Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 10-Q 9 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 04, 2016
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		70,044,077
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,016

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 455,826	$ 502,836
Restricted cash	5,589	10,583
Voyage receivables, including unbilled of $53,065 and $73,366	60,902	81,612
Income tax recoverable	1,126	1,664
Other receivables	3,790	7,195
Inventories, prepaid expenses and other current assets	19,681	20,041
Total Current Assets	546,914	623,931
Restricted cash - non current		8,989
Vessels and other property, less accumulated depreciation of $794,995 and $736,874	2,021,500	2,084,859
Deferred drydock expenditures, net	76,117	95,241
Total Vessels, Deferred Drydock and Other Property	2,097,617	2,180,100
Investments in and advances to affiliated companies	344,886	348,718
Intangible Assets, less accumulated amortization of $44,083 and $41,783	47,917	50,217
Other assets	19,865	18,455
Total Assets	3,057,199	3,230,410
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	74,725	91,233
Income taxes payable	1,415	13
Current installments of long-term debt	46,183	63,039
Total Current Liabilities	122,323	154,285
Reserve for uncertain tax positions	2,542	2,520
Long-term debt	1,070,728	1,223,224
Deferred income taxes	253,843	208,195
Other liabilities	59,785	61,698
Total Liabilities	1,509,221	1,649,922
Commitments and contingencies
Equity:
Common stock	686	3,720
Paid-in additional capital	1,574,748	1,651,511
Retained earnings / (accumulated deficit)	52,478	(1,282)
Stockholders Equity Subtotal	1,627,912	1,653,949
Accumulated other comprehensive loss	(79,934)	(73,461)
Total Equity	1,547,978	1,580,488
Total Liabilities and Equity	$ 3,057,199	$ 3,230,410

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
CONSOLIDATED BALANCE SHEETS [Abstract]
Unbilled contracts receivable (in dollars)	$ 53,065	$ 73,366
Vessels and other property, accumulated depreciation	794,995	736,874
Intangible Assets, accumulated amortization	$ 44,083	$ 41,783

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Shipping Revenues:
Pool revenues, including $9,694, $13,303, $24,116 and $27,127 from companies accounted for by the equity method	$ 66,705	$ 90,591	$ 157,234	$ 169,360
Time and bareboat charter revenues	126,073	109,754	246,446	217,696
Voyage charter revenues	28,668	45,142	61,522	91,973
Shipping revenues	221,446	245,487	465,202	479,029
Operating Expenses:
Voyage expenses	5,751	10,284	12,585	22,184
Vessel expenses	69,010	68,279	140,052	137,518
Charter hire expenses	31,479	31,127	62,536	63,025
Depreciation and amortization	42,592	37,869	85,675	74,988
General and administrative	17,367	17,471	34,716	36,753
Technical management transition costs				40
Severance and relocation costs				5
(Gain)/loss on disposal of vessels and other property	112		(45)	(1,073)
Total Operating Expenses	166,311	165,030	335,519	333,440
Income from vessel operations	55,135	80,457	129,683	145,589
Equity in Income of affiliated companies	11,985	11,830	23,590	24,242
Operating income	67,120	92,287	153,273	169,831
Other income/(expense)	(599)	48	1,975	121
Income before interest expense, reorganization items and income taxes	66,521	92,335	155,248	169,952
Interest expense	(20,552)	(28,931)	(43,211)	(57,500)
Income before reorganization items and income taxes	45,969	63,404	112,037	112,452
Reorganization items, net	(860)	(1,437)	17,050	(4,924)
Income before income taxes	45,109	61,967	129,087	107,528
Income tax provision	(15,248)	(3,529)	(48,487)	(6,189)
Net Income	$ 29,861	$ 58,438	$ 80,600	$ 101,339
Common Class A [Member]
Weighted Average Number of Common Shares Outstanding:
Weighted average common shares outstanding, basic	92,255,692	95,576,283	93,496,651	95,574,356
Weighted average common shares outstanding, diluted	92,321,359	95,621,824	93,531,462	95,598,518
Per Share Amounts:
Basic and Diluted net income (in dollars per share)	$ 0.31	$ 0.60	$ 0.84	$ 1.05
Cash dividends declared			$ 0.48
Common Class B [Member]
Weighted Average Number of Common Shares Outstanding:
Basic and Diluted (in shares)	826,794	1,320,467	1,073,382	1,320,644
Per Share Amounts:
Basic and Diluted net income (in dollars per share)	$ 1.92	$ 0.60	$ 2.21	$ 1.05
Cash dividends declared	$ 1.08		$ 1.56

