Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 10-Q 10 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 06, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	OVERSEAS SHIPHOLDING GROUP INC
Entity Central Index Key	0000075208
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		85,292,751
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 75,602	$ 80,417
Restricted cash	59	59
Voyage receivables, including unbilled of $8,400 and $10,160	26,799	16,096
Income tax receivable	505	439
Other receivables	1,452	3,027
Prepaid expenses	1,751	9,886
Inventories and other current assets	2,465	2,456
Total Current Assets	108,633	112,380
Vessels and other property, less accumulated depreciation	598,407	597,659
Deferred drydock expenditures, net	24,105	26,099
Total Vessels, Other Property and Deferred Drydock	622,512	623,758
Restricted cash - non current	140	165
Investments in and advances to affiliated companies	38	3,585
Intangible assets, less accumulated amortization	35,267	36,417
Operating lease right-of-use assets	247,262
Other assets	50,411	51,425
Total Assets	1,064,263	827,730
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	30,571	34,678
Current portion of operating lease liabilities	81,897
Current installments of long-term debt	26,306	23,240
Total Current Liabilities	138,774	57,918
Reserve for uncertain tax positions	218	220
Noncurrent operating lease liabilities	181,211
Long-term debt	315,211	322,295
Deferred income taxes, net	73,373	73,365
Other liabilities	21,463	44,464
Total Liabilities	730,250	498,262
Equity:
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 85,292,751 and 84,834,790 shares issued and outstanding)	853	848
Paid-in additional capital	589,086	587,826
Accumulated deficit	(248,817)	(252,014)
Stockholders Equity Subtotal	341,122	336,660
Accumulated other comprehensive loss	(7,109)	(7,192)
Total Equity	334,013	329,468
Total Liabilities and Equity	$ 1,064,263	$ 827,730

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Unbilled contracts receivable	$ 8,400	$ 10,160
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	166,666,666	166,666,666
Common stock, shares issued (in shares)	85,292,751	84,834,790
Common stock, shares outstanding (in shares)	85,292,751	84,834,790

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Shipping Revenues:
Time and bareboat charter revenues	$ 63,120	$ 53,895
Voyage charter revenues	24,617	47,135
Shipping revenues	87,737	101,030
Operating Expenses:
Voyage expenses	4,984	12,252
Vessel expenses	32,446	33,505
Charter hire expenses	22,298	22,547
Depreciation and amortization	12,478	12,372
General and administrative	5,674	6,783
Loss on disposal of vessels and other property, including impairments	117	0
Total operating expenses	77,997	87,459
Operating income	9,740	13,571
Other income/(expense)	355	(631)
Income before interest expense, reorganization items and income taxes	10,095	12,940
Interest expense	(6,506)	(8,076)
Income before income taxes	3,589	4,864
Income tax provision	(392)	(1,202)
Net income	$ 3,197	$ 3,662
Weighted Average Number of Common Shares Outstanding:
Basic - Class A (in shares)	89,004,947	88,105,439
Diluted - Class A (in shares)	89,421,143	88,620,596
Per Share Amounts:
Basic and diluted net income - Class A (in dollars per share)	$ 0.04	$ 0.04

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 3,197	$ 3,662
Other comprehensive income, net of tax:
Net change in unrealized gains on cash flow hedges	0	112
Defined benefit pension and other postretirement benefit plans:
Net change in unrecognized prior service costs	(17)	(32)
Net change in unrecognized actuarial losses	100	135
Other comprehensive income	83	215
Comprehensive income	$ 3,280	$ 3,877

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows from Operating Activities:
Net income	$ 3,197	$ 3,662
Items included in net income not affecting cash flows:
Depreciation and amortization	12,478	12,372
Loss on disposal of vessels and other property, including impairments	117	0
Amortization of debt discount and other deferred financing costs	510	1,106
Compensation relating to restricted stock awards and stock option grants	309	793
Deferred income tax provision	111	1,492
Other – net	231	645
Distributed earnings of affiliated companies	3,548	3,747
Payments for drydocking	(1,342)	(2,037)
Changes in operating assets and liabilities	(8,040)	(1,789)
Loss on extinguishment of debt, net	0	981
Net cash provided by operating activities	11,119	20,972
Cash Flows from Investing Activities:
Expenditures for vessels and vessel improvements	(10,910)	0
Expenditures for other property	(588)	0
Net cash used in investing activities	(11,498)	0
Cash Flows from Financing Activities:
Payments on debt	(4,167)	(28,166)
Extinguishment of debt	0	(47,000)
Tax withholding on share-based awards	(294)	(359)
Net cash used in financing activities	(4,461)	(75,525)
Net decrease in cash, cash equivalents and restricted cash	(4,840)	(54,553)
Cash, cash equivalents and restricted cash at beginning of period	80,641	166,269
Cash, cash equivalents and restricted cash at end of period	$ 75,801	$ 111,716

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Class A Warrant	Common Stock	[1]	Paid-in Additional Capital	[2]	Accumulated Deficit	Accumulated Other Comprehensive Loss	[3]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of accounting standard	$ (1,228)						$ (1,228)
Balance, beginning at Dec. 31, 2017	313,238		$ 783		$ 584,675		(265,758)	$ (6,462)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,662						3,662
Other comprehensive income	215							215
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net	(359)		4		(363)
Compensation related to Class A options granted and restricted stock awards	1,731				1,731
Balance, ending at Mar. 31, 2018	$ 317,259		787		586,043		(263,324)	(6,247)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	166,666,666
Common stock, shares outstanding (in shares)	84,834,790
Balance, beginning at Dec. 31, 2018	$ 329,468		848		587,826		(252,014)	(7,192)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,197						3,197
Other comprehensive income	83							83
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net	(294)		5		(299)
Compensation related to Class A options granted and restricted stock awards	1,559				1,559
Balance, ending at Mar. 31, 2019	$ 334,013		$ 853		$ 589,086		$ (248,817)	$ (7,109)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	166,666,666
Common stock, shares outstanding (in shares)	85,292,751
Warrants outstanding (in shares)		20,563,962
[1]	Par value $0.01 per share; 166,666,666 Class A shares authorized; 85,292,751 Class A shares outstanding as of March 31, 2019.
[2]	Includes 20,563,962 outstanding Class A warrants as of March 31, 2019.
[3]	Amounts are net of tax.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Overseas Shipholding Group, Inc., a Delaware corporation (the “Parent Company”), and its wholly owned subsidiaries (collectively, the “Company” or “OSG”, “we”, “us” or “our”). The Company owns and operates a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and refined petroleum products in the U.S. Flag trades. The Company manages the operations of its fleet through its wholly owned subsidiary, OSG Bulk Ships, Inc. (“OBS”), a New York corporation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by generally accepted accounting principles in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the results have been included. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . The condensed consolidated balance sheet as of December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (“Form 10-K”).

