Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 06, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 292,943,697 | ||
Entity Bankruptcy Proceedings, Reporting Current | true | ||
Entity Common Stock, Shares Outstanding | 70,952,360 | ||
Documents Incorporated By Reference | Portions of the registrant’s definitive proxy statement to be filed by the registrant in connection with its 2024 Annual Meeting of Stockholders are incorporated by reference in Part III. | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Tampa, Florida |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 76,257 | $ 78,732 |
Investment security to be held to maturity | 14,900 | |
Voyage receivables, including unbilled of $4,976 and $11,364, net of reserve for credit losses | 17,362 | 19,698 |
Income tax recoverable | 407 | 1,914 |
Other receivables | 3,140 | 5,334 |
Prepaid expenses | 662 | 385 |
Inventories and other current assets | 1,860 | 2,283 |
Total Current Assets | 114,588 | 108,346 |
Vessels and other property, less accumulated depreciation and amortization | 699,032 | 726,179 |
Deferred drydock expenditures, net | 44,827 | 38,976 |
Total Vessels, Deferred Drydock and Other Property | 743,859 | 765,155 |
Intangible assets, less accumulated amortization | 13,417 | 18,017 |
Operating lease right-of-use assets | 172,703 | 206,797 |
Investment security to be held to maturity | 14,803 | |
Other assets | 34,317 | 25,945 |
Total Assets | 1,078,884 | 1,139,063 |
Current Liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 60,911 | 54,906 |
Current installments of long-term debt | 43,305 | 23,733 |
Current portion of operating lease liabilities | 65,272 | 63,288 |
Current portion of finance lease liabilities | 4,000 | |
Total Current Liabilities | 169,488 | 145,927 |
Reserve for uncertain tax positions | 285 | 175 |
Long-term debt, net | 357,406 | 399,630 |
Deferred income taxes, net | 79,373 | 70,233 |
Noncurrent operating lease liabilities | 107,911 | 149,960 |
Noncurrent finance lease liabilities | 16,456 | |
Other liabilities | 10,368 | 16,997 |
Total Liabilities | 724,831 | 799,378 |
Commitments and contingencies (Note 17) | ||
Equity: | ||
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 89,545,535 and 88,297,439 shares issued; 70,946,476 and 78,297,439 shares outstanding) | 895 | 883 |
Paid-in additional capital | 588,361 | 597,455 |
Accumulated deficit | (174,825) | (233,023) |
Treasury stock, 18,599,059 and 10,000,000 shares, at cost | (64,380) | (29,040) |
Stockholder’s Equity Subtotal | 350,051 | 336,275 |
Accumulated other comprehensive income | 4,002 | 3,410 |
Total Equity | 354,053 | 339,685 |
Total Liabilities and Equity | $ 1,078,884 | $ 1,139,063 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Unbilled receivable | $ 4,976 | $ 11,364 |
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 | 89,545,535 | 88,297,439 |
Class A common stock, shares outstanding | 70,946,476 | 78,297,439 |
Treasury stock, shares | 18,599,059 | 10,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shipping Revenues: | |||
Total shipping revenues | $ 451,871 | $ 466,800 | $ 359,062 |
Operating Expenses: | |||
Voyage expenses | 28,344 | 40,472 | 66,467 |
Vessel expenses | 166,246 | 176,666 | 140,413 |
Charter hire expenses | 64,971 | 88,849 | 90,166 |
Depreciation and amortization | 67,164 | 70,637 | 61,823 |
General and administrative | 28,223 | 26,985 | 24,097 |
Bad debt recovery | (1,080) | ||
Loss on disposal of vessels and other property, including impairments, net | 6,276 | ||
Total operating expenses | 354,948 | 403,609 | 388,162 |
Operating income/(loss) from vessel operations | 96,923 | 63,191 | (29,100) |
Loss on extinguishment of debt, net | (8,031) | ||
Other income, net | 6,666 | 3,327 | 1,985 |
Income/(loss) before interest expense and income taxes | 103,589 | 66,518 | (35,146) |
Interest expense, net | (31,216) | (33,060) | (29,203) |
Income/(loss) before income taxes | 72,373 | 33,458 | (64,349) |
Income tax (expense)/benefit | (9,919) | (6,894) | 18,097 |
Net income/(loss) | $ 62,454 | $ 26,564 | $ (46,252) |
Weighted Average Number of Common Shares Outstanding: | |||
Basic - Class A | 78,485,954 | 89,556,195 | 90,587,454 |
Diluted - Class A | 81,231,761 | 91,400,041 | 90,587,454 |
Per Share Amounts: | |||
Basic net income/(loss) - Class A | $ 0.80 | $ 0.30 | $ (0.51) |
Diluted net income/(loss) - Class A | $ 0.77 | $ 0.29 | $ (0.51) |
Time Charter Revenues [Member] | |||
Shipping Revenues: | |||
Total shipping revenues | $ 359,543 | $ 327,329 | $ 254,744 |
Voyage Charter Revenues [Member] | |||
Shipping Revenues: | |||
Total shipping revenues | $ 92,328 | $ 139,471 | $ 104,318 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net income/(loss) | $ 62,454 | $ 26,564 | $ (46,252) |
Defined benefit pension and other postretirement benefit plans: | |||
Net change in unrecognized prior service costs | (558) | (553) | (554) |
Net change in unrecognized actuarial gain | 1,150 | 1,020 | 3,779 |
Other comprehensive income | 592 | 467 | 3,225 |
Comprehensive income/(loss) | $ 63,046 | $ 27,031 | $ (43,027) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | |||
Net income/(loss) | $ 62,454 | $ 26,564 | $ (46,252) |
Items included in net income/(loss) not affecting cash flows: | |||
Depreciation and amortization | 67,164 | 70,637 | 61,823 |
Bad debt recovery | (1,080) | ||
Amortization of debt discount and other deferred financing costs | 1,142 | 1,129 | 2,099 |
Compensation relating to restricted stock, stock unit and stock option grants | 3,471 | 3,574 | 2,232 |
Deferred income tax expense/(benefit) | 8,974 | 6,347 | (18,236) |
Interest on finance lease liabilities | 917 | 1,618 | 1,799 |
Non-cash operating lease expense | 65,751 | 89,127 | 90,863 |
Gain on prepayment of deferred payment obligations | (912) | ||
Loss on extinguishment and prepayments of debt, net | 5,295 | ||
Loss on disposal of vessels and other property, including impairments, net | 6,276 | ||
Payments for drydocking | (23,138) | (17,231) | (19,037) |
Changes in operating assets and liabilities: | |||
Operating lease liabilities | (73,074) | (99,808) | (92,634) |
Decrease/(increase) in receivables | 2,336 | (5,112) | (384) |
Increase/(decrease) in income tax receivable | 1,507 | (32) | (1,495) |
(Decrease)/increase in deferred revenue | (6,026) | 3,435 | 9,666 |
Net change in other operating assets and liabilities | (7,608) | (7,425) | (12,767) |
Net cash provided by/(used in) operating activities | 102,958 | 72,823 | (11,832) |
Cash Flows from Investing Activities: | |||
Expenditures for vessels and vessel improvements | (30,789) | (6,354) | (7,793) |
Purchase of investment security to be held to maturity | (14,794) | ||
Proceeds from disposal of vessels and other property | 32,128 | ||
Net cash (used in)/provided by investing activities | (30,789) | (21,148) | 24,335 |
Cash Flows from Financing Activities: | |||
Payments on debt | (23,730) | (22,222) | (33,316) |
Tax withholding on share-based awards | (1,168) | (496) | (402) |
Payments on principal portion of finance lease liabilities | (2,964) | (4,161) | (4,161) |
Deferred financing costs paid for debt amendments | (58) | (277) | (2,465) |
Purchases of treasury stock | (35,340) | (29,040) | |
Purchases of treasury stock and Class A warrants | (11,384) | ||
Extinguishment of debt and prepayments | (277,520) | ||
Issuance of debt, net of issuance and deferred financing costs | 321,531 | ||
Extinguishment of debt costs paid | (2,736) | ||
Net cash (used in)/provided by financing activities | (74,644) | (56,196) | 931 |
Net (decrease)/increase in cash and cash equivalents | (2,475) | (4,521) | 13,434 |
Cash and cash equivalents at beginning of year | 78,732 | 83,253 | 69,819 |
Cash and cash equivalents at end of year | $ 76,257 | $ 78,732 | $ 83,253 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity/(Deficit) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2020 | $ 864 | $ 592,564 | $ (213,335) | $ (282) | $ 379,811 | |
Net income (loss) | (46,252) | (46,252) | ||||
Other comprehensive income, net of taxes | 3,225 | 3,225 | ||||
Issuance and vesting of restricted stock awards | 8 | (8) | ||||
Taxes withheld and forfeitures of restricted stock awards | (402) | (402) | ||||
Compensation related to Class A restricted stock awards | 2,232 | 2,232 | ||||
Balance at Dec. 31, 2021 | 872 | 594,386 | (259,587) | 2,943 | 338,614 | |
Net income (loss) | 26,564 | 26,564 | ||||
Other comprehensive income, net of taxes | 467 | 467 | ||||
Issuance and vesting of restricted stock awards | 13 | 13 | ||||
Taxes withheld and forfeitures of restricted stock awards | (2) | (492) | (494) | |||
Compensation related to Class A restricted stock awards | 3,574 | 3,574 | ||||
Purchases of treasury stock | (29,040) | (29,040) | ||||
Balance at Dec. 31, 2022 | 883 | 597,455 | (233,023) | (29,040) | 3,410 | 339,685 |
Net income (loss) | 62,454 | 62,454 | ||||
Other comprehensive income, net of taxes | 592 | 592 | ||||
Issuance and vesting of restricted stock awards | 14 | (14) | ||||
Taxes withheld and forfeitures of restricted stock awards | (4) | (1,165) | (1,169) | |||
Compensation related to Class A restricted stock awards | 3,471 | 3,471 | ||||
Purchases of treasury stock | (35,340) | (35,340) | ||||
Conversion of Class A warrants to Class A common stock | 2 | (2) | ||||
Dividends declared | (4,256) | (4,256) | ||||
Purchase of Class A Warrants | (11,384) | (11,384) | ||||
Balance at Dec. 31, 2023 | $ 895 | $ 588,361 | $ (174,825) | $ (64,380) | $ 4,002 | $ 354,053 |
BASIS OF PRESENTATION AND DESCR
BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS | NOTE 1 — BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS The consolidated financial statements include the accounts of Overseas Shipholding Group, Inc., a Delaware corporation incorporated in 1969, and its wholly owned subsidiaries (the “Company” or “OSG”, or “we” or “us” or “our”). The Company owns and operates a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and refined petroleum products in the U.S. Flag trade. All significant intercompany balances and transactions have been eliminated in consolidation. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. Cash and cash equivalents 2. Vessels, vessel lives, deferred drydocking expenditures and other property Vessels are recorded at cost and are depreciated to their estimated salvage value on the straight-line basis over the estimated useful lives of the vessels, which are generally 25 years (except for new articulated tug barge (“ATBs”) for which estimated useful lives of 30 years are used) Other property, including leasehold improvements, are recorded at cost and amortized on a straight-line basis over the shorter of the terms of the leases or the estimated useful lives of the assets, which range from three years 15 Interest costs are capitalized to vessels and other property during the period when vessels are under construction and projects are in progress. During the years ended December 31, 2023, 2022 and 2021, interest costs capitalized were $ 951 1,378 1,427 Expenditures incurred during a drydocking are deferred and amortized on the straight-line basis over the shorter of the terms of the leases or the period until the next scheduled drydocking, generally two and a half to five years. The Company only includes in deferred drydocking costs those direct costs that are incurred as part of the drydocking to meet regulatory requirements, or are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. The carrying value of each of the Company’s vessels represents its original cost at the time it was delivered or purchased less depreciation calculated using estimated useful lives from the date such vessel was originally delivered from the shipyard or from the date (as in the case of certain of the Company’s ATBs) a vessel was rebuilt. A vessel’s carrying value is reduced to its new cost basis (i.e., its current fair value) if a vessel impairment charge is recorded. If the estimated economic lives assigned to the Company’s vessels prove to be too long because of new regulations, a prolonged weak market environment, a broad imposition of age restrictions by the Company’s customers, or other future events, it could result in higher depreciation expense and impairment losses in future periods related to a reduction in the useful lives of any affected vessels. 3. Impairment of long-lived assets, including right-of-use assets 4. Intangible assets 5. Internal use software Intangibles-Goodwill and Other. 3,500 992 five years 6. Deferred finance charges Unamortized deferred financing charges of $ 3,618 4,697 1,142 1,129 2,099 7. Revenue and expense recognition The Company classifies time charter leasing arrangements less than 90 days within the voyage charter revenue financial statement line item because the Company believes the pricing negotiated within these short-term time charter contracts more closely aligns with the Company’s voyage charter spot market. Under voyage charters, expenses such as fuel, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time and bareboat charters, such voyage costs are generally paid by the Company’s customers. The Company receives a stipend for the Company’s U.S. Flag Product Carriers which participate in the TSP and previously participated in the MSP during the first quarter of 2023 and the years ended December 31, 2022 and 2021. This stipend has been recorded as an offset to vessel expenses which amounted to $ 13,262 9,252 10,500 8. Voyage receivables 9. Concentration of credit risk 152 197 During the year ended December 31, 2023, the Company had one individual customer who accounted for 10% or more of the Company’s revenues. The customer and its related percentage was Hilcorp North Slope LLC (14.3%). During the years ended December 31, 14.2 10.2 28.2 10.6 The Company’s cash and cash equivalents balances generally exceed Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are placed in what the Company believes to be creditworthy financial institutions. In addition, certain of the Company’s money market accounts invest in U.S. Treasury securities or other obligations issued or guaranteed by the U.S. government or its agencies. 10. Income taxes Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes in the period such determination is made. Uncertain tax positions are recorded in accordance with ASC 740, Income Taxes greater than 50 11. Use of estimates 12. Segment information 13. Inventories 14. Derivatives Derivatives and Hedging The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to forecasted transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively, as discussed below. The Company discontinues hedge accounting prospectively when (1) it determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item such as forecasted transactions; (2) the derivative expires or is sold, terminated, or exercised; (3) it is no longer probable that the forecasted transaction will occur; or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate or desired. When the Company discontinues hedge accounting because it is no longer probable that the forecasted transaction will occur in the originally expected period, the gain or loss on the derivative remains in accumulated other comprehensive income and is reclassified into earnings when the forecasted transaction affects earnings. However, if it is probable that a forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter, the gains and losses that were accumulated in other comprehensive income will be recognized immediately in earnings. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current period earnings, unless it is designated in a new hedging relationship or terminated. During the year ended December 31, 2023, no ineffectiveness gains or losses were recorded in earnings relative to the forward contracts and options entered into by the Company that qualified for hedge accounting. See Note 9, “Fair Value of Financial Instruments and Fair Value Disclosures,” for additional disclosures on the Company’s forward contracts and options and other financial instruments. 15. Recently adopted accounting standards Financial Instruments – Credit Losses (Topic 326) Derivatives and Hedging (Topic 815) 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 became effective January 1, 2023. At June 30, 2019, the evaluation date for purposes of determining the applicability of the Bucket 2 credit losses standard, the Company met the SEC definition of a smaller reporting company. The Company adopted that standard on January 1, 2023. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. 16. Recently issued accounting standards ASU 2023-09, Improvements to Income Tax Disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Per Share Amounts: | |
