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

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 March 1, 2014 through March 31, 2014

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	May 15, 2014
Ian T. Blackley
Senior Vice President, Chief Financial Officer and Treasurer	Date
Overseas Shipholding Group, Inc.

Notes:

¹ 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 differmaterially 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
March 1, 2014 through March 31, 2014

Page 1 of 158

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
March 1, 2014 through March 31, 2014

Page 2 of 158

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 $32.6 million based on current interest rates, and the current estimated underfunding of the plan is estimated to be approximately $11.2 million as of December 31, 2013. The multi-employer pension plans approximate a solvency deficit estimated to be approximately $14.9 million as of March 31, 2011.

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 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 1654, in the amount of $264,277,962.29 filed by the IRS on December 19, 2013 (the “Amended Proof of Claim”), which amended claim number 82, in the amount of $463,013,177.63. More information regarding the Amended Proof of Claim is available in the Company’s Current Report on Form 8-K dated December 19, 2013.

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 were reflected in December 2013.

Monthly Operating Report
March 1, 2014 through March 31, 2014

Page 3 of 158

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)

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 Company cannot provide assurance relating to the value of the claims that will ultimately be allowed by the Bankruptcy Court. 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. Included within liabilities subject to compromise as of March 31, 2014 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 March 31, 2014.

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 March 31, 2014 reflect impairment charges taken on goodwill and intangible assets and 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, 2013 under U.S. GAAP. The net book values as of the end of the month are subject to future adjustment for possible impairment based on conditions that existed as of the end of the reporting period. Consequently, amounts ultimately realized from a potential disposition of the Debtors’ assets may materially vary from the stated net book value. Unless otherwise noted, this Monthly Operating Report reflects the carrying value of the assets as currently recorded on the Debtors’ books and records as of the end of the reporting period and are not based upon any estimate of their current market value. The Debtors reserve their right to amend or adjust the value of each asset or liability set forth herein.

Monthly Operating Report
March 1, 2014 through March 31, 2014

Page 4 of 158

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)

Costs Associated with Exit or Disposal Activities– On January 13, 2014, the Company announced that certain subsidiaries of OSG that own or charter-in 33 vessels (which was subsequently increased to 48 vessels) in OSG’s International Flag fleet (“Core International Flag Fleet”) intend to outsource 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 to V. Ships UK Limited. OSG expects to incur approximately $34,000 in total expenses related to the transition to the outsourcing arrangement. Of this estimated $34,000 amount, approximately $21,000 is expected to be related to employee transition and termination benefits and similar transition and termination costs, and is being accrued over the remaining service periods commencing in February 2014. Approximately $13,000 is expected to be related to set-up, wind-down and transitions costs. The estimates contained herein are subject to uncertainty. The financial statements contained in this Monthly Operating Report therefore do not reflect all of these costs.

Subsequent Events – As previously reported, on February 12, 2014, the Debtors and certain of the lenders (the “Consenting Lenders”) under the Company’s $1.5 billion credit agreement, dated as of February 9, 2006, entered into a plan support agreement (as amended, the “Plan Support Agreement”), and on February 28, 2014, the Debtors and the Consenting Lenders entered into an Equity Commitment Agreement (the “Lender ECA”). On March 7, 2014, the Debtors filed a plan of reorganization supported by the Consenting Lenders with the Bankruptcy Court (the “Lender Plan”). The Debtors retained the ability to terminate the Plan Support Agreement upon a determination by the Debtors that an alternative plan of reorganization was more favorable to the Debtors’ creditors and interest holders than the Lender Plan, upon which the Lender ECA terminates automatically pursuant to the April 4, 2014 order of the Bankruptcy Court authorizing the Debtors to enter into the Lender ECA.

 On April 18, 2014, the Debtors received a proposal for an alternative plan of reorganization from certain holders of existing equity interests of the Company (each such holder of equity, a “Commitment Party”). Following discussion and analysis, the Debtors determined such proposal (as described below, the “Equity Proposal”) to be more favorable to the Debtors’ creditors and interest holders than the Lender Plan. Accordingly, the Debtors terminated the Plan Support Agreement between the Debtors and the Consenting Lenders on May 2, 2014 and filed with the Bankruptcy Court a plan of reorganization that effectuates the terms of the Equity Proposal (the “Equity Plan”), together with a disclosure statement describing such Equity Proposal (the “Disclosure Statement”).

In April 2014, the Debtors selected Goldman Sachs Bank USA (“Goldman Sachs”) to provide exit financing to support the Lender Plan, and filed a motion seeking authorization to enter into an exit financing commitment with Goldman Sachs. That commitment contemplated loans and facilities totaling in aggregate $935 million. Shortly after Goldman Sachs’ motion was filed, however, the Debtors received alternative exit financing proposals from three additional exit financing lenders designed to support the Equity Plan, including from Jefferies Finance LLC (“Jefferies”). In conjunction with the filing of the motion for approval of the Equity Plan and of the Exit Financing (as defined below), the Debtors exercised their right to terminate the Goldman Sachs exit financing commitment, because of the Debtors’ decision to support the Equity Plan.

Monthly Operating Report
March 1, 2014 through March 31, 2014

Page 5 of 158

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)

Equity Commitment Agreement

On May 2, 2014, the Debtors entered into an equity commitment agreement with each Commitment Party (the “Equity Commitment Agreement”), which sets forth the terms of a rights offering (the “Rights Offering”) and additional sale of Holdback Securities (as defined below) for an aggregate offering amount of $1.5 billion, each relating to two separate classes of common stock (the “Class A shares” and the “Class B shares”, and collectively the “New Shares”) and penny warrants to purchase Class A shares and Class B shares (respectively “Class A warrants” and “Class B warrants”, and, together with the New Shares, the “Rights Offering Securities”) pursuant to subscription rights (each such right, a “Subscription Right”) to be distributed to holders of outstanding equity of the Company. One Subscription Right will be distributed in respect of each outstanding share of OSG common stock (each such share, an “Existing Share”) to the holder of record of such Existing Share as of a record date established by the Bankruptcy Court in its order approving the disclosure statement (the “Record Date”). The Equity Plan contemplates that the Record Date will be June 2, 2014. Subscription Rights will be distributed only to holders of record of Existing Shares outstanding as of 5:00 p.m. (New York Time) on the Record Date. From and after the last date which allows a Purchaser to become a holder of record on the June 2, 2014 Record Date (which date is May 28, 2014), OSG will halt all trading of the Existing Shares and intends to seek the removal of OSG’s trading symbol in respect of the Existing Shares from the over-the-counter “pink sheet” market. From and following the May 28, 2014, any purported transfers of Existing Shares will be disregarded by the Company. In addition, the Subscription Rights will not be transferrable, and any purported transfer will cause them to become void.

Each Subscription Right will entitle a holder thereof that is an accredited investor or a qualified institutional buyer (“QIB”) (as such terms are defined in Regulation D and Rule 144A, respectively, under the Securities Act of 1933) and that votes in favor, is deemed to vote in favor, to the extent eligible to vote, and does not file an objection to the Equity Plan (each, an “Eligible Holder”) to purchase 11.5 Class A shares or Class A warrants, as described in the Equity Plan, for $3.00 per security. Each Eligible Holder that timely elects to participate in the Rights Offering (each, a “Participating Eligible Holder”) may exercise some, all or none of the Subscription Rights it receives, but each Subscription Right may be exercised only in whole, and not in part.

Monthly Operating Report
March 1, 2014 through March 31, 2014

Page 6 of 158

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)

All holders of Existing Shares of the Company as of the Record Date that are not Participating Eligible Holders (which will include (i) any holder of Existing Shares on the Record Date that is neither an accredited investor nor a QIB (an “Ineligible Holder”), and (ii) any Eligible Holder that decides for any reason not to participate in the Rights Offering) will receive, as described in the Equity Plan, one new Class B share or Class B warrant in respect of each Subscription Right distributed in respect of each Existing Share held of record by such holder on the Record Date. The Class B shares and Class B warrants will have rights consistent with those of the Class A shares and Class A warrants, respectively, but holders of the Class B shares and Class B warrants will also have the future right to receive a pro rata share of up to ten percent of the net recoveries of the Company’s claims asserted against Proskauer Rose LLP and certain of its members (as described in the Equity Plan). The Class B shares and the Class B warrants are convertible, at the option of the holder at any time, into Class A shares and Class A warrants, respectively, and will automatically convert into Class A shares and Class A warrants, respectively, on the tenth business day after the entry of a final order with respect to such litigation and the distribution of any Net Litigation Recovery (as defined in the Equity Commitment Agreement) to the holders of Class B shares and Class B warrants, subject in each such case to certain customary anti-dilution provisions and Jones Act requirements (which refers to 46 U.S.C. Section 12103, 46 U.S.C. Section 50501, and related statutes and regulations respecting the United States coastwise trade, as the same may be amended from time to time).

 Each Commitment Party has agreed in the Equity Commitment Agreement to exercise its Subscription Rights in full; to backstop a portion of any remaining securities related to unexercised Subscription Rights following completion of the Rights Offering (the “Backstop Securities”); and to purchase a portion of a further additional number of Class A shares and/or Class A warrants (the “Holdback Securities”) offered by OSG to such Commitment Party.

 If the transactions contemplated by the Equity Commitment Agreement are consummated, following confirmation by the Bankruptcy Court and occurrence of the effective date of the Equity Plan, the Debtors will use the proceeds of the sale of the Rights Offering Securities and the Holdback Securities to satisfy certain of their obligations as described in the Equity Plan.

 Registration Rights Agreement

 On May 2, 2014, the Debtors entered into a registration rights agreement with each Commitment Party (the “Registration Rights Agreement”) setting forth, among other things, registration rights of each Commitment Party and, potentially, certain other holders of Class A shares and Class A warrants. Pursuant to the Registration Rights Agreement, subject to approval by the Bankruptcy Court, OSG will be required to register, on a registration statement to be filed with the Securities and Exchange Commission, the resale of certain Class A shares and Class A warrants for the benefit of the Commitment Parties and potentially certain other shareholders.

Monthly Operating Report
March 1, 2014 through March 31, 2014

Page 7 of 158

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)

Further Actions

On May 2, 2014, the Debtors filed with the Bankruptcy Court a motion to approve the Equity Commitment Agreement, which motion attached a copy of the executed Equity Commitment Agreement (the “Motion”). In turn, the Disclosure Statement attached a copy of the Registration Rights Agreement. The Disclosure Statement and the Equity Commitment Agreement are subject to approval by the Bankruptcy Court at a hearing scheduled for May 23, 2014. Upon such approval, the Debtors will solicit acceptances of the Equity Plan and seek its confirmation by the Bankruptcy Court in accordance with the Bankruptcy Court’s orders.

Monthly Operating Report
March 1, 2014 through March 31, 2014

Page 8 of 158

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 March 1, 2014 through March 31, 2014

(in thousands of dollars)

Beginning Cash Balance	624,272
Cash Receipts:
Vessel Related Receipts	90,004
Other Receipts1	10,784
Total Receipts	100,788
Cash Disbursements:
Vessel Related Disbursements2	56,784
General and Administrative:
Compensation & Benefits	20,262
Other General & Administrative	3,969
Taxes	103
Restructuring Costs and Adequate Protection Payments	4,537
U.S. Trustee Fees	0
Other Disbursements	728
Total Disbursements	86,383
Ending Cash Balance3	638,677

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, proceeds from the sale of vessels and other miscellaneous refunds and receipts.

²Includes expenses paid on behalf of joint ventures.

³Includes approximately $34.7 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
March 1, 2014 through March 31, 2014

Page 9 of 158

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 March 1, 2014 through March 31, 2014

	Filing Entities:	Case #		Total Disbursements
1	Overseas Shipholding Group, Inc.		12-20000	$	1,191,171
2	OSG International, Inc.		12-20001		1,403,038
3	OSG Bulk Ships, Inc.		12-20002		566,415
4	1372 Tanker Corporation		12-20003		645,852
5	Africa Tanker Corporation		12-20004		73,186
6	Alcesmar Limited		12-20005		644,146
7	Alcmar Limited		12-20006		569,513
8	Alpha Suezmax Corporation		12-20007		17,554
9	Alpha Tanker Corporation		12-20008		98
10	Amalia Product Corporation		12-20009		251,471
11	Ambermar Product Carrier Corporation		12-20010		415,370
12	Ambermar Tanker Corporation		12-20011		1,000
13	Andromar Limited		12-20012		340,289
14	Antigmar Limited		12-20013		360,616
15	Aqua Tanker Corporation		12-20014		1,614
16	Aquarius Tanker Corporation		12-20015		6,381
17	Ariadmar Limited		12-20016		218,552
18	Aspro Tanker Corporation		12-20017		443
19	Atalmar Limited		12-20018		379,026
20	Athens Product Tanker Corporation		12-20019		940,672
21	Atlas Chartering Corporation		12-20020		7,363
22	Aurora Shipping Corporation		12-20021		499,254
23	Avila Tanker Corporation		12-20022		360
24	Batangas Tanker Corporation		12-20023		248,989
25	Beta Aframax Corporation		12-20024		32,219

¹ 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
March 1, 2014 through March 31, 2014

Page 10 of 158

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 March 1, 2014 through March 31, 2014

	Filing Entities:	Case #			Total Disbursements
26	Brooklyn Product Tanker Corporation		12-20025			10,394
27	Cabo Hellas Limited		12-20026			265,855
28	Cabo Sounion Limited		12-20027			186,802
29	Caribbean Tanker Corporation		12-20028			294,578
30	Carina Tanker Corporation		12-20029			6,667
31	Carl Product Corporation		12-20030			293,778
32	Concept Tanker Corporation		12-20031			424,737
33	Crown Tanker Corporation		12-20032			91
34	Delphina Tanker Corporation		12-20033			-
35	Delta Aframax Corporation		12-20034			1,389,022
36	DHT Ania Aframax Corp.		12-20035			413
37	DHT Ann VLCC Corp.		12-20036			8,725
38	DHT Cathy Aframax Corp.		12-20037			4,573
39	DHT Chris VLCC Corp.		12-20038			7,369
40	DHT Rebecca Aframax Corp.		12-20039			508
41	DHT Regal Unity VLCC Corp.		12-20040			4,137
42	DHT Sophie Aframax Corp.		12-20041	��		3,085
43	Dignity Chartering Corporation		12-20042			9,446
44	Edindun Shipping Corporation		12-20043			-
45	Eighth Aframax Tanker Corporation		12-20044			254,583
46	Epsilon Aframax Corporation		12-20045			278,605
47	First Chemical Carrier Corporation		12-20046			2,010
48	First LPG Tanker Corporation		12-20047			1,921
49	First Union Tanker Corporation		12-20048			390,135
50	Fourth Aframax Tanker Corporation		12-20049			259,489

¹ 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
March 1, 2014 through March 31, 2014

Page 11 of 158

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 March 1, 2014 through March 31, 2014

	Filing Entities:	Case #		Total Disbursements
51	Front President Inc.		12-20050		325,851
52	Goldmar Limited		12-20051		389,729
53	GPC Aframax Corporation		12-20052		7,570
54	Grace Chartering Corporation		12-20053		2,568
55	International Seaways, Inc.		12-20054		2,574,799
56	Jademar Limited		12-20055		229,586
57	Joyce Car Carrier Corporation		12-20056		4,498
58	Juneau Tanker Corporation		12-20057		2,475
59	Kimolos Tanker Corporation		12-20058		821,070
60	Kythnos Chartering Corporation		12-20059		780,329
61	Leo Tanker Corporation		12-20060		6,517
62	Leyte Product Tanker Corporation		12-20061		223,907
63	Limar Charter Corporation		12-20062		6,117
64	Luxmar Product Tanker Corporation		12-20063		773,582
65	Luxmar Tanker LLC		12-20064		16,652
66	Majestic Tankers Corporation		12-20065		668,235
67	Maple Tanker Corporation		12-20066		338,456
68	Maremar Product Tanker Corporation		12-20067		16
69	Maremar Tanker LLC		12-20068		28,510
70	Marilyn Vessel Corporation		12-20069		129
71	Maritrans General Partner Inc.		12-20070		-
72	Maritrans Operating Company L.P.		12-20071		7,283
73	Milos Product Tanker Corporation		12-20072		991,268
74	Mindanao Tanker Corporation		12-20073		42,530
75	Mykonos Tanker LLC		12-20074		1,087,503

¹ 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
March 1, 2014 through March 31, 2014

Page 12 of 158

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 March 1, 2014 through March 31, 2014

	Filing Entities:	Case #		Total Disbursements
76	Nedimar Charter Corporation		12-20075		6,063
77	Oak Tanker Corporation		12-20076		297,728
78	Ocean Bulk Ships, Inc.		12-20077		2
79	Oceania Tanker Corporation		12-20078		82,012
80	OSG 192 LLC		12-20079		65,006
81	OSG 209 LLC		12-20080		55,940
82	OSG 214 LLC		12-20081		117,221
83	OSG 215 Corporation		12-20082		34
84	OSG 242 LLC		12-20083		78,789
85	OSG 243 LLC		12-20084		121,017
86	OSG 244 LLC		12-20085		91,923
87	OSG 252 LLC		12-20086		130,344
88	OSG 254 LLC		12-20087		67,932
89	OSG 300 LLC		12-20088		11
90	OSG 400 LLC		12-20089		4,004
91	OSG America L.P.		12-20090		11
92	OSG America LLC		12-20091		62
93	OSG America Operating Company LLC		12-20092		373,938
94	OSG Car Carriers, Inc.		12-20093		1,872
95	OSG Clean Products International, Inc.		12-20094		14
96	OSG Columbia LLC		12-20095		218,338
97	OSG Constitution LLC		12-20096		767
98	OSG Courageous LLC		12-20097		214,363
99	OSG Delaware Bay Lightering LLC		12-20098		1,635,622
100	OSG Discovery LLC		12-20099		369

¹ 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
March 1, 2014 through March 31, 2014

Page 13 of 158

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 March 1, 2014 through March 31, 2014

	Filing Entities:	Case #		Total Disbursements
101	OSG Endeavor LLC		12-20100		65
102	OSG Endurance LLC		12-20101		206,973
103	OSG Enterprise LLC		12-20102		220,092
104	OSG Financial Corp.		12-20103		2,754
105	OSG Freedom LLC		12-20104		-
106	OSG Honour LLC		12-20105		233,784
107	OSG Independence LLC		12-20106		205,556
108	OSG Intrepid LLC		12-20107		186,172
109	OSG Liberty LLC		12-20108		2,756
110	OSG Lightering LLC		12-20109		5,708,726
111	OSG Lightering Acquisition Corporation		12-20110		543
112	OSG Lightering Solutions LLC		12-20111		720
113	OSG Mariner LLC		12-20112		65
114	OSG Maritrans Parent LLC		12-20113		30,506
115	OSG Navigator LLC		12-20114		202,445
116	OSG New York, Inc.		12-20115		470,436
117	OSG Product Tankers AVTC, LLC		12-20116		14
118	OSG Product Tankers Member LLC		12-20117		-
119	OSG Product Tankers II, LLC		12-20118		1
120	OSG Product Tankers I, LLC		12-20119		1
121	OSG Product Tankers, LLC		12-20120		2
122	OSG Quest LLC		12-20121		41
123	OSG Seafarer LLC		12-20122		186
124	OSG Ship Management, Inc.		12-20123		17,608,692
125	OSG Valour LLC		12-20124		304

¹ 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
March 1, 2014 through March 31, 2014

Page 14 of 158

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 March 1, 2014 through March 31, 2014

	Filing Entities:	Case #		Total Disbursements
126	Overseas Allegiance Corporation		12-20125		1
127	Overseas Anacortes LLC		12-20126		1,245,447
128	Overseas Boston LLC		12-20127		1,707,952
129	Overseas Diligence LLC		12-20128		108
130	Overseas Galena Bay LLC		12-20129		721
131	Overseas Houston LLC		12-20130		1,432,443
132	Overseas Integrity LLC		12-20131		291
133	Overseas Long Beach LLC		12-20132		1,252,290
134	Overseas Los Angeles LLC		12-20133		1,203,992
135	Overseas Martinez LLC		12-20134		1,276,452
136	Overseas New Orleans LLC		12-20135		597
137	Overseas New York LLC		12-20136		1,106,865
138	Overseas Nikiski LLC		12-20137		2,287,438
139	Overseas Perseverance Corporation		12-20138		103
140	Overseas Philadelphia LLC		12-20139		246
141	Overseas Puget Sound LLC		12-20140		2,323
142	Overseas Sea Swift Corporation		12-20141		2
143	Overseas Shipping (GR) Ltd.		12-20142		157,846
144	Overseas ST Holding LLC		12-20143		1,125,598
145	Overseas Tampa LLC		12-20144		2,817,555
146	Overseas Texas City LLC		12-20145		1,241,243
147	Pearlmar Limited		12-20146		280,372
148	Petromar Limited		12-20147		917,315
149	Pisces Tanker Corporation		12-20148		7,108
150	Polaris Tanker Corporation		12-20149		7,212

¹ 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
March 1, 2014 through March 31, 2014

Page 15 of 158

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 March 1, 2014 through March 31, 2014

	Filing Entities:	Case #		Total Disbursements
151	Queens Product Tanker Corporation		12-20150		16,696
152	Reymar Limited		12-20151		417,087
153	Rich Tanker Corporation		12-20152		1,344,308
154	Rimar Chartering Corporation		12-20153		20,772
155	Rosalyn Tanker Corporation		12-20154		408,555
156	Rosemar Limited		12-20155		332,298
157	Rubymar Limited		12-20156		15,996
158	Sakura Transport Corp.		12-20157		647,370
159	Samar Product Tanker Corporation		12-20158		209,217
160	Santorini Tanker LLC		12-20159		775,654
161	Serifos Tanker Corporation		12-20160		1,047,562
162	Seventh Aframax Tanker Corporation		12-20161		218,525
163	Shirley Tanker SRL		12-20162		402,456
164	Sifnos Tanker Corporation		12-20163		386,270
165	Silvermar Limited		12-20164		238,235
166	Sixth Aframax Tanker Corporation		12-20165		230,168
167	Skopelos Product Tanker Corporation		12-20166		289,616
168	Star Chartering Corporation		12-20167		478,496
169	Suezmax International Agencies, Inc.		12-20168		324,317
170	Talara Chartering Corporation		12-20169		9,608
171	Third United Shipping Corporation		12-20170		14,275
172	Tokyo Transport Corp.		12-20171		301,135
173	Transbulk Carriers, Inc.		12-20172		69
174	Troy Chartering Corporation		12-20173		18,547
175	Troy Product Corporation		12-20174		15,902

¹ 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
March 1, 2014 through March 31, 2014

Page 16 of 158

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 March 1, 2014 through March 31, 2014

176	Urban Tanker Corporation	12-20175		432,168
177	Vega Tanker Corporation	12-20176		980
178	View Tanker Corporation	12-20177		459,055
179	Vivian Tankships Corporation	12-20178		4,835
180	Vulpecula Chartering Corporation	12-20179		7,491
181	Wind Aframax Tanker Corporation	12-20180		7
		Total Disbursements	$	78,024,101

¹ 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
March 1, 2014 through March 31, 2014

Page 17 of 158

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 March 1, 2014 through March 31, 2014

	Amounts Paid this Period						Cumulative Amount Paid Since Petition Date
Professional	Fees		Expenses		Total		Fees		Expenses		Total
Akin Gump Straus Hauer & Feld LLP	$	-	$	-	$	-	$	6,489,236	$	223,132	$	6,712,368
Bowman Gilfillan, Inc.		-		-		-		50,499		17,446		67,945
Burke & Parsons		125,057		905		125,962		572,613		11,332		583,945
Chilmark Partners, LLC		-		-		-		1,920,000		207,424		2,127,424
Cleary Gottlieb Steen & Hamilton LLP		1,005,077		52,031		1,057,108		19,978,615		644,084		20,622,699
Deloitte & Touche LLP		403,865		3,611		407,476		4,715,991		80,751		4,796,742
Deloitte Tax LLP		275,544		1,314		276,858		4,623,917		15,032		4,638,949
Eversheds LLP		118,749		533		119,282		389,653		7,937		397,590
FTI Consulting, Inc.		261,047		517		261,564		3,927,617		7,639		3,935,256
Gellert, Scali, Busenkell & Brown, LLC		-		-		-		10,094		330		10,424
Heidrick & Struggles		-		-		-		-		-		-
Houlihan Lokey Capital, Inc.		280,000		5,890		285,890		2,385,833		59,894		2,445,727
Kurtzman Carson Consultants LLC		-		-		-		-		-		-
Mercer (US) Inc.		45,869		4,680		50,549		219,362		72,436		291,798
Morris, Nichols, Arsht & Tunnell LLP		71,425		1,246		72,671		986,209		31,744		1,017,953
Mullin Hoard & Brown LLP		106,475		603		107,078		1,347,051		77,052		1,424,103
Pepper Hamilton LLP		11,436		1,119		12,555		234,811		11,353		246,164
Pricewaterhouse Coopers LLP		-		-		-		7,283,983		87,853		7,371,836
Venable LLP		98,092		341		98,433		312,564		8,433		320,997
Total Professional Fees and Expenses	$	2,802,636	$	72,790	$	2,875,426	$	55,448,048	$	1,563,872	$	57,011,920

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
March 1, 2014 through March 31, 2014

Page 18 of 158

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 March 1, 2014 through March 31, 2014

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
Heidrick & Struggles	Board Search Advisors
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

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

Monthly Operating Report
March 1, 2014 through March 31, 2014

Page 19 of 158

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 March 1, 2014 through March 31, 2014

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
March 1, 2014 through March 31, 2014

Page 20 of 158

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 March 1, 2014 through March 31, 2014, and

November 14, 2012 through March 31, 2014

(in thousands of dollars)

	March 1, 2014 through March 31, 2014			November 14, 2012 through March 31, 2014
Shipping Revenues:
Pool revenues	$	13,016		$	249,012
Time and bareboat charter revenues		32,046			509,892
Voyage charter revenues		46,621			686,689
		91,683			1,445,593
Operating Expenses:
Voyage expenses		26,648			365,747
Vessel expenses		22,754			369,752
Charter hire expenses		15,984			296,119
Depreciation and amortization		13,665			242,559
General and administrative		12,491			140,223
Goodwill and intangible assets impairment charge		-			16,214
(Gain)/loss on disposal of vessels, including impairments		(1,473	)		643,191
Total Operating Expenses		90,069			2,073,805
Income/(Loss) from Vessel Operations		1,614			(628,212	)
Equity in Income/(Loss) of Affiliated Companies		3,574			56,380
Operating Income/(Loss)		5,188			(571,832	)
Other Income/(expense)		53			1,218
Income/(loss) before Interest Expense and Income Taxes		5,241			(570,614	)
Interest Expense		(1	)		(339	)
Income/(loss) before Reorganization Items and Income Taxes		5,240			(570,953	)
Reorganization Items, net		15,882			397,534
Income/(loss) before Income Taxes		(10,642	)		(968,487	)
Income Tax Provision/(Benefit)		4,857			(16,208	)
Net Loss	$	(15,499	)	$	(952,279	)

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

Monthly Operating Report
March 1, 2014 through March 31, 2014

Page 21 of 158

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 March 1, 2014 through March 31, 2014, and

November 14, 2012 through March 31, 2014

(in thousands of dollars)

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

2. Reorganization Items consists of the following:

	March 1, 2014		November 14, 2012
	through		through
	March 31, 2014		March 31, 2014
Professional fees, including Trustee Fees of $250 and $4,429	$	15,882	$	103,642
Expenses incurred on rejected executory contracts		-		289,073
Write-off of deferred financing costs		-		4,603
Other claims adjustments		-		216
	$	15,882	$	397,534

Monthly Operating Report
March 1, 2014 through March 31, 2014

Page 22 of 158

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 March 31, 2014

(in thousands of dollars)

	November 13, 2012		March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	477,973	$	638,677
Voyage receivables		171,753		143,941
Other receivables, including income taxes recoverable		59,295		26,983
Inventory		14,150		17,209
Prepaid expenses and other current assets		46,636		33,202
Total Current Assets		769,807		860,012
Vessels and other property, less accumulated depreciation		3,135,823		2,331,454
Deferred drydock expenditures, net		73,898		54,065
Total Vessels, Deferred Drydock and Other Property		3,209,721		2,385,519
Investments in Affiliated Companies		247,964		325,777
Intangible Assets, less accumulated amortization		72,655		58,996
Goodwill		9,589		-
Other Assets		16,464		28,035
Total Assets	$	4,326,200	$	3,658,339
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	$	93,170	$	379,183
Total Current Liabilities		93,170		379,183
Noncurrent Liabilities:
Deferred Gain/(loss) on Sale and Leaseback of Vessels		5,457		-
Deferred Taxes and Other Liabilities		758,736		448,179
Liabilities Subject to Compromise		2,623,588		2,882,309
Total Noncurrent Liabilities		3,387,781		3,330,488
Total Liabilities		3,480,951		3,709,671
(Deficit)/Equity:
Total Equity/(Deficit)		845,249		(51,332	)
Total Liabilities and (Deficit)/Equity	$	4,326,200	$	3,658,339

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

Monthly Operating Report
March 1, 2014 through March 31, 2014

Page 23 of 158

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 March 31, 2014

(in thousands of dollars)

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

2. 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 March 31, 2014 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.

3. 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.

4. 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, 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 below the outstanding principal of the secured debt, and accordingly, 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. 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
March 1, 2014 through March 31, 2014

Page 24 of 158

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 March 31, 2014

(in thousands of dollars)

5. Liabilities Subject to Compromise consist of the following:

	November 13, 2012		March 31, 2014
Pre-petition accounts payable, accrued expenses and other liabilities	$	398	$	4,662
Senior Notes		500,780		500,780
Unsecured revolver		1,488,579		1,489,000
Accrued interest and fees on unsecured revolver and senior notes		10,878		10,878
Secured debt and accrued interest		578,024		564,102
Derivative liabilities		3,566		3,566
Pension and other postretirement benefit plan liabilities		41,363		26,722
Accrued liabilities relating to rejected executory contracts		0		282,599
	$	2,623,588	$	2,882,309

Monthly Operating Report
March 1, 2014 through March 31, 2014

Page 25 of 158

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 March 31, 2014

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

	Respectfully submitted,
Dated: May 15, 2014	/s/ Jerry Miller
New York, New York	Jerry Miller
	Controller, Overseas Shipholding Group, Inc.