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Pool revenues, received from companies accounted for by the equity method	$ 9,694	$ 13,303	$ 24,116	$ 27,127

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 29,861	$ 58,438	$ 80,600	$ 101,339
Other Comprehensive Loss, net of tax:
Net change in unrealized losses on cash flow hedges	(507)	8,413	(7,472)	4,837
Defined benefit pension and other postretirement benefit plans:
Net change in unrecognized prior service costs	(7)	15	(11)	5
Net change in unrecognized actuarial losses	651	(789)	1,010	(283)
Other Comprehensive Income/(Loss), net of tax	137	7,639	(6,473)	4,559
Comprehensive Income	$ 29,998	$ 66,077	$ 74,127	$ 105,898

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows from Operating Activities:
Net income	$ 80,600	$ 101,339
Items included in net income not affecting cash flows:
Depreciation and amortization	85,675	74,988
Amortization of debt discount and other deferred financing costs	6,311	5,119
Compensation relating to restricted stock/stock unit and stock option grants	2,244	981
Deferred income tax provision	45,666	2,269
Undistributed earnings of affiliated companies	(20,441)	(19,056)
Reorganization items, non-cash	327	812
Other - net	(842)	549
Items included in net income related to investing and financing activities:
Gain on disposal of vessels and other property, net	(45)	(1,073)
Gain on repurchase of debt	(1,511)
Payments for drydocking	(7,103)	(25,394)
Bankruptcy claim payments	(7,136)	(3,436)
Deferred financing costs paid for loan modification		(6,187)
Changes in operating assets and liabilities	20,095	8,710
Net cash provided by operating activities	203,840	139,621
Cash Flows from Investing Activities:
Change in restricted cash	13,982	100,933
Expenditures for vessels and vessel improvements	(81)	(440)
Proceeds from disposal of vessels and other property		7,757
Expenditures for other property	(279)	(69)
Investments in and advances to affiliated companies	(987)	(1,506)
Repayments of advances from affiliated companies	18,500	17,000
Net cash provided by investing activities	31,135	123,675
Cash Flows from Financing Activities:
Cash dividends paid	(31,910)
Payments on debt	(64,641)	(6,257)
Extinguishment of debt	(109,046)
Repurchases of common stock and common stock warrants	(76,388)
Net cash used in financing activities	(281,985)	(6,257)
Net (decrease)/increase in cash and cash equivalents	(47,010)	257,039
Cash and cash equivalents at beginning of year	502,836	389,226
Cash and cash equivalents at end of period	$ 455,826	$ 646,265

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/(DEFICIT) - USD ($) $ in Thousands		Class A Warrant [Member]	Class B Warrant [Member]Common Stock [Member]	[1]	Class B Warrant [Member]Additional Paid-in Capital [Member]	[2]	Common Stock [Member]	[1]	Additional Paid-in Capital [Member]Common Class A [Member]	[2]	Additional Paid-in Capital [Member]		Retained Earnings / (Accumulated deficit) [Member]	Accumulated Other Comprehensive Loss [Member]	[3]	Common Class A [Member]	Total
Balance at Dec. 31, 2014							$ 3,158				$ 1,507,334	[2]	$ (141,025)	$ (83,380)			$ 1,286,087
Net income													101,339				101,339
Other comprehensive income (loss)														4,559			4,559
Issuance and vesting of restricted stock awards, net							3				(3)	[2]
Compensation related to Class A options granted									$ 160							$ 160
Compensation related to Class A restricted stock awards									821							821
Conversion of Warrants to Common Stock			$ 26		$ (26)
Balance at Jun. 30, 2015							3,187				1,508,286	[2]	(39,686)	(78,821)			1,392,966
Balance at Dec. 31, 2015							3,720				1,651,511	[2]	(1,282)	(73,461)			1,580,488
Net income													80,600				80,600
Other comprehensive income (loss)														(6,473)			(6,473)
Dividends paid													(25,503)				(30,573)
Dividends paid, APIC	[2]										(5,070)
Special dividend payable to Class B shareholders													(1,337)				(1,337)
Issuance and vesting of restricted stock awards, net							3				(3)	[2]
Forfeitures and cancellation of restricted stock awards											(323)	[2]					(323)
Compensation related to Class A options granted									489							489
Compensation related to Class A restricted stock awards									$ 1,755							1,755
Conversion of Warrants to Common Stock							397				(397)	[2]
Repurchase of Warrants and Common Stock		$ (75,347)					(5)				(76,643)	[2]				$ (1,301)	(76,648)
Reverse stock split, common stock decrease and APIC increase							(3,429)				3,429	[2]
Balance at Jun. 30, 2016							$ 686				$ 1,574,748	[2]	$ 52,478	$ (79,934)			$ 1,547,978
[1]	Par value $0.01 per share; 166,666,666 Class A shares authorized; 68,614,708 Class A shares outstanding as of June 30, 2016.
[2]	Includes 121,212,278 outstanding Class A warrants as of June 30, 2016.
[3]	Amounts are net of tax.