EARNINGS PER COMMON SHARE | NOTE 3 — 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 The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units. Class A As of December 31, 2023, there were 3,179,004 1,478,756 3,672,646 1,478,756 3,371,177 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 2023 2022 2021 Years Ended December 31, 2023 2022 2021 Net income/(loss) $ 62,454 $ 26,564 $ (46,252 ) Weighted average common shares outstanding: Class A common stock - basic 78,485,954 89,556,195 90,587,454 Class A common stock - diluted 81,231,761 91,400,041 90,587,454 For the years ended December 31, 2023 and 2022, there were dilutive equity awards outstanding covering 2,745,807 1,843,846 241,882 609,956 2,017,810 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | NOTE 4 — REVENUE RECOGNITION Shipping Revenues Time Charter Revenues The Company enters into time charter contracts under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of a vessel. The Company recognizes revenues from time charters as operating leases ratably over the noncancellable contract term. Customers generally pay voyage expenses such as fuel, canal tolls and port charges. The Company also provides the charterer with services such as technical management expenses and crew costs. While there are lease and non-lease components related to time charter contracts, the predominant component of the contract is the charterer’s lease of the vessel. The non-lease components of the contract have the same timing and pattern of transfer as the underlying lease component; therefore, the Company applies the practical expedient of combining lease and non-lease components and recognizes revenue related to this service ratably over the life of the contract term. Voyage Charter Revenues The Company enters into voyage charter contracts, under which the customer pays a transportation charge (voyage freight) for the movement of a specific cargo between two or more specified ports. The Company’s performance obligation under voyage charters, which consists of moving cargo from a load port to a discharge port, is satisfied over time. Accordingly, under ASC 606, the Company recognizes revenue from voyage charters ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. The transaction price is in the form of a fixed fee at contract inception, which is the transportation charge. Voyage charter contracts also include variable consideration primarily in the form of demurrage, which is additional revenue the Company receives for delays experienced in loading or unloading cargo that are not deemed to be the responsibility of the Company. The Company does not include demurrage in the transaction price for voyage charters since it is highly susceptible to factors outside the Company’s influence. Examples of when demurrage is incurred include unforeseeable weather conditions and security regulations at ports. The uncertainty related to this variable consideration is resolved upon the completion of the voyage, the duration of which is generally less than 30 days. Tanker Security Program and Maritime Security Program Under the TSP and MSP arrangements, which are considered service arrangements under ASC 606, the Company received a stipend for each participating vessel. The stipend is intended to reimburse owners for the additional costs of operating U.S. Flag vessels; therefore, the Company presented this stipend as an offset to vessel expenses. Contracts of Affreightment The Company enters into COAs to provide transportation services between specified points for a stated quantity of cargo over a specific time period, but without designating voyage schedules. The Company has COAs to provide for lightering services and other arrangements based on the number of voyages. These contracts are service contracts within the scope of ASC 606 for which the underlying performance obligation is satisfied as transportation services are provided. The Company’s COAs include minimum purchase requirements from customers that are expressed in either fixed monthly barrels, annual minimum barrel volume requirements or annual minimum number of voyages to complete. The Company is required to transport and the charterer is required to provide the Company with a minimum volume requirement. COAs provide the charterer with the opportunity to purchase additional transportation services above the minimum. If this is not considered a material right, the Company recognizes revenue related to the additional services at the contractual rate as the product is transferred over time. If the additional transportation service is considered a material right, the Company allocates the transaction price to the material right. As a result, the Company may recognize revenue related to COAs at an amount different from the invoiced amount if the Company’s estimated volume to be transported under the contract exceeds the contractual minimum. COAs also include variable consideration primarily related to demurrage. The Company does not include this variable consideration in the transaction price for these contracts as the consideration is constrained since the obligation to deliver this service is outside the control of the Company. The uncertainty related to this variable consideration is resolved with the customer over the course of the contract term as individual voyages discharge. At December 31, 2023 and 2022, the Company did not have deferred revenue related to the Company’s COAs. 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 years ended December 31, 2023, 2022 and 2021: SCHEDULE OF DISAGGREGATION OF REVENUE Years Ended December 31, 2023 2022 2021 Time and bareboat charter revenues $ 359,543 $ 327,329 $ 254,744 Voyage charter revenues (1) 35,508 86,659 57,946 Contracts of affreightment revenues 56,820 52,812 46,372 Total shipping revenues $ 451,871 $ 466,800 $ 359,062 (1) Voyage charter revenues include revenue related to short-term time charter contracts of $ 4,261 $ 33,612 14,843 Voyage Receivables As of December 31, 2023 and December 31, 2022, contract balances from contracts with customers consisted of voyage receivables of $ 7,768 9,258 Costs to Fulfill a Contract Under ASC 606, for voyage charters and COAs, the Company capitalizes the direct costs, which are voyage expenses, of relocating the vessel to the load port to be amortized during transport of the cargo. At December 31, 2023, the costs related to voyages that were not yet completed were not material. Additionally, these contracts include out-of-pocket expense (i.e. fuel, port charges, canal tolls) incurred by the Company in fulfilling its performance obligations, which are reimbursed by the charterer at cost. The reimbursement for these fulfillment costs are included in the Company’s estimated transaction price for the contract and recognized as revenue when performance obligations are satisfied. Transaction Price Allocated to the Remaining Performance Obligations As of December 31, 2023, the Company expects to recognize revenue of approximately $ 47,578 14,608 Practical Expedients and Exemptions The Company’s voyage charter contracts and some of the Company’s COAs have an original expected duration of one year or less; therefore, the Company has elected to apply the practical expedient, which permits the Company to not disclose the portion of the transaction price allocated to the remaining performance obligations within these COAs. The Company expenses broker commissions for voyage charters, which are costs of obtaining a contract, as they are incurred because the amortization period is less than one year or are otherwise amortized as the underlying performance obligation is satisfied. The Company records these costs within voyage expenses on the consolidated statements of operations. |
VESSELS, OTHER PROPERTY AND DEF
VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK | NOTE 5 — VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK Vessels and other property consist of the following: SCHEDULE OF VESSELS AND OTHER PROPERTY 2023 2022 Years Ended December 31, 2023 2022 Vessels, at cost $ 1,092,950 $ 1,082,822 Accumulated depreciation (427,508 ) (385,242 ) Vessels, net 665,442 697,580 Construction in progress 33,482 10,406 Finance lease right-of-use asset, at cost (Note 14) 26,940 26,940 Accumulated amortization (Note 14) (10,706 ) (8,856 ) Transfer to operating lease right-of-use asset (Note 14) (16,234 ) — Finance lease right-of use asset, net (Note 14) — 18,084 Other property, at cost 5,616 5,578 Accumulated depreciation and amortization (5,508 ) (5,469 ) Other property, net 108 109 Total vessels and other property $ 699,032 $ 726,179 In November 2023, the Company purchased the Alaskan Frontier 20,000 On January 27, 2023, the Company reflagged the Overseas Sun Coast, In June 2021, the Company sold the Overseas Gulf Coast 32,128 5,268 At December 31, 2023, the Company’s owned vessel fleet with a weighted average age of 16.3 659,586 Vessel activity, excluding construction in progress, for the three years ended December 31, 2023 is summarized as follows: SUMMARY OF VESSEL ACTIVITY EXCLUDING CONSTRUCTION PROGRESS Vessel Cost Accumulated Net Book Balance at December 31, 2020 $ 1,099,187 $ (308,449 ) $ 790,738 Transfers from construction in progress 6,836 — Depreciation — (39,398 ) Disposals (39,696 ) 2,316 Balance at December 31, 2021 1,066,327 (345,531 ) 720,796 Transfers from construction in progress 16,699 — Additions 570 — Depreciation — (40,485 ) Disposals (774 ) 774 Balance at December 31, 2022 1,082,822 (385,242 ) 697,580 Transfers from construction in progress 10,128 — Depreciation — (42,266 ) Balance at December 31, 2023 $ 1,092,950 $ (427,508 ) $ 665,442 The total of vessel additions can be different from expenditures for vessels as shown in the consolidated statements of cash flows because of the timing of when payments were made. For the years ended December 31, 2023, 2022 and 2021, the Company had approximately $ 1,908 2,784 1,341 s vessels. Drydocking activity for the three years ended December 31, 2023 is summarized as follows: SUMMARY OF DRYDOCKING ACTIVITY 2023 2022 2021 Balance at January 1 $ 38,976 $ 43,342 $ 43,134 Additions 24,254 18,198 15,017 Drydock amortization (18,403 ) (22,564 ) (14,809 ) Balance at December 31 $ 44,827 $ 38,976 $ 43,342 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 6 — INTANGIBLE ASSETS Intangible assets activity for the three years ended December 31, 2023 is summarized as follows: SCHEDULE OF INTANGIBLE ASSETS Total Balance at December 31, 2020 $ 27,217 Amortization (4,600 ) Balance at December 31, 2021 22,617 Amortization (4,600 ) Balance at December 31, 2022 18,017 Amortization (4,600 ) Balance at December 31, 2023 $ 13,417 The Company’s intangible assets at December 31, 2023 and 2022 consist of long-term customer relationships acquired as part of the 2006 purchase of Maritrans, Inc. The gross intangible assets were $ 92,000 three years three years 4,600 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE 7 — DEBT Debt consists of the following: SCHEDULE OF LONG-TERM DEBT INSTRUMENTS December 31, 2023 2022 Term loan, due 2024, net of unamortized deferred costs of $119 and $257 $ 18,942 $ 20,330 Term loan, due 2024, net of unamortized deferred costs of $ 119 257 $ 18,942 $ 20,330 Alaska tankers term loan, due 2025 134 267 20,091 25,289 OSG 204 LLC term loan, due 2025 267 457 23,697 25,006 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 484 609 42,163 44,342 Unsecured senior notes, net of unamortized deferred costs 390 390 Term loan, due 2028 2,612 3,106 295,428 308,006 Total debt 400,711 423,363 Less current installments of long-term debt (43,305 ) (23,733 ) Total long-term debt $ 357,406 $ 399,630 The weighted average interest rate for debt outstanding at December 31, 2023 and 2022 was 7.22 7.18 Term Loans Capitalized terms used hereafter have the meaning given in this Annual Report on Form 10-K or in the respective transaction documents referred to below, including subsequent amendments thereto. Term loan, due 2028 (the “Borrowers”) 325,000 due 2023 due 2026 237,983 20,298 16,000 due 2025 7,961 7.75 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. OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 49,150 46,711 OSG 205 OSG Courageous. December 3, 2020, upon completion and delivery of the OSG 205, 6.37 In connection with the amendment, the interest rate was updated to a fixed interest rate of 6.87% until the end of the first quarter of 2022. Beginning in the second quarter of 2022, the interest rate returned to a fixed interest rate of 6.37%. seven-year December 1, 2027 325,000 OSG 204 LLC term loan, due 2025 Company’s subsidiaries, OSG 204 LLC, entered into a loan with Wintrust Commercial Finance in the aggregate original principal amount of $ 32,933 5.00 325,000 . In connection with the amendment, the Company made a prepayment of $ 3,000 s interest rate was updated to a fixed interest rate of 5.75 five-year June 1, 2025 Alaska tankers term loan, due 2025 54,000 Alaskan Explorer Alaskan Legend Alaskan Navigator 16,000 Alaskan Legend The loan bears a fixed rate of interest of 4.43 March 12, 2025 , the Company completed an amendment on the term loan to conform the covenants with the Stonebriar $ 325,000 Term loan, due 2024 - 50,000 five-year September 30, 2024 Overseas Gulf Coast Overseas Sun Coast. 24,000 Overseas Gulf Coast Overseas Sun Coast 5.54 325,000 Term loan, due 2023 – 325,000 five-year Term loan, due 2026 – 27,500 seven-year Unsecured Senior Notes 7.5 146,000 February 15, 2024 Interest Expense The following table summarizes interest expense, including amortization of issuance and deferred financing costs, commitment, administrative and other fees, recognized during the three years ended December 31, 2023 with respect to the Company’s debt facilities: SCHEDULE OF DEBT EXPENSES Years Ended December 31, Debt Facility 2023 2022 2021 Term loan, due 2024 $ 1,269 $ 1,340 $ 1,407 Alaska tankers term loan, due 2025 1,156 1,406 2,193 OSG 204 LLC term loan, due 2025 1,614 1,697 1,747 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 2,922 3,121 3,423 Unsecured senior notes 29 29 32 Term loan, due 2028 24,187 25,146 6,550 Term loan, due 2023 — — 12,618 Term loan, due 2026 — — 712 Total interest expense on debt facilities $ 31,177 $ 32,739 $ 28,682 Cash paid for interest expense was $ 30,030 , 31,618 25,609 As of December 31, 2023, the aggregate annual principal payments required to be made on the Company’s debt are as follows: SCHEDULE OF AGGREGATE ANNUAL PRINCIPAL PAYMENTS 2024 $ 43,183 2025 54,903 2026 19,268 2027 52,597 2028 234,375 Thereafter — Total $ 404,326 |
INVESTMENT IN SECURITY TO BE HE
INVESTMENT IN SECURITY TO BE HELD TO MATURITY | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT IN SECURITY TO BE HELD TO MATURITY | NOTE 8 — Investment in Security to be Held to Maturity INVESTMENT IN SECURITY TO BE HELD TO MATURITY In July 2022, the Company purchased a $ 15,000 14,794 August 15, 2024 SCHEDULE OF FAIR VALUE OF THE U.S. TREASURY NOTE At December 31, 2023 Amortized Cost Gross Unrealized Loss Fair Value U.S. Treasury Note $ 14,900 $ (148 ) $ 14,752 $ 14,900 $ (148 ) $ 14,752 December 31, 2022 Amortized Cost Gross Unrealized Loss Fair Value U.S. Treasury Note $ 14,803 $ (328 ) $ 14,475 $ 14,803 $ (328 ) $ 14,475 Other-Than-Temporarily Impaired (“OTTI”) The Company performed quarterly reviews of the U.S. Treasury Note in order to determine whether the decline in fair value below the amortized cost basis was considered other-than-temporary in accordance with applicable guidance. At December 31, 2023 and 2022, the Company determined that the unrealized loss on the U.S. Treasury Note was primarily due to increases in interest rates. Therefore, there was no OTTI loss recognized during the years ended December 31, 2023 and 2022. |
FAIR VALUE MEASUREMENTS AND FAI
FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES | NOTE 9 — FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES 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 following methods and assumptions were used to estimate the fair value of each class of financial instrument. Cash and cash equivalents and restricted cash — U.S. Treasury Note — Debt — 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, at December 31, 2023 and 2022, are as follows: SCHEDULE OF FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE ON A RECURRING BASIS Fair Value Carrying Level 1 Level 2 December 31, 2023: Assets Cash and cash equivalents $ 76,257 $ 76,257 $ — U.S. Treasury Note 14,900 14,752 — Total $ 91,157 $ 91,009 $ — Liabilities Term loan, due 2024, net $ 18,942 $ — $ 18,546 Alaska tankers term loan, due 2025, net 20,091 — 19,203 OSG 204 LLC term loan, due 2025, net 23,697 — 22,875 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 42,163 — 39,350 Term loan, due 2028, net 295,428 — 287,918 Unsecured senior notes, net 390 — 389 Total $ 400,711 $ — $ 388,281 Fair Value Carrying Level 1 Level 2 December 31, 2022: Assets Cash and cash equivalents $ 78,732 $ 78,732 $ — U.S. Treasury Note 14,803 14,475 — Total $ 93,535 $ 93,207 $ — Liabilities Term loan, due 2024, net $ 20,330 $ — $ 19,296 Alaska tankers term loan, due 2025, net 25,289 — 23,195 OSG 204 LLC term loan, due 2025, net 25,006 — 23,448 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 44,342 — 40,331 Term loan, due 2028, net 308,006 — 295,320 Unsecured senior notes, net 390 — 385 Total $ 423,363 $ — $ 401,975 Derivatives During the fourth quarter of 2023, the Company entered into contracts for the purchase and installation of equipment related to engine life cycle upgrades on the Company’s four Alaska class vessels. The contracts are denominated in euros and the Company is party to forward contracts and options to fix the dollar cost of the project. The maturity dates and amounts of the forward contracts and options correspond to the scheduled payments due under the contracts. Accordingly, the Company concluded that the forward contracts and options were effective at hedging the scheduled payments and recognized a forward contract and firm commitment, which were not material at December 31, 2023. Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Vessel Impairments During the years ended December 31, 2023 and 2022, the Company gave consideration as to whether events or changes in circumstances had occurred that could indicate the carrying amounts of the vessels in the Company’s fleet may not be recoverable. The Company concluded that no such events or changes in circumstances had occurred. 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 during the third quarter of 2021. Based on the Company’s analysis, an impairment charge of $ 1,000 Valuation of Intangible Assets The Company’s intangible assets at December 31, 2023 and 2022 consisted of long-term customer relationships acquired as part of the 2006 purchase of Maritrans, Inc. The long-term customer relationships are being amortized on a straight-line basis over 20 years. During the years ended December 31, 2023, 2022 and 2021, the Company gave consideration as to whether events or changes in circumstances had occurred that could indicate the carrying value of the Company’s intangible assets may not be recoverable. The Company concluded that no such events or changes in circumstances had occurred. |
ACCOUNTS PAYABLE, ACCRUED EXPEN
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | NOTE 10 — ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES 2023 2022 Years Ended December 31, 2023 2022 Accounts payable $ 5,172 $ 5,962 Payroll and benefits 16,891 10,397 Dividend payable 4,256 — Interest 2,322 2,437 Insurance 748 520 Accrued drydock and repair costs 3,988 957 Bunkers and lubricants 710 370 Charter revenues received in advance 15,752 21,778 Accrued vessel expenses 8,598 10,888 Accrued general and administrative, primarily professional fees 978 985 Other 1,496 612 Accounts payable and other accrued liabilities, current $ 60,911 $ 54,906 |
TAXES
TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
