Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
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 $0.01 per share) | |
Trading Symbol | OSG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Bankruptcy Proceedings, Reporting Current | true | |
Entity Common Stock, Shares Outstanding | 87,170,463 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 84,971 | $ 69,697 |
Restricted cash | 37 | 49 |
Voyage receivables, including unbilled of $7,606 and $6,740, net of reserve for doubtful accounts | 17,733 | 13,123 |
Income tax receivable | 369 | 387 |
Other receivables | 4,149 | 1,817 |
Inventories, prepaid expenses and other current assets | 5,917 | 3,603 |
Total Current Assets | 113,176 | 88,676 |
Vessels and other property, less accumulated depreciation | 768,992 | 832,174 |
Deferred drydock expenditures, net | 43,512 | 43,134 |
Total Vessels, Other Property and Deferred Drydock | 812,504 | 875,308 |
Restricted cash - non current | 44 | 73 |
Intangible assets, less accumulated amortization | 23,767 | 27,217 |
Operating lease right-of-use assets, net | 156,862 | 215,817 |
Other assets | 25,914 | 24,646 |
Total Assets | 1,132,267 | 1,231,737 |
Current Liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 39,492 | 48,089 |
Current portion of operating lease liabilities | 90,551 | 90,613 |
Current portion of finance lease liabilities | 4,001 | 4,000 |
Current installments of long-term debt | 21,530 | 38,922 |
Total Current Liabilities | 155,574 | 181,624 |
Reserve for uncertain tax positions | 186 | 189 |
Noncurrent operating lease liabilities | 88,176 | 147,154 |
Noncurrent finance lease liabilities | 19,598 | 21,360 |
Long-term debt | 430,255 | 390,198 |
Deferred income taxes, net | 67,802 | 80,992 |
Other liabilities | 32,153 | 30,409 |
Total Liabilities | 793,744 | 851,926 |
Equity: | ||
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 87,146,851 and 86,365,422 shares issued and outstanding) | 871 | 864 |
Paid-in additional capital | 594,143 | 592,564 |
Accumulated deficit | (255,911) | (213,335) |
Stockholder’s Equity Subtotal | 339,103 | 380,093 |
Accumulated other comprehensive loss | (580) | (282) |
Total Equity | 338,523 | 379,811 |
Total Liabilities and Equity | $ 1,132,267 | $ 1,231,737 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Unbilled Contracts Receivable | $ 7,606 | $ 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 | 87,146,851 | 86,365,422 |
Class A common stock, shares outstanding | 87,146,851 | 86,365,422 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Shipping Revenues: | ||||
Time and bareboat charter revenues | $ 64,535 | $ 89,273 | $ 191,130 | $ 264,085 |
Voyage charter revenues | 29,432 | 16,475 | 72,469 | 57,061 |
Total shipping revenues | 93,967 | 105,748 | 263,599 | 321,146 |
Operating Expenses: | ||||
Voyage expenses | 18,602 | 13,467 | 51,030 | 31,364 |
Vessel expenses | 36,006 | 43,044 | 101,815 | 120,456 |
Charter hire expenses | 22,806 | 22,782 | 67,719 | 67,746 |
Depreciation and amortization | 15,526 | 15,253 | 45,913 | 43,488 |
General and administrative | 5,707 | 6,140 | 18,076 | 19,915 |
Loss/(gain) on disposal of vessels and other property, including impairments, net | 960 | (151) | 6,257 | 959 |
Total operating expenses | 99,607 | 100,535 | 290,810 | 283,928 |
(Loss)/income from vessel operations | (5,640) | 5,213 | (27,211) | 37,218 |
Gain on termination of pre-existing arrangement | 19,172 | |||
Operating (loss)/income | (5,640) | 5,213 | (27,211) | 56,390 |
Loss on extinguishment of debt, net | (7,961) | (488) | (7,961) | (503) |
Other income, net | 129 | 328 | 140 | 316 |
(Loss)/income before interest expense and income taxes | (13,472) | 5,052 | (35,032) | 56,203 |
Interest expense | (7,052) | (5,902) | (20,739) | (18,143) |
(Loss)/income before income taxes | (20,524) | (850) | (55,771) | 38,060 |
Income tax benefit/(expense) | 4,515 | 192 | 13,195 | (7,212) |
Net (loss)/income | $ (16,009) | $ (657) | $ (42,576) | $ 30,848 |
Weighted Average Number of Common Shares Outstanding: | ||||
Basic - Class A | 90,808,080 | 89,998,301 | 90,513,150 | 89,723,751 |
Diluted - Class A | 90,808,080 | 89,998,301 | 90,513,150 | 90,727,485 |
Per Share Amounts: | ||||
