Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 03, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	OVERSEAS SHIPHOLDING GROUP INC
Entity Central Index Key	75,208
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		84,562,788
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,018

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 130,974	$ 165,994
Restricted cash	59	58
Voyage receivables, including unbilled of $6,135 and $9,919	18,257	24,209
Income tax receivable	835	1,122
Receivable from INSW	34	372
Other receivables	1,471	2,184
Inventories, prepaid expenses and other current assets	14,854	13,356
Total Current Assets	166,484	207,295
Vessels and other property, less accumulated depreciation	615,530	632,509
Deferred drydock expenditures, net	24,062	23,914
Total Vessels, Other Property and Deferred Drydock	639,592	656,423
Restricted cash - non current	191	217
Investments in and advances to affiliated companies	38	3,785
Intangible assets, less accumulated amortization	38,717	41,017
Other assets	22,539	23,150
Total Assets	867,561	931,887
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	34,643	34,371
Current installments of long-term debt	0	28,160
Total Current Liabilities	34,643	62,531
Reserve for uncertain tax positions	3,254	3,205
Long-term debt	376,660	420,776
Deferred income taxes, net	84,757	83,671
Other liabilities	47,415	48,466
Total Liabilities	546,729	618,649
Equity:
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 80,713,679 and 78,277,669 shares issued and outstanding	807	783
Paid-in additional capital	586,414	584,675
Accumulated deficit	(260,269)	(265,758)
Stockholders Equity Subtotal	326,952	319,700
Accumulated other comprehensive loss	(6,120)	(6,462)
Total Equity	320,832	313,238
Total Liabilities and Equity	$ 867,561	$ 931,887

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Unbilled contracts receivable	$ 6,135	$ 9,919
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	166,666,666	166,666,666
Common stock, shares issued (in shares)	80,713,679	78,277,669
Common stock, shares outstanding (in shares)	80,713,679	78,277,669

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Shipping Revenues:
Time and bareboat charter revenues	$ 54,543	$ 72,116	$ 108,437	$ 151,883
Voyage charter revenues	40,824	24,109	87,959	52,458
Shipping revenues	95,367	96,225	196,396	204,341
Operating Expenses:
Voyage expenses	9,402	5,149	21,654	10,941
Vessel expenses	33,656	32,599	67,160	68,243
Charter hire expenses	22,768	22,856	45,315	45,433
Depreciation and amortization	12,426	15,086	24,798	31,711
General and administrative	6,586	6,190	13,369	14,284
Total operating expenses	84,838	81,880	172,296	170,612
Operating income	10,529	14,345	24,100	33,729
Other income/(expense)	385	(87)	(246)	(880)
Income before interest expense, reorganization items and income taxes	10,914	14,258	23,854	32,849
Interest expense	(7,497)	(9,445)	(15,573)	(18,802)
Income before reorganization items and income taxes	3,417	4,813	8,281	14,047
Reorganization items, net	0	(9)	0	(244)
Income before income taxes	3,417	4,804	8,281	13,803
Income tax provision	(362)	(1,593)	(1,564)	(5,162)
Net income	$ 3,055	$ 3,211	$ 6,717	$ 8,641
Weighted Average Number of Common Shares Outstanding:
Basic - Class A (in shares)	88,367,302	87,769,483	88,237,093	88,309,231
Diluted - Class A (in shares)	89,198,996	87,964,755	88,910,518	88,542,779
Per Share Amounts:
Basic and diluted net income - Class A (in dollars per share)	$ 0.03	$ 0.04	$ 0.08	$ 0.10

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 3,055	$ 3,211	$ 6,717	$ 8,641
Other comprehensive income, net of tax:
Net change in unrealized gains on cash flow hedges	0	202	112	350
Defined benefit pension and other postretirement benefit plans:
Net change in unrecognized prior service costs	(39)	0	(70)	0
Net change in unrecognized actuarial losses	166	335	300	335
Other comprehensive income	127	537	342	685
Comprehensive income	$ 3,182	$ 3,748	$ 7,059	$ 9,326

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows from Operating Activities:
Net income	$ 6,717	$ 8,641
Items included in net income not affecting cash flows:
Depreciation and amortization	24,798	31,711
Amortization of debt discount and other deferred financing costs	2,099	2,653
Compensation relating to restricted stock awards and stock option grants	1,497	1,699
Deferred income tax provision	1,057	2,121
Reorganization items, non-cash	0	85
Other – net	1,110	1,481
Loss on extinguishment of debt, net	981	1,189
Distributed earnings of affiliated companies	3,747	3,656
Payments for drydocking	(4,107)	(3,305)
SEC, Bankruptcy and IRS claim payments	0	(5,000)
Changes in operating assets and liabilities	2,603	(20,273)
Net cash provided by operating activities	40,502	24,658
Cash Flows from Investing Activities:
Expenditures for other property	(22)	(11)
Net cash used in investing activities	(22)	(11)
Cash Flows from Financing Activities:
Payments on debt	(28,166)	0
Extinguishment of debt	(47,000)	(20,008)
Tax withholding on share-based awards	(359)	(1,062)
Net cash used in financing activities	(75,525)	(21,070)
Net (decrease)/increase in cash, cash equivalents and restricted cash (Note 3)	(35,045)	3,577
Cash, cash equivalents and restricted cash at beginning of period (Note 3)	166,269	206,933
Cash, cash equivalents and restricted cash at end of period (Note 3)	$ 131,224	$ 210,510

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Class A Warrant	Common Stock		Paid-in Additional Capital		Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance, beginning at Dec. 31, 2016								$ (8,160)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 8,641
Other comprehensive income	685
Balance, ending at Jun. 30, 2017								(7,475)
Balance, beginning at Mar. 31, 2017								(8,012)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,211
Other comprehensive income	537
Balance, ending at Jun. 30, 2017								(7,475)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of accounting standard (Note 4)	$ (1,228)						$ (1,228)
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	166,666,666
Common stock, shares outstanding (in shares)	78,277,669
Balance, beginning at Dec. 31, 2017	$ 313,238		$ 783	[1]	$ 584,675	[2]	(265,758)	(6,462)	[3]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,717						6,717
Other comprehensive income	342							342	[3]
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net	(359)		7	[1]	(366)	[2]
Compensation related to Class A options granted and restricted stock awards	2,122				2,122	[2]
Conversion of Class A warrants to common stock	0		17		(17)
Balance, ending at Jun. 30, 2018	320,832		807	[1]	586,414	[2]	(260,269)	(6,120)	[3]
Balance, beginning at Mar. 31, 2018								(6,247)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,055
Other comprehensive income	127
Balance, ending at Jun. 30, 2018	$ 320,832		$ 807	[1]	$ 586,414	[2]	$ (260,269)	$ (6,120)	[3]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	166,666,666
Common stock, shares outstanding (in shares)	80,713,679
Warrants outstanding (in shares)		41,165,789
[1]	Par value $0.01 per share; 166,666,666 Class A shares authorized; 80,713,679 Class A shares outstanding as of June 30, 2018.
[2]	Includes 41,165,789 outstanding Class A warrants as of June 30, 2018.
[3]	Amounts are net of tax.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Overseas Shipholding Group, Inc., a Delaware corporation (the “Parent Company”), and its wholly owned subsidiaries (collectively, the “Company” or “OSG”, “we”, “us” or “our”). The Company owns and operates a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and refined petroleum products in the U.S. Flag trades. The Company manages the operations of its fleet through its wholly owned subsidiary, OSG Bulk Ships, Inc. (“OBS”), a New York corporation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by generally accepted accounting principles in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the results have been included. Operating results for the three and six months ended June 30, 2018 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The condensed consolidated balance sheet as of December 31, 2017 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (“Form 10-K”).

Chapter 11 Filing and Emergence

Chapter 11 Filing and Emergence from Bankruptcy	6 Months Ended
	Jun. 30, 2018
CHAPTER 11 FILING & EMERGENCE FROM BANKRUPTCY [Abstract]
Chapter 11 Filing and Emergence from Bankruptcy	Chapter 11 Filing and Emergence from Bankruptcy In October 2012, the Company disclosed that its Audit Committee, on the recommendation of management, concluded that the Company’s previously issued financial statements for at least the three years ended December 31, 2011 and associated interim periods, and for the fiscal quarters ended March 31, 2012 and June 30, 2012, should no longer be relied upon. Shortly thereafter several putative class action suits were filed in the United States District Court for the Southern District of New York against the Company. Also named as defendants were its then President and Chief Executive Officer, its then Chief Financial Officer, its then current and certain former members of its Board of the Directors, and certain Company representatives. On November 14, 2012 (the “Petition Date”), the Parent Company and 180 of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). On August 5, 2014, a plan of reorganization (the “Equity Plan”) became effective and OSG emerged from bankruptcy. On January 23, 2017, the SEC commenced an administrative proceeding, with the Company’s consent, that fully resolved an SEC investigation that was initiated in connection with the Company’s earnings restatement announced in 2012. The Company neither admitted nor denied the SEC’s allegations that the Company violated certain provisions of the Securities Act, the Exchange Act and related rules. After receiving Bankruptcy Court approval, the Company paid a $5,000 civil penalty relating to the investigation in February 2017. The settlement with the SEC does not require any further changes to the Company’s historical financial statements. Any indemnification or contribution claims by officers or directors of the Company that could be asserted in connection with the SEC’s investigation have been released or otherwise resolved pursuant to the Equity Plan and order of the Bankruptcy Court. On February 10, 2017, pursuant to a final decree and order of the Bankruptcy Court, OSG’s one remaining case, as the Parent Company, was closed. Reorganization items, net of $9 and $244 for the three and six months ended June 30, 2017 , respectively, represent amounts incurred subsequent to the Petition Date as a direct result of the filing of our Chapter 11 cases and are related to trustee and professional fees.

