Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 06, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | OVERSEAS SHIPHOLDING GROUP INC | |
Entity Central Index Key | 0000075208 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 85,668,793 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 53,437 | $ 80,417 |
Restricted cash | 59 | 59 |
Voyage receivables, including unbilled of $6,041 and $10,160 | 11,400 | 16,096 |
Income tax receivable | 476 | 439 |
Other receivables | 3,020 | 3,027 |
Prepaid expenses | 1,492 | 9,886 |
Inventories and other current assets | 2,656 | 2,456 |
Total Current Assets | 72,540 | 112,380 |
Vessels and other property, less accumulated depreciation | 638,121 | 597,659 |
Deferred drydock expenditures, net | 30,041 | 26,099 |
Total Vessels, Other Property and Deferred Drydock | 668,162 | 623,758 |
Restricted cash - non current | 140 | 165 |
Investments in and advances to affiliated companies | 116 | 3,585 |
Intangible assets, less accumulated amortization | 34,117 | 36,417 |
Operating lease right-of-use assets | 229,265 | |
Other assets | 52,377 | 51,425 |
Total Assets | 1,056,717 | 827,730 |
Current Liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 24,061 | 34,678 |
Current portion of operating lease liabilities | 81,586 | |
Finance Lease, Liability, Current | 3,929 | |
Current installments of long-term debt | 27,289 | 23,240 |
Total Current Liabilities | 136,865 | 57,918 |
Reserve for uncertain tax positions | 218 | 220 |
Noncurrent operating lease liabilities | 163,029 | |
Finance Lease, Liability, Noncurrent | 24,677 | |
Long-term debt | 306,308 | 322,295 |
Deferred income taxes, net | 72,238 | 73,365 |
Other liabilities | 20,569 | 44,464 |
Total Liabilities | 723,904 | 498,262 |
Equity: | ||
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 85,651,060 and 84,834,790 shares issued and outstanding) | 857 | 848 |
Paid-in additional capital | 589,535 | 587,826 |
Accumulated deficit | (250,555) | (252,014) |
Stockholders Equity Subtotal | 339,837 | 336,660 |
Accumulated other comprehensive loss | (7,024) | (7,192) |
Total Equity | 332,813 | 329,468 |
Total Liabilities and Equity | $ 1,056,717 | $ 827,730 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Unbilled contracts receivable | $ 6,041 | $ 10,160 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 166,666,666 | 166,666,666 |
Common stock, shares issued (in shares) | 85,651,060 | 84,834,790 |
Common stock, shares outstanding (in shares) | 85,651,060 | 84,834,790 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Shipping Revenues: | ||||
Time and bareboat charter revenues | $ 62,007 | $ 54,543 | $ 125,127 | $ 108,437 |
Voyage charter revenues | 26,452 | 40,824 | 51,070 | 87,959 |
Shipping revenues | 88,459 | 95,367 | 176,197 | 196,396 |
Operating Expenses: | ||||
Voyage expenses | 6,353 | 9,402 | 11,337 | 21,654 |
Vessel expenses | 32,520 | 33,656 | 64,967 | 67,160 |
Charter hire expenses | 22,581 | 22,768 | 44,879 | 45,315 |
Depreciation and amortization | 13,084 | 12,426 | 25,561 | 24,798 |
General and administrative | 5,957 | 6,576 | 11,633 | 13,359 |
Bad debt expense | 4,300 | 4,300 | ||
(Gain)/loss on disposal of vessels and other property, including impairments | (66) | 0 | 51 | 0 |
Total operating expenses | 84,729 | 84,828 | 162,728 | 172,286 |
Income from vessel operations | 3,730 | 10,539 | 13,469 | 24,110 |
Equity in income/(loss) of affiliated companies | 68 | (10) | 68 | (10) |
Operating income | 3,798 | 10,529 | 13,537 | 24,100 |
Other income/(expense) | 262 | 385 | 617 | (246) |
Income before interest expense, reorganization items and income taxes | 4,060 | 10,914 | 14,154 | 23,854 |
Interest expense | (6,571) | (7,497) | (13,077) | (15,573) |
Income before income taxes | (2,511) | 3,417 | 1,077 | 8,281 |
Income tax provision | 773 | (362) | 381 | (1,564) |
Net income | $ (1,738) | $ 3,055 | $ 1,458 | $ 6,717 |
Weighted Average Number of Common Shares Outstanding: | ||||
Basic - Class A (in shares) | 89,245,696 | 88,367,302 | 89,125,986 | 88,237,093 |
Diluted - Class A (in shares) | 89,245,696 | 89,198,996 | 89,507,860 | 88,910,518 |
Per Share Amounts: | ||||
Basic and diluted net income - Class A (in dollars per share) | $ (0.02) | $ 0.03 | $ 0.02 | $ 0.08 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ (1,738) | $ 3,055 | $ 1,458 | $ 6,717 |
Other comprehensive income, net of tax: | ||||
Net change in unrealized gains on cash flow hedges | 0 | 0 | 0 | 112 |
Defined benefit pension and other postretirement benefit plans: | ||||
Net change in unrecognized prior service costs | (17) | (39) | (33) | (70) |
Net change in unrecognized actuarial losses | 102 | 166 | 201 | 300 |
Other comprehensive income | 85 | 127 | 168 | 342 |
Comprehensive income | $ (1,653) | $ 3,182 | $ 1,626 | $ 7,059 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net income | $ 1,458 | $ 6,717 |
Items included in net income not affecting cash flows: | ||
Depreciation and amortization | 25,561 | 24,798 |
Bad debt expense | 4,300 | |
(Gain)/loss on disposal of vessels and other property, including impairments | 51 | 0 |
Amortization of debt discount and other deferred financing costs | 1,023 | 2,099 |
Compensation relating to restricted stock awards and stock option grants | 763 | 1,497 |
Deferred income tax provision | (1,047) | 1,057 |
Interest on finance lease liabilities | 410 | |
Other – net | 461 | 1,110 |
Distributed earnings of affiliated companies | 3,470 | 3,747 |
Payments for drydocking | (9,383) | (4,107) |
Operating lease right-of-use assets | 44,344 | |
Operating lease liabilities | (45,316) | |
Changes in operating assets and liabilities | (6,337) | 2,603 |
Loss on extinguishment of debt, net | 48 | 981 |
Net cash provided by operating activities | 19,806 | 40,502 |
Cash Flows from Investing Activities: | ||
Proceeds from disposals of vessels and other property | 2,197 | |
Expenditures for vessels and vessel improvements | (34,722) | 0 |
Expenditures for other property | (638) | (22) |
Net cash used in investing activities | (33,163) | (22) |
Cash Flows from Financing Activities: | ||
Payments on principal portion of finance lease liabilities | (798) | |
Payments on debt | (10,417) | (28,166) |
Extinguishment of debt | (2,139) | (47,000) |
Tax withholding on share-based awards | (294) | (359) |
Net cash used in financing activities | (13,648) | (75,525) |
Net decrease in cash, cash equivalents and restricted cash | (27,005) | (35,045) |
Cash, cash equivalents and restricted cash at beginning of period | 80,641 | 166,269 |
Cash, cash equivalents and restricted cash at end of period | $ 53,636 | $ 131,224 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Class A Warrant | Common Stock | [1] | Paid-in Additional Capital | [2] | Accumulated Deficit | Accumulated Other Comprehensive Loss | [3] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Adoption of accounting standard | $ (1,228) | $ (1,228) | |||||||
Balance, beginning at Dec. 31, 2017 | 313,238 | $ 783 | $ 584,675 | (265,758) | $ (6,462) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 3,662 | 3,662 | |||||||
Other comprehensive income | 215 | 215 | |||||||
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | (359) | 4 | (363) | ||||||
Compensation related to Class A options granted and restricted stock awards | 1,731 | 1,731 | |||||||
Balance, ending at Mar. 31, 2018 | 317,259 | 787 | 586,043 | (263,324) | (6,247) | ||||
Balance, beginning at Dec. 31, 2017 | 313,238 | 783 | 584,675 | (265,758) | (6,462) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 6,717 | ||||||||
Other comprehensive income | 342 | ||||||||
Balance, ending at Jun. 30, 2018 | 320,832 | 807 | 586,414 | (260,269) | (6,120) | ||||
Balance, beginning at Mar. 31, 2018 | 317,259 | 787 | 586,043 | (263,324) | (6,247) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 3,055 | 3,055 | |||||||
Other comprehensive income | 127 | 127 | |||||||
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | 0 | 3 | (3) | ||||||
Compensation related to Class A options granted and restricted stock awards | 391 | 391 | |||||||
Conversion of Class A warrants to common stock | 0 | 17 | (17) | ||||||
Balance, ending at Jun. 30, 2018 | $ 320,832 | 807 | 586,414 | (260,269) | (6,120) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common stock, par value (in dollars per share) | $ 0.01 | ||||||||
Common stock, shares authorized (in shares) | 166,666,666 | ||||||||
Common stock, shares outstanding (in shares) | 84,834,790 | ||||||||
Balance, beginning at Dec. 31, 2018 | $ 329,468 | 848 | 587,826 | (252,014) | (7,192) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 3,197 | 3,197 | |||||||
Other comprehensive income | 83 | 83 | |||||||
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | (294) | 5 | (299) | ||||||
Compensation related to Class A options granted and restricted stock awards | 1,559 | 1,559 | |||||||
Balance, ending at Mar. 31, 2019 | 334,013 | 853 | 589,086 | (248,817) | (7,109) | ||||
Balance, beginning at Dec. 31, 2018 | 329,468 | 848 | 587,826 | (252,014) | (7,192) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 1,458 | ||||||||
Other comprehensive income | 168 | ||||||||
Balance, ending at Jun. 30, 2019 | 332,813 | 857 | 589,535 | (250,555) | (7,024) | ||||
Balance, beginning at Mar. 31, 2019 | 334,013 | 853 | 589,086 | (248,817) | (7,109) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | (1,738) | (1,738) | |||||||
Other comprehensive income | 85 | 85 | |||||||
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | (1) | 2 | (3) | ||||||
Compensation related to Class A options granted and restricted stock awards | 454 | 454 | |||||||
Conversion of Class A warrants to common stock | 0 | 2 | (2) | ||||||
Balance, ending at Jun. 30, 2019 | $ 332,813 | $ 857 | $ 589,535 | $ (250,555) | $ (7,024) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common stock, par value (in dollars per share) | $ 0.01 | ||||||||
Common stock, shares authorized (in shares) | 166,666,666 | ||||||||
Common stock, shares outstanding (in shares) | 85,651,060 | ||||||||
Warrants outstanding (in shares) | 19,569,286 | ||||||||
[1] | Par value $0.01 per share; 166,666,666 Class A shares authorized; 85,651,060 Class A shares outstanding as of June 30, 2019. | ||||||||
[2] | Includes 19,569,286 outstanding Class A warrants as of June 30, 2019. | ||||||||
[3] | Amounts are net of tax. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Overseas Shipholding Group, Inc., a Delaware corporation (the “Parent Company”), and its wholly owned subsidiaries (collectively, the “Company” or “OSG”, “we”, “us” or “our”). The Company owns and operates a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and refined petroleum products in the U.S. Flag trades. The Company manages the operations of its fleet through its wholly owned subsidiary, OSG Bulk Ships, Inc. (“OBS”), a New York corporation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by generally accepted accounting principles in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the results have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . The condensed consolidated balance sheet as of December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (“Form 10-K”). |
Recently Adopted and Issued Acc
