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Overseas Shipholding Group (OSG)
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OSG » Topics » NOTE E-VESSELS AND OTHER PROPERTY:

This excerpt taken from the OSG 10-K filed Mar 1, 2007.

NOTE E—VESSELS AND OTHER PROPERTY:

Vessels and other property consist of the following:

In thousands at December 31,
  2006
  2005
Vessels, at cost   $2,659,685   $2,643,114
Construction in progress   192,035   —
Other property, at cost   41,530   29,254
    2,893,250   2,672,368
Accumulated depreciation and amortization   (391,404)   (383,887)
    $2,501,846   $2,288,481

As of December 31, 2006, the Company had remaining commitments of $528,658,000 on non-cancelable contracts for the construction, or rebuilding, of 11 vessels (four Aframaxes, two Handysize Product Carriers and five ATBs, including contracts for the double hulling of two existing ATBs) scheduled for delivery between February 2007 and May 2010.

The Company has entered into agreements to sell two of the above Aframax newbuildings upon each vessel's delivery from the shipyard, at prices that should approximate each vessel's delivered cost. These two newbuildings will then be chartered back for periods of ten and twelve years. One of such agreements provides the Company with certain purchase options.

This excerpt taken from the OSG 10-K filed Mar 1, 2006.

Note E—Vessels and Other Property:

Vessels and other property consist of the following:

In thousands at December 31,

 

 

 

2005

 

2004

 

Vessels, at cost

 

$

2,643,114

 

$

1,874,614

 

Other property, at cost

 

29,254

 

15,040

 

 

 

2,672,368

 

1,889,654

 

Accumulated depreciation and amortization

 

(383,887

)

(469,893

)

 

 

$

2,288,481

 

$

1,419,761

 

 

EXCERPTS ON THIS PAGE:

10-K
Mar 1, 2007
10-K
Mar 1, 2006

RELATED TOPICS for OSG:

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