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

Monthly Operating Report
March 1, 2014 through March 31, 2014

Page 26 of 158

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

March 31, 2014

Days Past Due
Current			1-30			31-60			61-90			>91			Total
$	18,206,351		$	992,073		$	288,797		$	60,229		$	(160,498	)	$	19,386,952
	94	%		6	%		1	%		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
March 1, 2014 through March 31, 2014

Page 27 of 158

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

March 31, 2014

	Days Aged1
	0-30			31-60			61-90			91-120			120-180			>180			Total
Trade Receivables:
Trade - Invoiced 2	$	12,434,755		$	4,585,007		$	4,744,896		$	1,060,765		$	2,693,134		$	3,995,068		$	29,513,625
Trade - Accrued and Unbilled3																			$	30,303,260
Trade - Pools4																			$	85,391,291
Allowance for Doubtful Receivables																			$	(1,883,606	)
Accounts Receivable	$	12,434,755		$	4,585,007		$	4,744,896		$	1,060,765		$	2,693,134		$	3,995,068		$	143,324,570
Percentage of Trade-Invoiced 5		42	%		16	%		16	%		4	%		9	%		13	%		100	%

Notes:

¹ Days Aged is based on the date of invoice

² Represents invoiced freight & miscellaneous, demurrage and non-voyage accounts receivable for the consolidated Company.

³ 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
March 1, 2014 through March 31, 2014

Page 28 of 158

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 March 1, 2014 through March 31, 2014

		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
March 1, 2014 through March 31, 2014

Page 29 of 158

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
March 1, 2014 through March 31, 2014

Page 30 of 158

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
March 1, 2014 through March 31, 2014

Page 31 of 158

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
March 1, 2014 through March 31, 2014

Page 32 of 158

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
March 1, 2014 through March 31, 2014

Page 33 of 158

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
March 1, 2014 through March 31, 2014

Page 34 of 158

Appendix B

Overseas Shipholding Group, Inc.,et al.

Listing of Debtors' Bank Accounts and Book Balances as of March 31, 2014¹

(in USD)

Debtor	EIN	Bank	Currency	Account Number	USD Balance per Books as of March 31, 2014
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		266,974,758.85
OSG Bulk Ships, Inc.	13-2632600	Fifth Third Bank - Tampa	USD	XXXXXXX4290		2,800,974.79
OSG Bulk Ships, Inc.	13-2632600	JP Morgan Chase	USD	XXXX-XXXXX0-509		(1,251,959.34	)
OSG Bulk Ships, Inc.	13-2632600	JP Morgan Chase	USD	XXX-X-XX7251		9,808,142.86
OSG Financial Corp.	13-3178639	JP Morgan Chase	USD	XXX-X-XX3754		371,213.74
OSG International, Inc.	98-0467117	HSBC	USD	XXXXX6923		10,765,796.72
OSG International, Inc.	98-0467117	JP Morgan Chase	USD	XXX-X-XX5113		98,886,196.94
OSG International, Inc.	98-0467117	JP Morgan Chase	USD	XXXXX7192		23,955,187.74
OSG International, Inc.	98-0467117	JP Morgan Chase	USD	XXXXX0596		-
OSG Lightering LLC	98-0380553	Bank of Oklahoma	USD	XXXXX9048		16,160,919.87
OSG Lightering LLC	98-0380553	Bank of Texas - Houston	USD	XXXXXX9108		(48,137.36	)
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		17,185.89
OSG Ship Management, Inc.	13-3589004	JP Morgan Chase	USD	XXX-XX6624		536,512.28
OSG Ship Management, Inc.	13-3589004	JP Morgan Chase	USD	XXX-XX5045		63,000.47
Overseas Shipholding Group, Inc.	13-2637623	TD Bank, N.A.	USD	XXX-XXX6647		24,054,827.84
Overseas Shipholding Group, Inc.	13-2637623	BlackRock	USD	X4888		56,009,611.57
Overseas Shipholding Group, Inc.	13-2637623	Fidelity	USD	XXXXXXX7175		59,725,317.08
Overseas Shipholding Group, Inc.	13-2637623	JP Morgan Chase	USD	XXX-X-XX5014		8,373,849.29
Overseas Shipholding Group, Inc.	13-2637623	JP Morgan Chase	USD	XXX6306		23,005,848.60
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		27.60
Shirley Tanker SRL	98-0513551	Cidel Bank & Trust, Inc.	CAD	XXXXXX-XXX9190		-
Shirley Tanker SRL	98-0513551	Cidel Bank & Trust, Inc.	CAD	XXXXXX-XXX6490		0.65
Sifnos Tanker Corporation	98-0513006	JPMorgan Chase	USD	XXXXX0230		-
				TOTAL	$	600,229,277.38

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 35 of 158

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

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

Appendix C

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

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

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

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

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

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

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

Monthly Operating Report
March 1, 2014 through March 31, 2014

Page 36 of 158

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

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

Appendix C

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

As a result of the chapter 11 filings, the Company’s unsecured debt has been classified as Liabilities Subject to Compromise in the Unaudited Condensed Consolidated Balance Sheets. In accordance with ASC Topic 852, 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 below the outstanding principal of the secured debt, and accordingly, 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.

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 were reflected in December 2013.

Monthly Operating Report
March 1, 2014 through March 31, 2014

Page 37 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Overseas Shipholding Group, Inc.						OSG International, Inc.
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	45		$	(1	)	$	(31	)
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			-
		-			45			(1	)		(31	)
Operating Expenses:
Voyage expenses		-			-			-			-
Vessel expenses		(50	)		(50	)		(14	)		(67	)
Charter hire expenses		-			-			-			49
Depreciation and amortization		-			-			3			10
General and administrative		1,673			10,554			36			29,106
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			0
Total Operating Expenses		1,622			10,504			25			29,099
Income/(loss) from Vessel Operations		(1,622	)		(10,459	)		(26	)		(29,130	)
Equity in Income/(loss) of Affiliated Companies		200			416			58			8,590
Operating Income/(loss)		(1,422	)		(10,043	)		32			(20,540	)
Other Income/(expense)		547			8,635			(2,196	)		(29,064	)
Income/(loss) before Interest Expense and Income Taxes		(876	)		(1,409	)		(2,164	)		(49,604	)
Interest Expense		-			0			-			0
Income/(loss) before Reorganization Items and Income Taxes		(876	)		(1,409	)		(2,164	)		(49,604	)
Reorganization Items, net		15,794			105,679			8			8
Income/(loss) before Income Taxes		(16,670	)		(107,088	)		(2,172	)		(49,612	)
Income Tax (Benefit)/Provision		4,850			(21,543	)		7			147
Net Income/(Loss)	$	(21,520	)	$	(85,544	)	$	(2,179	)	$	(49,759	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 38 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Bulk Ships, Inc.						1372 Tanker Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	(4	)	$	3,415
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			1,179			13,893
		-			-			1,175			17,308
Operating Expenses:
Voyage expenses		-			-			869			9,340
Vessel expenses		3			419			390			4,517
Charter hire expenses		-			-			-			-
Depreciation and amortization		-			-			262			4,339
General and administrative		(5	)		194			-			0
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			(4	)		-			-
Total Operating Expenses		(3	)		609			1,520			18,196
Income/(loss) from Vessel Operations		3			(609	)		(345	)		(887	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		3			(609	)		(345	)		(887	)
Other Income/(expense)		(217	)		(3,126	)		(1	)		(13	)
Income/(loss) before Interest Expense and Income Taxes		(214	)		(3,735	)		(346	)		(900	)
Interest Expense		-			0			-			(17	)
Income/(loss) before Reorganization Items and Income Taxes		(214	)		(3,735	)		(346	)		(917	)
Reorganization Items, net		-			-			2			281
Income/(loss) before Income Taxes		(214	)		(3,735	)		(348	)		(1,198	)
Income Tax (Benefit)/Provision		-			1,026			-			-
Net Income/(Loss)	$	(214	)	$	(4,760	)	$	(348	)	$	(1,198	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 39 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Africa Tanker Corporation						Alcesmar Limited
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	318		$	6,554
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			4
		-			-			318			6,558
Operating Expenses:
Voyage expenses		-			-			-			7
Vessel expenses		7			99			197			3,381
Charter hire expenses		-			-			-			-
Depreciation and amortization		-			-			85			2,045
General and administrative		-			313			-			0
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			18,737
Total Operating Expenses		7			412			282			24,170
Income/(loss) from Vessel Operations		(7	)		(412	)		36			(17,612	)
Equity in Income/(loss) of Affiliated Companies		2,939			40,887			-			-
Operating Income/(loss)		2,932			40,475			36			(17,612	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		2,932			40,475			36			(17,612	)
Interest Expense		-			-			(0	)		(8	)
Income/(loss) before Reorganization Items and Income Taxes		2,932			40,475			36			(17,620	)
Reorganization Items, net		-			-			2			112
Income/(loss) before Income Taxes		2,932			40,475			34			(17,732	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	2,932		$	40,475		$	34		$	(17,732	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 40 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Alcmar Limited						Alpha Suezmax Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	315		$	6,700		$	20	$	(138	)
Time and bareboat charter revenues		-			0			-		1,276
Voyage charter revenues		-			3			-		14
		315			6,703			20		1,152
Operating Expenses:
Voyage expenses		-			(30	)		-		255
Vessel expenses		170			3,742			13		422
Charter hire expenses		-			-			-		1,580
Depreciation and amortization		85			1,706			-		133
General and administrative		-			0			-		0
Goodwill and intangible assets impairment charge		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			18,356			-		-
Total Operating Expenses		255			23,775			13		2,391
Income/(loss) from Vessel Operations		60			(17,072	)		7		(1,239	)
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		60			(17,072	)		7		(1,239	)
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		60			(17,072	)		7		(1,239	)
Interest Expense		(0	)		(8	)		-		-
Income/(loss) before Reorganization Items and Income Taxes		60			(17,080	)		7		(1,239	)
Reorganization Items, net		2			112			-		15,492
Income/(loss) before Income Taxes		58			(17,192	)		7		(16,731	)
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	58		$	(17,192	)	$	7	$	(16,731	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 41 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Alpha Tanker Corporation						Amalia Product Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	(0	)	$	(2	)	$	75		$	7,744
Time and bareboat charter revenues		-			-			438			1,059
Voyage charter revenues		-			-			-			13
		(0	)		(2	)		513			8,817
Operating Expenses:
Voyage expenses		-			-			8			(240	)
Vessel expenses		-			-			274			3,337
Charter hire expenses		-			131			-			-
Depreciation and amortization		-			-			253			4,919
General and administrative		-			-			-			0
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		-			131			535			8,016
Income/(loss) from Vessel Operations		(0	)		(133	)		(22	)		801
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(0	)		(133	)		(22	)		801
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(0	)		(133	)		(22	)		801
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(0	)		(133	)		(22	)		801
Reorganization Items, net		-			-			-			-
Income/(loss) before Income Taxes		(0	)		(133	)		(22	)		801
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(0	)	$	(133	)	$	(22	)	$	801

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 42 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Ambermar Product Carrier Corporation						Ambermar Tanker Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	-	$	-
Time and bareboat charter revenues		(38	)		2,404			-		-
Voyage charter revenues		759			9,705			-		-
		720			12,109			-		-
Operating Expenses:
Voyage expenses		475			4,645			-		(4	)
Vessel expenses		279			3,668			-		12
Charter hire expenses		-			-			-		-
Depreciation and amortization		79			1,451			-		-
General and administrative		-			0			-		0
Goodwill and intangible assets impairment charge		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			15,735			-		-
Total Operating Expenses		833			25,500			-		8
Income/(loss) from Vessel Operations		(113	)		(13,391	)		-		(8	)
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(113	)		(13,391	)		-		(8	)
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		(113	)		(13,391	)		-		(8	)
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		(113	)		(13,391	)		-		(8	)
Reorganization Items, net		-			-			-		-
Income/(loss) before Income Taxes		(113	)		(13,391	)		-		(8	)
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(113	)	$	(13,391	)	$	-	$	(8	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 43 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Andromar Limited						Antigmar Limited
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	(32	)	$	6,598		$	297		$	7,023
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		324			(5	)		-			51
		292			6,592			297			7,074
Operating Expenses:
Voyage expenses		-			(0	)		-			73
Vessel expenses		708			3,567			219			3,246
Charter hire expenses		-			-			-			-
Depreciation and amortization		71			1,765			87			1,570
General and administrative		-			0			-			0
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			19,207			-			18,905
Total Operating Expenses		779			24,539			306			23,795
Income/(loss) from Vessel Operations		(488	)		(17,947	)		(10	)		(16,721	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(488	)		(17,947	)		(10	)		(16,721	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(488	)		(17,947	)		(10	)		(16,721	)
Interest Expense		(0	)		(8	)		(0	)		(8	)
Income/(loss) before Reorganization Items and Income Taxes		(488	)		(17,955	)		(10	)		(16,729	)
Reorganization Items, net		2			112			2			112
Income/(loss) before Income Taxes		(489	)		(18,067	)		(11	)		(16,841	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(489	)	$	(18,067	)	$	(11	)	$	(16,841	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 44 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Aqua Tanker Corporation						Aquarius Tanker Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	(0	)	$	(7	)	$	-		$	-
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			4,599
		(0	)		(7	)		-			4,599
Operating Expenses:
Voyage expenses		-			-			-			2,695
Vessel expenses		-			-			0			15
Charter hire expenses		-			(203	)		-			1,918
Depreciation and amortization		-			-			-			-
General and administrative		-			3			-			-
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		-			(200	)		0			4,628
Income/(loss) from Vessel Operations		(0	)		193			(0	)		(28	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(0	)		193			(0	)		(28	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(0	)		193			(0	)		(28	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(0	)		193			(0	)		(28	)
Reorganization Items, net		-			-			-			2,343
Income/(loss) before Income Taxes		(0	)		193			(0	)		(2,372	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(0	)	$	193		$	(0	)	$	(2,372	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 45 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Ariadmar Limited						Aspro Tanker Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	299		$	6,927		$	(1	)	$	(3	)
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			-
		299			6,927			(1	)		(3	)
Operating Expenses:
Voyage expenses		-			26			-			-
Vessel expenses		210			3,035			-			-
Charter hire expenses		-			-			-			57
Depreciation and amortization		104			1,848			-			-
General and administrative		-			0			-			-
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			19,082			-			-
Total Operating Expenses		314			23,992			-			57
Income/(loss) from Vessel Operations		(15	)		(17,065	)		(1	)		(60	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(15	)		(17,065	)		(1	)		(60	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(15	)		(17,065	)		(1	)		(60	)
Interest Expense		(0	)		(8	)		-			-
Income/(loss) before Reorganization Items and Income Taxes		(15	)		(17,073	)		(1	)		(60	)
Reorganization Items, net		2			112			-			-
Income/(loss) before Income Taxes		(17	)		(17,185	)		(1	)		(60	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(17	)	$	(17,185	)	$	(1	)	$	(60	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 46 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Atalmar Limited					Athens Product Tanker Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-		$	-		$	-
Time and bareboat charter revenues		-		-			-			-
Voyage charter revenues		663		16,537			773			17,157
		663		16,537			773			17,157
Operating Expenses:
Voyage expenses		359		9,526			565			8,600
Vessel expenses		202		3,055			173			2,615
Charter hire expenses		-		-			-			-
Depreciation and amortization		98		1,750			136			2,211
General and administrative		-		0			-			0
Goodwill and intangible assets impairment charge		-		-			-			-
(Gain)/loss on disposal of vessels, including impairments		-		18,960			-			-
Total Operating Expenses		659		33,292			875			13,425
Income/(loss) from Vessel Operations		4		(16,755	)		(102	)		3,731
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		4		(16,755	)		(102	)		3,731
Other Income/(expense)		-		-			-			-
Income/(loss) before Interest Expense and Income Taxes		4		(16,755	)		(102	)		3,731
Interest Expense		-		-			-			-
Income/(loss) before Reorganization Items and Income Taxes		4		(16,755	)		(102	)		3,731
Reorganization Items, net		-		-			-			-
Income/(loss) before Income Taxes		4		(16,755	)		(102	)		3,731
Income Tax (Benefit)/Provision		-		-			-			-
Net Income/(Loss)	$	4	$	(16,755	)	$	(102	)	$	3,731

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 47 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Atlas Chartering Corporation						Aurora Shipping Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	(5	)	$	3,459
Time and bareboat charter revenues		-			-			-			2,808
Voyage charter revenues		-			3,975			1,530			4,171
		-			3,975			1,525			10,438
Operating Expenses:
Voyage expenses		-			2,058			1,036			3,021
Vessel expenses		0			9			270			6,052
Charter hire expenses		-			1,982			-			-
Depreciation and amortization		-			-			243			3,918
General and administrative		-			-			-			0
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		0			4,050			1,550			12,991
Income/(loss) from Vessel Operations		(0	)		(75	)		(24	)		(2,553	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(0	)		(75	)		(24	)		(2,553	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(0	)		(75	)		(24	)		(2,553	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(0	)		(75	)		(24	)		(2,553	)
Reorganization Items, net		-			4,376			-			-
Income/(loss) before Income Taxes		(0	)		(4,451	)		(24	)		(2,553	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(0	)	$	(4,451	)	$	(24	)	$	(2,553	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 48 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Avila Tanker Corporation						Batangas Tanker Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	(1	)	$	(3	)	$	-	$	-
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		-			-			1,429		13,731
		(1	)		(3	)		1,429		13,731
Operating Expenses:
Voyage expenses		-			-			976		8,474
Vessel expenses		-			-			213		1,804
Charter hire expenses		-			(81	)		-		-
Depreciation and amortization		-			-			225		1,878
General and administrative		-			-			-		-
Goodwill and intangible assets impairment charge		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		-			(81	)		1,414		12,156
Income/(loss) from Vessel Operations		(1	)		78			15		1,575
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(1	)		78			15		1,575
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		(1	)		78			15		1,575
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		(1	)		78			15		1,575
Reorganization Items, net		-			-			-		-
Income/(loss) before Income Taxes		(1	)		78			15		1,575
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(1	)	$	78		$	15	$	1,575

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 49 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Beta Aframax Corporation						Brooklyn Product Tanker Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	(13	)	$	-		$	-
Time and bareboat charter revenues		-			1,708			-			-
Voyage charter revenues		-			-			-			22
		-			1,695			-			22
Operating Expenses:
Voyage expenses		-			-			-			(68	)
Vessel expenses		1			584			(0	)		63
Charter hire expenses		-			1,714			-			-
Depreciation and amortization		-			26			-			-
General and administrative		-			1			-			-
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			(20	)
Total Operating Expenses		1			2,323			(0	)		(25	)
Income/(loss) from Vessel Operations		(1	)		(629	)		0			47
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(1	)		(629	)		0			47
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(1	)		(629	)		0			47
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(1	)		(629	)		0			47
Reorganization Items, net		-			31,960			-			-
Income/(loss) before Income Taxes		(1	)		(32,589	)		0			47
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(1	)	$	(32,589	)	$	0		$	47

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 50 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Cabo Hellas Limited					Cabo Sounion Limited
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-		$	-	$	-
Time and bareboat charter revenues		411		5,794			411		5,978
Voyage charter revenues		-		11			-		14
		411		5,804			411		5,991
Operating Expenses:
Voyage expenses		10		159			10		158
Vessel expenses		174		3,484			202		3,517
Charter hire expenses		-		-			-		-
Depreciation and amortization		154		3,136			160		3,301
General and administrative		-		0			-		0
Goodwill and intangible assets impairment charge		-		-			-		-
(Gain)/loss on disposal of vessels, including impairments		-		17,172			-		18,004
Total Operating Expenses		339		23,951			372		24,981
Income/(loss) from Vessel Operations		72		(18,147	)		38		(18,989	)
Equity in Income/(loss) of Affiliated Companies		-		-			-		-
Operating Income/(loss)		72		(18,147	)		38		(18,989	)
Other Income/(expense)		-		-			-		-
Income/(loss) before Interest Expense and Income Taxes		72		(18,147	)		38		(18,989	)
Interest Expense		-		-			-		-
Income/(loss) before Reorganization Items and Income Taxes		72		(18,147	)		38		(18,989	)
Reorganization Items, net		-		-			-		-
Income/(loss) before Income Taxes		72		(18,147	)		38		(18,989	)
Income Tax (Benefit)/Provision		-		-			-		-
Net Income/(Loss)	$	72	$	(18,147	)	$	38	$	(18,989	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 51 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Caribbean Tanker Corporation						Carina Tanker Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	(1	)	$	(5	)	$	-	$	-
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		1,155			15,406			-		4,753
		1,154			15,401			-		4,753
Operating Expenses:
Voyage expenses		844			7,992			-		2,105
Vessel expenses		231			5,173			-		14
Charter hire expenses		-			-			-		2,146
Depreciation and amortization		50			1,195			-		-
General and administrative		-			0			-		-
Goodwill and intangible assets impairment charge		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			17,385			-		-
Total Operating Expenses		1,125			31,745			-		4,265
Income/(loss) from Vessel Operations		29			(16,344	)		-		488
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		29			(16,344	)		-		488
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		29			(16,344	)		-		488
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		29			(16,344	)		-		488
Reorganization Items, net		-			-			-		4,102
Income/(loss) before Income Taxes		29			(16,344	)		-		(3,614	)
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	29		$	(16,344	)	$	-	$	(3,614	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 52 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

		Carl Product Corporation						Concept Tanker Corporation
(000's)		March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues		$	1		$	(35	)	$	314		$	7,236
Time and bareboat charter revenues			430			6,469			-			-
Voyage charter revenues			-			10			-			-
			431			6,444			314			7,236
Operating Expenses:
Voyage expenses			11			(217	)		-			21
Vessel expenses			225			3,031			4			80
Charter hire expenses			-			-			403			6,875
Depreciation and amortization			253			4,844			-			-
General and administrative			-			0			-			-
Goodwill and intangible assets impairment charge			-			-			-			-
(Gain)/loss on disposal of vessels, including impairments			-			-			-			-
Total Operating Expenses			490			7,658			407			6,976
Income/(loss) from Vessel Operations			(58	)		(1,214	)		(93	)		260
Equity in Income/(loss) of Affiliated Companies			-			-			-			-
Operating Income/(loss)			(58	)		(1,214	)		(93	)		260
Other Income/(expense)			-			-			-			-
Income/(loss) before Interest Expense and Income Taxes			(58	)		(1,214	)		(93	)		260
Interest Expense			-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes			(58	)		(1,214	)		(93	)		260
Reorganization Items, net			-			-			-			1,943
Income/(loss) before Income Taxes			(58	)		(1,214	)		(93	)		(1,682	)
Income Tax (Benefit)/Provision	��		-			-			-			-
Net Income/(Loss)		$	(58	)	$	(1,214	)	$	(93	)	$	(1,682	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 53 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Crown Tanker Corporation					Delphina Tanker Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	39	$	-	$	-
Time and bareboat charter revenues		-			-		-		-
Voyage charter revenues		-			-		-		-
		-			39		-		-
Operating Expenses:
Voyage expenses		-			-		-		-
Vessel expenses		0			0		-		-
Charter hire expenses		-			-		-		-
Depreciation and amortization		-			-		-		-
General and administrative		-			-		-		-
Goodwill and intangible assets impairment charge		-			-		-		-
(Gain)/loss on disposal of vessels, including impairments		-			-		-		-
Total Operating Expenses		0			0		-		-
Income/(loss) from Vessel Operations		(0	)		39		-		-
Equity in Income/(loss) of Affiliated Companies		-			-		-		-
Operating Income/(loss)		(0	)		39		-		-
Other Income/(expense)		-			-		-		-
Income/(loss) before Interest Expense and Income Taxes		(0	)		39		-		-
Interest Expense		-			-		-		-
Income/(loss) before Reorganization Items and Income Taxes		(0	)		39		-		-
Reorganization Items, net		-			-		-		-
Income/(loss) before Income Taxes		(0	)		39		-		-
Income Tax (Benefit)/Provision		-			-		-		-
Net Income/(Loss)	$	(0	)	$	39	$	-	$	-

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 54 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Delta Aframax Corporation						DHT Ania Aframax Corp.
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	(76	)	$	(1	)	$	(5	)
Time and bareboat charter revenues		-			6,163			-			-
Voyage charter revenues		762			1,473			-			-
		762			7,560			(1	)		(5	)
Operating Expenses:
Voyage expenses		1,075			1,761			-			-
Vessel expenses		386			4,244			-			-
Charter hire expenses		-			-			-			-
Depreciation and amortization		134			3,101			-			-
General and administrative		-			0			-			-
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			24,359			-			-
Total Operating Expenses		1,596			33,465			-			-
Income/(loss) from Vessel Operations		(833	)		(25,904	)		(1	)		(5	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(833	)		(25,904	)		(1	)		(5	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(833	)		(25,904	)		(1	)		(5	)
Interest Expense		-			(34	)		-			-
Income/(loss) before Reorganization Items and Income Taxes		(833	)		(25,938	)		(1	)		(5	)
Reorganization Items, net		13			391			-			(12	)
Income/(loss) before Income Taxes		(846	)		(26,329	)		(1	)		7
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(846	)	$	(26,329	)	$	(1	)	$	7

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 55 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	DHT Ann VLCC Corp.						DHT Cathy Aframax Corp.
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	(0	)	$	586		$	(0	)	$	213
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			-
		(0	)		586			(0	)		213
Operating Expenses:
Voyage expenses		-			101			-			24
Vessel expenses		(0	)		3			-			(4	)
Charter hire expenses		-			1,615			-			964
Depreciation and amortization		-			-			-			-
General and administrative		-			-			-			-
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		(0	)		1,719			-			984
Income/(loss) from Vessel Operations		(0	)		(1,133	)		(0	)		(771	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(0	)		(1,133	)		(0	)		(771	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(0	)		(1,133	)		(0	)		(771	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(0	)		(1,133	)		(0	)		(771	)
Reorganization Items, net		-			(119	)		-			(12	)
Income/(loss) before Income Taxes		(0	)		(1,014	)		(0	)		(758	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(0	)	$	(1,014	)	$	(0	)	$	(758	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 56 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	DHT Chris VLCC Corp.						DHT Rebecca Aframax Corp.
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	(0	)	$	43		$	(1	)	$	(6	)
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			-
		(0	)		43			(1	)		(6	)
Operating Expenses:
Voyage expenses		-			(0	)		-			-
Vessel expenses		(0	)		(6	)		-			(0	)
Charter hire expenses		-			-			-			-
Depreciation and amortization		-			-			-			-
General and administrative		-			-			-			-
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		(0	)		(6	)		-			(0	)
Income/(loss) from Vessel Operations		(0	)		48			(1	)		(5	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(0	)		48			(1	)		(5	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(0	)		48			(1	)		(5	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(0	)		48			(1	)		(5	)
Reorganization Items, net		-			144			-			-
Income/(loss) before Income Taxes		(0	)		(96	)		(1	)		(5	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(0	)	$	(96	)	$	(1	)	$	(5	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 57 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	DHT Regal Unity VLCC Corp.						DHT Sophie Aframax Corp.
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	(22	)	$	(1	)	$	(90	)
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			-
		-			(22	)		(1	)		(90	)
Operating Expenses:
Voyage expenses		-			-			-			(3	)
Vessel expenses		0			0			-			16
Charter hire expenses		-			-			-			-
Depreciation and amortization		-			-			-			-
General and administrative		-			-			-			-
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		0			0			-			13
Income/(loss) from Vessel Operations		(0	)		(22	)		(1	)		(103	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(0	)		(22	)		(1	)		(103	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(0	)		(22	)		(1	)		(103	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(0	)		(22	)		(1	)		(103	)
Reorganization Items, net		-			258			-			17
Income/(loss) before Income Taxes		(0	)		(280	)		(1	)		(120	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(0	)	$	(280	)	$	(1	)	$	(120	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 58 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Dignity Chartering Corporation					Edindun Shipping Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	27	$	338		$	-	$	-
Time and bareboat charter revenues		-		-			-		-
Voyage charter revenues		-		(14	)		-		-
		27		324			-		-
Operating Expenses:
Voyage expenses		-		18			-		-
Vessel expenses		2		357			-		-
Charter hire expenses		-		1,059			-		-
Depreciation and amortization		-		68			-		-
General and administrative		-		0			-		-
Goodwill and intangible assets impairment charge		-		-			-		-
(Gain)/loss on disposal of vessels, including impairments		-		-			-		-
Total Operating Expenses		2		1,501			-		-
Income/(loss) from Vessel Operations		25		(1,177	)		-		-
Equity in Income/(loss) of Affiliated Companies		-		-			-		-
Operating Income/(loss)		25		(1,177	)		-		-
Other Income/(expense)		-		-			-		-
Income/(loss) before Interest Expense and Income Taxes		25		(1,177	)		-		-
Interest Expense		-		-			-		-
Income/(loss) before Reorganization Items and Income Taxes		25		(1,177	)		-		-
Reorganization Items, net		-		34,442			-		-
Income/(loss) before Income Taxes		25		(35,619	)		-		-
Income Tax (Benefit)/Provision		-		-			-		-
Net Income/(Loss)	$	25	$	(35,619	)	$	-	$	-