Recently Adopted and Issued Acc

Recently Adopted and Issued Accounting Standards	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Recently Adopted and Issued Accounting Standards	Recently Adopted and Issued Accounting Standards Recently Adopted Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases , which is included in the ASC in Topic 842. ASU 2016-02 is intended to improve transparency and comparability of lease accounting among organizations. For leases with terms greater than 12 months, the amendments require the lease rights and obligations arising from the leasing arrangements, including operating leases, to be recognized as assets and liabilities on the balance sheet. However, the effect on the statement of operations and the statement of cash flows is largely unchanged from current GAAP. The amendments also expand the required disclosures surrounding leasing arrangements. Subsequently, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842 , Leases , ASU No. 2018-11, Targeted Improvements , ASU No. 2018-20, Narrow-Scope Improvements for Lessors , and ASU 2019-01, Codification Improvements , to clarify and amend the guidance in ASU No. 2016-02. The Company adopted the standard using the modified retrospective approach effective January 1, 2019. The Company's lease portfolio is primarily comprised of vessels chartered-in and office space. As a result of adopting this standard, the Company recorded right of use assets of $264,546 and right of use liabilities of $280,407 at January 1, 2019. The adoption of this standard did not impact the Company's accumulated deficit, consolidated statements of operations or consolidated statements of cash flows. The Company applied the package of practical expedients that allows companies not to reassess whether any expired or expiring contracts are or contain leases, lease classification for any expired or expiring leases and initial direct costs for any expired or expiring leases. Also, the Company made the accounting policy election to keep leases with a term of 12 months or less off the balance sheet. Finally, the Company implemented changes to processes and internal controls to meet the standard's updated reporting and disclosure requirements. See Note 10, “Leases,” for additional accounting policy and transition disclosures. Recently Issued Accounting Standards In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans , which amends ASC 715 to add, remove and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The new guidance is effective for fiscal years ending after December 15, 2020 and is required to be applied on a retrospective basis to all periods presented. Early adoption is permitted. The Company plans to adopt this standard on January 1, 2021. The adoption of this standard is not expected to have a material effect on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements. The new guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Early adoption is permitted in interim periods, including periods for which financial statements have not been issued or financial statements have not been made available for issuance. The Company plans to adopt this standard on January 1, 2020. The adoption of this standard is not expected to have a material effect on the Company's consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which adds a new Topic 326 and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to maturity debt securities. Under current U.S. GAAP, entities generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require entities to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the entity expects to collect over the instrument’s contractual life. Subsequently, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326 , to clarify that receivables arising from operating leases are within the scope of lease accounting standards. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company plans to adopt the standards on January 1, 2020. Management is currently reviewing the impact of the adoption of this accounting standard on the Company's consolidated financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Shipping Revenues Time Charter Revenues The Company enters into time charter contracts under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of a vessel. The Company recognizes revenues from time charters as operating leases ratably over the noncancellable contract term. Customers generally pay voyage expenses such as fuel, canal tolls and port charges. The Company also provides the charterer with services such as technical management expenses and crew costs. While there are lease and service (non-lease) components related to time charter contracts, the predominant component of the contract is the charterer’s lease of the vessel. The non-lease components of the contract have the same timing and pattern of transfer as the underlying lease component; therefore, the Company recognizes revenue related to this service ratably over the life of the contract term. Voyage Charter Revenues The Company enters into voyage charter contracts, under which the customer pays a transportation charge, voyage freight, for the movement of a specific cargo between two or more specified ports. The Company's performance obligation under voyage charters, which consists of moving cargo from a load port to a discharge port, is satisfied over time. Accordingly, under ASC 606, the Company recognizes revenue from voyage charters ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. The transaction price is in the form of a fixed fee at contract inception, which is the transportation charge. Voyage charter contracts also include variable consideration primarily in the form of demurrage, which is additional revenue the Company receives for delays experienced in loading or unloading cargo that are not deemed to be the responsibility of the Company. The Company does not include demurrage in the transaction price for voyage charters as it is considered constrained since it is highly susceptible to factors outside the Company's influence. Examples of when demurrage is incurred include unforeseeable weather conditions and security regulations at ports. The uncertainty related to this variable consideration is resolved upon the completion of the voyage, the duration of which is generally less than 30 days . U.S. Maritime Security Program Two of the Company's reflagged U.S. Flag Product Carriers participate in the U.S. Maritime Security Program ("MSP"), which ensures that privately-owned, military-useful U.S. Flag vessels are available to the U.S. Department of Defense in the event of war or national emergency. The Company considers the MSP contract with the U.S. government a service arrangement under ASC 606. Under this arrangement, the Company receives an annual operating-differential subsidy pursuant to the Merchant Marine Act of 1936 for each participating vessel, subject in each case to annual congressional appropriations. The subsidy is intended to reimburse owners for the additional costs of operating U.S. Flag vessels; therefore, the Company has presented this subsidy as an offset to vessel expenses. Contracts of Affreightment The Company enters into contracts of affreightment for lightering services and other arrangements based on number of voyages. These contracts are service contracts within the scope of ASC 606 for which underlying performance obligations to transport crude oil are satisfied over time. The Company’s contracts of affreightment include a fixed monthly, annual minimum barrel volume requirement or voyage number. The Company is required to transport and the charterer is required to provide the Company with a minimum volume requirement. These contract minimums represent fixed consideration within the contract which is recognized as the product is transferred over time. The Company will adjust revenue recognized for any minimum volume unexercised right. Contracts of affreightment provide the charterer with options to purchase additional transportation services. If the option is not considered a material right, the Company recognizes revenue related to the optional services at the contractual rate as the product is transferred over time. If the option is considered a material right, the Company applies the practical alternative to allocate the transaction price to the material right. As a result, the Company may recognize revenue related to contracts of affreightment at an amount which is different than the invoiced amount if the Company’s estimated volume to be transported under the contract exceeds the contractual minimum. Contracts of affreightment also include variable consideration primarily related to demurrage. The Company does not include this variable consideration in the transaction price for these contracts as the consideration is constrained since the obligation to deliver this service is outside the control of the Company. The uncertainty related to this variable consideration is resolved with the customer over the course of the contract term as individual voyages discharge. Revenue generated by contracts of affreightment is included within voyage charter revenues on the consolidated statements of operations. Disaggregated Revenue The Company has disaggregated revenue from contracts with customers into categories which depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Consequently, the disaggregation below is based on contract type. Since the terms within these contract types are generally standard in nature, the Company does not believe that further disaggregation would result in increased insight into the economic factors impacting revenue and cash flows. The following table shows the Company's shipping revenues disaggregated by nature of the charter arrangement for the three months ended March 31, 2019: Three Months Ended March 31, 2019 2018 Time charter revenues $ 63,120 $ 53,895 Voyage charter revenues (1) 7,633 30,287 Contracts of affreightment revenues 16,984 16,848 Total shipping revenues $ 87,737 $ 101,030 (1) Voyage charter revenues include approximately $769 and $1,269 of revenue related to short-term time charter contracts in 2019 and 2018, respectively. Contract Balances As of March 31, 2019 and December 31, 2018, contract balances from contracts with customers consisted of voyage receivables, including unbilled receivables, of $24,920 and $12,515 , respectively, net of allowance for doubtful accounts. For voyage charters, voyage freight is due to the Company upon completion of discharge at the last discharge port. For lightering contracts, the Company invoices the customer monthly based on either the actual barrels of cargo lightered or the monthly minimum volume requirement in the contract for services delivered over time. The Company routinely reviews its voyage receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Voyage receivables are deemed uncollectible and removed from accounts receivable and the allowance for doubtful accounts when collection efforts have been exhausted. Costs to Fulfill a Contract Under ASC 606, for voyage charters and contracts of affreightment, the Company capitalizes the direct costs, which are voyage expenses, of relocating the vessel to the load port to be amortized during transport of the cargo. At March 31, 2019, the costs related to voyages that were not yet completed were not material. Additionally, these contracts include out-of-pocket expense (i.e. fuel, port charges, canal tolls) incurred by the Company in fulfilling its performance obligation, which are reimbursed by the charterer at cost. The reimbursement for these fulfillment costs have been included in the Company's estimated transaction price for the contract and recognized as revenue when performance obligations are satisfied. Transaction Price Allocated to the Remaining Performance Obligations As of March 31, 2019, there was an aggregate amount of $55,114 of revenue under contracts of affreightment which the Company will be entitled to providing services in the future. The Company expects to recognize revenue of approximately $29,147 in 2019, $22,053 in 2020 and $3,914 in 2021 under these contracts. These estimated amounts relate to the fixed consideration of contractual minimums within the contracts based on the Company’s best estimate of future services and do not include consideration related to future purchase options which are uncertain. Practical Expedients and Exemptions The Company’s voyage charter contracts and some of the Company’s contracts of affreightment have an original expected duration of one year or less; therefore, the Company has elected to apply the practical expedient which provides the Company with the ability to not disclose the portion of the transaction price allocated to the remaining performance obligations within these contracts. For voyage charters, the Company expenses broker commissions, which are costs of obtaining a contract, when incurred because the amortization period is less than one year or are otherwise amortized as the underlying performance obligation is satisfied. The Company records these costs within voyage expenses in the consolidated statements of operations. For contracts that were modified before the adoption date, the Company has not retrospectively restated the contract for those contract modifications.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is computed by dividing earnings, after the deduction of dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. As management deemed the exercise price for the Class A warrants of $0.01 per share to be nominal, warrant proceeds are ignored and the shares issuable upon Class A warrant exercise are included in the calculation of basic weighted average common shares outstanding for all periods. The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units. Participating securities are defined by ASC 260, Earnings Per Share , as unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents and are included in the computation of earnings per share pursuant to the two-class method. Class A As of March 31, 2019 , there were 1,536,146 shares of Class A restricted stock units and 1,478,756 Class A stock options outstanding which were considered to be potentially dilutive securities. As of March 31, 2018 , there were 995,615 shares of Class A restricted stock units and 866,011 Class A stock options outstanding which were considered to be potentially dilutive securities. The components of the calculation of basic earnings per share and diluted earnings per share are as follows: Three Months Ended 2019 2018 Net income $ 3,197 $ 3,662 Weighted average common shares outstanding: Class A common stock - basic 89,004,947 88,105,439 Class A common stock - diluted 89,421,143 88,620,596 For the three months ended March 31, 2019 and 2018, there were 416,196 and 515,157 dilutive equity awards outstanding, respectively. Awards of 448,715 and 530,604 (which includes restricted stock units and stock options) for the three months ended March 31, 2019 and 2018, respectively, 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	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019: Assets Cash (1) $ 75,801 $ 75,801 $ — Total $ 75,801 $ 75,801 $ — Liabilities Term loan agreement, due 2023 $ 314,638 $ — $ 322,437 Term loan agreement, due 2026 26,192 — 27,637 7.5% Election 2 notes due 2021 390 — 303 7.5% notes due 2024 297 — 392 Total $ 341,517 $ — $ 350,769 Carrying Value Fair Value Level 1 Level 2 December 31, 2018: Assets Cash (1) $ 80,641 $ 80,641 $ — Total $ 80,641 $ 80,641 $ — Liabilities Term loan agreement, due 2023 $ 317,472 $ — $ 325,000 Term loan agreement, due 2026 27,376 — 26,500 7.5% Election 2 notes due 2021 297 — 229 7.5% notes due 2024 390 — 296 Total $ 345,535 $ — $ 352,025 (1) Includes current and non-current restricted cash aggregating $199 and $224 at March 31, 2019 and December 31, 2018 , respectively. Restricted cash as of March 31, 2019 and December 31, 2018 was related to the Company's Unsecured Senior Notes. Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Vessel and Intangible Assets Impairments During the first quarter of 2019 , the Company considered whether events or changes in circumstances had occurred since December 31, 2018 that could indicate the carrying amounts of the vessels in the Company's fleet and the carrying value of the Company's intangible assets may not be recoverable as of March 31, 2019 . The Company concluded that no such events or changes in circumstances had occurred.