Recently Adopted and Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Recently Adopted and Issued Accounting Standards | Recently Adopted and Issued Accounting Standards Recently Adopted Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases , which is included in the ASC in Topic 842. ASU 2016-02 is intended to improve transparency and comparability of lease accounting among organizations. For leases with terms greater than 12 months, the amendments require the lease rights and obligations arising from the leasing arrangements, including operating leases, to be recognized as assets and liabilities on the balance sheet. However, the effect on the statement of operations and the statement of cash flows is largely unchanged from current GAAP. The amendments also expand the required disclosures surrounding leasing arrangements. Subsequently, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842 , Leases , ASU No. 2018-11, Targeted Improvements , ASU No. 2018-20, Narrow-Scope Improvements for Lessors , and ASU 2019-01, Codification Improvements , to clarify and amend the guidance in ASU No. 2016-02. The Company adopted the standard using the modified retrospective approach effective January 1, 2019. The Company's lease portfolio is primarily comprised of vessels chartered-in and office space. As a result of adopting this standard, the Company recorded right-of-use assets of $264,546 and lease liabilities of $280,407 at January 1, 2019. The adoption of this standard did not impact the Company's accumulated deficit, consolidated statements of operations or consolidated statements of cash flows. The Company applied the package of practical expedients that allows companies not to reassess whether any expired or expiring contracts are or contain leases, lease classification for any expired or expiring leases and initial direct costs for any expired or expiring leases. Also, the Company made the accounting policy election to keep leases with a term of 12 months or less off the balance sheet. Finally, the Company implemented changes to processes and internal controls to meet the standard's updated reporting and disclosure requirements. See Note 10, “Leases,” for additional information. Recently Issued Accounting Standards In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans , which amends ASC 715 to add, remove and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The new guidance is effective for fiscal years ending after December 15, 2020 and is required to be applied on a retrospective basis to all periods presented. Early adoption is permitted. The Company plans to adopt this standard on January 1, 2021. The adoption of this standard is not expected to have a material effect on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements. The new guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Early adoption is permitted in interim periods, including periods for which financial statements have not been issued or financial statements have not been made available for issuance. The Company plans to adopt this standard on January 1, 2020. The adoption of this standard is not expected to have a material effect on the Company's consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which adds a new Topic 326 and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to maturity debt securities. Under current U.S. GAAP, entities generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require entities to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the entity expects to collect over the instrument’s contractual life. Subsequently, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326 , to clarify that receivables arising from operating leases are within the scope of lease accounting standards. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company plans to adopt the standards on January 1, 2020. Management is currently reviewing the impact of the adoption of this accounting standard on the Company's consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Shipping Revenues Time Charter Revenues The Company enters into time charter contracts under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of a vessel. The Company recognizes revenues from time charters as operating leases ratably over the noncancellable contract term. Customers generally pay voyage expenses such as fuel, canal tolls and port charges. The Company also provides the charterer with services such as technical management expenses and crew costs. While there are lease and service (non-lease) components related to time charter contracts, the predominant component of the contract is the charterer’s lease of the vessel. The non-lease components of the contract have the same timing and pattern of transfer as the underlying lease component; therefore, the Company applied the practical expedient to combine lease and non-lease components and recognizes revenue related to this service ratably over the life of the contract term. Voyage Charter Revenues The Company enters into voyage charter contracts, under which the customer pays a transportation charge, voyage freight, for the movement of a specific cargo between two or more specified ports. The Company's performance obligation under voyage charters, which consists of moving cargo from a load port to a discharge port, is satisfied over time. Accordingly, under ASC 606, the Company recognizes revenue from voyage charters ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. The transaction price is in the form of a fixed fee at contract inception, which is the transportation charge. Voyage charter contracts also include variable consideration primarily in the form of demurrage, which is additional revenue the Company receives for delays experienced in loading or unloading cargo that are not deemed to be the responsibility of the Company. The Company does not include demurrage in the transaction price for voyage charters as it is considered constrained since it is highly susceptible to factors outside the Company's influence. Examples of when demurrage is incurred include unforeseeable weather conditions and security regulations at ports. The uncertainty related to this variable consideration is resolved upon the completion of the voyage, the duration of which is generally less than 30 days . U.S. Maritime Security Program Two of the Company's reflagged U.S. Flag Product Carriers participate in the U.S. Maritime Security Program ("MSP"), which ensures that privately-owned, military-useful U.S. Flag vessels are available to the U.S. Department of Defense in the event of war or national emergency. The Company considers the MSP contract with the U.S. government a service arrangement under ASC 606. Under this arrangement, the Company receives an annual operating-differential subsidy pursuant to the Merchant Marine Act of 1936 for each participating vessel, subject in each case to annual congressional appropriations. The subsidy is intended to reimburse owners for the additional costs of operating U.S. Flag vessels; therefore, the Company has presented this subsidy as an offset to vessel expenses. Contracts of Affreightment The Company enters into contracts of affreightments (“COA”) to provide transportation services between specified points for a stated quantity of cargo over a specific time period, but without designating voyage schedules. The Company has COA arrangements to provide for lightering services and other arrangements based on number of voyages. These contracts are service contracts within the scope of ASC 606 for which the underlying performance obligation is satisfied as a series of distinct services over time. The Company’s contracts of affreightment include minimum purchase requirements from customers that are expressed in either fixed monthly barrels, annual minimum barrel volume requirements or annual minimum number of voyages to complete. The Company is required to transport and the charterer is required to provide the Company with a minimum volume requirement. These contract minimums represent fixed consideration within the contract which is recognized as the distinct services of delivering barrels or voyages are performed in the series over time. The Company will adjust revenue recognized for any minimum volume unexercised right. Contracts of affreightment provide the charterer with options to purchase additional transportation services above the minimum. If the option is not considered a material right, the Company recognizes revenue related to the optional services at the contractual rate as the product is transferred over time. If the option is considered a material right, the Company applies the practical alternative to allocate the transaction price to the material right. As a result, the Company may recognize revenue related to contracts of affreightment at an amount which is different than the invoiced amount if the Company’s estimated volume to be transported under the contract exceeds the contractual minimum. Contracts of affreightment also include variable consideration primarily related to demurrage. The Company does not include this variable consideration in the transaction price for these contracts as the consideration is constrained since the obligation to deliver this service is outside the control of the Company. The uncertainty related to this variable consideration is resolved with the customer over the course of the contract term as individual voyages discharge. Revenue generated by contracts of affreightment is included within voyage charter revenues on the consolidated statements of operations. At June 30, 2019, the Company had deferred revenue of $765 , which relates to consideration allocated to options granting a material right and is included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets. Disaggregated Revenue The Company has disaggregated revenue from contracts with customers into categories which depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Consequently, the disaggregation below is based on contract type. Since the terms within these contract types are generally standard in nature, the Company does not believe that further disaggregation would result in increased insight into the economic factors impacting revenue and cash flows. The following table shows the Company's shipping revenues disaggregated by nature of the charter arrangement for the three and six months ended June 30, 2019: Three Months Ended Six Months Ended 2019 2018 2019 2018 Time charter revenues $ 62,007 $ 54,543 $ 125,127 $ 108,437 Voyage charter revenues (1) 6,150 22,638 13,784 52,925 Contracts of affreightment revenues 20,302 18,186 37,286 35,034 Total shipping revenues $ 88,459 $ 95,367 $ 176,197 $ 196,396 (1) Voyage charter revenues include approximately $3,088 and $5,022 of revenue related to short-term time charter contracts for the three months ended June 30, 2019 and 2018 , respectively, and $3,858 and $6,291 for the six months ended June 30, 2019 and 2018 , respectively. Voyage Receivables As of June 30, 2019 and December 31, 2018, contract balances from contracts with customers consisted of voyage receivables, including unbilled receivables, of $10,991 and $12,515 , respectively, net of allowance for doubtful accounts. For voyage charters, voyage freight is due to the Company upon completion of discharge at the last discharge port. For lightering contracts, the Company invoices the customer monthly based on either the actual barrels of cargo lightered or the monthly minimum volume requirement in the contract for services delivered over time. The Company routinely reviews its voyage receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Voyage receivables are deemed uncollectible and removed from accounts receivable and the allowance for doubtful accounts when collection efforts have been exhausted. Costs to Fulfill a Contract Under ASC 