Recently Adopted and Issued Acc

Recently Adopted and Issued Accounting Standards	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Recently Adopted and Issued Accounting Standards	Recently Adopted and Issued Accounting Standards Recently Adopted Accounting Standards In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (ASC 718) , Scope of Modification Accounting, which provides guidance in regards to a change to the terms or conditions of a share-based payment award. An entity is required to account for the effects of a modification unless all the following are met: (1) the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified; (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; (3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The guidance is to be applied prospectively to an award modified on or after the adoption date. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within that reporting period. The adoption of this accounting policy had no impact on the Company’s consolidated financial statements since there were no stock award modifications during the six months ended June 30, 2018 . In March 2017, the FASB issued ASU 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , that will change how employers that sponsor defined benefit pension and/or other postretirement benefit plans present the net periodic benefit cost in the income statement. Under ASU 2017-07, employers will present the service cost component of net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. Only the service cost component will be eligible for capitalization in assets. Additionally, employers will present the other components of the net periodic benefit cost separately from the line item(s) that includes the service cost and outside of any subtotal of operating income, if one is presented. These components will not be eligible for capitalization in assets. The guidance is effective for interim and annual periods beginning after December 15, 2017. This standard must be applied retrospectively to all periods presented. The Company retrospectively adopted this standard effective January 1, 2018. The amortization of actuarial (gain)/loss and amortization of prior service credits have been reclassified from vessel expenses and general and administrative expenses to other expense in the Company's consolidated statements of operations. The effect of the retrospective presentation change related to the net periodic cost of the Company's domestic pension and postretirement benefit plans on its consolidated statements of operations was as follows: Six Months Ended June 30, 2017 ($ in thousands) As Previously Reported Impact of Adoption As Adjusted Vessel expenses $ 68,173 $ 70 $ 68,243 General and administrative 14,604 (320 ) 14,284 Total Operating Expenses 170,862 (250 ) 170,612 Operating income 33,479 250 33,729 Other expense 630 250 880 In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (ASC 230): Restricted Cash , which requires that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within that reporting period. This standard must be applied retrospectively to all periods presented. The Company adopted this standard effective January 1, 2018. The prior period has been adjusted to conform to current period presentation, which resulted in a decrease of $9,909 in net cash provided by investing activities for the six months ended June 30, 2017 , related to changes in restricted cash amounts. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (ASC 740): Intra-Entity Transfers of Assets Other Than Inventory , amending the accounting for income taxes. Under current guidance the recognition of current and deferred income taxes for an intra-entity asset transfer is prohibited until the asset has been sold to an outside party. The amended guidance eliminates the prohibition against immediate recognition of current and deferred income tax amounts associated with intra entity transfers of assets other than inventory. This guidance is effective for interim and annual periods beginning after December 15, 2017. The requirements of the amended guidance should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted this standard effective January 1, 2018. The adoption of the standard did not have any impact to the Company's consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (ASC 230), which amends the guidance in ASC 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the ASU is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic with respect to (1) debt prepayment or debt extinguishment costs; (2) settlement of zero-coupon debt; (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from the settlement of corporate-owned life insurance policies; (6) distributions received from equity method investees; (7) beneficial interests in securitization transactions; and (8) separately identifiable cash flows and application of the predominance principle. The standard is effective for interim and annual periods beginning after December 31, 2017. The guidance requires application using a retrospective transition method. The Company adopted this standard effective January 1, 2018. The Company determined that its current accounting policies align with this standard, therefore, this standard did not have an impact on the Company's consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606) , to provide a single, comprehensive revenue recognition model for all contracts with customers to improve comparability within industries, across industries, and across capital markets. Subsequent to the May 2014 issuance, several clarifications and updates have been issued on this topic. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The Company adopted ASC 606 effective January 1, 2018 using the modified retrospective transition method. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings at the beginning of 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for the period presented. See Note 4, “Revenue Recognition,” for additional accounting policy and transition disclosures. Recently Issued Accounting Standards In February 2018 the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , that gives entities the option to reclassify to retained earnings tax effects related to items that have been stranded in accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act (“TCJA”). The new guidance may be applied retrospectively to each period in which the effect of the TCJA is recognized in the period of adoption. The Company must adopt this guidance for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted for periods for which financial statements have not yet been issued or made available for issuance, including the period the TCJA was enacted. The guidance, when adopted, will require new disclosures regarding a company’s accounting policy for releasing the tax effects in AOCI and permit the company the option to reclassify to retained earnings the tax effects resulting from the TCJA that are stranded in AOCI. The Company is currently evaluating how to apply the new guidance and has not determined whether it will elect to reclassify stranded amounts. The adoption of ASU 2018-02 is not expected to have a material effect on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842) , which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. Management is analyzing the impact of the adoption of this guidance on the Company’s consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. Management expects that the Company will recognize substantial increases in reported amounts for property, plant and equipment and related lease liabilities upon adoption of the new standard. As of June 30, 2018 , the contractual obligations for the Company’s leased vessels was approximately $208,200 .

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Adoption of ASC 606 On January 1, 2018 , the Company adopted ASC 606 applying the modified retrospective method to all contracts not completed as of January 1, 2018 . Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The impact of adopting the new standard primarily related to a change in the timing of revenue recognition for voyage charter contracts. In the past, the Company recognized revenue from voyage charters ratably over the estimated length of each voyage, calculated on a discharge-to-discharge basis. Under the new standard, the Company recognizes revenue from voyage charters ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. In addition, the adoption of ASC 606 resulted in a corresponding change in the timing of recognition of voyage expenses for voyage charter contracts. The cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606 was as follows: ($ in thousands) Balance at December 31, 2017 Adjustments Due to ASC 606 Balance at January 1, 2018 Assets Voyage receivables $ 24,209 $ 1,336 $ 25,545 Liabilities Deferred income taxes 83,671 (108 ) 83,563 Equity Accumulated deficit (265,758 ) (1,228 ) (266,986 ) For the six months ended June 30, 2018 , revenues increased by $1,583 , net income increased by $1,228 and basic and diluted net income per share increased by $0.02 per share as a result of applying ASC 606. Revenue Recognition Revenues are recognized when control of the promised services are transferred to the Company's customers in an amount that reflects the consideration that the Company expects to receive in exchange for those services. Voyage Charter Revenues The Company enters into voyage charter contracts, which are charters under which a 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 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, calculated in accordance with specific charter terms. The Company does not include demurage in the transaction price for voyage charters as it is considered constrained since it is highly susceptible to factors outside the Company's influence. Examples of when demurrage is incurred include 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 . Lightering Revenues The Company enters into lightering contracts, which are contracts for the off-loading of crude oil or petroleum products from large size tankers, typically, Very Large Crude Carriers, into smaller tankers or barges for discharge in ports from which the larger tankers are restricted due to the depth of the water, narrow entrances or small berths. For lightering services, the customer does not obtain or control a minor amount of the output or other utility of the vessel. Also, the customer does not have the ability or right to control physical access to the vessel and there is a guaranteed monthly or annual minimum volume requirement that the fixed price that the customer pays is based on. The Company invoices the customer monthly based on either the actual barrels of cargo lightered or the monthly minimum volume requirement in the contract for services delivered over time. Annually, the Company performs a reconciliation between actual barrels lightered and the annual minimum volume requirement and, if necessary, bills the customer for amounts in excess of the minimum. Lightering contracts also include variable consideration for barrels delivered in excess of the contractual minimum. The Company does not include this variable consideration in the transaction price for lightering contracts as it is considered constrained since it is controlled by the customer. The uncertainty related to this variable consideration is resolved with the customer either on a monthly or annual basis as stipulated in the contract. Lightering revenue is included within voyage charter revenue on the consolidated statements of operations. 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 and are thus recognized ratably over the non-cancellable contract term, as service is performed. Customers pay voyage expenses such as fuel, canal tolls and port charges. The Company pays vessel expenses such as technical management expenses. The Company continues to evaluate the impact of the standard as it relates to non-lease components of time charter contracts and will finalize its position when the FASB’s Proposed Accounting Standards Update - Leases (Topic 842): Targeted Improvements becomes final, which will be consistent with the effective date and transition of the new leasing guidance in ASU 2016-02. U.S. Maritime Security Program Two of the Company's reflagged U.S. Flag Product Carriers participate in the U.S. Maritime Security Program ("MSP"), which ensures that privately-owned, military-useful U.S. Flag vessels are available to the U.S. Department of Defense in the event of war or national emergency. The Company receives an annual operating-differential subsidy pursuant to the Merchant Marine Act of 1936 for each participating vessel, subject in each case to annual congressional appropriations. The subsidy is intended to reimburse owners for the additional costs of operating U.S. Flag vessels. The Company considers the MSP contract with the U.S. government as a service arrangement under ASC 606. Contract Balances As of June 30, 2018 and December 31, 2017, contract balances from contracts with customers consisted of voyage receivables, including unbilled receivables, of $17,425 and $22,860 , respectively, net of allowance for doubtful accounts. For voyage charters, voyage freight is due to the Company upon completion of discharge at the last discharge port. For lightering contracts, the Company invoices the customer monthly based on either the actual barrels of cargo lightered or the monthly minimum volume requirement in the contract for services delivered over time. The Company routinely reviews its voyage receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Voyage receivables are deemed uncollectible and removed from accounts receivable and the allowance for doubtful accounts when collection efforts have been exhausted. Costs to Fulfill a Contract Under ASC 606, for voyage charters and lightering contracts, the Company capitalizes the direct costs, which are voyage expenses, of relocating the vessel to the load port to be amortized during transport of the cargo. At June 30, 2018 , there were no such direct costs related to voyages that were not yet completed as there were no in process voyages. Transaction Price Allocated to the Remaining Performance Obligations The Company will generally have partially satisfied performance obligations at month-end due to voyage charters which have not been completed. At June 30, 2018 , there were no voyage charters that were not yet completed. Practical Expedients and Exemptions For voyage charters, the Company expenses broker commissions, which are costs of obtaining a contract, when incurred because the amortization period is less than one year. The Company records these costs within voyage expenses in the consolidated statements of operations. For contracts that were modified before the adoption date, the Company has not retrospectively restated the contract for those contract modifications.