Basic and diluted net (loss)/income - Class A | $ (0.18) | $ (0.01) | $ (0.47) | $ 0.34 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss)/Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net (loss)/income | $ (16,009) | $ (657) | $ (42,576) | $ 30,848 |
Defined benefit pension and other postretirement benefit plans: | ||||
Net change in unrecognized prior service costs | (181) | (18) | (542) | (55) |
Net change in unrecognized actuarial losses | 81 | 77 | 244 | 231 |
Other comprehensive (loss)/income | (100) | 59 | (298) | 176 |
Comprehensive (loss)/income | $ (16,109) | $ (598) | $ (42,874) | $ 31,024 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net (loss)/income | $ (42,576) | $ 30,848 |
Items included in net income not affecting cash flows: | ||
Depreciation and amortization | 45,913 | 43,488 |
Gain on termination of pre-existing arrangement | (19,172) | |
Loss on disposal of vessels and other property, including impairments, net | 6,257 | 959 |
Amortization of debt discount and other deferred financing costs | 1,822 | 1,714 |
Compensation relating to restricted stock awards and stock option grants | 1,989 | 1,685 |
Deferred income tax (benefit)/expense | (13,193) | 7,237 |
Interest on finance lease liabilities | 1,362 | 1,493 |
Non-cash operating lease expense | 68,383 | 68,706 |
Loss on extinguishment of debt, net | 5,225 | 503 |
Distributed earnings of affiliated companies | 3,562 | |
Payments for drydocking | (14,883) | (20,819) |
Operating lease liabilities | (69,297) | (69,263) |
Changes in operating assets and liabilities, net | (11,430) | 1,329 |
Net cash (used in)/provided by operating activities | (20,428) | 52,270 |
Cash Flows from Investing Activities: | ||
Acquisition, net of cash acquired | (16,973) | |
Proceeds from disposals of vessels and other property | 32,128 | 1,407 |
Expenditures for vessels and vessel improvements | (5,827) | (55,197) |
Net cash provided by/(used in) investing activities | 26,301 | (70,763) |
Cash Flows from Financing Activities: | ||
Payments on debt | (28,919) | (35,844) |
Tax withholding on share-based awards | (402) | (197) |
Payments on principal portion of finance lease liabilities | (3,124) | (3,124) |
Extinguishment of debt | (274,582) | (25,249) |
Extinguishment of debt costs paid | (2,736) | |
Deferred financing costs paid for debt amendments | (2,429) | |
Issuance of debt, net of issuance and deferred financing costs | 321,552 | 95,370 |
Net cash provided by financing activities | 9,360 | 30,956 |
Net increase in cash, cash equivalents and restricted cash | 15,233 | 12,463 |
Cash, cash equivalents and restricted cash at beginning of period | 69,819 | 41,677 |
Cash, cash equivalents and restricted cash at end of period | $ 85,052 | $ 54,140 |
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 income (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, 2019 | 857 | 590,436 | (243,339) | (6,409) | 341,545 | |||
Net income (loss) | 30,848 | |||||||
Other comprehensive loss | 176 | |||||||
Ending balance, value at Sep. 30, 2020 | 863 | 591,916 | (212,491) | (6,233) | 374,055 | |||
Beginning balance, value at Mar. 31, 2020 | 858 | 590,674 | (218,214) | (6,351) | 366,967 | |||
Net income (loss) | 6,380 | 6,380 | ||||||
Other comprehensive loss | 59 | 59 | ||||||
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | 5 | (5) | ||||||
Compensation related to Class A options granted and restricted stock awards | 617 | 617 | ||||||
Ending balance, value at Jun. 30, 2020 | 863 | 591,286 | (211,834) | (6,292) | 374,023 | |||
Net income (loss) | (657) | (657) | ||||||
Other comprehensive loss | 59 | 59 | ||||||
Compensation related to Class A options granted and restricted stock awards | 630 | 630 | ||||||
Ending balance, value at Sep. 30, 2020 | 863 | 591,916 | (212,491) | (6,233) | 374,055 | |||
Beginning balance, value at Dec. 31, 2020 | 864 | 592,564 | (213,335) | (282) | 379,811 | |||
Net income (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 | |||
Beginning balance, value at Dec. 31, 2020 | 864 | 592,564 | (213,335) | (282) | 379,811 | |||
Net income (loss) | (42,576) | |||||||
Other comprehensive loss | (298) | |||||||
Ending balance, value at Sep. 30, 2021 | 871 | 594,143 | (255,911) | (580) | 338,523 | |||
Beginning balance, value at Mar. 31, 2021 | 869 | 592,732 | (229,203) | (381) | 364,017 | |||
Net income (loss) | (10,699) | (10,699) | ||||||
Other comprehensive loss | (99) | (99) | ||||||
