Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | May 05, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-06479 | |
Entity Registrant Name | OVERSEAS SHIPHOLDING GROUP, INC | |
Entity Central Index Key | 0000075208 | |
Entity Tax Identification Number | 13-2637623 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 302 Knights Run Avenue | |
Entity Address, City or Town | Tampa | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33602 | |
City Area Code | (813) | |
Local Phone Number | 209-0600 | |
Title of 12(b) Security | Class A Common Stock (par value $0.01 per share) | |
Trading Symbol | OSG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding | 86,863,651 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 45,093 | $ 69,697 |
Restricted cash | 37 | 49 |
Voyage receivables, including unbilled of $4,999 and $6,740, net of reserve for doubtful accounts | 10,872 | 13,123 |
Income tax receivable | 388 | 387 |
Other receivables | 3,817 | 1,817 |
Inventories, prepaid expenses and other current assets | 5,067 | 3,603 |
Total Current Assets | 65,274 | 88,676 |
Vessels and other property, less accumulated depreciation | 787,241 | 832,174 |
Asset held for sale | 31,850 | |
Deferred drydock expenditures, net | 45,810 | 43,134 |
Total Vessels, Other Property and Deferred Drydock | 864,901 | 875,308 |
Restricted cash - non current | 59 | 73 |
Intangible assets, less accumulated amortization | 26,067 | 27,217 |
Operating lease right-of-use assets, net | 197,073 | 215,817 |
Other assets | 26,058 | 24,646 |
Total Assets | 1,179,432 | 1,231,737 |
Current Liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 48,449 | 48,089 |
Current portion of operating lease liabilities | 90,612 | 90,613 |
Current portion of finance lease liabilities | 4,001 | 4,000 |
Current installments of long-term debt | 38,718 | 38,922 |
Total Current Liabilities | 181,780 | 181,624 |
Reserve for uncertain tax positions | 183 | 189 |
Noncurrent operating lease liabilities | 128,055 | 147,154 |
Noncurrent finance lease liabilities | 20,793 | 21,360 |
Long-term debt | 380,165 | 390,198 |
Deferred income taxes, net | 74,821 | 80,992 |
Other liabilities | 29,618 | 30,409 |
Total Liabilities | 815,415 | 851,926 |
Equity: | ||
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 86,863,651 and 86,365,422 shares issued and outstanding) | 869 | 864 |
Paid-in additional capital | 592,732 | 592,564 |
Accumulated deficit | (229,203) | (213,335) |
Stockholder’s Equity Subtotal | 364,398 | 380,093 |
Accumulated other comprehensive loss | (381) | (282) |
Total Equity | 364,017 | 379,811 |
Total Liabilities and Equity | $ 1,179,432 | $ 1,231,737 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Unbilled Contracts Receivable | $ 4,999 | $ 6,740 |
Class A common stock, par value | $ 0.01 | $ 0.01 |
Class A common stock, shares authorized | 166,666,666 | 166,666,666 |
Class A common stock, shares issued | 86,863,651 | 86,365,422 |
Class A common stock, shares outstanding | 86,863,651 | 86,365,422 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Shipping Revenues: | ||
Time and bareboat charter revenues | $ 63,788 | $ 78,150 |
Voyage charter revenues | 17,485 | 22,709 |
Total Shipping revenues | 81,273 | 100,859 |
Operating Expenses: | ||
Voyage expenses | 15,760 | 3,786 |
Vessel expenses | 31,807 | 35,769 |
Charter hire expenses | 22,318 | 22,460 |
Depreciation and amortization | 15,319 | 14,019 |
General and administrative | 6,365 | 6,173 |
Loss on disposal of vessels and other property, including impairments, net | 5,493 | 296 |
Total operating expenses | 97,062 | 82,503 |
(Loss)/income from vessel operations | (15,789) | 18,356 |
Gain on termination of pre-existing arrangement | 19,172 | |
Operating (loss)/income | (15,789) | 37,528 |
Other income, net | 122 | 31 |
(Loss)/income before interest expense and income taxes | (15,667) | 37,559 |
Interest expense | (6,370) | (6,074) |
(Loss)/income before income taxes | (22,037) | 31,485 |
Income tax benefit/(expense) | 6,169 | (6,360) |
Net (loss)/income | $ (15,868) | $ 25,125 |
Weighted Average Number of Common Shares Outstanding: | ||
Basic - Class A | 90,111,701 | 89,422,311 |
Diluted - Class A | 90,111,701 | 90,388,988 |
Per Share Amounts: | ||
Basic and diluted net (loss)/income - Class A | $ (0.18) | $ 0.28 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss)/Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Net (loss)/income | $ (15,868) | $ 25,125 |
Defined benefit pension and other postretirement benefit plans: | ||
Net change in unrecognized prior service costs | (180) | (18) |
Net change in unrecognized actuarial losses | 81 | 76 |
Other comprehensive (loss)/income | (99) | 58 |