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is computed by dividing earnings, after the deduction of dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. As management deemed the exercise price for the Class A warrants of $0.01 per share to be nominal, warrant proceeds are ignored and the shares issuable upon Class A warrant exercise are included in the calculation of basic weighted average common shares outstanding for all periods. The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units. Participating securities are defined by ASC 260, Earnings Per Share , as unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents and are included in the computation of earnings per share pursuant to the two-class method. Class A There were no weighted average shares of unvested Class A restricted common stock shares considered to be participating securities for the three and six months ended June 30, 2018 . There were 125,145 and 99,814 weighted average shares of unvested Class A restricted common stock shares considered to be participating securities for the three and six months ended June 30, 2017 , respectively. For the three and six months ended June 30, 2017 , such participating securities were allocated a portion of income under the two-class method. The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units not classified as participating securities. As of June 30, 2018 , there were 893,215 shares of Class A restricted stock units and 866,011 Class A stock options outstanding which were considered to be potentially dilutive securities. As of June 30, 2017 , there were 430,633 shares of Class A restricted stock units and 384,084 Class A stock options outstanding which were considered to be potentially dilutive securities. The components of the calculation of basic earnings per share and diluted earnings per share are as follows: Three Months Ended Six Months Ended June 30, 2018 2017 2018 2017 Net income $ 3,055 $ 3,211 $ 6,717 $ 8,641 Weighted average common shares outstanding: Class A common stock - basic 88,367,302 87,769,483 88,237,093 88,309,231 Class A common stock - diluted 89,198,996 87,964,755 88,910,518 88,542,779 For the three and six months ended June 30, 2018 , there were 831,694 and 673,425 dilutive equity awards outstanding, respectively. For the three and six months ended June 30, 2017 , there were 195,272 and 233,548 dilutive equity awards outstanding, respectively. Awards of 452,758 and 491,957 (which includes restricted stock units and stock options) for the three and six months ended June 30, 2018 were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive.

Fair Value Measurements, Deriva

Fair Value Measurements, Derivatives and Fair Value Disclosures	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements, Derivatives and Fair Value Disclosures	Fair Value Measurements, Derivatives and Fair Value Disclosures The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash— The carrying amounts reported in the condensed consolidated balance sheet for interest-bearing deposits approximate their fair value. Debt— The fair values of the Company’s publicly traded and non-public debt are estimated based on quoted market prices. ASC 820, Fair Value Measurements and Disclosures , relating to fair value measurements defines fair value and established a framework for measuring fair value. The ASC 820 fair value hierarchy distinguishes between market participant assumptions developed based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price. In addition, the fair value of assets and liabilities should include consideration of non-performance risk, which for the liabilities described below includes the Company's own credit risk. The levels of the fair value hierarchy established by ASC 820 are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Financial Instruments that are not Measured at Fair Value on a Recurring Basis The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: Carrying Value Fair Value Level 1 Level 2 June 30, 2018: Assets Cash (1) $ 131,224 $ 131,224 $ — Total $ 131,224 $ 131,224 $ — Liabilities OBS Term loan 375,974 — 377,747 7.5% Election 2 notes due 2021 296 — 298 7.5% notes due 2024 390 — 387 Total $ 376,660 $ — $ 378,432 Carrying Value Fair Value Level 1 Level 2 December 31, 2017: Assets Cash (1) $ 166,269 $ 166,269 $ — Total $ 166,269 $ 166,269 $ — Liabilities OBS Term loan 448,251 — 441,630 7.5% Election 2 notes due 2021 295 — 305 7.5% notes due 2024 390 — 380 Total $ 448,936 $ — $ 442,315 (1) Includes current and non-current restricted cash aggregating $250 and $275 at June 30, 2018 and December 31, 2017 , respectively. Restricted cash as of June 30, 2018 and December 31, 2017 is related to the Company's Unsecured Senior Notes. Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Vessel and Intangible Assets Impairments During the second quarter of 2018 , the Company gave consideration as to whether events or changes in circumstances had occurred since December 31, 2017 that could indicate the carrying amounts of the vessels in the Company's fleet and the carrying value of the Company's intangible assets may not be recoverable as of June 30, 2018 . The Company concluded that no such events or changes in circumstances had occurred. Derivatives Interest Rate Risk OBS was a party to an interest rate cap agreement (“Interest Rate Cap”) with a start date of February 5, 2015 with a major financial institution covering a notional amount of $375,000 to limit the floating interest rate exposure associated with the OBS Term Loan. The Interest Rate Cap terminated on February 5, 2018 . The Interest Rate Cap was designated and qualified as a cash flow hedge, contained no leverage features and had a cap rate of 2.5% through February 5, 2017 , at which time the cap rate increased to 3.0% through the termination date of February 5, 2018 . The effect of the Company’s cash flow hedging relationships on the unaudited condensed consolidated statement of operations for the six months ended June 30, 2018 and 2017 was $181 and $551 , respectively, which represents the effective portion of loss reclassified from accumulated other comprehensive loss for interest expense associated with the Interest Rate Cap. See Note 11, “Accumulated Other Comprehensive Loss,” for disclosures relating to the impact of derivative instruments on accumulated other comprehensive loss.