CONDENSED CONSOLIDATED STATEME9

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY/(DEFICIT) (Parenthetical)	Jun. 30, 2016$ / sharesshares
Common Class A [Member]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Common stock, shares authorized	166,666,666
Common stock, shares, outstanding	68,614,708
Class A Warrant [Member]
Class of warrant or right, outstanding	121,212,278

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Basis of Presentation [Abstract]
Basis of Presentation	Note 1 — Basis of Presentation: The accompanying unaudited condensed consolidated financial statements include the accounts of Overseas Shipholding Group, Inc., a Delaware corporation (the “Parent Company”), and its wholly owned subsidiaries (collectively, the “Company” or “OSG”, “we”, “us” or “our”). The Company owns and operates a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and refined petroleum products in the International Flag and U.S. Flag trades through its wholly owned subsidiaries OSG International, Inc. (“OIN”), a Marshall Islands corporation, and OSG Bulk Ships, Inc. (“OBS”), a New York corporation, respectively. 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, 2016, are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The condensed consolidated balance sheet as of December 31, 2015 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 Exhibit 99.1 of the Company’s Current Report on Form 8-K filed on July 14, 2016. The Company’s Board of Directors (the “Board”) approved a stock dividend of Class A common stock, whereby on December 17, 2015 , all shareholders of record of the Company’s Class A and B common stock as of December 3, 2015 , received a dividend of one -tenth of one share of Class A common stock for each share of Class A common stock and Class B common stock held by them as of the record date. In addition, as discussed further in Note 11, effective May 27, 2016, all Class B common shares and Class B warrants automatically converted into one Class A common share and one Class A warrant, respectively , and on June 2, 2016 the Board approved an amendment (the “Reverse Split Amendment”) to the Company’s Amended and Restated Certificate of Incorporation. The Reverse Split Amendment effected a one (1) for six (6) reverse stock split and corresponding reduction of the number of authorized shares of common stock, par value $0.01 per share (the “Reverse Split”). The Reverse Split Amendment became effective on June 13, 2016 . In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) ASC 260, Earnings Per Share , the Company is required to adjust the computations of basic and diluted earnings per share retroactively for all periods presented to reflect that change in its capital structure. Accordingly, amounts previously reported for the three and six months ending June 30, 2015, with respect to income per share, outstanding Class A shares, Class A warrants, Class B shares, Class B warrants, Class A restricted stock units, restricted shares and stock options have been restated in the context of earnings per share calculations. The table below shows the effects of the stock dividend and the Reverse Split on the calculation of per share amounts previously reported in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2015:    Three Months Ending Six Months Ending  June 30, 2015 June 30, 2015  (unaudited) (unaudited)  Decrease in weighted average number of shares outstanding used to calculate basic net income per share amounts for Class A (477,881,414) (425,019,964)   Decrease in weighted average number of shares outstanding used to calculate diluted net income per share amounts for Class A (478,109,118) (425,100,704)   Decrease in weighted average number of shares outstanding used to calculate basic and diluted net income per share amounts for Class B (6,602,333) (6,603,222)   Change in net income per share - basic and diluted Class A and B $ 0.50 $ 0.85  Dollar amounts, except per share amounts are in thousands.