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | 2 | (3) | (1) | |||||
Compensation related to Class A options granted and restricted stock awards | 695 | 695 | ||||||
Ending balance, value at Jun. 30, 2021 | 871 | 593,424 | (239,902) | (480) | 353,913 | |||
Net income (loss) | (16,009) | (16,009) | ||||||
Other comprehensive loss | (100) | (100) | ||||||
Compensation related to Class A options granted and restricted stock awards | 719 | 719 | ||||||
Ending balance, value at Sep. 30, 2021 | $ 871 | $ 594,143 | $ (255,911) | $ (580) | $ 338,523 | |||
[1] | Par value $ 0.01 166,666,666 87,146,851 86,337,072 | |||||||
[2] | Includes 19,235,764 | |||||||
[3] | Amounts are net of tax. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Sep. 30, 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 outstanding | 87,146,851 | 86,337,072 |
Class A warrants outstanding | 19,235,764 | 19,235,764 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 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”). The World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a pandemic in March 2020. The COVID-19 pandemic is a dynamic and continuously evolving phenomenon and our disclosures throughout describe its effects on our business. |
Recently Adopted and Issued Acc
Recently Adopted and Issued Accounting Standards | 9 Months Ended |
Sep. 30, 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, 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. OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 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. The following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the three and nine months ended September 30, 2021 and 2020: Schedule of Disaggregation of Revenue Three Months Ended Nine Months Ended 2021 2020 2021 2020 Time and bareboat charter revenues $ 64,535 $ 89,273 $ 191,130 $ 264,085 Voyage charter revenues (1) 17,682 3,250 38,124 24,037 Contracts of affreightment revenues 11,750 13,225 34,345 33,024 Total shipping revenues $ 93,967 $ 105,748 $ 263,599 $ 321,146 (1) Voyage charter revenues include approximately $ 4,175 9,569 15,139 Voyage Receivables As of September 30, 2021 and December 31, 2020, contract balances from contracts with customers consisted of voyage receivables of $ 11,776 9,351 5,641 5,891 Contracts of Affreightment At September 30, 2021 and December 31, 2020, the Company did not have deferred revenue related to the Company’s contracts of affreightment (“COAs”). Costs to Fulfill a Contract At September 30, 2021 and December 31, 2020, the costs related to voyages that were not yet completed were not material. Transaction Price Allocated to the Remaining Performance Obligations As of September 30, 2021, the Company expects to recognize revenue of approximately $ 9,397 27,402 |
Earnings per Common Share
Earnings per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Per Share Amounts: | |
Earnings per Common Share | Note 4 — Earnings per Common Share Basic earnings per common share is computed by dividing earnings 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 per share to be nominal, warrant proceeds are ignored, and the shares issuable upon Class A warrant exercises 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 Class A As of September 30, 2021, there were 3,380,708 1,478,756 2,643,063 1,478,756 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS The components of the calculation of basic earnings per share and diluted earnings per share are as follows: Schedule of Earnings Per Share 2021 2020 2021 2020 Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net (loss)/income $ (16,009 ) $ (657 ) $ (42,576 ) $ 30,848 Weighted average common shares outstanding: Class A common stock - basic 90,808,080 89,998,301 90,513,150 89,723,751 Class A common stock - diluted 90,808,080 89,998,301 90,513,150 90,727,485 For the nine months ended September 30, 2020, there were dilutive equity awards outstanding covering 1,003,734 371,893 |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value Disclosures | 9 Months Ended |