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt Exit Financing Facilities Capitalized terms used hereafter in this Note 7 have the meanings given in this Quarterly Report on Form 10-Q or in the Company’s 2017 Annual Report on Form 10-K or in the respective transaction documents referred to below, including subsequent amendments thereto. On the Effective Date, to support the Equity Plan, OSG and its subsidiaries entered into secured debt facilities consisting of: (i) a secured asset-based revolving loan facility of $75,000 , among the Parent Company, OBS, certain OBS subsidiaries, Wells Fargo Bank, National Association (“Wells Fargo”) as Administrative Agent, and the other lenders party thereto (the “OBS ABL Facility”), secured by a first lien on substantially all of the U.S. Flag assets of OBS and its subsidiaries and a second lien on certain other specified U.S. Flag assets and (ii) a secured term loan of $603,000 , among the Parent Company, OBS, certain OBS subsidiaries, Jefferies Finance LLC (“Jefferies”), as Administrative Agent, and other lenders party thereto (the “OBS Term Loan”), secured by a first lien on certain specified U.S. Flag assets of OBS and its subsidiaries and a second lien on substantially all of the other U.S. Flag assets of OBS and its subsidiaries. As of June 30, 2018 , no amounts had been drawn under the OBS ABL Facility. The OBS ABL Facility matures on February 5, 2019 and the OBS Term Loan matures on August 5, 2019 . The OBS Term Loan amortizes in equal quarterly installments in aggregate annual amounts equal to 1% of the original principal amount of the loans, adjusted for optional and mandatory prepayments. However, due to a $20,000 prepayment made on May 16, 2016 , the Company is no longer required to make the 1% annualized principal payments. The OBS Term Loan stipulates that if annual aggregate net cash proceeds of asset sales exceed $5,000 , the net cash proceeds from each such sale are required to be reinvested in fixed or capital assets within twelve months of such sale or be used to prepay the principal balance outstanding of the facility. During the six months ended June 30, 2018 , the Company made a mandatory prepayment of $28,166 and an optional prepayment of $47,000 on its OBS Term Loan. The aggregate net loss of $981 realized on these transactions during the six months ended June 30, 2018 reflects a write-off of unamortized original issue discount and deferred financing costs associated with the principal reductions and is included in other expense in the consolidated statements of operations. The OBS Term Loan is subject to additional mandatory annual prepayments in an aggregate principal amount of up to 50% of Excess Cash Flow. As of June 30, 2018 , management determined that no prepayments will be required for the OBS Term Loan for 2019 because the optional prepayment made in 2018 discussed above was in excess of the amounts that would otherwise have been payable. The Exit Financing Facilities also contain certain restrictions relating to new borrowings, and the movement of funds between OBS and OSG (as Parent Company), which is not a borrower under the Exit Financing Facilities, as set forth in the respective loan agreements. The Parent Company’s ability to receive cash dividends, loans or advances from OBS is restricted under the Exit Financing Facilities. The Available Amount for cash dividends, loans or advances to the Parent Company permitted under the OBS Term Loan was $ 71,758 as of June 30, 2018 . The OBS Term Loan, maturing on August 5, 2019 , has an outstanding principal balance of $380,000 . The Company began evaluating alternatives in early 2018 to refinance the OBS Term Loan, including a broad assessment of interest rates and other prevailing conditions in the capital markets. Based on the Company's evaluations to date and current market conditions, the Company believes that it is probable that it will refinance its OBS Term Loan before it becomes due. The Company is actively engaged in the process of obtaining replacement financing.

Taxes

Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Taxes	Taxes For the three months ended June 30, 2018 and 2017 , the Company recorded income tax provisions of $362 and $1,593 , respectively, which represented effective tax rates of 11% and 33% , respectively. For the six months ended June 30, 2018 and 2017 , the Company recorded income tax provisions of $1,564 and $5,162 , respectively, which represented effective tax rates of 19% and 37% , respectively. The decrease in the effective tax rate for the 2018 period compared to the 2017 period was substantially due to the reduction of the statutory federal rate from 35% to 21% with the signing into law the Tax Cuts and Jobs Act (“TCJA”) on December 22, 2017 . The effective tax rate for the period in both 2018 and 2017 was different from the statutory rate primarily as a result of the income tax provision resulting from stock compensation pursuant to ASU 2016-09 offset in part by the non-taxability of income subject to U.S. tonnage tax. The effective tax rate for the 2018 period was also impacted by the TCJA interest and executive compensation deduction limitations. The Company recorded reasonable estimates of the impact of the TCJA on the Company’s deferred tax balances as provisional estimates at December 31, 2017 in accordance with SEC Staff Accounting Bulletin No. 118. There has been no activity through the second quarter that has required the Company to refine its estimate. The Company will continue to analyze additional information and guidance related to the TCJA as supplemental legislation, regulatory guidance or evolving technical interpretations become available. The Company continues to expect to complete its analysis no later than the fourth quarter of 2018 . As of June 30, 2018 and December 31, 2017 , the Company recorded a noncurrent reserve for uncertain tax positions of $3,254 and $3,205 , respectively, after taking into consideration tax attributes, such as net operating loss carryforwards, and accrued interest and penalties of $960 and $911 , respectively. The Internal Revenue Service (“IRS”) completed its examination of the Company's tax returns for fiscal years 2012 through 2015 and received notification that the Joint Committee on Taxation completed their review of the report on July 2, 2018. The proposed adjustments from the examination period relate primarily to the attribution of taxable income to a particular jurisdiction and disallowed officers compensation under Section 162(m). As previously disclosed in 2017 and previous years, the Company had recorded uncertain tax positions for several other tax positions reported in the income tax returns during these years. The final IRS report did not include any assessments related to those positions. As a result of the closure of the examination in July, it is anticipated the Company will reduce its unrecognized tax benefits for those previously reserved positions up to $36,000 and recognize a tax benefit of up to $22,000 within the third quarter.

Related Parties

Related Parties	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Parties	Related Parties Equity Method Investment Investments in and advances to affiliated companies are comprised of the Company’s 37.5% interest in Alaska Tanker Company, LLC (“ATC”), which manages vessels carrying Alaskan crude for BP West Coast Products, LLC (“BP”). In the first quarter of 1999, OSG, BP, and Keystone Shipping Company formed ATC to manage the vessels carrying crude oil for BP. ATC provides marine transportation services in the environmentally sensitive Alaskan crude oil trade. Each member in ATC is entitled to receive its respective share of any incentive charter hire payable by BP to ATC. Guarantees INSW entered into guarantee arrangements in connection with the spin-off from OSG on November 30, 2016, in favor of Qatar Liquefied Gas Company Limited (2) (“LNG Charterer”) and relating to certain LNG Tanker Time Charter Party Agreements with the LNG Charterer and each of Overseas LNG H1 Corporation, Overseas LNG H2 Corporation, Overseas LNG S1 Corporation and Overseas LNG S2 Corporation (such agreements, the “LNG Charter Party Agreements,” and such guarantees, collectively, the “LNG Performance Guarantees”). OSG continues to provide a guarantee in favor of the LNG Charterer relating to the LNG Charter Party Agreements (such guarantees, the ‘‘OSG LNG Performance Guarantee’’). INSW will indemnify OSG for liabilities arising from the OSG LNG Performance Guarantees pursuant to the terms of the Separation and Distribution Agreement. The maximum potential liability associated with this guarantee is not estimable because obligations are only based on future non-performance events of charter arrangements. In connection with the OSG LNG Performance Guarantees, INSW will pay a $135 fee per year to OSG, which is subject to escalation after 2018 and will be terminated if OSG ceases to provide the OSG LNG Performance Guarantee.