Chapter 11 Filing and Emergence

Chapter 11 Filing and Emergence from Bankruptcy	6 Months Ended
	Jun. 30, 2016
Chapter 11 Filing and Emergence from Bankruptcy [Abstract]
Chapter 11 Filing and Emergence from Bankruptcy	Note 2 — Chapter 11 Filing and Emergence from Bankruptcy: On November 14, 2012 (the “Petition Date”), the Parent Company and 180 of its subsidiaries (collectively, the “Debtors”) filed voluntary petitions for reorganization under Chapter 11 of the U.S. Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The Debtors filed with the Bankruptcy Court a plan of reorganization (the “Equity Plan”). The Bankruptcy Court confirmed the Equity Plan by order entered on July 18, 2014 (the “Confirmation Order”). On August 5, 2014 (the “Effective Date”), the Equity Plan became effective and OSG emerged from bankruptcy. As of August 9, 2016, only OSG’s case, as the Parent Company, remains open from the original 181 Chapter 11 cases. Reorganization Items, net Reorganization items, net represent amounts incurred subsequent to the Petition Date as a direct result of the filing of our Chapter 11 cases and are comprised of the following:      Three Months Ended  June 30,  2016 2015  Trustee fees $ 30 $ 31  Professional fees 744 1,718  Litigation settlement due to Class B warrant holders 86 -  Other claim adjustments - (312)  $ 860 $ 1,437    Six Months Ended  June 30,  2016 2015  Trustee fees $ 60 $ 171  Professional fees 1,027 4,945  Litigation Settlement, net (20,359) -  Litigation settlement due to class action plaintiffs 2,136 -  Litigation settlement due to Class B warrant holders 86 -  Other claim adjustments - (192)  $ (17,050) $ 4,924  On February 12, 2016, the Company entered into an agreement with Proskauer and four of its partners to settle the malpractice suit filed by the Company in March 2014. Settlement proceeds totaling $20,359 net of all related out-of-pocket expenses, including legal fees, incurred by the Company during the three months ended March 31, 2016 are included in litigation settlement, net in the table above.  In addition, as discussed below in Note 14, “Contingencies,” pursuant to the terms of the Company’s settlement with members of the putative class of securities claimants, the Company recognized an income statement charge for 15% , or $2,136 , of the Net Litigation Recovery amount of $14,242 (as defined below) during the six months ended June 30, 2016. The “Net Litigation Recovery” is the gross amount of the settlement less all related out-of-pocket expenses, including legal fees, incurred by the Company since the inception of the action against the Proskauer Plaintiffs (as defined in Note 14) through the date of settlement. Further, as required by the Equity Plan, the Company’s Certificate of Incorporation and the Class B Warrant Agreement, the Company distributed 10% , or $1,423 , of the Net Litigation Recovery amount to the Class B shareholders and warrant holders in May 2016. Approximately $86 of the aforementioned $1,423, which represents the proportional share of the Net Litigation Recovery payable to the Company’s Class B warrant holders, was recognized as a charge to reorganization items, net in the second quarter of 2016. The balance of $1,337 was distributed in the form of a special dividend to the Company’s Class B shareholders and was recorded as a reduction of retained earnings.  Cash paid for reorganization items, excluding the Proskauer related settlement amounts noted above, was $562 and $1,088 for the three and six month periods ended June 30, 2016, respectively, and $3,332 and $9,428 for the three and six month periods ended June 30, 2015, respectively.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Significant Accounting Policies [Abstract]
Significant Accounting Policies	Note 3 — Significant Accounting Policies: Cash and cash equivalents — Interest-bearing deposits that are highly liquid investments and have a maturity of three months or less when purchased are included in cash and cash equivalents. Management has designated cash reserves of $5,589 and $10,583 as of June 30, 2016 and December 31, 2015, respectively, to be utilized for the settlement of certain unsecured claims related to the Company’s emergence from bankruptcy. Such cash reserves, which are considered restricted cash due to management’s intent regarding these funds, are included in restricted cash in the current assets section of the condensed consolidated balance sheet based on management’s estimate of when these funds are likely to be disbursed. Such restricted cash reserves will be subject to adjustment based upon the settlement of claims. Additionally, restricted cash as of December 31, 2015 include d $8,989 of legally restricted cash relating to the OIN Facilities (as defined in Note 9, “Debt”). Such restricted cash reserves were included in the non-current assets section of the condensed consolidated balance sheet at December 31, 2015 . Activity relating to restricted cash is reflected in investing activities in the condensed consolidated statements of cash flow.  Deferred finance charges — Finance charges incurred in the arrangement and amendment of debt are deferred and amortized to interest expense on either an effective interest method or straight-line basis over the life of the related debt. Unamortized deferred finance charges of $2,458 and $2,922 relating to the OBS ABL Facility and OIN Revolver Facility (each, as defined in Note 9) are included in other assets in the condensed consolidated balance sheets as of June 30, 2016 and December 31, 2015, respectively. Unamortized deferred financing charges of $30,754 and $41,020 relating to the OBS Term Loan and OIN Term Loan (each, as defined in Note 9) and $2,805 and $3,523 relating to the Unsecured Senior Notes are included in long-term debt (reflecting the adoption of ASU No. 2015-03 discussed below) in the condensed consolidated balance sheets as of June 30, 2016 and December 31, 2015, respectively. Interest expense relating to the amortization of deferred financing charges amounted to $2,861 , and $6,039 for the three and six months ended June 30, 2016 , respectively, and $2,494 and $4,871 for the three and six months ended June 30, 2015 , respectively.  