	12,781		$	4,126		$	3,304		$	9,485			$	9,495		$	310,035		$	320,724

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		143			89			270			167			134			104			(1	)			-			3,384			7,024
Total Current Liabilities Not Subject to Compromise		143			89			270			167			134			104			(1	)			-			3,384			7,024

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		-			3,266			-			9,797			-			3,705			-				-			-			10,464
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-			-			-			-				-			-			-
Deferred Income Taxes and Other Liabilities		-			-			-			-			-			-			-				-			-			-
Total Liabilities Not Subject to Compromise		143			3,355			270			9,964			134			3,809			(1	)			-			3,384			17,488

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-			-			-			-				-			-			-
Pre-petition intercompany payables to non-debtors		31			31			33			33			30			30			32				32			127,578			125,361
Pre-petition intercompany payables to other debtors		8,722			8,722			6,907			6,907			7,284			7,284			10,766				10,766			167,222			166,275
Other liabilities		-			-			-			-			-			-			-				-			(11	)		813
Total Liabilities Subject to Compromise		8,753			8,753			6,940			6,941			7,314			7,314			10,799				10,799			294,790			292,450

Total Liabilities		8,896			12,108			7,210			16,904			7,447			11,123			10,798				10,799			298,174			309,938
Equity:
Total Equity		(1,772	)		(5,763	)		(19	)		(4,124	)		(3,321	)		(7,819	)		(1,313	)			(1,304	)		11,861			10,786
Total Liabilities and Equity	$	7,124		$	6,345		$	7,191		$	12,781		$	4,126		$	3,304		$	9,485			$	9,495		$	310,035		$	320,724

Preliminary and Unaudited

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

Page 154 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	OSG Lightering Acquisition Corporation				OSG Lightering Solutions LLC				OSG Mariner LLC						OSG Maritrans Parent LLC						OSG Navigator LLC
($000s)	November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-	$	-	$	-	$	-		$	-		$	-		$	-		$	-		$	-
Voyage receivables		-		-		-		-		-			-			-			-			-			-
Other receivables		-		-		-		-		-			-			-			-			18			18
Inventory		-		-		-		-		-			-			-			-			-			-
Prepaid expenses and other current assets		-		-		-		-		-			-			-			-			4			17
Total Current Assets		-		-		-		-		-			-			-			-			21			35
Vessels and other property, less accumulated depreciation		-		-		-		-		-			-			-			-			2,853			2,437
Deferred drydock expenditures, net		-		-		-		-		-			-			-			-			587			40
Total Vessels, Deferred Drydock and Other Property		-		-		-		-		-			-			-			-			3,440			2,477
Investments in Affiliated Companies		-		-		-		-		-			-			-			-			-			-
Intangible Assets, less accumulated amortization		-		-		-		-		-			-			606			528			-			-
Goodwill		-		-		1,567		1,567		-			-			-			-			-			-
Investments in subsidiaries		2,000		2,000		-		-		-			-			103,806			103,806			-			-
Intercompany loans receivable and accrued interest		-		-		-		-		-			-			-			-			-			-
Pre-petition intercompany receivables from debtors		-		-		2,650		2,650		-			-			-			-			19			19
Pre-petition Intercompany receivables from non-debtors		-		-		-		-		-			-			-			-			-			-
Post-petition intercompany receivables from non-debtors		-		-		-		-		-			-			-			-			-			-
Post-petition Intercompany receivables from debtors		-		-		-		-		-			-			-			-			-			-
Other Assets		-		-		-		-		-			-			-			-			(4	)		2
Total Assets	$	2,000	$	2,000	$	4,216	$	4,216	$	-		$	-		$	104,411		$	104,334		$	3,476		$	2,533

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		-		-		-		-		-			-			-			-			167			89
Total Current Liabilities Not Subject to Compromise		-		-		-		-		-			-			-			-			167			89

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		-		-		-		-		-			58			-			-			-			3,251
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-		-		-		-			-			-			-			-			-
Deferred Income Taxes and Other Liabilities		-		-		-		-		-			-			-			-			-			-
Total Liabilities Not Subject to Compromise		-		-		-		-		-			58			-			-			167			3,340

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-		-		-		-		-			-			-			-			-			-
Pre-petition intercompany payables to non-debtors		-		-		-		-		111			111			-			-			30			30
Pre-petition intercompany payables to other debtors		1,999		1,999		2,650		2,650		311			311			120,341			120,341			6,801			6,801
Other liabilities		-		-		-		-		-			-			-			-			-			-
Total Liabilities Subject to Compromise		1,999		1,999		2,650		2,650		422			422			120,341			120,341			6,831			6,831

Total Liabilities		1,999		1,999		2,650		2,650		422			479			120,341			120,341			6,999			10,171
Equity:
Total Equity		1		1		1,567		1,567		(422	)		(479	)		(15,930	)		(16,008	)		(3,523	)		(7,638	)
Total Liabilities and Equity	$	2,000	$	2,000	$	4,216	$	4,216	$	-		$	(0	)	$	104,411		$	104,334		$	3,476		$	2,533

Preliminary and Unaudited

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

Page 155 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	OSG New York, Inc.						OSG Product Tankers AVTC, LLC				OSG Product Tankers I, LLC						OSG Product Tankers II, LLC						OSG Product Tankers Member LLC
($000s)	November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-	$	-	$	-		$	-		$	-		$	-		$	-	$	-
Voyage receivables		5,178			1,865			-		-		-			-			-			-			-		-
Other receivables		-			11			-		-		-			-			-			-			-		-
Inventory		352			-			-		-		-			-			-			-			-		-
Prepaid expenses and other current assets		781			697			-		-		-			-			-			-			-		-
Total Current Assets		6,311			2,573			-		-		-			-			-			-			-		-
Vessels and other property, less accumulated depreciation		-			-			-		-		-			-			-			-			-		-
Deferred drydock expenditures, net		-			-			-		-		-			-			-			-			-		-
Total Vessels, Deferred Drydock and Other Property		-			-			-		-		-			-			-			-			-		-
Investments in Affiliated Companies		300			300			-		-		-			-			-			-			-		-
Intangible Assets, less accumulated amortization		-			-			-		-		-			-			-			-			-		-
Goodwill		-			-			-		-		-			-			-			-			-		-
Investments in subsidiaries		-			-			-		-		-			-			-			-			-		-
Intercompany loans receivable and accrued interest		-			-			-		-		-			-			-			-			-		-
Pre-petition intercompany receivables from debtors		21,479			21,479			100		100		-			-			-			-			1		-
Pre-petition Intercompany receivables from non-debtors		-			-			-		-		-			-			-			-			-		-
Post-petition intercompany receivables from non-debtors		-			-			-		-		-			-			-			-			-		-
Post-petition Intercompany receivables from debtors		-			4,789			-		-		-			-			-			-			-		-
Other Assets		-			-			-		-		-			-			-			-			-		-
Total Assets	$	28,090		$	29,141		$	100	$	100	$	-		$	-		$	-		$	-		$	1	$	-

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		506			188			-		-		-			-			-			-			-		-
Total Current Liabilities Not Subject to Compromise		506			188			-		-		-			-			-			-			-		-