Capital Stock and Stock Compens

Capital Stock and Stock Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Capital Stock and Stock Compensation	Capital Stock and Stock Compensation Share and Warrant Repurchases During the six months ended June 30, 2018 , in connection with the vesting of restricted stock units, the Company repurchased 163,464 shares of Class A common stock at an average cost of $2.20 per share (based on the market prices on the dates of vesting) from certain members of management to cover withholding taxes. Warrant Conversions During the six months ended June 30, 2018 , the Company issued 1,725,801 shares of Class A common stock as a result of the exercise of 9,106,422 Class A warrants. During the six months ended June 30, 2017 , the Company issued 4,477,726 shares of Class A common stock as a result of the exercise of 23,625,925 Class A warrants. Stock Compensation The Company accounts for stock compensation expense in accordance with the fair value based method required by ASC 718, Compensation – Stock Compensation . Such fair value based method requires share based payment transactions to be measured based on the fair value of the equity instruments issued. Director Compensation — Restricted Stock Units During the three months ended June 30, 2018 , the Company awarded 151,300 time-based restricted stock units (“RSUs”) to its non-employee directors. The average grant date fair value of these awards was $3.65 per RSU. Such RSUs vest in full on the first anniversary of the grant date, subject to each director continuing to provide services to the Company through such date. Management Compensation — Restricted Stock Units and Stock Options During the three and six months ended June 30, 2018 , the Company granted 0 and 365,584 RSUs to its employees, including senior officers, respectively. The average grant date fair value of these awards was $1.70 per RSU. Each RSU represents a contingent right to receive one share of Class A common stock upon vesting. Each award of RSUs will vest in equal installments on each of the first three anniversaries of the grant date. In addition, during the six months ended June 30, 2018 , the Company awarded 330,882 shares of the Company's Class A common stock to one of its senior officers, net of all taxes, which vested immediately. The average grant date fair value of these awards was $1.70 . During the three and six months months ended June 30, 2018 , the Company awarded 0 and 142,060 performance-based RSUs to its senior officers. Each performance-based RSU represents a contingent right to receive RSUs based upon continuous employment through the end of a three -year performance period (the “Performance Period”) and shall vest as follows: (i) one-half of the target RSUs shall vest and become nonforfeitable subject to OSG’s return on invested capital (“ROIC”) performance in the three -year ROIC performance period relative to a target rate (the “ROIC Target”) set forth in the award agreements (the formula for ROIC is net operating profit after taxes divided by the net of total debt plus shareholders equity less cash); and (ii) one–half of the target RSUs will be subject to OSG’s three–year total shareholder return (“TSR”) performance relative to that of a performance index over a three–year TSR performance period. The index will consist of companies that comprise a combination of the oil and gas storage and transportation and marine GICS sub-industries indexes during the Performance Period. Vesting is subject in each case to the Human Resources and Compensation Committee’s certification of achievement of the performance measures and targets. Both the ROIC Target RSUs and the TSR Target RSUs are subject to an increase up to a maximum of 106,545 target RSUs, respectively, (aggregate 213,090 target RSUs) or decrease depending on performance against the applicable measure and targets. The ROIC performance goal is a performance condition which, as of June 30, 2018 , management believed, was considered probable of being achieved. Accordingly, for financial reporting purposes, compensation costs have been recognized. The grant date fair value of the TSR based performance awards, which have a market condition, was determined to be $1.70 per RSU. During the three and six months ended June 30, 2018 , the Company awarded 0 and 494,118 stock options to certain senior officers, respectively, which vested immediately. Each stock option represents an option to purchase one share of Class A common stock for an exercise price of $1.70 per share. The call option value of the options was $0.92 per option. Under the grant agreement, the stock options have a holding requirement until the earliest to occur of (i) a change in control; (ii) the separation from service date, in the event of a termination of the grantee's employment by the Company without cause or by the grantee for good reason and (iii) the third anniversary of the grant date. The stock options expire on the business day immediately preceding the tenth anniversary of the award date. If a stock option grantee’s employment is terminated for cause (as defined in the applicable Form of Grant Agreement), stock options (whether then vested or exercisable or not) will lapse and will not be exercisable. If a stock option grantee’s employment is terminated for reasons other than cause, the option recipient may exercise the vested portion of the stock option but only within such period of time ending on the earlier to occur of (i) the 90th day ending after the option holder’s employment terminated and (ii) the expiration of the options, provided that if the option holder’s employment terminates for death or disability the vested portion of the option may be exercised until the earlier of (i) the first anniversary of employment termination and (ii) the expiration date of the options.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2018
AOCI Attributable to Parent [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: As of June 30, December 31, Unrealized losses on derivative instruments $ — $ (112 ) Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) (6,120 ) (6,350 ) Accumulated other comprehensive loss $ (6,120 ) $ (6,462 ) The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, during the three and six months ended June 30, 2018 and 2017 : Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) Total Balance as of March 31, 2018 $ — $ (6,247 ) $ (6,247 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — 42 42 Amounts reclassified from accumulated other comprehensive income — 85 85 Total change in accumulated other comprehensive income — 127 127 Balance as of June 30, 2018 $ — $ (6,120 ) $ (6,120 ) Balance as of March 31, 2017 $ (871 ) $ (7,141 ) $ (8,012 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income (115 ) 335 220 Amounts reclassified from accumulated other comprehensive income 317 — 317 Total change in accumulated other comprehensive income 202 335 537 Balance as of June 30, 2017 $ (669 ) $ (6,806 ) $ (7,475 ) Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) Total Balance as of December 31, 2017 $ (112 ) $ (6,350 ) $ (6,462 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income (69 ) 61 (8 ) Amounts reclassified from accumulated other comprehensive income 181 169 350 Total change in accumulated other comprehensive income 112 230 342 Balance as of June 30, 2018 $ — $ (6,120 ) $ (6,120 ) Balance as of December 31, 2016 $ (1,019 ) $ (7,141 ) $ (8,160 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income (200 ) 335 135 Amounts reclassified from accumulated other comprehensive income 550 — 550 Total change in accumulated other comprehensive income 350 335 685 Balance as of June 30, 2017 (669 ) (6,806 ) (7,475 ) The income tax expense allocated to unrealized gains on cash flow hedges for the three and six months ended June 30, 2018 was $0 and $69 , respectively. These amounts reflected the current period change, excluding amounts reclassified from accumulated other comprehensive loss.

Leases

Leases	6 Months Ended
	Jun. 30, 2018
Leases [Abstract]
Leases	Leases Charters-in As of June 30, 2018 , the Company had commitments to charter-in 10 vessels. All of the charters-in are accounted for as operating leases and all are bareboat charters. Lease expense relating to charters-in is included in charter hire expenses in the consolidated statements of operations. The base term for nine vessels expires in December 2019 . The Company holds options for the charters-in that can be exercised for 1 , 3 or 5 years with the 1 year option only usable once, while the 3 and 5 year options are available forever. The lease payments for the charters-in are fixed throughout the option periods and the options are on a vessel by vessel basis that can be exercised individually. The option on one of the Company's vessels has been extended until December 2025 . For the remaining nine vessels, the Company is required to declare its intention under the options by December 11, 2018 . The future minimum commitments and related number of operating days under these operating leases are as follows: At June 30, 2018 Amount Operating Days 2018 $ 46,081 1,840 2019 111,819 3,470 2020 9,168 366 2021 9,143 365 2022 9,143 365 Thereafter 22,846 912 Net minimum lease payments $ 208,200 7,318 The bareboat charters-in provide for the payment of profit share to the owners of the vessels calculated in accordance with the respective charter agreements. Because such amounts and the periods impacted are not reasonably estimable, they are not currently reflected in the table above. Due to reserve funding requirements and current rate forecasts, no profits are currently expected to be paid to the owners in respect of the charter term through December 31, 2019 . Charters-out The future minimum revenues, before reduction for brokerage commissions and which include rent escalations, expected to be received on noncancelable time charters and certain contract of affreightments (“COAs”) for which minimum annual revenues can be reasonably estimated and the related revenue days (revenue days represent calendar days, less days that vessels are not available for employment due to repairs, drydock or lay-up) are as follows: At June 30, 2018 Amount Revenue 2018 $ 107,259 1,963 2019 132,426 2,090 2020 43,570 532 2021 26,624 324 2022 30,675 365 Thereafter 77,464 886 Net minimum lease receipts $ 418,018 6,160 Future minimum revenues do not include COAs for which minimum annual revenues cannot be reasonably estimated. Revenues from those COAs that are included in the table above, $11,394 ( 2018 ), $23,031 ( 2019 ) and $6,356 ( 2020 ), are based on minimum annual volumes of cargo to be loaded during the contract periods at a fixed price and do not contemplate early termination of the COAs as provided in the agreements. Amounts that would be due to the Company in the event of the cancellation of the COA contracts have not been reflected in the table above. 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 there is no assurance that such estimate will be reflective of the actual off-hire in the future.

Vessels

Vessels	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Vessels	Vessels In June 2018, one of the Company's ATBs was berthed to the dock when a third-party ship transiting the channel hit the Company's ATB causing structural damage to the Company's ATB and damage to the dock. The cost of repairs are expected to be covered by existing insurance policies and the Company is seeking recovery of its lost earnings. In July 2018, the Company signed binding contracts with Hyundai Mipo Dockyard Company Ltd. for the construction of two 50,000 deadweight tons class product chemical tankers for anticipated delivery to the Company during the second half of 2019 . The Company's annual commitments under the contracts are $15,000 in the remainder of 2018 and $60,000 in 2019 , of which the majority is due when the vessels are accepted by the Company. Additionally, in July 2018, the Company signed a binding contract with Gunderson Marine LLC for the construction of one , approximately 204,000 BBL, oil and chemical tank barge for anticipated delivery to the Company during the first half of 2020. The Company's annual commitments under the contract are $10,190 in the remainder of 2018 , $35,665 in 2019 and $ 5,095 in 2020 .

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies The Company’s policy for recording legal costs related to contingencies is to expense such legal costs as incurred. Legal Proceedings Arising in the Ordinary Course of Business The Company is a party, as plaintiff or defendant, to various suits in the ordinary course of business for monetary relief arising principally from personal injuries (including without limitation exposure to asbestos and other toxic materials), wrongful death, collision or other casualty and to claims arising under charter parties. A substantial majority of such personal injury, wrongful death, collision or other casualty claims against the Company are covered by insurance (subject to deductibles not material in amount). Each of the claims involves an amount which, in the opinion of management, are not expected to be material to the Company’s financial position, results of operations and cash flows.