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 59 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Eighth Aframax Tanker Corporation				Epsilon Aframax Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	2,012	$	-		$	1,947
Time and bareboat charter revenues		-		-		-			-
Voyage charter revenues		1,289		13,329		1,087			11,254
		1,289		15,341		1,087			13,201
Operating Expenses:
Voyage expenses		878		8,372		739			7,223
Vessel expenses		193		3,835		183			3,603
Charter hire expenses		-		-		-			-
Depreciation and amortization		139		2,265		130			3,062
General and administrative		-		0		-			0
Goodwill and intangible assets impairment charge		-		-		-			-
(Gain)/loss on disposal of vessels, including impairments		-		-		-			24,905
Total Operating Expenses		1,209		14,472		1,052			38,793
Income/(loss) from Vessel Operations		80		869		35			(25,592	)
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		80		869		35			(25,592	)
Other Income/(expense)		-		-		(2	)		(19	)
Income/(loss) before Interest Expense and Income Taxes		80		869		33			(25,611	)
Interest Expense		-		-		-			(29	)
Income/(loss) before Reorganization Items and Income Taxes		80		869		33			(25,640	)
Reorganization Items, net		-		-		13			390
Income/(loss) before Income Taxes		80		869		20			(26,030	)
Income Tax (Benefit)/Provision		-		-		-			-
Net Income/(Loss)	$	80	$	869	$	20		$	(26,030	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 60 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	First Chemical Carrier Corporation					First LPG Tanker Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014		March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-	$	-		$	-
Time and bareboat charter revenues		-			3,888		-			-
Voyage charter revenues		-			-		(39	)		(39	)
		-			3,888		(39	)		(39	)
Operating Expenses:
Voyage expenses		-			56		-			-
Vessel expenses		(2	)		46		-			-
Charter hire expenses		-			2,976		-			-
Depreciation and amortization		-			-		-			-
General and administrative		-			-		-			-
Goodwill and intangible assets impairment charge		-			-		-			-
(Gain)/loss on disposal of vessels, including impairments		-			-		-			-
Total Operating Expenses		(2	)		3,078		-			-
Income/(loss) from Vessel Operations		2			810		(39	)		(39	)
Equity in Income/(loss) of Affiliated Companies		-			-		-			-
Operating Income/(loss)		2			810		(39	)		(39	)
Other Income/(expense)		-			-		-			-
Income/(loss) before Interest Expense and Income Taxes		2			810		(39	)		(39	)
Interest Expense		-			-		-			-
Income/(loss) before Reorganization Items and Income Taxes		2			810		(39	)		(39	)
Reorganization Items, net		-			-		-			-
Income/(loss) before Income Taxes		2			810		(39	)		(39	)
Income Tax (Benefit)/Provision		-			-		-			-
Net Income/(Loss)	$	2		$	810	$	(39	)	$	(39	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 61 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	First Union Tanker Corporation						Fourth Aframax Tanker Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	716		$	7,599		$	(1	)	$	(4	)
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			12			(30	)		15,652
		716			7,611			(31	)		15,647
Operating Expenses:
Voyage expenses		103			685			72			9,395
Vessel expenses		468			5,399			174			3,759
Charter hire expenses		-			-			-			-
Depreciation and amortization		163			2,915			64			1,510
General and administrative		(0	)		0			-			0
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			16,903			(1,510	)		14,208
Total Operating Expenses		734			25,901			(1,200	)		28,872
Income/(loss) from Vessel Operations		(17	)		(18,290	)		1,169			(13,224	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(17	)		(18,290	)		1,169			(13,224	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(17	)		(18,290	)		1,169			(13,224	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(17	)		(18,290	)		1,169			(13,224	)
Reorganization Items, net		-			-			-			-
Income/(loss) before Income Taxes		(17	)		(18,290	)		1,169			(13,224	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(17	)	$	(18,290	)	$	1,169		$	(13,224	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 62 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Front President Inc.						Goldmar Limited
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	608		$	12,521		$	584	$	9,151
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		-			-			-		1
		608			12,521			584		9,153
Operating Expenses:
Voyage expenses		(20	)		482			-		10
Vessel expenses		228			4,156			290		3,479
Charter hire expenses		-			-			-		-
Depreciation and amortization		368			5,956			161		3,298
General and administrative		-			0			-		0
Goodwill and intangible assets impairment charge		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			(0	)		-		16,753
Total Operating Expenses		576			10,594			451		23,541
Income/(loss) from Vessel Operations		32			1,926			133		(14,388	)
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		32			1,926			133		(14,388	)
Other Income/(expense)		(2	)		(29	)		-		-
Income/(loss) before Interest Expense and Income Taxes		29			1,897			133		(14,388	)
Interest Expense		-			(53	)		-		-
Income/(loss) before Reorganization Items and Income Taxes		29			1,844			133		(14,388	)
Reorganization Items, net		29			608			-		-
Income/(loss) before Income Taxes		(0	)		1,236			133		(14,388	)
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(0	)	$	1,236		$	133	$	(14,388	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 63 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	GPC Aframax Corporation						Grace Chartering Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	5		$	900		$	1		$	1,555
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			-
		5			900			1			1,555
Operating Expenses:
Voyage expenses		-			25			3			6
Vessel expenses		(330	)		881			-			8
Charter hire expenses		-			1,788			-			1,612
Depreciation and amortization		4			109			-			-
General and administrative		-			0			-			-
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		(326	)		2,802			3			1,626
Income/(loss) from Vessel Operations		331			(1,902	)		(2	)		(71	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		331			(1,902	)		(2	)		(71	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		331			(1,902	)		(2	)		(71	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		331			(1,902	)		(2	)		(71	)
Reorganization Items, net		-			21,847			-			881
Income/(loss) before Income Taxes		331			(23,749	)		(2	)		(953	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	331		$	(23,749	)	$	(2	)	$	(953	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 64 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	International Seaways, Inc.					Jademar Limited
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	14,653	$	784	$	9,448
Time and bareboat charter revenues		-			-		-		-
Voyage charter revenues		8,051			85,711		3		11
		8,051			100,364		787		9,459
Operating Expenses:
Voyage expenses		5,483			53,933		3		25
Vessel expenses		722			4,835		262		3,105
Charter hire expenses		2,164			36,724		-		-
Depreciation and amortization		89			536		158		3,356
General and administrative		-			0		-		0
Goodwill and intangible assets impairment charge		-			-		-		-
(Gain)/loss on disposal of vessels, including impairments		-			1		-		17,729
Total Operating Expenses		8,458			96,030		423		24,216
Income/(loss) from Vessel Operations		(407	)		4,335		364		(14,757	)
Equity in Income/(loss) of Affiliated Companies		-			-		-		-
Operating Income/(loss)		(407	)		4,335		364		(14,757	)
Other Income/(expense)		-			2		-		-
Income/(loss) before Interest Expense and Income Taxes		(407	)		4,337		364		(14,757	)
Interest Expense		-			-		-		-
Income/(loss) before Reorganization Items and Income Taxes		(407	)		4,337		364		(14,757	)
Reorganization Items, net		-			-		-		-
Income/(loss) before Income Taxes		(407	)		4,337		364		(14,757	)
Income Tax (Benefit)/Provision		-			-		-		-
Net Income/(Loss)	$	(407	)	$	4,337	$	364	$	(14,757	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 65 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Joyce Car Carrier Corporation						Juneau Tanker Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	-	$	-
Time and bareboat charter revenues		-			(61	)		-		-
Voyage charter revenues		-			-			-		-
		-			(61	)		-		-
Operating Expenses:
Voyage expenses		-			11			-		-
Vessel expenses		0			(9	)		-		-
Charter hire expenses		-			-			-		-
Depreciation and amortization		-			-			-		-
General and administrative		-			0			-		-
Goodwill and intangible assets impairment charge		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			(110	)		-		-
Total Operating Expenses		0			(107	)		-		-
Income/(loss) from Vessel Operations		(0	)		46			-		-
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(0	)		46			-		-
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		(0	)		46			-		-
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		(0	)		46			-		-
Reorganization Items, net		-			-			-		-
Income/(loss) before Income Taxes		(0	)		46			-		-
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(0	)	$	46		$	-	$	-

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 66 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Kimolos Tanker Corporation						Kythnos Chartering Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	-	$	-
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		917			15,142			653		15,424
		917			15,142			653		15,424
Operating Expenses:
Voyage expenses		542			8,613			370		8,073
Vessel expenses		155			3,038			149		2,886
Charter hire expenses		194			3,866			-		-
Depreciation and amortization		29			503			122		1,947
General and administrative		-			0			-		0
Goodwill and intangible assets impairment charge		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		919			16,021			641		12,906
Income/(loss) from Vessel Operations		(2	)		(879	)		12		2,518
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(2	)		(879	)		12		2,518
Other Income/(expense)		-			-			-		8
Income/(loss) before Interest Expense and Income Taxes		(2	)		(879	)		12		2,526
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		(2	)		(879	)		12		2,526
Reorganization Items, net		-			14,130			-		-
Income/(loss) before Income Taxes		(2	)		(15,009	)		12		2,526
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(2	)	$	(15,009	)	$	12	$	2,526

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 67 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Leo Tanker Corporation						Leyte Product Tanker Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	813		$	6,996
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			4,696			-			3,411
		-			4,696			813			10,408
Operating Expenses:
Voyage expenses		1			2,836			-			1,372
Vessel expenses		-			18			168			2,950
Charter hire expenses		-			2,213			-			-
Depreciation and amortization		-			-			145			2,888
General and administrative		-			-			-			0
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			19,022
Total Operating Expenses		1			5,067			314			26,232
Income/(loss) from Vessel Operations		(1	)		(371	)		500			(15,824	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(1	)		(371	)		500			(15,824	)
Other Income/(expense)		-			-			(0	)		(3	)
Income/(loss) before Interest Expense and Income Taxes		(1	)		(371	)		499			(15,827	)
Interest Expense		-			-			-			(9	)
Income/(loss) before Reorganization Items and Income Taxes		(1	)		(371	)		499			(15,837	)
Reorganization Items, net		-			2,416			(14	)		278
Income/(loss) before Income Taxes		(1	)		(2,787	)		514			(16,115	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(1	)	$	(2,787	)	$	514		$	(16,115	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 68 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Limar Charter Corporation						Luxmar Product Tanker Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	-	$	-
Time and bareboat charter revenues		-			255			-		-
Voyage charter revenues		-			1,757			609		14,530
		-			2,012			609		14,530
Operating Expenses:
Voyage expenses		-			834			279		8,342
Vessel expenses		20			384			181		3,646
Charter hire expenses		-			776			-		-
Depreciation and amortization		-			437			92		1,792
General and administrative		-			0			-		-
Goodwill and intangible assets impairment charge		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		16,941
Total Operating Expenses		20			2,431			552		30,722
Income/(loss) from Vessel Operations		(20	)		(419	)		58		(16,192	)
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(20	)		(419	)		58		(16,192	)
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		(20	)		(419	)		58		(16,192	)
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		(20	)		(419	)		58		(16,192	)
Reorganization Items, net		-			7,625			-		-
Income/(loss) before Income Taxes		(20	)		(8,044	)		58		(16,192	)
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(20	)	$	(8,044	)	$	58	$	(16,192	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 69 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Luxmar Tanker LLC					Majestic Tankers Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-		$	153		$	7,596
Time and bareboat charter revenues		-		-			-			-
Voyage charter revenues		-		-			-			-
		-		-			153			7,596
Operating Expenses:
Voyage expenses		-		(27	)		52			853
Vessel expenses		-		169			379			6,253
Charter hire expenses		-		-			-			-
Depreciation and amortization		-		-			179			3,237
General and administrative		-		0			-			0
Goodwill and intangible assets impairment charge		-		-			-			-
(Gain)/loss on disposal of vessels, including impairments		-		-			-			20,232
Total Operating Expenses		-		142			610			30,575
Income/(loss) from Vessel Operations		-		(142	)		(457	)		(22,979	)
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		-		(142	)		(457	)		(22,979	)
Other Income/(expense)		-		-			-			-
Income/(loss) before Interest Expense and Income Taxes		-		(142	)		(457	)		(22,979	)
Interest Expense		-		-			-			-
Income/(loss) before Reorganization Items and Income Taxes		-		(142	)		(457	)		(22,979	)
Reorganization Items, net		-		-			-			-
Income/(loss) before Income Taxes		-		(142	)		(457	)		(22,979	)
Income Tax (Benefit)/Provision		-		-			-			-
Net Income/(Loss)	$	-	$	(142	)	$	(457	)	$	(22,979	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 70 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Oak Tanker Corporation						Maremar Product Tanker Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	1,050		$	10,513		$	-	$	-
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		-			3			-		-
		1,050			10,517			-		-
Operating Expenses:
Voyage expenses		37			368			-		-
Vessel expenses		197			3,770			-		(3	)
Charter hire expenses		-			-			-		-
Depreciation and amortization		292			6,899			-		-
General and administrative		-			0			-		-
Goodwill and intangible assets impairment charge		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			61,052			-		-
Total Operating Expenses		526			72,090			-		(3	)
Income/(loss) from Vessel Operations		524			(61,574	)		-		3
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		524			(61,574	)		-		3
Other Income/(expense)		(3	)		(40	)		-		-
Income/(loss) before Interest Expense and Income Taxes		521			(61,614	)		-		3
Interest Expense		-			(67	)		-		-
Income/(loss) before Reorganization Items and Income Taxes		521			(61,681	)		-		3
Reorganization Items, net		13			1,351			-		-
Income/(loss) before Income Taxes		508			(63,032	)		-		3
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	508		$	(63,032	)	$	-	$	3

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 71 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Maremar Tanker LLC					Marilyn Vessel Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-		$	-	$	-
Time and bareboat charter revenues		171		1,428			-		-
Voyage charter revenues		-		5,816			-		-
		171		7,244			-		-
Operating Expenses:
Voyage expenses		6		3,646			-		-
Vessel expenses		4		1,871			-		-
Charter hire expenses		-		-			-		-
Depreciation and amortization		46		1,247			-		-
General and administrative		-		5			-		-
Goodwill and intangible assets impairment charge		-		-			-		-
(Gain)/loss on disposal of vessels, including impairments		-		16,057			-		-
Total Operating Expenses		56		22,826			-		-
Income/(loss) from Vessel Operations		114		(15,582	)		-		-
Equity in Income/(loss) of Affiliated Companies		-		-			-		-
Operating Income/(loss)		114		(15,582	)		-		-
Other Income/(expense)		-		-			-		-
Income/(loss) before Interest Expense and Income Taxes		114		(15,582	)		-		-
Interest Expense		-		-			-		-
Income/(loss) before Reorganization Items and Income Taxes		114		(15,582	)		-		-
Reorganization Items, net		-		-			-		-
Income/(loss) before Income Taxes		114		(15,582	)		-		-
Income Tax (Benefit)/Provision		-		-			-		-
Net Income/(Loss)	$	114	$	(15,582	)	$	-	$	-

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 72 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Maritrans General Partner Inc.				Maritrans Operating Company L.P.
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
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		-		-		-		-
Goodwill and intangible assets impairment charge		-		-		-		-
(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 73 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Milos Product Tanker Corporation				Mindanao Tanker Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		-		-		-		-
Voyage charter revenues		1,294		16,352		-		-
		1,294		16,352		-		-
Operating Expenses:
Voyage expenses		594		7,924		-		-
Vessel expenses		151		2,743		-		-
Charter hire expenses		-		-		-		-
Depreciation and amortization		140		2,267		-		-
General and administrative		-		0		-		-
Goodwill and intangible assets impairment charge		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		885		12,935		-		-
Income/(loss) from Vessel Operations		408		3,417		-		-
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		408		3,417		-		-
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		408		3,417		-		-
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		408		3,417		-		-
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		408		3,417		-		-
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	408	$	3,417	$	-	$	-

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 74 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Mykonos Tanker LLC				Nedimar Charter Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-		$	-
Time and bareboat charter revenues		-		-		-			-
Voyage charter revenues		1,172		25,156		-			894
		1,172		25,156		-			894
Operating Expenses:
Voyage expenses		461		9,873		-			455
Vessel expenses		367		5,404		0			452
Charter hire expenses		-		-		-			609
Depreciation and amortization		173		2,799		-			172
General and administrative		16		266		-			0
Goodwill and intangible assets impairment charge		-		-		-			-
(Gain)/loss on disposal of vessels, including impairments		-		19		-			-
Total Operating Expenses		1,018		18,362		0			1,689
Income/(loss) from Vessel Operations		154		6,794		(0	)		(795	)
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		154		6,794		(0	)		(795	)
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		154		6,794		(0	)		(795	)
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		154		6,794		(0	)		(795	)
Reorganization Items, net		-		-		-			5,852
Income/(loss) before Income Taxes		154		6,794		(0	)		(6,647	)
Income Tax (Benefit)/Provision		-		-		-			-
Net Income/(Loss)	$	154	$	6,794	$	(0	)	$	(6,647	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 75 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Maple Tanker Corporation						Ocean Bulk Ships, Inc.
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	1,007		$	10,788		$	-	$	-
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		-			-			-		-
		1,007			10,788			-		-
Operating Expenses:
Voyage expenses		164			602			-		-
Vessel expenses		184			3,725			-		-
Charter hire expenses		-			-			-		-
Depreciation and amortization		279			6,855			-		-
General and administrative		-			0			-		-
Goodwill and intangible assets impairment charge		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			62,874			-		-
Total Operating Expenses		627			74,056			-		-
Income/(loss) from Vessel Operations		380			(63,268	)		-		-
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		380			(63,268	)		-		-
Other Income/(expense)		(2	)		(26	)		-		-
Income/(loss) before Interest Expense and Income Taxes		378			(63,295	)		-		-
Interest Expense		-			(65	)		-		-
Income/(loss) before Reorganization Items and Income Taxes		378			(63,360	)		-		-
Reorganization Items, net		13			1,337			-		-
Income/(loss) before Income Taxes		365			(64,697	)		-		-
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	365		$	(64,697	)	$	-	$	-

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 76 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Oceania Tanker Corporation						OSG 192 LLC
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	796		$	-	$	-
Time and bareboat charter revenues		-			-			884		12,487
Voyage charter revenues		-			-			-		35
		-			796			884		12,522
Operating Expenses:
Voyage expenses		-			310			12		191
Vessel expenses		66			2,490			39		722
Charter hire expenses		-			-			-		-
Depreciation and amortization		155			2,740			175		3,470
General and administrative		-			0			-		-
Goodwill and intangible assets impairment charge		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			31,352			-		-
Total Operating Expenses		221			36,892			227		4,382
Income/(loss) from Vessel Operations		(221	)		(36,095	)		657		8,140
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(221	)		(36,095	)		657		8,140
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		(221	)		(36,095	)		657		8,140
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		(221	)		(36,095	)		657		8,140
Reorganization Items, net		-			-			-		-
Income/(loss) before Income Taxes		(221	)		(36,095	)		657		8,140
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(221	)	$	(36,095	)	$	657	$	8,140

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 77 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG 209 LLC				OSG 214 LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		944		13,709		930		13,403
Voyage charter revenues		7		156		48		988
		952		13,865		978		14,391
Operating Expenses:
Voyage expenses		12		282		52		1,188
Vessel expenses		20		659		44		840
Charter hire expenses		-		-		-		-
Depreciation and amortization		187		3,038		233		3,823
General and administrative		-		-		-		-
Goodwill and intangible assets impairment charge		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		220		3,980		329		5,851
Income/(loss) from Vessel Operations		732		9,886		650		8,540
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		732		9,886		650		8,540
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		732		9,886		650		8,540
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		732		9,886		650		8,540
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		732		9,886		650		8,540
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	732	$	9,886	$	650	$	8,540

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 78 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG 215 Corporation				OSG 242 LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		-		-		1,395		21,734
Voyage charter revenues		-		-		-		979
		-		-		1,395		22,713
Operating Expenses:
Voyage expenses		-		-		18		655
Vessel expenses		-		-		30		686
Charter hire expenses		-		-		-		-
Depreciation and amortization		-		-		166		3,412
General and administrative		-		-		-		-
Goodwill and intangible assets impairment charge		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		-		-		215		4,753
Income/(loss) from Vessel Operations		-		-		1,180		17,960
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		-		-		1,180		17,960
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		-		-		1,180		17,960
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		-		-		1,180		17,960
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		-		-		1,180		17,960
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	-	$	-	$	1,180	$	17,960

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 79 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG 243 LLC				OSG 244 LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		1,395		16,727		992		13,805
Voyage charter revenues		2		5,877		-		284
		1,397		22,604		992		14,089
Operating Expenses:
Voyage expenses		18		2,441		12		193
Vessel expenses		41		819		20		587
Charter hire expenses		-		-		-		-
Depreciation and amortization		246		3,964		244		4,275
General and administrative		-		-		-		-
Goodwill and intangible assets impairment charge		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		306		7,225		276		5,055
Income/(loss) from Vessel Operations		1,091		15,379		716		9,034
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		1,091		15,379		716		9,034
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		1,091		15,379		716		9,034
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		1,091		15,379		716		9,034
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		1,091		15,379		716		9,034
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	1,091	$	15,379	$	716	$	9,034

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 80 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG 252 LLC				OSG 254 LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		839		14,126		1,054		7,687
Voyage charter revenues		14		4,622		-		8,419
		853		18,749		1,054		16,106
Operating Expenses:
Voyage expenses		11		1,433		15		240
Vessel expenses		158		782		17		846
Charter hire expenses		-		-		-		-
Depreciation and amortization		160		3,766		270		4,482
General and administrative		-		-		-		-
Goodwill and intangible assets impairment charge		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		330		5,981		302		5,567
Income/(loss) from Vessel Operations		523		12,768		752		10,538
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		523		12,768		752		10,538
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		523		12,768		752		10,538
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		523		12,768		752		10,538
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		523		12,768		752		10,538
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	523	$	12,768	$	752	$	10,538

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 81 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG 300 LLC				OSG 400 LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		-		-		-		-
Voyage charter revenues		-		-		-		-
		-		-		-		-
Operating Expenses:
Voyage expenses		-		-		-		-
Vessel expenses		-		-		-		(226	)
Charter hire expenses		-		-		-		-
Depreciation and amortization		-		-		-		-
General and administrative		-		-		-		-
Goodwill and intangible assets impairment charge		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		-		-		-		(226	)
Income/(loss) from Vessel Operations		-		-		-		226
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		-		-		-		226
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		-		-		-		226
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		-		-		-		226
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		-		-		-		226
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	-	$	-	$	-	$	226

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 82 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG America L.P.				OSG America LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
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		-		-		-		-
Goodwill and intangible assets impairment charge		-		-		-		-
(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 83 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG America Operating Company LLC						OSG Car Carriers, Inc.
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	-	$	-
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		100			100			-		-
		100			100			-		-
Operating Expenses:
Voyage expenses		-			-			-		-
Vessel expenses		-			(1	)		-		-
Charter hire expenses		-			-			-		-
Depreciation and amortization		383			6,351			-		-
General and administrative		-			-			-		-
Goodwill and intangible assets impairment charge		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		383			6,349			-		-
Income/(loss) from Vessel Operations		(284	)		(6,250	)		-		-
Equity in Income/(loss) of Affiliated Companies		378			6,489			-		-
Operating Income/(loss)		94			239			-		-
Other Income/(expense)		34			320			-		-
Income/(loss) before Interest Expense and Income Taxes		128			559			-		-
Interest Expense		-			0			-		-
Income/(loss) before Reorganization Items and Income Taxes		128			559			-		-
Reorganization Items, net		-			-			-		-
Income/(loss) before Income Taxes		128			559			-		-
Income Tax (Benefit)/Provision		-			1			-		-
Net Income/(Loss)	$	128		$	558		$	-	$	-

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 84 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Clean Products International, Inc.				OSG Columbia LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-		$	-
Time and bareboat charter revenues		-		-		-			-
Voyage charter revenues		-		-		-			-
		-		-		-			-
Operating Expenses:
Voyage expenses		-		-		-			(0	)
Vessel expenses		-		-		219			3,767
Charter hire expenses		-		-		-			-
Depreciation and amortization		-		-		36			1,184
General and administrative		-		-		7			112
Goodwill and intangible assets impairment charge		-		-		-			-
(Gain)/loss on disposal of vessels, including impairments		-		-		-			-
Total Operating Expenses		-		-		261			5,063
Income/(loss) from Vessel Operations		-		-		(261	)		(5,063	)
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		-		-		(261	)		(5,063	)
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		-		-		(261	)		(5,063	)
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		-		-		(261	)		(5,063	)
Reorganization Items, net		-		-		-			-
Income/(loss) before Income Taxes		-		-		(261	)		(5,063	)
Income Tax (Benefit)/Provision		-		-		-			-
Net Income/(Loss)	$	-	$	-	$	(261	)	$	(5,063	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 85 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Constitution LLC					OSG Courageous LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-		$	-		$	-
Time and bareboat charter revenues		-		-			-			-
Voyage charter revenues		-		-			-			-
		-		-			-			-
Operating Expenses:
Voyage expenses		-		-			-			-
Vessel expenses		-		3			224			3,816
Charter hire expenses		-		-			-			-
Depreciation and amortization		-		-			84			1,301
General and administrative		-		-			7			115
Goodwill and intangible assets impairment charge		-		-			-			-
(Gain)/loss on disposal of vessels, including impairments		-		-			-			-
Total Operating Expenses		-		3			316			5,232
Income/(loss) from Vessel Operations		-		(3	)		(316	)		(5,232	)
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		-		(3	)		(316	)		(5,232	)
Other Income/(expense)		-		-			-			-
Income/(loss) before Interest Expense and Income Taxes		-		(3	)		(316	)		(5,232	)
Interest Expense		-		-			-			-
Income/(loss) before Reorganization Items and Income Taxes		-		(3	)		(316	)		(5,232	)
Reorganization Items, net		-		-			-			-
Income/(loss) before Income Taxes		-		(3	)		(316	)		(5,232	)
Income Tax (Benefit)/Provision		-		-			-			-
Net Income/(Loss)	$	-	$	(3	)	$	(316	)	$	(5,232	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 86 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Delaware Bay Lightering LLC				OSG Discovery LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		-		-		-		-
Voyage charter revenues		6,565		74,320		-		-
		6,565		74,320		-		-
Operating Expenses:
Voyage expenses		952		12,690		-		-
Vessel expenses		911		17,092		-		-
Charter hire expenses		-		-		-		-
Depreciation and amortization		1,140		18,355		-		-
General and administrative		24		377		-		-
Goodwill and intangible assets impairment charge		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		(956	)
Total Operating Expenses		3,027		48,513		-		(956	)
Income/(loss) from Vessel Operations		3,538		25,806		-		956
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		3,538		25,806		-		956
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		3,538		25,806		-		956
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		3,538		25,806		-		956
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		3,538		25,806		-		956
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	3,538	$	25,806	$	-	$	956