Sep. 30, 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— ASC 820, 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 September 30, 2021: Assets Cash and cash equivalents (1) $ 85,052 $ 85,052 $ — Total $ 85,052 $ 85,052 $ — Liabilities Term loan, due 2024, net $ 21,944 $ — $ 21,762 Alaska tankers term loan, due 2025, net 31,401 — 30,102 OSG 204 LLC term loan, due 2025, net 29,625 — 28,880 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 46,870 — 49,510 Term loan, due 2028, net 321,555 — 323,374 Unsecured senior notes, net 390 — 404 Total $ 451,785 $ — $ 454,032 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 $ 81 122 Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Vessel and Intangible Assets Impairments During the third 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 September 30, 2021. The Company concluded that no such events or changes in circumstances had occurred for its intangible assets at September 30, 2021. During the third quarter of 2021, the Company gave consideration as to whether events or changes in circumstances had occurred that could indicate that the carrying amounts of the Company's operating lease right-of-use assets may not be fully recoverable. The Company concluded that the decline in previously forecasted cash flows on two of the Company’s leased vessels, due to a change in the expected deployment, constituted an impairment triggering event as of September 30, 2021. Based on the Company's analysis, an impairment charge of $ 1,000 During the first quarter of 2021 the Company received a firm offer for the sale of the Overseas Gulf Coast 5,446 on the planned disposition of this tanker. In April 2021, the Company entered into a contract to sell the vessel for $ 31,850 , net of broker commissions. The sale of the vessel was completed in June 2021 for $ 32,128 , net of broker commissions and other fees, resulting in an immaterial gain recognized during the second quarter of 2021, which is included in loss/(gain) on disposal of vessels and other property, including impairments, net on the condensed consolidated statements of operations. |
Taxes
Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Taxes | Note 6 — Taxes For the three months ended September 30, 2021 and 2020, the Company recorded income tax benefits of $ 4,515 and $ 192 , respectively, which represented effective tax rates of 22 % and 23 %, respectively. For the nine months ended September 30, 2021 and 2020, the Company recorded an income tax benefit/(provision) of $ 13,195 and $ (7,212) , respectively, which represented effective tax rates of 24 % and 19 %, respectively. There was no significant change in the effective tax rate for the three months ended September 30, 2021 compared to the three months ended September 30, 2020. The increase in the effective tax rate for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 was primarily due to changes in state apportionment, the tonnage tax exclusion and interest related to an alternative minimum tax refund received in 2020. The effective tax rate for the nine months ended September 30, 2021 was more than the statutory rate due to the tonnage tax exclusion and state tax benefit. The effective tax rate for the nine months ended September 30, 2020 was less than the statutory rate due to a discrete tax benefit relating to state benefit resulting from the Alaska Tanker Company acquisition, interest related to an alternative minimum tax refund and the tonnage tax exclusion. |
Capital Stock and Stock Compens
Capital Stock and Stock Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Capital Stock And Stock Compensation | |
Capital Stock and Stock Compensation | Note 7 — Capital Stock and Stock Compensation Share and Warrant Repurchases During the nine months ended September 30, 2021 and 2020, in connection with the vesting of restricted stock units (“RSUs”), the Company withheld 185,459 104,552 2.18 1.90 Warrant Conversions During the nine months ended September 30 2021, the Company did not issue any shares of Class A common stock as a result of the exercise of Class A warrants. During the nine months ended September 30, 2020, the Company issued 473 2,498 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Stock Compensation The Company accounts for stock compensation expense in accordance with the fair value-based method required by ASC 718, Compensation – Stock Compensation Director Compensation — Restricted Stock Units On May 27, 2021 and May 28, 2020, the Company awarded time-based RSUs to its non-employee directors covering 275,800 321,000 2.29 and $ 2.25 per RSU, respectively. 