Recently Adopted and Issued A22

Recently Adopted and Issued Accounting Standards (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by generally accepted accounting principles in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the results have been included. Operating results for the three and six months ended June 30, 2018 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 .
Consolidation	The condensed consolidated balance sheet as of December 31, 2017 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (“Form 10-K”).
Recently Adopted Accounting Standards and Recently Issued Accounting Standards	Recently Adopted Accounting Standards In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (ASC 718) , Scope of Modification Accounting, which provides guidance in regards to a change to the terms or conditions of a share-based payment award. An entity is required to account for the effects of a modification unless all the following are met: (1) the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified; (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; (3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The guidance is to be applied prospectively to an award modified on or after the adoption date. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within that reporting period. The adoption of this accounting policy had no impact on the Company’s consolidated financial statements since there were no stock award modifications during the six months ended June 30, 2018 . In March 2017, the FASB issued ASU 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , that will change how employers that sponsor defined benefit pension and/or other postretirement benefit plans present the net periodic benefit cost in the income statement. Under ASU 2017-07, employers will present the service cost component of net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. Only the service cost component will be eligible for capitalization in assets. Additionally, employers will present the other components of the net periodic benefit cost separately from the line item(s) that includes the service cost and outside of any subtotal of operating income, if one is presented. These components will not be eligible for capitalization in assets. The guidance is effective for interim and annual periods beginning after December 15, 2017. This standard must be applied retrospectively to all periods presented. The Company retrospectively adopted this standard effective January 1, 2018. The amortization of actuarial (gain)/loss and amortization of prior service credits have been reclassified from vessel expenses and general and administrative expenses to other expense in the Company's consolidated statements of operations. The effect of the retrospective presentation change related to the net periodic cost of the Company's domestic pension and postretirement benefit plans on its consolidated statements of operations was as follows: Six Months Ended June 30, 2017 ($ in thousands) As Previously Reported Impact of Adoption As Adjusted Vessel expenses $ 68,173 $ 70 $ 68,243 General and administrative 14,604 (320 ) 14,284 Total Operating Expenses 170,862 (250 ) 170,612 Operating income 33,479 250 33,729 Other expense 630 250 880 In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (ASC 230): Restricted Cash , which requires that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within that reporting period. This standard must be applied retrospectively to all periods presented. The Company adopted this standard effective January 1, 2018. The prior period has been adjusted to conform to current period presentation, which resulted in a decrease of $9,909 in net cash provided by investing activities for the six months ended June 30, 2017 , related to changes in restricted cash amounts. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (ASC 740): Intra-Entity Transfers of Assets Other Than Inventory , amending the accounting for income taxes. Under current guidance the recognition of current and deferred income taxes for an intra-entity asset transfer is prohibited until the asset has been sold to an outside party. The amended guidance eliminates the prohibition against immediate recognition of current and deferred income tax amounts associated with intra entity transfers of assets other than inventory. This guidance is effective for interim and annual periods beginning after December 15, 2017. The requirements of the amended guidance should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted this standard effective January 1, 2018. The adoption of the standard did not have any impact to the Company's consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (ASC 230), which amends the guidance in ASC 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the ASU is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic with respect to (1) debt prepayment or debt extinguishment costs; (2) settlement of zero-coupon debt; (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from the settlement of corporate-owned life insurance policies; (6) distributions received from equity method investees; (7) beneficial interests in securitization transactions; and (8) separately identifiable cash flows and application of the predominance principle. The standard is effective for interim and annual periods beginning after December 31, 2017. The guidance requires application using a retrospective transition method. The Company adopted this standard effective January 1, 2018. The Company determined that its current accounting policies align with this standard, therefore, this standard did not have an impact on the Company's consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606) , to provide a single, comprehensive revenue recognition model for all contracts with customers to improve comparability within industries, across industries, and across capital markets. Subsequent to the May 2014 issuance, several clarifications and updates have been issued on this topic. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The Company adopted ASC 606 effective January 1, 2018 using the modified retrospective transition method. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings at the beginning of 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for the period presented. See Note 4, “Revenue Recognition,” for additional accounting policy and transition disclosures. Recently Issued Accounting Standards In February 2018 the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , that gives entities the option to reclassify to retained earnings tax effects related to items that have been stranded in accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act (“TCJA”). The new guidance may be applied retrospectively to each period in which the effect of the TCJA is recognized in the period of adoption. The Company must adopt this guidance for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted for periods for which financial statements have not yet been issued or made available for issuance, including the period the TCJA was enacted. The guidance, when adopted, will require new disclosures regarding a company’s accounting policy for releasing the tax effects in AOCI and permit the company the option to reclassify to retained earnings the tax effects resulting from the TCJA that are stranded in AOCI. The Company is currently evaluating how to apply the new guidance and has not determined whether it will elect to reclassify stranded amounts. The adoption of ASU 2018-02 is not expected to have a material effect on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842) , which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. Management is analyzing the impact of the adoption of this guidance on the Company’s consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. Management expects that the Company will recognize substantial increases in reported amounts for property, plant and equipment and related lease liabilities upon adoption of the new standard.
Fair Value of Financial Instruments	The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash— The carrying amounts reported in the condensed consolidated balance sheet for interest-bearing deposits approximate their fair value. Debt— The fair values of the Company’s publicly traded and non-public debt are estimated based on quoted market prices.
Fair Value Measurement	ASC 820, Fair Value Measurements and Disclosures , relating to fair value measurements defines fair value and established a framework for measuring fair value. The ASC 820 fair value hierarchy distinguishes between market participant assumptions developed based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price. In addition, the fair value of assets and liabilities should include consideration of non-performance risk, which for the liabilities described below includes the Company's own credit risk. The levels of the fair value hierarchy established by ASC 820 are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities
Contingencies	The Company’s policy for recording legal costs related to contingencies is to expense such legal costs as incurred.

Recently Adopted and Issued A23

Recently Adopted and Issued Accounting Standards (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The effect of the retrospective presentation change related to the net periodic cost of the Company's domestic pension and postretirement benefit plans on its consolidated statements of operations was as follows: Six Months Ended June 30, 2017 ($ in thousands) As Previously Reported Impact of Adoption As Adjusted Vessel expenses $ 68,173 $ 70 $ 68,243 General and administrative 14,604 (320 ) 14,284 Total Operating Expenses 170,862 (250 ) 170,612 Operating income 33,479 250 33,729 Other expense 630 250 880 The cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606 was as follows: ($ in thousands) Balance at December 31, 2017 Adjustments Due to ASC 606 Balance at January 1, 2018 Assets Voyage receivables $ 24,209 $ 1,336 $ 25,545 Liabilities Deferred income taxes 83,671 (108 ) 83,563 Equity Accumulated deficit (265,758 ) (1,228 ) (266,986 )

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The effect of the retrospective presentation change related to the net periodic cost of the Company's domestic pension and postretirement benefit plans on its consolidated statements of operations was as follows: Six Months Ended June 30, 2017 ($ in thousands) As Previously Reported Impact of Adoption As Adjusted Vessel expenses $ 68,173 $ 70 $ 68,243 General and administrative 14,604 (320 ) 14,284 Total Operating Expenses 170,862 (250 ) 170,612 Operating income 33,479 250 33,729 Other expense 630 250 880 The cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606 was as follows: ($ in thousands) Balance at December 31, 2017 Adjustments Due to ASC 606 Balance at January 1, 2018 Assets Voyage receivables $ 24,209 $ 1,336 $ 25,545 Liabilities Deferred income taxes 83,671 (108 ) 83,563 Equity Accumulated deficit (265,758 ) (1,228 ) (266,986 )

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Components of Calculation of Earnings Per Share	The components of the calculation of basic earnings per share and diluted earnings per share are as follows: Three Months Ended Six Months Ended June 30, 2018 2017 2018 2017 Net income $ 3,055 $ 3,211 $ 6,717 $ 8,641 Weighted average common shares outstanding: Class A common stock - basic 88,367,302 87,769,483 88,237,093 88,309,231 Class A common stock - diluted 89,198,996 87,964,755 88,910,518 88,542,779

Fair Value Measurements, Deri26

Fair Value Measurements, Derivatives and Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: Carrying Value Fair Value Level 1 Level 2 June 30, 2018: Assets Cash (1) $ 131,224 $ 131,224 $ — Total $ 131,224 $ 131,224 $ — Liabilities OBS Term loan 375,974 — 377,747 7.5% Election 2 notes due 2021 296 — 298 7.5% notes due 2024 390 — 387 Total $ 376,660 $ — $ 378,432 Carrying Value Fair Value Level 1 Level 2 December 31, 2017: Assets Cash (1) $ 166,269 $ 166,269 $ — Total $ 166,269 $ 166,269 $ — Liabilities OBS Term loan 448,251 — 441,630 7.5% Election 2 notes due 2021 295 — 305 7.5% notes due 2024 390 — 380 Total $ 448,936 $ — $ 442,315 (1) Includes current and non-current restricted cash aggregating $250 and $275 at June 30, 2018 and December 31, 2017 , respectively. Restricted cash as of June 30, 2018 and December 31, 2017 is related to the Company's Unsecured Senior Notes.