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		-			2,882			-		-		-			-			-			-			-		-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-		-		-			-			-			-			-		-
Deferred Income Taxes and Other Liabilities		-			-			-		-		-			-			-			-			-		-
Total Liabilities Not Subject to Compromise		506			3,069			-		-		-			-			-			-			-		-

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-		-		-			-			-			-			-		-
Pre-petition intercompany payables to non-debtors		26,292			26,292			-		-		-			-			-			-			-		-
Pre-petition intercompany payables to other debtors		10,719			10,719			-		-		8			8			8			8			1		-
Other liabilities		-			300			-		-		-			-			-			-			-		-
Total Liabilities Subject to Compromise		37,011			37,311			-		-		8			8			8			8			1		-

Total Liabilities		37,517			40,380			-		-		8			8			8			8			1		-
Equity:
Total Equity		(9,427	)		(11,239	)		100		100		(8	)		(8	)		(8	)		(8	)		-		-
Total Liabilities and Equity	$	28,090		$	29,141		$	100	$	100	$	-		$	-		$	-		$	-		$	1	$	-

Preliminary and Unaudited

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

Page 156 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	OSG Product Tankers, LLC						OSG Quest LLC						OSG Seafarer LLC				OSG Ship Management, Inc.						OSG Valour LLC
($000s)	November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-		$	-	$	-	$	1,431		$	641		$	-	$	-
Voyage receivables		-			-			-			-			-		-		-			-			-		-
Other receivables		-			-			-			-			-		-		1,773			1,364			-		-
Inventory		-			-			-			-			-		-		-			-			-		-
Prepaid expenses and other current assets		-			-			-			-			-		-		2,832			2,362			-		-
Total Current Assets		-			-			-			-			-		-		6,036			4,367			-		-
Vessels and other property, less accumulated depreciation		-			-			-			-			-		-		12,623			5,203			-		-
Deferred drydock expenditures, net		-			-			-			-			-		-		-			-			-		-
Total Vessels, Deferred Drydock and Other Property		-			-			-			-			-		-		12,623			5,203			-		-
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			1,163		1,163
Pre-petition Intercompany receivables from non-debtors		-			-			-			-			-		-		993			943			-		-
Post-petition intercompany receivables from non-debtors		-			-			-			-			-		-		-			-			-		-
Post-petition Intercompany receivables from debtors		-			-			-			-			-		0		-			(3,242	)		-		-
Other Assets		-			-			-			-			-		-		117			386			-		-
Total Assets	$	-		$	-		$	64		$	64		$	1,000	$	1,001	$	212,936		$	215,161		$	1,163	$	1,163

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		-			-			4			-			-		-		9,813			17,897			-		-
Total Current Liabilities Not Subject to Compromise		-			-			4			-			-		-		9,813			17,897			-		-

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		-			-			-			37			-		-		-			17,985			-		-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-			-		-		-			-			-		-
Deferred Income Taxes and Other Liabilities		-			-			-			-			-		-		528			526			-		-
Total Liabilities Not Subject to Compromise		-			-			4			37			-		-		10,341			36,408			-		-

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-			-		-		-			-			-		-
Pre-petition intercompany payables to non-debtors		-			-			140			140			27		27		328			328			-		-
Pre-petition intercompany payables to other debtors		16			16			61			61			343		343		369,019			369,019			1,075		1,075
Other liabilities		-			-			-			-			-		-		23,988			10,377			-		-
Total Liabilities Subject to Compromise		16			16			201			201			370		370		393,334			379,723			1,075		1,075

Total Liabilities		16			16			205			238			370		370		403,675			416,131			1,075		1,075
Equity:
Total Equity		(16	)		(16	)		(140	)		(174	)		631		631		(190,740	)		(200,970	)		88		88
Total Liabilities and Equity	$	-		$	-		$	64		$	64		$	1,000	$	1,001	$	212,936		$	215,161		$	1,163	$	1,163

Preliminary and Unaudited

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

Page 157 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Overseas Allegiance Corporation				Overseas Anacortes LLC				Overseas Boston LLC					Overseas Diligence LLC						Overseas Galena Bay LLC
($000s)	November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-	$	-	$	-	$	-	$	-		$	-		$	-		$	-	$	-
Voyage receivables		-		-		13		-		-		(2	)		-			-			-		-
Other receivables		-		-		28		37		21		116			137			-			276		-
Inventory		-		-		-		-		-		-			-			-			-		-
Prepaid expenses and other current assets		-		-		450		855		448		853			-			-			-		-
Total Current Assets		-		-		492		892		468		966			137			-			276		-
Vessels and other property, less accumulated depreciation		-		-		274		162		171		60			-			-			-		-
Deferred drydock expenditures, net		-		-		4		630		606		661			-			-			-		-
Total Vessels, Deferred Drydock and Other Property		-		-		279		792		776		721			-			-			-		-
Investments in Affiliated Companies		-		-		-		-		-		-			-			-			-		-
Intangible Assets, less accumulated amortization		-		-		-		-		-		-			-			-			-		-
Goodwill		-		-		-		-		-		-			-			-			-		-
Investments in subsidiaries		-		-		-		-		-		-			-			-			-		-
Intercompany loans receivable and accrued interest		-		-		-		-		-		-			-			-			-		-
Pre-petition intercompany receivables from debtors		2		2		42,388		42,388		40,291		40,291			311			311			4,465		4,465
Pre-petition Intercompany receivables from non-debtors		-		-		30		30		-		-			2			2			4		4
Post-petition intercompany receivables from non-debtors		-		-		-		-		-		-			-			-			-		-
Post-petition Intercompany receivables from debtors		-		-		-		6,655		-		4,102			-			137			-		276
Other Assets		-		-		2,141		1,847		1,159		1,009			-			-			-		-
Total Assets	$	2	$	2	$	45,329	$	52,603	$	42,695	$	47,090		$	451		$	451		$	4,744	$	4,744

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		-		-		1,193		2,358		1,192		2,911			(0	)		(0	)		-		-
Total Current Liabilities Not Subject to Compromise		-		-		1,193		2,358		1,192		2,911			(0	)		(0	)		-		-

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-		-		-		-		-		-			-			-			-		-
Post-petition intercompany payables to non-debtors		-		-		-		-		-		-			-			-			-		-
Post-petition intercompany payables to other debtors		-		-		-		-		-		-			-			-			-		-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-		-		-		-		-			-			-			-		-
Deferred Income Taxes and Other Liabilities		-		-		-		-		-		-			-			-			-		-
Total Liabilities Not Subject to Compromise		-		-		1,193		2,358		1,192		2,911			(0	)		(0	)		-		-

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-		-		-		-		-		-			-			-			-		-
Pre-petition intercompany payables to non-debtors		-		-		106		106		91		91			49			49			-		-
Pre-petition intercompany payables to other debtors		2		2		35,688		35,688		36,030		36,030			300			300			565		565
Other liabilities		-		-		-		-		-		-			-			-			-		-
Total Liabilities Subject to Compromise		2		2		35,794		35,794		36,122		36,122			348			348			565		565