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 87 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Endeavor LLC						OSG Endurance LLC
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	-		$	-
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			-
		-			-			-			-
Operating Expenses:
Voyage expenses		-			-			-			-
Vessel expenses		-			-			212			3,595
Charter hire expenses		-			-			-			-
Depreciation and amortization		-			-			86			1,382
General and administrative		-			-			7			109
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		15			72			-			-
Total Operating Expenses		15			72			305			5,086
Income/(loss) from Vessel Operations		(15	)		(72	)		(305	)		(5,086	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(15	)		(72	)		(305	)		(5,086	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(15	)		(72	)		(305	)		(5,086	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(15	)		(72	)		(305	)		(5,086	)
Reorganization Items, net		-			-			-			-
Income/(loss) before Income Taxes		(15	)		(72	)		(305	)		(5,086	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(15	)	$	(72	)	$	(305	)	$	(5,086	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 88 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Enterprise LLC						OSG Financial Corp.
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	-	$	-
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		-			-			-		-
		-			-			-		-
Operating Expenses:
Voyage expenses		-			-			-		-
Vessel expenses		262			3,907			-		-
Charter hire expenses		-			-			-		-
Depreciation and amortization		110			1,813			-		-
General and administrative		7			109			-		-
Goodwill and intangible assets impairment charge		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		379			5,829			-		-
Income/(loss) from Vessel Operations		(379	)		(5,829	)		-		-
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(379	)		(5,829	)		-		-
Other Income/(expense)		-			-			-		(174	)
Income/(loss) before Interest Expense and Income Taxes		(379	)		(5,829	)		-		(174	)
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		(379	)		(5,829	)		-		(174	)
Reorganization Items, net		-			-			-		-
Income/(loss) before Income Taxes		(379	)		(5,829	)		-		(174	)
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(379	)	$	(5,829	)	$	-	$	(174	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 89 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Freedom LLC						OSG Honour LLC
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	-		$	-
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			-
		-			-			-			-
Operating Expenses:
Voyage expenses		-			-			-			-
Vessel expenses		(1	)		17			231			3,808
Charter hire expenses		-			-			-			-
Depreciation and amortization		-			290			60			986
General and administrative		-			-			8			115
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			709			-			-
Total Operating Expenses		(1	)		1,016			299			4,909
Income/(loss) from Vessel Operations		1			(1,016	)		(299	)		(4,909	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		1			(1,016	)		(299	)		(4,909	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		1			(1,016	)		(299	)		(4,909	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		1			(1,016	)		(299	)		(4,909	)
Reorganization Items, net		-			-			-			-
Income/(loss) before Income Taxes		1			(1,016	)		(299	)		(4,909	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	1		$	(1,016	)	$	(299	)	$	(4,909	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 90 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Independence LLC						OSG Intrepid LLC
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	-		$	-
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			-
		-			-			-			-
Operating Expenses:
Voyage expenses		-			9			-			-
Vessel expenses		198			3,703			198			3,888
Charter hire expenses		-			-			-			-
Depreciation and amortization		72			1,135			79			1,432
General and administrative		7			110			7			115
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		276			4,956			284			5,435
Income/(loss) from Vessel Operations		(276	)		(4,956	)		(284	)		(5,435	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(276	)		(4,956	)		(284	)		(5,435	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(276	)		(4,956	)		(284	)		(5,435	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(276	)		(4,956	)		(284	)		(5,435	)
Reorganization Items, net		-			-			-			-
Income/(loss) before Income Taxes		(276	)		(4,956	)		(284	)		(5,435	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(276	)	$	(4,956	)	$	(284	)	$	(5,435	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 91 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Liberty LLC					OSG Lightering LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-		$	-		$	-
Time and bareboat charter revenues		-		-			-			-
Voyage charter revenues		-		-			6,336			110,605
		-		-			6,336			110,605
Operating Expenses:
Voyage expenses		-		-			3,520			65,285
Vessel expenses		-		(9	)		7			153
Charter hire expenses		-		-			2,662			38,273
Depreciation and amortization		-		-			62			2,072
General and administrative		-		-			391			4,001
Goodwill and intangible assets impairment charge		-		-			-			14,726
(Gain)/loss on disposal of vessels, including impairments		-		-			-			470
Total Operating Expenses		-		(9	)		6,642			124,981
Income/(loss) from Vessel Operations		-		9			(306	)		(14,376	)
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		-		9			(306	)		(14,376	)
Other Income/(expense)		-		-			1			16
Income/(loss) before Interest Expense and Income Taxes		-		9			(305	)		(14,360	)
Interest Expense		-		-			-			-
Income/(loss) before Reorganization Items and Income Taxes		-		9			(305	)		(14,360	)
Reorganization Items, net		-		-			-			(60	)
Income/(loss) before Income Taxes		-		9			(305	)		(14,300	)
Income Tax (Benefit)/Provision		-		-			-			-
Net Income/(Loss)	$	-	$	9		$	(305	)	$	(14,300	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 92 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Lightering Acquisition Corporation				OSG Lightering Solutions LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
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		-		-		-		-
Goodwill and intangible assets impairment charge		-		-		-		1,567
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		-		-		-		1,567
Income/(loss) from Vessel Operations		-		-		-		(1,567	)
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		-		-		-		(1,567	)
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		-		-		-		(1,567	)
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		-		-		-		(1,567	)
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		-		-		-		(1,567	)
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	-	$	-	$	-	$	(1,567	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 93 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Mariner LLC						OSG Maritrans Parent LLC
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
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			94
General and administrative		-			-			-			-
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		15			72			-			-
Total Operating Expenses		15			72			6			94
Income/(loss) from Vessel Operations		(15	)		(72	)		(6	)		(94	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(15	)		(72	)		(6	)		(94	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(15	)		(72	)		(6	)		(94	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(15	)		(72	)		(6	)		(94	)
Reorganization Items, net		-			-			-			-
Income/(loss) before Income Taxes		(15	)		(72	)		(6	)		(94	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(15	)	$	(72	)	$	(6	)	$	(94	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 94 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Navigator LLC						OSG New York, Inc.
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	461		$	8,984
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		-			-			-			4,034
		-			-			461			13,018
Operating Expenses:
Voyage expenses		-			-			(2	)		2,318
Vessel expenses		210			3,718			52			133
Charter hire expenses		-			-			684			12,412
Depreciation and amortization		31			1,093			-			-
General and administrative		7			115			-			-
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		248			4,925			735			14,863
Income/(loss) from Vessel Operations		(248	)		(4,925	)		(273	)		(1,845	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(248	)		(4,925	)		(273	)		(1,845	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		(248	)		(4,925	)		(273	)		(1,845	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		(248	)		(4,925	)		(273	)		(1,845	)
Reorganization Items, net		-			-			-			306
Income/(loss) before Income Taxes		(248	)		(4,925	)		(273	)		(2,151	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(248	)	$	(4,925	)	$	(273	)	$	(2,151	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 95 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Product Tankers AVTC, LLC				OSG Product Tankers I, LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
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		-		-		-		-
Goodwill and intangible assets impairment charge		-		-		-		-
(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 96 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Product Tankers II, LLC				OSG Product Tankers Member LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
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		-		-		-		-
Goodwill and intangible assets impairment charge		-		-		-		-
(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 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Product Tankers, LLC				OSG Quest LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014			November 14, 2012 - March 31, 2014
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		-		-		-			-
Goodwill and intangible assets impairment charge		-		-		-			-
(Gain)/loss on disposal of vessels, including impairments		-		-		7			41
Total Operating Expenses		-		-		7			41
Income/(loss) from Vessel Operations		-		-		(7	)		(41	)
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		-		-		(7	)		(41	)
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		-		-		(7	)		(41	)
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		-		-		(7	)		(41	)
Reorganization Items, net		-		-		-			-
Income/(loss) before Income Taxes		-		-		(7	)		(41	)
Income Tax (Benefit)/Provision		-		-		-			-
Net Income/(Loss)	$	-	$	-	$	(7	)	$	(41	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 98 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Seafarer LLC					OSG Ship Management, Inc.
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014				November 14, 2012 - March 31, 2014
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		-		-			166				3,708
General and administrative		-		-			6,112				46,811
Goodwill and intangible assets impairment charge		-		-			-				-
(Gain)/loss on disposal of vessels, including impairments		-		-			-		��		-
Total Operating Expenses		-		(0	)		6,278				50,519
Income/(loss) from Vessel Operations		-		0			(6,278	)			(50,519	)
Equity in Income/(loss) of Affiliated Companies		-		-			-				-
Operating Income/(loss)		-		0			(6,278	)			(50,519	)
Other Income/(expense)		-		-			-				28
Income/(loss) before Interest Expense and Income Taxes		-		0			(6,278	)			(50,491	)
Interest Expense		-		-			-				-
Income/(loss) before Reorganization Items and Income Taxes		-		0			(6,278	)			(50,491	)
Reorganization Items, net		-		-			0				2,085
Income/(loss) before Income Taxes		-		0			(6,278	)			(52,575	)
Income Tax (Benefit)/Provision		-		-			-				2
Net Income/(Loss)	$	-	$	0		$	(6,278	)		$	(52,578	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 99 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	OSG Valour LLC				Overseas Allegiance Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
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		-		-		-		-
Goodwill and intangible assets impairment charge		-		-		-		-
(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 100 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Overseas Anacortes LLC				Overseas Boston LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		2,015		30,765		1,705		25,452
Voyage charter revenues		3		27		-		60
		2,018		30,792		1,705		25,512
Operating Expenses:
Voyage expenses		29		412		16		387
Vessel expenses		563		9,202		555		9,630
Charter hire expenses		809		12,912		793		12,691
Depreciation and amortization		32		281		52		798
General and administrative		17		276		17		281
Goodwill and intangible assets impairment charge		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		1,451		23,084		1,432		23,788
Income/(loss) from Vessel Operations		567		7,708		272		1,724
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		567		7,708		272		1,724
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		567		7,708		272		1,724
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		567		7,708		272		1,724
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		567		7,708		272		1,724
Income Tax (Benefit)/Provision		-		22		-		7
Net Income/(Loss)	$	567	$	7,686	$	272	$	1,718

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 101 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Overseas Diligence LLC					Overseas Galena Bay LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
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		-		-			-		-
Goodwill and intangible assets impairment charge		-		-			-		-
(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 102 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Overseas Houston LLC				Overseas Integrity LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		1,540		23,606		-		-
Voyage charter revenues		-		-		-		-
		1,540		23,606		-		-
Operating Expenses:
Voyage expenses		6		98		-		-
Vessel expenses		607		9,181		-		(3	)
Charter hire expenses		813		12,121		-		-
Depreciation and amortization		62		1,025		-		-
General and administrative		17		280		-		-
Goodwill and intangible assets impairment charge		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		1,506		22,705		-		(3	)
Income/(loss) from Vessel Operations		34		902		-		3
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		34		902		-		3
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		34		902		-		3
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		34		902		-		3
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		34		902		-		3
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	34	$	902	$	-	$	3

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 103 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Overseas Long Beach LLC				Overseas Los Angeles LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		1,457		23,524		1,457		23,444
Voyage charter revenues		-		-		-		7
		1,457		23,524		1,457		23,451
Operating Expenses:
Voyage expenses		12		199		12		203
Vessel expenses		509		9,156		576		9,420
Charter hire expenses		755		12,079		759		12,134
Depreciation and amortization		45		729		42		685
General and administrative		16		276		17		278
Goodwill and intangible assets impairment charge		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		1,338		22,439		1,406		22,720
Income/(loss) from Vessel Operations		119		1,085		51		731
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		119		1,085		51		731
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		119		1,085		51		731
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		119		1,085		51		731
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		119		1,085		51		731
Income Tax (Benefit)/Provision		-		1		-		1
Net Income/(Loss)	$	119	$	1,084	$	51	$	730

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 104 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Overseas Martinez LLC				Overseas New Orleans LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		1,790		27,433		-		-
Voyage charter revenues		-		61		-		-
		1,790		27,494		-		-
Operating Expenses:
Voyage expenses		22		416		-		-
Vessel expenses		570		9,735		-		5
Charter hire expenses		784		12,750		-		-
Depreciation and amortization		41		510		-		-
General and administrative		17		282		-		-
Goodwill and intangible assets impairment charge		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		1,434		23,693		-		5
Income/(loss) from Vessel Operations		356		3,801		-		(5	)
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		356		3,801		-		(5	)
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		356		3,801		-		(5	)
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		356		3,801		-		(5	)
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		356		3,801		-		(5	)
Income Tax (Benefit)/Provision		-		7		-		-
Net Income/(Loss)	$	356	$	3,794	$	-	$	(5	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 105 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Overseas New York LLC				Overseas Nikiski LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-		$	-
Time and bareboat charter revenues		1,449		22,545		-			24,992
Voyage charter revenues		-		-		-			66
		1,449		22,545		-			25,058
Operating Expenses:
Voyage expenses		6		94		-			392
Vessel expenses		594		9,111		939			9,966
Charter hire expenses		764		12,203		795			12,712
Depreciation and amortization		37		641		340			1,034
General and administrative		18		278		17			283
Goodwill and intangible assets impairment charge		-		-		-			-
(Gain)/loss on disposal of vessels, including impairments		-		-		-			-
Total Operating Expenses		1,419		22,327		2,091			24,388
Income/(loss) from Vessel Operations		30		218		(2,091	)		670
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		30		218		(2,091	)		670
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		30		218		(2,091	)		670
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		30		218		(2,091	)		670
Reorganization Items, net		-		-		-			-
Income/(loss) before Income Taxes		30		218		(2,091	)		670
Income Tax (Benefit)/Provision		-		-		-			7
Net Income/(Loss)	$	30	$	218	$	(2,091	)	$	663

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 106 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Overseas Perseverance Corporation				Overseas Philadelphia LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
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		-		-		-		-
Goodwill and intangible assets impairment charge		-		-		-		-
(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 107 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Overseas Puget Sound LLC					Overseas Sea Swift Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
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	)		-		-
Goodwill and intangible assets impairment charge		-		-			-		-
(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 108 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Overseas Shipping (GR) Ltd.					Overseas ST Holding LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-		$	-	$	-
Time and bareboat charter revenues		-		-			4,450		71,037
Voyage charter revenues		-		-			-		47
		-		-			4,450		71,084
Operating Expenses:
Voyage expenses		-		-			33		563
Vessel expenses		-		3			1,102		18,739
Charter hire expenses		-		-			-		-
Depreciation and amortization		-		-			927		14,889
General and administrative		-		-			35		564
Goodwill and intangible assets impairment charge		-		-			-		-
(Gain)/loss on disposal of vessels, including impairments		-		-			-		-
Total Operating Expenses		-		3			2,097		34,756
Income/(loss) from Vessel Operations		-		(3	)		2,353		36,329
Equity in Income/(loss) of Affiliated Companies		-		-			-		-
Operating Income/(loss)		-		(3	)		2,353		36,329
Other Income/(expense)		-		-			-		-
Income/(loss) before Interest Expense and Income Taxes		-		(3	)		2,353		36,329
Interest Expense		-		-			-		-
Income/(loss) before Reorganization Items and Income Taxes		-		(3	)		2,353		36,329
Reorganization Items, net		-		-			-		-
Income/(loss) before Income Taxes		-		(3	)		2,353		36,329
Income Tax (Benefit)/Provision		-		-			-		-
Net Income/(Loss)	$	-	$	(3	)	$	2,353	$	36,329

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 109 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Overseas Tampa LLC				Overseas Texas City LLC
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-	$	-
Time and bareboat charter revenues		2,015		30,882		2,015		30,818
Voyage charter revenues		3		61		0		24
		2,018		30,943		2,015		30,843
Operating Expenses:
Voyage expenses		28		448		27		431
Vessel expenses		562		9,333		546		9,598
Charter hire expenses		811		13,189		747		12,143
Depreciation and amortization		2		36		39		546
General and administrative		17		281		17		279
Goodwill and intangible assets impairment charge		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		1,420		23,286		1,376		22,997
Income/(loss) from Vessel Operations		598		7,657		639		7,846
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		598		7,657		639		7,846
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		598		7,657		639		7,846
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		598		7,657		639		7,846
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		598		7,657		639		7,846
Income Tax (Benefit)/Provision		-		13		-		-
Net Income/(Loss)	$	598	$	7,644	$	639	$	7,846

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 110 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Pearlmar Limited					Petromar Limited
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	719	$	9,473		$	-		$	-
Time and bareboat charter revenues		-		-			-			-
Voyage charter revenues		4		19			620			12,962
		723		9,492			620			12,962
Operating Expenses:
Voyage expenses		4		16			460			7,558
Vessel expenses		222		3,785			237			3,586
Charter hire expenses		-		-			-			-
Depreciation and amortization		163		3,421			78			1,422
General and administrative		-		0			103			1,169
Goodwill and intangible assets impairment charge		-		-			-			-
(Gain)/loss on disposal of vessels, including impairments		-		17,346			-			14,775
Total Operating Expenses		389		24,569			878			28,510
Income/(loss) from Vessel Operations		334		(15,077	)		(259	)		(15,548	)
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		334		(15,077	)		(259	)		(15,548	)
Other Income/(expense)		-		-			-			-
Income/(loss) before Interest Expense and Income Taxes		334		(15,077	)		(259	)		(15,548	)
Interest Expense		-		-			-			-
Income/(loss) before Reorganization Items and Income Taxes		334		(15,077	)		(259	)		(15,548	)
Reorganization Items, net		-		-			-			-
Income/(loss) before Income Taxes		334		(15,077	)		(259	)		(15,548	)
Income Tax (Benefit)/Provision		-		-			-			-
Net Income/(Loss)	$	334	$	(15,077	)	$	(259	)	$	(15,548	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 111 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Pisces Tanker Corporation						Polaris Tanker Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
									��
Pool revenues	$	-		$	-		$	-	$	-
Time and bareboat charter revenues		-			-			-		-
Voyage charter revenues		-			3,940			1		3,822
		-			3,940			1		3,822
Operating Expenses:
Voyage expenses		0			2,381			0		2,370
Vessel expenses		-			26			-		16
Charter hire expenses		-			2,350			-		1,996
Depreciation and amortization		-			-			-		-
General and administrative		-			-			-		-
Goodwill and intangible assets impairment charge		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		-
Total Operating Expenses		0			4,758			0		4,382
Income/(loss) from Vessel Operations		(0	)		(818	)		1		(559	)
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		(0	)		(818	)		1		(559	)
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		(0	)		(818	)		1		(559	)
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		(0	)		(818	)		1		(559	)
Reorganization Items, net		-			5,816			-		5,570
Income/(loss) before Income Taxes		(0	)		(6,634	)		1		(6,129	)
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	(0	)	$	(6,634	)	$	1	$	(6,129	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 112 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Queens Product Tanker Corporation						Reymar Limited
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	31	$	6,123
Time and bareboat charter revenues		-			-			411		1,424
Voyage charter revenues		-			9			3		19
		-			9			445		7,566
Operating Expenses:
Voyage expenses		(0	)		3			10		(472	)
Vessel expenses		(0	)		70			272		4,256
Charter hire expenses		-			-			-		-
Depreciation and amortization		-			-			127		3,047
General and administrative		-			-			-		0
Goodwill and intangible assets impairment charge		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			-			-		15,911
Total Operating Expenses		(0	)		73			410		22,743
Income/(loss) from Vessel Operations		0			(64	)		35		(15,177	)
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		0			(64	)		35		(15,177	)
Other Income/(expense)		-			-			-		-
Income/(loss) before Interest Expense and Income Taxes		0			(64	)		35		(15,177	)
Interest Expense		-			-			-		-
Income/(loss) before Reorganization Items and Income Taxes		0			(64	)		35		(15,177	)
Reorganization Items, net		-			-			-		-
Income/(loss) before Income Taxes		0			(64	)		35		(15,177	)
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	0		$	(64	)	$	35	$	(15,177	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 113 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Rich Tanker Corporation					Rimar Chartering Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-		$	-	$	-
Time and bareboat charter revenues		-		455			-		-
Voyage charter revenues		797		13,798			186		982
		797		14,253			186		982
Operating Expenses:
Voyage expenses		377		7,735			-		494
Vessel expenses		14		106			2		310
Charter hire expenses		403		6,893			-		626
Depreciation and amortization		-		-			-		80
General and administrative		-		-			-		0
Goodwill and intangible assets impairment charge		-		-			-		-
(Gain)/loss on disposal of vessels, including impairments		-		-			-		-
Total Operating Expenses		794		14,733			2		1,510
Income/(loss) from Vessel Operations		3		(480	)		183		(528	)
Equity in Income/(loss) of Affiliated Companies		-		-			-		-
Operating Income/(loss)		3		(480	)		183		(528	)
Other Income/(expense)		-		-			-		-
Income/(loss) before Interest Expense and Income Taxes		3		(480	)		183		(528	)
Interest Expense		-		-			-		-
Income/(loss) before Reorganization Items and Income Taxes		3		(480	)		183		(528	)
Reorganization Items, net		-		2,159			-		8,825
Income/(loss) before Income Taxes		3		(2,639	)		183		(9,353	)
Income Tax (Benefit)/Provision		-		-			-		-
Net Income/(Loss)	$	3	$	(2,639	)	$	183	$	(9,353	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 114 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Rosalyn Tanker Corporation						Rosemar Limited
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	757		$	9,564		$	-		$	-
Time and bareboat charter revenues		-			-			367			5,820
Voyage charter revenues		(1	)		(1	)		-			15
		756			9,564			367			5,835
Operating Expenses:
Voyage expenses		42			328			9			161
Vessel expenses		194			5,030			332			4,312
Charter hire expenses		-			-			-			-
Depreciation and amortization		263			3,946			156			3,349
General and administrative		(0	)		0			-			0
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			18,026
Total Operating Expenses		498			9,304			497			25,849
Income/(loss) from Vessel Operations		258			260			(130	)		(20,014	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		258			260			(130	)		(20,014	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		258			260			(130	)		(20,014	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		258			260			(130	)		(20,014	)
Reorganization Items, net		2			45			-			-
Income/(loss) before Income Taxes		256			214			(130	)		(20,014	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	256		$	214		$	(130	)	$	(20,014	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 115 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Rubymar Limited						Sakura Transport Corp.
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	662		$	8,899
Time and bareboat charter revenues		244			4,260			-			-
Voyage charter revenues		-			-			-			-
		244			4,260			662			8,899
Operating Expenses:
Voyage expenses		(10	)		(10	)		7			424
Vessel expenses		76			74			579			5,898
Charter hire expenses		-			-			-			-
Depreciation and amortization		156			3,232			274			4,644
General and administrative		-			0			-			0
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			16,563			-			-
Total Operating Expenses		222			19,859			860			10,966
Income/(loss) from Vessel Operations		22			(15,598	)		(198	)		(2,067	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		22			(15,598	)		(198	)		(2,067	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		22			(15,598	)		(198	)		(2,067	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		22			(15,598	)		(198	)		(2,067	)
Reorganization Items, net		-			-			-			-
Income/(loss) before Income Taxes		22			(15,598	)		(198	)		(2,067	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	22		$	(15,598	)	$	(198	)	$	(2,067	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 116 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Samar Product Tanker Corporation						Santorini Tanker LLC
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	-		$	-	$	-
Time and bareboat charter revenues		415			6,561			-		-
Voyage charter revenues		-			2			1,365		22,480
		415			6,563			1,365		22,480
Operating Expenses:
Voyage expenses		7			202			648		8,619
Vessel expenses		198			2,883			383		5,797
Charter hire expenses		-			-			-		-
Depreciation and amortization		144			2,878			171		2,780
General and administrative		-			0			16		261
Goodwill and intangible assets impairment charge		-			-			-		-
(Gain)/loss on disposal of vessels, including impairments		-			19,279			-		-
Total Operating Expenses		349			25,242			1,218		17,457
Income/(loss) from Vessel Operations		67			(18,679	)		147		5,023
Equity in Income/(loss) of Affiliated Companies		-			-			-		-
Operating Income/(loss)		67			(18,679	)		147		5,023
Other Income/(expense)		(0	)		(3	)		-		-
Income/(loss) before Interest Expense and Income Taxes		66			(18,682	)		147		5,023
Interest Expense		-			(9	)		-		-
Income/(loss) before Reorganization Items and Income Taxes		66			(18,691	)		147		5,023
Reorganization Items, net		2			278			-		-
Income/(loss) before Income Taxes		65			(18,969	)		147		5,023
Income Tax (Benefit)/Provision		-			-			-		-
Net Income/(Loss)	$	65		$	(18,969	)	$	147	$	5,023

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 117 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Serifos Tanker Corporation					Seventh Aframax Tanker Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	1	$	525		$	-	$	2,051
Time and bareboat charter revenues		-		-			-		-
Voyage charter revenues		1,158		11,215			1,199		13,302
		1,159		11,741			1,199		15,354
Operating Expenses:
Voyage expenses		581		6,551			818		8,343
Vessel expenses		160		2,431			217		3,954
Charter hire expenses		194		2,944			-		-
Depreciation and amortization		17		273			143		2,323
General and administrative		-		0			-		-
Goodwill and intangible assets impairment charge		-		-			-		-
(Gain)/loss on disposal of vessels, including impairments		-		-			-		-
Total Operating Expenses		953		12,200			1,178		14,620
Income/(loss) from Vessel Operations		206		(459	)		21		734
Equity in Income/(loss) of Affiliated Companies		-		-			-		-
Operating Income/(loss)		206		(459	)		21		734
Other Income/(expense)		-		(13	)		-		-
Income/(loss) before Interest Expense and Income Taxes		206		(472	)		21		734
Interest Expense		-		-			-		-
Income/(loss) before Reorganization Items and Income Taxes		206		(472	)		21		734
Reorganization Items, net		-		15,145			-		-
Income/(loss) before Income Taxes		206		(15,617	)		21		734
Income Tax (Benefit)/Provision		-		-			-		-
Net Income/(Loss)	$	206	$	(15,617	)	$	21	$	734

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 118 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Shirley Tanker SRL						Sifnos Tanker Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-		$	2,004		$	315		$	6,885
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		1,292			12,892			-			-
		1,292			14,896			315			6,885
Operating Expenses:
Voyage expenses		878			8,054			-			15
Vessel expenses		246			4,646			184			3,289
Charter hire expenses		-			-			194			3,866
Depreciation and amortization		327			5,162			33			391
General and administrative		-			75			-			0
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		1,451			17,937			410			7,562
Income/(loss) from Vessel Operations		(159	)		(3,040	)		(96	)		(677	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		(159	)		(3,040	)		(96	)		(677	)
Other Income/(expense)		-			0			-			(13	)
Income/(loss) before Interest Expense and Income Taxes		(159	)		(3,040	)		(96	)		(690	)
Interest Expense		(0	)		(15	)		-			-
Income/(loss) before Reorganization Items and Income Taxes		(160	)		(3,055	)		(96	)		(690	)
Reorganization Items, net		2			238			-			13,781
Income/(loss) before Income Taxes		(161	)		(3,293	)		(96	)		(14,471	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	(161	)	$	(3,293	)	$	(96	)	$	(14,471	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 119 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Silvermar Limited					Sixth Aframax Tanker Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	696	$	9,203		$	-	$	857
Time and bareboat charter revenues		-		-			-		1,886
Voyage charter revenues		3		13			1,285		13,117
		698		9,215			1,285		15,860
Operating Expenses:
Voyage expenses		3		16			878		8,262	��
Vessel expenses		110		2,969			243		4,180
Charter hire expenses		-		-			-		-
Depreciation and amortization		164		3,361			153		2,303
General and administrative		-		0			-		0
Goodwill and intangible assets impairment charge		-		-			-		-
(Gain)/loss on disposal of vessels, including impairments		-		16,981			-		-
Total Operating Expenses		276		23,328			1,274		14,746
Income/(loss) from Vessel Operations		423		(14,112	)		11		1,114
Equity in Income/(loss) of Affiliated Companies		-		-			-		-
Operating Income/(loss)		423		(14,112	)		11		1,114
Other Income/(expense)		-		-			-		-
Income/(loss) before Interest Expense and Income Taxes		423		(14,112	)		11		1,114
Interest Expense		-		-			-		-
Income/(loss) before Reorganization Items and Income Taxes		423		(14,112	)		11		1,114
Reorganization Items, net		-		-			-		-
Income/(loss) before Income Taxes		423		(14,112	)		11		1,114
Income Tax (Benefit)/Provision		-		-			-		-
Net Income/(Loss)	$	423	$	(14,112	)	$	11	$	1,114

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 120 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Skopelos Product Tanker Corporation				Star Chartering Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-		$	-
Time and bareboat charter revenues		-		-		461			7,093
Voyage charter revenues		1,270		16,549		-			-
		1,270		16,549		461			7,093
Operating Expenses:
Voyage expenses		626		9,919		-			-
Vessel expenses		229		2,965		(0	)		41
Charter hire expenses		-		-		461			7,094
Depreciation and amortization		113		1,817		-			-
General and administrative		-		0		-			-
Goodwill and intangible assets impairment charge		-		-		-			-
(Gain)/loss on disposal of vessels, including impairments		-		-		-			-
Total Operating Expenses		968		14,701		461			7,135
Income/(loss) from Vessel Operations		302		1,848		(0	)		(43	)
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		302		1,848		(0	)		(43	)
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		302		1,848		(0	)		(43	)
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		302		1,848		(0	)		(43	)
Reorganization Items, net		-		-		-			-
Income/(loss) before Income Taxes		302		1,848		(0	)		(43	)
Income Tax (Benefit)/Provision		-		-		-			-
Net Income/(Loss)	$	302	$	1,848	$	(0	)	$	(43	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 121 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Suezmax International Agencies, Inc.						Talara Chartering Corporation
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	128		$	10,731		$	8		$	1,371
Time and bareboat charter revenues		-			-			-			-
Voyage charter revenues		(11	)		8,110			-			7
		117			18,842			8			1,379
Operating Expenses:
Voyage expenses		(1	)		5,302			-			(329	)
Vessel expenses		-			140			(3	)		542
Charter hire expenses		-			16,576			-			1,730
Depreciation and amortization		-			-			-			34
General and administrative		(31	)		1,294			-			0
Goodwill and intangible assets impairment charge		-			-			-			-
(Gain)/loss on disposal of vessels, including impairments		-			-			-			-
Total Operating Expenses		(32	)		23,311			(3	)		1,977
Income/(loss) from Vessel Operations		149			(4,469	)		11			(598	)
Equity in Income/(loss) of Affiliated Companies		-			-			-			-
Operating Income/(loss)		149			(4,469	)		11			(598	)
Other Income/(expense)		-			-			-			-
Income/(loss) before Interest Expense and Income Taxes		149			(4,469	)		11			(598	)
Interest Expense		-			-			-			-
Income/(loss) before Reorganization Items and Income Taxes		149			(4,469	)		11			(598	)
Reorganization Items, net		-			-			-			36,040
Income/(loss) before Income Taxes		149			(4,469	)		11			(36,638	)
Income Tax (Benefit)/Provision		-			-			-			-
Net Income/(Loss)	$	149		$	(4,469	)	$	11		$	(36,638	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 122 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Third United Shipping Corporation				Tokyo Transport Corp.
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	1,591	$	12,278
Time and bareboat charter revenues		-		-		-		-
Voyage charter revenues		-		-		-		-
		-		-		1,591		12,278
Operating Expenses:
Voyage expenses		-		-		4		408
Vessel expenses		-		-		230		4,702
Charter hire expenses		-		-		-		-
Depreciation and amortization		-		-		269		4,454
General and administrative		-		-		-		0
Goodwill and intangible assets impairment charge		-		-		-		-
(Gain)/loss on disposal of vessels, including impairments		-		-		-		-
Total Operating Expenses		-		-		503		9,565
Income/(loss) from Vessel Operations		-		-		1,087		2,713
Equity in Income/(loss) of Affiliated Companies		-		-		-		-
Operating Income/(loss)		-		-		1,087		2,713
Other Income/(expense)		-		-		-		-
Income/(loss) before Interest Expense and Income Taxes		-		-		1,087		2,713
Interest Expense		-		-		-		-
Income/(loss) before Reorganization Items and Income Taxes		-		-		1,087		2,713
Reorganization Items, net		-		-		-		-
Income/(loss) before Income Taxes		-		-		1,087		2,713
Income Tax (Benefit)/Provision		-		-		-		-
Net Income/(Loss)	$	-	$	-	$	1,087	$	2,713

