Overseas Shipholding Group, Inc. (NYSE:OSG) Q4 2023 Earnings Conference Call March 11, 2024 9:30 AM ET

Company Participants

Sam Norton - President & Chief Executive Officer

Dick Trueblood - Chief Financial Officer

Conference Call Participants

Ryan Vaughan - Needham

Operator

Good morning, everyone, and welcome to the Q4 2023 Overseas Shipholding Group, Inc. Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please also note, today's event is being recorded.

At this time, I'd like to turn the floor over to Sam Norton, President and CEO of Overseas Shipholding Group. Sir, please go ahead.

Sam Norton

Thank you, Jamie. Welcome, and thank you for joining our presentation of OSG's fourth quarter and full year 2023 financial results and for allowing us to provide commentary on those results and additional color as to the current state of our business and the opportunities and challenges that lie ahead. As usual, I am joined in this presentation by our CFO, Dick Trueblood.

To start, I would like to direct everyone to the narrative on Pages 2 and 3 of the PowerPoint presentation available on our website regarding forward-looking statements, estimates and other information that may be provided during the course of this call. The contents of that narrative are an important part of this presentation, and I urge everyone to read and consider them carefully.

We will be offering you more than just a historical perspective on OSG today, and our presentation includes forward-looking statements, including statements about anticipated future results. These statements are subject to uncertainties and risks. Actual results may differ materially from those contemplated by our forward-looking statements and could be affected by a variety of factors, including factors beyond our control.

For a discussion of these factors, we refer you to our SEC filings, particularly our Form 10-K for 2023, which we anticipate filing later today, and which can be found at the SEC's Internet site, www.sec.gov, as well as our own website, www.osg.com. Forward-looking statements in this presentation speak only as of today, and we do not assume any obligation to update any forward-looking statements, except as may legally be required.

In addition, our presentation today includes certain non-GAAP financial measures, which we define and reconcile to the most closely comparable GAAP measure in our earnings release, which is posted on our website.

Before discussing our 2023 performance and offering a perspective on how we see 2024 shaping up, I would like to comment briefly on the unsolicited non-binding indication of interest submitted to our Board by Saltchuk Resources to acquire the OSG shares it does not already own for $6.25 per share in cash. As we have previously disclosed, our Board is carefully considering Saltchuk's indication of interest in consultation with our outside financial and legal advisors and is committed to acting in the best interest of our stockholders. Because the Board's work is ongoing, we do not intend to comment further on this matter during this call or to respond to questions regarding Saltchuk's indication of interest or the possibility of any potential transaction. We respectfully ask that your questions be focused on the company's financial results and ongoing business activities.