Taxes

Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Taxes	Taxes For the three months ended March 31, 2019 and 2018 , the Company recorded income tax provisions of $392 and $1,202 , respectively, which represented effective tax rates of 11% and 25% , respectively. The decrease in the effective tax rate for the three months ended March 31, 2019 compared to the three months ended March 31, 2018 was substantially due to the reduction of non-deductible expenses. The effective tax rate for the three months ended March 31, 2019 was less than the statutory rate due to a discrete tax benefit in the quarter. The tax rate for the three months ended March 31, 2018 was greater than the statutory rate primarily as a result of the income tax provision resulting from stock compensation pursuant to ASU 2016-09. The effective tax rate for the 2018 period was also impacted by interest and executive compensation deduction limitations under the Tax Cuts and Jobs Act of 2017. As of March 31, 2019 and December 31, 2018 , the Company recorded a non-current reserve for uncertain tax positions of $218 and $220 , respectively.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Parties	Related Parties Equity Method Investment Investments in and advances to affiliated companies are comprised of the Company’s 37.5% interest in Alaska Tanker Company, LLC (“ATC”), which manages vessels carrying Alaskan crude for BP West Coast Products, LLC (“BP”). In the first quarter of 1999, OSG, BP, and Keystone Shipping Company formed ATC to manage the vessels carrying crude oil for BP. ATC provides marine transportation services in the environmentally sensitive Alaskan crude oil trade. Each member in ATC is entitled to receive its respective share of any incentive charter hire payable by BP to ATC. The Company has accounted for the investment in ATC as an equity–method investment because the Company does not individually retain the power to significantly impact the economic performance of ATC and the Company’s maximum exposure to losses in ATC is limited to its initial capital investment in ATC, which is not material. Guarantees INSW entered into guarantee arrangements in connection with the spin-off from OSG on November 30, 2016, in favor of Qatar Liquefied Gas Company Limited (2) (“LNG Charterer”) and relating to certain LNG Tanker Time Charter Party Agreements with the LNG Charterer and each of Overseas LNG H1 Corporation, Overseas LNG H2 Corporation, Overseas LNG S1 Corporation and Overseas LNG S2 Corporation (such agreements, the “LNG Charter Party Agreements,” and such guarantees, collectively, the “LNG Performance Guarantees”). OSG continues to provide a guarantee in favor of the LNG Charterer relating to the LNG Charter Party Agreements (such guarantees, the ‘‘OSG LNG Performance Guarantee’’). INSW will indemnify OSG for liabilities arising from the OSG LNG Performance Guarantees pursuant to the terms of the Separation and Distribution Agreement. The maximum potential liability associated with this guarantee is not estimable because obligations are only based on future non-performance events of charter arrangements. In connection with the OSG LNG Performance Guarantees, INSW will pay a $145 fee per year to OSG, which is subject to escalation after 2019 and will be terminated if OSG ceases to provide the OSG LNG Performance Guarantee.