Comprehensive (loss)/income | $ (15,967) | $ 25,183 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net (loss)/income | $ (15,868) | $ 25,125 |
Items included in net income not affecting cash flows: | ||
Depreciation and amortization | 15,319 | 14,019 |
Gain on termination of pre-existing arrangement | (19,172) | |
Loss on disposal of vessels and other property, including impairments, net | 5,493 | 296 |
Amortization of debt discount and other deferred financing costs | 557 | 533 |
Compensation relating to restricted stock awards and stock option grants | 575 | 438 |
Deferred income tax (benefit)/expense | (6,178) | 2,135 |
Interest on finance lease liabilities | 460 | 506 |
Non-cash operating lease expense | 22,717 | 22,811 |
Distributed earnings of affiliated companies | 3,562 | |
Payments for drydocking | (8,179) | (3,327) |
Operating lease liabilities | (22,860) | (22,969) |
Changes in operating assets and liabilities, net | (1,217) | 2,162 |
Net cash (used in)/provided by operating activities | (9,181) | 26,119 |
Cash Flows from Investing Activities: | ||
Acquisition, net of cash acquired | (16,973) | |
Expenditures for vessels and vessel improvements | (3,227) | (20,871) |
Expenditures for other property | (232) | |
Net cash used in investing activities | (3,227) | (38,076) |
Cash Flows from Financing Activities: | ||
Payments on debt | (9,616) | (7,865) |
Tax withholding on share-based awards | (402) | (197) |
Payments on principal portion of finance lease liabilities | (1,026) | (1,037) |
Extinguishment of debt | (301) | |
Deferred financing costs paid for debt amendments | (877) | |
Issuance of debt, net of issuance and deferred financing costs | 80,886 | |
Net cash (used in)/provided by financing activities | (12,222) | 71,787 |
Net (decrease)/increase in cash, cash equivalents and restricted cash | (24,630) | 59,830 |
Cash, cash equivalents and restricted cash at beginning of period | 69,819 | 41,677 |
Cash, cash equivalents and restricted cash at end of period | $ 45,189 | $ 101,507 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | [1] | Additional Paid-in Capital [Member] | [2] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | [3] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 857 | $ 590,436 | $ (243,339) | $ (6,409) | $ 341,545 | |||
Net loss | 25,125 | 25,125 | ||||||
Other comprehensive loss | 58 | 58 | ||||||
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | 1 | (200) | (199) | |||||
Compensation related to Class A options granted and restricted stock awards | 438 | 438 | ||||||
Ending balance, value at Mar. 31, 2020 | 858 | 590,674 | (218,214) | (6,351) | 366,967 | |||
Beginning balance, value at Dec. 31, 2020 | 864 | 592,564 | (213,335) | (282) | 379,811 | |||
Net loss | (15,868) | (15,868) | ||||||
Other comprehensive loss | (99) | (99) | ||||||
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | 5 | (407) | (402) | |||||
Compensation related to Class A options granted and restricted stock awards | 575 | 575 | ||||||
Ending balance, value at Mar. 31, 2021 | $ 869 | $ 592,732 | $ (229,203) | $ (381) | $ 364,017 | |||
[1] | Par value $ 0.01 166,666,666 86,863,651 85,845,920 | |||||||
[2] | Includes 19,235,764 19,238,262 | |||||||
[3] | Amounts are net of tax. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2021 | Mar. 31, 2020 |
Statement of Stockholders' Equity [Abstract] | ||
Class A common stock, par value | $ 0.01 | $ 0.01 |
Class A common stock, shares authorized | 166,666,666 | 166,666,666 |
Class A common stock, shares issued | 86,863,651 | 85,845,920 |
Class A common stock, shares outstanding | 86,863,651 | 85,845,920 |
Class A warrants outstanding | 19,235,764 | 19,238,262 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 — 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”), including Alaska Tanker Company (“ATC”) as of its March 12, 2020 acquisition date. 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 trade. These 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 months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or for any other interim period. The condensed consolidated balance sheet as of December 31, 2020 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, 2020 (“Form 10-K”). In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a pandemic, which continues to affect the United States and the world. COVID-19 and its direct and indirect consequences have caused significant volatility in U.S. and international markets, and there is significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the U.S. and international economies. The COVID-19 pandemic is a dynamic and continuously evolving phenomenon and the ultimate severity of the outbreak, and its effect on the Company’s business in the future, is uncertain. |