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 123 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Transbulk Carriers, Inc.				Troy Chartering Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	10		$	1,206
Time and bareboat charter revenues		-		-		-			-
Voyage charter revenues		-		-		-			12
		-		-		10			1,217
Operating Expenses:
Voyage expenses		-		-		(0	)		49
Vessel expenses		-		-		(0	)		464
Charter hire expenses		-		-		-			1,676
Depreciation and amortization		-		-		-			35
General and administrative		-		-		-			1
Goodwill and intangible assets impairment charge		-		-		-			-
(Gain)/loss on disposal of vessels, including impairments		-		-		-			-
Total Operating Expenses		-		-		(1	)		2,224
Income/(loss) from Vessel Operations		-		-		11			(1,007	)
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		-		-		11			(1,007	)
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		-		-		11			(1,007	)
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		-		-		11			(1,007	)
Reorganization Items, net		-		-		-			37,194
Income/(loss) before Income Taxes		-		-		11			(38,201	)
Income Tax (Benefit)/Provision		-		-		-			-
Net Income/(Loss)	$	-	$	-	$	11		$	(38,201	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 124 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Troy Product Corporation				Urban Tanker Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	311		$	7,247
Time and bareboat charter revenues		-		-		-			-
Voyage charter revenues		-		-		-			(8	)
		-		-		311			7,239
Operating Expenses:
Voyage expenses		-		-		-			(27	)
Vessel expenses		-		-		4			77
Charter hire expenses		-		-		403			6,992
Depreciation and amortization		-		-		-			-
General and administrative		-		-		-			-
Goodwill and intangible assets impairment charge		-		-		-			-
(Gain)/loss on disposal of vessels, including impairments		-		-		-			-
Total Operating Expenses		-		-		407			7,042
Income/(loss) from Vessel Operations		-		-		(97	)		197
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		-		-		(97	)		197
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		-		-		(97	)		197
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		-		-		(97	)		197
Reorganization Items, net		-		-		-			4,083
Income/(loss) before Income Taxes		-		-		(97	)		(3,886	)
Income Tax (Benefit)/Provision		-		-		-			-
Net Income/(Loss)	$	-	$	-	$	(97	)	$	(3,886	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 125 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Vega Tanker Corporation					View Tanker Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-		$	1		$	39
Time and bareboat charter revenues		-		-			-			4,686
Voyage charter revenues		-		-			795			4,389
		-		-			796			9,115
Operating Expenses:
Voyage expenses		-		-			486			2,445
Vessel expenses		-		80			12			104
Charter hire expenses		-		-			403			6,525
Depreciation and amortization		-		-			-			-
General and administrative		-		-			-			52
Goodwill and intangible assets impairment charge		-		-			-			-
(Gain)/loss on disposal of vessels, including impairments		-		-			-			-
Total Operating Expenses		-		80			902			9,126
Income/(loss) from Vessel Operations		-		(80	)		(106	)		(11	)
Equity in Income/(loss) of Affiliated Companies		-		-			-			-
Operating Income/(loss)		-		(80	)		(106	)		(11	)
Other Income/(expense)		-		-			-			-
Income/(loss) before Interest Expense and Income Taxes		-		(80	)		(106	)		(11	)
Interest Expense		-		-			-			-
Income/(loss) before Reorganization Items and Income Taxes		-		(80	)		(106	)		(11	)
Reorganization Items, net		-		-			-			3,104
Income/(loss) before Income Taxes		-		(80	)		(106	)		(3,115	)
Income Tax (Benefit)/Provision		-		-			-			-
Net Income/(Loss)	$	-	$	(80	)	$	(106	)	$	(3,115	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 126 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Vivian Tankships Corporation				Vulpecula Chartering Corporation
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014		March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-	$	-		$	-
Time and bareboat charter revenues		-		-		-			-
Voyage charter revenues		-		-		(4	)		3,803
		-		-		(4	)		3,803
Operating Expenses:
Voyage expenses		-		-		0			1,981
Vessel expenses		-		-		-			8
Charter hire expenses		-		-		-			1,831
Depreciation and amortization		-		-		-			-
General and administrative		-		-		-			-
Goodwill and intangible assets impairment charge		-		-		-			-
(Gain)/loss on disposal of vessels, including impairments		-		-		-			-
Total Operating Expenses		-		-		0			3,820
Income/(loss) from Vessel Operations		-		-		(4	)		(17	)
Equity in Income/(loss) of Affiliated Companies		-		-		-			-
Operating Income/(loss)		-		-		(4	)		(17	)
Other Income/(expense)		-		-		-			-
Income/(loss) before Interest Expense and Income Taxes		-		-		(4	)		(17	)
Interest Expense		-		-		-			-
Income/(loss) before Reorganization Items and Income Taxes		-		-		(4	)		(17	)
Reorganization Items, net		-		-		-			4,357
Income/(loss) before Income Taxes		-		-		(4	)		(4,373	)
Income Tax (Benefit)/Provision		-		-		-			-
Net Income/(Loss)	$	-	$	-	$	(4	)	$	(4,373	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 127 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Wind Aframax Tanker Corporation					Combined Debtors
(000's)	March 1 - 31, 2014		November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	-	$	-		$	13,029		$	250,396
Time and bareboat charter revenues		-		-			32,046			519,530
Voyage charter revenues		-		-			46,621			686,856
		-		-			91,696			1,456,782
Operating Expenses:
Voyage expenses		-		-			26,648			366,158
Vessel expenses		-		(0	)		23,059			369,457
Charter hire expenses		-		10			15,995			307,095
Depreciation and amortization		-		-			13,774			243,557
General and administrative		-		-			8,597			98,761
Goodwill and intangible assets impairment charge		-		-			-			16,293
(Gain)/loss on disposal of vessels, including impairments		-		-			(1,473	)		643,107
Total Operating Expenses		-		10			86,600			2,044,427
Income/(loss) from Vessel Operations		-		(10	)		5,096			(587,645	)
Equity in Income/(loss) of Affiliated Companies		-		-			3,574			56,381
Operating Income/(loss)		-		(10	)		8,670			(531,263	)
Other Income/(expense)		-		-			(1,842	)		(23,515	)
Income/(loss) before Interest Expense and Income Taxes		-		(10	)		6,828			(554,778	)
Interest Expense		-		-			(1	)		(338	)
Income/(loss) before Reorganization Items and Income Taxes		-		(10	)		6,827			(555,116	)
Reorganization Items, net		-		-			15,882			397,534
Income/(loss) before Income Taxes		-		(10	)		(9,055	)		(952,650	)
Income Tax (Benefit)/Provision		-		-			4,857			(20,310	)
Net Income/(Loss)	$	-	$	(10	)	$	(13,912	)	$	(932,340	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 128 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Eliminations						Consolidated Debtors
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	(11	)	$	(1,554	)	$	13,018		$	248,843
Time and bareboat charter revenues		-			(9,756	)		32,046			509,774
Voyage charter revenues		-			-			46,621			686,856
		(11	)		(11,310	)		91,685			1,445,472
Operating Expenses:
Voyage expenses		-			-			26,648			366,158
Vessel expenses		-			-			23,059			369,457
Charter hire expenses		(11	)		(11,310	)		15,984			295,785
Depreciation and amortization		-			-			13,774			243,557
General and administrative		-			-			8,597			98,761
Goodwill and intangible assets impairment charge		-			-			-			16,293
(Gain)/loss on disposal of vessels, including impairments		-			-			(1,473	)		643,107
Total Operating Expenses		(11	)		(11,310	)		86,588			2,033,117
Income/(loss) from Vessel Operations		-			-			5,097			(587,645	)
Equity in Income/(loss) of Affiliated Companies		-			-			3,574			56,380
Operating Income/(loss)		-			-			8,671			(531,264	)
Other Income/(expense)		-			-			(1,842	)		(23,515	)
Income/(loss) before Interest Expense and Income Taxes		-			-			6,829			(554,779	)
Interest Expense		-			-			(1	)		(339	)
Income/(loss) before Reorganization Items and Income Taxes		-			-			6,828			(555,118	)
Reorganization Items, net		-			-			15,882			397,534
Income/(loss) before Income Taxes		-			-			(9,054	)		(952,652	)
Income Tax (Benefit)/Provision								4,857			(20,310	)
Net Income/(Loss)	$	-		$	-		$	(13,911	)	$	(932,342	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 129 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Total Non-Debtors						Eliminations
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014			March 1 - 31, 2014		November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	(2	)	$	170
Time and bareboat charter revenues		-			117
Voyage charter revenues		-			(167	)
		(2	)		120			-		-
Operating Expenses:
Voyage expenses		-			(411	)
Vessel expenses		(304	)		295
Charter hire expenses		-			334
Depreciation and amortization		(109	)		(998	)
General and administrative		3,894			41,463
Goodwill and intangible assets impairment charge		-			(79	)
(Gain)/loss on disposal of vessels, including impairments		-			84
Total Operating Expenses		3,481			40,689			-		-
Income/(loss) from Vessel Operations		(3,483	)		(40,569	)		-		-
Equity in Income/(loss) of Affiliated Companies		-			-
Operating Income/(loss)		(3,483	)		(40,569	)		-		-
Other Income/(expense)		1,895			24,733
Income/(loss) before Interest Expense and Income Taxes		(1,588	)		(15,836	)		-		-
Interest Expense		-			0
Income/(loss) before Reorganization Items and Income Taxes		(1,588	)		(15,836	)		-		-
Reorganization Items, net		-			0
Income/(loss) before Income Taxes		(1,588	)		(15,836	)		-		-
Income Tax (Benefit)/Provision		-			4,102
Net Income/(Loss)	$	(1,588	)	$	(19,938	)	$	-	$	-

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 130 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Statements of Operations

For the Periods from March 1 - 31, 2014 and November 14, 2012 through March 31, 2014

	Consolidated Overseas Shipholding Group, Inc.
(000's)	March 1 - 31, 2014			November 14, 2012 - March 31, 2014
Shipping Revenues:
Pool revenues	$	13,016		$	249,012
Time and bareboat charter revenues		32,046			509,892
Voyage charter revenues		46,621			686,689
		91,683			1,445,593
Operating Expenses:
Voyage expenses		26,648			365,747
Vessel expenses		22,754			369,752
Charter hire expenses		15,984			296,119
Depreciation and amortization		13,665			242,559
General and administrative		12,491			140,223
Goodwill and intangible assets impairment charge		-			16,214
(Gain)/loss on disposal of vessels, including impairments		(1,473	)		643,191
Total Operating Expenses		90,069			2,073,805
Income/(loss) from Vessel Operations		1,614			(628,212	)
Equity in Income/(loss) of Affiliated Companies		3,574			56,380
Operating Income/(loss)		5,188			(571,832	)
Other Income/(expense)		53			1,218
Income/(loss) before Interest Expense and Income Taxes		5,241			(570,614	)
Interest Expense		(1	)		(339	)
Income/(loss) before Reorganization Items and Income Taxes		5,240			(570,953	)
Reorganization Items, net		15,882			397,534
Income/(loss) before Income Taxes		(10,642	)		(968,487	)
Income Tax (Benefit)/Provision		4,857			(16,208	)
Net Income/(Loss)	$	(15,499	)	$	(952,279	)

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 131 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Overseas Shipholding Group, Inc.						OSG International, Inc.						OSG Bulk Ships, Inc.				1372 Tanker Corporation						Africa Tanker Corporation						Alcesmar Limited						Alcmar Limited
(000's)	November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	320,126		$	171,174		$	3,986		$	133,607		$	46,300	$	11,357	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Voyage receivables		530			-			(990	)		(756	)		-		-		2,611			1,758			-			-			1,547			1,130			153			1,067
Other receivables, including income taxes recoverable		5,011			11,681			13,363			848			746		41		27			25			(1	)		(1	)		11			38			(24	)		(3	)
Inventory		-			-			-			-			-		-		-			3,964			-			-			-			-			-			-
Prepaid expenses and other current assets		16,696			6,992			(133	)		1			-		-		75			299			18			100			21			88			21			90
Total Current Assets		342,364			189,847			16,227			133,700			47,046		11,398		2,713			6,046			18			99			1,579			1,256			150			1,155
Vessels and other property, less accumulated depreciation		-			-			-			145			-		-		50,585			46,948			-			-			34,822			14,850			34,750			15,121
Deferred drydock expenditures, net		-			-			-			-			-		-		2,212			1,600			-			-			674			911			401			901
Total Vessels, Deferred Drydock and Other Property		-			-			-			145			-		-		52,797			48,548			-			-			35,496			15,761			35,151			16,023
Investments in Affiliated Companies		38			453			(2,998	)		42,202			-		-		-			-			231,376			276,598			300			300			600			300
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			275,936			180,732			164,775			-		-		-			-			-			-			-			-			-			-
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			3,930			3,930			7,926			7,926
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			0			0			-			-
Post-petition intercompany receivables from non-debtors		-			493			-			18,631			-		-		-			-			-			-			-			-			-			-
Post-petition Intercompany receivables from debtors		-			25,781			-			50,992			-		44,020		-			2,179			-			-			-			3,020			-			1,966
Other Assets		0			9,171			6			27			237		151		21			(91	)		-			-			(13	)		(4	)		0			(12	)
Total Assets	$	1,767,945		$	1,680,807		$	4,057,090		$	4,285,037		$	2,550,477	$	2,558,762	$	71,867		$	73,018		$	495,057		$	540,361		$	41,292		$	24,264		$	43,827		$	27,357
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		8,019			285,848			-			379			55		1,590		1,150			130			-			7			44			102			708			788
Total Current Liabilities Not Subject to Compromise		8,019			285,848			-			379			55		1,590		1,150			130			-			7			44			102			708			788
Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-			80,136			-		53,424		-			502			-			-			-			-			-			-
Post-petition intercompany payables to non-debtors		-			-			-			37,186			-		5		-			4,039			-			-			-			803			-			800
Post-petition intercompany payables to other debtors		-			14,716			-			196,793			-		6,908		-			-			-			327			-			-			-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-			-		-		-			-			-			-			-			-			-			-
Deferred Income Taxes and Other Liabilities		724,132			405,052			-			-			-		-		-			-			43			-			-			-			-			-
Total Liabilities Not Subject to Compromise		732,151			705,616			-			314,494			55		61,928		1,150			4,671			43			334			44			904			708			1,588
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			317,740			59,165		59,165		28,127			28,120			17			17			6,818			6,818			7,706			7,706
Pre-petition intercompany payables to other debtors		29,734			44,070			1,932,666			1,954,310			1,079,806		1,079,614		-			-			39			39			238			238			222			222
Other liabilities		2,018,557			2,022,640			509			773			2,210		3,651		47,035			45,474			-			-			19,883			19,726			19,883			19,726
Total  Liabilities Subject to Compromise		2,060,968			2,079,387			2,478,631			2,425,373			1,191,215		1,142,464		75,161			73,594			56			56			26,940			26,783			27,811			27,654
Total Liabilities		2,793,118			2,785,003			2,478,631			2,739,868			1,191,270		1,204,391		76,311			78,265			99			390			26,984			27,687			28,519			29,242
(Deficit)/Equity:
Total Equity/(Deficit)		(1,025,174	)		(1,104,196	)		1,578,459			1,545,169			1,359,207		1,354,371		(4,444	)		(5,247	)		494,959			539,971			14,308			(3,423	)		15,308			(1,884	)
Total Liabilities and (Deficit)/Equity	$	1,767,945		$	1,680,807		$	4,057,090		$	4,285,037		$	2,550,477	$	2,558,762	$	71,867		$	73,018		$	495,057		$	540,361		$	41,292		$	24,264		$	43,827		$	27,357

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 132 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Alpha Suezmax Corporation						Alpha Tanker Corporation						Amalia Product Corporation						Ambermar Product Carrier Corporation				Ambermar Tanker Corporation						Andromar Limited						Antigmar Limited
(000's)	November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-		$	-		$	-		$	-	$	-	$	-		$	-		$	-		$	-		$	-		$	-
Voyage receivables		2,957			61			(62	)		(64	)		2,562			2,425			1,417		735		(22	)		-			1,480			844			270			1,179
Other receivables, including income taxes recoverable		2,741			-			131			-			6			40			14		476		-			-			20			73			(27	)		(14	)
Inventory		-			-			-			-			38			-			318		512		-			-			-			-			484			-
Prepaid expenses and other current assets		528			1			-			-			388			129			21		106		1,071			-			23			97			21			93
Total Current Assets		6,226			62			69			(64	)		2,995			2,595			1,769		1,829		1,049			-			1,523			1,014			748			1,258
Vessels and other property, less accumulated depreciation		228			-			-			-			51,954			47,685			26,361		9,706		-			-			35,473			15,018			35,287			15,144
Deferred drydock expenditures, net		1,800			-			-			-			1,747			1,097			1,657		1,125		-			-			534			86			395			101
Total Vessels, Deferred Drydock and Other Property		2,028			-			-			-			53,701			48,782			28,018		10,832		-			-			36,006			15,104			35,682			15,245
Investments in Affiliated Companies		-			-			-			-			601			-			-		-		-			-			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		6,502			6,502			157			157			6,826			6,826			16,108		16,108		102			102			14,837			14,837			15,228			15,228
Pre-petition Intercompany receivables from non-debtors		14			14			481			481			-			-			-		-		783			783			1			1			-			-
Post-petition intercompany receivables from non-debtors		-			-			-			-			-			-			-		-		-			-			-			-			-			-
Post-petition Intercompany receivables from debtors		-			4,946			-			-			-			7,168			-		4,383		-			1,317			-			3,677			-			2,981
Other Assets		55			-			-			-			(1	)		(1	)		33		12		-			(281	)		(20	)		(18	)		(24	)		-
Total Assets	$	14,825		$	11,524		$	707		$	573		$	64,121		$	65,370		$	45,929	$	33,164	$	1,934		$	1,922		$	52,947		$	34,913		$	52,233		$	35,312
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		116			97			-			-			41			489			374		999		4			-			928			530			469			75
Total Current Liabilities Not Subject to Compromise		116			97			-			-			41			489			374		999		4			-			928			530			469			75
Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-			-			-			-			-		-		-			-			-			-			-			-
Post-petition intercompany payables to non-debtors		-			-			-			-			-			-			-		-		-			-			-			589			-			537
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		116			97			-			-			41			489			374		999		4			-			928			1,119			469			612
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-			-			-			-		-		-			-			-			-			-			-
Pre-petition intercompany payables to non-debtors		26,898			26,898			-			-			6,322			6,322			17,078		17,078		-			-			16,388			16,388			17,540			17,540
Pre-petition intercompany payables to other debtors		2,722			2,722			147			147			3			3			335		335		840			840			226			226			241			241
Other liabilities		-			13,450			-			-			-			-			-		-		-			-			19,883			19,726			19,950			19,726
Total  Liabilities Subject to Compromise		29,620			43,070			147			147			6,325			6,325			17,413		17,413		840			840			36,498			36,340			37,731			37,507
Total Liabilities		29,736			43,167			147			147			6,366			6,814			17,787		18,413		844			840			37,426			37,459			38,200			38,119
(Deficit)/Equity:
Total Equity/(Deficit)		(14,912	)		(31,643	)		560			427			57,755			58,556			28,142		14,751		1,090			1,082			15,521			(2,546	)		14,033			(2,807	)
Total Liabilities and (Deficit)/Equity	$	14,825		$	11,524		$	707		$	573		$	64,121		$	65,370		$	45,929	$	33,164	$	1,934		$	1,922		$	52,947		$	34,913		$	52,233		$	35,312

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 133 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Aqua Tanker Corporation				Aquarius Tanker Corporation						Ariadmar Limited						Aspro Tanker Corporation				Atalmar Limited						Athens Product Tanker Corporation					Atlas Chartering Corporation
(000's)	November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014		November 13, 2012			March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-	$	-		$	-		$	-		$	-		$	-	$	-	$	-		$	-		$	-		$	-	$	-		$	-
Voyage receivables		455		449		2,193			-			1,578			1,182			330		326		1,936			1,376			1,699			2,018		904			-
Other receivables, including income taxes recoverable		3,779		4,038		15			-			6			20			26		-		2			6			(4	)		10		-			-
Inventory		-		-		150			-			-			-			-		-		182			690			323			683		433			-
Prepaid expenses and other current assets		4,651		4,651		273			-			29			93			31		-		23			94			19			102		605			-
Total Current Assets		8,884		9,137		2,631			-			1,612			1,296			386		326		2,143			2,166			2,037			2,812		1,941			-
Vessels and other property, less accumulated depreciation		-		-		-			-			35,133			14,836			-		-		35,037			14,860			41,872			39,661		-			-
Deferred drydock expenditures, net		-		-		-			-			762			136			-		-		726			193			-			-		-			-
Total Vessels, Deferred Drydock and Other Property		-		-		-			-			35,895			14,972			-		-		35,762			15,054			41,872			39,661		-			-
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		199		199		19,515			19,515			4,859			4,859			1,193		1,193		13,184			13,184			16			16		22,309			22,309
Pre-petition Intercompany receivables from non-debtors		440		440		-			-			1			1			550		550		-			-			-			-		-			-
Post-petition intercompany receivables from non-debtors		-		-		-			-			-			-			-		-		-			-			-			-		-			-
Post-petition Intercompany receivables from debtors		-		-		-			2,127			-			4,320			-		-		-			4,159			-			6,003		-			1,798
Other Assets		-		-		-			-			(37	)		3			-		-		(114	)		(20	)		2			-		(9	)		-
Total Assets	$	9,523	$	9,776	$	22,146		$	21,642		$	42,631		$	25,751		$	2,130	$	2,070	$	50,976		$	34,543		$	43,926		$	48,492	$	24,241		$	24,107
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		57		113		478			2			42			67			-		-		571			894			63			897		59			1
Total Current Liabilities Not Subject to Compromise		57		113		478			2			42			67			-		-		571			894			63			897		59			1
Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-		-		-			-			-			-			-		-		-			-			-			-		-			-
Post-petition intercompany payables to non-debtors		-		-		-			-			-			437			-		-		-			-			-			-		-			-
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		57		116		478			2			42			504			-		-		571			894			63			897		59			1
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-		-		-			-			-			-			-		-		-			-			-			-		-			-
Pre-petition intercompany payables to non-debtors		1,979		1,979		23,009			23,009			7,987			7,987			-		-		9,783			9,783			7,512			7,512		25,381			25,381
Pre-petition intercompany payables to other debtors		18		18		-			-			223			223			1,193		1,193		261			261			35,276			35,276		365			365
Other liabilities		-		-		-			2,343			19,883			19,726			-		-		-			-			-			-		-			4,375
Total  Liabilities Subject to Compromise		1,997		1,997		23,009			25,352			28,093			27,936			1,193		1,193		10,045			10,045			42,788			42,788		25,746			30,121
Total Liabilities		2,053		2,113		23,487			25,354			28,135			28,440			1,193		1,193		10,616			10,938			42,851			43,685		25,805			30,122
(Deficit)/Equity:
Total Equity/(Deficit)		7,470		7,663		(1,340	)		(3,712	)		14,496			(2,689	)		936		876		40,360			23,605			1,075			4,807		(1,564	)		(6,015	)
Total Liabilities and (Deficit)/Equity	$	9,523	$	9,776	$	22,146		$	21,642		$	42,631		$	25,751		$	2,130	$	2,070	$	50,976		$	34,543		$	43,926		$	48,492	$	24,241		$	24,107

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 134 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Aurora Shipping Corporation						Avila Tanker Corporation					Batangas Tanker Corporation				Beta Aframax Corporation						Brooklyn Product Tanker Corporation						Cabo Hellas Limited					Cabo Sounion Limited
(000's)	November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014			November 13, 2012			March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-	$	-	$	-	$	-		$	-		$	-		$	-		$	-	$	-		$	-		$	-
Voyage receivables		3,187			4,322			171			168		-		1,353		697			444			710			-			195		(8	)		205			3
Other receivables, including income taxes recoverable		28			57			(53	)		-		-		8		13			-			(3	)		-			22		1			(9	)		17
Inventory		-			1,569			-			-		-		-		-			-			-			-			-		-			-			-
Prepaid expenses and other current assets		96			350			221			-		-		137		44			1			-			-			47		137			33			134
Total Current Assets		3,311			6,299			339			168		-		1,498		753			445			707			-			264		130			230			154
Vessels and other property, less accumulated depreciation		38,944			36,106			-			-		59,564		70,316		141			-			-			-			36,005		16,655			37,294			17,265
Deferred drydock expenditures, net		1,486			813			-			-		-		-		65			-			-			-			358		1,661			306			1,543
Total Vessels, Deferred Drydock and Other Property		40,429			36,919			-			-		59,564		70,316		206			-			-			-			36,364		18,316			37,600			18,808
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		12,328			12,328			1,271			1,271		22,063		22,063		10,281			9,741			2,827			2,827			26,270		26,270			27,240			27,240
Pre-petition Intercompany receivables from non-debtors		-			-			-			-		299		299		-			-			25,270			25,270			4		4			3			3
Post-petition intercompany receivables from non-debtors		-			-			-			-		-		-		-			-			-			-			-		-			-			-
Post-petition Intercompany receivables from debtors		-			-			-			-		-		-		-			-			-			455			-		-			-			-
Other Assets		(37	)		(8	)		-			-		-		-		105			-			(3	)		(1	)		-		-			(41	)		-
Total Assets	$	56,032		$	55,539		$	1,611		$	1,440	$	81,926	$	94,176	$	11,345		$	10,186		$	28,802		$	28,552		$	62,901	$	44,720		$	65,032		$	46,205
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		321			361			249			-		-		145		609			13			279			2			461		167			489			221
Total Current Liabilities Not Subject to Compromise		321			361			249			-		-		145		609			13			279			2			461		167			489			221
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		-			2,020			-			-		-		10,531		-			348			-			-			-		259			-			431
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-		-		-		(854	)		-			-			-			-		-			-			-
Deferred Income Taxes and Other Liabilities		-			-			-			-		-		-		-			-			-			-			-		-			-			-
Total Liabilities Not Subject to Compromise		321			2,381			249			-		-		10,676		(245	)		361			279			2			461		426			489			652
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-		57,592		57,592		-			-			-			-			-		-			-			-
Pre-petition intercompany payables to non-debtors		6,453			6,453			-			-		24,229		24,229		15,430			15,430			370			370			3,342		3,342			2,979			2,979
Pre-petition intercompany payables to other debtors		7			7			1,208			1,208		5		5		341			341			47,640			47,620			17,008		17,008			17,774			17,774
Other liabilities		-			-			-			-		-		-		-			30,823			-			-			-		-			-			-
Total  Liabilities Subject to Compromise		6,460			6,460			1,208			1,208		81,826		81,826		15,771			46,594			48,010			47,990			20,350		20,350			20,753			20,753
Total Liabilities		6,782			8,842			1,457			1,208		81,826		92,502		15,526			46,955			48,289			47,992			20,811		20,776			21,242			21,405
(Deficit)/Equity:
Total Equity/(Deficit)		49,250			46,697			154			231		100		1,673		(4,181	)		(36,770	)		(19,488	)		(19,440	)		42,091		23,944			43,790			24,800
Total Liabilities and (Deficit)/Equity	$	56,032		$	55,539		$	1,611		$	1,440	$	81,926	$	94,176	$	11,345		$	10,186		$	28,802		$	28,552		$	62,901	$	44,720		$	65,032		$	46,205

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 135 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Caribbean Tanker Corporation					Carina Tanker Corporation						Carl Product Corporation					Concept Tanker Corporation						Crown Tanker Corporation				Delphina Tanker Corporation					Delta Aframax Corporation
(000's)	November 13, 2012		March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014			November 13, 2012			March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-		$	-		$	-		$	-		$	-	$	-		$	-		$	-	$	-	$	-	$	-		$	1		$	1
Voyage receivables		887		2,391			908			206			2,622			1,809		1,991			1,255			90		-		-		-			758			527
Other receivables, including income taxes recoverable		908		(11	)		-			-			11			4		-			-			-		-		-		-			4			(23	)
Inventory		344		209			752			-			-			-		-			-			-		-		-		-			-			426
Prepaid expenses and other current assets		54		186			3			-			33			137		241			332			-		-		-		-			42			156
Total Current Assets		2,194		2,776			1,662			206			2,667			1,950		2,232			1,588			90		-		-		-			805			1,087
Vessels and other property, less accumulated depreciation		22,147		5,043			-			-			51,896			47,749		-			-			-		-		-		-			56,274			28,876
Deferred drydock expenditures, net		789		704			-			-			1,873			1,192		-			-			-		-		-		-			43			391
Total Vessels, Deferred Drydock and Other Property		22,935		5,747			-			-			53,768			48,941		-			-			-		-		-		-			56,317			29,267
Investments in Affiliated Companies		-		-			-			-			612			-		300			300			-		-		-		-			-			-
Intangible Assets, less accumulated amortization		-		-			-			-			-			-		-			-			-		-		-		-			-			-
Goodwill		-		-			-			-			-			-		-			-			-		-		-		-			-			-
Investments in subsidiaries		-		-			-			-			-			-		-			-			-		-		-		-			-			-
Intercompany loans receivable and accrued interest		-		-			-			-			-			-		-			-			-		-		-		-			-			-
Pre-petition intercompany receivables from debtors		28,974		28,974			18,588			18,588			6,388			6,388		7,495			7,495			431		431		-		-			3,875			3,875
Pre-petition Intercompany receivables from non-debtors		18		18			0			0			-			-		-			-			-		-		-		-			-			-
Post-petition intercompany receivables from non-debtors		-		-			-			-			-			-		-			-			-		-		-		-			-			-
Post-petition Intercompany receivables from debtors		-		1,824			-			1,951			-			5,995		-			1,195			-		129		-		-			-			1,727
Other Assets		14		(3	)		-			-			(58	)		78		-			-			-		-		-		-			(47	)		26
Total Assets	$	54,135	$	39,335		$	20,251		$	20,745		$	63,377		$	63,351	$	10,027		$	10,578		$	522	$	560	$	-	$	-		$	60,949		$	35,981
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		651		1,063			19			27			102			1,290		-			-			-		-		-		-			660			1,704
Total Current Liabilities Not Subject to Compromise		651		1,063			19			27			102			1,290		-			-			-		-		-		-			660			1,704
Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-		-			-			-			-			-		-			-			-		-		-		-			-			-
Post-petition intercompany payables to non-debtors		-		-			-			-			-			-		-			-			-		-		-		-			-			1,716
Post-petition intercompany payables to other debtors		-		1,149			-			-			-			-		-			-			-		-		-		-			-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-			-			-			-			-		-			-			-		-		-		-			-			-
Deferred Income Taxes and Other Liabilities		-		-			-			-			-			-		493			-			-		-		-		-			-			-
Total Liabilities Not Subject to Compromise		651		2,213			19			27			102			1,290		493			-			-		-		-		-			660			3,420
Liabilities Subject to Compromise:																															��
Pre-petition intercompany loans payable and accrued interest		-		-			-			-			-			-		-			-			-		-		-		-			-			-
Pre-petition intercompany payables to non-debtors		20,445		20,445			24,230			24,230			6,327			6,327		11,522			11,522			83		83		-		-			7,653			7,649
Pre-petition intercompany payables to other debtors		3,073		3,073			-			-			2			2		1			1			18		18		-		-			2			2
Other liabilities		-		-			-			4,100			-			-		-			2,726			10		10		-		-			36,791			35,394
Total  Liabilities Subject to Compromise		23,518		23,518			24,230			28,330			6,330			6,330		11,523			14,249			111		111		-		-			44,446			43,045
Total Liabilities		24,169		25,731			24,249			28,357			6,431			7,620		12,015			14,249			111		111		-		-			45,105			46,465
(Deficit)/Equity:
Total Equity/(Deficit)		29,966		13,604			(3,998	)		(7,612	)		56,946			55,731		(1,989	)		(3,671	)		410		449		-		-			15,844			(10,485	)
Total Liabilities and (Deficit)/Equity	$	54,135	$	39,335		$	20,251		$	20,745		$	63,377		$	63,351	$	10,027		$	10,578		$	522	$	560	$	-	$	-		$	60,949		$	35,981