Capital Stock and Stock Compens

Capital Stock and Stock Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Capital Stock and Stock Compensation	Capital Stock and Stock Compensation Share and Warrant Repurchases During the three months ended March 31, 2019 , in connection with the vesting of restricted stock units, the Company withheld 159,685 shares of Class A common stock at an average price of $1.84 per share (based on the market prices on the dates of vesting) from certain members of management to cover withholding taxes. Warrant Conversions During the three months ended March 31, 2019 , the Company issued 7,504 shares of Class A common stock as a result of the exercise of 39,692 Class A warrants. During the three months ended March 31, 2018 , the Company issued 6,375 shares of Class A common stock as a result of the exercise of 33,671 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. Management Compensation — Restricted Stock Units and Stock Options During the three months ended March 31, 2019 , the Company granted 552,598 RSUs to its employees, including senior officers, respectively. The average grant date fair value of these awards was $2.02 per RSU. Each RSU represents a contingent right to receive one share of Class A common stock upon vesting. Each award of RSUs will vest in equal installments on each of the first three anniversaries of the grant date. In addition, during the three months ended March 31, 2019 , the Company awarded 329,121 shares of the Company's Class A common stock to one of its senior officers, which vested immediately. The average grant date fair value of these awards was $1.90 . During the three months ended March 31, 2019 , the Company awarded 352,258 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 will vest as follows: (i) one-half of the target RSUs will vest and become nonforfeitable subject to OSG’s return on invested capital (“ROIC”) performance in the three -year ROIC performance period relative to a target rate (the “ROIC Target”) set forth in the award agreements (the formula for ROIC is net operating profit after taxes divided by the net of total debt plus shareholders equity less cash); and (ii) one–half of the target RSUs will be subject to OSG’s three–year total shareholder return (“TSR Target”) performance relative to that of a performance index over a three–year TSR performance period. The index consists of companies that comprise a combination of the oil and gas storage and transportation and marine GICS sub-industries indexes during the Performance Period. Vesting is subject in each case to the Human Resources and Compensation Committee’s certification of achievement of the performance measures and targets. Each of the ROIC Target RSU award and the TSR Target RSU award are subject to an increase up to a maximum of 176,129 target RSUs, respectively, ( 528,387 RSUs in total) or decrease depending on performance against the applicable measure and targets. The ROIC performance goal is a performance condition which, as of March 31, 2019 , management believed was probable of being achieved. Accordingly, for financial reporting purposes, compensation costs have been recognized for these awards. The grant date fair value of the TSR based performance awards, which have a market condition, was determined to be $2.02 per RSU. During the three months ended March 31, 2019 , the Company awarded 612,745 stock options to one of its 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 $1.89 per share. The call option value of the options was $1.02 per option. Under the grant agreement, the stock options have a holding requirement until the earliest to occur of (i) a change in control; (ii) the separation from service date, in the event of a termination of the grantee's employment by the Company without cause or by the grantee for good reason and (iii) the third anniversary of the grant date. The stock options expire on the business day immediately preceding the tenth anniversary of the award date. If a stock option grantee’s employment is terminated for cause (as defined in the applicable Form of Grant Agreement), stock options (whether then vested or exercisable or not) will lapse and will not be exercisable. If a stock option grantee’s employment is terminated for reasons other than cause, the option recipient may exercise the vested portion of the stock option but only within such period of time ending on the earlier to occur of (i) the 90th day ending after the option holder’s employment terminated and (ii) the expiration of the options, provided that if the option holder’s employment terminates for death or disability the vested portion of the option may be exercised until the earlier of (i) the first anniversary of employment termination and (ii) the expiration date of the options.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2019
AOCI Attributable to Parent [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: As of March 31, December 31, Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ (7,109 ) $ (7,192 ) Accumulated other comprehensive loss $ (7,109 ) $ (7,192 ) The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, during the three months ended March 31, 2019 and 2018 : Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) Total Balance as of December 31, 2018 $ — $ (7,192 ) $ (7,192 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — (24 ) (24 ) Amounts reclassified from accumulated other comprehensive income — 107 107 Total change in accumulated other comprehensive income — 83 83 Balance as of March 31, 2019 $ — $ (7,109 ) $ (7,109 ) Balance as of December 31, 2017 $ (112 ) $ (6,350 ) $ (6,462 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income (69 ) 19 (50 ) Amounts reclassified from accumulated other comprehensive income 181 84 265 Total change in accumulated other comprehensive income 112 103 215 Balance as of March 31, 2018 $ — $ (6,247 ) $ (6,247 ) The Company includes the service cost component for net periodic benefit cost/(income) in vessel expenses and general and administrative expenses and other components in other income/(expense) on the consolidated statements of operations.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases Adoption of ASC 842 On January 1, 2019, the Company adopted ASC 842 applying the modified retrospective method. Results for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The Company's lease portfolio is comprised of vessels chartered-in, office space and equipment under agreements with contractual periods ranging from less than 1 year to 16 years . Many of the Company's leases contain one or more options to extend. The Company includes options that it is reasonably certain to exercise in its evaluation of the lease term after considering all relevant economic and financial factors. The impact of adopting this standard resulted in the recording of right of use assets of $264,546 and right of use liabilities of $280,407 at January 1, 2019. The standard did not impact the Company's accumulated deficit, consolidated statements of operations or consolidated statements of cash flows. The Company calculates the initial lease liability as the present value of fixed payments, or in substance fixed payments, not yet paid and variable payments that are based on an index (e.g., CPI), measured at commencement. The Company's leases are discounted using its incremental borrowing rate adjusted for risk based on the length of the lease term because the rate implicit in the lease is not readily determinable. The Company applied the package of practical expedients that allows companies not to reassess whether any expired or expiring contracts are or contain leases, lease classification for any expired or expiring leases and initial direct costs for any expired or expiring leases. Also, the Company made the accounting policy election to keep leases with a term of 12 months or less off the balance sheet. Finally, the Company implemented changes to processes and internal controls to meet the standard's updated reporting and disclosure requirements The Company's lease right-of-use assets and liabilities, which relate to operating leases, at March 31 were as follows: March 31, 2019 Vessels chartered-in Current portion of operating lease liabilities $ 81,209 Noncurrent operating lease liabilities 178,811 260,020 Office space Current portion of operating lease liabilities 688 Noncurrent operating lease liabilities 2,400 3,088 Total operating lease liabilities $ 263,108 Charters-in On January 2, 2019, the Company entered into a 10 year bareboat charter agreement for a U.S. flagged product tanker. The Company's annual commitments under the bareboat charter agreement are $2,782 (2019), $4,172 (2020), $4,161 (2021), $4,161 (2022), $4,161 (2023) and $21,352 thereafter. At March 31, 2019, the vessel was undergoing a required special survey to re-certify the vessel in class. The vessel will be ready to participate in the Jones Act trade in the second quarter of 2019. As of March 31, 2019 , 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. 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 years 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 June 2025. For the remaining nine vessels, on December 10, 2018, the Company declared its extensions of the charter agreements. The charter agreements were extended for five of the vessels for additional 3 year terms ending December 2022 and four of the vessels were extended for additional 1 year terms ending December 2020. Five of the Company's chartered in vessels contain a deferred payment obligation (DPO) which relates to charter hire expense incurred by the Company in prior years and payable to the vessel owner in future periods. This DPO is due in quarterly installments with the final quarterly payment due upon lease termination. The future minimum commitments under these operating leases are as follows: At March 31, 2019 Amount 2019 $ 61,582 2020 89,503 2021 55,329 2022 71,819 2023 9,143 Thereafter 13,702 Net minimum lease payments 301,078 Less: present value discount 41,058 Total lease liabilities $ 260,020 The bareboat charters-in provide for the payment of profit share to the owners of the vessels calculated in accordance with the respective charter agreements. Because such amounts and the periods impacted are not reasonably estimable, they are not currently reflected in the table above. Due to reserve funding requirements and current rate forecasts, no profits are currently expected to be paid to the owners in respect of the charter term through December 31, 2019 . For the three months ended March 31, 2019, lease expense for the 10 chartered-in vessels was $22,298 which is included in charter hire expense on the consolidated statements of operations. The Company recognized sublease income of $44,428 for the three months ended March 31, 2019. Office space The Company has lease obligations for office space that generally require fixed annual rental payments and may also include escalation clauses and renewal