606, for voyage charters and contracts of affreightment, the Company capitalizes the direct costs, which are voyage expenses, of relocating the vessel to the load port to be amortized during transport of the cargo. At June 30, 2019 , the costs related to voyages that were not yet completed were not material. Additionally, these contracts include out-of-pocket expense (i.e. fuel, port charges, canal tolls) incurred by the Company in fulfilling its performance obligation, which are reimbursed by the charterer at cost. The reimbursement for these fulfillment costs have been included in the Company's estimated transaction price for the contract and recognized as revenue when performance obligations are satisfied. Transaction Price Allocated to the Remaining Performance Obligations As of June 30, 2019 , there was an aggregate amount of $26,565 of revenue under contracts of affreightment which the Company will be entitled to providing services in the future. The Company expects to recognize revenue of approximately $8,246 in 2019, $15,180 in 2020 and $3,795 in 2021 under these contracts. These estimated amounts relate to the fixed consideration of contractual minimums within the contracts based on the Company’s best estimate of future services and do not include consideration related to future purchase options which are uncertain. Practical Expedients and Exemptions The Company’s voyage charter contracts and some of the Company’s contracts of affreightment have an original expected duration of one year or less; therefore, the Company has elected to apply the practical expedient, which provides the Company with the ability to not disclose the portion of the transaction price allocated to the remaining performance obligations within these contracts. For voyage charters, the Company expenses broker commissions, which are costs of obtaining a contract, when incurred because the amortization period is less than one year or are otherwise amortized as the underlying performance obligation is satisfied. The Company records these costs within voyage expenses in the consolidated statements of operations. For contracts that were modified before the adoption date, the Company has not retrospectively restated the contract for those contract modifications. |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share Basic earnings per common share is computed by dividing earnings, after the deduction of dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. As management deemed the exercise price for the Class A warrants of $0.01 per share to be nominal, warrant proceeds are ignored and the shares issuable upon Class A warrant exercise are included in the calculation of basic weighted average common shares outstanding for all periods. The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units. Participating securities are defined by ASC 260, Earnings Per Share , as unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents and are included in the computation of earnings per share pursuant to the two-class method. Class A As of June 30, 2019 , there were 1,718,865 shares of Class A restricted stock units and 1,478,756 Class A stock options outstanding, which were considered to be potentially dilutive securities. As of June 30, 2018 , there were 893,215 shares of Class A restricted stock units and 866,011 Class A stock options outstanding, which were considered to be potentially dilutive securities. The components of the calculation of basic earnings per share and diluted earnings per share are as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Net (loss)/income $ (1,738 ) $ 3,055 $ 1,458 $ 6,717 Weighted average common shares outstanding: Class A common stock - basic 89,245,696 88,367,302 89,125,986 88,237,093 Class A common stock - diluted 89,245,696 89,198,996 89,507,860 88,910,518 For the six months ended June 30, 2019 , there were 381,874 dilutive equity awards outstanding, respectively. For the three and six months ended June 30, 2018 , there were 831,694 and 673,425 dilutive equity awards outstanding, respectively. Awards of 1,419,325 (which include restricted stock units and stock options) for the six months ended June 30, 2019 were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive. |
Fair Value Measurements, Deriva
Fair Value Measurements, Derivatives and Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Derivatives and Fair Value Disclosures | Fair Value Measurements and Fair Value Disclosures The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash— The carrying amounts reported in the condensed consolidated balance sheet for interest-bearing deposits approximate their fair value. Debt— The fair values of the Company’s publicly traded and non-public debt are estimated based on quoted market prices. ASC 820, Fair Value Measurements and Disclosures , relating to fair value measurements defines fair value and established a framework for measuring fair value. The ASC 820 fair value hierarchy distinguishes between market participant assumptions developed based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price. In addition, the fair value of assets and liabilities should include consideration of non-performance risk, which for the liabilities described below includes the Company's own credit risk. The levels of the fair value hierarchy established by ASC 820 are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Financial Instruments that are not Measured at Fair Value on a Recurring Basis The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: Carrying Value Fair Value Level 1 Level 2 June 30, 2019: Assets Cash (1) $ 53,636 $ 53,636 $ — Total $ 53,636 $ 53,636 $ — Liabilities Term loan agreement, due 2023 $ 305,729 $ — $ 311,663 Term loan agreement, due 2026 27,180 — 27,431 7.5% Election 2 notes due 2021 298 — 300 7.5% notes due 2024 390 — 389 Total $ 333,597 $ — $ 339,783 Carrying Value Fair Value Level 1 Level 2 December 31, 2018: Assets Cash (1) $ 80,641 $ 80,641 $ — Total $ 80,641 $ 80,641 $ — Liabilities Term loan agreement, due 2023 $ 317,472 $ — $ 325,000 Term loan agreement, due 2026 27,376 — 26,500 7.5% Election 2 notes due 2021 297 — 229 7.5% notes due 2024 390 — 296 Total $ 345,535 $ — $ 352,025 (1) Includes current and non-current restricted cash aggregating $199 and $224 at June 30, 2019 and December 31, 2018 , respectively. Restricted cash as of June 30, 2019 and December 31, 2018 was related to the Company's Unsecured Senior Notes. Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Vessel and Intangible Assets Impairments During the second quarter of 2019 , the Company considered whether events or changes in circumstances had occurred since December 31, 2018 that could indicate the carrying amounts of the vessels in the Company's fleet and the carrying value of the Company's intangible assets may not be recoverable as of June 30, 2019 . The Company concluded that no such events or changes in circumstances had occurred. |
Taxes
Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Taxes | Taxes For the three months ended June 30, 2019 and 2018 , the Company recorded an income tax benefit/(provision) of $773 and $(362) , respectively, which represented effective tax rates of 31% and 11% , respectively. For the six months ended June 30, 2019 and 2018, the Company recorded an income tax benefit/(provision) of $381 and $(1,564) , respectively, which represented effective tax rates of (35)% and 19% , respectively. The increase in the effective tax rate for the three months ended June 30, 2019 compared to the three months ended June 30, 2018 was substantially due to a reduction in the relative impact of tonnage tax benefits. The decrease in the effective tax rate for the six months ended June 30, 2019 compared to the six months ended June 30, 2018 was primarily due to the reduction of non-deductible expenses. The effective tax rate for the six months ended June 30, 2019 was less than the statutory rate due to the discrete tax benefit recorded in the first quarter and the tonnage tax exclusion. The effective tax rate for the six months ended June 30, 2018 was less than the statutory rate as a result of the non-taxability of income subject to the U.S. tonnage tax. The effective rate for the 2018 period was also adversely impacted by interest and executive compensation deduction limitations under the Tax Cuts and Jobs Act of 2017, which reduced the Company's allowable deductions in both cases. As of June 30, 2019 and December 31, 2018 , the Company recorded a non-current reserve for uncertain tax positions of $218 and $220 , respectively. |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties Equity Method Investment Investments in and advances to affiliated companies are comprised of the Company’s 37.5% interest in Alaska Tanker Company, LLC (“ATC”), which manages vessels carrying Alaskan crude for BP West Coast Products, LLC (“BP”). In the first quarter of 1999, OSG, BP, and Keystone Shipping Company formed ATC to manage the vessels carrying crude oil for BP. ATC provides marine transportation services in the environmentally sensitive Alaskan crude oil trade. Each member in ATC is entitled to receive its respective share of any incentive charter hire payable by BP to ATC. The Company has accounted for the investment in ATC as an equity–method investment because the Company does not individually retain the power to significantly impact the economic performance of ATC and the Company’s maximum exposure to losses in ATC is limited to its initial capital investment in ATC, which is not material. Guarantees INSW entered into guarantee arrangements in connection with the spin-off from OSG on November 30, 2016, in favor of Qatar Liquefied Gas Company Limited (2) (“LNG Charterer”) and relating to certain LNG Tanker Time Charter Party Agreements with the LNG Charterer and each of Overseas LNG H1 Corporation, Overseas LNG H2 Corporation, Overseas LNG S1 Corporation and Overseas LNG S2 Corporation (such agreements, the “LNG Charter Party Agreements,” and such guarantees, collectively, the “LNG Performance Guarantees”). OSG continues to provide a guarantee in favor of the LNG Charterer relating to the LNG Charter Party Agreements (such guarantees, the ‘‘OSG LNG Performance Guarantee’’). INSW will indemnify OSG for liabilities arising from the OSG LNG Performance Guarantees pursuant to the terms of the Separation and Distribution Agreement. The maximum potential liability associated with this guarantee is not estimable because obligations are only based on future non-performance events of charter arrangements. In connection with the OSG LNG Performance Guarantees, INSW will pay a $145 fee per year to OSG, which is subject to escalation after 2019 and will be terminated if OSG ceases to provide the OSG LNG Performance Guarantee. |
Capital Stock and Stock Compens