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 136 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	DHT Ania Aframax Corp.					DHT Ann VLCC Corp.					DHT Cathy Aframax Corp.						DHT Chris VLCC Corp.				DHT Rebecca Aframax Corp.				DHT Regal Unity VLCC Corp.						DHT Sophie Aframax Corp.
(000's)	November 13, 2012			March 31, 2014		November 13, 2012			March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-	$	-		$	-	$	-		$	-		$	-	$	-	$	-	$	-	$	-		$	-		$	-		$	-
Voyage receivables		(40	)		-		3,455			64		1,711			293			2,422		47		243		237		1,247			15			581			286
Other receivables, including income taxes recoverable		(15	)		-		687			-		883			-			44		-		373		-		750			-			865			-
Inventory		-			-		-			-		-			-			-		-		-		-		-			-			-			-
Prepaid expenses and other current assets		(60	)		-		579			-		409			0			479		-		-		-		-			-			(31	)		-
Total Current Assets		(115	)		-		4,721			64		3,003			293			2,945		47		616		237		1,997			15			1,415			286
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		10,664			10,664			10,543			10,543
Pre-petition Intercompany receivables from non-debtors		119			119		1,186			1,186		66			66			1,332		1,332		835		835		2,601			2,601			8			8
Post-petition intercompany receivables from non-debtors		-			-		-			-		-			-			-		-		-		-		-			-			-			-
Post-petition Intercompany receivables from debtors		-			-		-			3,050		-			1,115			-		2,711		-		51		-			1,207			-			190
Other Assets		-			-		(1	)		-		(5	)		-			-		-		51		-		-			-			0			-
Total Assets	$	1,481		$	1,596	$	37,873		$	36,266	$	17,655		$	16,065		$	30,772	$	30,585	$	2,608	$	2,229	$	15,262		$	14,487		$	11,965		$	11,027
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		-			-		285			-		-			-			100		-		-		-		-			-			7			16
Total Current Liabilities Not Subject to Compromise		-			-		285			-		-			-			100		-		-		-		-			-			7			16
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			-		-			-			100		-		-		-		-			-			7			16
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		16,475			15,769			12,505			11,677
Pre-petition intercompany payables to other debtors		-			-		-			-		1			1			955		955		835		835		-			-			-			-
Other liabilities		-			45		-			380		-			44			-		334		-		-		-			213			-			-
Total  Liabilities Subject to Compromise		1,337			1,387		28,300			27,993		18,441			17,609			23,673		23,683		1,881		1,508		16,475			15,982			12,505			11,677
Total Liabilities		1,337			1,446		28,585			27,993		18,441			17,609			23,773		23,683		1,881		1,508		16,475			15,982			12,512			11,694
(Deficit)/Equity:
Total Equity/(Deficit)		144			150		9,288			8,274		(786	)		(1,545	)		6,999		6,903		727		721		(1,213	)		(1,495	)		(547	)		(667	)
Total Liabilities and (Deficit)/Equity	$	1,481		$	1,596	$	37,873		$	36,266	$	17,655		$	16,065		$	30,772	$	30,585	$	2,608	$	2,229	$	15,262		$	14,487		$	11,965		$	11,027

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 137 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Dignity Chartering Corporation						Edindun Shipping Corporation				Eighth Aframax Tanker Corporation					Epsilon Aframax Corporation					First Chemical Carrier Corporation						First LPG Tanker Corporation						First Union Tanker Corporation
(000's)	November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014			November 13, 2012		March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-	$	-	$	-	$	-		$	1	$	1		$	-		$	-		$	-		$	-		$	-	$	-
Voyage receivables		3,016			59			-		-		1,427		1,242			1,703		1,587			22			19			287			9			2,635		4,221
Other receivables, including income taxes recoverable		8			-			-		-		33		39			73		34			-			-			0			0			7		24
Inventory		-			-			-		-		-		-			-		-			-			-			(0	)		(0	)		-		-
Prepaid expenses and other current assets		511			0			-		-		46		167			42		159			335			3			0			0			107		421
Total Current Assets		3,534			59			-		-		1,506		1,448			1,819		1,781			357			22			288			9			2,749		4,665
Vessels and other property, less accumulated depreciation		483			-			-		-		23,283		21,576			56,928		29,187			-			-			-			-			38,368		19,922
Deferred drydock expenditures, net		1,422			-			-		-		1,671		1,113			-		102			-			-			-			-			2,032		662
Total Vessels, Deferred Drydock and Other Property		1,905			-			-		-		24,954		22,689			56,928		29,289			-			-			-			-			40,401		20,584
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		9,160			9,160			-		-		7,170		7,170			2,383		2,383			5,755			5,755			7,053			7,053			21,750		21,750
Pre-petition Intercompany receivables from non-debtors		-			-			-		-		-		-			-		-			-			-			-			-			117		117
Post-petition intercompany receivables from non-debtors		-			-			-		-		-		-			-		-			-			-			-			-			-		-
Post-petition Intercompany receivables from debtors		-			2,155			-		-		-		3,126			-		1,496			-			-			-			240			-		-
Other Assets		26			23			-		-		85		88			108		(6	)		-			-			-			-			421		(4	)
Total Assets	$	14,624		$	11,396		$	-	$	-	$	33,715	$	34,522		$	61,238	$	34,943		$	6,113		$	5,777		$	7,341		$	7,302		$	65,438	$	47,112
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		162			3			-		-		119		57			423		199			2,054			0			995			995			525		332
Total Current Liabilities Not Subject to Compromise		162			3			-		-		119		57			423		199			2,054			0			995			995			525		332
Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-		-		-		-			-		741			-			-			-			-			-		-
Post-petition intercompany payables to non-debtors		-			-			-		-		-		-			-		615			-			-			-			-			-		-
Post-petition intercompany payables to other debtors		-			-			-		-		-		-			-		-			-			908			-			-			-		123
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-		-		-		-			-		-			-			-			-			-			-		-
Deferred Income Taxes and Other Liabilities		-			-			-		-		-		-			-		-			-			-			-			-			-		-
Total Liabilities Not Subject to Compromise		162			3			-		-		119		57			423		1,555			2,054			908			995			995			525		455
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-		-		-		-			-		-			-			-			-			-			-		-
Pre-petition intercompany payables to non-debtors		26,406			26,407			-		-		32,826		32,826			7,606		7,606			8,117			8,117			5,815			5,815			11,373		11,407
Pre-petition intercompany payables to other debtors		0			0			-		-		7		7			34		34			-			-			-			-			10		10
Other liabilities		-			32,550			-		-		-		(0	)		36,792		35,394			-			-			-			-			-		-
Total  Liabilities Subject to Compromise		26,407			58,957			-		-		32,833		32,833			44,432		43,034			8,117			8,117			5,815			5,815			11,383		11,417
Total Liabilities		26,569			58,960			-		-		32,952		32,890			44,854		44,590			10,170			9,025			6,810			6,810			11,908		11,872
(Deficit)/Equity:
Total Equity/(Deficit)		(11,944	)		(47,564	)		-		-		763		1,632			16,383		(9,647	)		(4,058	)		(3,247	)		531			493			53,530		35,240
Total Liabilities and (Deficit)/Equity	$	14,624		$	11,396		$	-	$	-	$	33,715	$	34,522		$	61,238	$	34,943		$	6,113		$	5,777		$	7,341		$	7,302		$	65,438	$	47,112

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 138 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Fourth Aframax Tanker Corporation				Front President Inc.				Goldmar Limited				GPC Aframax Corporation						Grace Chartering Corporation						International Seaways, Inc.						Jademar Limited
(000's)	November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-	$	1	$	1	$	-	$	-	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Voyage receivables		924		746		2,991		4,948		2,099		2,897		1,818			119			1,564			(8	)		5,877			8,554			2,067			3,089
Other receivables, including income taxes recoverable		53		2		179		29		0		44		25			2			-			-			75			64			21			(5	)
Inventory		893		-		-		-		-		-		-			-			-			-			-			-			-			-
Prepaid expenses and other current assets		216		40		90		268		33		136		470			-			242			-			917			2,170			29			115
Total Current Assets		2,086		788		3,261		5,245		2,132		3,077		2,312			121			1,806			(8	)		6,869			10,788			2,116			3,199
Vessels and other property, less accumulated depreciation		21,167		-		105,641		100,057		34,252		14,744		77			86			-			-			-			-			35,721			15,078
Deferred drydock expenditures, net		1,676		-		-		156		1,546		1,283		16			-			-			-			-			715			1,321			957
Total Vessels, Deferred Drydock and Other Property		22,843		-		105,641		100,213		35,798		16,027		93			86			-			-			-			715			37,042			16,035
Investments in Affiliated Companies		-		-		-		-		641		641		-			-			300			-			-			-			420			420
Intangible Assets, less accumulated amortization		-		-		-		-		-		-		-			-			-			-			-			-			-			-
Goodwill		-		-		-		-		-		-		-			-			-			-			-			-			-			-
Investments in subsidiaries		-		-		-		-		-		-		-			-			-			-			-			-			-			-
Intercompany loans receivable and accrued interest		-		-		-		-		-		-		-			-			-			-			-			-			-			-
Pre-petition intercompany receivables from debtors		30,407		30,407		65,978		65,978		19,307		19,307		1,460			1,460			6,486			6,486			15,356			15,356			33,198			33,198
Pre-petition Intercompany receivables from non-debtors		0		0		0		0		8		8		9,871			9,871			2			2			49			49			5,584			5,584
Post-petition intercompany receivables from non-debtors		-		-		-		-		-		-		-			-			-			-			-			-			-			-
Post-petition Intercompany receivables from debtors		-		13,241		-		3,475		-		4,886		-			42			-			2,040			-			5,311			-			5,531
Other Assets		107		9		61		-		67		-		(185	)		(43	)		-			-			-			(43	)		(34	)		-
Total Assets	$	55,442	$	44,444	$	174,942	$	174,911	$	57,955	$	43,947	$	13,551		$	11,537		$	8,594		$	8,520		$	22,274		$	32,176		$	78,326		$	63,967
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		65		412		239		190		39		424		224			29			-			-			5			686			53			452
Total Current Liabilities Not Subject to Compromise		65		412		239		190		39		424		224			29			-			-			5			686			53			452
Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-		-		-		766		-		-		-			-			-			-			-			-			-			-
Post-petition intercompany payables to non-debtors		-		-		-		645		-		-		-			-			-			-			-			-			-			-
Post-petition intercompany payables to other debtors		-		1,557		-		-		-		-		-			-			-			-			-			4,779			-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-		-		-		-		-		(1,626	)		-			-			-			-			-			-			-
Deferred Income Taxes and Other Liabilities		-		-		-		-		-		-		-			-			-			-			-			106			-			-
Total Liabilities Not Subject to Compromise		65		1,969		239		1,601		39		424		(1,402	)		29			-			-			5			5,571			53			452
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-		-		-		-		-		-		-			-			-			-			-			-			-			-
Pre-petition intercompany payables to non-debtors		22,491		22,528		12,424		12,424		5,499		5,499		21,856			21,856			9,511			9,511			21,891			21,891			6,402			6,402
Pre-petition intercompany payables to other debtors		3,432		3,432		3		3		11,659		11,659		1			1			-			-			7,825			7,825			32,050			32,050
Other liabilities		-		307		68,723		66,094		-		-		-			20,304			-			879			0			-			-			-
Total  Liabilities Subject to Compromise		25,923		26,267		81,150		78,520		17,158		17,158		21,857			42,161			9,511			10,391			29,716			29,716			38,453			38,453
Total Liabilities		25,988		28,236		81,389		80,122		17,198		17,583		20,455			42,190			9,511			10,391			29,721			35,287			38,506			38,905
(Deficit)/Equity:
Total Equity/(Deficit)		29,454		16,209		93,553		94,790		40,757		26,364		(6,905	)		(30,654	)		(918	)		(1,870	)		(7,448	)		(3,111	)		39,820			25,062
Total Liabilities and (Deficit)/Equity	$	55,442	$	44,444	$	174,942	$	174,911	$	57,955	$	43,947	$	13,551		$	11,537		$	8,594		$	8,520		$	22,274		$	32,176		$	78,326		$	63,967

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 139 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Joyce Car Carrier Corporation					Juneau Tanker Corporation				Kimolos Tanker Corporation						Kythnos Chartering Corporation						Leo Tanker Corporation						Leyte Product Tanker Corporation						Limar Charter Corporation
(000's)	November 13, 2012			March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-	$	-	$	-	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Voyage receivables		-			-		-		-		2,143			2,114			1,368			1,162			2,865			-			2,668			3,129			812			-
Other receivables, including income taxes recoverable		(19	)		-		-		-		21			20			42			33			-			-			23			15			27			-
Inventory		-			-		-		-		524			126			216			503			259			-			479			-			206			-
Prepaid expenses and other current assets		0			-		-		-		240			289			263			101			273			-			27			137			246			0
Total Current Assets		(19	)		-		-		-		2,928			2,549			1,889			1,799			3,397			-			3,198			3,281			1,290			0
Vessels and other property, less accumulated depreciation		-			-		-		-		982			738			35,080			33,156			-			-			55,430			33,552			199			-
Deferred drydock expenditures, net		-			-		-		-		164			720			-			92			-			-			-			-			3,322			-
Total Vessels, Deferred Drydock and Other Property		-			-		-		-		1,146			1,459			35,080			33,247			-			-			55,430			33,552			3,521			-
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		27,330			27,330		10,114		10,114		13,389			13,389			18,822			18,822			19,471			19,471			6,981			6,981			8,467			8,467
Pre-petition Intercompany receivables from non-debtors		-			-		-		-		-			-			-			-			-			-			11			11			-			-
Post-petition intercompany receivables from non-debtors		-			-		-		-		-			-			-			-			-			-			-			-			-			-
Post-petition Intercompany receivables from debtors		-			-		-		-		-			-			-			5,038			-			2,289			-			3,667			-			317
Other Assets		(198	)		4		-		-		(22	)		(1	)		(20	)		(14	)		-			-			30			(9	)		(26	)		-
Total Assets	$	27,112		$	27,333	$	10,114	$	10,114	$	17,441		$	17,396		$	55,771		$	58,892		$	22,868		$	21,760		$	65,649		$	48,386		$	13,253		$	8,784
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		56			81		-		-		719			263			99			694			745			2			1,398			103			1,021			396
Total Current Liabilities Not Subject to Compromise		56			81		-		-		719			263			99			694			745			2			1,398			103			1,021			396
Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-		-		-		-			-			-			-			-			-			-			137			-			-
Post-petition intercompany payables to non-debtors		-			-		-		-		-			-			-			-			-			-			-			464			-			-
Post-petition intercompany payables to other debtors		-			150		-		-		-			1,290			-			-			-			-			-			-			-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-		-		-		-			-			-			-			-			-			-			-			972			-
Deferred Income Taxes and Other Liabilities		-			-		-		-		-			-			-			-			-			-			-			-			60			-
Total Liabilities Not Subject to Compromise		56			231		-		-		719			1,553			99			694			745			2			1,398			704			2,053			396
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-		-		-		-			-			-			-			-			-			-			-			-			-
Pre-petition intercompany payables to non-debtors		5,554			5,554		-		-		23,413			23,413			15,205			15,205			23,812			23,812			25,031			25,031			26,414			26,414
Pre-petition intercompany payables to other debtors		4			4		8,114		8,114		5			5			-			-			-			-			267			267			9			9
Other liabilities		-			-		-		-		-			14,130			-			-			-			2,421			41,435			40,998			-			5,232
Total  Liabilities Subject to Compromise		5,558			5,558		8,114		8,114		23,418			37,548			15,205			15,205			23,812			26,233			66,734			66,296			26,423			31,655
Total Liabilities		5,614			5,790		8,114		8,114		24,137			39,101			15,304			15,899			24,557			26,235			68,131			67,000			28,476			32,051
(Deficit)/Equity:
Total Equity/(Deficit)		21,498			21,544		2,000		2,000		(6,696	)		(21,705	)		40,468			42,994			(1,689	)		(4,476	)		(2,482	)		(18,614	)		(15,223	)		(23,267	)
Total Liabilities and (Deficit)/Equity	$	27,112		$	27,333	$	10,114	$	10,114	$	17,441		$	17,396		$	55,771		$	58,892		$	22,868		$	21,760		$	65,649		$	48,386		$	13,253		$	8,784

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 140 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Luxmar Product Tanker Corporation						Luxmar Tanker LLC				Majestic Tankers Corporation						Oak Tanker Corporation						Maremar Product Tanker Corporation				Maremar Tanker LLC						Marilyn Vessel Corporation
(000's)	November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-	$	-	$	-		$	-		$	1		$	1		$	-	$	-	$	-		$	-		$	-	$	-
Voyage receivables		410			2,616			0		-		2,926			3,508			(430	)		4,732			-		-		3,112			467			-		-
Other receivables, including income taxes recoverable		-			20			12		-		21			91			86			126			-		-		427			(2	)		-		-
Inventory		52			278			-		-		-			-			-			-			-		-		198			-			-		-
Prepaid expenses and other current assets		(9	)		89			-		-		86			326			62			281			-		-		36			5			-		-
Total Current Assets		454			3,004			12		-		3,032			3,925			(282	)		5,139			-		-		3,772			470			-		-
Vessels and other property, less accumulated depreciation		23,904			6,269			-		-		40,698			19,014			141,583			73,631			-		-		24,600			7,617			-		-
Deferred drydock expenditures, net		482			764			0		-		2,099			324			-			-			-		-		310			-			-		-
Total Vessels, Deferred Drydock and Other Property		24,386			7,033			0		-		42,797			19,337			141,583			73,631			-		-		24,910			7,617			-		-
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		24,007			24,007			56,792		56,792		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		-			-			-		-		-			-			-			1,952			-		12		-			4,190			-		-
Other Assets		-			(25	)		13		66		(2	)		(0	)		-			-			9		-		(216	)		54			-		-
Total Assets	$	48,847		$	34,019		$	56,818	$	56,858	$	57,181		$	34,616		$	144,970		$	80,763		$	108	$	111	$	68,802		$	52,667		$	953	$	953
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		636			421			121		50		461			198			424			79			-		-		726			174			-		-
Total Current Liabilities Not Subject to Compromise		636			421			121		50		461			198			424			79			-		-		726			174			-		-
Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-		-		-			-			-			968			-		-		-			-			-		-
Post-petition intercompany payables to non-debtors		-			-			-		-		-			-			-			775			-		-		-			-			-		-
Post-petition intercompany payables to other debtors		-			1,579			-		253		-			679			-			-			-		-		-			-			-		-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-		-		-			-			-			-			-		-		-			-			-		-
Deferred Income Taxes and Other Liabilities		-			-			-		-		-			-			-			-			-		-		-			-			-		-
Total Liabilities Not Subject to Compromise		636			1,999			121		303		461			876			424			1,822			-		-		726			174			-		-
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-		-		-			-			-			-			-		-		-			-			-		-
Pre-petition intercompany payables to non-debtors		24,205			24,205			568		568		10,471			10,471			14,674			14,674			7		7		435			435			-		-
Pre-petition intercompany payables to other debtors		11,407			11,407			31,784		31,784		16			16			44,979			44,979			1		1		30,577			30,577			-		-
Other liabilities		-			-			-		-		-			-			85,862			83,289			-		-		-			-			-		-
Total  Liabilities Subject to Compromise		35,612			35,612			32,351		32,351		10,487			10,487			145,514			142,942			8		8		31,011			31,011			-		-
Total Liabilities		36,248			37,612			32,472		32,654		10,949			11,363			145,938			144,764			8		8		31,738			31,185			-		-
(Deficit)/Equity:
Total Equity/(Deficit)		12,600			(3,592	)		24,346		24,204		46,232			23,253			(968	)		(64,001	)		100		103		37,064			21,482			953		953
Total Liabilities and (Deficit)/Equity	$	48,847		$	34,019		$	56,818	$	56,858	$	57,181		$	34,616		$	144,970		$	80,763		$	108	$	111	$	68,802		$	52,667		$	953	$	953

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 141 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Maritrans General Partner Inc.						Maritrans Operating Company L.P.				Milos Product Tanker Corporation					Mindanao Tanker Corporation				Mykonos Tanker LLC					Nedimar Charter Corporation						Maple Tanker Corporation
(000's)	November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-	$	-	$	-		$	-	$	-	$	-	$	-	$	-		$	-		$	-		$	1		$	1
Voyage receivables		-			-			-		-		1,078			1,645		-		-		881		1,718			1,553			(9	)		(234	)		4,954
Other receivables, including income taxes recoverable		-			-			-		-		(12	)		11		-		-		-		454			(5	)		(5	)		115			133
Inventory		-			-			-		-		733			521		-		-		55		600			333			-			-			-
Prepaid expenses and other current assets		-			-			-		-		25			93		-		-		24		41			256			0			61			274
Total Current Assets		-			-			-		-		1,824			2,271		-		-		959		2,812			2,137			(14	)		(57	)		5,362
Vessels and other property, less accumulated depreciation		-			-			-		-		42,284			40,017		34,414		61,278		47,429		44,685			47			-			138,736			69,098
Deferred drydock expenditures, net		-			-			-		-		-			-		-		-		-		72			1,379			-			-			-
Total Vessels, Deferred Drydock and Other Property		-			-			-		-		42,284			40,017		34,414		61,278		47,429		44,757			1,426			-			138,736			69,098
Investments in Affiliated Companies		-			-			-		-		-			-		-		-		-		-			-			-			3,788			-
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			12,466			12,466			422			422
Pre-petition Intercompany receivables from non-debtors		-			-			-		-		-			-		135		135		-		-			2			2			0			0
Post-petition intercompany receivables from non-debtors		-			-			-		-		-			-		-		-		-		-			-			-			-			-
Post-petition Intercompany receivables from debtors		-			-			-		-		-			5,569		-		-		-		8,231			-			712			-			2,190
Other Assets		-			-			-		-		-			-		-		-		-		(3	)		(41	)		(2	)		68			-
Total Assets	$	(385	)	$	(385	)	$	53,629	$	53,629	$	44,109		$	47,857	$	34,554	$	61,418	$	96,023	$	103,412		$	15,991		$	13,164		$	142,957		$	77,072
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		-			-			-		-		114			445		-		-		277		872			591			2			325			112
Total Current Liabilities Not Subject to Compromise		-			-			-		-		114			445		-		-		277		872			591			2			325			112
Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-		-		-			-		-		10,800		-		-			-			-			-			765
Post-petition intercompany payables to non-debtors		-			-			-		-		-			-		-		-		-		-			-			-			-			751
Post-petition intercompany payables to other debtors		-			-			-		-		-			-		-		16,064		-		-			-			-			-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-		-		-			-		-		-		-		-			1,339			-			-			-
Deferred Income Taxes and Other Liabilities		-			-			-		-		-			-		-		-		-		-			197			-			-			-
Total Liabilities Not Subject to Compromise		-			-			-		-		114			445		-		26,864		277		872			2,127			2			325			1,628
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			24,337			24,337			16,128			16,128
Pre-petition intercompany payables to other debtors		146			146			-		-		19,387			19,387		214		214		26,607		26,607			9			9			46,972			46,972
Other liabilities		-			-			-		-		-			-		-		-		-		-			-			5,946			83,617			81,127
Total  Liabilities Subject to Compromise		146			146			7		7		42,059			42,059		34,454		34,454		74,289		74,289			24,346			30,292			146,717			144,227
Total Liabilities		146			146			7		7		42,173			42,504		34,454		61,318		74,566		75,161			26,473			30,294			147,042			145,855
(Deficit)/Equity:
Total Equity/(Deficit)		(531	)		(531	)		53,622		53,622		1,936			5,353		100		100		21,457		28,251			(10,482	)		(17,130	)		(4,085	)		(68,782	)
Total Liabilities and (Deficit)/Equity	$	(385	)	$	(385	)	$	53,629	$	53,629	$	44,109		$	47,857	$	34,554	$	61,418	$	96,023	$	103,412		$	15,991		$	13,164		$	142,957		$	77,072

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 142 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Ocean Bulk Ships, Inc.						Oceania Tanker Corporation				OSG 192 LLC					OSG 209 LLC					OSG 214 LLC				OSG 215 Corporation						OSG 242 LLC
(000's)	November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014		November 13, 2012			March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-	$	-	$	-		$	-	$	-		$	-	$	-	$	-	$	-		$	-		$	-	$	-
Voyage receivables		-			-			2,100		-		(20	)		3		(9	)		7		34		51		-			-			1,551		-
Other receivables, including income taxes recoverable		-			-			114		67		-			-		265			0		298		0		-			-			284		-
Inventory		-			-			-		878		-			-		-			-		-		-		-			-			315		-
Prepaid expenses and other current assets		-			-			96		228		9			43		5			48		5		45		-			-			5		47
Total Current Assets		-			-			2,310		1,173		(11	)		46		261			56		337		96		-			-			2,155		47
Vessels and other property, less accumulated depreciation		-			-			79,751		45,621		9,219			7,065		22,021			19,696		18,892		16,727		-			-			29,890		27,224
Deferred drydock expenditures, net		-			-			168		-		796			780		1,099			387		1,762		100		-			-			746		-
Total Vessels, Deferred Drydock and Other Property		-			-			79,920		45,621		10,015			7,845		23,121			20,083		20,653		16,827		-			-			30,636		27,224
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		-			-			84,867		84,867		24,239			24,239		24,400			24,400		14,836		14,836		124			124			29,932		29,932
Pre-petition Intercompany receivables from non-debtors		-			-			-		-		3,001			3,001		-			-		-		-		-			-			-		-
Post-petition intercompany receivables from non-debtors		-			-			-		-		-			-		-			-		-		-		-			-			-		-
Post-petition Intercompany receivables from debtors		-			-			-		-		-			10,740		-			12,409		-		13,154		-			-			-		22,470
Other Assets		-			-			-		-		-			-		19			323		-		-		-			-			17		-
Total Assets	$	-		$	-		$	167,097	$	131,661	$	37,244		$	45,872	$	47,801		$	57,271	$	35,826	$	44,913	$	124		$	124		$	62,739	$	79,673
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		-			-			102		57		440			929		464			48		398		944		-			-			1,084		58
Total Current Liabilities Not Subject to Compromise		-			-			102		57		440			929		464			48		398		944		-			-			1,084		58
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		-			-			-		723		-			-		-			-		-		-		-			-			-		-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-		-		-			-		-			-		-		-		-			-			-		-
Deferred Income Taxes and Other Liabilities		-			-			-		-		-			-		-			-		-		-		-			-			-		-
Total Liabilities Not Subject to Compromise		-			-			102		780		440			929		464			48		398		944		-			-			1,084		58
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-		-		-			-		-			-		-		-		-			-			-		-
Pre-petition intercompany payables to non-debtors		-			-			10,310		10,292		52			52		54			54		50		50		-			-			58		58
Pre-petition intercompany payables to other debtors		15			15			360		360		14,899			14,899		11,106			11,106		8,902		8,902		124			124			8,725		8,725
Other liabilities		-			-			-		-		-			-		-			-		-		-		-			-			-		-
Total  Liabilities Subject to Compromise		15			15			10,670		10,652		14,950			14,950		11,160			11,160		8,951		8,951		124			124			8,783		8,783
Total Liabilities		15			15			10,772		11,432		15,391			15,879		11,624			11,208		9,349		9,896		124			124			9,867		8,841
(Deficit)/Equity:
Total Equity/(Deficit)		(15	)		(15	)		156,325		120,229		21,853			29,993		36,177			46,063		26,477		35,017		(0	)		(0	)		52,872		70,832
Total Liabilities and (Deficit)/Equity	$	-		$	0		$	167,097	$	131,661	$	37,244		$	45,872	$	47,801		$	57,271	$	35,826	$	44,913	$	124		$	124		$	62,739	$	79,673