options. The future minimum commitments under lease obligations for office space as of March 31, 2019 are as follows: At March 31, 2019 Amount 2019 $ 495 2020 630 2021 631 2022 649 2023 474 Thereafter 1,186 Net minimum lease payments 4,065 Less: present value discount 977 Total lease liabilities $ 3,088 For the three months ended March 31, 2019, the rental expense for office space, which is included in general and administrative expenses on the consolidated statements of operations was $159 . At March 31, 2019, for the Company's operating leases, the weighted average remaining lease term was 3.75 years and the weighted average discount rate was 7.47% . Charters-out The Company enters into time charter contracts under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of a vessel. The Company recognizes revenues from time charters as operating leases ratably over the noncancelable contract term. Customers generally pay voyage expenses such as fuel, canal tolls and port charges. The Company also provides the charterer with services such as technical management expenses and crew costs. Services are recognized ratably over the life of the contract term. The Company is the lessor under its time charter contracts. For time charters, the Company applied the practical expedient to combine the lease and non-lease components for these contracts. Total time charter revenue for the three months ended March 31, 2019 was equal to lease income from lease payments of $63,437 less straight-line adjustments of $317 . The net book value of owned vessels on noncancelable time charters was equal to $250,973 at March 31, 2019. The future minimum revenues, including rent escalations, which is equal to lease payments expected to be received over the noncancelable time charters term are as follows: At March 31, 2019 Amount 2019 $ 160,537 2020 42,032 2021 26,624 2022 30,675 2023 31,405 Thereafter 46,059 Net minimum lease receipts $ 337,332 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.
Leases	Leases Adoption of ASC 842 On January 1, 2019, the Company adopted ASC 842 applying the modified retrospective method. Results for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The Company's lease portfolio is comprised of vessels chartered-in, office space and equipment under agreements with contractual periods ranging from less than 1 year to 16 years . Many of the Company's leases contain one or more options to extend. The Company includes options that it is reasonably certain to exercise in its evaluation of the lease term after considering all relevant economic and financial factors. The impact of adopting this standard resulted in the recording of right of use assets of $264,546 and right of use liabilities of $280,407 at January 1, 2019. The standard did not impact the Company's accumulated deficit, consolidated statements of operations or consolidated statements of cash flows. The Company calculates the initial lease liability as the present value of fixed payments, or in substance fixed payments, not yet paid and variable payments that are based on an index (e.g., CPI), measured at commencement. The Company's leases are discounted using its incremental borrowing rate adjusted for risk based on the length of the lease term because the rate implicit in the lease is not readily determinable. The Company applied the package of practical expedients that allows companies not to reassess whether any expired or expiring contracts are or contain leases, lease classification for any expired or expiring leases and initial direct costs for any expired or expiring leases. Also, the Company made the accounting policy election to keep leases with a term of 12 months or less off the balance sheet. Finally, the Company implemented changes to processes and internal controls to meet the standard's updated reporting and disclosure requirements The Company's lease right-of-use assets and liabilities, which relate to operating leases, at March 31 were as follows: March 31, 2019 Vessels chartered-in Current portion of operating lease liabilities $ 81,209 Noncurrent operating lease liabilities 178,811 260,020 Office space Current portion of operating lease liabilities 688 Noncurrent operating lease liabilities 2,400 3,088 Total operating lease liabilities $ 263,108 Charters-in On January 2, 2019, the Company entered into a 10 year bareboat charter agreement for a U.S. flagged product tanker. The Company's annual commitments under the bareboat charter agreement are $2,782 (2019), $4,172 (2020), $4,161 (2021), $4,161 (2022), $4,161 (2023) and $21,352 thereafter. At March 31, 2019, the vessel was undergoing a required special survey to re-certify the vessel in class. The vessel will be ready to participate in the Jones Act trade in the second quarter of 2019. As of March 31, 2019 , 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. 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 years 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 June 2025. For the remaining nine vessels, on December 10, 2018, the Company declared its extensions of the charter agreements. The charter agreements were extended for five of the vessels for additional 3 year terms ending December 2022 and four of the vessels were extended for additional 1 year terms ending December 2020. Five of the Company's chartered in vessels contain a deferred payment obligation (DPO) which relates to charter hire expense incurred by the Company in prior years and payable to the vessel owner in future periods. This DPO is due in quarterly installments with the final quarterly payment due upon lease termination. The future minimum commitments under these operating leases are as follows: At March 31, 2019 Amount 2019 $ 61,582 2020 89,503 2021 55,329 2022 71,819 2023 9,143 Thereafter 13,702 Net minimum lease payments 301,078 Less: present value discount 41,058 Total lease liabilities $ 260,020 The bareboat charters-in provide for the payment of profit share to the owners of the vessels calculated in accordance with the respective charter agreements. Because such amounts and the periods impacted are not reasonably estimable, they are not currently reflected in the table above. Due to reserve funding requirements and current rate forecasts, no profits are currently expected to be paid to the owners in respect of the charter term through December 31, 2019 . For the three months ended March 31, 2019, lease expense for the 10 chartered-in vessels was $22,298 which is included in charter hire expense on the consolidated statements of operations. The Company recognized sublease income of $44,428 for the three months ended March 31, 2019. Office space The Company has lease obligations for office space that generally require fixed annual rental payments and may also include escalation clauses and renewal options. The future minimum commitments under lease obligations for office space as of March 31, 2019 are as follows: At March 31, 2019 Amount 2019 $ 495 2020 630 2021 631 2022 649 2023 474 Thereafter 1,186 Net minimum lease payments 4,065 Less: present value discount 977 Total lease liabilities $ 3,088 For the three months ended March 31, 2019, the rental expense for office space, which is included in general and administrative expenses on the consolidated statements of operations was $159 . At March 31, 2019, for the Company's operating leases, the weighted average remaining lease term was 3.75 years and the weighted average discount rate was 7.47% . Charters-out The Company enters into time charter contracts under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of a vessel. The Company recognizes revenues from time charters as operating leases ratably over the noncancelable contract term. Customers generally pay voyage expenses such as fuel, canal tolls and port charges. The Company also provides the charterer with services such as technical management expenses and crew costs. Services are recognized ratably over the life of the contract term. The Company is the lessor under its time charter contracts. For time charters, the Company applied the practical expedient to combine the lease and non-lease components for these contracts. Total time charter revenue for the three months ended March 31, 2019 was equal to lease income from lease payments of $63,437 less straight-line adjustments of $317 . The net book value of owned vessels on noncancelable time charters was equal to $250,973 at March 31, 2019. The future minimum revenues, including rent escalations, which is equal to lease payments expected to be received over the noncancelable time charters term are as follows: At March 31, 2019 Amount 2019 $ 160,537 2020 42,032 2021 26,624 2022 30,675 2023 31,405 Thereafter 46,059 Net minimum lease receipts $ 337,332 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	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Vessels	Vessels In May 2019, the Company entered in to a memorandum of agreement to sell one of its ATBs that has been in lay-up since May 2017 for $1,129 , which will result in an immaterial gain. In January 2019, the Company exercised an option to construct a second approximately 204,000 BBL, oil and chemical tank barge for anticipated delivery to the Company during the second half of 2020. The Company's annual commitments under the contract are $17,073 in 2019 and $31,343 in 2020.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies At March 31, 2019, the Company had aggregate capital commitments of $145,098 , net of progress payments already made aggregating $31,462 , for the construction of four vessels: two tankers scheduled for delivery in September 2019 and two barges scheduled for delivery in the second quarter of 2020 and in the fourth quarter of 2020. The contracts for these vessels require progress payments during the construction periods with a final payment due on delivery. The Company has made all required progress payments to date, and the Company expects to make remaining payments, including those due on delivery, with financing that the Company will need to obtain, operating cash flow and cash on hand. The Company is currently in discussion with potential lenders to obtain such financing, but the Company has not yet obtained the necessary financing. Legal Proceedings Arising in the Ordinary Course of Business The Company is a party, as plaintiff or defendant, to various suits in the ordinary course of business for monetary relief arising principally from personal injuries (including without limitation exposure to asbestos and other toxic materials), wrongful death, collision or other casualty and to claims arising under charter parties. A substantial majority of such personal injury, wrongful death, collision or other casualty claims against the Company are covered by insurance (subject to deductibles not material in amount). Each of the claims involves an amount which, in the opinion of management, are not expected to be material to the Company’s financial position, results of operations and cash flows.