Total Liabilities		2		2		36,986		38,151		37,313		39,033			348			348			565		565
Equity:
Total Equity		0		0		8,343		14,452		5,382		8,057			103			103			4,179		4,179
Total Liabilities and Equity	$	2	$	2	$	45,329	$	52,603	$	42,695	$	47,090		$	451		$	451		$	4,744	$	4,744

Preliminary and Unaudited

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

Page 158 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Overseas Houston LLC						Overseas Integrity LLC				Overseas Long Beach LLC				Overseas Los Angeles LLC						Overseas Martinez LLC
($000s)	November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-	$	-	$	-	$	-	$	-		$	-		$	-	$	-
Voyage receivables		-			-			-		-		-		-		-			-			-		2
Other receivables		289			22			8		-		307		50		358			39			34		38
Inventory		-			-			-		-		-		-		-			-			-		-
Prepaid expenses and other current assets		357			789			-		-		357		694		360			694			447		853
Total Current Assets		646			811			8		-		664		744		719			733			482		893
Vessels and other property, less accumulated depreciation		143			39			-		-		164		44		167			70			345		187
Deferred drydock expenditures, net		2,793			2,060			-		-		2,195		1,517		2,489			1,574			-		637
Total Vessels, Deferred Drydock and Other Property		2,936			2,099			-		-		2,359		1,561		2,656			1,644			345		825
Investments in Affiliated Companies		-			-			-		-		-		-		-			-			-		-
Intangible Assets, less accumulated amortization		-			-			-		-		-		-		-			-			-		-
Goodwill		-			-			-		-		-		-		-			-			-		-
Investments in subsidiaries		-			-			-		-		-		-		-			-			-		-
Intercompany loans receivable and accrued interest		-			-			-		-		-		-		-			-			-		-
Pre-petition intercompany receivables from debtors		35,162			35,194			1,150		1,150		35,775		35,774		34,432			34,432			14,892		14,892
Pre-petition Intercompany receivables from non-debtors		-			-			-		-		3		3		3			3			3		3
Post-petition intercompany receivables from non-debtors		-			-			-		-		-		-		-			-			-		-
Post-petition Intercompany receivables from debtors		-			1,918			-		59		-		1,944		-			1,313			-		3,244
Other Assets		601			524			-		-		588		509		921			862			2,138		1,788
Total Assets	$	39,345		$	40,546		$	1,157	$	1,209	$	39,388	$	40,534	$	38,730		$	38,987		$	17,860	$	21,645

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		990			271			-		-		1,268		259		1,881			294			1,207		2,228
Total Current Liabilities Not Subject to Compromise		990			271			-		-		1,268		259		1,881			294			1,207		2,228

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		5,875			7,000			-		-		5,458		6,721		5,016			6,280			-		-
Total Liabilities Not Subject to Compromise		6,865			7,271			-		-		6,726		6,980		6,897			6,574			1,207		2,228

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-		-		-		-		-			-			-		-
Pre-petition intercompany payables to non-debtors		96			96			-		-		95		95		98			98			97		97
Pre-petition intercompany payables to other debtors		33,329			33,361			932		932		31,967		31,966		33,285			33,285			8,451		8,451
Other liabilities		-			-			-		-		-		-		-			-			-		-
Total Liabilities Subject to Compromise		33,425			33,456			932		932		32,062		32,061		33,383			33,383			8,549		8,549

Total Liabilities		40,289			40,728			932		932		38,788		39,041		40,280			39,958			9,755		10,777
Equity:
Total Equity		(944	)		(182	)		225		277		600		1,494		(1,551	)		(971	)		8,104		10,868
Total Liabilities and Equity	$	39,345		$	40,546		$	1,157	$	1,209	$	39,388	$	40,534	$	38,730		$	38,987		$	17,860	$	21,645

Preliminary and Unaudited

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

Page 159 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Overseas New Orleans LLC				Overseas New York LLC				Overseas Nikiski LLC				Overseas Perseverance Corporation				Overseas Philadelphia LLC
($000s)	November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-		$	-
Voyage receivables		-		-		-		-		-		-		-		-		-			-
Other receivables		211		-		119		28		30		32		-		-		211			-
Inventory		-		-		-		-		-		-		-		-		-			-
Prepaid expenses and other current assets		-		-		357		698		448		853		-		-		-			-
Total Current Assets		211		-		476		726		477		884		-		-		211			-
Vessels and other property, less accumulated depreciation		-		-		51		27		244		70		-		-		-			-
Deferred drydock expenditures, net		-		-		209		1,794		891		391		-		-		-			-
Total Vessels, Deferred Drydock and Other Property		-		-		260		1,821		1,134		461		-		-		-			-
Investments in Affiliated Companies		-		-		-		-		-		-		-		-		-			-
Intangible Assets, less accumulated amortization		-		-		-		-		-		-		-		-		-			-
Goodwill		-		-		-		-		-		-		-		-		-			-
Investments in subsidiaries		-		-		-		-		-		-		-		-		-			-
Intercompany loans receivable and accrued interest		-		-		-		-		-		-		-		-		-			-
Pre-petition intercompany receivables from debtors		3,717		3,717		35,303		35,303		39,256		39,256		383		383		596			596
Pre-petition Intercompany receivables from non-debtors		-		-		6,190		6,190		-		-		-		-		2			2
Post-petition intercompany receivables from non-debtors		-		-		-		-		-		-		-		-		-			-
Post-petition Intercompany receivables from debtors		-		195		-		-		-		4,013		-		-		-			273
Other Assets		-		-		1,189		990		1,246		1,027		-		-		66			1
Total Assets	$	3,928	$	3,913	$	43,418	$	45,031	$	42,113	$	45,641	$	383	$	383	$	875		$	872

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		11		-		1,043		450		1,239		2,032		-		-		-			-
Total Current Liabilities Not Subject to Compromise		11		-		1,043		450		1,239		2,032		-		-		-			-

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		-		-		-		945		-		-		-		-		-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-		-		-		-		-		-		-		-			-
Deferred Income Taxes and Other Liabilities		-		-		4,570		5,833		-		-		-		-		-			-
Total Liabilities Not Subject to Compromise		11		-		5,613		7,228		1,239		2,032		-		-		-			-

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-		-		-		-		-		-		-		-		-			-
Pre-petition intercompany payables to non-debtors		28		28		95		95		91		91		-		-		-			-
Pre-petition intercompany payables to other debtors		459		459		36,723		36,723		35,177		35,177		378		378		940			940
Other liabilities		-		-		-		-		-		-		-		-		-			-
Total Liabilities Subject to Compromise		488		488		36,818		36,818		35,268		35,268		378		378		940			940

Total Liabilities		498		488		42,430		44,046		36,507		37,300		378		378		940			940
Equity:
Total Equity		3,430		3,425		987		985		5,606		8,341		4		4		(65	)		(68	)
Total Liabilities and Equity	$	3,928	$	3,913	$	43,418	$	45,031	$	42,113	$	45,641	$	383	$	383	$	875		$	872