TAXES | NOTE 11 — TAXES The (expense)/benefit for income taxes on income before income taxes consists of the following: SCHEDULE OF INCOME TAX (EXPENSE)/BENEFIT 2023 2022 2021 Years Ended December 31, 2023 2022 2021 Current - Federal $ (12 ) $ (9 ) $ (8 ) Current - State (933 ) (538 ) (131 ) Deferred - Federal (12,544 ) (4,630 ) 15,275 Deferred - State 3,570 (1,717 ) 2,961 Total $ (9,919 ) $ (6,894 ) $ 18,097 The reconciliations between the U.S. federal statutory income tax rate and the effective tax rate follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION Years Ended December 31, 2023 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Adjustments due to: State taxes, net of federal benefit (1.6 )% 0.4 % 3.7 % Change in valuation allowance (3.1 )% 5.6 % 0.9 % Equity awards 0.1 % 0.6 % 0.0 % Return to provision 0.8 % 0.5 % (0.5 )% U.S. income subject to tonnage tax (2.9 )% (8.2 )% 2.2 % Other (0.6 )% 0.7 % 0.8 % Effective tax rate 13.7 % 20.6 % 28.1 % During the years ended December 31, 2023, 2022 and 2021, $ 9,900 $ 13,100 6,700 (2.9) (8.2) 2.2 Overseas Mykonos Overseas Santorini Overseas Sun Coast The significant components of the Company’s deferred tax liabilities and assets follow: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2023 2022 December 31, 2023 2022 Deferred tax liabilities: Vessels and other property (1) $ 108,740 $ 119,987 Prepaid expenditures 9,107 8,695 Operating lease right-of-use assets 39,720 50,792 Other-net — 8 Total deferred tax liabilities 157,567 179,482 Deferred tax assets: Loss carryforwards 52,462 67,686 Operating lease liability 39,822 50,622 Finance lease liability — 4,662 Employee compensation and benefit plans (654 ) (212 ) Financing and professional fees 6,517 8,710 Accrued expenses and other 132 79 Total deferred tax assets 98,279 131,547 Valuation allowance (20,085 ) (22,298 ) Net deferred tax assets 78,194 109,249 Net deferred tax liabilities $ 79,373 $ 70,233 (1) Includes deferred tax liabilities related to finance lease right-of-use assets totaling $ 4,122 As of December 31, 2023, the Company had U.S. federal net operating loss carryforwards of $ 132,643 2034 568,487 These U.S. state net operating loss carryforwards expire in various years from December 31, 2024 through December 31, 2041. As of December 31, 2023, the Company had $ 30,129 The Company assessed all available positive and negative evidence to determine whether sufficient future taxable income will be generated to permit use of existing deferred tax assets. For U.S. federal deferred tax assets, the Company concluded that sufficient positive evidence existed, primarily the result of reversing deferred tax liabilities during the carryover period. For certain state deferred tax assets, an increase in positive evidence has resulted in the Company reducing its valuation allowance to $ 20,085 22,298 During the year ended December 31, 2023, the Company received refunds of $ 1,022 393 1,751 The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (excluding interest and penalties): SCHEDULE OF UNRECOGNIZED TAX BENEFITS Years Ended December 31, 2023 2022 2021 Balance of unrecognized tax benefits as of January 1, $ 1,035 $ 834 $ 813 (Decreases)/increases for positions taken in prior years (307 ) 201 21 Balance of unrecognized tax benefits as of December 31, $ 728 $ 1,035 $ 834 Included in the balance of unrecognized tax benefits as of December 31, 2023, 2022 and 2021 are $ 728 1,035 834 The Company records interest and penalties on unrecognized tax benefits in its provision for income taxes. Accrued interest and penalties are included within the related liability for unrecognized tax benefit line on the consolidated balance sheets. During the years ended December 31, 2023, 2022 and 2021, the Company accrued interest and recorded liabilities for interest and penalties which were not material to the consolidated financial statements. After taking into consideration tax attributes, such as net operating loss carryforwards and interest, the Company’s unrecognized tax benefits represent a noncurrent reserve for uncertain tax positions of $ 285 175 With few exceptions, the Company is no longer subject to state and local income tax examinations by tax authorities for years before 2018. The Company conducts business and files income tax returns in numerous states. Currently, one of the Company’s state tax returns is under examination by a state as part of routine audits conducted in the ordinary course of business. The future utilization of state net operating losses could potentially subject the Company to state examinations prior to the otherwise applicable statute of limitation. States vary in carryforward periods but generally extend up to 20 years or a period consistent with the federal limits under the Tax Cuts and Jobs Act. |
CAPITAL STOCK AND STOCK COMPENS
CAPITAL STOCK AND STOCK COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
CAPITAL STOCK AND STOCK COMPENSATION | NOTE 12 — CAPITAL STOCK AND STOCK COMPENSATION Ownership Restrictions In order to preserve the status of OSG as a Jones Act company, the percentage of each class of its common stock that may be owned by non-U.S. citizens is limited. The Company has established policies and procedures to ensure compliance with the Jones Act, determining to provide a reasonable margin for compliance requiring at least 77 Share Repurchases On March 17, 2023, the Company’s Board authorized a program to purchase up to $ 10,000 10,000 25,000 45,000 In August 2023, the Company purchased 3,788,639 4.05 15,344 8,599,059 shares for $ 35,339 at an average price of $ 4.11 . At December 31, 2023, there is $ 25,000 On June 13, 2022, the Company’s Board authorized a program to purchase up to 5,000,000 14,740 5,000,000 2.95 In November 2022, the Company purchased 5,000,000 2.86 14,300 Warrant Conversions Each Class A warrant represents the right to purchase one share of Class A common stock, subject in each case to the adjustments as provided pursuant to the terms thereof. The warrants may be exercised at a price per share of Class A common stock, as applicable, of $ 0.01 In September 2023, the Company purchased 13,851,382 11,384 2,631,763 4,260,919 809,575 During the years ended December 31, 2023 and 2022, the Company issued 177,966 11,179 939,477 59,124 Dividends In December 2023 the Company’s Board declared a cash dividend of $ 0.06 4,256 Incentive Plans In 2014, the Overseas Shipholding Group, Inc. Management Incentive Compensation Plan (the “Management Compensation Plan”) and the Overseas Shipholding Group, Inc. Non-Employee Director Incentive Compensation Plan (the “Director Plan”) were approved by OSG’s stockholders. On June 6, 2017, the Company’s stockholders approved an increase to the maximum number of shares for issuance under the Director Plan by 1,500,000 5,000,000 The Incentive Plans contain anti-dilution provisions whereby in the event of any change in the capitalization of the Company, the number and type of securities underlying outstanding share-based payment awards must be adjusted, as appropriate, in order to prevent dilution or enlargement of rights. The impact of these provisions resulted in a modification of all outstanding share-based payment awards upon the stock dividend, reverse stock split and spin-off transactions. As the fair value of the awards immediately after the stock dividend, reverse stock split and spin off transactions, did not increase when compared to the fair value of such awards immediately prior to such transactions, no incremental compensation costs were recognized as a result of such modifications. The purpose of the Incentive Plans is to promote the interests of the Company and its stockholders by providing certain employees and members of the Board, who are largely responsible for the management, growth and protection of the business of the Company, with incentives and rewards to encourage them to continue in the service of the Company. The Incentive Plans permit the Committee to grant to eligible employees and directors of the Company any of the following types of awards (or any combination thereof): cash incentive awards, nonqualified stock options, incentive stock options and other stock-based awards, including, without limitation, stock appreciation rights, phantom stock, restricted stock, restricted stock units, performance shares, deferred share units and share-denominated performance units. 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 The Company awarded a total of 195,800 305,000 275,800 3.83 2.09 2.29 Management Compensation Restricted Stock Units During the years ended December 31, 2023, 2022 and 2021, the Company granted RSUs to its employees, including senior officers, covering 584,922 718,360 552,844 2.90 2.09 2.36 During the years ended December 31, 2023, 2022 and 2021, the Company awarded performance-based RSUs to its senior officers covering 416,832 518,600 363,238 For the year ended December 31, 2023, the ROIC Target RSU awards and the TSR Target RSU awards were subject to an increase up to a maximum of 208,416 259,300 181,619 625,248 777,900 544,857 2.90 2.09 2.36 During the year ended December 31, 2022, the Company awarded RSUs to its senior officers covering 576,981 2.09 i.) 20% vests on the first anniversary of the grant date, ii.) 30% vests on the second anniversary of the grant date, and iii.) 50% vests on the third anniversary of the grant date. During the year ended December 31, 2021, the Company awarded performance-based RSUs to its senior officers covering 590,251 2.36 During the years ended December 31, 2023, 2022 and 2021, in connection with the vesting of restricted stock units (“RSUs”), the Company withheld 333,085 239,686 185,459 3.51 , $ 2.07 2.18 For the Incentive Plans, compensation expense is recognized over the vesting period, contingent or otherwise, applicable to each grant, using the straight-line method. Compensation expense as a result of the RSUs described above was $ 3,471 3,574 2,232 Activity with respect to restricted stock units under the Incentive Plans during the three years ended December 31, 2023 is summarized as follows: SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS Activity for the three years ended December 31, 2023 Class A common Nonvested Shares Outstanding at December 31, 2020 2,605,263 Granted 1,782,133 Vested ($ 2.12 2.31 (963,338 ) Forfeited ($ 1.69 2.59 (52,881 ) Nonvested Shares Outstanding at December 31, 2021 3,371,177 Granted 2,118,942 Vested ($ 1.82 2.23 (1,355,483 ) Forfeited ($ 1.92 2.05 (461,990 ) Nonvested Shares Outstanding at December 31, 2022 3,672,646 Granted 1,195,837 Vested ($ 2.89 3.81 (1,403,217 ) Forfeited ($ 2.89 4.07 (286,262 ) Nonvested Shares Outstanding at December 31, 2023 3,179,004 Activity with respect to stock options under the Incentive Plans during the three years ended December 31, 2023 is summarized as follows: SCHEDULE OF STOCK OPTIONS ACTIVITY UNDER INCENTIVE PLANS Activity for the three years ended December 31, 2023 Class A common Options Outstanding at December 31, 2020 1,478,756 Options Outstanding at December 31, 2021 1,478,756 Options Outstanding at December 31, 2022 1,478,756 Options Outstanding at December 31, 2023 1,478,756 Options Exercisable at December 31, 2023 1,478,756 For the years ended December 31, 2023, 2022 and 2021, the total fair value of shares vested was $ 4,986 2,720 2,131 The weighted average remaining contractual life of the outstanding stock options at December 31, 2023 was 4.18 1.70 5.57 2.67 There was no compensation expense as a result of the grants of stock options for the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023, there was $ 4,388 1.63 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | NOTE 13 — ACCUMULATED OTHER COMPREHENSIVE INCOME The components of accumulated other comprehensive income, net of related taxes at an effective tax rate of 13.7 20.6 SCHEDULE OF COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME 2023 2022 Years Ended December 31, 2023 2022 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ 4,002 $ 3,410 Accumulated other comprehensive income $ 4,002 $ 3,410 The following tables present the changes in the balances of each component of accumulated other comprehensive income, net of related taxes, for the three years ended December 31, 2023. SCHEDULE OF CHANGES IN BALANCES OF COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME Items not yet Balance as of December 31, 2022 $ 3,410 Current period change, excluding amounts reclassified from accumulated other comprehensive income 1,172 Amounts reclassified from accumulated other comprehensive income (580 ) Total change in accumulated other comprehensive income 592 Balance as of December 31, 2023 $ 4,002 Balance as of December 31, 2021 $ 2,943 Current period change, excluding amounts reclassified from accumulated other comprehensive income 1,041 Amounts reclassified from accumulated other comprehensive income (574 ) Total change in accumulated other comprehensive income 467 Balance as of December 31, 2022 $ 3,410 Balance as of December 31, 2020 $ (282 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income 3,522 Amounts reclassified from accumulated other comprehensive income (297 ) Total change in accumulated other comprehensive income 3,225 Balance as of December 31, 2021 $ 2,943 The following table presents information with respect to amounts reclassified out of accumulated other comprehensive income for the three years ended December 31, 2023. SCHEDULE OF AMOUNTS RECLASSIFIED OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME Years Ended Statement of Accumulated Other Comprehensive Income Component 2023 2022 2021 Line Item Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans): Net periodic benefit costs associated with pension and postretirement benefit plans for shore-based employees $ 267 $ 315 $ (63 ) Other income, net Net periodic benefit costs associated with pension and postretirement benefit plans for seagoing employees 484 433 450 Other income, net 751 748 387 Total before tax (1,331 ) (1,322 ) (684 ) Tax provision $ (580 ) $ (574 ) $ (297 ) Total net of tax The following amounts are included in accumulated other comprehensive income at December 31, 2023, which have not yet been recognized in net periodic cost: unrecognized prior service credits of $ 5,440 5,023 s of $ 124 1,021 The income tax (expense)/benefit allocated to each component of other comprehensive income/(loss) follows: SCHEDULE OF INCOME TAX (EXPENSE) BENEFIT ALLOCATED TO COMPONENT Items not yet recognized For the year ended December 31, 2023: Current period change excluding amounts reclassified from accumulated other comprehensive income $ (346 ) Amounts reclassified from accumulated other comprehensive income 171 Total change in accumulated other comprehensive income $ (175 ) For the year ended December 31, 2022: Current period change excluding amounts reclassified from accumulated other comprehensive income $ (316 ) Amounts reclassified from accumulated other comprehensive income 174 Total change in accumulated other comprehensive income $ (142 ) For the year ended December 31, 2021: Current period change excluding amounts reclassified from accumulated other comprehensive income $ (1,069 ) Amounts reclassified from accumulated other comprehensive income 90 Total change in accumulated other comprehensive income $ (979 ) |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
LEASES | NOTE 14 — LEASES The Company’s lease portfolio is comprised of vessels chartered-in, office space and equipment under agreements with contractual periods ranging from less than one year 11 The Company’s lease right-of-use assets and lease liabilities at December 31, 2023 and 2022 were as follows: SCHEDULE OF LEASE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES December 31, 2023 2022 Operating leases Vessels chartered-in noncurrent operating lease assets $ 169,798 $ 203,393 Office space noncurrent operating lease assets 2,905 3,404 Total noncurrent operating lease assets $ 172,703 $ 206,797 Vessels chartered-in operating lease liabilities Current portion of operating lease liabilities $ 64,607 $ 62,534 Noncurrent operating lease liabilities 105,630 147,243 170,237 209,777 Office space operating lease liabilities Current portion of operating lease liabilities 665 754 Noncurrent operating lease liabilities 2,281 2,717 2,946 3,471 Total operating lease liabilities $ 173,183 $ 213,248 Charters-in As of December 31, 2023, the Company had commitments to charter-in eight The Company holds options for seven of the vessels chartered-in. For one of these vessels, the Company has two option periods of five years each and, after the five-year optional periods are exercised, can extend the lease for five one-year optional periods. For the remaining six vessels, the options can be exercised for three or five years, which are available indefinitely. The lease payments for the charters-in are fixed throughout the option periods and the options are on a vessel-by-vessel basis that can be exercised individually. In March 2024, the Company exercised its first option to extend the bareboat charter of the Overseas Tampa 46,882 In October 2023, the Company entered into new bareboat charter agreements for seven vessels leased from subsidiaries of American Shipping Corporation, all of which are now owned by the MP Fund. The economic terms of the bareboat charters remain the same as the respective previous bareboat charters. Prior to their recent acquisition by the MP Fund, these seven vessels were owned indirectly by AMSC. The previous charters with AMSC for two of the seven chartered-in vessels contained a DPO. As part of the new agreements, the Company prepaid, at a discount, $ 5,602 912 In August 2023, the Company extended its lease on the Overseas Key West 26,940 8,856 In March 2023, the Company extended its lease on the Alaskan Frontier Alaskan Frontier 20,000 In December 2022, the Company redelivered three conventional tankers leased from AMSC and made DPO payments of $ 8,069 The future minimum commitments under these operating leases are as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS At December 31, 2023 Operating 2024 $ 68,157 2025 63,247 2026 55,617 2027 4,161 2028 4,172 Thereafter 1,277 Net minimum lease payments 196,631 Less present value discount (26,394 ) Total lease liabilities $ 170,237 The bareboat charters-in on seven vessels, provide for variable lease payments in the form of profit share to the owners of the vessels calculated based on time charter sublease revenue. Because such amounts and the periods impacted are not reasonably estimable, they are not currently reflected in the table above. Due to reserve funding requirements and current rate forecasts, no profits are currently expected to be paid to the owners in respect of the charter term within the next year. For the years ended December 31, 2023, 2022 and 2021, lease expense for the Company’s chartered-in vessels accounted for as operating leases was $ 64,971 88,849 90,166 183,699 , 166,530 75,516 20,203 18,363 Overseas Key West 132,231 15,713 For the years ended December 31, 2023, 2022 and 2021, lease expense related to the Company’s previous finance lease, which changed to an operating lease in August 2023, was $ 1,850 2,949 917 1,618 1,799 Office space The Company has lease obligations for office space that generally require fixed annual rental payments and may also include escalation clauses and renewal options. In September 2022, the Company extended its lease on the Company’s Tampa, Florida office space for an additional lease term of five years and two months, expiring in October 2028. 2,088 The future minimum commitments under lease obligations for office space, which are operating leases, as of December 31, 2023 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS At December 31, 2023 Amount 2024 $ 682 2025 630 2026 648 2027 666 2028 488 Thereafter 677 Net minimum lease payments 3,791 Less present value discount (845 ) Total lease liabilities $ 2,946 For the years ended December 31, 2023, 2022 and 2021, the rental expense for office space, which is included in general and administrative expenses on the consolidated statements of operations, was $ 698 685 640 $ 779 780 748 Supplemental balance sheet information related to leases was as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES December 31, 2023 2022 2021 Weighted average remaining lease term - operating leases 3.1 3.8 2.1 Weighted average discount rate - operating leases 8.6 % 8.6 % 6.5 % Weighted average remaining lease term - finance lease N/A 6.1 7.1 Weighted average discount rate - finance lease N/A 7.3 % 7.3 % Charters-out The Company enters into time charter contracts under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of a vessel. The Company recognizes revenues from time charters as operating leases ratably over the noncancelable contract term. Under certain time charter contracts, the Company receives variable lease payments based on a defined profit share arrangement, which are recognized as revenue in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. Customers generally pay voyage expenses such as fuel, canal tolls and port charges. The Company also provides the charterer with services such as technical management and crew costs. Services are recognized ratably over the life of the contract term. The Company is the lessor under its time charter contracts. Certain time charter contracts provide the charterer with the option to extend the contract for a specific period of time. For time charters, the Company applied the practical expedient to combine the lease and non-lease components for these contracts under ASC 842. Total time charter revenue for the years ended December 31, 2023, 2022 and 2021 was equal to lease income from lease payments of $ 353,622 326,980 254,181 5,921 349 563 491,084 489,718 355,388 The future minimum revenues, including rent escalations, which is equal to lease payments expected to be received over the noncancelable time charters term are as follows: SCHEDULE OF FUTURE MINIMUM COMMITMENTS OPERATING LEASES At December 31, 2023 Amount 2024 $ 371,383 2025 226,505 2026 88,998 2027 578 2028 — Thereafter — Net minimum lease receipts $ 687,464 Revenues from a time charter are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although it cannot be assured that such estimate will be reflective of the actual off-hire in the future. |