Concentration of Credit Risk — Financial instruments that potentially subject the Company to concentrations of credit risk are voyage receivables due from charterers and pools in which the Company participates. During the three and six month periods ended June 30, 2016 and 2015, the Company did not have any individual customers who accounted for 10% or more of its revenues apart from the pools in which it participates. The pools in which the Company participates accounted in aggregate for 81% and 77% of consolidated voyage receivables at June 30, 2016 and December 31, 2015, respectively. Impairment of long-lived assets —The carrying amounts of long-lived assets held and used by the Company are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. In such instances, an impairment charge would be recognized if the estimate of the undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than the asset’s carrying amount. This assessment is made at the individual vessel level since separately identifiable cash flow information for each vessel is available. The impairment charge, if any, would be measured as the amount by which the carrying amount of a vessel exceeded its fair value. A long-lived asset impairment charge results in a new cost basis being established for the relevant long-lived asset.  Income Taxes — The Company’s quarterly income tax provision and its corresponding annual effective tax rate are based on expected income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates. For interim financial reporting, the Company estimates the annual effective tax rate based on projected taxable income for the full year and records a quarterly tax provision in accordance with the expected annual effective tax rate. As the year progresses, the Company refines the estimates of the year’s taxable income as new information becomes available, including year-to-date financial results. This continual estimation process often results in a change to our expected annual effective tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date income tax provision reflects the expected annual effective tax rate. Significant judgment is required in determining the Company’s annual effective tax rate and in evaluating the Company’s tax positions. Recently Adopted Accounting Standards In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASC 835), which amends the requirement to recognize debt issuance costs as deferred charges. The amendment requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying cost of that debt liability, consistent with debt discounts. The amendments are effective for public companies for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company adopted this accounting standard on January 1, 2016 and has applied the guidance retrospectively. The impact of the retrospective adoption on the Company’s December 31, 2015 balance sheet are reductions of both other assets and long-term debt by $44,543.  Recently Issued Accounting Standards 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. The revenue standard contains principles that an entity will apply to determine the measurement and timing of when it is recognized. 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 FASB subsequently delayed the effective date of the revenue standard by one year. For public companies, the revenue standard is effective for the first interim period within annual reporting periods beginning after December 15, 2017. Reporting entities may choose to adopt the standard as of the original effective date. The requirements of this standard include a n 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.  In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASC 205), which explicitly requires management to assess an entity’s ability to continue as a going concern and disclose going concern uncertainties in connection with each annual and interim period. The new standard requires management to assess if there is substantial doubt about an entity’s ability to continue to meet its obligations within one year after the reporting date based upon management’s consideration of relevant conditions that are known (and reasonably knowable) at the issuance date. The new standard defines substantial doubt and provides example indicators. Disclosures will be required if conditions give rise to substantial doubt. However, management will need to assess if its plans will alleviate substantial doubt to determine the specific disclosures. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. Earlier application is permitted. Management does not expect the adoption of this accounting standard to have any impact 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.  In March 2016, FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (ASC 718) , which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification in the statement of cash flows. The standard will be effective for annual periods beginning after December 31, 2016 and interim periods within that reporting period. Management is currently reviewing the impact of the adoption of this accounting standard on the Company’s consolidated financial statements.  