Capital Stock and Stock Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Capital Stock and Stock Compensation | Capital Stock and Stock Compensation Share and Warrant Repurchases During the six months ended June 30, 2019 , in connection with the vesting of restricted stock units (“RSUs”), the Company withheld 159,685 shares of Class A common stock at an average price of $1.84 per share (based on the market prices on the dates of vesting) from certain members of management to cover withholding taxes. Warrant Conversions During the six months ended June 30, 2019 , the Company issued 195,413 shares of Class A common stock as a result of the exercise of 1,034,368 Class A warrants. During the six months ended June 30, 2018 , the Company issued 1,725,801 shares of Class A common stock as a result of the exercise of 9,106,422 Class A warrants. Stock Compensation The Company accounts for stock compensation expense in accordance with the fair value based method required by ASC 718, Compensation – Stock Compensation . This method requires share-based payment transactions to be measured based on the fair value of the equity instruments issued. Director Compensation — Restricted Stock Units During the three and six months ended June 30, 2019 , the Company awarded 357,866 time-based RSUs to its non-employee directors. The grant date fair value of these awards was $1.78 per RSU. Each RSU represents a contingent right to receive one share of Class A common stock upon vesting. These RSUs vest in full on the first anniversary of the grant date, subject to each director continuing to provide services to the Company through such date. Management Compensation — Restricted Stock Units and Stock Options During the three and six months ended June 30, 2019 , the Company granted 0 and 552,598 RSUs to its employees, including senior officers, respectively. The grant date fair value of these awards was $2.02 per RSU. Each RSU represents a contingent right to receive one share of Class A common stock upon vesting. Each award of RSUs will vest in equal installments on each of the first three anniversaries of the grant date. In addition, during the three and six months ended June 30, 2019 , the Company awarded 0 and 329,121 shares of the Company's Class A common stock to one of its senior officers, respectively, which vested immediately. The average grant date fair value of these awards was $1.90 per share. During the three and six months ended June 30, 2019 , the Company awarded 0 and 352,258 performance-based RSUs to its senior officers, respectively. Each performance-based RSU represents a contingent right to receive RSUs based upon continuous employment through the end of a three -year performance period (the “Performance Period”) and will vest as follows: (i) one-half of the target RSUs will vest and become nonforfeitable subject to OSG’s return on invested capital (“ROIC”) performance in the three -year ROIC performance period relative to a target rate (the “ROIC Target”) set forth in the award agreements (the formula for ROIC is net operating profit after taxes divided by the net of total debt plus shareholders equity less cash); and (ii) one–half of the target RSUs will be subject to OSG’s three–year total shareholder return (“TSR Target”) performance relative to that of a performance index over a three–year TSR performance period. The index consists of companies that comprise a combination of the oil and gas storage and transportation and marine GICS sub-industries indexes during the Performance Period. Vesting is subject in each case to the Human Resources and Compensation Committee’s certification of achievement of the performance measures and targets. The ROIC Target RSU award and the TSR Target RSU award is subject to an increase up to a maximum of 176,129 target RSUs combined ( 528,387 RSUs in total) or decrease depending on performance against the applicable measure and targets. The ROIC performance goal is a performance condition which, as of June 30, 2019 , management believed was probable of being achieved. Accordingly, for financial reporting purposes, compensation costs have been recognized for these awards. The grant date fair value of the TSR based performance awards, which have a market condition, was determined to be $2.02 per RSU. During the three and six months ended June 30, 2019 , the Company awarded 0 and 612,745 stock options to one of its senior officers, which vested immediately. Each stock option represents an option to purchase one share of Class A common stock for an exercise price of $1.89 per share. The call option value of the options was $1.02 per option. Under the grant agreement, the stock options have a holding requirement until the earliest to occur of (i) a change in control; (ii) the separation from service date, in the event of a termination of the grantee's employment by the Company without cause or by the grantee for good reason and (iii) the third anniversary of the grant date. The stock options expire on the business day immediately preceding the tenth anniversary of the award date. If a stock option grantee’s employment is terminated for cause (as defined in the applicable Form of Grant Agreement), stock options (whether then vested or exercisable or not) will lapse and will not be exercisable. If a stock option grantee’s employment is terminated for reasons other than cause, the option recipient may exercise the vested portion of the stock option but only within such period of time ending on the earlier to occur of (i) the 90th day ending after the option holder’s employment terminated and (ii) the expiration of the options, provided that if the option holder’s employment terminates for death or disability the vested portion of the option may be exercised until the earlier of (i) the first anniversary of employment termination and (ii) the expiration date of the options. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2019 | |
AOCI Attributable to Parent [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: As of June 30, December 31, Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ (7,024 ) $ (7,192 ) Accumulated other comprehensive loss $ (7,024 ) $ (7,192 ) The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, during the three and six months ended June 30, 2019 and 2018 : Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) Balance as of March 31, 2019 $ (7,109 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income (23 ) Amounts reclassified from accumulated other comprehensive income 108 Total change in accumulated other comprehensive income 85 Balance as of Balance as of June 30, 2019 $ (7,024 ) Balance as of March 31, 2018 $ (6,247 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income 42 Amounts reclassified from accumulated other comprehensive income 85 Total change in accumulated other comprehensive income 127 Balance as of June 30, 2018 $ (6,120 ) Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) Total Balance as of December 31, 2018 $ — $ (7,192 ) $ (7,192 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — (48 ) (48 ) Amounts reclassified from accumulated other comprehensive income — 216 216 Total change in accumulated other comprehensive income — 168 168 Balance as of Balance as of June 30, 2019 $ — $ (7,024 ) $ (7,024 ) Balance as of December 31, 2017 $ (112 ) $ (6,350 ) $ (6,462 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income (69 ) 61 (8 ) Amounts reclassified from accumulated other comprehensive income 181 169 350 Total change in accumulated other comprehensive income 112 230 342 Balance as of Balance as of June 30, 2018 $ — $ (6,120 ) $ (6,120 ) The Company includes the service cost component for net periodic benefit cost/(income) in vessel expenses and general and administrative expenses and other components in other income/(expense) on the consolidated statements of operations. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases On January 1, 2019, the Company adopted ASC 842 applying the modified retrospective method. Results for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The Company's lease portfolio is comprised of vessels chartered-in, office space and equipment under agreements with contractual periods ranging from less than 1 year to 16 years . Many of the Company's leases contain one or more options to extend. The Company includes options that it is reasonably certain to exercise in its evaluation of the lease term after considering all relevant economic and financial factors. The impact of adopting this standard resulted in the recording of right-of-use assets of $264,546 and lease liabilities of $280,407 at January 1, 2019. The standard did not impact the Company's accumulated deficit, consolidated statements of operations or consolidated statements of cash flows. The Company calculates the initial lease liability as the present value of fixed payments, or in substance fixed payments, not yet paid and variable payments that are based on an index (e.g., CPI), measured at commencement. The Company's leases are discounted using its incremental borrowing rate adjusted for risk based on the length of the lease term because the rate implicit in the lease is not readily determinable. The Company applied the package of practical expedients that allows companies not to reassess whether any expired or expiring contracts are or contain leases, lease classification for any expired or expiring leases and initial direct costs for any expired or expiring leases. Also, the Company made the accounting policy election to keep leases with a term of 12 months or less off the balance sheet. Finally, the Company implemented changes to processes and internal controls to meet the standard's updated reporting and disclosure requirements. The Company's lease right-of-use assets and lease liabilities at June 30, 2019 were as follows: June 30, 2019 Operating leases Vessels chartered-in noncurrent operating lease assets $ 226,441 Office space noncurrent operating lease assets 2,824 Total noncurrent operating lease assets $ 229,265 Vessels chartered-in operating lease liabilities Current portion of operating lease liabilities $ 81,011 Noncurrent operating lease liabilities 160,835 241,846 Office space operating lease liabilities Current portion of operating lease liabilities 575 Noncurrent operating lease liabilities 2,194 2,769 Total operating lease liabilities $ 244,615 Finance lease Vessels and other property $ 28,993 Accumulated depreciation (566 ) Vessels and other property, less accumulated depreciation $ 28,427 Current portion of finance lease liabilities $ 3,929 Noncurrent finance lease liabilities 24,677 Total finance lease liabilities $ 28,606 Charters-in As of June 30, 2019 , the Company had commitments to charter-in 11 vessels, which are all bareboat charters. During the current quarter, the Company commenced a bareboat charter for the Overseas Key West for a lease term of 10 years . Based on the length of the lease term and the remaining economic life of the vessel, it is accounted for as a finance lease. The remaining 10 chartered-in vessels are accounted for as operating leases. The right-of-use asset accounted for as a finance lease arrangement is reported in vessels and other property, less accumulated depreciation on our consolidated balance sheets. The Company holds options for 10 of the vessels chartered-in that can be exercised for 1 , 3 or 5 years with the 1 -year option only usable once, while the 3 - and 5 -year options are available indefinitely. The lease payments for the charters-in are fixed throughout the option periods and the options are on a vessel-by-vessel basis that can be exercised individually. The Company exercised its option on one of its vessels to extend the term until June 2025. On December 10, 2018, the Company exercised its options to extend the terms of the other nine vessels. Terms for five of the vessels were extended for an additional three years, with terms ending in December 2022, and terms for four of the vessels were extended for an additional year, with terms ending December 2020. Five of the Company's chartered in vessels contain a deferred payment obligation (“DPO”) which relates to charter hire expense incurred by the Company in prior years and payable to the vessel owner in future periods. This