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 nine months ended September 30, 2021 and 2020, the Company granted 554,962 764,406 2.36 2.03 During the nine months ended September 30, 2021 and 2020, the Company awarded 363,238 582,224 The performance-based RSUs are subject to an increase of up to a maximum of 181,619 and 291,112 target RSUs combined, respectively, ( 544,857 and 873,340 RSUs in total, respectively) or decrease, depending on performance against the applicable measure and targets. Accordingly, for financial reporting purposes, compensation costs have been recognized for these awards. The grant date fair value of the awards, which have a market condition, was determined to be $ 2.36 and $ 2.03 per RSU, respectively. During the nine months ended September 30, 2021, the Company awarded 590,251 2.36 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 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 September 30, 2021 December 31, 2020 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ (580 ) $ (282 ) Accumulated other comprehensive loss $ (580 ) $ (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 nine months ended September 30, 2021 and 2020: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss Items not yet recognized as a Balance as of June 30, 2021 $ (480 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (100 ) Total change in accumulated other comprehensive income (100 ) Balance as of September 30, 2021 $ (580 ) Balance as of June 30, 2020 $ (6,292 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income 59 Total change in accumulated other comprehensive income 59 Balance as of September 30, 2020 $ (6,233 ) OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Items not yet recognized as a 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 (298 ) Total change in accumulated other comprehensive income (298 ) Balance as of September 30, 2021 $ (580 ) 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 176 Total change in accumulated other comprehensive income 176 Balance as of September 30, 2020 $ (6,233 ) 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 | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2021 was equal to lease income from lease payments of $ 64,551 190,673 16 457 88,609 263,356 664 729 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 10 — Debt On September 29, 2021, certain subsidiaries (the “Borrowers”) 325,000 term loan credit facility with Stonebriar Commercial Finance. Proceeds were used to pay off the Company’s term loan, due 2023 , with The Prudential Insurance Company of America, as administrative agent, and certain other lenders, and the Company’s term loan, due 2026 , with Wintrust Commercial Finance, for $ 237,983 and $ 20,298 , respectively. Additionally, the Company used proceeds to make a prepayment of $ 16,000, to partially refinance a term loan with Banc of America Leasing & Capital, LLC, the Company’s Alaska tankers term loan, due 2025 . The remaining proceeds will be used for general working capital purposes. The Company recognized an aggregate net loss of $ 7,961 on these transactions, which reflects a write-off of unamortized deferred financing costs and prepayment fees. The new term loan bears interest at a rate of 7.75 % and matures on October 1, 2028 . The performance of the Borrowers’ obligations under the term loan is guaranteed by the Company and certain other subsidiaries and are secured by the Borrowers’ assets, including five tankers, three tugs, and two barges, and by the Company’s equity interests in certain of its subsidiaries. The annual principal payments required to be made for the new term loan are $ 1,787 for the remainder of 2021, $ 12,100 in 2022, $ 13,072 in 2023 $ 14,122 in 2024, $ 15,257 in 2025 and $ 268,662 thereafter. The Company also completed amendments to the loans on the OSG 205 OSG Courageous Overseas Sun Coast Alaskan Explorer Alaskan Navigator 325,000 On November 5, 2021, subsidiaries of the Company entered into an agreement to amend the Company’s OSG 204 LLC term loan, due 2025, to align the term loan’s financial covenants with the Company’s new term loan with Stonebriar. In connection with the amendment, the Company made a prepayment of $ 3,000 on the outstanding balance of the loan. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 11 — 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). In the opinion of management, none of these claims, individually or in the aggregate, are 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) | 9 Months Ended |