Recently Adopted and Issued Acc
Recently Adopted and Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted and Issued Accounting Standards | Note 2 — Recently Adopted and Issued Accounting Standards Recently Adopted Accounting Standards In October 2020, the FASB issued ASU 2020-10, Codification Improvements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326 In November 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, Bucket 1— All public business entities (“PBEs”) that are SEC filers (as defined in U.S. GAAP), excluding smaller reporting companies (“SRCs”) (as defined by the SEC). The credit losses standard became effective January 1, 2020. Bucket 2— All other entities, including SRCs, other PBEs that are not SEC filers, private companies, not-for-profit organizations, and employee benefit plans. The credit losses standard is to become effective January 1, 2023. At June 30, 2019, the evaluation date for purposes of determining the applicability of the credit losses standard, the Company met the SEC definition of a smaller reporting company. Accordingly, the Company plans to adopt the credit losses standard on January 1, 2023. Management is currently reviewing the impact of the adoption of this accounting standard on the Company’s consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3 - Revenue Recognition Disaggregated Revenue The Company has disaggregated revenue from contracts with customers into categories that 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. OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS The following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the three months ended March 31, 2021 and 2020: Schedule of Disaggregation of Revenue Three Months Ended March 31, 2021 2020 Time and bareboat charter revenues $ 63,788 $ 78,150 Voyage charter revenues (1) 7,037 11,468 Contracts of affreightment revenues 10,448 11,241 Total shipping revenues $ 81,273 $ 100,859 (1) Voyage charter revenues include revenue related to short-term time charter contracts was $ 2,864 11,319 Voyage Receivables As of March 31, 2021 and December 31, 2020, contract balances from contracts with customers consisted of voyage receivables of $ 8,458 and $ 9,351 , respectively, net of reserve for doubtful accounts for voyage charters and lightering contracts. Contracts of Affreightment At March 31, 2021, the Company did not have deferred revenue related to the Company's contracts of affreightment (“COAs”). Costs to Fulfill a Contract At March 31, 2021, the costs related to voyages that were not yet completed were not material. Transaction Price Allocated to the Remaining Performance Obligations As of March 31, 2021, the Company expects to recognize revenue of approximately $ 16,519 for the remainder of 2021 under COAs. This estimated amount relates to the fixed consideration of contractual minimums within the contracts based on the Company’s estimate of future services. OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Per Share Amounts: | |
Earnings per Common Share | Note 4 — 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 deems the exercise price for the Class A warrants of $ 0.01 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 Class A As of March 31, 2021, there were 3,414,189 1,478,756 2,681,891 1,478,756 The components of the calculation of basic earnings per share and diluted earnings per share are as follows: Schedule of Earnings Per Share Three Months Ended March 31, 2021 2020 Net (loss)/income $ (15,868 ) $ 25,125 Weighted average common shares outstanding: Class A common stock - basic 90,111,701 89,422,311 Class A common stock - diluted 90,111,701 90,388,988 For the three months ended March 31, 2020, there were dilutive equity awards outstanding covering 966,677 371,893 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Fair Value Disclosures | Note 5 — Fair Value Measurements and Fair Value Disclosures The following methods and assumptions are used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash— Debt— Fair Value Measurements and Disclosures 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: Schedule of Hierarchy Categorized on Fair Value Carrying Fair Value Value Level 1 Level 2 March 31, 2021: Assets Cash and cash equivalents (1) $ 45,189 $ 45,189 $ — Total $ 45,189 $ 45,189 $ — Liabilities Term loan, due 2023, net $ 245,994 $ — $ 250,988 Term loan, due 2024, net 22,603 — 22,868 Alaska tankers term loan, due 2025, net 49,242 — 47,688 OSG 204 LLC term loan, due 2025, net 30,647 — 30,562 Term loan, due 2026, net 47,924 — 50,346 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 22,083 — 20,555 