DPO is due in quarterly installments with the final quarterly payment due upon lease termination. The future minimum commitments under these leases are as follows: At June 30, 2019 Operating Leases Finance Lease 2019 $ 38,564 $ 2,098 2020 89,503 4,172 2021 55,329 4,161 2022 71,819 4,161 2023 9,143 4,161 Thereafter 13,702 21,352 Net minimum lease payments 278,060 40,105 Less: present value discount 36,214 11,499 Total lease liabilities $ 241,846 $ 28,606 The bareboat charters-in provide for the payment of profit share to the owners of the vessels calculated in accordance with the respective charter agreements. Because such amounts and the periods impacted are not reasonably estimable, they are not currently reflected in the table above. Due to reserve funding requirements and current rate forecasts, no profits are currently expected to be paid to the owners in respect of the charter term through December 31, 2019 . For the three and six months ended June 30, 2019 , lease expense for the 10 chartered-in vessels accounted for as operating leases was $22,581 and $44,879 , respectively, which is included in charter hire expense on the consolidated statements of operations and operating cash flows on the consolidated statements of cash flows. The Company recognized sublease income of $43,293 and $87,721 for the three and six months ended June 30, 2019 , respectively. For the three and six months ended June 30, 2019, lease expense related to the Company's finance lease was $566 related to amortization of the right-of-use asset and $410 related to interest on the lease liability. These are included in operating cash flows on the consolidated statements of cash flows. Office space The Company has lease obligations for office space that generally require fixed annual rental payments and may also include escalation clauses and renewal options. The future minimum commitments under lease obligations for office space, which are operating leases, as of June 30, 2019 are as follows: At June 30, 2019 Amount 2019 $ 333 2020 630 2021 631 2022 649 2023 474 Thereafter 1,186 Net minimum lease payments 3,903 Less: present value discount 1,134 Total lease liabilities $ 2,769 For the three and six months ended June 30, 2019 , the rental expense for office space, which is included in general and administrative expenses on the consolidated statements of operations, was $160 and $320 , respectively. For the six months ended June 30, 2019, cash paid for office space rental was $326 , which is included in operating cash flows on the consolidated statements of cash flows. At June 30, 2019 , the weighted average remaining lease term for the Company's operating leases and finance lease was 3.58 years and 9.92 years , respectively, and the weighted average discount rate was 7.48% and 7.32% , respectively. Charters-out The Company enters into time charter contracts under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of a vessel. The Company recognizes revenues from time charters as operating leases ratably over the noncancelable contract term. Under certain time charter contracts, the Company receives variable lease payments based on a defined profit share arrangement, which are recognized as revenue in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. Customers generally pay voyage expenses such as fuel, canal tolls and port charges. The Company also provides the charterer with services such as technical management expenses and crew costs. Services are recognized ratably over the life of the contract term. The Company is the lessor under its time charter contracts. For time charters, the Company applied the practical expedient to combine the lease and non-lease components for these contracts. Total time charter revenue for the three and six months ended June 30, 2019 was equal to lease income from lease payments of $62,320 and $125,757 , respectively, less straight-line adjustments of $313 and $630 , respectively. The net book value of owned vessels on noncancelable time charters was equal to $211,957 at June 30, 2019 . The future minimum revenues, including rent escalations, which is equal to lease payments expected to be received over the noncancelable time charters term are as follows: At June 30, 2019 Amount 2019 $ 100,936 2020 42,032 2021 26,624 2022 30,675 2023 31,405 Thereafter 46,059 Net minimum lease receipts $ 277,731 Revenues from a time charter are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although it cannot be assured that such estimate will be reflective of the actual off-hire in the future. |
Leases | Leases On January 1, 2019, the Company adopted ASC 842 applying the modified retrospective method. Results for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The Company's lease portfolio is comprised of vessels chartered-in, office space and equipment under agreements with contractual periods ranging from less than 1 year to 16 years . Many of the Company's leases contain one or more options to extend. The Company includes options that it is reasonably certain to exercise in its evaluation of the lease term after considering all relevant economic and financial factors. The impact of adopting this standard resulted in the recording of right-of-use assets of $264,546 and lease liabilities of $280,407 at January 1, 2019. The standard did not impact the Company's accumulated deficit, consolidated statements of operations or consolidated statements of cash flows. The Company calculates the initial lease liability as the present value of fixed payments, or in substance fixed payments, not yet paid and variable payments that are based on an index (e.g., CPI), measured at commencement. The Company's leases are discounted using its incremental borrowing rate adjusted for risk based on the length of the lease term because the rate implicit in the lease is not readily determinable. The Company applied the package of practical expedients that allows companies not to reassess whether any expired or expiring contracts are or contain leases, lease classification for any expired or expiring leases and initial direct costs for any expired or expiring leases. Also, the Company made the accounting policy election to keep leases with a term of 12 months or less off the balance sheet. Finally, the Company implemented changes to processes and internal controls to meet the standard's updated reporting and disclosure requirements. The Company's lease right-of-use assets and lease liabilities at June 30, 2019 were as follows: June 30, 2019 Operating leases Vessels chartered-in noncurrent operating lease assets $ 226,441 Office space noncurrent operating lease assets 2,824 Total noncurrent operating lease assets $ 229,265 Vessels chartered-in operating lease liabilities Current portion of operating lease liabilities $ 81,011 Noncurrent operating lease liabilities 160,835 241,846 Office space operating lease liabilities Current portion of operating lease liabilities 575 Noncurrent operating lease liabilities 2,194 2,769 Total operating lease liabilities $ 244,615 Finance lease Vessels and other property $ 28,993 Accumulated depreciation (566 ) Vessels and other property, less accumulated depreciation $ 28,427 Current portion of finance lease liabilities $ 3,929 Noncurrent finance lease liabilities 24,677 Total finance lease liabilities $ 28,606 Charters-in As of June 30, 2019 , the Company had commitments to charter-in 11 vessels, which are all bareboat charters. During the current quarter, the Company commenced a bareboat charter for the Overseas Key West for a lease term of 10 years . Based on the length of the lease term and the remaining economic life of the vessel, it is accounted for as a finance lease. The remaining 10 chartered-in vessels are accounted for as operating leases. The right-of-use asset accounted for as a finance lease arrangement is reported in vessels and other property, less accumulated depreciation on our consolidated balance sheets. The Company holds options for 10 of the vessels chartered-in that can be exercised for 1 , 3 or 5 years with the 1 -year option only usable once, while the 3 - and 5 -year options are available indefinitely. The lease payments for the charters-in are fixed throughout the option periods and the options are on a vessel-by-vessel basis that can be exercised individually. The Company exercised its option on one of its vessels to extend the term until June 2025. On December 10, 2018, the Company exercised its options to extend the terms of the other nine vessels. Terms for five of the vessels were extended for an additional three years, with terms ending in December 2022, and terms for four of the vessels were extended for an additional year, with terms ending December 2020. Five of the Company's chartered in vessels contain a deferred payment obligation (“DPO”) which relates to charter hire expense incurred by the Company in prior years and payable to the vessel owner in future periods. This DPO is due in quarterly installments with the final quarterly payment due upon lease termination. The future minimum commitments under these leases are as follows: At June 30, 2019 Operating Leases Finance Lease 2019 $ 38,564 $ 2,098 2020 89,503 4,172 2021 55,329 4,161 2022 71,819 4,161 2023 9,143 4,161 Thereafter 13,702 21,352 Net minimum lease payments 278,060 40,105 Less: present value discount 36,214 11,499 Total lease liabilities $ 241,846 $ 28,606 The bareboat charters-in provide for the payment of profit share to the owners of the vessels calculated in accordance with the respective charter agreements. Because such amounts and the periods impacted are not reasonably estimable, they are not currently reflected in the table above. Due to reserve funding requirements and current rate forecasts, no profits are currently expected to be paid to the owners in respect of the charter term through December 31, 2019 . For the three and six months ended June 30, 2019 , lease expense for the 10 chartered-in vessels accounted for as operating leases was $22,581 and $44,879 , respectively, which is included in charter hire expense on the consolidated statements of operations and operating cash flows on the consolidated statements of cash flows. The Company recognized sublease income of $43,293 and $87,721 for the three and six months ended June 30, 2019 , respectively. For the three and six months ended June 30, 2019, lease expense related to the Company's finance lease was $566 related to amortization of the right-of-use asset and $410 related to interest on the lease liability. These are included in operating cash flows on the consolidated statements of cash flows. Office space The Company has lease obligations for office space that generally require fixed annual rental payments and may also include escalation clauses and renewal options. The future minimum commitments under lease obligations for office space, which are operating leases, as of June 30, 2019 are as follows: At June 30, 2019 Amount 2019 $ 333 2020 630 2021 631 2022 649 2023 474 Thereafter 1,186 Net minimum lease payments 3,903 Less: present value discount 1,134 Total lease liabilities $ 2,769 For the three and six months ended June 30, 2019 , the rental expense for office space, which is included in general and administrative expenses on the consolidated statements of operations, was $160 and $320 , respectively. For the six months ended June 30, 2019, cash paid for office space rental was $326 , which is included in operating cash flows on the consolidated statements of cash flows. At June 30, 2019 , the weighted average