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 143 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	OSG 243 LLC						OSG 244 LLC					OSG 252 LLC						OSG 254 LLC				OSG 300 LLC				OSG 400 LLC					OSG America L.P.
(000's)	November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014		November 13, 2012			March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-	$	-		$	-		$	-		$	-	$	-	$	-	$	-	$	-		$	-	$	-		$	-
Voyage receivables		1,820			7			68		4			1,600			46			-		-		-		-		-			-		-			-
Other receivables, including income taxes recoverable		60			-			276		-			328			3			247		55		-		-		-			-		-			-
Inventory		166			-			-		-			278			-			-		-		-		-		-			-		-			-
Prepaid expenses and other current assets		15			49			5		45			5			45			5		45		-		-		-			-		-			-
Total Current Assets		2,061			56			350		49			2,211			94			252		100		-		-		-			-		-			-
Vessels and other property, less accumulated depreciation		31,327			28,679			16,006		13,275			18,995			16,381			21,186		18,214		-		-		-			-		-			-
Deferred drydock expenditures, net		703			503			1,102		1,766			1,152			118			1,870		1,232		-		-		-			-		-			-
Total Vessels, Deferred Drydock and Other Property		32,030			29,183			17,108		15,041			20,147			16,499			23,056		19,446		-		-		-			-		-			-
Investments in Affiliated Companies		-			-			-		-			-			-			-		-		-		-		-			-		-			-
Intangible Assets, less accumulated amortization		-			-			-		-			-			-			-		-		-		-		-			-		-			-
Goodwill		-			-			-		-			-			-			-		-		-		-		-			-		-			-
Investments in subsidiaries		-			-			-		-			-			-			-		-		-		-		-			-		-			-
Intercompany loans receivable and accrued interest		-			-			-		-			-			-			-		-		-		-		-			-		-			-
Pre-petition intercompany receivables from debtors		2,761			2,761			27,376		27,376			18,417			18,417			22,276		22,276		84		84		4,141			4,141		-			-
Pre-petition Intercompany receivables from non-debtors		25,647			25,647			-		-			-			-			-		-		-		-		18,323			18,323		-			-
Post-petition intercompany receivables from non-debtors		-			-			-		-			-			-			-		-		-		-		-			-		-			-
Post-petition Intercompany receivables from debtors		-			35,411			-		10,969			-			18,605			-		15,350		-		-		-			-		-			-
Other Assets		(94	)		(50	)		-		(1	)		(7	)		(116	)		-		-		-		-		532			771		-			-
Total Assets	$	62,405		$	93,007		$	44,834	$	53,434		$	40,769		$	53,498		$	45,584	$	57,173	$	84	$	84	$	22,996		$	23,235	$	-		$	-
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		20			44			474		40			386			349			1		1,052		-		-		(1	)		-		-			-
Total Current Liabilities Not Subject to Compromise		20			44			474		40			386			349			1		1,052		-		-		(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		-			15,199			-		-			-			-			-		-		-		-		-			20		-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-		-			-			-			-		-		-		-		-			-		-			-
Deferred Income Taxes and Other Liabilities		-			-			-		-			-			-			-		-		-		-		-			-		-			-
Total Liabilities Not Subject to Compromise		20			15,244			474		40			386			349			1		1,052		-		-		(1	)		20		-			-
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-		-			-			-			-		-		-		-		-			-		-			-
Pre-petition intercompany payables to non-debtors		70			70			51		51			53			53			55		55		-		-		50			50		-			-
Pre-petition intercompany payables to other debtors		10,001			10,001			11,421		11,421			1,872			1,872			5,994		5,994		-		-		6,183			6,183		79			79
Other liabilities		-			-			-		-			-			-			-		-		-		-		-			-		-			-
Total  Liabilities Subject to Compromise		10,070			10,070			11,472		11,472			1,925			1,925			6,048		6,048		-		-		6,233			6,233		79			79
Total Liabilities		10,090			25,314			11,946		11,512			2,312			2,274			6,050		7,100		-		-		6,232			6,254		79			79
(Deficit)/Equity:
Total Equity/(Deficit)		52,314			67,693			32,888		41,923			38,457			51,225			39,535		50,073		84		84		16,764			16,982		(79	)		(79	)
Total Liabilities and (Deficit)/Equity	$	62,405		$	93,007		$	44,834	$	53,434		$	40,769		$	53,498		$	45,584	$	57,173	$	84	$	84	$	22,996		$	23,235	$	-		$	-

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 144 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	OSG America LLC				OSG America Operating Company LLC					OSG Car Carriers, Inc.						OSG Clean Products International, Inc.				OSG Columbia LLC					OSG Constitution LLC						OSG Courageous LLC
(000's)	November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-	$	23,350		$	266,975	$	-		$	-		$	-	$	-	$	-	$	-		$	-		$	-		$	-		$	-
Voyage receivables		-		-		(1,501	)		100		-			-			-		-		-		-			-			-			-			-
Other receivables, including income taxes recoverable		-		-		-			-		-			-			-		-		26		26			-			-			10			10
Inventory		-		-		-			-		-			-			-		-		-		-			-			-			-			-
Prepaid expenses and other current assets		-		-		(1	)		-		-			-			-		-		4		30			-			-			4			38
Total Current Assets		-		-		21,847			267,074		-			-			-		-		29		56			-			-			14			48
Vessels and other property, less accumulated depreciation		-		-		-			-		-			-			-		-		7,024		6,442			-			-			30,264			28,999
Deferred drydock expenditures, net		-		-		-			-		-			-			-		-		602		9			-			-			-			143
Total Vessels, Deferred Drydock and Other Property		-		-		-			-		-			-			-		-		7,626		6,451			-			-			30,264			29,142
Investments in Affiliated Companies		-		-		995			415		-			-			-		-		-		-			-			-			-			-
Intangible Assets, less accumulated amortization		-		-		64,617			58,267		-			-			-		-		-		-			-			-			-			-
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		2,435		2,435			1,070			1,070			2,062			2,062
Pre-petition Intercompany receivables from non-debtors		-		-		1			1		205			205			-		-		-		-			-			-			-			-
Post-petition intercompany receivables from non-debtors		-		-		-			-		-			-			-		-		-		-			-			-			-			-
Post-petition Intercompany receivables from debtors		-		-		-			59,233		-			-			-		-		-		-			-			-			-			-
Other Assets		-		-		-			-		-			-			-		-		-		-			0			(0	)		(2	)		(1	)
Total Assets	$	459	$	459	$	1,344,807		$	1,642,336	$	6,887		$	6,887		$	100	$	100	$	10,091	$	8,942		$	1,070		$	1,070		$	32,339		$	31,252
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		-		-		16			-		-			-			-		-		125		119			2			3			140			143
Total Current Liabilities Not Subject to Compromise		-		-		16			-		-			-			-		-		125		119			2			3			140			143
Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-		-		-			-		-			-			-		-		-		-			-			-			-			-
Post-petition intercompany payables to non-debtors		-		-		-			1,525		-			-			-		-		-		-			-			-			-			-
Post-petition intercompany payables to other debtors		-		1		-			294,111		-			-			-		-		-		3,920			-			2			-			4,142
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-		-			-		-			-			-		-		-		-			-			-			-			-
Deferred Income Taxes and Other Liabilities		-		-		-			-		-			-			-		-		-		-			-			-			-			-
Total Liabilities Not Subject to Compromise		-		1		16			295,636		-			-			-		-		125		4,039			2			5			140			4,285
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			-		-		33		33			32			32			1			1
Pre-petition intercompany payables to other debtors		-		-		686,794			686,794		6,899			6,899			-		-		9,323		9,323			4,544			4,544			17,212			17,212
Other liabilities		-		-		302			302		-			-			-		-		-		-			-			-			-			-
Total  Liabilities Subject to Compromise		-		-		822,070			822,070		6,899			6,899			-		-		9,355		9,355			4,576			4,576			17,213			17,213
Total Liabilities		-		1		822,086			1,117,706		6,899			6,899			-		-		9,480		13,394			4,579			4,582			17,353			21,498
(Deficit)/Equity:
Total Equity/(Deficit)		459		458		522,721			524,630		(13	)		(13	)		100		100		611		(4,453	)		(3,508	)		(3,511	)		14,986			9,754
Total Liabilities and (Deficit)/Equity	$	459	$	459	$	1,344,807		$	1,642,336	$	6,887		$	6,887		$	100	$	100	$	10,091	$	8,942		$	1,070		$	1,070		$	32,339		$	31,252

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 145 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	OSG Delaware Bay Lightering LLC					OSG Discovery LLC				OSG Endeavor LLC						OSG Endurance LLC						OSG Enterprise LLC					OSG Financial Corp.				OSG Freedom LLC
(000's)	November 13, 2012		March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-		$	-	$	-	$	-		$	-		$	-		$	-		$	-	$	-		$	16	$	371	$	-		$	-
Voyage receivables		5,421		4,918			-		-		-			-			-			-			-		-			-		-		-			-
Other receivables, including income taxes recoverable		63		185			-		-		-			-			23			23			10		10			-		-		-			-
Inventory		710		913			-		-		-			-			-			-			-		-			-		-		0			-
Prepaid expenses and other current assets		47		261			-		-		-			-			4			38			4		28			-		-		5			-
Total Current Assets		6,241		6,277			-		-		-			-			27			61			14		38			16		371		5			-
Vessels and other property, less accumulated depreciation		382,438		364,450			-		-		-			-			32,214			30,866			4,238		3,834			-		-		1,478			-
Deferred drydock expenditures, net		-		561			-		-		-			-			-			52			1,494		93			-		-		-			-
Total Vessels, Deferred Drydock and Other Property		382,438		365,010			-		-		-			-			32,214			30,917			5,732		3,927			-		-		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		15,144		15,144			1,272		1,272		-			-			69			69			3,140		3,140			10,251		10,251		829			829
Pre-petition Intercompany receivables from non-debtors		104,456		104,456			-		-		-			-			-			-			-		-			-		-		-			-
Post-petition intercompany receivables from non-debtors		-		-			-		-		-			-			-			-			-		-			-		-		-			-
Post-petition Intercompany receivables from debtors		-		58,517			-		935		-			-			-			-			-		-			-		-		-			486
Other Assets		0		(17	)		-		-		-			-			(30	)		(30	)		9		51			731		203		0			-
Total Assets	$	508,278	$	549,387		$	1,272	$	2,207	$	-		$	-		$	32,280		$	31,017		$	8,895	$	7,156		$	10,999	$	10,825	$	2,312		$	1,315
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		598		754			21		-		-			-			145			129			189		138			-		-		(7	)		15
Total Current Liabilities Not Subject to Compromise		598		754			21		-		-			-			145			129			189		138			-		-		(7	)		15
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		-		15,146			-		-		-			72			-			3,839			-		4,141			-		-		-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-			-		-		-			-			-			-			-		-			-		-		-			-
Deferred Income Taxes and Other Liabilities		-		-			-		-		-			-			-			-			-		-			-		-		-			-
Total Liabilities Not Subject to Compromise		598		15,901			21		-		-			72			145			3,968			189		4,279			-		-		(7	)		15
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-		-			-		-		-			-			-			-			-		-			-		-		-			-
Pre-petition intercompany payables to non-debtors		380		380			-		-		111			111			1			1			29		29			-		-		28			28
Pre-petition intercompany payables to other debtors		88,794		88,794			508		508		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		89,174		89,174			508		508		421			421			15,684			15,684			8,449		8,449			9,457		9,457		3,781			3,781
Total Liabilities		89,772		105,075			529		508		421			494			15,828			19,652			8,638		12,728			9,457		9,457		3,775			3,796
(Deficit)/Equity:
Total Equity/(Deficit)		418,506		444,312			743		1,698		(421	)		(494	)		16,452			11,365			257		(5,572	)		1,541		1,368		(1,462	)		(2,480	)
Total Liabilities and (Deficit)/Equity	$	508,278	$	549,387		$	1,272	$	2,207	$	-		$	-		$	32,280		$	31,017		$	8,895	$	7,156		$	10,999	$	10,825	$	2,312		$	1,315

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 146 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	OSG Honour LLC						OSG Independence LLC						OSG Intrepid LLC						OSG Liberty LLC						OSG Lightering LLC						OSG Lightering Acquisition Corporation				OSG Lightering Solutions LLC
(000's)	November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	3,502		$	16,113		$	-	$	-	$	-	$	-
Voyage receivables		-			-			-			-			-			-			-			-			8,284			13,805			-		-		-		-
Other receivables, including income taxes recoverable		16			16			14			17			13			17			-			-			9,798			3,331			-		-		-		-
Inventory		-			-			-			-			-			-			-			-			2,227			2,330			-		-		-		-
Prepaid expenses and other current assets		4			28			4			28			4			27			-			-			1,623			1,092			-		-		-		-
Total Current Assets		20			44			18			45			17			44			-			-			25,433			36,672			-		-		-		-
Vessels and other property, less accumulated depreciation		3,802			3,375			6,615			6,064			2,897			2,378			-			-			4,340			2,748			-		-		-		-
Deferred drydock expenditures, net		848			302			311			227			1,219			659			-			-			-			-			-		-		-		-
Total Vessels, Deferred Drydock and Other Property		4,649			3,677			6,926			6,291			4,116			3,037			-			-			4,340			2,748			-		-		-		-
Investments in Affiliated Companies		-			-			-			-			-			-			-			-			-			-			-		-		-		-
Intangible Assets, less accumulated amortization		-			-			-			-			-			-			-			-			7,190			-			-		-		-		-
Goodwill		-			-			-			-			-			-			-			-			8,101			-			-		-		1,567		-
Investments in subsidiaries		-			-			-			-			-			-			-			-			-			-			2,000		2,000		-		-
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			-		-		2,650		2,650
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			-			6,528			-		-		-		-
Other Assets		(3	)		(2	)		0			1			(8	)		0			(9	)		-			-			-			-		-		-		-
Total Assets	$	7,124		$	6,177		$	7,191		$	12,583		$	4,126		$	3,083		$	9,485		$	9,495		$	310,035		$	310,919		$	2,000	$	2,000	$	4,216	$	2,650
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		143			104			270			137			134			116			(1	)		-			3,384			8,841			-		-		-		-
Total Current Liabilities Not Subject to Compromise		143			104			270			137			134			116			(1	)		-			3,384			8,841			-		-		-		-
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		-			4,002			-			10,481			-			4,409			-			-			-			12,021			-		-		-		-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-			-			-			-			-			-			-			-		-		-		-
Deferred Income Taxes and Other Liabilities		-			-			-			-			-			-			-			-			-			-			-		-		-		-
Total Liabilities Not Subject to Compromise		143			4,106			270			10,617			134			4,525			(1	)		-			3,384			20,863			-		-		-		-
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			1,999		1,999		2,650		2,650
Other liabilities		-			-			-			-			-			-			-			-			(11	)		850			-		-		-		-
Total  Liabilities Subject to Compromise		8,753			8,753			6,940			6,941			7,314			7,314			10,799			10,799			294,790			292,487			1,999		1,999		2,650		2,650
Total Liabilities		8,896			12,859			7,210			17,558			7,447			11,839			10,798			10,799			298,174			313,349			1,999		1,999		2,650		2,650
(Deficit)/Equity:
Total Equity/(Deficit)		(1,772	)		(6,681	)		(19	)		(4,976	)		(3,321	)		(8,756	)		(1,313	)		(1,304	)		11,861			(2,430	)		1		1		1,567		-
Total Liabilities and (Deficit)/Equity	$	7,124		$	6,177		$	7,191		$	12,583		$	4,126		$	3,083		$	9,485		$	9,495		$	310,035		$	310,919		$	2,000	$	2,000	$	4,216	$	2,650

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 147 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	OSG Mariner LLC						OSG Maritrans Parent LLC						OSG Navigator LLC						OSG New York, Inc.						OSG Product Tankers AVTC, LLC				OSG Product Tankers I, LLC						OSG Product Tankers II, LLC
(000's)	November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-	$	-	$	-		$	-		$	-		$	-
Voyage receivables		-			-			-			-			-			-			5,178			2,054			-		-		-			-			-			-
Other receivables, including income taxes recoverable		-			-			-			-			18			10			-			11			-		-		-			-			-			-
Inventory		-			-			-			-			-			-			352			-			-		-		-			-			-			-
Prepaid expenses and other current assets		-			-			-			-			4			27			781			443			-		-		-			-			-			-
Total Current Assets		-			-			-			-			21			37			6,311			2,508			-		-		-			-			-			-
Vessels and other property, less accumulated depreciation		-			-			-			-			2,853			2,346			-			-			-		-		-			-			-			-
Deferred drydock expenditures, net		-			-			-			-			587			0			-			-			-		-		-			-			-			-
Total Vessels, Deferred Drydock and Other Property		-			-			-			-			3,440			2,347			-			-			-		-		-			-			-			-
Investments in Affiliated Companies		-			-			-			-			-			-			300			300			-		-		-			-			-			-
Intangible Assets, less accumulated amortization		-			-			606			511			-			-			-			-			-		-		-			-			-			-
Goodwill		-			-			-			-			-			-			-			-			-		-		-			-			-			-
Investments in subsidiaries		-			-			103,806			103,806			-			-			-			-			-		-		-			-			-			-
Intercompany loans receivable and accrued interest		-			-			-			-			-			-			-			-			-		-		-			-			-			-
Pre-petition intercompany receivables from debtors		-			-			-			-			19			19			21,479			21,479			100		100		-			-			-			-
Pre-petition Intercompany receivables from non-debtors		-			-			-			-			-			-			-			-			-		-		-			-			-			-
Post-petition intercompany receivables from non-debtors		-			-			-			-			-			-			-			-			-		-		-			-			-			-
Post-petition Intercompany receivables from debtors		-			-			-			-			-			-			-			5,458			-		-		-			-			-			-
Other Assets		-			-			-			-			(4	)		2			-			-			-		-		-			-			-			-
Total Assets	$	-		$	-		$	104,411		$	104,317		$	3,476		$	2,405		$	28,090		$	29,745		$	100	$	100	$	-		$	-		$	-		$	-
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		-			-			-			-			167			114			506			99			-		-		-			-			-			-
Total Current Liabilities Not Subject to Compromise		-			-			-			-			167			114			506			99			-		-		-			-			-			-
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		-			72			-			-			-			3,907			-			3,914			-		-		-			-			-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-			-			-			-			-			-		-		-			-			-			-
Deferred Income Taxes and Other Liabilities		-			-			-			-			-			-			-			-			-		-		-			-			-			-
Total Liabilities Not Subject to Compromise		-			72			-			-			167			4,021			506			4,013			-		-		-			-			-			-
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-			-			-			-			-			-		-		-			-			-			-
Pre-petition intercompany payables to non-debtors		111			111			-			-			30			30			26,292			26,292			-		-		-			-			-			-
Pre-petition intercompany payables to other debtors		311			311			120,341			120,341			6,801			6,801			10,719			10,719			-		-		8			8			8			8
Other liabilities		-			-			-			-			-			-			-			300			-		-		-			-			-			-
Total  Liabilities Subject to Compromise		422			422			120,341			120,341			6,831			6,831			37,011			37,311			-		-		8			8			8			8
Total Liabilities		422			494			120,341			120,341			6,999			10,853			37,517			41,324			-		-		8			8			8			8
(Deficit)/Equity:
Total Equity/(Deficit)		(422	)		(494	)		(15,930	)		(16,024	)		(3,523	)		(8,448	)		(9,427	)		(11,578	)		100		100		(8	)		(8	)		(8	)		(8	)
Total Liabilities and (Deficit)/Equity	$	-		$	-		$	104,411		$	104,317		$	3,476		$	2,405		$	28,090		$	29,745		$	100	$	100	$	-		$	-		$	-		$	-

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 148 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	OSG Product Tankers Member LLC				OSG Product Tankers, LLC						OSG Quest LLC						OSG Seafarer LLC				OSG Ship Management, Inc.						OSG Valour LLC				Overseas Allegiance Corporation
(000's)	November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-	$	-		$	-		$	-		$	-		$	-	$	-	$	1,431		$	629		$	-	$	-	$	-	$	-
Voyage receivables		-		-		-			-			-			-			-		-		-			-			-		-		-		-
Other receivables, including income taxes recoverable		-		-		-			-			-			-			-		-		1,773			1,129			-		-		-		-
Inventory		-		-		-			-			-			-			-		-		-			-			-		-		-		-
Prepaid expenses and other current assets		-		-		-			-			-			-			-		-		2,832			1,836			-		-		-		-
Total Current Assets		-		-		-			-			-			-			-		-		6,036			3,594			-		-		-		-
Vessels and other property, less accumulated depreciation		-		-		-			-			-			-			-		-		12,623			4,770			-		-		-		-
Deferred drydock expenditures, net		-		-		-			-			-			-			-		-		-			-			-		-		-		-
Total Vessels, Deferred Drydock and Other Property		-		-		-			-			-			-			-		-		12,623			4,770			-		-		-		-
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		1		-		-			-			64			64			1,000		1,000		193,029			207,365			1,163		1,163		2		2
Pre-petition Intercompany receivables from non-debtors		-		-		-			-			-			-			-		-		993			943			-		-		-		-
Post-petition intercompany receivables from non-debtors		-		-		-			-			-			-			-		-		-			-			-		-		-		-
Post-petition Intercompany receivables from debtors		-		-		-			-			-			-			-		0		-			(2,517	)		-		-		-		-
Other Assets		-		-		-			-			-			-			-		-		117			511			-		-		-		-
Total Assets	$	1	$	-	$	-		$	-		$	64		$	64		$	1,000	$	1,001	$	212,936		$	214,805		$	1,163	$	1,163	$	2	$	2
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		-		-		-			-			4			-			-		-		9,813			10,191			-		-		-		-
Total Current Liabilities Not Subject to Compromise		-		-		-			-			4			-			-		-		9,813			10,191			-		-		-		-
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		-		-		-			-			-			44			-		-		-			41,467			-		-		-		-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-		-			-			-			-			-		-		-			-			-		-		-		-
Deferred Income Taxes and Other Liabilities		-		-		-			-			-			-			-		-		528			526			-		-		-		-
Total Liabilities Not Subject to Compromise		-		-		-			-			4			44			-		-		10,341			52,184			-		-		-		-
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		1		-		16			16			61			61			343		343		369,019			369,019			1,075		1,075		2		2
Other liabilities		-		-		-			-			-			-			-		-		23,988			9,704			-		-		-		-
Total  Liabilities Subject to Compromise		1		-		16			16			201			201			370		370		393,334			379,051			1,075		1,075		2		2
Total Liabilities		1		-		16			16			205			245			370		370		403,675			431,235			1,075		1,075		2		2
(Deficit)/Equity:
Total Equity/(Deficit)		-		-		(16	)		(16	)		(140	)		(181	)		631		631		(190,740	)		(216,431	)		88		88		0		0
Total Liabilities and (Deficit)/Equity	$	1	$	-	$	-		$	-		$	64		$	64		$	1,000	$	1,001	$	212,936		$	214,805		$	1,163	$	1,163	$	2	$	2

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 149 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Overseas Anacortes LLC				Overseas Boston LLC				Overseas Diligence LLC						Overseas Galena Bay LLC				Overseas Houston LLC						Overseas Integrity LLC				Overseas Long Beach LLC
(000's)	November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-	$	-	$	-	$	-		$	-		$	-	$	-	$	-		$	-		$	-	$	-	$	-	$	-
Voyage receivables		13		3		-		-		-			-			-		-		-			-			-		-		-		-
Other receivables, including income taxes recoverable		28		29		21		29		137			-			276		-		289			46			8		-		307		39
Inventory		-		-		-		-		-			-			-		-		-			-			-		-		-		-
Prepaid expenses and other current assets		450		807		448		805		-			-			-		-		357			778			-		-		357		775
Total Current Assets		492		839		468		834		137			-			276		-		646			824			8		-		664		814
Vessels and other property, less accumulated depreciation		274		137		171		37		-			-			-		-		143			16			-		-		164		18
Deferred drydock expenditures, net		4		575		606		2,575		-			-			-		-		2,793			1,897			-		-		2,195		1,409
Total Vessels, Deferred Drydock and Other Property		279		713		776		2,613		-			-			-		-		2,936			1,913			-		-		2,359		1,427
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		42,388		42,388		40,291		40,291		311			311			4,465		4,465		35,162			35,194			1,150		1,150		35,775		35,774
Pre-petition Intercompany receivables from non-debtors		30		30		-		-		2			2			4		4		-			-			-		-		3		3
Post-petition intercompany receivables from non-debtors		-		-		-		-		-			-			-		-		-			-			-		-		-		-
Post-petition Intercompany receivables from debtors		-		8,344		-		806		-			137			-		276		-			2,206			-		59		-		2,493
Other Assets		2,141		1,739		1,159		1,002		-			-			-		-		601			442			-		-		588		492
Total Assets	$	45,329	$	54,053	$	42,695	$	45,546	$	451		$	451		$	4,744	$	4,744	$	39,345		$	40,579		$	1,157	$	1,209	$	39,388	$	41,001
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		1,193		2,230		1,192		2,325		(0	)		(0	)		-		-		990			651			-		-		1,268		648
Total Current Liabilities Not Subject to Compromise		1,193		2,230		1,192		2,325		(0	)		(0	)		-		-		990			651			-		-		1,268		648
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			6,514			-		-		5,458		6,608
Total Liabilities Not Subject to Compromise		1,193		2,230		1,192		2,325		(0	)		(0	)		-		-		6,865			7,165			-		-		6,726		7,256
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			-		-		96			96			-		-		95		95
Pre-petition intercompany payables to other debtors		35,688		35,688		36,030		36,030		300			300			565		565		33,329			33,361			932		932		31,967		31,966
Other liabilities		-		-		-		-		-			-			-		-		-			-			-		-		-		-
Total  Liabilities Subject to Compromise		35,794		35,794		36,122		36,122		348			348			565		565		33,425			33,456			932		932		32,062		32,061
Total Liabilities		36,986		38,024		37,313		38,447		348			348			565		565		40,289			40,622			932		932		38,788		39,317
(Deficit)/Equity:
Total Equity/(Deficit)		8,343		16,029		5,382		7,100		103			103			4,179		4,179		(944	)		(42	)		225		277		600		1,684
Total Liabilities and (Deficit)/Equity	$	45,329	$	54,053	$	42,695	$	45,546	$	451		$	451		$	4,744	$	4,744	$	39,345		$	40,579		$	1,157	$	1,209	$	39,388	$	41,001

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 150 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Overseas Los Angeles LLC						Overseas Martinez LLC				Overseas New Orleans LLC				Overseas New York LLC				Overseas Nikiski LLC				Overseas Perseverance Corporation				Overseas Philadelphia LLC
(000's)	November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-		$	-
Voyage receivables		-			-			-		-		-		-		-		-		-		-		-		-		-			-
Other receivables, including income taxes recoverable		358			40			34		29		211		-		119		30		30		83		-		-		211			-
Inventory		-			-			-		-		-		-		-		-		-		266		-		-		-			-
Prepaid expenses and other current assets		360			686			447		806		-		-		357		686		448		805		-		-		-			-
Total Current Assets		719			727			482		835		211		-		476		717		477		1,154		-		-		211			-
Vessels and other property, less accumulated depreciation		167			49			345		153		-		-		51		22		244		31		-		-		-			-
Deferred drydock expenditures, net		2,489			1,468			-		550		-		-		209		1,688		891		936		-		-		-			-
Total Vessels, Deferred Drydock and Other Property		2,656			1,518			345		703		-		-		260		1,711		1,134		967		-		-		-			-
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		34,432			34,432			14,892		14,892		3,717		3,717		35,303		35,303		39,256		39,256		383		383		596			596
Pre-petition Intercompany receivables from non-debtors		3			3			3		3		-		-		6,190		6,190		-		-		-		-		2			2
Post-petition intercompany receivables from non-debtors		-			-			-		-		-		-		-		-		-		-		-		-		-			-
Post-petition Intercompany receivables from debtors		-			2,015			-		2,586		-		195		-		-		-		347		-		-		-			273
Other Assets		921			705			2,138		1,713		-		-		1,189		951		1,246		989		-		-		66			1
Total Assets	$	38,730		$	39,398		$	17,860	$	20,733	$	3,928	$	3,913	$	43,418	$	44,871	$	42,113	$	42,713	$	383	$	383	$	875		$	872
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		1,881			475			1,207		286		11		-		1,043		388		1,239		1,176		-		-		-			-
Total Current Liabilities Not Subject to Compromise		1,881			475			1,207		286		11		-		1,043		388		1,239		1,176		-		-		-			-
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		-			-			-		-		-		-		-		351		-		-		-		-		-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-		-		-		-		-		-		-		-		-		-		-			-
Deferred Income Taxes and Other Liabilities		5,016			6,361			-		-		-		-		4,570		6,109		-		-		-		-		-			-
Total Liabilities Not Subject to Compromise		6,897			6,836			1,207		286		11		-		5,613		6,848		1,239		1,176		-		-		-			-
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-		-		-		-		-		-		-		-		-		-		-			-
Pre-petition intercompany payables to non-debtors		98			98			97		97		28		28		95		95		91		91		-		-		-			-
Pre-petition intercompany payables to other debtors		33,285			33,285			8,451		8,451		459		459		36,723		36,723		35,177		35,177		378		378		940			940
Other liabilities		-			-			-		-		-		-		-		-		-		-		-		-		-			-
Total  Liabilities Subject to Compromise		33,383			33,383			8,549		8,549		488		488		36,818		36,818		35,268		35,268		378		378		940			940
Total Liabilities		40,280			40,219			9,755		8,835		498		488		42,430		43,666		36,507		36,444		378		378		940			940
(Deficit)/Equity:
Total Equity/(Deficit)		(1,551	)		(821	)		8,104		11,898		3,430		3,425		987		1,206		5,606		6,269		4		4		(65	)		(68	)
Total Liabilities and (Deficit)/Equity	$	38,730		$	39,398		$	17,860	$	20,733	$	3,928	$	3,913	$	43,418	$	44,871	$	42,113	$	42,713	$	383	$	383	$	875		$	872