Preliminary and Unaudited

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

Page 160 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Overseas Puget Sound LLC				Overseas Sea Swift Corporation				Overseas Shipping (GR) Ltd.				Overseas ST Holding LLC				Overseas Tampa LLC
($000s)	November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Voyage receivables		-		-		-		-		-		-		211		-		10		3
Other receivables		222		-		-		-		-		-		188		155		51		27
Inventory		-		-		-		-		-		-		-		-		-		-
Prepaid expenses and other current assets		-		-		-		-		7		-		36		245		443		873
Total Current Assets		222		-		-		-		7		-		436		400		504		902
Vessels and other property, less accumulated depreciation		-		-		-		-		-		-		244,259		232,394		219		189
Deferred drydock expenditures, net		-		-		-		-		-		-		235		560		-		-
Total Vessels, Deferred Drydock and Other Property		-		-		-		-		-		-		244,494		232,953		219		189
Investments in Affiliated Companies		-		-		-		-		-		-		-		-		-		-
Intangible Assets, less accumulated amortization		-		-		-		-		-		-		-		-		-		-
Goodwill		-		-		-		-		-		-		-		-		-		-
Investments in subsidiaries		-		-		-		-		432,794		471,451		-		-		-		-
Intercompany loans receivable and accrued interest		-		-		-		-		-		-		-		-		-		-
Pre-petition intercompany receivables from debtors		10,663		10,663		9		9		370,028		370,028		96,424		96,424		4,190		4,190
Pre-petition Intercompany receivables from non-debtors		-		-		-		-		314,966		314,966		6		6		5		5
Post-petition intercompany receivables from non-debtors		-		-		-		-		-		-		-		-		-		-
Post-petition Intercompany receivables from debtors		-		194		-		-		-		-		-		38,957		-		4,390
Other Assets		-		-		-		-		-		-		88		132		3,469		5,828
Total Assets	$	10,885	$	10,857	$	9	$	9	$	1,117,796	$	1,156,444	$	341,448	$	368,872	$	8,387	$	15,504

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		18		-		-		-		5		-		3,003		661		1,186		2,258
Total Current Liabilities Not Subject to Compromise		18		-		-		-		5		-		3,003		661		1,186		2,258

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		18		-		-		-		5		-		3,003		661		1,186		2,258

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-		-		-		-		-		-		-		-		-		-
Pre-petition intercompany payables to non-debtors		31		31		-		-		5,976		5,975		110		110		-		-
Pre-petition intercompany payables to other debtors		6,220		6,220		7		7		45		45		158,460		158,460		6,866		6,866
Other liabilities		-		-		-		-		-		-		-		-		-		-
Total Liabilities Subject to Compromise		6,251		6,251		7		7		6,021		6,021		158,570		158,570		6,866		6,866

Total Liabilities		6,269		6,251		7		7		6,025		6,021		161,573		159,231		8,052		9,124
Equity:
Total Equity		4,616		4,607		2		2		1,111,770		1,150,424		179,876		209,641		334		6,380
Total Liabilities and Equity	$	10,885	$	10,857	$	9	$	9	$	1,117,796	$	1,156,444	$	341,448	$	368,872	$	8,387	$	15,504

Preliminary and Unaudited

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

Page 161 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Overseas Texas City LLC					Pearlmar Limited					Petromar Limited					Pisces Tanker Corporation						Polaris Tanker Corporation
($000s)	November 13, 2012			December 31, 2013		November 13, 2012		December 31, 2013			November 13, 2012			December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-	$	-	$	-		$	-		$	-	$	-		$	-		$	-		$	-
Voyage receivables		-			-		2,457		2,721			1,407			1,487		1,982			50			1,168			25
Other receivables		(30	)		60		21		3			10			16		-			345			(5	)		553
Inventory		-			-		-		-			421			561		248			-			359			-
Prepaid expenses and other current assets		358			697		29		64			27			49		282			-			282			-
Total Current Assets		328			756		2,507		2,788			1,865			2,112		2,512			395			1,804			578
Vessels and other property, less accumulated depreciation		9			7		35,337		32,806			24,544			9,033		-			-			-			-
Deferred drydock expenditures, net		309			2,179		1,450		1,037			1,497			1,041		-			-			-			-
Total Vessels, Deferred Drydock and Other Property		318			2,186		36,787		33,843			26,041			10,074		-			-			-			-
Investments in Affiliated Companies		-			-		440		440			-			-		-			-			-			-
Intangible Assets, less accumulated amortization		-			-		-		-			-			-		-			-			-			-
Goodwill		-			-		-		-			-			-		-			-			-			-
Investments in subsidiaries		-			-		-		-			-			-		-			-			-			-
Intercompany loans receivable and accrued interest		-			-		-		-			-			-		-			-			-			-
Pre-petition intercompany receivables from debtors		41,721			41,721		32,776		32,776			13,809			13,809		20,752			20,752			21,287			21,287
Pre-petition Intercompany receivables from non-debtors		-			-		5,550		5,550			-			-		-			-			-			-
Post-petition intercompany receivables from non-debtors		-			-		-		-			-			-		-			-			-			-
Post-petition Intercompany receivables from debtors		-			6,922		-		3,833			-			1,292		-			1,218			-			230
Other Assets		1,584			1,329		-		(2	)		(40	)		19		(1	)		-			(3	)		-
Total Assets	$	43,952		$	52,915	$	78,059	$	79,227		$	41,675		$	27,305	$	23,264		$	22,365		$	23,088		$	22,094

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		1,050			2,594		373		409			67			1,112		84			1			438			6
Total Current Liabilities Not Subject to Compromise		1,050			2,594		373		409			67			1,112		84			1			438			6

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			5,342		-		-			-			-		-			-			-			-
Total Liabilities Not Subject to Compromise		5,129			7,937		373		409			67			1,112		84			1			438			6

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-		-		-			-			-		-			-			-			-
Pre-petition intercompany payables to non-debtors		98			98		6,226		6,226			14,353			14,353		24,007			24,007			24,709			24,709
Pre-petition intercompany payables to other debtors		29,053			29,053		31,100		31,100			166			166		162			162			741			741
Other liabilities		-			-		-		-			-			-		-			5,816			-			5,565
Total Liabilities Subject to Compromise		29,152			29,152		37,326		37,326			14,519			14,519		24,168			29,985			25,450			31,015

Total Liabilities		34,280			37,088		37,700		37,736			14,586			15,631		24,252			29,986			25,888			31,021
Equity:
Total Equity		9,671			15,826		40,360		41,492			27,089			11,674		(989	)		(7,621	)		(2,800	)		(8,927	)
Total Liabilities and Equity	$	43,952		$	52,915	$	78,059	$	79,227		$	41,675		$	27,305	$	23,264		$	22,365		$	23,088		$	22,094