remaining lease term for the Company's operating leases and finance lease was 3.58 years and 9.92 years , respectively, and the weighted average discount rate was 7.48% and 7.32% , respectively. Charters-out The Company enters into time charter contracts under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of a vessel. The Company recognizes revenues from time charters as operating leases ratably over the noncancelable contract term. Under certain time charter contracts, the Company receives variable lease payments based on a defined profit share arrangement, which are recognized as revenue in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. Customers generally pay voyage expenses such as fuel, canal tolls and port charges. The Company also provides the charterer with services such as technical management expenses and crew costs. Services are recognized ratably over the life of the contract term. The Company is the lessor under its time charter contracts. For time charters, the Company applied the practical expedient to combine the lease and non-lease components for these contracts. Total time charter revenue for the three and six months ended June 30, 2019 was equal to lease income from lease payments of $62,320 and $125,757 , respectively, less straight-line adjustments of $313 and $630 , respectively. The net book value of owned vessels on noncancelable time charters was equal to $211,957 at June 30, 2019 . The future minimum revenues, including rent escalations, which is equal to lease payments expected to be received over the noncancelable time charters term are as follows: At June 30, 2019 Amount 2019 $ 100,936 2020 42,032 2021 26,624 2022 30,675 2023 31,405 Thereafter 46,059 Net minimum lease receipts $ 277,731 Revenues from a time charter are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although it cannot be assured that such estimate will be reflective of the actual off-hire in the future. |
Vessels
Vessels | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Vessels | Vessels In May and June 2019, the Company sold two of its ATBs for $1,101 and $1,069 , respectively, net of broker commissions. As a result of the sales, the Company recognized an immaterial gain, which is included in (gain)/loss on disposal of vessels and other property, including impairments on the consolidated statements of operations. In January 2019, the Company exercised an option to construct a second approximately 204,000 BBL, oil and chemical tank barge for anticipated delivery to the Company during the second half of 2020. The Company's annual commitments under the contract are $13,258 for the remainder of 2019 and $31,359 in 2020. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt In August 2019, the Company entered into loans in an aggregate principal amount of $50,000 to finance the Overseas Gulf Coast and the Overseas Sun Coast. Funding will occur on delivery of the vessels which is expected to be approximately September 30, 2019 and will be used to fund the $45,000 final payment. The loans will bear a fixed rate of interest and have a 5 -year term with a 17 -year amortization schedule. During May 2019 and June 2019, in connection with the Company's sale of two of its ATBs, the Company made mandatory prepayments of $1,086 and $1,054 , respectively, on its term loan due in 2023. The aggregate losses realized on these transactions, which related to the write-off of unamortized deferred finance costs, were not material during the three and six months ended June 30, 2019. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies At June 30, 2019 , the Company had aggregate capital commitments of $70,200 , net of progress payments already made aggregating $31,451 , for the construction of two barges scheduled for delivery in the second quarter of 2020 and in the fourth quarter of 2020. The contracts for these barges require progress payments during the construction periods with a final payment due on delivery. The Company has made all required progress payments to date and expects to make remaining payments, including those due on delivery, with financing that the Company will need to obtain, operating cash flow and cash on hand. The Company is currently in discussion with potential lenders to obtain such financing, but the Company has not yet obtained the necessary financing. Legal Proceedings Arising in the Ordinary Course of Business The Company is a party, as plaintiff or defendant, to various suits in the ordinary course of business for monetary relief arising principally from personal injuries (including without limitation exposure to asbestos and other toxic materials), wrongful death, collision or other casualty and to claims arising under charter parties. A substantial majority of such personal injury, wrongful death, collision or other casualty claims against the Company are covered by insurance (subject to deductibles not material in amount). Each of the claims involves an amount which, in the opinion of management, are not expected to be material to the Company’s financial position, results of operations and cash flows. |
Recently Adopted and Issued A_2
Recently Adopted and Issued Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by generally accepted accounting principles in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the results have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . |
Consolidation | The condensed consolidated balance sheet as of December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (“Form 10-K”). |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards | Recently Adopted Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases , which is included in the ASC in Topic 842. ASU 2016-02 is intended to improve transparency and comparability of lease accounting among organizations. For leases with terms greater than 12 months, the amendments require the lease rights and obligations arising from the leasing arrangements, including operating leases, to be recognized as assets and liabilities on the balance sheet. However, the effect on the statement of operations and the statement of cash flows is largely unchanged from current GAAP. The amendments also expand the required disclosures surrounding leasing arrangements. Subsequently, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842 , Leases , ASU No. 2018-11, Targeted Improvements , ASU No. 2018-20, Narrow-Scope Improvements for Lessors , and ASU 2019-01, Codification Improvements , to clarify and amend the guidance in ASU No. 2016-02. The Company adopted the standard using the modified retrospective approach effective January 1, 2019. The Company's lease portfolio is primarily comprised of vessels chartered-in and office space. As a result of adopting this standard, the Company recorded right-of-use assets of $264,546 and lease liabilities of $280,407 at January 1, 2019. The adoption of this standard did not impact the Company's accumulated deficit, consolidated statements of operations or consolidated statements of cash flows. The Company applied the package of practical expedients that allows companies not to reassess whether any expired or expiring contracts are or contain leases, lease classification for any expired or expiring leases and initial direct costs for any expired or expiring leases. Also, the Company made the accounting policy election to keep leases with a term of 12 months or less off the balance sheet. Finally, the Company implemented changes to processes and internal controls to meet the standard's updated reporting and disclosure requirements. See Note 10, “Leases,” for additional information. Recently Issued Accounting Standards In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans , which amends ASC 715 to add, remove and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The new guidance is effective for fiscal years ending after December 15, 2020 and is required to be applied on a retrospective basis to all periods presented. Early adoption is permitted. The Company plans to adopt this standard on January 1, 2021. The adoption of this standard is not expected to have a material effect on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements. The new guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Early adoption is permitted in interim periods, including periods for which financial statements have not been issued or financial statements have not been made available for issuance. The Company plans to adopt this standard on January 1, 2020. The adoption of this standard is not expected to have a material effect on the Company's consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which adds a new Topic 326 and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to maturity debt securities. Under current U.S. GAAP, entities generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require entities to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the entity expects to collect over the instrument’s contractual life. Subsequently, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326 , to clarify that receivables arising from operating leases are within the scope of lease accounting standards. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company plans to adopt the standards on January 1, 2020. Management is currently reviewing the impact of the adoption of this accounting standard on the Company's consolidated financial statements. |
Fair Value of Financial Instruments | The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash— The carrying amounts reported in the condensed consolidated balance sheet for interest-bearing deposits approximate their fair value. Debt— The fair values of the Company’s publicly traded and non-public debt are estimated based on quoted market prices. |
Fair Value Measurement | ASC 820, Fair Value Measurements and Disclosures , relating to fair value measurements defines fair value and established a framework for measuring fair value. The ASC 820 fair value hierarchy distinguishes between market participant assumptions developed based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price. In addition, the fair value of assets and liabilities should include consideration of non-performance risk, which for the liabilities described below includes the Company's own credit risk. The levels of the fair value hierarchy established by ASC 820 are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | The following table shows the Company's shipping revenues disaggregated by nature of the charter arrangement for the three and six months ended June 30, 2019: Three Months Ended Six Months Ended 2019 2018 2019 2018 Time charter revenues $ 62,007 $ 54,543 $ 125,127 $ 108,437 Voyage charter revenues (1) 6,150 22,638 13,784 52,925 Contracts of affreightment revenues 20,302 18,186 37,286 35,034 Total shipping revenues $ 88,459 $ 95,367 $ 176,197 $ 196,396 (1) Voyage charter revenues include approximately $3,088 and $5,022 of revenue related to short-term time charter contracts for the three months ended June 30, 2019 and 2018 , respectively, and $3,858 and $6,291 for the six months ended June 30, 2019 and 2018 , respectively |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Components of Calculation of Earnings Per Share | The components of the calculation of basic earnings per share and diluted earnings per share are as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Net (loss)/income $ (1,738 ) $ 3,055 $ 1,458 $ 6,717 Weighted average common shares outstanding: Class A common stock - basic 89,245,696 88,367,302 89,125,986 88,237,093 Class A common stock - diluted 89,245,696 89,198,996 89,507,860 88,910,518 |