Accumulated Other Comprehensi27

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2018
AOCI Attributable to Parent [Abstract]
Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: As of June 30, December 31, Unrealized losses on derivative instruments $ — $ (112 ) Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) (6,120 ) (6,350 ) Accumulated other comprehensive loss $ (6,120 ) $ (6,462 )
Reclassification Out of Accumulated Other Comprehensive Income (Loss)	The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, during the three and six months ended June 30, 2018 and 2017 : Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) Total Balance as of March 31, 2018 $ — $ (6,247 ) $ (6,247 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — 42 42 Amounts reclassified from accumulated other comprehensive income — 85 85 Total change in accumulated other comprehensive income — 127 127 Balance as of June 30, 2018 $ — $ (6,120 ) $ (6,120 ) Balance as of March 31, 2017 $ (871 ) $ (7,141 ) $ (8,012 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income (115 ) 335 220 Amounts reclassified from accumulated other comprehensive income 317 — 317 Total change in accumulated other comprehensive income 202 335 537 Balance as of June 30, 2017 $ (669 ) $ (6,806 ) $ (7,475 ) Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) Total Balance as of December 31, 2017 $ (112 ) $ (6,350 ) $ (6,462 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income (69 ) 61 (8 ) Amounts reclassified from accumulated other comprehensive income 181 169 350 Total change in accumulated other comprehensive income 112 230 342 Balance as of June 30, 2018 $ — $ (6,120 ) $ (6,120 ) Balance as of December 31, 2016 $ (1,019 ) $ (7,141 ) $ (8,160 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income (200 ) 335 135 Amounts reclassified from accumulated other comprehensive income 550 — 550 Total change in accumulated other comprehensive income 350 335 685 Balance as of June 30, 2017 (669 ) (6,806 ) (7,475 )

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2018
Leases [Abstract]
Schedule of Property Subject to or Available for Operating Lease	The future minimum commitments and related number of operating days under these operating leases are as follows: At June 30, 2018 Amount Operating Days 2018 $ 46,081 1,840 2019 111,819 3,470 2020 9,168 366 2021 9,143 365 2022 9,143 365 Thereafter 22,846 912 Net minimum lease payments $ 208,200 7,318
Operating Leases of Lessee Disclosure	The future minimum revenues, before reduction for brokerage commissions and which include rent escalations, expected to be received on noncancelable time charters and certain contract of affreightments (“COAs”) for which minimum annual revenues can be reasonably estimated and the related revenue days (revenue days represent calendar days, less days that vessels are not available for employment due to repairs, drydock or lay-up) are as follows: At June 30, 2018 Amount Revenue 2018 $ 107,259 1,963 2019 132,426 2,090 2020 43,570 532 2021 26,624 324 2022 30,675 365 Thereafter 77,464 886 Net minimum lease receipts $ 418,018 6,160

Chapter 11 Filing and Emergen29

Chapter 11 Filing and Emergence from Bankruptcy (Narrative) (Details) $ in Thousands	Nov. 14, 2012subsidiary	Feb. 28, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Feb. 10, 2017case
Chapter 11 Filing Going Concern and Other Related Matters [Line Items]
Number of subsidiaries (subsidiary) | subsidiary	180
Number of cases closed (case) | case							1
Reorganization items			$ 0	$ 9	$ 0	$ 244
SEC Investigation
Chapter 11 Filing Going Concern and Other Related Matters [Line Items]
Litigation settlement paid		$ 5,000

Recently Adopted and Issued A30

Recently Adopted and Issued Accounting Standards (Summary of Effect of Presentation Change Related to Net Periodic Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vessel expenses	$ 33,656	$ 32,599	$ 67,160	$ 68,243
General and administrative	6,586	6,190	13,369	14,284
Total Operating Expenses	84,838	81,880	172,296	170,612
Operating income	10,529	14,345	24,100	33,729
Other expense	$ (385)	$ 87	$ 246	880
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vessel expenses				68,173
General and administrative				14,604
Total Operating Expenses				170,862
Operating income				33,479
Other expense				630
Impact of Adoption | Accounting Standards Update 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vessel expenses				70
General and administrative				(320)
Total Operating Expenses				(250)
Operating income				250
Other expense				$ 250

Recently Adopted and Issued A31

Recently Adopted and Issued Accounting Standards (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contractual obligation		$ 208,200
Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in net cash provided by investing activities	$ 9,909

Revenue Recognition (Summary of

Revenue Recognition (Summary of Cumulative Effect of Changes to Balance Sheet for the Adoption of New Accounting Standard) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Assets
Voyage receivables	$ 18,257	$ 25,545	$ 24,209
Liabilities
Deferred income taxes, net	84,757	83,563	83,671
Equity
Accumulated deficit	$ (260,269)	(266,986)	(265,758)
Calculated under Revenue Guidance in Effect Before Topic 606
Assets
Voyage receivables			24,209
Liabilities
Deferred income taxes, net			83,671
Equity
Accumulated deficit			$ (265,758)
Difference Between Revenue Guidance in Effect Before and after Topic 606 | Accounting Standards Update 2014-09
Assets
Voyage receivables		1,336
Liabilities
Deferred income taxes, net		(108)
Equity
Accumulated deficit		$ (1,228)

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)$ / shares	Jun. 30, 2017USD ($)$ / shares	Jun. 30, 2018USD ($)product$ / shares	Jun. 30, 2017USD ($)$ / shares	Dec. 31, 2017USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Increase in revenues	$ 95,367	$ 96,225	$ 196,396	$ 204,341
Increase in net income	$ 3,055	$ 3,211	$ 6,717	$ 8,641
Increase in basic and diluted net income (in dollars per share) | $ / shares	$ 0.03	$ 0.04	$ 0.08	$ 0.10
Period for voyage completion			30 days
Number of products participating in U.S Maritime Security Program (MSP) (product) | product			2
Contract balances from contracts with customers	$ 17,425		$ 17,425		$ 22,860
Voyage charters not yet completed	$ 0		0
Accounting Standards Update 2014-09 | Difference Between Revenue Guidance in Effect Before and after Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Increase in revenues			1,583
Increase in net income			$ 1,228
Increase in basic and diluted net income (in dollars per share) | $ / shares			$ 0.02

Earnings per Common Share (Narr

Earnings per Common Share (Narrative) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01		$ 0.01
Participating securities, distributed and undistributed earnings (loss), diluted (in shares)	0	125,145	0	99,814
Potentially dilutive securities (in shares)			866,011
Dilutive awards (in shares)	831,694	195,272	673,425	233,548
Antidilutive securities excluded from computation of earnings per share, amount (in shares)			452,758	491,957
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)			893,215	430,633
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)				384,084
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01

Earnings per Common Share (Calc

Earnings per Common Share (Calculation of EPS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Net income	$ 3,055	$ 3,211	$ 6,717	$ 8,641
Weighted average common shares outstanding:
Class A common stock - basic (in shares)	88,367,302	87,769,483	88,237,093	88,309,231
Class A common stock - diluted (in shares)	89,198,996	87,964,755	88,910,518	88,542,779

Fair Value Measurements, Deri36

Fair Value Measurements, Derivatives and Fair Value Disclosures (Fair Value of Financial Instruments Other Than Derivatives) (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Liabilities
Restricted cash		$ 59	$ 58
Corporate, Non-Segment
Liabilities
Restricted cash		$ 250	275
7.5% Election 2 Notes Due 2021
Liabilities
Stated interest rate		7.50%
7.5% notes due 2024
Liabilities
Stated interest rate		7.50%
Fair Value, Measurements, Nonrecurring | Level 1
Assets
Cash	[1]	$ 131,224	166,269
Total		131,224	166,269
Liabilities
Total		0	0
Fair Value, Measurements, Nonrecurring | Level 2
Assets
Cash	[1]	0	0
Total		0	0
Liabilities
Total		378,432	442,315
Fair Value, Measurements, Nonrecurring | OBS Term loan | Level 1
Liabilities
Loans payable		0	0
Fair Value, Measurements, Nonrecurring | OBS Term loan | Level 2
Liabilities
Loans payable		377,747	441,630
Fair Value, Measurements, Nonrecurring | 7.5% Election 2 Notes Due 2021 | Level 1
Liabilities
Notes payable		0	0
Fair Value, Measurements, Nonrecurring | 7.5% Election 2 Notes Due 2021 | Level 2
Liabilities
Notes payable		298	305
Fair Value, Measurements, Nonrecurring | 7.5% notes due 2024 | Level 1
Liabilities
Notes payable		0	0
Fair Value, Measurements, Nonrecurring | 7.5% notes due 2024 | Level 2
Liabilities
Notes payable		387	380
Fair Value, Measurements, Nonrecurring | Carrying Value
Assets
Cash	[1]	131,224	166,269
Total		131,224	166,269
Liabilities
Total		376,660	448,936
Fair Value, Measurements, Nonrecurring | Carrying Value | OBS Term loan
Liabilities
Loans payable		375,974	448,251
Fair Value, Measurements, Nonrecurring | Carrying Value | 7.5% Election 2 Notes Due 2021
Liabilities
Notes payable		296	295
Fair Value, Measurements, Nonrecurring | Carrying Value | 7.5% notes due 2024
Liabilities
Notes payable		$ 390	$ 390
[1]	Includes current and non-current restricted cash aggregating $250 and $275 at June 30, 2018 and December 31, 2017, respectively. Restricted cash as of June 30, 2018 and December 31, 2017 is related to the Company's Unsecured Senior Notes.