Preliminary and Unaudited

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

Page 162 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Queens Product Tanker Corporation						Reymar Limited					Rich Tanker Corporation						Rimar Chartering Corporation						Rosalyn Tanker Corporation
($000s)	November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-	$	-		$	-		$	-		$	-		$	-		$	-
Voyage receivables		418			-			2,373			3,698		2,779			1,844			598			359			3,110			4,039
Other receivables		11			-			(7	)		207		9			-			53			13			21			25
Inventory		658			-			-			-		-			516			192			-			-			-
Prepaid expenses and other current assets		34			-			29			70		243			179			303			13			75			144
Total Current Assets		1,122			-			2,395			3,976		3,031			2,539			1,147			384			3,206			4,208
Vessels and other property, less accumulated depreciation		-			-			37,449			35,102		-			-			269			-			51,807			50,522
Deferred drydock expenditures, net		-			-			331			82		-			-			387			-			73			1,996
Total Vessels, Deferred Drydock and Other Property		-			-			37,780			35,184		-			-			656			-			51,879			52,517
Investments in Affiliated Companies		-			-			414			-		-			-			-			-			-			-
Intangible Assets, less accumulated amortization		-			-			-			-		-			-			-			-			-			-
Goodwill		-			-			-			-		-			-			-			-			-			-
Investments in subsidiaries		-			-			-			-		-			-			-			-			-			-
Intercompany loans receivable and accrued interest		-			-			-			-		-			-			-			-			-			-
Pre-petition intercompany receivables from debtors		4,141			4,141			26,868			26,868		15,814			15,814			52,488			52,488			10,179			9,923
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		-			631			-			2,534		-			853			-			-			-			-
Other Assets		3			-			(33	)		9		-			-			(96	)		(2	)		(23	)		(2	)
Total Assets	$	52,639		$	52,145		$	79,279		$	80,426	$	18,845		$	19,206		$	54,195		$	52,870		$	65,241		$	66,646

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		431			1			59			669		367			859			350			262			301			77
Total Current Liabilities Not Subject to Compromise		431			1			59			669		367			859			350			262			301			77

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-			-		-			-			-			-			-			-
Post-petition intercompany payables to non-debtors		-			-			-			-		-			-			-			-			-			585
Post-petition intercompany payables to other debtors		-			-			-			-		-			-			-			1,899			-			1,941
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-		-			-			4,284			-			-			-
Deferred Income Taxes and Other Liabilities		-			-			-			-		511			-			-			-			-			-
Total Liabilities Not Subject to Compromise		431			1			59			669		878			859			4,633			2,161			301			2,603

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-		-			-			-			-			-			-
Pre-petition intercompany payables to non-debtors		23,799			23,799			2,567			2,567		19,532			19,532			27,292			27,292			6,406			6,406
Pre-petition intercompany payables to other debtors		47,711			47,711			30,609			30,609		11			11			30,274			30,274			1			1
Other liabilities		-			0			-			-		-			2,967			-			10,681			-			-
Total Liabilities Subject to Compromise		71,510			71,510			33,177			33,177		19,542			22,510			57,566			68,247			6,407			6,407

Total Liabilities		71,941			71,511			33,236			33,846		20,420			23,369			62,199			70,408			6,707			9,010
Equity:
Total Equity		(19,302	)		(19,366	)		46,044			46,580		(1,576	)		(4,163	)		(8,004	)		(17,538	)		58,534			57,637
Total Liabilities and Equity	$	52,639		$	52,145		$	79,279		$	80,426	$	18,845		$	19,206		$	54,195		$	52,870		$	65,241		$	66,646

Preliminary and Unaudited

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

Page 163 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Rosemar Limited						Rubymar Limited				Sakura Transport Corp.						Samar Product Tanker Corporation						Santorini Tanker LLC
($000s)	November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-	$	-	$	-		$	-		$	-		$	-		$	-	$	-
Voyage receivables		24			2			66		452		2,925			3,548			226			-			364		2,279
Other receivables		11			(53	)		445		445		61			199			33			(20	)		-		365
Inventory		-			-			-		-		-			-			-			-			486		649
Prepaid expenses and other current assets		34			61			2		1		94			147			30			71			119		50
Total Current Assets		69			10			513		898		3,080			3,894			289			51			969		3,343
Vessels and other property, less accumulated depreciation		35,909			33,391			34,354		31,986		47,915			44,697			55,715			53,252			47,696		45,539
Deferred drydock expenditures, net		1,270			1,132			1,392		1,073		1,970			1,342			-			-			-		49
Total Vessels, Deferred Drydock and Other Property		37,179			34,523			35,746		33,059		49,885			46,039			55,715			53,252			47,696		45,588
Investments in Affiliated Companies		-			-			-		-		-			-			-			-			-		-
Intangible Assets, less accumulated amortization		-			-			-		-		-			-			-			-			-		-
Goodwill		-			-			-		-		-			-			-			-			-		-
Investments in subsidiaries		-			-			-		-		-			-			-			-			-		-
Intercompany loans receivable and accrued interest		-			-			-		-		-			-			-			-			-		-
Pre-petition intercompany receivables from debtors		25,954			25,954			39,950		39,950		9,838			9,838			1,349			1,349			47,700		47,700
Pre-petition Intercompany receivables from non-debtors		-			-			18		18		0			0			-			-			-		-
Post-petition intercompany receivables from non-debtors		-			-			-		-		-			-			-			-			-		-
Post-petition Intercompany receivables from debtors		-			1,883			-		3,523		-			1,288			-			2,665			-		4,704
Other Assets		(38	)		(1	)		-		-		(33	)		(34	)		(3	)		-			-		-
Total Assets	$	63,163		$	62,369		$	76,226	$	77,448	$	62,770		$	61,026		$	57,350		$	57,317		$	96,365	$	101,335

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		247			779			652		1,103		260			630			438			67			30		1,119
Total Current Liabilities Not Subject to Compromise		247			779			652		1,103		260			630			438			67			30		1,119

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-		-		-			-			-			122			-		-
Post-petition intercompany payables to non-debtors		-			-			-		-		-			-			-			381			-		-
Post-petition intercompany payables to other debtors		-			-			-		-		-			-			-			-			-		-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-		-		-			-			-			-			-		-
Deferred Income Taxes and Other Liabilities		-			-			-		-		-			-			-			-			-		-
Total Liabilities Not Subject to Compromise		247			779			652		1,103		260			630			438			570			30		1,119

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-		-		-			-			-			-			-		-
Pre-petition intercompany payables to non-debtors		6,632			6,632			4,148		4,148		8,952			8,952			15,238			15,238			1		1
Pre-petition intercompany payables to other debtors		18,287			18,287			26,155		26,155		-			-			284			284			74,363		74,363
Other liabilities		-			-			-		-		-			-			41,435			40,952			-		-
Total Liabilities Subject to Compromise		24,919			24,919			30,303		30,303		8,952			8,952			56,956			56,474			74,364		74,364

Total Liabilities		25,166			25,699			30,955		31,406		9,212			9,582			57,394			57,044			74,394		75,483
Equity:
Total Equity		37,996			36,670			45,271		46,042		53,559			51,444			(44	)		273			21,971		25,852
Total Liabilities and Equity	$	63,163		$	62,369		$	76,226	$	77,448	$	62,770		$	61,026		$	57,350		$	57,317		$	96,365	$	101,335