PENSION, OTHER POSTRETIREMENT B
PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES | NOTE 15 — PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES For the years ended December 31, 2023 and 2022, pension and other benefit liabilities are included in other liabilities on the consolidated balance sheets. Pension Plans In connection with the November 2006 acquisition of Maritrans, the Company assumed the obligations under the defined benefit retirement plan of Maritrans Inc. (“the Maritrans Plan”). As of December 31, 2006, the Company froze the benefits under the Maritrans Plan. At December 31, 2023, the Maritrans Plan is the only defined benefit pension plan in existence at the Company. The Maritrans Plan was noncontributory and covered substantially all shore-based employees and substantially all of the seagoing supervisors who were supervisors in 1984, or who were hired in, or promoted into, supervisory roles between 1984 and 1998 for that period of time. Beginning in 1999, the seagoing supervisors’ retirement benefits are provided through contributions to an industry-wide, multiemployer union sponsored pension plan. Upon retirement, those seagoing supervisors are entitled to retirement benefits from the Maritrans Plan for service periods between 1984 and 1998 and from the multiemployer union sponsored plan for other covered periods. Retirement benefits are based primarily on years of service and average compensation for the five consecutive plan years that produce the highest results. Multiemployer Pension and Postretirement Benefit Plans The Company’s subsidiaries are parties to collective-bargaining agreements that require them to make contributions to three jointly managed (Company and union) multiemployer pension plans covering seagoing personnel of U.S. Flag vessels. All three plans, the American Maritime Officers (“AMO”) Pension Plan, the Seafarers Pension Plan (“SIU”) and the Marine Engineers’ Beneficial Association (“MEBA”) Defined Benefit Pension Plan, are deemed individually significant by management. Plan level information is available in the public domain for each of the multiemployer pension plans the Company participates in. The table below provides additional information about the Company’s participation in the above multi-employer pension plans: SCHEDULE OF MULTIEMPLOYER PLANS Pension Protection Act Contributions made Pension Plan EIN / Pension 2023 2022 Rehabilitation 2023 2022 2021 AMO Pension Plan 13-1936709 Green (1) Green (1) None $ 471 $ 453 $ 795 MEBA Pension Plan 51-6029896 Green (1) Green (1) None 2,957 3,172 2,748 Seafarers Pension Plan 13-6100329 Green (1) Green (1) None 337 295 222 Total contributions $ 3,765 $ 3,920 $ 3,765 (1) A “Yellow” Zone Status plan is a plan that has a funding ratio between 65 80 80 The plan years for the three union plans end as follows: MEBA and SIU on December 31 and AMO on September 30. The Company has no future minimum contribution requirements under the three multiemployer pension plans shown above as of December 31, 2023 and any future contributions are subject to negotiations between the employers and the unions. ERISA requires employers who are contributors to U.S. multiemployer plans to continue funding their allocable share of each plan’s unfunded vested benefits in the event of withdrawal from or termination of such plans. Based on information received from the trustees of the SIU Pension Plan, the Company is not subject to withdrawal liabilities under that plan. Based on the actuarial report received from the trustees of the MEBA Pension Plan, as of December 31, 2022, the Company’s estimated withdrawal liability would have been approximately $ 31,281 h y $ 18,475 no The SIU – Tug Agreement and AMO collective bargaining agreements for OSG expire in March 2024. The ATC MEBA collective bargaining agreement expires in May 2024 and the SIU – Tanker Agreement for OSG and MEBA for the Parent Company collective bargaining agreements expire in June 2027. Postretirement Benefit Plans The Company also provides certain postretirement health care and life insurance benefits to qualifying domestic retirees and their eligible dependents (“OSG Postretirement Plan”). The health care plan for shore-based employees and their dependents and seagoing licensed deck officers (“Deck Officers”) and their dependents is contributory at retirement, while the life insurance plan for all employees is noncontributory. In general, postretirement medical coverage is provided to shore-based employees hired prior to January 1, 2005 and all Deck Officers who retire and have met minimum age and service requirements under a formula related to total years of service. The Company no longer provides prescription drug coverage to its retirees or their beneficiaries once they reach age 65. The Company does not currently fund these benefit arrangements and has the right to amend or terminate the health care and life insurance benefits at any time. Information with respect to the domestic pension and postretirement benefit plans for which the Company uses a December 31 measurement date, follow: SCHEDULE OF BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS Pension Benefits Other Benefits At December 31, 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 34,313 $ 45,470 $ 3,711 $ 5,537 Cost of benefits earned (service cost) — — 91 180 Interest cost on benefit obligation 1,797 1,218 196 153 Actuarial gains 1,031 (9,625 ) (40 ) (1,939 ) Benefits paid (2,923 ) (2,750 ) (229 ) (220 ) Plan Amendments — — — — Acquisition — — — — Benefit obligation at year end 34,218 34,313 3,729 3,711 Change in plan assets: Fair value of plan assets at beginning of year 35,068 44,872 — — Actual return on plan assets 4,949 (7,054 ) — — Employer contributions — — — — Benefits paid (2,923 ) (2,750 ) — — Fair value of plan assets at year end 37,094 35,068 — — Funded/(unfunded status) at December 31 $ 2,876 $ 755 $ (3,729 ) $ (3,711 ) Information for defined benefit pension plans with accumulated benefit obligations in excess of plan assets follows: SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS At December 31, 2023 2022 Projected benefit obligation $ 34,218 $ 34,313 Accumulated benefit obligation 34,218 34,313 Fair value of plan assets 37,094 35,068 Information for defined benefit pension plans and other postretirement benefit plans net periodic (benefit)/cost follows: SCHEDULE OF NET BENEFIT COSTS For the year ended December 31, 2023 2022 2021 2023 2022 2021 Pension Benefits Other Benefits For the year ended December 31, 2023 2022 2021 2023 2022 2021 Components of expense: Cost of benefits earned $ — $ — $ — $ 91 $ 180 $ 203 Interest cost on benefit obligation 1,797 1,218 1,120 196 153 165 Expected return on plan assets (2,439 ) (3,152 ) (2,970 ) — — — Amortization of prior-service costs — — — (722 ) (722 ) (722 ) Recognized net actuarial loss 82 — 335 (111 ) (27 ) — Net periodic benefit cost $ (560 ) $ (1,934 ) $ (1,515 ) $ (546 ) $ (416 ) $ (354 ) The weighted-average assumptions used to determine benefit obligations follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits At December 31, 2023 2022 2023 2022 Discount rate 5.10 % 5.45 % 5.30 % 5.65 % The selection of a single discount rate for the Maritrans Plan was derived from bond yield curves, which the Company believed as of such dates to be appropriate for ongoing plans with a long duration, such as the Maritrans Plan, and that generally mirror the type of high yield bond portfolio the Company could acquire to offset its obligations under the Maritrans Plan. The weighted-average assumptions used to determine net periodic benefit cost follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits For the year ended December 31, 2023 2022 2021 2023 2022 2021 Discount rate 5.45 % 2.80 % 2.35 % 5.65 % 3.10 % 2.90 % Expected (long-term) return on plan assets 7.25 % 7.25 % 7.25 % — — — The assumed health care cost trend rate for measuring the benefit obligation included in Other Benefits above is an increase of 6.50 4.75 Expected benefit payments for the following ten years are as follows: SCHEDULE OF EXPECTED BENEFIT PAYMENTS Pension Benefits Other Benefits 2024 $ 3,010 $ 222 2025 3,059 212 2026 3,055 220 2027 3,004 226 2028 2,936 230 2029-2033 13,328 1,200 Total $ 28,392 $ 2,310 The expected long-term rate of return on plan assets is based on the current and expected asset allocations. Additionally, the long-term rate of return is based on historical returns, investment strategy, inflation expectations and other economic factors. The expected long-term rate of return is then applied to the market value of plan assets. The fair values of the Company’s pension plan assets, which are valued based Level 1 inputs, at December 31, 2023 and 2022, by asset category are as follows: SCHEDULE OF CHANGES IN FAIR VALUE OF PLAN ASSETS Fair Value Level 1 At December 31, 2023 2022 Cash and cash equivalents $ 779 $ 659 Equity securities: Large cap exchange traded fund 14,023 12,744 Small company - mid value 2,282 2,140 Small company - mid growth 2,408 2,099 International value 2,750 2,625 International growth 2,829 2,694 Fixed income and preferred stock: Short duration bond 5,936 5,973 Intermediate term bond fund 6,061 6,111 Small company - mid value - preferred stock 26 23 Total $ 37,094 $ 35,068 Plan fiduciaries of the Retirement Plan of Maritrans, Inc. set investment policies, strategies and oversee its investment allocation, which includes selecting investment managers and setting long term strategic targets. The primary strategic investment objective is to maximize total return while maintaining a broadly diversified portfolio for the primary purpose of satisfying obligations for future benefit payments. Equities are the primary holdings of the Retirement Plan of Maritrans, Inc. Other investments, including fixed income investments, provide diversification, and, in certain cases, lower the volatility of returns. In general, equity can range from 55 75 25 45 5 During the years ended December 31, 2023 and 2022, the Company did not make any contributions to the Maritrans Plan and contributed $ 160 Defined Contribution Plans The Company also had defined contribution plans covering all eligible employees. Contributions are limited to amounts allowable for income tax purposes. Commencing in 2006, employer contributions include both employer contributions made regardless of employee contributions and matching contributions to the plans. All contributions to the plans are at the discretion of the Company. The Company’s contributions to the plan were $ 3,170 3,304 2,415 The Company also has an unfunded, nonqualified supplemental savings plan covering highly compensated U.S. shore-based employees of the Company, which was terminated in connection with the Company’s filing for bankruptcy in 2012. This plan provided for levels of hypothetical employer contributions that would otherwise have been made under the Company’s defined contribution plans in the absence of limitations imposed by income tax regulations. The Company’s unfunded obligations under this plan at December 31, 2023 and 2022 were not material. Benefit Liabilities As part of the acquisition of Alaska Tanker Company in 2020, the Company assumed liabilities related to a deferred compensation plan. The deferred compensation plan was an unfunded, nonqualified plan that allowed eligible employees to defer up to 100 50 5 20 6,661 7,177 1,006 6,171 |
OTHER INCOME, NET
OTHER INCOME, NET | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME, NET | NOTE 16 — OTHER INCOME, NET Other income, net consists of: SCHEDULE OF OTHER NONOPERATING INCOME Years Ended December 31, 2023 2022 2021 Investment income: Interest $ 3,959 $ 840 $ 5 Change in investment value 611 60 (241 ) 4,570 900 (236 ) Pension and post retirement items (1) 1,290 2,582 2,157 Gain on prepayment of deferred payment obligations 912 — — Miscellaneous-net (106 ) (155 ) 64 $ 6,666 $ 3,327 $ 1,985 (1) The Company includes the service cost component for net periodic benefit cost/(income) in vessel expenses and general and administrative expenses and other components in other income, net on the consolidated statements of operations. |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | NOTE 17 — CONTINGENCIES The Company’s policy for recording legal costs related to contingencies is to expense such legal costs as incurred. 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. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Cash and cash equivalents | 1. Cash and cash equivalents |
Vessels, vessel lives, deferred drydocking expenditures and other property | 2. Vessels, vessel lives, deferred drydocking expenditures and other property Vessels are recorded at cost and are depreciated to their estimated salvage value on the straight-line basis over the estimated useful lives of the vessels, which are generally 25 years (except for new articulated tug barge (“ATBs”) for which estimated useful lives of 30 years are used) Other property, including leasehold improvements, are recorded at cost and amortized on a straight-line basis over the shorter of the terms of the leases or the estimated useful lives of the assets, which range from three years 15 Interest costs are capitalized to vessels and other property during the period when vessels are under construction and projects are in progress. During the years ended December 31, 2023, 2022 and 2021, interest costs capitalized were $ 951 1,378 1,427 Expenditures incurred during a drydocking are deferred and amortized on the straight-line basis over the shorter of the terms of the leases or the period until the next scheduled drydocking, generally two and a half to five years. The Company only includes in deferred drydocking costs those direct costs that are incurred as part of the drydocking to meet regulatory requirements, or are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. The carrying value of each of the Company’s vessels represents its original cost at the time it was delivered or purchased less depreciation calculated using estimated useful lives from the date such vessel was originally delivered from the shipyard or from the date (as in the case of certain of the Company’s ATBs) a vessel was rebuilt. A vessel’s carrying value is reduced to its new cost basis (i.e., its current fair value) if a vessel impairment charge is recorded. If the estimated economic lives assigned to the Company’s vessels prove to be too long because of new regulations, a prolonged weak market environment, a broad imposition of age restrictions by the Company’s customers, or other future events, it could result in higher depreciation expense and impairment losses in future periods related to a reduction in the useful lives of any affected vessels. |
Impairment of long-lived assets, including right-of-use assets | 3. Impairment of long-lived assets, including right-of-use assets |
Intangible assets | 4. Intangible assets |
Internal use software | 5. Internal use software Intangibles-Goodwill and Other. 3,500 992 five years |
Deferred finance charges | 6. Deferred finance charges Unamortized deferred financing charges of $ 3,618 4,697 1,142 1,129 2,099 |
Revenue and expense recognition | 7. Revenue and expense recognition The Company classifies time charter leasing arrangements less than 90 days within the voyage charter revenue financial statement line item because the Company believes the pricing negotiated within these short-term time charter contracts more closely aligns with the Company’s voyage charter spot market. Under voyage charters, expenses such as fuel, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time and bareboat charters, such voyage costs are generally paid by the Company’s customers. The Company receives a stipend for the Company’s U.S. Flag Product Carriers which participate in the TSP and previously participated in the MSP during the first quarter of 2023 and the years ended December 31, 2022 and 2021. This stipend has been recorded as an offset to vessel expenses which amounted to $ 13,262 9,252 10,500 |
Voyage receivables | 8. Voyage receivables |