Unsecured senior notes, net 390 — 407 Total $ 418,883 $ — $ 423,414 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Carrying Fair Value Value Level 1 Level 2 December 31, 2020: Assets Cash and cash equivalents (1) $ 69,819 $ 69,819 $ — Total $ 69,819 $ 69,819 $ — Liabilities Term loan, due 2023, net $ 252,057 $ — 257,228 Term loan, due 2024, net 22,972 — 23,535 Alaska tankers term loan, due 2025, net 50,360 — 49,357 OSG 204 LLC term loan, due 2025, net 31,283 — 31,562 Term loan, due 2026, net 23,171 — 21,921 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 48,586 — 52,199 Unsecured senior notes, net 691 — 715 Total $ 429,120 $ — $ 436,517 (1) Includes current and non-current restricted cash aggregating $ 96 122 Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Vessel and Intangible Assets Impairments During the first quarter of 2021, the Company considered whether events or changes in circumstances had occurred since December 31, 2020 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 March 31, 2021. The Company concluded that no such events or changes in circumstances had occurred for its intangible assets at March 31, 2021. During the first quarter of 2021 the Company received a firm offer for the sale of the Overseas Gulf Coast 5,446 31,850 |
Taxes
Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Taxes | Note 6 — Taxes For the three months ended March 31, 2021 and 2020, the Company recorded an income tax benefit/(provision) of $ 6,169 and $ (6,360) , respectively, which represented effective tax rates of 28% and 20% , respectively. The increase in the effective tax rate for the three months ended March 31, 2021 compared to the three months ended March 31, 2020 was primarily due to the tonnage tax exclusion. The effective tax rate for the three months ended March 31, 2021 was more than the statutory rate due to the tonnage tax exclusion and state benefit. The effective tax rate for the three months ended March 31, 2020 was less than the statutory rate due to a discrete tax benefit in the quarter relating to state benefit resulting from the Alaska Tanker Company acquisition and deductible expenses related to Code Section 162(m). OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS |
Capital Stock and Stock Compens
Capital Stock and Stock Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Capital Stock and Stock Compensation | Note 7 — Capital Stock and Stock Compensation Share and Warrant Repurchases During the three months ended March 31, 2021, in connection with the vesting of restricted stock units (“RSUs”), the Company withheld 185,459 $2.18 Warrant Conversions During the three months ended March 31, 2021 and 2020, the Company did not issue any shares of Class A common stock as a result of the exercise of 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 Management Compensation Restricted Stock Units and Stock Options During the three months ended March 31, 2021, the Company granted 554,962 $2.36 During the three months ended March 31, 2021, the Company awarded 363,238 The ROIC Target RSU awards and the TSR Target RSU awards are subject to an increase of up to a maximum of 181,619 544,857 $2.36 During the three months ended March 31, 2021, the Company awarded 590,251 performance-based RSUs to its senior officers. The grant date fair value of these awards was $2.36 per RSU. Each performance-based RSU represents a contingent right to receive RSUs based on performance criteria tied to specific operational and financial OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 8 — Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: Schedule of Components of Accumulated Other Comprehensive Loss As of March 31, 2021 December 31, 2020 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ (381 ) $ (282 ) Accumulated other comprehensive loss $ (381 ) $ (282 ) 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 three months ended March 31, 2021 and 2020: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) Balance as of December 31, 2020 $ (282 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (99 ) Total change in accumulated other comprehensive income (99 ) Balance as of March 31, 2021 $ (381 ) Balance as of December 31, 2019 $ (6,409 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income 58 Total change in accumulated other comprehensive income 58 Balance as of March 31, 2020 $ (6,351 ) 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 (expense)/income, net on the condensed consolidated statements of operations. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases | |
Leases | Note 9 — Leases Charters-out The Company is the lessor under its time charter contracts. Total time charter revenue for the three months ended March 31, 2021 and 2020 was equal to lease income from lease payments of $ 63,417 78,853 371 703 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 10 — Debt The COVID-19 pandemic has resulted in a significant reduction in demand for oil and refined petroleum products worldwide which has had a direct impact on the Company’s business. In an effort to conserve costs, several of the vessels in the Company’s fleet were placed in layup in late 2020 and 2021. In recognition that certain of the financial covenants that were in place in each of the Company’s vessel financing facilities did not appropriately reflect the impact of the pandemic on the Company's business, in March 2021, the Company obtained waivers and amendments of certain financial covenants in each of its vessel financing facilities, with respect to fourth quarter 2020 and later periods’ compliance requirements. In accordance with the loan amendments, the Company agreed to sell one of its vessels, the Overseas Gulf Coast |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11 — Commitments and Contingencies 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) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In October 2020, the FASB issued ASU 2020-10, Codification Improvements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326 In November 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, Bucket 1— All public business entities (“PBEs”) that are SEC filers (as defined in U.S. GAAP), excluding smaller reporting companies (“SRCs”) (as defined by the SEC). The credit losses standard became effective January 1, 2020. Bucket 2— All other entities, including SRCs, other PBEs that are not SEC filers, private companies, not-for-profit organizations, and employee benefit plans. The credit losses standard is to become effective January 1, 2023. At June 30, 2019, the evaluation date for purposes of determining the applicability of the credit losses standard, the Company met the SEC definition of a smaller reporting company. Accordingly, the Company plans to adopt the credit losses standard on January 1, 2023. Management is currently reviewing the impact of the adoption of this accounting standard on the Company’s consolidated financial statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the three months ended March 31, 2021 and 2020: Schedule of Disaggregation of Revenue Three Months Ended March 31, 2021 2020 Time and bareboat charter revenues $ 63,788 $ 78,150 Voyage charter revenues (1) 7,037 11,468 Contracts of affreightment revenues 10,448 11,241 Total shipping revenues $ 81,273 $ 100,859 (1) Voyage charter revenues include revenue related to short-term time charter contracts was $ 2,864 11,319 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Per Share Amounts: | |
Schedule of Earnings Per Share | The components of the calculation of basic earnings per share and diluted earnings per share are as follows: Schedule of Earnings Per Share Three Months Ended March 31, 2021 2020 Net (loss)/income $ (15,868 ) $ 25,125 Weighted average common shares outstanding: Class A common stock - basic 90,111,701 89,422,311 Class A common stock - diluted 90,111,701 90,388,988 |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Hierarchy Categorized on Fair Value | 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: Schedule of Hierarchy Categorized on Fair Value Carrying Fair Value Value Level 1 Level 2 March 31, 2021: Assets Cash and cash equivalents (1) $ 45,189 $ 45,189 $ — Total $ 45,189 $ 45,189 $ — Liabilities Term loan, due 2023, net $ 245,994 $ — $ 250,988 Term loan, due 2024, net 22,603 — 22,868 Alaska tankers term loan, due 2025, net 49,242 — 47,688 OSG 204 LLC term loan, due 2025, net 30,647 — 30,562 Term loan, due 2026, net 47,924 — 50,346 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 22,083 — 20,555 Unsecured senior notes, net 390 — 407 Total $ 418,883 $ — $ 423,414 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Carrying Fair Value Value Level 1 Level 2 December 31, 2020: Assets Cash and cash equivalents (1) $ 69,819 $ 69,819 $ — Total $ 69,819 $ 69,819 $ — Liabilities Term loan, due 2023, net $ 252,057 $ — 257,228 Term loan, due 2024, net 22,972 — 23,535 Alaska tankers term loan, due 2025, net 50,360 — 49,357 OSG 204 LLC term loan, due 2025, net 31,283 — 31,562 Term loan, due 2026, net 23,171 — 21,921 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 48,586 — 52,199 Unsecured senior notes, net 691 — 715 Total $ 429,120 $ — $ 436,517 (1) Includes current and non-current restricted cash aggregating $ 96 122 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: Schedule of Components of Accumulated Other Comprehensive Loss As of March 31, 2021 December 31, 2020 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ (381 ) $ (282 ) Accumulated other comprehensive loss $ (381 ) $ (282 ) |