Preliminary and Unaudited

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

Page 164 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Serifos Tanker Corporation						Seventh Aframax Tanker Corporation				Shirley Tanker SRL						Sifnos Tanker Corporation						Silvermar Limited
($000s)	November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-	$	-	$	10		$	1		$	-		$	-		$	-		$	-
Voyage receivables		1,537			1,151			1,417		1,360		1,727			1,540			1,549			1,229			2,047			2,696
Other receivables		(4	)		(5	)		16		70		10			8			3			(32	)		(16	)		(13	)
Inventory		-			333			-		-		-			-			-			-			-			-
Prepaid expenses and other current assets		240			253			47		86		23			97			240			265			29			62
Total Current Assets		1,773			1,732			1,480		1,516		1,770			1,645			1,792			1,462			2,061			2,746
Vessels and other property, less accumulated depreciation		935			735			22,496		21,127		42,556			38,893			1,040			829			34,297			31,914
Deferred drydock expenditures, net		4			122			1,887		1,349		1,389			1,074			(0	)		921			1,564			1,564
Total Vessels, Deferred Drydock and Other Property		938			857			24,384		22,476		43,945			39,967			1,040			1,750			35,861			33,478
Investments in Affiliated Companies		-			-			-		-		-			-			-			300			703			703
Intangible Assets, less accumulated amortization		-			-			-		-		-			-			-			-			-			-
Goodwill		-			-			-		-		-			-			-			-			-			-
Investments in subsidiaries		-			-			-		-		875			875			-			-			-			-
Intercompany loans receivable and accrued interest		-			-			-		-		-			-			-			-			-			-
Pre-petition intercompany receivables from debtors		5,941			5,941			9,979		9,979		10,555			10,555			5,840			5,840			17,433			17,433
Pre-petition Intercompany receivables from non-debtors		0			0			1		1		-			-			-			-			0			0
Post-petition intercompany receivables from non-debtors		-			-			-		-		-			-			-			-			-			-
Post-petition Intercompany receivables from debtors		-			-			-		1,052		-			-			-			-			-			3,518
Other Assets		10			(9	)		66		119		(37	)		(11	)		15			(26	)		(12	)		(5	)
Total Assets	$	8,663		$	8,522		$	35,909	$	35,143	$	57,109		$	53,031		$	8,687		$	9,326		$	56,046		$	57,873

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		45			287			220		72		1,282			183			44			47			57			396
Total Current Liabilities Not Subject to Compromise		45			287			220		72		1,282			183			44			47			57			396

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-		-		-			-			-			-			-			-
Post-petition intercompany payables to non-debtors		-			-			-		-		-			649			-			-			-			-
Post-petition intercompany payables to other debtors		-			272			-		-		-			504			-			1,351			-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-		-		-			-			-			-			-			-
Deferred Income Taxes and Other Liabilities		-			-			-		-		-			-			-			-			-			-
Total Liabilities Not Subject to Compromise		45			559			220		72		1,282			1,337			44			1,398			57			396

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		34,973		19,866			19,877			12,130			12,130			5,014			5,014
Pre-petition intercompany payables to other debtors		8			8			16		16		38			38			0			0			9,736			9,736
Other liabilities		-			15,088			-		0		36,851			36,501			-			13,781			-			-
Total Liabilities Subject to Compromise		11,884			26,972			34,990		34,989		62,866			62,526			12,130			25,911			14,750			14,750

Total Liabilities		11,929			27,531			35,210		35,061		64,147			63,863			12,174			27,310			14,807			15,146
Equity:
Total Equity		(3,266	)		(19,009	)		699		81		(7,038	)		(10,832	)		(3,487	)		(17,983	)		41,238			42,728
Total Liabilities and Equity	$	8,663		$	8,522		$	35,909	$	35,143	$	57,109		$	53,031		$	8,687		$	9,326		$	56,046		$	57,873

Preliminary and Unaudited

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

Page 165 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Sixth Aframax Tanker Corporation				Skopelos Product Tanker Corporation						Star Chartering Corporation					Suezmax International Agencies, Inc.						Talara Chartering Corporation
($000s)	November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-	$	-		$	-		$	-	$	-		$	-		$	-		$	-		$	-
Voyage receivables		459		1,241		1,715			2,314			19		9			14,133			2,326			1,692			23
Other receivables		6		1		33			(14	)		-		-			522			491			26			566
Inventory		-		-		598			240			-		-			-			1,137			-			-
Prepaid expenses and other current assets		41		75		220			63			241		460			1,416			2			639			(0	)
Total Current Assets		506		1,316		2,565			2,604			260		469			16,071			3,957			2,357			588
Vessels and other property, less accumulated depreciation		21,356		20,012		32,130			30,661			-		-			-			-			1,068			-
Deferred drydock expenditures, net		1,279		948		(2	)		16			-		-			-			-			-			-
Total Vessels, Deferred Drydock and Other Property		22,635		20,960		32,128			30,677			-		-			-			-			1,068			-
Investments in Affiliated Companies		-		-		-			-			-		-			2,864			-			542			-
Intangible Assets, less accumulated amortization		-		-		-			-			-		-			-			-			-			-
Goodwill		-		-		-			-			-		-			-			-			-			-
Investments in subsidiaries		-		-		-			-			-		-			-			-			-			-
Intercompany loans receivable and accrued interest		-		-		-			-			-		-			-			-			-			-
Pre-petition intercompany receivables from debtors		8,513		8,105		19,977			19,977			8,855		8,855			35,592			35,592			11,095			11,095
Pre-petition Intercompany receivables from non-debtors		-		-		2			2			-		-			486			486			-			-
Post-petition intercompany receivables from non-debtors		-		-		-			-			-		-			-			-			-			-
Post-petition Intercompany receivables from debtors		-		660		-			3,160			-		-			-			9,815			-			1,456
Other Assets		37		67		-			(27	)		-		-			-			-			(20	)		-
Total Assets	$	31,690	$	31,109	$	54,673		$	56,393		$	9,116	$	9,325		$	55,012		$	49,849		$	15,042		$	13,139

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		743		365		148			401			240		460			616			584			53			194
Total Current Liabilities Not Subject to Compromise		743		365		148			401			240		460			616			584			53			194

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			-			540			-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-		-			-			-		-			-			-			633			-
Deferred Income Taxes and Other Liabilities		-		-		-			-			-		-			563			-			-			-
Total Liabilities Not Subject to Compromise		743		365		148			401			240		487			1,179			1,124			686			194

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-		-		-			-			-		-			978			-			-			-
Pre-petition intercompany payables to non-debtors		5,769		5,769		17,088			17,088			8,852		8,852			54,430			54,430			21,873			21,873
Pre-petition intercompany payables to other debtors		80		80		7			7			-		-			2,592			2,592			1			1
Other liabilities		-		-		-			-			-		-			-			-			-			35,588
Total Liabilities Subject to Compromise		5,849		5,849		17,095			17,095			8,852		8,852			58,000			57,022			21,874			57,462

Total Liabilities		6,592		6,214		17,243			17,495			9,091		9,339			59,179			58,146			22,560			57,656
Equity:
Total Equity		25,098		24,895		37,429			38,898			24		(14	)		(4,167	)		(8,297	)		(7,518	)		(44,517	)
Total Liabilities and Equity	$	31,690	$	31,109	$	54,673		$	56,393		$	9,116	$	9,325		$	55,012		$	49,849		$	15,042		$	13,139