Sep. 30, 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, |
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) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2021 and 2020: Schedule of Disaggregation of Revenue Three Months Ended Nine Months Ended 2021 2020 2021 2020 Time and bareboat charter revenues $ 64,535 $ 89,273 $ 191,130 $ 264,085 Voyage charter revenues (1) 17,682 3,250 38,124 24,037 Contracts of affreightment revenues 11,750 13,225 34,345 33,024 Total shipping revenues $ 93,967 $ 105,748 $ 263,599 $ 321,146 (1) Voyage charter revenues include approximately $ 4,175 9,569 15,139 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 9 Months Ended |
Sep. 30, 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 2021 2020 2021 2020 Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net (loss)/income $ (16,009 ) $ (657 ) $ (42,576 ) $ 30,848 Weighted average common shares outstanding: Class A common stock - basic 90,808,080 89,998,301 90,513,150 89,723,751 Class A common stock - diluted 90,808,080 89,998,301 90,513,150 90,727,485 |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2021: Assets Cash and cash equivalents (1) $ 85,052 $ 85,052 $ — Total $ 85,052 $ 85,052 $ — Liabilities Term loan, due 2024, net $ 21,944 $ — $ 21,762 Alaska tankers term loan, due 2025, net 31,401 — 30,102 OSG 204 LLC term loan, due 2025, net 29,625 — 28,880 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 46,870 — 49,510 Term loan, due 2028, net 321,555 — 323,374 Unsecured senior notes, net 390 — 404 Total $ 451,785 $ — $ 454,032 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 $ 81 122 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2021 December 31, 2020 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ (580 ) $ (282 ) Accumulated other comprehensive loss $ (580 ) $ (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 nine months ended September 30, 2021 and 2020: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss Items not yet recognized as a Balance as of June 30, 2021 $ (480 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (100 ) Total change in accumulated other comprehensive income (100 ) Balance as of September 30, 2021 $ (580 ) Balance as of June 30, 2020 $ (6,292 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income 59 Total change in accumulated other comprehensive income 59 Balance as of September 30, 2020 $ (6,233 ) OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Items not yet recognized as a 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 (298 ) Total change in accumulated other comprehensive income (298 ) Balance as of September 30, 2021 $ (580 ) 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 176 Total change in accumulated other comprehensive income 176 Balance as of September 30, 2020 $ (6,233 ) |
Schedule of Disaggregation of R
Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Disaggregation of Revenue [Line Items] | |||||
Total shipping revenues | $ 93,967 | $ 105,748 | $ 263,599 | $ 321,146 | |
Time And Bareboat Charter Revenues [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total shipping revenues | 64,535 | 89,273 | 191,130 | 264,085 | |
Voyage Charter Revenues [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total shipping revenues | [1] | 17,682 | 3,250 | 38,124 | 24,037 |
Contracts Of Affreightment Revenues [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total shipping revenues | $ 11,750 | $ 13,225 | $ 34,345 | $ 33,024 | |
[1] | Voyage charter revenues include approximately $ 4,175 9,569 15,139 |
Schedule of Disaggregation of_2
Schedule of Disaggregation of Revenue (Details) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Voyage charter revenues | $ 29,432 | $ 16,475 | $ 72,469 | $ 57,061 |
Short Term Time Charter Contracts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Voyage charter revenues | $ 4,175 | $ 9,569 | $ 15,139 |
Revenue Recognition (Details Na