Fair Value Measurements, Deri37

Fair Value Measurements, Derivatives and Fair Value Disclosures (Narrative) (Details) - Interest Rate Cap - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Feb. 05, 2018	Feb. 05, 2015
Interest Expense
Fair Value Of Financial Instruments Derivatives And Fair Value Disclousres [Line Items]
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	$ 181,000	$ 551,000
OSG Bulk Ships, Inc (OBS)
Fair Value Of Financial Instruments Derivatives And Fair Value Disclousres [Line Items]
Derivative, notional amount				$ 375,000,000
OSG Bulk Ships, Inc (OBS) | Scenario, Plan
Fair Value Of Financial Instruments Derivatives And Fair Value Disclousres [Line Items]
Derivative, cap interest rate				2.50%
OSG Bulk Ships, Inc (OBS) | Scenario, Plan | Maximum
Fair Value Of Financial Instruments Derivatives And Fair Value Disclousres [Line Items]
Derivative, cap interest rate			3.00%

Debt (Exit Financing Facilities

Debt (Exit Financing Facilities) (Narrative) (Details) - USD ($)	May 16, 2016	Jun. 30, 2018
OBS Term loan
Debt Instrument [Line Items]
Debt instrument, amortization, quarterly percentage of original principal amount		1.00%
Repayments of debt	$ 20,000,000
Debt instrument, covenant threshold related to net cash proceeds from asset sales		$ 5,000,000
Mandatory prepayment of debt		28,166,000
Optional prepayment of debt		47,000,000
Loss on repurchase of debt instrument		$ 981,000
Debt instrument, additional mandatory prepayments, percentage (up to)		50.00%
Threshold amounts available for parent		$ 71,758,000
Secured Debt | OBS Term loan
Debt Instrument [Line Items]
Debt instrument, face amount		603,000,000
Outstanding principal amount		380,000,000
Revolving Credit Facility | Secured Debt | OBS ABL Facility
Debt Instrument [Line Items]
Debt instrument, face amount		75,000,000
Amounts drawn under credit facility		$ 0

Taxes (Narrative) (Details)

Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax provision	$ 362	$ 1,593	$ 1,564	$ 5,162
Effective tax rates	11.00%	33.00%	19.00%	37.00%
Reserve for uncertain tax positions	$ 3,254		$ 3,254		$ 3,205
Net operating loss carryforwards	960		960
Accrued interest					$ 911
Reduction in unrecognized tax benefits	36,000		36,000
Unrecognized tax positions reasonably possible to be recognized within next twelve months	$ 22,000		$ 22,000

Related Parties (Narrative) (De

Related Parties (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Nov. 30, 2016
Alaska Tanker Company Llc
Company's interest	37.50%
LNG Joint Venture | International Seaways Incorporated
Annual fee from related party		$ 135

Capital Stock and Stock Compe41

Capital Stock and Stock Compensation (Narrative) (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Restricted Stock Units (RSUs) | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, options (in shares)	151,300
Granted options, average grant date fair value (in dollars per share)	$ 3.65
RSUs related to ROIC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, per share (in dollars per share)		$ 1.70
Additional shares available for grant (in shares)		106,545
Aggregate shares available for grant (in shares)	213,090	213,090
Management Incentive Compensation Plan | Senior Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, options (in shares)		330,882
Management Incentive Compensation Plan | Time Based Restricted Stock | Senior Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	365,584,000
Granted, per share (in dollars per share)		$ 1.70
Vesting period		3 years
Management Incentive Compensation Plan | Performance Based Restricted Units | Senior Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	142,060,000
Vesting period		3 years
Continues employment period		3 years
Management Incentive Compensation Plan | Performance Based Restricted Units | Senior Officers | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights percentage		50.00%
Management Incentive Compensation Plan | Performance Based Restricted Units | Senior Officers | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights percentage		50.00%
Management Incentive Compensation Plan | Employee Stock Option | Senior Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	494,118
Granted, per share (in dollars per share)		$ 0.92
Options, exercisable price (in dollars per share)	$ 1.70	$ 1.70
Class A Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock, shares converted (in shares)		9,106,422	23,625,925
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased during period (in shares)		163,464
Stock repurchased during period, per share amount (in dollars per share)		$ 2.20
Stock issued during period, shares, conversion of convertible securities (in shares)		1,725,801	4,477,726

Accumulated Other Comprehensi42

Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
AOCI Attributable to Parent [Abstract]
Unrealized losses on derivative instruments	$ 0	$ (112)
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans)	(6,120)	(6,350)
Accumulated other comprehensive loss	$ (6,120)	$ (6,462)

Accumulated Other Comprehensi43

Accumulated Other Comprehensive Loss (Changes in Components of AOCI, Net of Related Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018		Jun. 30, 2017	Jun. 30, 2018		Jun. 30, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning				$ 313,238
Balance, ending	$ 320,832			320,832
Total
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	(6,247)		$ (8,012)	(6,462)	[1]	$ (8,160)
Current period change, excluding amounts reclassified from accumulated other comprehensive income	42		220	(8)		135
Amounts reclassified from accumulated other comprehensive income	85		317	350		550
Total change in accumulated other comprehensive income	127		537	342		685
Balance, ending	(6,120)	[1]	(7,475)	(6,120)	[1]	(7,475)
Unrealized losses on cash flow hedges
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	0		(871)	(112)		(1,019)
Current period change, excluding amounts reclassified from accumulated other comprehensive income	0		(115)	(69)		(200)
Amounts reclassified from accumulated other comprehensive income	0		317	181		550
Total change in accumulated other comprehensive income	0		202	112		350
Balance, ending	0		(669)	0		(669)
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	(6,247)		(7,141)	(6,350)		(7,141)
Current period change, excluding amounts reclassified from accumulated other comprehensive income	42		335	61		335
Amounts reclassified from accumulated other comprehensive income	85		0	169		0
Total change in accumulated other comprehensive income	127		335	230		335
Balance, ending	$ (6,120)		$ (6,806)	$ (6,120)		$ (6,806)
[1]	Amounts are net of tax.

Accumulated Other Comprehensi44

Accumulated Other Comprehensive Loss (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
AOCI Attributable to Parent [Abstract]
Tax expense (benefit) on unrealized gains on cash flow hedges	$ 0	$ 69

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)vessel
Leases [Line Items]
Lease receivable in 2018	$ 107,259
Lease receivable in 2019	132,426
Lease receivable in 2020	$ 43,570
Charter-In
Leases [Line Items]
Commitments to charter in vessels, number of units (vessel) | vessel	10
Charter-In | Vessels
Leases [Line Items]
Commitments to charter in vessels, number of units with expiring leases in next fiscal year (vessel) | vessel	9
Charter-In | Vessels | One Time Lease Option, Option One
Leases [Line Items]
Operating lease renewal term	1 year
Charter-In | Vessels | Indefinite Lease Option, Option One
Leases [Line Items]
Operating lease renewal term	3 years
Charter-In | Vessels | Indefinite Lease Option, Option Two
Leases [Line Items]
Operating lease renewal term	5 years
Charters-Out | Contracts of Affreightment Excluded
Leases [Line Items]
Lease receivable in 2018	$ 11,394
Lease receivable in 2019	23,031
Lease receivable in 2020	$ 6,356

Leases (Bareboat and Time Chart

Leases (Bareboat and Time Charters-In) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Amount
2,018	$ 46,081
2,019	111,819
2,020	9,168
2,021	9,143
2,022	9,143
Thereafter	22,846
Net minimum lease payments	$ 208,200
Operating Days
2,018	1840 days
2,019	3470 days
2,020	366 days
2,021	365 days
2,022	365 days
Thereafter	912 days
Net minimum lease payments	7318 days

Leases (Future Minimum Revenues

Leases (Future Minimum Revenues on Charters-Out) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Amount
2,018	$ 107,259
2,019	132,426
2,020	43,570
2,021	26,624
2,022	30,675
Thereafter	77,464
Net minimum lease receipts	$ 418,018
Revenue Days
2,018	1963 days
2,019	2090 days
2,020	532 days
2,021	324 days
2,022	365 days
Thereafter	886 days
Net minimum lease receipts	6160 days
Contracts Of Affreightment | Charters-Out
Amount
2,018	$ 11,394
2,019	23,031
2,020	$ 6,356

Vessels (Details)

Vessels (Details) - Subsequent Event - Construction in Progress bbl in Thousands, T in Thousands, $ in Thousands	1 Months Ended
	Jul. 31, 2018USD ($)bargetankerTbbl
Hyundai Mipo Dockyard Company Ltd
Property, Plant and Equipment [Line Items]
Number of chemical tankers (tanker) | tanker	2
Mass of Chemical tankers (t) | T	50,000
Commitments under the contract, remainder of the year	$ 15,000
Commitments under the contract in 2019	60,000
Gunderson Marine LLC
Property, Plant and Equipment [Line Items]
Commitments under the contract, remainder of the year	10,190
Commitments under the contract in 2019	$ 35,665
Number of chemical tank barges (barge) | barge	1
Volume of chemical tank barge (bbl) | bbl	204,000
Commitments under the contract in 2020	$ 5,095