Preliminary and Unaudited

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

Page 166 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Third United Shipping Corporation				Tokyo Transport Corp.						Transbulk Carriers, Inc.				Troy Chartering Corporation						Troy Product Corporation
($000s)	November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-	$	-		$	-		$	-	$	-	$	-		$	-		$	-	$	-
Voyage receivables		-		-		3,339			4,406			-		-		173			(8	)		-		-
Other receivables		-		-		18			38			-		-		13			30			-		-
Inventory		-		-		-	��		-			-		-		-			-			-		-
Prepaid expenses and other current assets		-		-		92			154			-		-		344			(3	)		-		-
Total Current Assets		-		-		3,449			4,599			-		-		531			19			-		-
Vessels and other property, less accumulated depreciation		-		-		50,753			47,617			-		-		1,101			-			-		-
Deferred drydock expenditures, net		-		-		1,950			1,416			-		-		-			-			-		-
Total Vessels, Deferred Drydock and Other Property		-		-		52,703			49,034			-		-		1,101			-			-		-
Investments in Affiliated Companies		-		-		-			-			-		-		-			-			-		-
Intangible Assets, less accumulated amortization		-		-		-			-			-		-		-			-			-		-
Goodwill		-		-		-			-			-		-		-			-			-		-
Investments in subsidiaries		105,125		105,125		-			-			-		-		-			-			-		-
Intercompany loans receivable and accrued interest		-		-		-			-			-		-		-			-			-		-
Pre-petition intercompany receivables from debtors		-		-		10,324			10,324			295		295		30,356			30,356			58,765		58,765
Pre-petition Intercompany receivables from non-debtors		-		-		-			-			-		-		-			-			-		-
Post-petition intercompany receivables from non-debtors		-		-		-			-			-		-		-			-			-		-
Post-petition Intercompany receivables from debtors		-		-		-			2,382			-		-		-			-			-		-
Other Assets		-		-		(6	)		(5	)		-		-		(35	)		-			-		-
Total Assets	$	105,125	$	105,125	$	66,470		$	66,333		$	295	$	295	$	31,953		$	30,375		$	58,765	$	58,765

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		-		-		326			203			-		-		68			508			-		-
Total Current Liabilities Not Subject to Compromise		-		-		326			203			-		-		68			508			-		-

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		-		-		-			-			-		-		-			134			-		-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-		-			-			-		-		708			-			-		-
Deferred Income Taxes and Other Liabilities		-		-		-			-			-		-		-			-			-		-
Total Liabilities Not Subject to Compromise		-		-		326			203			-		-		776			642			-		-

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-		-		-			-			-		-		-			-			-		-
Pre-petition intercompany payables to non-debtors		-		-		8,479			8,479			-		-		42,724			42,724			58,345		58,345
Pre-petition intercompany payables to other debtors		-		-		16			16			211		211		4,372			4,372			-		-
Other liabilities		-		-		-			-			-		-		-			36,729			-		-
Total Liabilities Subject to Compromise		-		-		8,494			8,495			211		211		47,096			83,825			58,345		58,345

Total Liabilities		-		-		8,821			8,698			211		211		47,872			84,467			58,345		58,345
Equity:
Total Equity		105,125		105,125		57,649			57,635			85		85		(15,919	)		(54,092	)		420		420
Total Liabilities and Equity	$	105,125	$	105,125	$	66,470		$	66,333		$	295	$	295	$	31,953		$	30,375		$	58,765	$	58,765

Preliminary and Unaudited

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

Page 167 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Urban Tanker Corporation						Vega Tanker Corporation					View Tanker Corporation						Vivian Tankships Corporation				Vulpecula Chartering Corporation
($000s)	November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013			November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-	$	-		$	-		$	-		$	-	$	-	$	-		$	-
Voyage receivables		1,574			1,235			-		-			2,869			1,760			-		-		753			45
Other receivables		-			-			13		(1	)		-			8			-		-		2			400
Inventory		-			-			-		-			-			646			-		-		169			-
Prepaid expenses and other current assets		243			211			-		-			186			339			-		-		272			1
Total Current Assets		1,817			1,445			13		(1	)		3,055			2,754			-		-		1,196			446
Vessels and other property, less accumulated depreciation		-			-			-		-			-			-			-		-		-			-
Deferred drydock expenditures, net		-			-			-		-			-			-			-		-		-			-
Total Vessels, Deferred Drydock and Other Property		-			-			-		-			-			-			-		-		-			-
Investments in Affiliated Companies		300			300			-		-			-			-			-		-		-			-
Intangible Assets, less accumulated amortization		-			-			-		-			-			-			-		-		-			-
Goodwill		-			-			-		-			-			-			-		-		-			-
Investments in subsidiaries		-			-			-		-			-			-			-		-		-			-
Intercompany loans receivable and accrued interest		-			-			-		-			-			-			-		-		-			-
Pre-petition intercompany receivables from debtors		19,341			19,341			5,080		5,080			7,323			7,323			21,117		21,117		24,373			24,373
Pre-petition Intercompany receivables from non-debtors		-			-			-		-			-			-			-		-		188			188
Post-petition intercompany receivables from non-debtors		-			-			-		-			-			-			-		-		-			-
Post-petition Intercompany receivables from debtors		-			824			-		-			-			758			-		-		-			250
Other Assets		(9	)		-			87		-			54			54			-		-		-			-
Total Assets	$	21,448		$	21,910		$	5,179	$	5,079		$	10,432		$	10,888		$	21,117	$	21,117	$	25,757		$	25,257

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		27			3			20		-			764			740			-		-		549			36
Total Current Liabilities Not Subject to Compromise		27			3			20		-			764			740			-		-		549			36

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		500			-			-		-			511			-			-		-		-			-
Total Liabilities Not Subject to Compromise		526			3			20		-			1,275			740			-		-		549			36

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-		-			-			-			-		-		-			-
Pre-petition intercompany payables to non-debtors		23,602			23,602			9		9			11,439			11,439			-		-		24,937			24,937
Pre-petition intercompany payables to other debtors		3			3			2,127		2,127			1			1			14,490		14,490		681			681
Other liabilities		-			4,870			-		-			-			3,937			-		-		-			4,350
Total Liabilities Subject to Compromise		23,604			28,474			2,136		2,136			11,440			15,377			14,490		14,490		25,618			29,968

Total Liabilities		24,131			28,477			2,156		2,136			12,715			16,117			14,490		14,490		26,167			30,005
Equity:
Total Equity		(2,683	)		(6,567	)		3,023		2,943			(2,283	)		(5,229	)		6,627		6,627		(410	)		(4,748	)
Total Liabilities and Equity	$	21,448		$	21,910		$	5,179	$	5,079		$	10,432		$	10,888		$	21,117	$	21,117	$	25,757		$	25,257