Schedule of Changes in Balances of Component of Accumulated Other Comprehensive 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 three months ended March 31, 2021 and 2020: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) Balance as of December 31, 2020 $ (282 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (99 ) Total change in accumulated other comprehensive income (99 ) Balance as of March 31, 2021 $ (381 ) Balance as of December 31, 2019 $ (6,409 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income 58 Total change in accumulated other comprehensive income 58 Balance as of March 31, 2020 $ (6,351 ) |
Schedule of Disaggregation of R
Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Disaggregation of Revenue [Line Items] | |||
Total shipping revenues | $ 81,273 | $ 100,859 | |
Time and Bareboat Charter Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total shipping revenues | 63,788 | 78,150 | |
Voyage Charter Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total shipping revenues | [1] | 7,037 | 11,468 |
Contracts of Affreightment Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total shipping revenues | $ 10,448 | $ 11,241 | |
[1] | Voyage charter revenues include revenue related to short-term time charter contracts was $ 2,864 11,319 |
Schedule of Disaggregation of_2
Schedule of Disaggregation of Revenue (Details) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Voyage charter revenues | $ 17,485 | $ 22,709 |
Short-term Time Charter Contracts [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Voyage charter revenues | $ 2,864 | $ 11,319 |
Revenue Recognition (Details Na
Revenue Recognition (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Contract with Customer, Asset, after Allowance for Credit Loss | $ 8,458 | $ 9,351 |
Revenue, Remaining Performance Obligation, Amount | $ 16,519 |
Schedule of Earnings Per Share
Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Per Share Amounts: | ||
Net (loss)/income | $ (15,868) | $ 25,125 |
Weighted average common shares outstanding: Class A common stock - basic | 90,111,701 | 89,422,311 |
Weighted average common shares outstanding: Class A common stock - diluted | 90,111,701 | 90,388,988 |
Earnings per Common Share (Deta
Earnings per Common Share (Details Narrative) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 966,677 | |
Class A Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 3,414,189 | 2,681,891 |
Class A Stock Options Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 1,478,756 | 1,478,756 |
Stock Option Member [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 371,893 | |
Class A Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Warrant exercise price | $ 0.01 |
Schedule of Hierarchy Categoriz
Schedule of Hierarchy Categorized on Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | [1] | $ 45,189 | $ 69,819 |
Total assets | 45,189 | 69,819 | |
Term loan agreements, fair value | 418,883 | 429,120 | |
Term Loan Agreement, Due 2023 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 245,994 | 252,057 | |
Term Loan Agreement, Due 2024 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 22,603 | 22,972 | |
Alaska Tankers Term Loan Agreement, Due 2025 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 49,242 | 50,360 | |
OSG 204 LLC Term Loan Agreement, Due 2025 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 30,647 | 31,283 | |
Term Loan Agreement, Due 2026 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 47,924 | 23,171 | |
OSG 205 LLC and OSG Courageous II LLC Term Loan, Due 2027 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 22,083 | 48,586 | |
Unsecured Senior Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 390 | 691 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | [1] | 45,189 | 69,819 |
Total assets | 45,189 | 69,819 | |
Term loan agreements, fair value | |||
Fair Value, Inputs, Level 1 [Member] | Term Loan Agreement, Due 2023 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | |||
Fair Value, Inputs, Level 1 [Member] | Term Loan Agreement, Due 2024 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | |||
Fair Value, Inputs, Level 1 [Member] | Alaska Tankers Term Loan Agreement, Due 2025 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | |||
Fair Value, Inputs, Level 1 [Member] | OSG 204 LLC Term Loan Agreement, Due 2025 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | |||
Fair Value, Inputs, Level 1 [Member] | Term Loan Agreement, Due 2026 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | |||