Fair Value Measurements, Deri_2
Fair Value Measurements, Derivatives and Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: Carrying Value Fair Value Level 1 Level 2 June 30, 2019: Assets Cash (1) $ 53,636 $ 53,636 $ — Total $ 53,636 $ 53,636 $ — Liabilities Term loan agreement, due 2023 $ 305,729 $ — $ 311,663 Term loan agreement, due 2026 27,180 — 27,431 7.5% Election 2 notes due 2021 298 — 300 7.5% notes due 2024 390 — 389 Total $ 333,597 $ — $ 339,783 Carrying Value Fair Value Level 1 Level 2 December 31, 2018: Assets Cash (1) $ 80,641 $ 80,641 $ — Total $ 80,641 $ 80,641 $ — Liabilities Term loan agreement, due 2023 $ 317,472 $ — $ 325,000 Term loan agreement, due 2026 27,376 — 26,500 7.5% Election 2 notes due 2021 297 — 229 7.5% notes due 2024 390 — 296 Total $ 345,535 $ — $ 352,025 (1) Includes current and non-current restricted cash aggregating $199 and $224 at June 30, 2019 and December 31, 2018 , respectively. Restricted cash as of June 30, 2019 and December 31, 2018 was related to the Company's Unsecured Senior Notes. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
AOCI Attributable to Parent [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: As of June 30, December 31, Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ (7,024 ) $ (7,192 ) Accumulated other comprehensive loss $ (7,024 ) $ (7,192 ) |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, during the three and six months ended June 30, 2019 and 2018 : Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) Balance as of March 31, 2019 $ (7,109 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income (23 ) Amounts reclassified from accumulated other comprehensive income 108 Total change in accumulated other comprehensive income 85 Balance as of Balance as of June 30, 2019 $ (7,024 ) Balance as of March 31, 2018 $ (6,247 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income 42 Amounts reclassified from accumulated other comprehensive income 85 Total change in accumulated other comprehensive income 127 Balance as of June 30, 2018 $ (6,120 ) Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) Total Balance as of December 31, 2018 $ — $ (7,192 ) $ (7,192 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — (48 ) (48 ) Amounts reclassified from accumulated other comprehensive income — 216 216 Total change in accumulated other comprehensive income — 168 168 Balance as of Balance as of June 30, 2019 $ — $ (7,024 ) $ (7,024 ) Balance as of December 31, 2017 $ (112 ) $ (6,350 ) $ (6,462 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income (69 ) 61 (8 ) Amounts reclassified from accumulated other comprehensive income 181 169 350 Total change in accumulated other comprehensive income 112 230 342 Balance as of Balance as of June 30, 2018 $ — $ (6,120 ) $ (6,120 ) |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease Right-of-Use Assets and Liabilities | The Company's lease right-of-use assets and lease liabilities at June 30, 2019 were as follows: June 30, 2019 Operating leases Vessels chartered-in noncurrent operating lease assets $ 226,441 Office space noncurrent operating lease assets 2,824 Total noncurrent operating lease assets $ 229,265 Vessels chartered-in operating lease liabilities Current portion of operating lease liabilities $ 81,011 Noncurrent operating lease liabilities 160,835 241,846 Office space operating lease liabilities Current portion of operating lease liabilities 575 Noncurrent operating lease liabilities 2,194 2,769 Total operating lease liabilities $ 244,615 Finance lease Vessels and other property $ 28,993 Accumulated depreciation (566 ) Vessels and other property, less accumulated depreciation $ 28,427 Current portion of finance lease liabilities $ 3,929 Noncurrent finance lease liabilities 24,677 Total finance lease liabilities $ 28,606 |
Future Minimum Commitments | The future minimum commitments under these leases are as follows: At June 30, 2019 Operating Leases Finance Lease 2019 $ 38,564 $ 2,098 2020 89,503 4,172 2021 55,329 4,161 2022 71,819 4,161 2023 9,143 4,161 Thereafter 13,702 21,352 Net minimum lease payments 278,060 40,105 Less: present value discount 36,214 11,499 Total lease liabilities $ 241,846 $ 28,606 The future minimum commitments under lease obligations for office space, which are operating leases, as of June 30, 2019 are as follows: At June 30, 2019 Amount 2019 $ 333 2020 630 2021 631 2022 649 2023 474 Thereafter 1,186 Net minimum lease payments 3,903 Less: present value discount 1,134 Total lease liabilities $ 2,769 |
Operating Leases of Lessee Disclosure | At June 30, 2019 Amount 2019 $ 100,936 2020 42,032 2021 26,624 2022 30,675 2023 31,405 Thereafter 46,059 Net minimum lease receipts $ 277,731 |
Recently Adopted and Issued A_3
Recently Adopted and Issued Accounting Standards (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | $ 229,265 | |
Total lease liabilities | $ 244,615 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | $ 264,546 | |
Total lease liabilities | $ 280,407 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($)product | Dec. 31, 2018USD ($) | |
Revenue from Contract with Customer [Abstract] | ||
Period for voyage completion | 30 days | |
Number of products participating in U.S Maritime Security Program (MSP) (product) | product | 2 | |
Contract balances from contracts with customers | $ 10,991 | $ 12,515 |
Deferred Revenue | $ 765 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 88,459 | $ 95,367 | $ 176,197 | $ 196,396 |
Time charter revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 62,007 | 54,543 | 125,127 | 108,437 |
Voyage charter revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,150 | 22,638 | 13,784 | 52,925 |
Contracts of affreightment revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 20,302 | 18,186 | 37,286 | 35,034 |
Short-term time charter contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 3,088 | $ 5,022 | $ 3,858 | $ 6,291 |
Revenue Recognition (Remaining
Revenue Recognition (Remaining Performance Obligation) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 26,565 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 8,246 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 15,180 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 3,795 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, period | 1 year |
Earnings per Common Share (Narr
Earnings per Common Share (Narrative) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Potentially dilutive securities (in shares) | 1,478,756 | ||||
Dilutive awards (in shares) | 831,694 | 381,874 | 673,425 | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 1,929,695 | 1,419,325 | |||
Restricted Stock Units (RSUs) | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Potentially dilutive securities (in shares) | 1,718,865 | 893,215 | |||
Employee Stock Option | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Potentially dilutive securities (in shares) | 866,011 | ||||
Common Class A | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Earnings per Common Share (Calc
Earnings per Common Share (Calculation of EPS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||||
Net income | $ (1,738) | $ 3,197 | $ 3,055 | $ 3,662 | $ 1,458 | $ 6,717 |
Weighted average common shares outstanding: | ||||||
Class A common stock - basic (in shares) | 89,245,696 | 88,367,302 | 89,125,986 | 88,237,093 | ||
Class A common stock - diluted (in shares) | 89,245,696 | 89,198,996 | 89,507,860 | 88,910,518 |
Fair Value Measurements, Deri_3
Fair Value Measurements, Derivatives and Fair Value Disclosures (Fair Value of Financial Instruments Other Than Derivatives) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Liabilities | |||
Restricted cash | $ 59 | $ 59 | |
Corporate, Non-Segment | |||
Liabilities | |||
Restricted cash | $ 199 | $ 224 | |
7.5% Election 2 Notes Due 2021 | |||
Liabilities | |||
Stated interest rate | 7.50% | 7.50% | |
7.5% notes due 2024 | |||
Liabilities | |||
Stated interest rate | 7.50% | 7.50% | |
Fair Value, Measurements, Nonrecurring | Level 1 | |||
Assets | |||
Cash | [1] | $ 53,636 | $ 80,641 |
Total | 53,636 | 80,641 | |
Liabilities | |||
Total | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Level 2 | |||
Assets | |||
Cash | [1] | 0 | 0 |
Total | 0 | 0 | |
Liabilities | |||
Total | 339,783 | 352,025 | |
Fair Value, Measurements, Nonrecurring | Term loan agreement, due 2023 | Level 1 | |||
Liabilities | |||
Loans payable | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Term loan agreement, due 2023 | Level 2 | |||
Liabilities | |||
Loans payable | 311,663 | 325,000 | |
Fair Value, Measurements, Nonrecurring | Term loan, due 2026 [Member] | Level 1 | |||
Liabilities | |||
Loans payable | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Term loan, due 2026 [Member] | Level 2 | |||
Liabilities | |||
Loans payable | 27,431 | 26,500 | |
Fair Value, Measurements, Nonrecurring | 7.5% Election 2 Notes Due 2021 | Level 1 | |||
Liabilities | |||
Notes payable | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | 7.5% Election 2 Notes Due 2021 | Level 2 | |||
Liabilities | |||
Notes payable | 300 | 229 | |
Fair Value, Measurements, Nonrecurring | 7.5% notes due 2024 | Level 1 | |||
Liabilities | |||
Notes payable | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | 7.5% notes due 2024 | Level 2 | |||
Liabilities | |||
Notes payable | 389 | 296 | |
Fair Value, Measurements, Nonrecurring | Carrying Value | |||
Assets | |||
Cash | [1] | 53,636 | 80,641 |
Total | 53,636 | 80,641 | |
Liabilities | |||
Total | 333,597 | 345,535 | |
Fair Value, Measurements, Nonrecurring | Carrying Value | Term loan agreement, due 2023 | |||
Liabilities | |||
Loans payable | 305,729 | 317,472 | |
Fair Value, Measurements, Nonrecurring | Carrying Value | Term loan, due 2026 [Member] | |||
Liabilities | |||
Loans payable | 27,180 | 27,376 | |
Fair Value, Measurements, Nonrecurring | Carrying Value | 7.5% Election 2 Notes Due 2021 | |||
Liabilities | |||
Notes payable | 298 | 297 | |
Fair Value, Measurements, Nonrecurring | Carrying Value | 7.5% notes due 2024 | |||
Liabilities | |||
Notes payable | $ 390 | $ 390 | |
[1] | Includes current and non-current restricted cash aggregating $199 and $224 at June 30, 2019 and December 31, 2018, respectively. Restricted cash as of June 30, 2019 and December 31, 2018 was related to the Company's Unsecured Senior Notes. |
Taxes (Narrative) (Details)
Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Income tax provision | $ 773 | $ (362) | $ 381 | $ (1,564) | |
Effective tax rates | 31.00% | 11.00% | (35.00%) | 19.00% | |
Reserve for uncertain tax positions | $ 218 | $ 218 | $ 220 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Nov. 30, 2016 |
Alaska Tanker Company Llc | ||
Company's interest | 37.50% | |
LNG Joint Venture | International Seaways Incorporated | ||
Annual fee from related party | $ 145 |
Capital Stock and Stock Compe_2
Capital Stock and Stock Compensation (Narrative) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
RSUs related to ROIC | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, per share (in dollars per share) | $ 2.02 | ||
Additional shares available for grant (in shares) | 176,129 | ||
Aggregate shares available for grant (in shares) | 528,387 | 528,387 | |
Nonemployee Director Incentive Compensation Plan | Time Based Restricted Stock | Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 357,866,000 | ||
Granted, per share (in dollars per share) | $ 1.78 | ||