Revenue Recognition (Details Narrative) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Contract with Customer, Asset, after Allowance for Credit Loss | $ 11,776 | $ 9,351 |
Contract assets doubtful accounts | 5,641 | $ 5,891 |
Reminder Of 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | 9,397 | |
2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 27,402 |
Schedule of Earnings Per Share
Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Per Share Amounts: | ||||||||
Net (loss)/income | $ (16,009) | $ (10,699) | $ (15,868) | $ (657) | $ 6,380 | $ 25,125 | $ (42,576) | $ 30,848 |
Class A common stock - basic | 90,808,080 | 89,998,301 | 90,513,150 | 89,723,751 | ||||
Class A common stock - diluted | 90,808,080 | 89,998,301 | 90,513,150 | 90,727,485 |
Earnings per Common Share (Deta
Earnings per Common Share (Details Narrative) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 1,003,734 | |
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 | 3,380,708 | 2,643,063 |
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] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 |
Schedule of Hierarchy Categoriz
Schedule of Hierarchy Categorized on Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | [1] | $ 85,052 | $ 69,819 |
Total assets | 85,052 | 69,819 | |
Term loan agreements, fair value | 451,785 | 429,120 | |
Term Loan Agreement Due 2024 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 21,944 | 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 | 31,401 | 50,360 | |
OSG 204 L L C Term Loan Agreement Due 2025 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 29,625 | 31,283 | |
OSG 205 L L Aand OSG Courageous Second L L C Term Loan Due 2027 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 46,870 | 48,586 | |
Term Loan Agreement Due 2028 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 321,555 | ||
Unsecured Senior Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 390 | 691 | |
Term Loan Agreement Due 2023 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 252,057 | ||
Term Loan Agreement Due Two Thousand Twenty Six [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 23,171 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | [1] | 85,052 | 69,819 |
Total assets | 85,052 | 69,819 | |
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] | Term Loan Agreements 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 L L C 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 205 L L Aand OSG Courageous Second L L C 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] | Term Loan Agreement Due 2028 [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 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 Two Thousand Twenty Six [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 | 454,032 | 436,517 | |
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 | 21,762 | 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 | 30,102 | 49,357 | |
Fair Value, Inputs, Level 2 [Member] | OSG 204 L L C Term Loan Agreement Due 2025 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 28,880 | 31,562 | |
Fair Value, Inputs, Level 2 [Member] | OSG 205 L L Aand OSG Courageous Second L L C Term Loan Due 2027 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 49,510 | 52,199 | |
Fair Value, Inputs, Level 2 [Member] | Term Loan Agreement Due 2028 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 323,374 | ||
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 | $ 404 | 715 | |
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 | 257,228 | ||
Fair Value, Inputs, Level 2 [Member] | Term Loan Agreement Due Two Thousand Twenty Six [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | $ 21,921 | ||
[1] | Includes current and non-current restricted cash aggregating $ 81 122 |
Schedule of Hierarchy Categor_2
Schedule of Hierarchy Categorized on Fair Value (Details) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Restricted cash, fair value disclosure | $ 81 | $ 122 |
Fair Value Measurements and F_3
Fair Value Measurements and Fair Value Disclosures (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |
Jun. 30, 2021 | Apr. 30, 2021 | Sep. 30, 2021 | |
Impairment charges | $ 1,000 | ||
Proceeds from Sale of Intangible Assets | $ 32,128 | $ 31,850 | |
Overseas Gulf Coast [Member] | |||
Gain (Loss) on Disposition of Intangible Assets | $ 5,446 |