Recently Adopted and Issued A_2

Recently Adopted and Issued Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by generally accepted accounting principles in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the results have been included. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 .
Consolidation	The condensed consolidated balance sheet as of December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (“Form 10-K”).
Recently Adopted Accounting Standards and Recently Issued Accounting Standards	Recently Adopted Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases , which is included in the ASC in Topic 842. ASU 2016-02 is intended to improve transparency and comparability of lease accounting among organizations. For leases with terms greater than 12 months, the amendments require the lease rights and obligations arising from the leasing arrangements, including operating leases, to be recognized as assets and liabilities on the balance sheet. However, the effect on the statement of operations and the statement of cash flows is largely unchanged from current GAAP. The amendments also expand the required disclosures surrounding leasing arrangements. Subsequently, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842 , Leases , ASU No. 2018-11, Targeted Improvements , ASU No. 2018-20, Narrow-Scope Improvements for Lessors , and ASU 2019-01, Codification Improvements , to clarify and amend the guidance in ASU No. 2016-02. The Company adopted the standard using the modified retrospective approach effective January 1, 2019. The Company's lease portfolio is primarily comprised of vessels chartered-in and office space. As a result of adopting this standard, the Company recorded right of use assets of $264,546 and right of use liabilities of $280,407 at January 1, 2019. The adoption of this standard did not impact the Company's accumulated deficit, consolidated statements of operations or consolidated statements of cash flows. The Company applied the package of practical expedients that allows companies not to reassess whether any expired or expiring contracts are or contain leases, lease classification for any expired or expiring leases and initial direct costs for any expired or expiring leases. Also, the Company made the accounting policy election to keep leases with a term of 12 months or less off the balance sheet. Finally, the Company implemented changes to processes and internal controls to meet the standard's updated reporting and disclosure requirements. See Note 10, “Leases,” for additional accounting policy and transition disclosures. Recently Issued Accounting Standards In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans , which amends ASC 715 to add, remove and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The new guidance is effective for fiscal years ending after December 15, 2020 and is required to be applied on a retrospective basis to all periods presented. Early adoption is permitted. The Company plans to adopt this standard on January 1, 2021. The adoption of this standard is not expected to have a material effect on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements. The new guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Early adoption is permitted in interim periods, including periods for which financial statements have not been issued or financial statements have not been made available for issuance. The Company plans to adopt this standard on January 1, 2020. The adoption of this standard is not expected to have a material effect on the Company's consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which adds a new Topic 326 and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to maturity debt securities. Under current U.S. GAAP, entities generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require entities to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the entity expects to collect over the instrument’s contractual life. Subsequently, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326 , to clarify that receivables arising from operating leases are within the scope of lease accounting standards. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company plans to adopt the standards on January 1, 2020. Management is currently reviewing the impact of the adoption of this accounting standard on the Company's consolidated financial statements.
Fair Value of Financial Instruments	The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash— The carrying amounts reported in the condensed consolidated balance sheet for interest-bearing deposits approximate their fair value. Debt— The fair values of the Company’s publicly traded and non-public debt are estimated based on quoted market prices.
Fair Value Measurement	ASC 820, Fair Value Measurements and Disclosures , relating to fair value measurements defines fair value and established a framework for measuring fair value. The ASC 820 fair value hierarchy distinguishes between market participant assumptions developed based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price. In addition, the fair value of assets and liabilities should include consideration of non-performance risk, which for the liabilities described below includes the Company's own credit risk. The levels of the fair value hierarchy established by ASC 820 are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	The following table shows the Company's shipping revenues disaggregated by nature of the charter arrangement for the three months ended March 31, 2019: Three Months Ended March 31, 2019 2018 Time charter revenues $ 63,120 $ 53,895 Voyage charter revenues (1) 7,633 30,287 Contracts of affreightment revenues 16,984 16,848 Total shipping revenues $ 87,737 $ 101,030 (1) Voyage charter revenues include approximately $769 and $1,269 of revenue related to short-term time charter contracts in 2019 and 2018, respectively.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Components of Calculation of Earnings Per Share	The components of the calculation of basic earnings per share and diluted earnings per share are as follows: Three Months Ended 2019 2018 Net income $ 3,197 $ 3,662 Weighted average common shares outstanding: Class A common stock - basic 89,004,947 88,105,439 Class A common stock - diluted 89,421,143 88,620,596

Fair Value Measurements, Deri_2

Fair Value Measurements, Derivatives and Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: Carrying Value Fair Value Level 1 Level 2 March 31, 2019: Assets Cash (1) $ 75,801 $ 75,801 $ — Total $ 75,801 $ 75,801 $ — Liabilities Term loan agreement, due 2023 $ 314,638 $ — $ 322,437 Term loan agreement, due 2026 26,192 — 27,637 7.5% Election 2 notes due 2021 390 — 303 7.5% notes due 2024 297 — 392 Total $ 341,517 $ — $ 350,769 Carrying Value Fair Value Level 1 Level 2 December 31, 2018: Assets Cash (1) $ 80,641 $ 80,641 $ — Total $ 80,641 $ 80,641 $ — Liabilities Term loan agreement, due 2023 $ 317,472 $ — $ 325,000 Term loan agreement, due 2026 27,376 — 26,500 7.5% Election 2 notes due 2021 297 — 229 7.5% notes due 2024 390 — 296 Total $ 345,535 $ — $ 352,025 (1) Includes current and non-current restricted cash aggregating $199 and $224 at March 31, 2019 and December 31, 2018 , respectively. Restricted cash as of March 31, 2019 and December 31, 2018 was related to the Company's Unsecured Senior Notes.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2019
AOCI Attributable to Parent [Abstract]
Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: As of March 31, December 31, Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ (7,109 ) $ (7,192 ) Accumulated other comprehensive loss $ (7,109 ) $ (7,192 )
Reclassification Out of Accumulated Other Comprehensive Income (Loss)	The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, during the three months ended March 31, 2019 and 2018 : Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) Total Balance as of December 31, 2018 $ — $ (7,192 ) $ (7,192 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — (24 ) (24 ) Amounts reclassified from accumulated other comprehensive income — 107 107 Total change in accumulated other comprehensive income — 83 83 Balance as of March 31, 2019 $ — $ (7,109 ) $ (7,109 ) Balance as of December 31, 2017 $ (112 ) $ (6,350 ) $ (6,462 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income (69 ) 19 (50 ) Amounts reclassified from accumulated other comprehensive income 181 84 265 Total change in accumulated other comprehensive income 112 103 215 Balance as of March 31, 2018 $ — $ (6,247 ) $ (6,247 )