Concentration of credit risk | 9. Concentration of credit risk 152 197 During the year ended December 31, 2023, the Company had one individual customer who accounted for 10% or more of the Company’s revenues. The customer and its related percentage was Hilcorp North Slope LLC (14.3%). During the years ended December 31, 14.2 10.2 28.2 10.6 The Company’s cash and cash equivalents balances generally exceed Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are placed in what the Company believes to be creditworthy financial institutions. In addition, certain of the Company’s money market accounts invest in U.S. Treasury securities or other obligations issued or guaranteed by the U.S. government or its agencies. |
Income taxes | 10. Income taxes Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes in the period such determination is made. Uncertain tax positions are recorded in accordance with ASC 740, Income Taxes greater than 50 |
Use of estimates | 11. Use of estimates |
Segment information | 12. Segment information |
Inventories | 13. Inventories |
Derivatives | 14. Derivatives Derivatives and Hedging The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to forecasted transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively, as discussed below. The Company discontinues hedge accounting prospectively when (1) it determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item such as forecasted transactions; (2) the derivative expires or is sold, terminated, or exercised; (3) it is no longer probable that the forecasted transaction will occur; or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate or desired. When the Company discontinues hedge accounting because it is no longer probable that the forecasted transaction will occur in the originally expected period, the gain or loss on the derivative remains in accumulated other comprehensive income and is reclassified into earnings when the forecasted transaction affects earnings. However, if it is probable that a forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter, the gains and losses that were accumulated in other comprehensive income will be recognized immediately in earnings. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current period earnings, unless it is designated in a new hedging relationship or terminated. During the year ended December 31, 2023, no ineffectiveness gains or losses were recorded in earnings relative to the forward contracts and options entered into by the Company that qualified for hedge accounting. See Note 9, “Fair Value of Financial Instruments and Fair Value Disclosures,” for additional disclosures on the Company’s forward contracts and options and other financial instruments. |
Recently adopted accounting standards | 15. Recently adopted accounting standards Financial Instruments – Credit Losses (Topic 326) Derivatives and Hedging (Topic 815) 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 became effective January 1, 2023. At June 30, 2019, the evaluation date for purposes of determining the applicability of the Bucket 2 credit losses standard, the Company met the SEC definition of a smaller reporting company. The Company adopted that standard on January 1, 2023. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. |
Recently issued accounting standards | 16. Recently issued accounting standards ASU 2023-09, Improvements to Income Tax Disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 2021 Years Ended December 31, 2023 2022 2021 Net income/(loss) $ 62,454 $ 26,564 $ (46,252 ) Weighted average common shares outstanding: Class A common stock - basic 78,485,954 89,556,195 90,587,454 Class A common stock - diluted 81,231,761 91,400,041 90,587,454 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 years ended December 31, 2023, 2022 and 2021: SCHEDULE OF DISAGGREGATION OF REVENUE Years Ended December 31, 2023 2022 2021 Time and bareboat charter revenues $ 359,543 $ 327,329 $ 254,744 Voyage charter revenues (1) 35,508 86,659 57,946 Contracts of affreightment revenues 56,820 52,812 46,372 Total shipping revenues $ 451,871 $ 466,800 $ 359,062 (1) Voyage charter revenues include revenue related to short-term time charter contracts of $ 4,261 $ 33,612 14,843 |
VESSELS, OTHER PROPERTY AND D_2
VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF VESSELS AND OTHER PROPERTY | Vessels and other property consist of the following: SCHEDULE OF VESSELS AND OTHER PROPERTY 2023 2022 Years Ended December 31, 2023 2022 Vessels, at cost $ 1,092,950 $ 1,082,822 Accumulated depreciation (427,508 ) (385,242 ) Vessels, net 665,442 697,580 Construction in progress 33,482 10,406 Finance lease right-of-use asset, at cost (Note 14) 26,940 26,940 Accumulated amortization (Note 14) (10,706 ) (8,856 ) Transfer to operating lease right-of-use asset (Note 14) (16,234 ) — Finance lease right-of use asset, net (Note 14) — 18,084 Other property, at cost 5,616 5,578 Accumulated depreciation and amortization (5,508 ) (5,469 ) Other property, net 108 109 Total vessels and other property $ 699,032 $ 726,179 |
SUMMARY OF VESSEL ACTIVITY EXCLUDING CONSTRUCTION PROGRESS | Vessel activity, excluding construction in progress, for the three years ended December 31, 2023 is summarized as follows: SUMMARY OF VESSEL ACTIVITY EXCLUDING CONSTRUCTION PROGRESS Vessel Cost Accumulated Net Book Balance at December 31, 2020 $ 1,099,187 $ (308,449 ) $ 790,738 Transfers from construction in progress 6,836 — Depreciation — (39,398 ) Disposals (39,696 ) 2,316 Balance at December 31, 2021 1,066,327 (345,531 ) 720,796 Transfers from construction in progress 16,699 — Additions 570 — Depreciation — (40,485 ) Disposals (774 ) 774 Balance at December 31, 2022 1,082,822 (385,242 ) 697,580 Transfers from construction in progress 10,128 — Depreciation — (42,266 ) Balance at December 31, 2023 $ 1,092,950 $ (427,508 ) $ 665,442 |
SUMMARY OF DRYDOCKING ACTIVITY | Drydocking activity for the three years ended December 31, 2023 is summarized as follows: SUMMARY OF DRYDOCKING ACTIVITY 2023 2022 2021 Balance at January 1 $ 38,976 $ 43,342 $ 43,134 Additions 24,254 18,198 15,017 Drydock amortization (18,403 ) (22,564 ) (14,809 ) Balance at December 31 $ 44,827 $ 38,976 $ 43,342 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | Intangible assets activity for the three years ended December 31, 2023 is summarized as follows: SCHEDULE OF INTANGIBLE ASSETS Total Balance at December 31, 2020 $ 27,217 Amortization (4,600 ) Balance at December 31, 2021 22,617 Amortization (4,600 ) Balance at December 31, 2022 18,017 Amortization (4,600 ) Balance at December 31, 2023 $ 13,417 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF LONG-TERM DEBT INSTRUMENTS | Debt consists of the following: SCHEDULE OF LONG-TERM DEBT INSTRUMENTS December 31, 2023 2022 Term loan, due 2024, net of unamortized deferred costs of $119 and $257 $ 18,942 $ 20,330 Term loan, due 2024, net of unamortized deferred costs of $ 119 257 $ 18,942 $ 20,330 Alaska tankers term loan, due 2025 134 267 20,091 25,289 OSG 204 LLC term loan, due 2025 267 457 23,697 25,006 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 484 609 42,163 44,342 Unsecured senior notes, net of unamortized deferred costs 390 390 Term loan, due 2028 2,612 3,106 295,428 308,006 Total debt 400,711 423,363 Less current installments of long-term debt (43,305 ) (23,733 ) Total long-term debt $ 357,406 $ 399,630 |
SCHEDULE OF DEBT EXPENSES | The following table summarizes interest expense, including amortization of issuance and deferred financing costs, commitment, administrative and other fees, recognized during the three years ended December 31, 2023 with respect to the Company’s debt facilities: SCHEDULE OF DEBT EXPENSES Years Ended December 31, Debt Facility 2023 2022 2021 Term loan, due 2024 $ 1,269 $ 1,340 $ 1,407 Alaska tankers term loan, due 2025 1,156 1,406 2,193 OSG 204 LLC term loan, due 2025 1,614 1,697 1,747 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 2,922 3,121 3,423 Unsecured senior notes 29 29 32 Term loan, due 2028 24,187 25,146 6,550 Term loan, due 2023 — — 12,618 Term loan, due 2026 — — 712 Total interest expense on debt facilities $ 31,177 $ 32,739 $ 28,682 |
SCHEDULE OF AGGREGATE ANNUAL PRINCIPAL PAYMENTS | As of December 31, 2023, the aggregate annual principal payments required to be made on the Company’s debt are as follows: SCHEDULE OF AGGREGATE ANNUAL PRINCIPAL PAYMENTS 2024 $ 43,183 2025 54,903 2026 19,268 2027 52,597 2028 234,375 Thereafter — Total $ 404,326 |
INVESTMENT IN SECURITY TO BE _2
INVESTMENT IN SECURITY TO BE HELD TO MATURITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
SCHEDULE OF FAIR VALUE OF THE U.S. TREASURY NOTE | SCHEDULE OF FAIR VALUE OF THE U.S. TREASURY NOTE At December 31, 2023 Amortized Cost Gross Unrealized Loss Fair Value U.S. Treasury Note $ 14,900 $ (148 ) $ 14,752 $ 14,900 $ (148 ) $ 14,752 December 31, 2022 Amortized Cost Gross Unrealized Loss Fair Value U.S. Treasury Note $ 14,803 $ (328 ) $ 14,475 $ 14,803 $ (328 ) $ 14,475 |
FAIR VALUE MEASUREMENTS AND F_2
FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
SCHEDULE OF FINANCIAL INSTRUMENTS 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, at December 31, 2023 and 2022, are as follows: SCHEDULE OF FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE ON A RECURRING BASIS Fair Value Carrying Level 1 Level 2 December 31, 2023: Assets Cash and cash equivalents $ 76,257 $ 76,257 $ — U.S. Treasury Note 14,900 14,752 — Total $ 91,157 $ 91,009 $ — Liabilities Term loan, due 2024, net $ 18,942 $ — $ 18,546 Alaska tankers term loan, due 2025, net 20,091 — 19,203 OSG 204 LLC term loan, due 2025, net 23,697 — 22,875 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 42,163 — 39,350 Term loan, due 2028, net 295,428 — 287,918 Unsecured senior notes, net 390 — 389 Total $ 400,711 $ — $ 388,281 Fair Value Carrying Level 1 Level 2 December 31, 2022: Assets Cash and cash equivalents $ 78,732 $ 78,732 $ — U.S. Treasury Note 14,803 14,475 — Total $ 93,535 $ 93,207 $ — Liabilities Term loan, due 2024, net $ 20,330 $ — $ 19,296 Alaska tankers term loan, due 2025, net 25,289 — 23,195 OSG 204 LLC term loan, due 2025, net 25,006 — 23,448 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 44,342 — 40,331 Term loan, due 2028, net 308,006 — 295,320 Unsecured senior notes, net 390 — 385 Total $ 423,363 $ — $ 401,975 |
ACCOUNTS PAYABLE, ACCRUED EXP_2
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES 2023 2022 Years Ended December 31, 2023 2022 Accounts payable $ 5,172 $ 5,962 Payroll and benefits 16,891 10,397 Dividend payable 4,256 — Interest 2,322 2,437 Insurance 748 520 Accrued drydock and repair costs 3,988 957 Bunkers and lubricants 710 370 Charter revenues received in advance 15,752 21,778 Accrued vessel expenses 8,598 10,888 Accrued general and administrative, primarily professional fees 978 985 Other 1,496 612 Accounts payable and other accrued liabilities, current $ 60,911 $ 54,906 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME TAX (EXPENSE)/BENEFIT | The (expense)/benefit for income taxes on income before income taxes consists of the following: SCHEDULE OF INCOME TAX (EXPENSE)/BENEFIT 2023 2022 2021 Years Ended December 31, 2023 2022 2021 Current - Federal $ (12 ) $ (9 ) $ (8 ) Current - State (933 ) (538 ) (131 ) Deferred - Federal (12,544 ) (4,630 ) 15,275 Deferred - State 3,570 (1,717 ) 2,961 Total $ (9,919 ) $ (6,894 ) $ 18,097 |
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION | The reconciliations between the U.S. federal statutory income tax rate and the effective tax rate follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION Years Ended December 31, 2023 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Adjustments due to: State taxes, net of federal benefit (1.6 )% 0.4 % 3.7 % Change in valuation allowance (3.1 )% 5.6 % 0.9 % Equity awards 0.1 % 0.6 % 0.0 % Return to provision 0.8 % 0.5 % (0.5 )% U.S. income subject to tonnage tax (2.9 )% (8.2 )% 2.2 % Other (0.6 )% 0.7 % 0.8 % Effective tax rate 13.7 % 20.6 % 28.1 % |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The significant components of the Company’s deferred tax liabilities and assets follow: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2023 2022 December 31, 2023 2022 Deferred tax liabilities: Vessels and other property (1) $ 108,740 $ 119,987 Prepaid expenditures 9,107 8,695 Operating lease right-of-use assets 39,720 50,792 Other-net — 8 Total deferred tax liabilities 157,567 179,482 Deferred tax assets: Loss carryforwards 52,462 67,686 Operating lease liability 39,822 50,622 Finance lease liability — 4,662 Employee compensation and benefit plans (654 ) (212 ) Financing and professional fees 6,517 8,710 Accrued expenses and other 132 79 Total deferred tax assets 98,279 131,547 Valuation allowance (20,085 ) (22,298 ) Net deferred tax assets 78,194 109,249 Net deferred tax liabilities $ 79,373 $ 70,233 (1) Includes deferred tax liabilities related to finance lease right-of-use assets totaling $ 4,122 |
SCHEDULE OF UNRECOGNIZED TAX BENEFITS | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (excluding interest and penalties): SCHEDULE OF UNRECOGNIZED TAX BENEFITS Years Ended December 31, 2023 2022 2021 Balance of unrecognized tax benefits as of January 1, $ 1,035 $ 834 $ 813 (Decreases)/increases for positions taken in prior years (307 ) 201 21 Balance of unrecognized tax benefits as of December 31, $ 728 $ 1,035 $ 834 |
CAPITAL STOCK AND STOCK COMPE_2
CAPITAL STOCK AND STOCK COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS | Activity with respect to restricted stock units under the Incentive Plans during the three years ended December 31, 2023 is summarized as follows: SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS Activity for the three years ended December 31, 2023 Class A common Nonvested Shares Outstanding at December 31, 2020 2,605,263 Granted 1,782,133 Vested ($ 2.12 2.31 (963,338 ) Forfeited ($ 1.69 2.59 (52,881 ) Nonvested Shares Outstanding at December 31, 2021 3,371,177 Granted 2,118,942 Vested ($ 1.82 2.23 (1,355,483 ) Forfeited ($ 1.92 2.05 (461,990 ) Nonvested Shares Outstanding at December 31, 2022 3,672,646 Granted 1,195,837 Vested ($ 2.89 3.81 (1,403,217 ) Forfeited ($ 2.89 4.07 (286,262 ) Nonvested Shares Outstanding at December 31, 2023 3,179,004 |
SCHEDULE OF STOCK OPTIONS ACTIVITY UNDER INCENTIVE PLANS | Activity with respect to stock options under the Incentive Plans during the three years ended December 31, 2023 is summarized as follows: SCHEDULE OF STOCK OPTIONS ACTIVITY UNDER INCENTIVE PLANS Activity for the three years ended December 31, 2023 Class A common Options Outstanding at December 31, 2020 1,478,756 Options Outstanding at December 31, 2021 1,478,756 Options Outstanding at December 31, 2022 1,478,756 Options Outstanding at December 31, 2023 1,478,756 Options Exercisable at December 31, 2023 1,478,756 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
SCHEDULE OF COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME | The components of accumulated other comprehensive income, net of related taxes at an effective tax rate of 13.7 20.6 SCHEDULE OF COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME 2023 2022 Years Ended December 31, 2023 2022 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ 4,002 $ 3,410 Accumulated other comprehensive income $ 4,002 $ 3,410 |
SCHEDULE OF CHANGES IN BALANCES OF COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME | The following tables present the changes in the balances of each component of accumulated other comprehensive income, net of related taxes, for the three years ended December 31, 2023. SCHEDULE OF CHANGES IN BALANCES OF COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME Items not yet Balance as of December 31, 2022 $ 3,410 Current period change, excluding amounts reclassified from accumulated other comprehensive income 1,172 Amounts reclassified from accumulated other comprehensive income (580 ) Total change in accumulated other comprehensive income 592 Balance as of December 31, 2023 $ 4,002 Balance as of December 31, 2021 $ 2,943 Current period change, excluding amounts reclassified from accumulated other comprehensive income 1,041 Amounts reclassified from accumulated other comprehensive income (574 ) Total change in accumulated other comprehensive income 467 Balance as of December 31, 2022 $ 3,410 Balance as of December 31, 2020 $ (282 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income 3,522 Amounts reclassified from accumulated other comprehensive income (297 ) Total change in accumulated other comprehensive income 3,225 Balance as of December 31, 2021 $ 2,943 |
SCHEDULE OF AMOUNTS RECLASSIFIED OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME | The following table presents information with respect to amounts reclassified out of accumulated other comprehensive income for the three years ended December 31, 2023. SCHEDULE OF AMOUNTS RECLASSIFIED OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME Years Ended Statement of Accumulated Other Comprehensive Income Component 2023 2022 2021 Line Item Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans): Net periodic benefit costs associated with pension and postretirement benefit plans for shore-based employees $ 267 $ 315 $ (63 ) Other income, net Net periodic benefit costs associated with pension and postretirement benefit plans for seagoing employees 484 433 450 Other income, net 751 748 387 Total before tax (1,331 ) (1,322 ) (684 ) Tax provision $ (580 ) $ (574 ) $ (297 ) Total net of tax |
SCHEDULE OF INCOME TAX (EXPENSE) BENEFIT ALLOCATED TO COMPONENT | The income tax (expense)/benefit allocated to each component of other comprehensive income/(loss) follows: SCHEDULE OF INCOME TAX (EXPENSE) BENEFIT ALLOCATED TO COMPONENT Items not yet recognized For the year ended December 31, 2023: Current period change excluding amounts reclassified from accumulated other comprehensive income $ (346 ) Amounts reclassified from accumulated other comprehensive income 171 Total change in accumulated other comprehensive income $ (175 ) For the year ended December 31, 2022: Current period change excluding amounts reclassified from accumulated other comprehensive income $ (316 ) Amounts reclassified from accumulated other comprehensive income 174 Total change in accumulated other comprehensive income $ (142 ) For the year ended December 31, 2021: Current period change excluding amounts reclassified from accumulated other comprehensive income $ (1,069 ) Amounts reclassified from accumulated other comprehensive income 90 Total change in accumulated other comprehensive income $ (979 ) |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |
SCHEDULE OF LEASE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | The Company’s lease right-of-use assets and lease liabilities at December 31, 2023 and 2022 were as follows: SCHEDULE OF LEASE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES December 31, 2023 2022 Operating leases Vessels chartered-in noncurrent operating lease assets $ 169,798 $ 203,393 Office space noncurrent operating lease assets 2,905 3,404 Total noncurrent operating lease assets $ 172,703 $ 206,797 Vessels chartered-in operating lease liabilities Current portion of operating lease liabilities $ 64,607 $ 62,534 Noncurrent operating lease liabilities 105,630 147,243 170,237 209,777 Office space operating lease liabilities Current portion of operating lease liabilities 665 754 Noncurrent operating lease liabilities 2,281 2,717 2,946 3,471 Total operating lease liabilities $ 173,183 $ 213,248 |
SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS | The future minimum commitments under these operating leases are as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS At December 31, 2023 Operating 2024 $ 68,157 2025 63,247 2026 55,617 2027 4,161 2028 4,172 Thereafter 1,277 Net minimum lease payments 196,631 Less present value discount (26,394 ) Total lease liabilities $ 170,237 |
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES | Supplemental balance sheet information related to leases was as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES December 31, 2023 2022 2021 Weighted average remaining lease term - operating leases 3.1 3.8 2.1 Weighted average discount rate - operating leases 8.6 % 8.6 % 6.5 % Weighted average remaining lease term - finance lease N/A 6.1 7.1 Weighted average discount rate - finance lease N/A 7.3 % 7.3 % |
SCHEDULE OF FUTURE MINIMUM COMMITMENTS OPERATING LEASES | The future minimum revenues, including rent escalations, which is equal to lease payments expected to be received over the noncancelable time charters term are as follows: SCHEDULE OF FUTURE MINIMUM COMMITMENTS OPERATING LEASES At December 31, 2023 Amount 2024 $ 371,383 2025 226,505 2026 88,998 2027 578 2028 — Thereafter — Net minimum lease receipts $ 687,464 |
Office Space [Member] | |
Property, Plant and Equipment [Line Items] | |
SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS | The future minimum commitments under lease obligations for office space, which are operating leases, as of December 31, 2023 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS At December 31, 2023 Amount 2024 $ 682 2025 630 2026 648 2027 666 2028 488 Thereafter 677 Net minimum lease payments 3,791 Less present value discount (845 ) Total lease liabilities $ 2,946 |
PENSION, OTHER POSTRETIREMENT_2
PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Multiemployer Plan [Line Items] | |
SCHEDULE OF MULTIEMPLOYER PLANS | Plan level information is available in the public domain for each of the multiemployer pension plans the Company participates in. The table below provides additional information about the Company’s participation in the above multi-employer pension plans: SCHEDULE OF MULTIEMPLOYER PLANS Pension Protection Act Contributions made Pension Plan EIN / Pension 2023 2022 Rehabilitation 2023 2022 2021 AMO Pension Plan 13-1936709 Green (1) Green (1) None $ 471 $ 453 $ 795 MEBA Pension Plan 51-6029896 Green (1) Green (1) None 2,957 3,172 2,748 Seafarers Pension Plan 13-6100329 Green (1) Green (1) None 337 295 222 Total contributions $ 3,765 $ 3,920 $ 3,765 (1) A “Yellow” Zone Status plan is a plan that has a funding ratio between 65 80 80 |
SCHEDULE OF BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS | Information with respect to the domestic pension and postretirement benefit plans for which the Company uses a December 31 measurement date, follow: SCHEDULE OF BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS Pension Benefits Other Benefits At December 31, 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 34,313 $ 45,470 $ 3,711 $ 5,537 Cost of benefits earned (service cost) — — 91 180 Interest cost on benefit obligation 1,797 1,218 196 153 Actuarial gains 1,031 (9,625 ) (40 ) (1,939 ) Benefits paid (2,923 ) (2,750 ) (229 ) (220 ) Plan Amendments — — — — Acquisition — — — — Benefit obligation at year end 34,218 34,313 3,729 3,711 Change in plan assets: Fair value of plan assets at beginning of year 35,068 44,872 — — Actual return on plan assets 4,949 (7,054 ) — — Employer contributions — — — — Benefits paid (2,923 ) (2,750 ) — — Fair value of plan assets at year end 37,094 35,068 — — Funded/(unfunded status) at December 31 $ 2,876 $ 755 $ (3,729 ) $ (3,711 ) |
SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS | Information for defined benefit pension plans with accumulated benefit obligations in excess of plan assets follows: SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS At December 31, 2023 2022 Projected benefit obligation $ 34,218 $ 34,313 Accumulated benefit obligation 34,218 34,313 Fair value of plan assets 37,094 35,068 |
SCHEDULE OF NET BENEFIT COSTS | Information for defined benefit pension plans and other postretirement benefit plans net periodic (benefit)/cost follows: SCHEDULE OF NET BENEFIT COSTS For the year ended December 31, 2023 2022 2021 2023 2022 2021 Pension Benefits Other Benefits For the year ended December 31, 2023 2022 2021 2023 2022 2021 Components of expense: Cost of benefits earned $ — $ — $ — $ 91 $ 180 $ 203 Interest cost on benefit obligation 1,797 1,218 1,120 196 153 165 Expected return on plan assets (2,439 ) (3,152 ) (2,970 ) — — — Amortization of prior-service costs — — — (722 ) (722 ) (722 ) Recognized net actuarial loss 82 — 335 (111 ) (27 ) — Net periodic benefit cost $ (560 ) $ (1,934 ) $ (1,515 ) $ (546 ) $ (416 ) $ (354 ) |
SCHEDULE OF EXPECTED BENEFIT PAYMENTS | Expected benefit payments for the following ten years are as follows: SCHEDULE OF EXPECTED BENEFIT PAYMENTS Pension Benefits Other Benefits 2024 $ 3,010 $ 222 2025 3,059 212 2026 3,055 220 2027 3,004 226 2028 2,936 230 2029-2033 13,328 1,200 Total $ 28,392 $ 2,310 |
SCHEDULE OF CHANGES IN FAIR VALUE OF PLAN ASSETS | The fair values of the Company’s pension plan assets, which are valued based Level 1 inputs, at December 31, 2023 and 2022, by asset category are as follows: SCHEDULE OF CHANGES IN FAIR VALUE OF PLAN ASSETS Fair Value Level 1 At December 31, 2023 2022 Cash and cash equivalents $ 779 $ 659 Equity securities: Large cap exchange traded fund 14,023 12,744 Small company - mid value 2,282 2,140 Small company - mid growth 2,408 2,099 International value 2,750 2,625 International growth 2,829 2,694 Fixed income and preferred stock: Short duration bond 5,936 5,973 Intermediate term bond fund 6,061 6,111 Small company - mid value - preferred stock 26 23 Total $ 37,094 $ 35,068 |
Benefit Obligations [Member] | |
Multiemployer Plan [Line Items] | |
SCHEDULE OF ASSUMPTIONS USED | The weighted-average assumptions used to determine benefit obligations follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits At December 31, 2023 2022 2023 2022 Discount rate 5.10 % 5.45 % 5.30 % 5.65 % The selection of a single discount rate for the Maritrans Plan was derived from bond yield curves, which the Company believed as of such dates to be appropriate for ongoing plans with a long duration, such as the Maritrans Plan, and that generally mirror the type of high yield bond portfolio the Company could acquire to offset its obligations under the Maritrans Plan. The weighted-average assumptions used to determine net periodic benefit cost follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits For the year ended December 31, 2023 2022 2021 2023 2022 2021 Discount rate 5.45 % 2.80 % 2.35 % 5.65 % 3.10 % 2.90 % Expected (long-term) return on plan assets 7.25 % 7.25 % 7.25 % — — — |
Net Periodic Benefit Cost [Member] | |
Multiemployer Plan [Line Items] | |
SCHEDULE OF ASSUMPTIONS USED | The weighted-average assumptions used to determine net periodic benefit cost follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits For the year ended December 31, 2023 2022 2021 2023 2022 2021 Discount rate 5.45 % 2.80 % 2.35 % 5.65 % 3.10 % 2.90 % Expected (long-term) return on plan assets 7.25 % 7.25 % 7.25 % — — — |
OTHER INCOME, NET (Tables)
OTHER INCOME, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
SCHEDULE OF OTHER NONOPERATING INCOME | Other income, net consists of: SCHEDULE OF OTHER NONOPERATING INCOME Years Ended December 31, 2023 2022 2021 Investment income: Interest $ 3,959 $ 840 $ 5 Change in investment value 611 60 (241 ) 4,570 900 (236 ) Pension and post retirement items (1) 1,290 2,582 2,157 Gain on prepayment of deferred payment obligations 912 — — Miscellaneous-net (106 ) (155 ) 64 $ 6,666 $ 3,327 $ 1,985 (1) The Company includes the service cost component for net periodic benefit cost/(income) in vessel expenses and general and administrative expenses and other components in other income, net on the consolidated statements of operations. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Product Information [Line Items] | |||
Estimated useful lives of vessels | Vessels are recorded at cost and are depreciated to their estimated salvage value on the straight-line basis over the estimated useful lives of the vessels, which are generally 25 years (except for new articulated tug barge (“ATBs”) for which estimated useful lives of 30 years are used) | ||
Interest costs capitalized | $ 951 | $ 1,378 | $ 1,427 |
Revenue | 451,871 | 466,800 | 359,062 |
Amortization of financing costs and discounts | 1,142 | 1,129 | $ 2,099 |
Doubtful accounts | $ 152 | $ 197 | |
Tax, likelihood of unfavorable settlement | greater than 50 | ||
Hilcorp North Slope LLC [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 14.20% | 28.20% | |
Valero Marketing and Supply [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customer [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 10.20% | ||
BP Products North America Inc [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customer [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 10.60% | ||
U S Maritime Security Program [Member] | |||
Product Information [Line Items] | |||
Vessel expense | $ 13,262 | $ 9,252 | $ 10,500 |
Term Loan Credit Agreement [Member] | |||
Product Information [Line Items] | |||
Unamortized deferred expense | $ 3,618 | 4,697 | |
Software Development [Member] | |||
Product Information [Line Items] | |||
Property plant and equipment useful life | 5 years | ||
Revenue | $ 3,500 | ||
Accumulated depreciation | $ 992 | ||
Minimum [Member] | |||
Product Information [Line Items] | |||
Property plant and equipment useful life | 3 years | ||
Maximum [Member] | |||
Product Information [Line Items] | |||
Property plant and equipment useful life | 15 years |
SCHEDULE OF EARNINGS PER SHARE
SCHEDULE OF EARNINGS PER SHARE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Per Share Amounts: | |||
Net income/(loss) | $ 62,454 | $ 26,564 | $ (46,252) |
Weighted average common shares outstanding: | |||
Class A common stock - basic | 78,485,954 | 89,556,195 | 90,587,454 |
Class A common stock - diluted | 81,231,761 | 91,400,041 | 90,587,454 |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Details Narrative) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Dilutive equity awards outstanding | 2,745,807 | 1,843,846 | |
Share-Based Payment Arrangement, Option [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities, issuable | 241,882 | 609,956 | |
Restricted Stock Units And Stock Options [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities, issuable | 2,017,810 | ||
Common Class A [Member] | Restricted Stock Units (RSUs) [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Number of class common stock issuable | 3,179,004 | 3,672,646 | 3,371,177 |
Common Class A [Member] | Share-Based Payment Arrangement, Option [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Number of class common stock issuable | 1,478,756 | 1,478,756 | 1,478,756 |
ClassA Warrants [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Warrant exercise price per share | $ 0.01 | $ 0.01 |
SCHEDULE OF DISAGGREGATION OF R
SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disaggregation of Revenue [Line Items] | ||||
Total shipping revenues | $ 451,871 | $ 466,800 | $ 359,062 | |
Time And Bareboat Charter Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total shipping revenues | 359,543 | 327,329 | 254,744 | |
Voyage Charter Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total shipping revenues | [1] | 35,508 | 86,659 | 57,946 |
Contracts Of Affreightment Revenues [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total shipping revenues | $ 56,820 | $ 52,812 | $ 46,372 | |
[1]Voyage charter revenues include revenue related to short-term time charter contracts of $ 4,261 $ 33,612 14,843 |
SCHEDULE OF DISAGGREGATION OF_2
SCHEDULE OF DISAGGREGATION OF REVENUE (Details) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue related to short term | $ 451,871 | $ 466,800 | $ 359,062 |
Short Term Time Charter Contracts [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue related to short term | $ 4,261 | $ 33,612 | $ 14,843 |
REVENUE RECOGNITION (Details Na
REVENUE RECOGNITION (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Contract with customer asset net | $ 7,768 | $ 9,258 |
2024 Member | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Revenue, remaining performance obligation, amount | 47,578 | |
2025 Member | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Revenue, remaining performance obligation, amount | $ 14,608 |
SCHEDULE OF VESSELS AND OTHER P
SCHEDULE OF VESSELS AND OTHER PROPERTY (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||||
Vessels, at cost | $ 1,092,950 | $ 1,082,822 | $ 1,066,327 | $ 1,099,187 |
Accumulated depreciation | (427,508) | (385,242) | (345,531) | (308,449) |
Vessels, net | 665,442 | 697,580 | $ 720,796 | $ 790,738 |
Construction in progress | 33,482 | 10,406 | ||
Finance lease right-of-use asset, at cost (Note 14) | 26,940 | 26,940 | ||
Accumulated amortization (Note 14) | (10,706) | (8,856) | ||
Transfer to operating lease right-of-use asset (Note 14) | (16,234) | |||
Finance lease right-of use asset, net (Note 14) | 18,084 | |||
Other property, at cost | 5,616 | 5,578 | ||
Accumulated depreciation and amortization | (5,508) | (5,469) | ||
Other property, net | 108 | 109 | ||
Total vessels and other property | $ 699,032 | $ 726,179 |
SUMMARY OF VESSEL ACTIVITY EXCL
SUMMARY OF VESSEL ACTIVITY EXCLUDING CONSTRUCTION PROGRESS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Vessel Cost, Balance | $ 1,082,822 | $ 1,066,327 | $ 1,099,187 |
Accumulated Depreciation, Balance | (385,242) | (345,531) | (308,449) |
Net Book Value, Balance | 697,580 | 720,796 | 790,738 |
Vessel Cost, Transfers from construction in progress | 10,128 | 16,699 | 6,836 |
Accumulated Depreciation, Transfers from construction in progress | |||
Vessel Cost, Depreciation | |||
Accumulated Depreciation, Depreciation | (42,266) | (40,485) | (39,398) |
Vessel Cost, Disposals | (774) | (39,696) | |
Accumulated Depreciation, Disposals | 774 | 2,316 | |
Vessel Cost, Additions | 570 | ||
Additions | |||
Vessel Cost, Balance | 1,092,950 | 1,082,822 | 1,066,327 |
Accumulated Depreciation, Balance | (427,508) | (385,242) | (345,531) |
Net Book Value, Balance | $ 665,442 | $ 697,580 | $ 720,796 |
SUMMARY OF DRYDOCKING ACTIVITY
SUMMARY OF DRYDOCKING ACTIVITY (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Vessel Cost, Balance | $ 1,082,822 | $ 1,066,327 | $ 1,099,187 |
Drydock amortization | |||
Vessel Cost, Balance | 1,092,950 | 1,082,822 | 1,066,327 |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel Cost, Balance | 38,976 | 43,342 | 43,134 |
Additions | 24,254 | 18,198 | 15,017 |
Drydock amortization | (18,403) | (22,564) | (14,809) |
Vessel Cost, Balance | $ 44,827 | $ 38,976 | $ 43,342 |
VESSELS, OTHER PROPERTY AND D_3
VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2023 | Oct. 31, 2023 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||||||
Weighted average years of vessel | 16 years 3 months 18 days | |||||
Debt instrument collateral amount | $ 659,586 | |||||
Accrual of capital expenditures | $ 1,908 | $ 2,784 | $ 1,341 | |||
Overseas Gulf Coast [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Sale of intangible assets | $ 32,128 | |||||
Loss on disposition of intangible assets | $ 5,268 | |||||
Alaskan Frontier [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Purchase of asset | $ 20,000 | $ 20,000 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Intangible assets, balance | $ 18,017 | $ 22,617 | $ 27,217 |
Amortization | (4,600) | (4,600) | (4,600) |
Intangible assets, balance | $ 13,417 | $ 18,017 | $ 22,617 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) $ in Thousands | Mar. 11, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Subsequent Event [Line Items] | |||
Intangible assets, gross | $ 92,000 | $ 92,000 | |
Intangible asset, remaining useful life | 3 years | ||
Amortization of intangible assets, expected amortization | $ 4,600 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Intangible asset, remaining useful life | 3 years |
SCHEDULE OF LONG-TERM DEBT INST
SCHEDULE OF LONG-TERM DEBT INSTRUMENTS (Details) (Parenthetical) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt One [Member] | |||
Short-Term Debt [Line Items] | |||
Debt instrument, unamortized deferred costs | $ 119 | $ 257 | |
Debt instrument, maturity date, description | five-year | ||
Debt Two [Member] | |||
Short-Term Debt [Line Items] | |||
Debt instrument, unamortized deferred costs | $ 134 | 267 | |
Debt instrument, maturity date, description | due 2025 | ||
Debt Three [Member] | |||
Short-Term Debt [Line Items] | |||
Debt instrument, unamortized deferred costs | $ 267 | 457 | |
Debt instrument, maturity date, description | due 2025 | ||
Debt Four [Member] | |||
Short-Term Debt [Line Items] | |||
Debt instrument, unamortized deferred costs | $ 484 | 609 | |
Debt instrument, maturity date, description | due 2027 | ||
Debt Six [Member] | |||
Short-Term Debt [Line Items] | |||
Debt instrument, unamortized deferred costs | $ 2,612 | $ 3,106 | |
Debt instrument, maturity date, description | due 2028 |
SCHEDULE OF LONG-TERM DEBT IN_2
SCHEDULE OF LONG-TERM DEBT INSTRUMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Short-Term Debt [Line Items] | ||
Total debt | $ 400,711 | $ 423,363 |
Less current installments of long-term debt | (43,305) | (23,733) |
Total long-term debt | 357,406 | 399,630 |
Debt One [Member] | ||
Short-Term Debt [Line Items] | ||
Total debt | 18,942 | 20,330 |
Debt Two [Member] | ||
Short-Term Debt [Line Items] | ||
Total debt | 20,091 | 25,289 |
Debt Three [Member] | ||
Short-Term Debt [Line Items] | ||
Total debt | 23,697 | 25,006 |
Debt Four [Member] | ||
Short-Term Debt [Line Items] | ||
Total debt | 42,163 | 44,342 |
Debt Five [Member] | ||
Short-Term Debt [Line Items] | ||
Total debt | 390 | 390 |
Debt Six [Member] | ||
Short-Term Debt [Line Items] | ||
Total debt | $ 295,428 | $ 308,006 |
SCHEDULE OF DEBT EXPENSES (Deta