Management Incentive Compensation Plan | Senior Officers | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, options (in shares) | 329,121 | ||
Management Incentive Compensation Plan | Time Based Restricted Stock | Senior Officers | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 0 | 552,598,000 | |
Granted, per share (in dollars per share) | $ 2.02 | ||
Vesting period | 3 years | ||
Management Incentive Compensation Plan | Performance Based Restricted Units | Senior Officers | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 1.9 | ||
Granted, options (in shares) | 0 | 352,258 | |
Vesting period | 3 years | ||
Continues employment period | 3 years | ||
Management Incentive Compensation Plan | Performance Based Restricted Units | Senior Officers | Share-based Compensation Award, Tranche One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement, award vesting rights percentage | 50.00% | ||
Management Incentive Compensation Plan | Performance Based Restricted Units | Senior Officers | Share-based Compensation Award, Tranche Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement, award vesting rights percentage | 50.00% | ||
Management Incentive Compensation Plan | Employee Stock Option | Senior Officers | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 612,745 | ||
Granted, per share (in dollars per share) | $ 1.02 | ||
Options, exercisable price (in dollars per share) | $ 1.89 | $ 1.89 | |
Class A Warrant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Conversion of stock, shares converted (in shares) | 1,034,368 | 9,106,422 | |
Common Class A | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares repurchased during period (in shares) | 159,685 | ||
Stock repurchased during period, per share amount (in dollars per share) | $ 1.84 | ||
Stock issued during period, shares, conversion of convertible securities (in shares) | 195,413 | 1,725,801 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
AOCI Attributable to Parent [Abstract] | ||
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) | $ (7,024) | $ (7,192) |
Accumulated other comprehensive loss | $ (7,024) | $ (7,192) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Changes in Components of AOCI, Net of Related Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning | $ 334,013 | $ 317,259 | $ 329,468 | $ 313,238 | |
Balance, ending | 332,813 | 320,832 | 332,813 | 320,832 | |
Total | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning | [1] | (7,109) | (6,247) | (7,192) | (6,462) |
Current period change, excluding amounts reclassified from accumulated other comprehensive income | (48) | (8) | |||
Amounts reclassified from accumulated other comprehensive income | 216 | 350 | |||
Total change in accumulated other comprehensive income | 168 | 342 | |||
Balance, ending | [1] | (7,024) | (6,120) | (7,024) | (6,120) |
Unrealized losses on cash flow hedges | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning | 0 | (112) | |||
Current period change, excluding amounts reclassified from accumulated other comprehensive income | 0 | (69) | |||
Amounts reclassified from accumulated other comprehensive income | 0 | 181 | |||
Total change in accumulated other comprehensive income | 0 | 112 | |||
Balance, ending | 0 | 0 | 0 | 0 | |
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning | (7,109) | (6,247) | (7,192) | (6,350) | |
Current period change, excluding amounts reclassified from accumulated other comprehensive income | (23) | 42 | (48) | 61 | |
Amounts reclassified from accumulated other comprehensive income | 108 | 85 | 216 | 169 | |
Total change in accumulated other comprehensive income | 85 | 127 | 168 | 230 | |
Balance, ending | $ (7,024) | $ (6,120) | $ (7,024) | $ (6,120) | |
[1] | Amounts are net of tax. |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($)vessel | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)vessel | Jun. 30, 2018USD ($) | Jan. 01, 2019USD ($) | Dec. 10, 2018vessel | |
Lessee, Lease, Description [Line Items] | ||||||
Total lease liabilities | $ 244,615,000 | $ 244,615,000 | ||||
Operating lease right-of-use assets | $ 229,265,000 | $ 229,265,000 | ||||
Lessee, Finance Lease, Term of Contract | 10 years | 10 years | ||||
Rent expense | $ 22,581,000 | $ 22,768,000 | $ 44,879,000 | $ 45,315,000 | ||
Weighted average remaining lease term | 3 years 7 months | 3 years 7 months | ||||
Finance Lease, Weighted Average Remaining Lease Term | 9 years 11 months | 9 years 11 months | ||||
Weighted average discount rate | 7.48% | 7.48% | ||||
Finance Lease, Weighted Average Discount Rate, Percent | 7.32% | 7.32% | ||||
Interest on finance lease liabilities | $ 410,000 | |||||
Vessels chartered-in | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Total lease liabilities | $ 241,846,000 | 241,846,000 | ||||
Operating lease right-of-use assets | 226,441 | 226,441 | ||||
2019 | 38,564,000 | 38,564,000 | ||||
2020 | 89,503,000 | 89,503,000 | ||||
2021 | 55,329,000 | 55,329,000 | ||||
2022 | 71,819,000 | 71,819,000 | ||||
2023 | 9,143,000 | 9,143,000 | ||||
Thereafter | $ 13,702,000 | $ 13,702,000 | ||||
Commitments to charter in vessels, number of units (vessel) | vessel | 11 | 11 | ||||
Operating lease expense | $ 22,581,000 | $ 44,879,000 | ||||
Sublease income | $ 43,293,000 | 87,721,000 | ||||
Finance Lease, Right-of-Use Asset, Amortization | 566,000 | |||||
Interest on finance lease liabilities | $ 410,000 | |||||
Vessels chartered-in | Vessels | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Commitments to charter in vessels, number of units with expiring leases in next fiscal year (vessel) | vessel | 9 | 9 | ||||
Commitments to charter in vessels, number of units with expiring leases in four years (vessel) | vessel | 5 | |||||
Commitments to charter in vessels, number of units with expiring leases in two years (vessel) | vessel | 4 | |||||
Vessels chartered-in | Vessels | One Time Lease Option, Option One | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease renewal term | 1 year | 1 year | ||||
Vessels chartered-in | Vessels | Indefinite Lease Option, Option One | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease renewal term | 3 years | 3 years | ||||
Vessels chartered-in | Vessels | Indefinite Lease Option, Option Two | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease renewal term | 5 years | 5 years | ||||
Vessels chartered-in | Vessels | Extension Term Expiration In Four Years | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Operating lease renewal term | 3 years | |||||
Office space | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Total lease liabilities | $ 2,769,000 | $ 2,769,000 | ||||
Operating lease right-of-use assets | 2,824 | 2,824 | ||||
2019 | 333,000 | 333,000 | ||||
2020 | 630,000 | 630,000 | ||||
2021 | 631,000 | 631,000 | ||||
2022 | 649,000 | 649,000 | ||||
2023 | 474,000 | 474,000 | ||||
Thereafter | 1,186,000 | 1,186,000 | ||||
Rent expense | 160,000 | 0 | ||||
Operating Lease, Payments | 326,000 | |||||
Charters-Out | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Lease income | 62,320,000 | 125,757,000 | ||||
Straight-line adjustments | 313,000 | 630,000 | ||||
Net book value of owned vessels | $ 211,957,000 | $ 211,957,000 | ||||
Accounting Standards Update 2016-02 | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Total lease liabilities | $ 280,407,000 | |||||
Operating lease right-of-use assets | $ 264,546,000 | |||||
Minimum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Term of contract | 1 year | 1 year | ||||
Maximum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Term of contract | 16 years | 16 years |
Leases (Lease Right-Of-Use Asse
Leases (Lease Right-Of-Use Assets and Liabilities) (Details) - USD ($) | Jun. 30, 2019 | Jan. 01, 2019 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 229,265,000 | |
Current portion of operating lease liabilities | 81,586,000 | |
Noncurrent operating lease liabilities | 163,029,000 | |
Total operating lease liabilities | 244,615,000 | |
Finance Lease, Liability, Current | 3,929,000 | |
Finance Lease, Liability, Noncurrent | 24,677,000 | |
Vessels chartered-in | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | 226,441 | |
Current portion of operating lease liabilities | 81,011,000 | |
Noncurrent operating lease liabilities | 160,835,000 | |
Total operating lease liabilities | 241,846,000 | |
Finance Lease, Right-of-Use Asset | 28,993,000 | |
Finance Lease, Right-of-Use Asset, Amortization | (566,000) | |
Finance Lease, Right-of-Use Asset less Accumulated Amortization | 28,427,000 | |
Finance Lease, Liability, Current | 3,929,000 | |
Finance Lease, Liability, Noncurrent | 24,677,000 | |
Total lease liabilities | 28,606,000 | |
Office space | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | 2,824 | |
Current portion of operating lease liabilities | 575,000 | |
Noncurrent operating lease liabilities | 2,194,000 | |
Total operating lease liabilities | 2,769,000 | |
Charter In and Office Space [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 229,000 | |
Accounting Standards Update 2016-02 | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 264,546,000 | |
Total operating lease liabilities | $ 280,407,000 |
Leases (Future Minimum Commitme
Leases (Future Minimum Commitment for Charters-In and Office Space) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Leases | |
Total lease liabilities | $ 244,615 |
Vessels chartered-in | |
Operating Leases | |
2019 | 38,564 |
2020 | 89,503 |
2021 | 55,329 |
2022 | 71,819 |
2023 | 9,143 |
Thereafter | 13,702 |
Net minimum lease payments | 278,060 |
Less: present value discount | 36,214 |
Total lease liabilities | 241,846 |
Finance Lease | |
2019 | 2,098 |
2020 | 4,172 |
2021 | 4,161 |
2022 | 4,161 |
2023 | 4,161 |
Thereafter | 21,352 |
Net minimum lease payments | 40,105 |
Less: present value discount | 11,499 |
Total lease liabilities | 28,606 |
Office space | |
Operating Leases | |
2019 | 333 |
2020 | 630 |
2021 | 631 |
2022 | 649 |
2023 | 474 |
Thereafter | 1,186 |
Net minimum lease payments | 3,903 |
Less: present value discount | 1,134 |
Total lease liabilities | $ 2,769 |
Leases (Future Minimum Revenues
Leases (Future Minimum Revenues on Charters-Out) (Details) - Charters-Out $ in Thousands | Jun. 30, 2019USD ($) |
Amount | |
2019 | $ 100,936 |
2020 | 42,032 |
2021 | 26,624 |
2022 | 30,675 |
2023 | 31,405 |
Thereafter | 46,059 |
Net minimum lease receipts | $ 277,731 |
Vessels (Details)
Vessels (Details) $ in Thousands | 1 Months Ended | ||
Jun. 30, 2019USD ($) | May 31, 2019USD ($) | Jan. 31, 2019bbl | |
Property, Plant and Equipment [Line Items] | |||
Proceeds from sale of ATBs | $ 1,069 | $ 1,101 | |
Gunderson Marine LLC | Construction in Progress | |||
Property, Plant and Equipment [Line Items] | |||
Volume of chemical tank barge (bbl) | bbl | 204,000 | ||
Commitments under the contract, remainder of the year | 13,258 | ||
Commitments under the contract in 2020 | $ 31,359 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 1 Months Ended | ||
Aug. 31, 2019 | Jun. 30, 2019 | May 31, 2019 | |
Term loan agreement, due 2023 | |||
Debt Instrument [Line Items] | |||
Mandatory prepayment of debt | $ 1,054,000 | $ 1,086,000 | |
Subsequent Event | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 50,000,000 | ||
Final payment | $ 45,000,000 | ||
Debt instrument, term | 5 years | ||
Amortization schedule | 17 years |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) - Vessels $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Capital commitments | $ 70,200 |
Payments made | $ 31,451 |