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease Right-of-Use Assets and Liabilities	The Company's lease right-of-use assets and liabilities, which relate to operating leases, at March 31 were as follows: March 31, 2019 Vessels chartered-in Current portion of operating lease liabilities $ 81,209 Noncurrent operating lease liabilities 178,811 260,020 Office space Current portion of operating lease liabilities 688 Noncurrent operating lease liabilities 2,400 3,088 Total operating lease liabilities $ 263,108
Future Minimum Commitments	The future minimum commitments under these operating leases are as follows: At March 31, 2019 Amount 2019 $ 61,582 2020 89,503 2021 55,329 2022 71,819 2023 9,143 Thereafter 13,702 Net minimum lease payments 301,078 Less: present value discount 41,058 Total lease liabilities $ 260,020 The future minimum commitments under lease obligations for office space as of March 31, 2019 are as follows: At March 31, 2019 Amount 2019 $ 495 2020 630 2021 631 2022 649 2023 474 Thereafter 1,186 Net minimum lease payments 4,065 Less: present value discount 977 Total lease liabilities $ 3,088
Operating Leases of Lessee Disclosure	At March 31, 2019 Amount 2019 $ 160,537 2020 42,032 2021 26,624 2022 30,675 2023 31,405 Thereafter 46,059 Net minimum lease receipts $ 337,332

Recently Adopted and Issued A_3

Recently Adopted and Issued Accounting Standards (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 247,262
Total lease liabilities	$ 263,108
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 264,546
Total lease liabilities		$ 280,407

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)product	Dec. 31, 2018USD ($)
Revenue from Contract with Customer [Abstract]
Period for voyage completion	30 days
Number of products participating in U.S Maritime Security Program (MSP) (product) | product	2
Contract balances from contracts with customers | $	$ 24,920	$ 12,515

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 87,737	$ 101,030
Time charter revenues
Disaggregation of Revenue [Line Items]
Revenues	63,120	53,895
Voyage charter revenues
Disaggregation of Revenue [Line Items]
Revenues	7,633	30,287
Contracts of affreightment revenues
Disaggregation of Revenue [Line Items]
Revenues	16,984	16,848
Short-term time charter contracts
Disaggregation of Revenue [Line Items]
Revenues	$ 769	$ 1,269

Revenue Recognition (Remaining

Revenue Recognition (Remaining Performance Obligation) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 55,114
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 29,147
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 22,053
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, amount	$ 3,914
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	1 year

Earnings per Common Share (Narr

Earnings per Common Share (Narrative) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Potentially dilutive securities (in shares)	1,478,756
Dilutive awards (in shares)	416,196	515,157
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	448,715
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	1,536,146	995,615
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)		866,011
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, par value (in dollars per share)	$ 0.01

Earnings per Common Share (Calc

Earnings per Common Share (Calculation of EPS) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income	$ 3,197	$ 3,662
Weighted average common shares outstanding:
Class A common stock - basic (in shares)	89,004,947	88,105,439
Class A common stock - diluted (in shares)	89,421,143	88,620,596

Fair Value Measurements, Deri_3

Fair Value Measurements, Derivatives and Fair Value Disclosures (Fair Value of Financial Instruments Other Than Derivatives) (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Liabilities
Restricted cash		$ 59	$ 59
Corporate, Non-Segment
Liabilities
Restricted cash		$ 199	224
7.5% Election 2 Notes Due 2021
Liabilities
Stated interest rate		7.50%
7.5% notes due 2024
Liabilities
Stated interest rate		7.50%
Fair Value, Measurements, Nonrecurring | Level 1
Assets
Cash	[1]	$ 75,801	80,641
Total		75,801	80,641
Liabilities
Total		0	0
Fair Value, Measurements, Nonrecurring | Level 2
Assets
Cash	[1]	0	0
Total		0	0
Liabilities
Total		350,769	352,025
Fair Value, Measurements, Nonrecurring | Term loan agreement, due 2023 | Level 1
Liabilities
Loans payable		0	0
Fair Value, Measurements, Nonrecurring | Term loan agreement, due 2023 | Level 2
Liabilities
Loans payable		322,437	325,000
Fair Value, Measurements, Nonrecurring | Term loan, due 2026 [Member] | Level 1
Liabilities
Loans payable		0	0
Fair Value, Measurements, Nonrecurring | Term loan, due 2026 [Member] | Level 2
Liabilities
Loans payable		27,637	26,500
Fair Value, Measurements, Nonrecurring | 7.5% Election 2 Notes Due 2021 | Level 1
Liabilities
Notes payable		0	0
Fair Value, Measurements, Nonrecurring | 7.5% Election 2 Notes Due 2021 | Level 2
Liabilities
Notes payable		303	229
Fair Value, Measurements, Nonrecurring | 7.5% notes due 2024 | Level 1
Liabilities
Notes payable		0	0
Fair Value, Measurements, Nonrecurring | 7.5% notes due 2024 | Level 2
Liabilities
Notes payable		392	296
Fair Value, Measurements, Nonrecurring | Carrying Value
Assets
Cash	[1]	75,801	80,641
Total		75,801	80,641
Liabilities
Total		341,517	345,535
Fair Value, Measurements, Nonrecurring | Carrying Value | Term loan agreement, due 2023
Liabilities
Loans payable		314,638	317,472
Fair Value, Measurements, Nonrecurring | Carrying Value | Term loan, due 2026 [Member]
Liabilities
Loans payable		26,192	27,376
Fair Value, Measurements, Nonrecurring | Carrying Value | 7.5% Election 2 Notes Due 2021
Liabilities
Notes payable		390	297
Fair Value, Measurements, Nonrecurring | Carrying Value | 7.5% notes due 2024
Liabilities
Notes payable		$ 297	$ 390
[1]	Includes current and non-current restricted cash aggregating $199 and $224 at March 31, 2019 and December 31, 2018, respectively. Restricted cash as of March 31, 2019 and December 31, 2018 was related to the Company's Unsecured Senior Notes.