SCHEDULE OF DEBT EXPENSES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Short-Term Debt [Line Items] | |||
Total expense on debt facilities | $ 31,177 | $ 32,739 | $ 28,682 |
Debt One [Member] | |||
Short-Term Debt [Line Items] | |||
Total expense on debt facilities | 1,269 | 1,340 | 1,407 |
Debt Two [Member] | |||
Short-Term Debt [Line Items] | |||
Total expense on debt facilities | 1,156 | 1,406 | 2,193 |
Debt Three [Member] | |||
Short-Term Debt [Line Items] | |||
Total expense on debt facilities | 1,614 | 1,697 | 1,747 |
Debt Four [Member] | |||
Short-Term Debt [Line Items] | |||
Total expense on debt facilities | 2,922 | 3,121 | 3,423 |
Debt Five [Member] | |||
Short-Term Debt [Line Items] | |||
Total expense on debt facilities | 29 | 29 | 32 |
Debt Six [Member] | |||
Short-Term Debt [Line Items] | |||
Total expense on debt facilities | 24,187 | 25,146 | 6,550 |
Debt Seven [Member] | |||
Short-Term Debt [Line Items] | |||
Total expense on debt facilities | 12,618 | ||
Debt Eight [Member] | |||
Short-Term Debt [Line Items] | |||
Total expense on debt facilities | $ 712 |
SCHEDULE OF AGGREGATE ANNUAL PR
SCHEDULE OF AGGREGATE ANNUAL PRINCIPAL PAYMENTS (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 43,183 |
2025 | 54,903 |
2026 | 19,268 |
2027 | 52,597 |
2028 | 234,375 |
Thereafter | |
Total | $ 404,326 |
DEBT (Details Narrative)
DEBT (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||
Sep. 29, 2021 | Nov. 30, 2020 | Mar. 12, 2020 | Jul. 30, 2020 | Jun. 30, 2020 | Aug. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Nov. 05, 2021 | |
Short-Term Debt [Line Items] | |||||||||||||
Debt, weighted average interest rate | 7.22% | 7.18% | |||||||||||
Prepayment of term loan | $ 16,000,000 | ||||||||||||
Loans payable | $ 7,961,000 | ||||||||||||
Debt instrument, interest rate, stated percentage | 7.75% | ||||||||||||
Debt instrument, maturity date | Oct. 01, 2028 | ||||||||||||
Repayments of debt | $ 23,730,000 | $ 22,222,000 | $ 33,316,000 | ||||||||||
Interest expense, debt | $ 30,030,000 | $ 31,618,000 | $ 25,609,000 | ||||||||||
Stonebriar Commercial Finance LLC [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt instrument, face amount | $ 325,000 | $ 325,000 | |||||||||||
Wintrust Commercial Finance [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt instrument, face amount | $ 27,500,000 | ||||||||||||
Debt instrument, maturity date, description | seven-year | ||||||||||||
Banc of America Leasing & Capital, LLC [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Prepayment of term loan | $ 16,000,000 | ||||||||||||
Loans payable | $ 54,000,000 | ||||||||||||
Debt instrument, interest rate, stated percentage | 4.43% | ||||||||||||
Debt instrument, maturity date | Mar. 12, 2025 | ||||||||||||
Banc of America Leasing & Capital, LLC [Member] | Stonebriar Commercial Finance LLC [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt instrument, face amount | 325,000,000 | ||||||||||||
Wintrust Commercial Finance and Other Syndicate Lenders [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt instrument, maturity date, description | five-year | ||||||||||||
Prepayment of term loan | $ 3,000,000 | ||||||||||||
Loans payable | $ 32,933,000 | ||||||||||||
Debt instrument, interest rate, stated percentage | 5% | 5.75% | |||||||||||
Debt instrument, maturity date | Jun. 01, 2025 | ||||||||||||
PGIM, Inc [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt instrument, face amount | $ 325,000,000 | ||||||||||||
Debt instrument, maturity date, description | five-year | ||||||||||||
Term Loan Credit Facility [Member] | Stonebriar Commercial Finance [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt instrument, face amount | $ 325,000,000 | ||||||||||||
Debt instrument, maturity date, description | due 2023 | ||||||||||||
Term Loan Credit Facility [Member] | Prudential Insurance Company Of America [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt instrument, maturity date, description | due 2026 | ||||||||||||
Term Loan Credit Facility [Member] | Banc of America Leasing & Capital, LLC [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt instrument, maturity date, description | due 2025 | ||||||||||||
Due 2023 [Member] | Prudential Insurance Company [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Payment of term loan | $ 237,983,000 | ||||||||||||
Due 2023 [Member] | Wintrust Commercial Finance [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Payment of term loan | $ 20,298,000 | ||||||||||||
OSG 205 LLC and OSG Courageous II LLC [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt instrument, maturity date | Dec. 01, 2027 | ||||||||||||
Construction loan | $ 49,150,000 | ||||||||||||
Debt drawn down to to finance | $ 46,711,000 | ||||||||||||
Debt instruments, interest rate terms | In connection with the amendment, the interest rate was updated to a fixed interest rate of 6.87% until the end of the first quarter of 2022. Beginning in the second quarter of 2022, the interest rate returned to a fixed interest rate of 6.37%. | ||||||||||||
OSG 205 LLC and OSG Courageous II LLC [Member] | Wintrust Commercial Finance and Other Syndicate Lenders [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt instrument, maturity date, description | seven-year | ||||||||||||
Debt instrument, interest rate, stated percentage | 6.37% | ||||||||||||
Debt One [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt instrument, maturity date, description | five-year | ||||||||||||
Loans payable | $ 50,000,000 | ||||||||||||
Debt instrument, interest rate, stated percentage | 5.54% | ||||||||||||
Debt instrument, maturity date | Sep. 30, 2024 | ||||||||||||
Repayments of debt | $ 24,000,000 | ||||||||||||
Debt One [Member] | Stonebriar Commercial Finance LLC [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt instrument, face amount | $ 325,000,000 | ||||||||||||
Unsecured Senior Notes [Member] | |||||||||||||
Short-Term Debt [Line Items] | |||||||||||||
Debt instrument, face amount | $ 146,000,000 | ||||||||||||
Debt instrument, interest rate, stated percentage | 7.50% | ||||||||||||
Debt instrument, maturity date | Feb. 15, 2024 |
SCHEDULE OF FAIR VALUE OF THE U
SCHEDULE OF FAIR VALUE OF THE U.S. TREASURY NOTE (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | $ 14,900 | $ 14,803 |
Gross unrealized Loss | (148) | (328) |
Fair value | 14,752 | 14,475 |
U.S. Treasury Note [Member] | ||
Amortized Cost | 14,900 | 14,803 |
Gross unrealized Loss | (148) | (328) |
Fair value | $ 14,752 | $ 14,475 |
INVESTMENT IN SECURITY TO BE _3
INVESTMENT IN SECURITY TO BE HELD TO MATURITY (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | |||
Sep. 29, 2021 | Jul. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt instrument carrying amount | $ 400,711 | $ 423,363 | ||
Debt maturity date | Oct. 01, 2028 | |||
U.S. Treasury Note [Member] | ||||
Debt instrument face amount | $ 15,000 | |||
Debt instrument carrying amount | $ 14,794 | |||
Debt maturity date | Aug. 15, 2024 |
SCHEDULE OF FINANCIAL INSTRUMEN
SCHEDULE OF FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | $ 91,157 | $ 93,535 |
Total liabilities | 400,711 | 423,363 |
Reported Value Measurement [Member] | Term Loan, Due 2024 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | 18,942 | 20,330 |
Reported Value Measurement [Member] | Alaska Tankers Term Loan Agreement Due 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | 20,091 | 25,289 |
Reported Value Measurement [Member] | OSG 204 LLC Term Loan Agreement Due 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | 23,697 | 25,006 |
Reported Value Measurement [Member] | OSG 205 LLA and OSG Courageous II LLC Term Loan Due 2027 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | 42,163 | 44,342 |
Reported Value Measurement [Member] | Term Loan, Due 2028 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | 295,428 | 308,006 |
Reported Value Measurement [Member] | Unsecured Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | 390 | 390 |
Reported Value Measurement [Member] | Cash and Cash Equivalents [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 76,257 | 78,732 |
Reported Value Measurement [Member] | U.S. Treasury Note [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 14,900 | 14,803 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 91,009 | 93,207 |
Total liabilities | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Term Loan, Due 2024 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Alaska Tankers Term Loan Agreement Due 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | OSG 204 LLC Term Loan Agreement Due 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | OSG 205 LLA and OSG Courageous II LLC Term Loan Due 2027 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Term Loan, Due 2028 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Unsecured Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | ||
Total liabilities | 388,281 | 401,975 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Term Loan, Due 2024 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | 18,546 | 19,296 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Alaska Tankers Term Loan Agreement Due 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | 19,203 | 23,195 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | OSG 204 LLC Term Loan Agreement Due 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | 22,875 | 23,448 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | OSG 205 LLA and OSG Courageous II LLC Term Loan Due 2027 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | 39,350 | 40,331 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Term Loan, Due 2028 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | 287,918 | 295,320 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Unsecured Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total liabilities | 389 | 385 |
Estimate of Fair Value Measurement [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 76,257 | 78,732 |
Estimate of Fair Value Measurement [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | ||
Estimate of Fair Value Measurement [Member] | U.S. Treasury Note [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 14,752 | 14,475 |
Estimate of Fair Value Measurement [Member] | U.S. Treasury Note [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets |
FAIR VALUE MEASUREMENTS AND F_3
FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES (Details Narrative) $ in Thousands | 3 Months Ended |
Sep. 30, 2021 USD ($) | |
Fair Value Disclosures [Abstract] | |
Impairment charges | $ 1,000 |
SCHEDULE OF ACCOUNTS PAYABLE, A
SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 5,172 | $ 5,962 |
Payroll and benefits | 16,891 | 10,397 |
Dividend payable | 4,256 | |
Interest | 2,322 | 2,437 |
Insurance | 748 | 520 |
Accrued drydock and repair costs | 3,988 | 957 |
Bunkers and lubricants | 710 | 370 |
Charter revenues received in advance | 15,752 | 21,778 |
Accrued vessel expenses | 8,598 | 10,888 |
Accrued general and administrative, primarily professional fees | 978 | 985 |
Other | 1,496 | 612 |
Accounts payable and other accrued liabilities, current | $ 60,911 | $ 54,906 |
SCHEDULE OF INCOME TAX (EXPENSE
SCHEDULE OF INCOME TAX (EXPENSE)/BENEFIT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Current - Federal | $ (12) | $ (9) | $ (8) |
Current - State | (933) | (538) | (131) |
Deferred - Federal | (12,544) | (4,630) | 15,275 |
Deferred - State | 3,570 | (1,717) | 2,961 |
Total | $ (9,919) | $ (6,894) | $ 18,097 |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21% | 21% | 21% |
State taxes, net of federal benefit | (1.60%) | 0.40% | 3.70% |
Change in valuation allowance | (3.10%) | 5.60% | 0.90% |
Equity awards | 0.10% | 0.60% | 0% |
Return to provision | 0.80% | 0.50% | (0.50%) |
U.S. income subject to tonnage tax | (2.90%) | (8.20%) | 2.20% |
Other | (0.60%) | 0.70% | 0.80% |
Effective tax rate | 13.70% | 20.60% | 28.10% |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Vessels and other property | [1] | $ 108,740 | $ 119,987 |
Prepaid expenditures | 9,107 | 8,695 | |
Operating lease right-of-use assets | 39,720 | 50,792 | |
Other-net | 8 | ||
Total deferred tax liabilities | 157,567 | 179,482 | |
Loss carryforwards | 52,462 | 67,686 | |
Operating lease liability | 39,822 | 50,622 | |
Finance lease liability | 4,662 | ||
Employee compensation and benefit plans | (654) | (212) | |
Financing and professional fees | 6,517 | 8,710 | |
Accrued expenses and other | 132 | 79 | |
Total deferred tax assets | 98,279 | 131,547 | |
Valuation allowance | (20,085) | (22,298) | |
Net deferred tax assets | 78,194 | 109,249 | |
Net deferred tax liabilities | $ 79,373 | 70,233 | |
Deferred tax liabilities for finance lease right-of-use assets | $ 4,122 | ||
[1]Includes deferred tax liabilities related to finance lease right-of-use assets totaling $ 4,122 |
SCHEDULE OF UNRECOGNIZED TAX BE
SCHEDULE OF UNRECOGNIZED TAX BENEFITS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Balance of unrecognized tax benefits as of January 1, | $ 1,035 | $ 834 | $ 813 |
Increases/(decreases) for positions taken in prior years | (307) | 201 | 21 |
Balance of unrecognized tax benefits as of December 31, | $ 728 | $ 1,035 | $ 834 |
TAXES (Details Narrative)
TAXES (Details Narrative) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax expense (benefit) | $ 9,919,000 | $ 6,894,000 | $ (18,097,000) | |
U.S. income subject to tonnage tax | (2.90%) | (8.20%) | 2.20% | |
Operating loss carryforwards | $ 132,643,000 | |||
Operating loss carryforwards, expiration period | 2034 | |||
U.S. state net operating loss carryforwards | $ 568,487 | |||
Income tax examination, description | These U.S. state net operating loss carryforwards expire in various years from December 31, 2024 through December 31, 2041. | |||
Disallowed interest carryforwards value | $ 30,129,000 | |||
Deferred tax assets, valuation allowance | 20,085,000 | $ 22,298,000 | ||
Income taxes paid, net | 1,022,000 | 393,000 | $ 1,751,000 | |
Unrecognized tax benefits | 728,000 | 1,035,000 | 834,000 | $ 813,000 |
Liability for uncertainty in income taxes, noncurrent | 285,000 | 175,000 | ||
Overseas Mykonos And Overseas Santorini [Member] | ||||
Income tax expense (benefit) | $ 9,900 | $ 13,100 | $ 6,700 |
SCHEDULE OF RESTRICTED STOCK UN
SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS (Details) - Restricted Stock Units (RSUs) [Member] - Common Class A [Member] - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Nonvested Shares Outstanding | 3,672,646 | 3,371,177 | 2,605,263 |
Granted | 1,195,837 | 2,118,942 | 1,782,133 |
Vested | (1,403,217) | (1,355,483) | (963,338) |
Forfeited | (286,262) | (461,990) | (52,881) |
Nonvested Shares Outstanding | 3,179,004 | 3,672,646 | 3,371,177 |
SCHEDULE OF RESTRICTED STOCK _2
SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS (Details) (Parenthetical) - Restricted Stock Units (RSUs) [Member] - Common Class A [Member] - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Minimum [Member] | |||
Class of Stock [Line Items] | |||
Share based compensation, restricted stock vested, exercise price per share | $ 2.89 | $ 1.82 | $ 2.12 |
Share based award, restricted stock units, forfeited price per share | 2.89 | 1.92 | 1.69 |
Maximum [Member] | |||
Class of Stock [Line Items] | |||
Share based compensation, restricted stock vested, exercise price per share | 3.81 | 2.23 | 2.31 |
Share based award, restricted stock units, forfeited price per share | $ 4.07 | $ 2.05 | $ 2.59 |
SCHEDULE OF STOCK OPTIONS ACTIV
SCHEDULE OF STOCK OPTIONS ACTIVITY UNDER INCENTIVE PLANS (Details) - Common Class A [Member] - shares shares in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | |||
Options Outstanding, Beginning Balance | 1,478,756 | 1,478,756 | 1,478,756 |
Options Outstanding, Ending Balance | 1,478,756 | 1,478,756 | 1,478,756 |
Options Exercisable, Ending Balance | 1,478,756 |
SCHEDULE OF COMPONENTS OF ACCUM
SCHEDULE OF COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Effective income tax rate | 13.70% | 20.60% | 28.10% |
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) | $ 4,002 | $ 3,410 | |
Accumulated other comprehensive income | $ 4,002 | $ 3,410 |
SCHEDULE OF CHANGES IN BALANCES
SCHEDULE OF CHANGES IN BALANCES OF COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 3,410 | ||
Amounts reclassified from accumulated other comprehensive income | (580) | $ (574) | $ (297) |
Ending balance | 4,002 | 3,410 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 3,410 | 2,943 | (282) |
Current period change, excluding amounts reclassified from accumulated other | 1,172 | 1,041 | 3,522 |
Amounts reclassified from accumulated other comprehensive income | (580) | (574) | (297) |
Total change in accumulated other comprehensive income | 592 | 467 | 3,225 |
Ending balance | $ 4,002 | $ 3,410 | $ 2,943 |
SCHEDULE OF AMOUNTS RECLASSIFIE
SCHEDULE OF AMOUNTS RECLASSIFIED OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total before tax | $ 751 | $ 748 | $ 387 |
Tax provision | (1,331) | (1,322) | (684) |
Total net of tax | (580) | (574) | (297) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total net of tax | (580) | (574) | (297) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Other Income (Expense) Net [Member] | Net Periodic Benefit Costs, Shore-based Employees [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net periodic benefit costs associated with pension and postretirement benefit plans | 267 | 315 | (63) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Other Income (Expense) Net [Member] | Net Periodic Benefit Costs, Seagoing Employees [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net periodic benefit costs associated with pension and postretirement benefit plans | $ 484 | $ 433 | $ 450 |
CAPITAL STOCK AND STOCK COMPE_3
CAPITAL STOCK AND STOCK COMPENSATION (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||||
Jun. 01, 2022 | Jun. 06, 2017 | Dec. 31, 2023 | Sep. 30, 2023 | Aug. 31, 2023 | Jun. 30, 2023 | Nov. 30, 2022 | Oct. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 04, 2024 | Mar. 17, 2023 | Jun. 13, 2022 | |
Stock repurchase authorized amount | $ 45,000,000 | $ 45,000,000 | ||||||||||||
Increase in stock repurchase authorized amount | $ 25,000,000 | $ 10,000,000 | ||||||||||||
Number of shares repurchased | 5,000,000 | 8,599,059 | ||||||||||||
Stock repurchased during period per share amount | $ 2.95 | $ 4.11 | ||||||||||||
Number of shares repurchased, value | $ 14,740,000 | $ 35,339,000 | ||||||||||||
Shares repurchased | 25,000 | 25,000 | ||||||||||||
Common stock, shares authorized | 166,666,666 | 166,666,666 | 166,666,666 | 5,000,000 | ||||||||||
cash dividend declared | $ 0.06 | $ 0.06 | ||||||||||||
Dividends payable | $ 4,256,000 | $ 4,256,000 | ||||||||||||