Preliminary and Unaudited

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

Page 168 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Wind Aframax Tanker Corporation				Combined Debtors				Eliminations						Consolidated Debtors					Total Non-debtors
($000s)	November 13, 2012		December 31, 2013		November 13, 2012		December 31, 2013		November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013			November 13, 2012			December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-	$	398,725	$	585,907	$	-		$	-		$	398,725	$	585,907		$	79,248		$	16,019
Voyage receivables		-		-		168,830		147,107		-			-			168,830		147,107			2,923			857
Other receivables		10		-		48,974		16,040		-			(13,085	)		48,974		2,955			10,321			6,968
Inventory		-		-		14,150		16,884		-			-			14,150		16,884			-			-
Prepaid expenses and other current assets		-		-		46,596		27,808		-			-			46,596		27,808			40			321
Total Current Assets		10		-		677,274		793,746		-			(13,085	)		677,274		780,661			92,533			24,166
Vessels and other property, less accumulated depreciation		-		-		3,147,915		2,737,316		1			2			3,147,915		2,737,318			(12,092	)		(11,527	)
Deferred drydock expenditures, net		-		-		73,898		57,248		-			-			73,898		57,248			-			-
Total Vessels, Deferred Drydock and Other Property		-		-		3,221,813		2,794,565		1			2			3,221,813		2,794,566			(12,092	)		(11,527	)
Investments in Affiliated Companies		-		-		247,664		323,327		-			-			247,664		323,327			300			-
Intangible Assets, less accumulated amortization		-		-		72,413		66,569		-			-			72,413		66,569			242			222
Goodwill		-		-		9,668		9,668		-			-			9,668		9,668			(79	)		(79	)
Investments in subsidiaries		-		-		5,432,119		5,470,783		(5,284,205	)		(5,322,862	)		147,914		147,921			-			-
Intercompany loans receivable and accrued interest		-		-		448,108		412,265		(359,840	)		(380,678	)		88,268		31,588			16,484			16,318
Pre-petition intercompany receivables from debtors		51		51		5,843,696		5,878,291		(5,843,696	)		(5,878,291	)		-		-			2,142,541			2,136,842
Pre-petition Intercompany receivables from non-debtors		-		-		2,233,518		2,244,406		-			-			2,233,518		2,244,406			-			-
Post-petition intercompany receivables from non-debtors		-		-		-		15,819		-			-			-		15,819			-			533
Post-petition Intercompany receivables from debtors		-		-		-		606,094		-			(606,094	)		-		-			-			46,314
Other Assets		-		-		16,704		26,865		30			29			16,734		26,894			(271	)		3,674
Total Assets	$	61	$	51	$	18,202,977	$	18,642,398	$	(11,487,710	)	$	(12,200,978	)	$	6,715,267	$	6,441,420		$	2,239,657		$	2,216,464

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		0		-		73,627		399,380		62			(13,023	)		73,689		386,359			19,478			35,567
Total Current Liabilities Not Subject to Compromise		0		-		73,627		399,380		62			(13,023	)		73,689		386,359			19,478			35,567

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-		-		-		146,816		-			(146,816	)		-		-			88,268			31,588
Post-petition intercompany payables to non-debtors		-		-		-		46,314		-			-			-		46,315			-			533
Post-petition intercompany payables to other debtors		-		-		-		606,094		-			(606,094	)		-		-			2,233,518			2,260,225
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-		5,457		-		-			-			5,457		-			-			-
Deferred Income Taxes and Other Liabilities		-		-		752,534		380,226		-			-			752,534		380,226			6,201			8,971
Total Liabilities Not Subject to Compromise		0		-		831,618		1,578,831		62			(765,932	)		831,680		812,900			2,347,466			2,336,884

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-		-		376,324		250,180		(359,840	)		(233,862	)		16,484		16,318			-			-
Pre-petition intercompany payables to non-debtors		-		-		2,142,541		2,136,842		-			-			2,142,541		2,136,842			-			-
Pre-petition intercompany payables to other debtors		-		-		5,843,696		5,878,291		(5,843,696	)		(5,878,291	)		-		(0	)		-			-
Other liabilities		-		-		2,623,588		2,883,639		-			(1	)		2,623,588		2,883,638			-			-
Total Liabilities Subject to Compromise		-		-		10,986,149		11,148,952		(6,203,536	)		(6,112,154	)		4,782,613		5,036,798			-			-

Total Liabilities		0		-		11,817,768		12,727,783		(6,203,474	)		(6,878,086	)		5,614,294		5,849,698			2,347,466			2,336,884
Equity:
Total Equity		61		51		6,385,210		5,914,615		(5,284,236	)		(5,322,893	)		1,100,973		591,723			(107,809	)		(120,419	)
Total Liabilities and Equity	$	61	$	51	$	18,202,977	$	18,642,398	$	(11,487,710	)	$	(12,200,979	)	$	6,715,267	$	6,441,420		$	2,239,657		$	2,216,464

Preliminary and Unaudited

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

Page 169 of 170

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and December 31, 2013

	Eliminations						Consolidated Overseas Shipholding Group, Inc.
($000s)	November 13, 2012			December 31, 2013			November 13, 2012		December 31, 2013
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	477,973	$	601,927
Voyage receivables		-			-			171,753		147,963
Other receivables		-			-			59,295		9,923
Inventory		-			-			14,150		16,884
Prepaid expenses and other current assets		-			-			46,636		28,128
Total Current Assets		-			-			769,807		804,825
Vessels and other property, less accumulated depreciation		-			-			3,135,823		2,725,791
Deferred drydock expenditures, net		-			-			73,898		57,248
Total Vessels, Deferred Drydock and Other Property		-			-			3,209,721		2,783,039
Investments in Affiliated Companies		-			-			247,964		323,327
Intangible Assets, less accumulated amortization		-			-			72,655		66,792
Goodwill		-			-			9,589		9,589
Investments in subsidiaries		(147,914	)		(147,921	)		-		-
Intercompany loans receivable and accrued interest		(104,752	)		(47,905	)		-		(0	)
Pre-petition intercompany receivables from debtors		(2,142,541	)		(2,136,842	)		-		-
Pre-petition Intercompany receivables from non-debtors		(2,233,518	)		(2,244,406	)		-		-
Post-petition intercompany receivables from non-debtors		-			(16,352	)		-		-
Post-petition Intercompany receivables from debtors		-			(46,314	)		-		-
Other Assets		-			-			16,464		30,570
Total Assets	$	(4,628,725	)	$	(4,639,741	)	$	4,326,200	$	4,018,142

LIABILITIES AND EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		-			-			93,170		421,925
Total Current Liabilities Not Subject to Compromise		-			-			93,170		421,925

Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		(88,268	)		(31,588	)		-		-
Post-petition intercompany payables to non-debtors		-			(46,849	)		-		-
Post-petition intercompany payables to other debtors		(2,233,518	)		(2,260,225	)		-		-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			5,457		-
Deferred Income Taxes and Other Liabilities		-			-			758,736		389,198
Total Liabilities Not Subject to Compromise		(2,321,786	)		(2,338,661	)		857,363		811,123

Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		(16,484	)		(16,318	)		-		-
Pre-petition intercompany payables to non-debtors		(2,142,541	)		(2,136,842	)		-		-
Pre-petition intercompany payables to other debtors		-			0			-		-
Other liabilities		-			-			2,623,588		2,883,638
Total Liabilities Subject to Compromise		(2,159,025	)		(2,153,160	)		2,623,588		2,883,638

Total Liabilities		(4,480,811	)		(4,491,821	)		3,480,951		3,694,761
Equity:
Total Equity		(147,914	)		(147,921	)		845,249		323,381
Total Liabilities and Equity	$	(4,628,725	)	$	(4,639,742	)	$	4,326,200	$	4,018,142

Preliminary and Unaudited

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

Page 170 of 170

Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 8-KRegulation FD Disclosure