Taxes (Narrative) (Details)

Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax provision	$ (392)	$ (1,202)
Effective tax rates	11.00%	25.00%
Reserve for uncertain tax positions	$ 218		$ 220

Related Parties (Narrative) (De

Related Parties (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Nov. 30, 2016
Alaska Tanker Company Llc
Company's interest	37.50%
LNG Joint Venture | International Seaways Incorporated
Annual fee from related party		$ 145

Capital Stock and Stock Compe_2

Capital Stock and Stock Compensation (Narrative) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
RSUs related to ROIC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, per share (in dollars per share)	$ 2.02
Additional shares available for grant (in shares)	176,129
Aggregate shares available for grant (in shares)	528,387
Management Incentive Compensation Plan | Senior Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, options (in shares)	329,121
Management Incentive Compensation Plan | Time Based Restricted Stock | Senior Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	552,598,000
Granted, per share (in dollars per share)	$ 2.02
Vesting period	3 years
Management Incentive Compensation Plan | Performance Based Restricted Units | Senior Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, options (in shares)	352,258
Granted (in shares)	1.9
Vesting period	3 years
Continues employment period	3 years
Management Incentive Compensation Plan | Performance Based Restricted Units | Senior Officers | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights percentage	50.00%
Management Incentive Compensation Plan | Performance Based Restricted Units | Senior Officers | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, award vesting rights percentage	50.00%
Management Incentive Compensation Plan | Employee Stock Option | Senior Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	612,745
Granted, per share (in dollars per share)	$ 1.02
Options, exercisable price (in dollars per share)	$ 1.89
Class A Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock, shares converted (in shares)	39,692	33,671
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased during period (in shares)	159,685
Stock repurchased during period, per share amount (in dollars per share)	$ 1.84
Stock issued during period, shares, conversion of convertible securities (in shares)	7,504	6,375

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
AOCI Attributable to Parent [Abstract]
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans)	$ (7,109)	$ (7,192)
Accumulated other comprehensive loss	$ (7,109)	$ (7,192)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss (Changes in Components of AOCI, Net of Related Taxes) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning		$ 329,468	$ 313,238
Balance, ending		334,013	317,259
Total
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	[1]	(7,192)	(6,462)
Current period change, excluding amounts reclassified from accumulated other comprehensive income		(24)	(50)
Amounts reclassified from accumulated other comprehensive income		107	265
Total change in accumulated other comprehensive income		83	215
Balance, ending	[1]	(7,109)	(6,247)
Unrealized losses on cash flow hedges
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning		0	(112)
Current period change, excluding amounts reclassified from accumulated other comprehensive income		0	(69)
Amounts reclassified from accumulated other comprehensive income		0	181
Total change in accumulated other comprehensive income		0	112
Balance, ending		0	0
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning		(7,192)	(6,350)
Current period change, excluding amounts reclassified from accumulated other comprehensive income		(24)	19
Amounts reclassified from accumulated other comprehensive income		107	84
Total change in accumulated other comprehensive income		83	103
Balance, ending		$ (7,109)	$ (6,247)
[1]	Amounts are net of tax.

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Thousands	Jan. 02, 2019	Dec. 10, 2018vessel	Mar. 31, 2019USD ($)vessel	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)	Jan. 01, 2019USD ($)
Lessee, Lease, Description [Line Items]
Total lease liabilities			$ 263,108
Operating lease right-of-use assets			247,262
Rent expense			22,298	$ 22,547
Vessels chartered-in
Lessee, Lease, Description [Line Items]
Total lease liabilities			260,020
2019			61,582
2020			89,503
2021			55,329
2022			71,819
2023			9,143
Thereafter			$ 13,702
Commitments to charter in vessels, number of units (vessel) | vessel			10
Operating lease expense			$ 22,298
Sublease income			$ 44,428
Vessels chartered-in | Lease Not Yet Commenced
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term	10 years
Vessels chartered-in | Vessels
Lessee, Lease, Description [Line Items]
Commitments to charter in vessels, number of units with expiring leases in next fiscal year (vessel) | vessel			9
Commitments to charter in vessels, number of units with expiring leases in four years (vessel) | vessel		5
Commitments to charter in vessels, number of units with expiring leases in two years (vessel) | vessel		4
Vessels chartered-in | Vessels | One Time Lease Option, Option One
Lessee, Lease, Description [Line Items]
Operating lease renewal term			1 year
Vessels chartered-in | Vessels | Indefinite Lease Option, Option One
Lessee, Lease, Description [Line Items]
Operating lease renewal term			3 years
Vessels chartered-in | Vessels | Indefinite Lease Option, Option Two
Lessee, Lease, Description [Line Items]
Operating lease renewal term			5 years
Vessels chartered-in | Vessels | Extension Term Expiration In Four Years
Lessee, Lease, Description [Line Items]
Operating lease renewal term		3 years
Vessels chartered-in | Vessels | Extension Term, Expiration In Two Years
Lessee, Lease, Description [Line Items]
Operating lease renewal term		1 year
Office space
Lessee, Lease, Description [Line Items]
Total lease liabilities			$ 3,088
2019			495
2020			630
2021			631
2022			649
2023			474
Thereafter			1,186
Rent expense			$ 159
Weighted average remaining lease term			3 years 9 months
Weighted average discount rate			7.47%
Charters-Out
Lessee, Lease, Description [Line Items]
Lease income			$ 63,437
Straight-line adjustments			317
Net book value of owned vessels			$ 250,973
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Total lease liabilities						$ 280,407
Operating lease right-of-use assets						$ 264,546
Scenario, Forecast | Vessels chartered-in | Lease Not Yet Commenced
Lessee, Lease, Description [Line Items]
2019					$ 2,782
2020					4,172
2021					4,161
2022					4,161
2023					4,161
Thereafter					$ 21,352
Minimum
Lessee, Lease, Description [Line Items]
Term of contract			1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of contract			16 years

Leases (Lease Right-Of-Use Asse

Leases (Lease Right-Of-Use Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Current portion of operating lease liabilities	$ 81,897
Noncurrent operating lease liabilities	181,211
Total operating lease liabilities	263,108
Vessels chartered-in
Lessee, Lease, Description [Line Items]
Current portion of operating lease liabilities	81,209
Noncurrent operating lease liabilities	178,811
Total operating lease liabilities	260,020
Office space
Lessee, Lease, Description [Line Items]
Current portion of operating lease liabilities	688
Noncurrent operating lease liabilities	2,400
Total operating lease liabilities	$ 3,088
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Total operating lease liabilities		$ 280,407

Leases (Future Minimum Commitme

Leases (Future Minimum Commitment for Charters-In and Office Space) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Amount
Total lease liabilities	$ 263,108
Vessels chartered-in
Amount
2019	61,582
2020	89,503
2021	55,329
2022	71,819
2023	9,143
Thereafter	13,702
Net minimum lease payments	301,078
Less: present value discount	41,058
Total lease liabilities	260,020
Office space
Amount
2019	495
2020	630
2021	631
2022	649
2023	474
Thereafter	1,186
Net minimum lease payments	4,065
Less: present value discount	977
Total lease liabilities	$ 3,088

Leases (Future Minimum Revenues

Leases (Future Minimum Revenues on Charters-Out) (Details) - Charters-Out $ in Thousands	Mar. 31, 2019USD ($)
Amount
2019	$ 160,537
2020	42,032
2021	26,624
2022	30,675
2023	31,405
Thereafter	46,059
Net minimum lease receipts	$ 337,332

Vessels (Details)

Vessels (Details) $ in Thousands	1 Months Ended
	May 31, 2019USD ($)	Mar. 31, 2019USD ($)	Jan. 31, 2019bbl
Gunderson Marine LLC | Construction in Progress
Property, Plant and Equipment [Line Items]
Volume of chemical tank barge (bbl) | bbl			204,000
Commitments under the contract, remainder of the year		$ 17,073
Commitments under the contract in 2020		$ 31,343
Subsequent Event
Property, Plant and Equipment [Line Items]
Proceeds from sale of ATBs	$ 1,129

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) - Vessels $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Long-term Purchase Commitment [Line Items]
Capital commitments	$ 145,098
Payments made	$ 31,462