Fair Value, Inputs, Level 1 [Member] | OSG 205 LLC and OSG Courageous II LLC Term Loan, Due 2027 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | |||
Fair Value, Inputs, Level 1 [Member] | Unsecured Senior Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | |||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | [1] | ||
Total assets | |||
Term loan agreements, fair value | 423,414 | 436,517 | |
Fair Value, Inputs, Level 2 [Member] | Term Loan Agreement, Due 2023 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 250,988 | 257,228 | |
Fair Value, Inputs, Level 2 [Member] | Term Loan Agreement, Due 2024 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 22,868 | 23,535 | |
Fair Value, Inputs, Level 2 [Member] | Alaska Tankers Term Loan Agreement, Due 2025 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 47,688 | 49,357 | |
Fair Value, Inputs, Level 2 [Member] | OSG 204 LLC Term Loan Agreement, Due 2025 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 30,562 | 31,562 | |
Fair Value, Inputs, Level 2 [Member] | Term Loan Agreement, Due 2026 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 50,346 | 21,921 | |
Fair Value, Inputs, Level 2 [Member] | OSG 205 LLC and OSG Courageous II LLC Term Loan, Due 2027 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 20,555 | 52,199 | |
Fair Value, Inputs, Level 2 [Member] | Unsecured Senior Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | $ 407 | $ 715 | |
[1] | Includes current and non-current restricted cash aggregating $ 96 122 |
Fair Value Measurements and F_3
Fair Value Measurements and Fair Value Disclosures - Schedule of Hierarchy Categorized on Fair Value (Details) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Restricted cash, fair value disclosure | $ 96 | $ 122 |
Fair Value Measurements and F_4
Fair Value Measurements and Fair Value Disclosures (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended |
Apr. 30, 2021 | Mar. 31, 2021 | |
Subsequent Event [Member] | ||
Entity Listings [Line Items] | ||
Sale of vessel | $ 31,850 | |
Overseas Gulf Coast [Member] | ||
Entity Listings [Line Items] | ||
Loss on sale of asset | $ 5,446 |
Taxes (Details Narrative)
Taxes (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $ 6,169 | $ (6,360) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | (28.00%) | (20.00%) |
Capital Stock and Stock Compe_2
Capital Stock and Stock Compensation (Details Narrative) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Stock repurchased during period, per share amount | $ / shares | $ 2.36 |
Restricted Stock Units (RSUs) [Member] | Subject to Increase RSU Award [Member] | Maximum [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Share based payment options grants in period gross | 181,619 |
TSR Target Restricted Stock Units [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Share based payment options grants in period gross | 544,857 |
Employees, Including Senior Officers [Member] | Restricted Stock Units (RSUs) [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Share based payment options grants in period gross | 554,962 |
Stock repurchased during period, per share amount | $ / shares | $ 2.36 |
Senior Officers [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Stock repurchased during period, per share amount | $ / shares | $ 2.36 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 590,251 |
Senior Officers [Member] | Restricted Stock Units (RSUs) [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Share based payment options grants in period gross | 363,238 |
Common Class A [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Shares repurchased during period | 185,459 |
Stock repurchased during period, per share amount | $ / shares | $ 2.18 |
Schedule of Components of Accum
Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) | $ (381) | $ (282) |
Accumulated other comprehensive loss | $ (381) | $ (282) |
Schedule of Changes in Balances
Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (282) | |
Total change in accumulated other comprehensive income | (99) | $ 58 |
Ending balance | (381) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (282) | (6,409) |
Current period change, excluding amounts reclassified from accumulated other comprehensive income | ||
Amounts reclassified from accumulated other comprehensive income | (99) | 58 |
Total change in accumulated other comprehensive income | (99) | 58 |
Ending balance | $ (381) | $ (6,351) |
Leases (Details Narrative)
Leases (Details Narrative) - Time Charter Revenue [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Lease income | $ 63,417 | $ 78,853 |
Straight-line adjustments | $ 371 | $ 703 |