Taxes (Details Narrative)
Taxes (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ 4,515 | $ 192 | $ 13,195 | $ (7,212) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 22.00% | 23.00% | 24.00% | 19.00% |
Capital Stock and Stock Compe_2
Capital Stock and Stock Compensation (Details Narrative) - $ / shares | May 27, 2021 | May 28, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Senior Officers [Member] | ||||
Share based payment options grants in period gross | 590,251 | |||
Class A Warrants [Member] | ||||
Number of warrants exercised | 2,498 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.36 | |||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | Subject to Increase RSU Award [Member] | ||||
Restricted stock shares | 181,619 | 291,112 | ||
Restricted Stock Units (RSUs) [Member] | Nonemployee Directors [Member] | ||||
Restricted stock shares | 275,800 | 321,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.29 | $ 2.25 | ||
Restricted Stock Units (RSUs) [Member] | Employees, Including Senior Officers [Member] | ||||
Restricted stock shares | 554,962 | 764,406 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.36 | $ 2.03 | ||
Restricted Stock Units (RSUs) [Member] | Senior Officers [Member] | ||||
Restricted stock shares | 363,238 | 582,224 | ||
T S R Target Restricted Stock Units Awards [Member] | ||||
Restricted stock shares | 544,857 | 873,340 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.36 | $ 2.03 | ||
Common Class A [Member] | ||||
Stock repurchase shares | 185,459 | 104,552 | ||
Stock repurchase price per share | $ 2.18 | $ 1.90 | ||
Shares issued for warrants exercised | 473 |
Schedule of Components of Accum
Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) | $ (580) | $ (282) |
Accumulated other comprehensive loss | $ (580) | $ (282) |
Schedule of Changes in Balances
Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss (Details) - Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (480) | $ (6,292) | $ (282) | $ (6,409) |
Current period change, excluding amounts reclassified from accumulated other comprehensive income | ||||
Amounts reclassified from accumulated other comprehensive income | (100) | 59 | (298) | 176 |
Total change in accumulated other comprehensive income | (100) | 59 | (298) | 176 |
Ending balance | $ (580) | $ (6,233) | $ (580) | $ (6,233) |
Leases (Details Narrative)
Leases (Details Narrative) - Time Charter Revenue [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lease income | $ 64,551 | $ 88,609 | $ 190,673 | $ 263,356 |
Straight-line adjustments | $ 16 | $ 664 | $ 457 | $ 729 |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) | Nov. 01, 2021 | Sep. 29, 2021 | Sep. 30, 2021 |
Short-term Debt [Line Items] | |||
Prepayment of term loan | $ 16,000 | ||
Loans Payable | $ 7,961,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | ||
Debt Instrument, Maturity Date | Oct. 1, 2028 | ||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 1,787,000 | ||
Long-Term Debt, Maturity, Year One | 12,100,000 | ||
Long-Term Debt, Maturity, Year Two | 13,072,000 | ||
Long-Term Debt, Maturity, Year Three | 14,122,000 | ||
Long-Term Debt, Maturity, Year Four | 15,257,000 | ||
Long-Term Debt, Maturity, after Year Five | 268,662,000 | ||
Convenants [Member] | Amendment [Member] | |||
Short-term Debt [Line Items] | |||
Face amout | $ 325,000,000 | ||
Stonebriar Commercial Finance [Member] | Term Loan Credit Facility [Member] | |||
Short-term Debt [Line Items] | |||
Face amout | $ 325,000 | ||
Debt Instrument, Maturity Date, Description | due 2023 | ||
Prudential Insurance Company of America [Member] | Term Loan Credit Facility [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Maturity Date, Description | due 2026 | ||
Prudential Insurance Company [Member] | Due 2023 [Member] | |||
Short-term Debt [Line Items] | |||
Prepayment of term loan | $ 237,983 | ||
Wintrust Commercial Finance [Member] | Due Two Thousand Twenty Six [Member] | |||
Short-term Debt [Line Items] | |||
Prepayment of term loan | $ 20,298 | ||
Banc of America Leasing & Capital, LLC [Member] | Term Loan Credit Facility [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Maturity Date, Description | due 2025 | ||
OSG [Member] | |||
Short-term Debt [Line Items] | |||
Prepayment of term loan | $ 3,000 |