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 151 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Overseas Puget Sound LLC				Overseas Sea Swift Corporation				Overseas Shipping (GR) Ltd.				Overseas ST Holding LLC				Overseas Tampa LLC				Overseas Texas City LLC					Pearlmar Limited
(000's)	November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014		November 13, 2012		March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-		$	-	$	-	$	-
Voyage receivables		-		-		-		-		-		-		211		-		10		-		-			9		2,457		3,028
Other receivables, including income taxes recoverable		222		-		-		-		-		-		188		94		51		39		(30	)		29		21		26
Inventory		-		-		-		-		-		-		-		-		-		-		-			-		-		-
Prepaid expenses and other current assets		-		-		-		-		7		-		36		195		443		832		358			690		29		115
Total Current Assets		222		-		-		-		7		-		436		289		504		872		328			728		2,507		3,169
Vessels and other property, less accumulated depreciation		-		-		-		-		-		-		244,259		229,806		219		183		9			6		35,337		15,075
Deferred drydock expenditures, net		-		-		-		-		-		-		235		500		-		10		309			2,063		1,450		945
Total Vessels, Deferred Drydock and Other Property		-		-		-		-		-		-		244,494		230,306		219		193		318			2,069		36,787		16,020
Investments in Affiliated Companies		-		-		-		-		-		-		-		-		-		-		-			-		440		440
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		41,721			41,721		32,776		32,776
Pre-petition Intercompany receivables from non-debtors		-		-		-		-		314,966		314,966		6		6		5		5		-			-		5,550		5,550
Post-petition intercompany receivables from non-debtors		-		-		-		-		-		-		-		-		-		-		-			-		-		-
Post-petition Intercompany receivables from debtors		-		194		-		-		-		-		-		48,110		-		4,322		-			8,918		-		5,057
Other Assets		-		-		-		-		-		-		88		132		3,469		7,457		1,584			1,275		-		47
Total Assets	$	10,885	$	10,857	$	9	$	9	$	1,117,796	$	1,156,444	$	341,448	$	375,266	$	8,387	$	17,038	$	43,952		$	54,711	$	78,059	$	63,058
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		18		-		-		-		5		-		3,003		492		1,186		2,193		1,050			2,425		373		448
Total Current Liabilities Not Subject to Compromise		18		-		-		-		5		-		3,003		492		1,186		2,193		1,050			2,425		373		448
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			5,618		-		-
Total Liabilities Not Subject to Compromise		18		-		-		-		5		-		3,003		492		1,186		2,193		5,129			8,043		373		448
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		-		-		98			98		6,226		6,226
Pre-petition intercompany payables to other debtors		6,220		6,220		7		7		45		45		158,460		158,460		6,866		6,866		29,053			29,053		31,100		31,100
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		29,152			29,152		37,326		37,326
Total Liabilities		6,269		6,251		7		7		6,025		6,021		161,573		159,062		8,052		9,059		34,280			37,194		37,700		37,775
(Deficit)/Equity:
Total Equity/(Deficit)		4,616		4,607		2		2		1,111,770		1,150,424		179,876		216,204		334		7,979		9,671			17,517		40,360		25,283
Total Liabilities and (Deficit)/Equity	$	10,885	$	10,857	$	9	$	9	$	1,117,796	$	1,156,444	$	341,448	$	375,266	$	8,387	$	17,038	$	43,952		$	54,711	$	78,059	$	63,058

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 152 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Petromar Limited					Pisces Tanker Corporation						Polaris Tanker Corporation						Queens Product Tanker Corporation						Reymar Limited					Rich Tanker Corporation						Rimar Chartering Corporation
(000's)	November 13, 2012			March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-	$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	-	$	-		$	-		$	-		$	-
Voyage receivables		1,407			737		1,982			48			1,168			13			418			-			2,373			1,509		2,779			1,929			598			(222	)
Other receivables, including income taxes recoverable		10			40		-			-			(5	)		-			11			-			(7	)		293		9			-			53			-
Inventory		421			502		248			-			359			-			658			-			-			-		-			824			192			-
Prepaid expenses and other current assets		27			94		282			-			282			-			34			-			29			112		243			190			303			0
Total Current Assets		1,865			1,373		2,512			48			1,804			13			1,122			-			2,395			1,914		3,031			2,943			1,147			(221	)
Vessels and other property, less accumulated depreciation		24,544			8,903		-			-			-			-			-			-			37,449			18,822		-			-			269			-
Deferred drydock expenditures, net		1,497			940		-			-			-			-			-			-			331			227		-			-			387			-
Total Vessels, Deferred Drydock and Other Property		26,041			9,844		-			-			-			-			-			-			37,780			19,048		-			-			656			-
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		13,809			13,809		20,752			20,752			21,287			21,287			4,141			4,141			26,868			26,868		15,814			15,814			52,488			52,488
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		-			1,700		-			1,564			-			792			-			631			-			5,010		-			255			-			-
Other Assets		(40	)		13		(1	)		-			(3	)		-			3			-			(33	)		46		-			-			(96	)		(2	)
Total Assets	$	41,675		$	26,737	$	23,264		$	22,363		$	23,088		$	22,092		$	52,639		$	52,145		$	79,279		$	64,741	$	18,845		$	19,011		$	54,195		$	52,265
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		67			678		84			1			438			6			431			2			59			698		367			716			350			259
Total Current Liabilities Not Subject to Compromise		67			678		84			1			438			6			431			2			59			698		367			716			350			259
Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-		-			-			-			-			-			-			-			-		-			-			-			-
Post-petition intercompany payables to non-debtors		-			-		-			-			-			-			-			-			-			-		-			-			-			-
Post-petition intercompany payables to other debtors		-			-		-			-			-			-			-			-			-			-		-			-			-			1,115
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-		-			-			-			-			-			-			-			-		-			-			4,284			-
Deferred Income Taxes and Other Liabilities		-			-		-			-			-			-			-			-			-			-		511			-			-			-
Total Liabilities Not Subject to Compromise		67			678		84			1			438			6			431			2			59			698		878			716			4,633			1,374
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-		-			-			-			-			-			-			-			-		-			-			-			-
Pre-petition intercompany payables to non-debtors		14,353			14,353		24,007			24,007			24,709			24,709			23,799			23,799			2,567			2,567		19,532			19,532			27,292			27,292
Pre-petition intercompany payables to other debtors		166			166		162			162			741			741			47,711			47,711			30,609			30,609		11			11			30,274			30,274
Other liabilities		-			-		-			5,816			-			5,565			-			-			-			-		-			2,967			-			10,681
Total  Liabilities Subject to Compromise		14,519			14,519		24,168			29,985			25,450			31,015			71,510			71,510			33,177			33,177		19,542			22,510			57,566			68,247
Total Liabilities		14,586			15,196		24,252			29,986			25,888			31,021			71,941			71,512			33,236			33,875		20,420			23,226			62,199			69,621
(Deficit)/Equity:
Total Equity/(Deficit)		27,089			11,541		(989	)		(7,623	)		(2,800	)		(8,930	)		(19,302	)		(19,367	)		46,044			30,867		(1,576	)		(4,214	)		(8,004	)		(17,357	)
Total Liabilities and (Deficit)/Equity	$	41,675		$	26,737	$	23,264		$	22,363		$	23,088		$	22,092		$	52,639		$	52,145		$	79,279		$	64,741	$	18,845		$	19,011		$	54,195		$	52,265

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 153 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Rosalyn Tanker Corporation						Rosemar Limited						Rubymar Limited					Sakura Transport Corp.						Samar Product Tanker Corporation						Santorini Tanker LLC				Serifos Tanker Corporation
(000's)	November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-		$	-	$	-		$	-		$	-		$	-		$	-		$	-	$	-	$	-		$	-
Voyage receivables		3,110			4,402			24			2			66		615			2,925			4,444			226			-			364		3,696		1,537			1,030
Other receivables, including income taxes recoverable		21			31			11			0			445		(0	)		61			21			33			1			-		324		(4	)		11
Inventory		-			-			-			-			-		-			-			-			-			-			486		265		-			290
Prepaid expenses and other current assets		75			292			34			130			2		5			94			365			30			134			119		41		240			281
Total Current Assets		3,206			4,724			69			133			513		620			3,080			4,829			289			135			969		4,325		1,773			1,612
Vessels and other property, less accumulated depreciation		51,807			49,872			35,909			15,031			34,354		15,051			47,915			44,038			55,715			33,556			47,696		45,048		935			691
Deferred drydock expenditures, net		73			1,868			1,270			1,047			1,392		990			1,970			1,225			-			-			-		42		4			115
Total Vessels, Deferred Drydock and Other Property		51,879			51,740			37,179			16,078			35,746		16,041			49,885			45,263			55,715			33,556			47,696		45,090		938			806
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		10,179			10,179			25,954			25,954			39,950		39,950			9,838			9,838			1,349			1,349			47,700		47,700		5,941			5,941
Pre-petition Intercompany receivables from non-debtors		-			-			-			-			18		18			0			0			-			-			-		-		0			0
Post-petition intercompany receivables from non-debtors		-			-			-			-			-		-			-			-			-			-			-		-		-			-
Post-petition Intercompany receivables from debtors		-			-			-			854			-		3,989			-			683			-			3,159			-		4,819		-			362
Other Assets		(23	)		(22	)		(38	)		(0	)		-		-			(33	)		(17	)		(3	)		-			-		7		10			(11	)
Total Assets	$	65,241		$	66,621		$	63,163		$	43,019		$	76,226	$	60,617		$	62,770		$	60,596		$	57,350		$	38,198		$	96,365	$	101,941	$	8,663		$	8,711
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		301			61			247			117			652		641			260			153			438			42			30		583		45			617
Total Current Liabilities Not Subject to Compromise		301			61			247			117			652		641			260			153			438			42			30		583		45			617
Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-			-			-		-			-			-			-			122			-		-		-			-
Post-petition intercompany payables to non-debtors		-			807			-			-			-		-			-			-			-			473			-		-		-			-
Post-petition intercompany payables to other debtors		-			598			-			-			-		-			-			-			-			-			-		-		-			-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-			-			-		-			-			-			-			-			-		-		-			-
Deferred Income Taxes and Other Liabilities		-			-			-			-			-		-			-			-			-			-			-		-		-			-
Total Liabilities Not Subject to Compromise		301			1,466			247			117			652		641			260			153			438			637			30		583		45			617
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-			-			-		-			-			-			-			-			-		-		-			-
Pre-petition intercompany payables to non-debtors		6,406			6,406			6,632			6,632			4,148		4,148			8,952			8,952			15,238			15,238			1		1		11,875			11,875
Pre-petition intercompany payables to other debtors		1			1			18,287			18,287			26,155		26,155			-			-			284			284			74,363		74,363		8			8
Other liabilities		-			-			-			-			-		-			-			-			41,435			41,071			-		-		-			15,088
Total  Liabilities Subject to Compromise		6,407			6,407			24,919			24,919			30,303		30,303			8,952			8,952			56,956			56,593			74,364		74,364		11,884			26,972
Total Liabilities		6,707			7,873			25,166			25,037			30,955		30,944			9,212			9,105			57,394			57,230			74,394		74,948		11,929			27,589
(Deficit)/Equity:
Total Equity/(Deficit)		58,534			58,748			37,996			17,982			45,271		29,673			53,559			51,492			(44	)		(19,031	)		21,971		26,994		(3,266	)		(18,878	)
Total Liabilities and (Deficit)/Equity	$	65,241		$	66,621		$	63,163		$	43,019		$	76,226	$	60,617		$	62,770		$	60,596		$	57,350		$	38,198		$	96,365	$	101,941	$	8,663		$	8,711

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 154 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Seventh Aframax Tanker Corporation				Shirley Tanker SRL						Sifnos Tanker Corporation						Silvermar Limited						Sixth Aframax Tanker Corporation				Skopelos Product Tanker Corporation						Star Chartering Corporation
(000's)	November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-	$	-	$	10		$	0		$	-		$	-		$	-		$	-		$	-	$	-	$	-		$	-		$	-	$	-
Voyage receivables		1,417		1,190		1,727			1,591			1,549			1,188			2,047			3,009			459		1,217		1,715			2,138			19		11
Other receivables, including income taxes recoverable		16		66		10			14			3			(66	)		(16	)		(10	)		6		16		33			15			-		-
Inventory		-		-		-			-			-			-			-			-			-		-		598			356			-		-
Prepaid expenses and other current assets		47		166		23			156			240			289			29			112			41		140		220			96			241		463
Total Current Assets		1,480		1,422		1,770			1,761			1,792			1,411			2,061			3,112			506		1,373		2,565			2,606			260		474
Vessels and other property, less accumulated depreciation		22,496		20,828		42,556			38,094			1,040			783			34,297			14,566			21,356		19,719		32,130			30,336			-		-
Deferred drydock expenditures, net		1,887		1,230		1,389			930			(0	)		871			1,564			1,452			1,279		851		(2	)		13			-		-
Total Vessels, Deferred Drydock and Other Property		24,384		22,058		43,945			39,025			1,040			1,654			35,861			16,018			22,635		20,570		32,128			30,349			-		-
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		9,979		9,979		10,555			10,555			5,840			5,840			17,433			17,433			8,513		8,105		19,977			19,977			8,855		8,855
Pre-petition Intercompany receivables from non-debtors		1		1		-			-			-			-			0			0			-		-		2			2			-		-
Post-petition intercompany receivables from non-debtors		-		-		-			-			-			-			-			-			-		-		-			-			-		-
Post-petition Intercompany receivables from debtors		-		2,875		-			832			-			-			-			4,889			-		2,138		-			3,718			-		-
Other Assets		66		142		(37	)		(14	)		15			(8	)		(12	)		(5	)		37		119		-			(20	)		-		-
Total Assets	$	35,909	$	36,476	$	57,109		$	53,033		$	8,687		$	9,196		$	56,046		$	42,150		$	31,690	$	32,305	$	54,673		$	56,631		$	9,116	$	9,329
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		220		55		1,282			82			44			46			57			273			743		245		148			260			240		-
Total Current Liabilities Not Subject to Compromise		220		55		1,282			82			44			46			57			273			743		245		148			260			240		-
Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-		-		-			-			-			-			-			-			-		-		-			-			-		-
Post-petition intercompany payables to non-debtors		-		-		-			629			-			-			-			-			-		-		-			-			-		-
Post-petition intercompany payables to other debtors		-		-		-			-			-			1,192			-			-			-		-		-			-			-		496
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-		-		-			-			-			-			-			-			-		-		-			-			-		-
Deferred Income Taxes and Other Liabilities		-		-		-			-			-			-			-			-			-		-		-			-			-		-
Total Liabilities Not Subject to Compromise		220		55		1,282			711			44			1,237			57			273			743		245		148			260			240		496
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-		-		6,111			6,111			-			-			-			-			-		-		-			-			-		-
Pre-petition intercompany payables to non-debtors		34,974		34,973		19,866			19,877			12,130			12,130			5,014			5,014			5,769		5,769		17,088			17,088			8,852		8,852
Pre-petition intercompany payables to other debtors		16		16		38			38			0			0			9,736			9,736			80		80		7			7			-		-
Other liabilities		-		0		36,851			36,628			-			13,781			-			-			-		-		-			-			-		-
Total  Liabilities Subject to Compromise		34,990		34,989		62,866			62,653			12,130			25,911			14,750			14,750			5,849		5,849		17,095			17,095			8,852		8,852
Total Liabilities		35,210		35,043		64,147			63,364			12,174			27,149			14,807			15,024			6,592		6,094		17,243			17,354			9,091		9,348
(Deficit)/Equity:
Total Equity/(Deficit)		699		1,433		(7,038	)		(10,331	)		(3,487	)		(17,953	)		41,238			27,126			25,098		26,212		37,429			39,277			24		(19	)
Total Liabilities and (Deficit)/Equity	$	35,909	$	36,476	$	57,109		$	53,033		$	8,687		$	9,196		$	56,046		$	42,150		$	31,690	$	32,305	$	54,673		$	56,631		$	9,116	$	9,329

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 155 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Suezmax International Agencies, Inc.						Talara Chartering Corporation						Third United Shipping Corporation				Tokyo Transport Corp.						Transbulk Carriers, Inc.				Troy Chartering Corporation						Troy Product Corporation
(000's)	November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-		$	-		$	-	$	-	$	-		$	-		$	-	$	-	$	-		$	-		$	-	$	-
Voyage receivables		14,133			278			1,692			(190	)		-		-		3,339			5,439			-		-		173			3			-		-
Other receivables, including income taxes recoverable		522			63			26			703			-		-		18			20			-		-		13			29			-		-
Inventory		-			-			-			-			-		-		-			-			-		-		-			-			-		-
Prepaid expenses and other current assets		1,416			(0	)		639			1			-		-		92			350			-		-		344			(2	)		-		-
Total Current Assets		16,071			341			2,357			515			-		-		3,449			5,809			-		-		531			29			-		-
Vessels and other property, less accumulated depreciation		-			-			1,068			-			-		-		50,753			46,950			-		-		1,101			-			-		-
Deferred drydock expenditures, net		-			-			-			-			-		-		1,950			1,298			-		-		-			-			-		-
Total Vessels, Deferred Drydock and Other Property		-			-			1,068			-			-		-		52,703			48,249			-		-		1,101			-			-		-
Investments in Affiliated Companies		2,864			-			542			-			-		-		-			-			-		-		-			-			-		-
Intangible Assets, less accumulated amortization		-			-			-			-			-		-		-			-			-		-		-			-			-		-
Goodwill		-			-			-			-			-		-		-			-			-		-		-			-			-		-
Investments in subsidiaries		-			-			-			-			105,125		105,125		-			-			-		-		-			-			-		-
Intercompany loans receivable and accrued interest		-			-			-			-			-		-		-			-			-		-		-			-			-		-
Pre-petition intercompany receivables from debtors		35,592			35,592			11,095			11,095			-		-		10,324			10,324			295		295		30,356			30,356			58,765		58,765
Pre-petition Intercompany receivables from non-debtors		486			486			-			-			-		-		-			-			-		-		-			-			-		-
Post-petition intercompany receivables from non-debtors		-			-			-			-			-		-		-			-			-		-		-			-			-		-
Post-petition Intercompany receivables from debtors		-			13,070			-			1,697			-		-		-			4,593			-		-		-			-			-		-
Other Assets		-			-			(20	)		-			-		-		(6	)		(5	)		-		-		(35	)		-			-		-
Total Assets	$	55,012		$	49,488		$	15,042		$	13,306		$	105,125	$	105,125	$	66,470		$	68,969		$	295	$	295	$	31,953		$	30,385		$	58,765	$	58,765
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		616			257			53			(0	)		-		-		326			113			-		-		68			542			-		-
Total Current Liabilities Not Subject to Compromise		616			257			53			(0	)		-		-		326			113			-		-		68			542			-		-
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		-			771			-			-			-		-		-			-			-		-		-			138			-		-
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			633			-			-		-		-			-			-		-		708			-			-		-
Deferred Income Taxes and Other Liabilities		563			-			-			-			-		-		-			-			-		-		-			-			-		-
Total Liabilities Not Subject to Compromise		1,179			1,029			686			(0	)		-		-		326			113			-		-		776			680			-		-
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		978			-			-			-			-		-		-			-			-		-		-			-			-		-
Pre-petition intercompany payables to non-debtors		54,430			54,430			21,873			21,873			-		-		8,479			8,479			-		-		42,724			42,724			58,345		58,345
Pre-petition intercompany payables to other debtors		2,592			2,592			1			1			-		-		16			16			211		211		4,372			4,372			-		-
Other liabilities		-			-			-			35,588			-		-		-			-			-		-		-			36,729			-		-
Total  Liabilities Subject to Compromise		58,000			57,022			21,874			57,462			-		-		8,494			8,495			211		211		47,096			83,825			58,345		58,345
Total Liabilities		59,179			58,051			22,560			57,462			-		-		8,821			8,607			211		211		47,872			84,505			58,345		58,345
(Deficit)/Equity:
Total Equity/(Deficit)		(4,167	)		(8,563	)		(7,518	)		(44,156	)		105,125		105,125		57,649			60,362			85		85		(15,919	)		(54,120	)		420		420
Total Liabilities and (Deficit)/Equity	$	55,012		$	49,488		$	15,042		$	13,306		$	105,125	$	105,125	$	66,470		$	68,969		$	295	$	295	$	31,953		$	30,385		$	58,765	$	58,765

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 156 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Urban Tanker Corporation						Vega Tanker Corporation					View Tanker Corporation						Vivian Tankships Corporation				Vulpecula Chartering Corporation						Wind Aframax Tanker Corporation				Combined Debtors
(000's)	November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014		November 13, 2012		March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	-	$	-		$	-		$	-		$	-	$	-	$	-		$	-		$	-	$	-	$	398,725	$	600,232
Voyage receivables		1,574			1,212			-		-			2,869			2,917			-		-		753			5			-		-		168,830		142,906
Other receivables, including income taxes recoverable		-			-			13		(1	)		-			-			-		-		2			-			10		-		48,974		25,453
Inventory		-			-			-		-			-			503			-		-		169			-			-		-		14,150		17,209
Prepaid expenses and other current assets		243			221			-		-			186			350			-		-		272			-			-		-		46,596		36,062
Total Current Assets		1,817			1,433			13		(1	)		3,055			3,770			-		-		1,196			5			10		-		677,274		821,861
Vessels and other property, less accumulated depreciation		-			-			-		-			-			-			-		-		-			-			-		-		3,147,915		2,342,667
Deferred drydock expenditures, net		-			-			-		-			-			-			-		-		-			-			-		-		73,898		54,065
Total Vessels, Deferred Drydock and Other Property		-			-			-		-			-			-			-		-		-			-			-		-		3,221,813		2,396,733
Investments in Affiliated Companies		300			300			-		-			-			-			-		-		-			-			-		-		247,664		325,777
Intangible Assets, less accumulated amortization		-			-			-		-			-			-			-		-		-			-			-		-		72,413		58,778
Goodwill		-			-			-		-			-			-			-		-		-			-			-		-		9,668		-
Investments in subsidiaries		-			-			-		-			-			-			-		-		-			-			-		-		5,432,119		5,470,783
Intercompany loans receivable and accrued interest		-			-			-		-			-			-			-		-		-			-			-		-		448,108		440,712
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			51		51		5,843,696		5,878,546
Pre-petition Intercompany receivables from non-debtors		-			-			-		-			-			-			-		-		188			188			-		-		2,233,518		2,244,406
Post-petition intercompany receivables from non-debtors		-			-			-		-			-			-			-		-		-			-			-		-		-		19,124
Post-petition Intercompany receivables from debtors		-			835			-		-			-			-			-		-		-			623			-		-		-		687,315
Other Assets		(9	)		-			87		-			54			(13	)		-		-		-			-			-		-		16,704		27,925
Total Assets	$	21,448		$	21,908		$	5,179	$	5,079		$	10,432		$	11,080		$	21,117	$	21,117	$	25,757		$	25,189		$	61	$	51	$	18,202,977	$	18,371,958
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		27			3			20		-			764			1,011			-		-		549			4			0		-		73,627		351,314
Total Current Liabilities Not Subject to Compromise		27			3			20		-			764			1,011			-		-		549			4			0		-		73,627		351,314
Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			-			-		-			-			-			-		-		-			-			-		-		-		148,362
Post-petition intercompany payables to non-debtors		-			-			-		-			-			-			-		-		-			-			-		-		-		52,794
Post-petition intercompany payables to other debtors		-			-			-		-			-			92			-		-		-			-			-		-		-		687,314
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			-		-			-			-			-		-		-			-			-		-		5,457		-
Deferred Income Taxes and Other Liabilities		500			-			-		-			511			-			-		-		-			-			-		-		752,534		436,893
Total Liabilities Not Subject to Compromise		526			3			20		-			1,275			1,102			-		-		549			4			0		-		831,618		1,676,677
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		-			-			-		-			-			-			-		-		-			-			-		-		376,324		250,180
Pre-petition intercompany payables to non-debtors		23,602			23,602			9		9			11,439			11,439			-		-		24,937			24,937			-		-		2,142,541		2,136,587
Pre-petition intercompany payables to other debtors		3			3			2,127		2,127			1			1			14,490		14,490		681			681			-		-		5,843,696		5,878,546
Other liabilities		-			4,870			-		-			-			3,937			-		-		-			4,350			-		-		2,623,588		2,882,309
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			-		-		10,986,149		11,147,622
Total Liabilities		24,131			28,477			2,156		2,136			12,715			16,479			14,490		14,490		26,167			29,972			0		-		11,817,768		12,824,299
(Deficit)/Equity:
Total Equity/(Deficit)		(2,683	)		(6,568	)		3,023		2,943			(2,283	)		(5,399	)		6,627		6,627		(410	)		(4,783	)		61		51		6,385,210		5,547,659
Total Liabilities and (Deficit)/Equity	$	21,448		$	21,908		$	5,179	$	5,079		$	10,432		$	11,080		$	21,117	$	21,117	$	25,757		$	25,189		$	61	$	51	$	18,202,977	$	18,371,958

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 157 of 158

Appendix C

Overseas Shipholding Group, Inc.

Unaudited Condensed Consolidating Balance Sheets

As of November 13, 2012 and March 31, 2014

	Eliminations						Consolidated Debtors					Total Non-debtors						Eliminations						Consolidated Overseas Shipholding Group, Inc.
(000's)	November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012			March 31, 2014			November 13, 2012		March 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-		$	398,725	$	600,232		$	79,248		$	38,445		$	-		$	-		$	477,973	$	638,677
Voyage receivables		-			(1	)		168,830		142,905			2,923			1,035			-			1			171,753		143,941
Other receivables, including income taxes recoverable		-			-			48,974		25,453			10,321			7,141			-			(5,611	)		59,295		26,983
Inventory		-			-			14,150		17,209			-			-			-			-			14,150		17,209
Prepaid expenses and other current assets		-			-			46,596		36,062			40			528			-			(3,388	)		46,636		33,202
Total Current Assets		-			(1	)		677,274		821,861			92,533			47,149			-			(8,998	)		769,807		860,012
Vessels and other property, less accumulated depreciation		1			1			3,147,915		2,342,668			(12,092	)		(11,214	)		-			1			3,135,823		2,331,454
Deferred drydock expenditures, net		-			-			73,898		54,065			-			-			-			-			73,898		54,065
Total Vessels, Deferred Drydock and Other Property		1			1			3,221,813		2,396,733			(12,092	)		(11,214	)		-			1			3,209,721		2,385,519
Investments in Affiliated Companies		-			-			247,664		325,777			300			-			-			-			247,964		325,777
Intangible Assets, less accumulated amortization		-			-			72,413		58,778			242			218			-			-			72,655		58,996
Goodwill		-			-			9,668		-			(79	)		-			-			-			9,589		-
Investments in subsidiaries		(5,284,205	)		(5,322,862	)		147,914		147,921			-			-			(147,914	)		(147,921	)		-		-
Intercompany loans receivable and accrued interest		(359,840	)		(382,224	)		88,268		58,488			16,484			16,318			(104,752	)		(74,806	)		-		-
Pre-petition intercompany receivables from debtors		(5,843,696	)		(5,878,546	)		-		-			2,142,541			2,136,587			(2,142,541	)		(2,136,587	)		-		-
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		-			-			-		19,124			-			-			-			(19,124	)		-		-
Post-petition Intercompany receivables from debtors		-			(687,315	)		-		-			-			52,794			-			(52,794	)		-		-
Other Assets		30			26			16,734		27,951			(271	)		81			-			3			16,464		28,035
Total Assets	$	(11,487,710	)	$	(12,270,920	)	$	6,715,267	$	6,101,039		$	2,239,657		$	2,241,934		$	(4,628,725	)	$	(4,684,632	)	$	4,326,200	$	3,658,339
LIABILITIES AND (DEFICIT)/EQUITY
Current Liabilities Not Subject to Compromise:
Accounts payable, accrued expenses and other current liabilities		62			62			73,689		351,374			19,478			36,807			-			(8,998	)		93,170		379,183
Total Current Liabilities Not Subject to Compromise		62			62			73,689		351,374			19,478			36,807			-			(8,998	)		93,170		379,183
Noncurrent Liabilities Not Subject to Compromise:
Intercompany loans payable and accrued interest		-			(148,362	)		-		-			88,268			58,488			(88,268	)		(58,488	)		-		-
Post-petition intercompany payables to non-debtors		-			(4	)		-		52,790			-			-			-			(52,790	)		-		-
Post-petition intercompany payables to other debtors		-			(687,315	)		-		(0	)		2,233,518			2,263,530			(2,233,518	)		(2,263,530	)		-		(0	)
Deferred Gain/(loss) on Sale and Leaseback of Vessels		-			-			5,457		-			-			-			-			-			5,457		-
Deferred Income Taxes and Other Liabilities		-			-			752,534		436,894			6,201			11,285			-			(1	)		758,736		448,179
Total Liabilities Not Subject to Compromise		62			(835,618	)		831,680		841,058			2,347,466			2,370,110			(2,321,786	)		(2,383,807	)		857,363		827,362
Liabilities Subject to Compromise:
Pre-petition intercompany loans payable and accrued interest		(359,840	)		(233,862	)		16,484		16,319			-			-			(16,484	)		(16,319	)		-		-
Pre-petition intercompany payables to non-debtors		-			-			2,142,541		2,136,587			-			-			(2,142,541	)		(2,136,587	)		-		-
Pre-petition intercompany payables to other debtors		(5,843,696	)		(5,878,546	)		-		(0	)		-			-			-			0			-		-
Other liabilities		-			1			2,623,588		2,882,309			-			-			-			-			2,623,588		2,882,309
Total  Liabilities Subject to Compromise		(6,203,536	)		(6,112,408	)		4,782,613		5,035,215			-			-			(2,159,025	)		(2,152,906	)		2,623,588		2,882,309
Total Liabilities		(6,203,474	)		(6,948,026	)		5,614,294		5,876,273			2,347,466			2,370,110			(4,480,811	)		(4,536,713	)		3,480,951		3,709,671
(Deficit)/Equity:
Total Equity/(Deficit)		(5,284,236	)		(5,322,893	)		1,100,973		224,766			(107,809	)		(128,176	)		(147,914	)		(147,921	)		845,249		(51,332	)
Total Liabilities and (Deficit)/Equity	$	(11,487,710	)	$	(12,270,920	)	$	6,715,267	$	6,101,039		$	2,239,657		$	2,241,934		$	(4,628,725	)	$	(4,684,634	)	$	4,326,200	$	3,658,339

Preliminary and Unaudited See Notes to Unaudited Condensed Consolidating Statements of Operations and Balance Sheets Page 158 of 158