Award of RSUs vest, description | i.) 20% vests on the first anniversary of the grant date, ii.) 30% vests on the second anniversary of the grant date, and iii.) 50% vests on the third anniversary of the grant date. | |||||||||||||
Share-based payment arrangement, noncash expense | 3,471,000 | $ 3,574,000 | $ 2,232,000 | |||||||||||
Fair value of shares vested | $ 4,986 | $ 2,720 | $ 2,131 | |||||||||||
Weighted average remaining contractual term | 4 years 2 months 4 days | |||||||||||||
Share-based payment arrangement, option, exercise price range, exercisable, weighted average exercise price | $ 2.67 | $ 2.67 | $ 2.67 | $ 2.67 | ||||||||||
Unrecognized compensation cost | $ 4,388,000 | $ 4,388,000 | ||||||||||||
Expected to be Recognized [Member] | ||||||||||||||
Weighted average remaining contractual term | 1 year 7 months 17 days | |||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Weighted average grant date fair value | $ 2.90 | $ 2.09 | $ 2.36 | |||||||||||
Share-based payment arrangement, noncash expense | $ 3,471,000 | $ 3,574,000 | $ 2,232,000 | |||||||||||
Roic Target Restricted Stock Units Awards [Member] | ||||||||||||||
Share based compensation, grants in period | 625,248 | 777,900 | 544,857 | |||||||||||
Subsequent Event [Member] | ||||||||||||||
Dividends payable | $ 4,256,000 | |||||||||||||
Common Class A [Member] | ||||||||||||||
Share price | $ 3.51 | $ 3.51 | $ 2.07 | $ 2.18 | ||||||||||
Number of shares newly issued | 177,966 | 11,179 | ||||||||||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 333,085 | 239,686 | 185,459 | |||||||||||
Common Class A [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Share based compensation, grants in period | 1,195,837 | 2,118,942 | 1,782,133 | |||||||||||
Cyrus Capital [Member] | ||||||||||||||
Number of shares purchased | 5,000,000 | |||||||||||||
Share price | $ 2.86 | |||||||||||||
Cash | $ 14,300 | |||||||||||||
ClassA Warrants [Member] | ||||||||||||||
Warrants exercise price | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Number of warrants exercised | 939,477 | 939,477 | 59,124 | |||||||||||
Cyrus Capital Partners, L.P. [Member] | ||||||||||||||
Number of warrants outstanding | 4,260,919 | 4,260,919 | ||||||||||||
Number of shares converted | 809,575 | |||||||||||||
Cyrus Capital Partners, L.P. [Member] | Common Class A [Member] | ||||||||||||||
Number of warrants exercised | 2,631,763 | |||||||||||||
Cyrus Capital Partners, L.P. [Member] | Common Stock [Member] | ||||||||||||||
Number of shares repurchased | 13,851,382 | 3,788,639 | ||||||||||||
Stock repurchased during period per share amount | $ 4.05 | |||||||||||||
Number of shares repurchased, value | $ 11,384,000 | $ 15,344,000 | ||||||||||||
Maximum [Member] | ||||||||||||||
Stock repurchase authorized amount | $ 10,000,000 | |||||||||||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Subject to Increase RSU Award [Member] | ||||||||||||||
Share based compensation, grants in period | 208,416 | 259,300 | 181,619 | |||||||||||
Maximum [Member] | Incentive Plans [Member] | ||||||||||||||
Number of shares increased for issuance | 5,000,000 | 1,500,000 | ||||||||||||
Minimum [Member] | ||||||||||||||
Weighted average grant date fair value | $ 1.70 | $ 5.57 | ||||||||||||
Board Of Directors [Member] | OSG [Member] | ||||||||||||||
Ownership percentage | 77% | 77% | ||||||||||||
Non-employee Directors [Member] | Time-Based Restricted Stock Units (RSU) [Member] | ||||||||||||||
Share based compensation, grants in period | 195,800 | 305,000 | 275,800 | |||||||||||
Weighted average grant date fair value | $ 3.83 | $ 2.09 | $ 2.29 | |||||||||||
Employees, Including Senior Officers [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Share based compensation, grants in period | 584,922 | 718,360 | 552,844 | |||||||||||
Weighted average grant date fair value | $ 2.90 | $ 2.09 | $ 2.36 | |||||||||||
Senior Officers [Member] | ||||||||||||||
Share based payment award options, gross | 576,981 | 590,251 | ||||||||||||
Share based payment award options exercises in period | $ 2.09 | $ 2.36 | ||||||||||||
Senior Officers [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Share based compensation, grants in period | 416,832 | 518,600 | 363,238 |
SCHEDULE OF INCOME TAX (EXPEN_2
SCHEDULE OF INCOME TAX (EXPENSE) BENEFIT ALLOCATED TO COMPONENT (Details) - Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Current period change excluding amounts reclassified from accumulated other comprehensive income/(loss) | $ (346) | $ (316) | $ (1,069) |
Amounts reclassified from accumulated other comprehensive income/(loss) | 171 | 174 | 90 |
Total change in accumulated other comprehensive income/(loss) | $ (175) | $ (142) | $ (979) |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||
Unrecognized prior service credits | $ 5,440 | |
Unrecognized prior service credits, net of tax | $ 5,023 | |
Unrecognized actuarial losses | $ 124 | |
Unrecognized actuarial losses, net of tax | $ 1,021 |
SCHEDULE OF LEASE RIGHT-OF-USE
SCHEDULE OF LEASE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total noncurrent operating lease assets | $ 172,703 | $ 206,797 |
Current portion of operating lease liabilities | 65,272 | 63,288 |
Noncurrent operating lease liabilities | 107,911 | 149,960 |
Total operating lease liabilities | 173,183 | 213,248 |
Vessels Chartered-In [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total noncurrent operating lease assets | 169,798 | 203,393 |
Current portion of operating lease liabilities | 64,607 | 62,534 |
Noncurrent operating lease liabilities | 105,630 | 147,243 |
Total operating lease liabilities | 170,237 | 209,777 |
Office Space [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total noncurrent operating lease assets | 2,905 | 3,404 |
Current portion of operating lease liabilities | 665 | 754 |
Noncurrent operating lease liabilities | 2,281 | 2,717 |
Total operating lease liabilities | $ 2,946 | $ 3,471 |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total lease liabilities, operating lease | $ 173,183 | $ 213,248 |
Vessels Chartered-In [Member] | ||
Property, Plant and Equipment [Line Items] | ||
2024, Operating Leases | 68,157 | |
2025, Operating Leases | 63,247 | |
2026, Operating Leases | 55,617 | |
2027, Operating Leases | 4,161 | |
2028, Operating Leases | 4,172 | |
Thereafter, Operating Leases | 1,277 | |
Net minimum lease payments, operating lease | 196,631 | |
Less: present value discount, operating lease | (26,394) | |
Total lease liabilities, operating lease | 170,237 | 209,777 |
Office Space [Member] | ||
Property, Plant and Equipment [Line Items] | ||
2024, Operating Leases | 682 | |
2025, Operating Leases | 630 | |
2026, Operating Leases | 648 | |
2027, Operating Leases | 666 | |
2028, Operating Leases | 488 | |
Thereafter, Operating Leases | 677 | |
Net minimum lease payments, operating lease | 3,791 | |
Less: present value discount, operating lease | (845) | |
Total lease liabilities, operating lease | $ 2,946 | $ 3,471 |
SCHEDULE OF SUPPLEMENTAL BALANC
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Leases | |||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 1 month 6 days | 3 years 9 months 18 days | 2 years 1 month 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 8.60% | 8.60% | 6.50% |
Finance Lease, Weighted Average Remaining Lease Term | 6 years 1 month 6 days | 7 years 1 month 6 days | |
Finance Lease, Weighted Average Discount Rate, Percent | 7.30% | 7.30% |
SCHEDULE OF FUTURE MINIMUM COMM
SCHEDULE OF FUTURE MINIMUM COMMITMENTS OPERATING LEASES (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases | |
2024 | $ 371,383 |
2025 | 226,505 |
2026 | 88,998 |
2027 | 578 |
2028 | |
Thereafter | |
Net minimum lease receipts | $ 687,464 |
LEASES (Details Narrative)
LEASES (Details Narrative) | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2023 USD ($) | Oct. 31, 2023 USD ($) | Aug. 31, 2023 USD ($) | Sep. 30, 2022 | Dec. 31, 2023 USD ($) Vessels | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Available for operating lease number of vessels | Vessels | 8 | ||||||
Lessee, operating lease, description | lease term of five years and two months, expiring in October 2028. | The Company holds options for seven of the vessels chartered-in. For one of these vessels, the Company has two option periods of five years each and, after the five-year optional periods are exercised, can extend the lease for five one-year optional periods. For the remaining six vessels, the options can be exercised for three or five years, which are available indefinitely. The lease payments for the charters-in are fixed throughout the option periods and the options are on a vessel-by-vessel basis that can be exercised individually. | |||||
Operating lease, payments | $ 46,882 | ||||||
Prepaid lease amount | $ 5,602,000 | 662,000 | $ 385,000 | ||||
Other income | 912,000 | ||||||
DPO payments | 8,069 | ||||||
Operating lease, expense | 64,971,000 | 88,849,000 | $ 90,166,000 | ||||
Sublease income | 183,699,000 | 166,530,000 | 75,516,000 | ||||
Non-cash operating activities for obtaining operating right-of-use assets and liabilities | 20,203,000 | 132,231,000 | 15,713,000 | ||||
Reclassification from finance and operating lease | 18,363 | ||||||
Operating lease, right-of-use asset, amortization | 1,850,000 | 2,949,000 | 2,949,000 | ||||
Finance lease, interest expense | 917,000 | 1,618,000 | 1,799,000 | ||||
Non-cash operating activity, right-of-use asset and liability | 2,088,000 | ||||||
Time Charter Revenue [Member] | |||||||
Operating lease income | 353,622,000 | 326,980,000 | 254,181,000 | ||||
Straight line rent adjustments | 5,921,000 | 349,000 | 563,000 | ||||
Operating lease, residual value of leased asset | 491,084,000 | 489,718,000 | 355,388,000 | ||||
Overseas Key West [Member] | |||||||
Lessee, operating lease, description | the Company extended its lease on the Overseas Key West for an additional lease term of two months to April 2029. | ||||||
Accumulated depreciation | $ 26,940,000 | 8,856,000 | |||||
Alaskan Frontier [Member] | |||||||
Purchase of asset | $ 20,000,000 | $ 20,000,000 | |||||
Office Space Rental [Member] | |||||||
Operating lease, payments | 779,000 | 780,000 | 748,000 | ||||
Office Space Rental [Member] | General and Administrative Expense [Member] | |||||||
Operating leases, rent expense | $ 698,000 | $ 685,000 | $ 640,000 | ||||
Minimum [Member] | |||||||
Lessee, operating lease, term of contract | 1 year | ||||||
Maximum [Member] | |||||||
Lessee, operating lease, term of contract | 11 years |
SCHEDULE OF MULTIEMPLOYER PLANS
SCHEDULE OF MULTIEMPLOYER PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions made by the Company | $ 3,765 | $ 3,920 | $ 3,765 | |
AMO Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension Protection Act Zone Status | [1] | Green | Green | |
Rehabilitation Plan Status | None | |||
Contributions made by the Company | $ 471 | $ 453 | 795 | |
MEBA Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension Protection Act Zone Status | [1] | Green | Green | |
Rehabilitation Plan Status | None | |||
Contributions made by the Company | $ 2,957 | $ 3,172 | 2,748 | |
Seafarers Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension Protection Act Zone Status | [1] | Green | Green | |
Rehabilitation Plan Status | None | |||
Contributions made by the Company | $ 337 | $ 295 | $ 222 | |
[1]A “Yellow” Zone Status plan is a plan that has a funding ratio between 65 80 80 |
SCHEDULE OF MULTIEMPLOYER PLA_2
SCHEDULE OF MULTIEMPLOYER PLANS (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2023 | |
Yellow Zone Status Plan [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension plan funding ratio | 65% |
Yellow Zone Status Plan [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension plan funding ratio | 80% |
Green Zone Status Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension plan funding ratio | 80% |
SCHEDULE OF BENEFIT OBLIGATIONS
SCHEDULE OF BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | $ 35,068 | ||
Fair value of plan assets at year end | 37,094 | $ 35,068 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 34,313 | 45,470 | |
Cost of benefits earned (service cost) | |||
Interest cost on benefit obligation | 1,797 | 1,218 | 1,120 |
Actuarial gains | 1,031 | (9,625) | |
Benefits paid | (2,923) | (2,750) | |
Plan Amendments | |||
Acquisition | |||
Benefit obligation at year end | 34,218 | 34,313 | 45,470 |
Fair value of plan assets at beginning of year | 35,068 | 44,872 | |
Actual return on plan assets | 4,949 | (7,054) | |
Employer contributions | |||
Benefits paid | (2,923) | (2,750) | |
Fair value of plan assets at year end | 37,094 | 35,068 | 44,872 |
Funded/(unfunded status) | 2,876 | 755 | |
Other Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 3,711 | 5,537 | |
Cost of benefits earned (service cost) | 91 | 180 | 203 |
Interest cost on benefit obligation | 196 | 153 | 165 |
Actuarial gains | (40) | (1,939) | |
Benefits paid | (229) | (220) | |
Plan Amendments | |||
Acquisition | |||
Benefit obligation at year end | 3,729 | 3,711 | 5,537 |
Fair value of plan assets at beginning of year | |||
Actual return on plan assets | |||
Employer contributions | |||
Benefits paid | |||
Fair value of plan assets at year end | |||
Funded/(unfunded status) | $ (3,729) | $ (3,711) |
SCHEDULE OF ACCUMULATED BENEFIT
SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 34,218 | $ 34,313 |
Accumulated benefit obligation | 34,218 | 34,313 |
Fair value of plan assets | $ 37,094 | $ 35,068 |
SCHEDULE OF NET BENEFIT COSTS (
SCHEDULE OF NET BENEFIT COSTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cost of benefits earned | |||
Interest cost on benefit obligation | 1,797 | 1,218 | 1,120 |
Expected return on plan assets | (2,439) | (3,152) | (2,970) |
Amortization of prior-service costs | |||
Recognized net actuarial loss | 82 | 335 | |
Net periodic benefit cost | (560) | (1,934) | (1,515) |
Other Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cost of benefits earned | 91 | 180 | 203 |
Interest cost on benefit obligation | 196 | 153 | 165 |
Expected return on plan assets | |||
Amortization of prior-service costs | (722) | (722) | (722) |
Recognized net actuarial loss | (111) | (27) | |
Net periodic benefit cost | $ (546) | $ (416) | $ (354) |
SCHEDULE OF ASSUMPTIONS USED (D
SCHEDULE OF ASSUMPTIONS USED (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan [Member] | Benefit Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate | 5.10% | 5.45% | |
Pension Plan [Member] | Net Periodic Benefit Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate | 5.45% | 2.80% | 2.35% |
Defined benefit plan, assumptions used calculating net periodic benefit cost, expected long-term rate of return on plan assets | 7.25% | 7.25% | 7.25% |
Other Pension Plan [Member] | Benefit Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate | 5.30% | 5.65% | |
Other Pension Plan [Member] | Net Periodic Benefit Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate | 5.65% | 3.10% | 2.90% |
SCHEDULE OF EXPECTED BENEFIT PA
SCHEDULE OF EXPECTED BENEFIT PAYMENTS (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 3,010 |
2025 | 3,059 |
2026 | 3,055 |
2027 | 3,004 |
2028 | 2,936 |
2029-2033 | 13,328 |
Total | 28,392 |
Other Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 222 |
2025 | 212 |
2026 | 220 |
2027 | 226 |
2028 | 230 |
2029-2033 | 1,200 |
Total | $ 2,310 |
SCHEDULE OF CHANGES IN FAIR VAL
SCHEDULE OF CHANGES IN FAIR VALUE OF PLAN ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | $ 37,094 | $ 35,068 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 779 | 659 |
Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 14,023 | 12,744 |
Small Company - Mid Value [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 2,282 | 2,140 |
Small Company - Mid Growth [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 2,408 | 2,099 |
International Value [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 2,750 | 2,625 |
International Growth [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 2,829 | 2,694 |
Short Term Bond Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 5,936 | 5,973 |
Intermediate Term Bond Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | 6,061 | 6,111 |
Small Company Mid Value Prefeered Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, plan assets, amount | $ 26 | $ 23 |
PENSION, OTHER POSTRETIREMENT_3
PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 6.50% | |||
Increase declining to an ultimate trend rate | 4.75% | |||
Defined contribution plan, employer discretionary contribution amount | $ 3,170 | $ 3,304 | $ 2,415 | |
Deferred compensation | 6,661 | 7,177 | ||
Other liabilities current | $ 1,496 | 612 | ||
Other Liabilities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accounts payable | 1,006 | |||
Other liabilities current | 6,171 | |||
Alaska Tanker Company, LLC [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Performance bonuses salary | 100% | |||
Annual installments | 20 years | |||
Defined Benefit Plan, Cash [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, plan assets, target allocation, percentage | 5% | |||
Minimum [Member] | Alaska Tanker Company, LLC [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Performance bonuses salary | 5% | |||
Minimum [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, plan assets, target allocation, percentage | 55% | |||
Minimum [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, plan assets, target allocation, percentage | 25% | |||
Maximum [Member] | Alaska Tanker Company, LLC [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Performance bonuses salary | 50% | |||
Maximum [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, plan assets, target allocation, percentage | 75% | |||
Maximum [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, plan assets, target allocation, percentage | 45% | |||
MEBA Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Withdrawal liability | $ 31,281 | |||
AMO Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Withdrawal liability | $ 0 | $ 18,475 | ||
Maritrans Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 160 |
SCHEDULE OF OTHER NONOPERATING
SCHEDULE OF OTHER NONOPERATING INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Other Income and Expenses [Abstract] | ||||
Interest | $ 3,959 | $ 840 | $ 5 | |
Change in investment value | 611 | 60 | (241) | |
Investment income | 4,570 | 900 | (236) | |
Pension and postretirement items | [1] | 1,290 | 2,582 | 2,157 |
Gain on prepayment of deferred payment obligations | 912 | |||
Miscellaneous-net | (106) | (155) | 64 | |
Other income/(expense), net | $ 6,666 | $ 3,327 | $ 1,985 | |
[1]The Company includes the service cost component for net periodic benefit cost/(income) in vessel expenses and general and administrative expenses and other components in other income, net on the consolidated statements of operations. |