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2016
Earnings per Common Share [Abstract]
Earnings per Common Share	Note 4 — Earnings per Common Share: Basic earnings per common share is computed by dividing earnings, after the deduction of dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. As management deemed the exercise price for the Class A and B warrants of $0.01 per share to be nominal, warrant proceeds are ignored and the shares issuable upon Class A and B warrant exercise are included in the calculation of Class A and B 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.  The Company’s Board approved a stock dividend of Class A common stock, whereby on December 17, 2015, all shareholders of record of the Company’s Class A and B common stock as of December 3, 2015, received a dividend of one-tenth of one share of Class A common stock for each share of Class A common stock and Class B common stock held by them as of the record date. As noted above, the Company’s Board approved a reverse stock split, whereby on June 13, 2016, a one (1) for six (6) reverse stock split and corresponding reduction in the number of authorized shares was effected. Accordingly, amounts previously reported for the three and six months ending June 30, 2015 with respect to income per share, outstanding Class A common shares, Class A warrants, Class B common shares, Class B warrants, Class A restricted stock units, Class A restricted shares and Class A stock options have been restated in the context of earnings per share calculations. See Note 1, “Basis of Presentation,” for a summary of the effects of the stock dividend and the Reverse Split on the calculation of per share amounts previously reported in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2015 . Class A There were 38,697 and 40,577 weighted average shares of unvested Class A restricted common stock shares considered to be participating securities for the three and six month periods ended June 30, 2016, respectively , and 58,078 a nd 54,575 weighted average shares of unvested Class A restricted common stock shares considered to be participating securities for the three and six month periods ended June 30, 2015, respectively. Such participating securities were allocated a portion of income under the two-class method for the three and six months ended June 30, 201 6 and 2015 . Holders of the participating securities do not participate in losses. The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units. As of June 30, 2016 and 2015, respectively, there were 587,607 and 268,538 shares of Class A stock options outstanding and 489,282 and 309,297 shares of unvested Class A restricted stock units outstanding which are considered to be potentially dilutive securities. Class B There are no participating securities or potentially dilutive securities relating to the Class B common stock.  The components of the calculation of basic earnings per share and diluted earnings per share are as follows:      Three Months Ended  June 30,  2016 2015   Net income $ 29,861 $ 58,438   Weighted average common shares outstanding:  Common stock - basic and diluted  Class A common stock - basic 92,255,692 95,576,283  Class A common stock - diluted 92,321,359 95,621,824  Class B common stock - basic and diluted 826,794 1,320,467    Six Months Ended  June 30,  2016 2015   Net income $ 80,600 $ 101,339   Weighted average common shares outstanding:  Common stock - basic and diluted  Class A common stock - basic 93,496,651 95,574,356  Class A common stock - diluted 93,531,462 95,598,518  Class B common stock - basic and diluted 1,073,382 1,320,644 For the three months ended June 30, 2016 and 2015 earnings per share calculations, there were 65,667 and 45,541 dilutive equity awards outstanding, respectively. For the six months ended June 30, 2016 and 2015 earnings per share calculations, there were 34,811 and 24,162 dilutive equity awards outstanding , respectively. Awards of 130,303 and 108,387 for the three and six months ended June 30, 2016, respectively, were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive .

Business and Segment Reporting

Business and Segment Reporting	6 Months Ended
	Jun. 30, 2016
Business and Segment Reporting [Abstract]
Business and Segment Reporting	Note 5 — Business and Segment Reporting: The Company has three reportable segments: International Crude Tankers, International Product Carriers and U.S. Flag vessels. Income/(loss) from vessel operations for segment purposes is defined as income/(loss) from vessel operations before general and administrative expenses, technical management transition costs, severance and relocation costs and gain/(loss) on disposal of vessels and other property . The accounting policies followed by the reportable segments are the same as those followed in the preparation of the Company’s consolidated financial statements.  Information about the Company’s reportable segments as of and for the three and six months ended June 30, 2016 and 2015 follows:       International  Crude Product  Three months ended Tankers Carriers Other U.S. Totals  June 30, 2016:  Shipping revenues $ 68,312 $ 34,750 $ - $ 118,384 $ 221,446  Time charter equivalent revenues 66,539 34,416 - 114,740 215,695  Depreciation and amortization 12,984 6,795 246 22,567 42,592  Gain/(loss) on disposal of vessels and other property - - (112) - (112)  Income from vessel operations 30,563 7,096 277 34,678 72,614  Equity in income of affiliated companies 9,019 - 2,966 - 11,985  Investments in and advances to affiliated companies at June 30, 2016 277,821 15,226 51,801 38 344,886  Total assets at June 30, 2016 1,095,471 496,881 51,801 946,886 2,591,039   June 30, 2015:  Shipping revenues 81,530 42,598 (35) 121,394 245,487  Time charter equivalent revenues 76,968 42,367 (38) 115,906 235,203  Depreciation and amortization 12,720 6,923 246 17,980 37,869  Gain/(loss) on disposal of vessels and other property  Income/(loss) from vessel operations 42,308 14,952 (269) 40,937 97,928  Equity in income of affiliated companies 8,914 - 2,916 - 11,830  Investments in and advances to affiliated companies at June 30, 2015 281,335 14,371 52,444 38 348,188  Total assets at June 30, 2015 1,173,738 529,413 52,444 1,011,452 2,767,047     International  Crude Product  Six months ended Tankers Carriers Other U.S. Totals  June 30, 2016:  Shipping revenues $ 159,375 $ 72,363 $ - $ 233,464 $ 465,202  Time charter equivalent revenues 153,903 71,761 - 226,953 452,617  Depreciation and amortization 25,960 13,638 508 45,569 85,675  Gain/(loss) on disposal of vessels and other property 201 - (142) (14) 45  Goodwill and other intangibles impairment charge -  Income from vessel operations 82,884 16,156 171 65,143 164,354  Equity in income of affiliated companies 17,991 - 5,614 (15) 23,590  Expenditures for vessels and vessel improvements - 24 - 57 81  Payments for drydockings 1,644 870 - 4,589 7,103   June 30, 2015:  Shipping revenues 154,947 86,539 57 237,486 479,029  Time charter equivalent revenues 143,789 85,884 54 227,118 456,845  Depreciation and amortization 25,165 13,900 717 35,206 74,988  Gain/(loss) on disposal of vessels and other property 7 (5) 1,133 (62) 1,073  Income/(loss) from vessel operations 74,299 29,229 (678) 78,464 181,314  Equity in income of affiliated companies 17,371 - 6,877 (6) 24,242  Expenditures for vessels and vessel improvements - 387 - 53 440  Payments for drydockings 6,120 178 - 19,096 25,394 Reconciliations of time charter equivalent (“TCE”) revenues of the segments to shipping revenues as reported in the condensed statements of operations follow:      Three Months Ended  June 30,  2016 2015  Time charter equivalent revenues $ 215,695 $ 235,203  Add: Voyage expenses 5,751 10,284  Shipping revenues $ 221,446 $ 245,487    Six Months Ended  June 30,  2016 2015  Time charter equivalent revenues $ 452,617 $ 456,845  Add: Voyage expenses 12,585 22,184  Shipping revenues $ 465,202 $ 479,029  Consistent with general practice in the shipping industry, the Company uses time charter equivalent revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance.  Reconciliations of income from vessel operations of the segments to income before income taxes, as reported in the condensed consolidated statements of operations follow:       Three Months Ended  June 30,  2016 2015  Total income from vessel operations of all segments $ 72,614 $ 97,928  General and administrative expenses (17,367) (17,471)  Severance and relocation costs - -  Gain/(loss) on disposal of vessels and other properties (112) -  Consolidated income from vessel operations 55,135 80,457  Equity in income of affiliated companies 11,985 11,830  Other income/(expense) (599) 48  Interest expense (20,552) (28,931)  Reorganization items, net (860) (1,437)  Income before income taxes $ 45,109 $ 61,967    Six Months Ended  June 30,  2016 2015  Total income from vessel operations of all segments $ 164,354 $ 181,314  General and administrative expenses (34,716) (36,753)  Technical management transition costs - (40)  Severance and relocation costs - (5)  Gain/(loss) on disposal of vessels and other properties 45 1,073  Consolidated income from vessel operations 129,683 145,589  Equity in income of affiliated companies 23,590 24,242  Other income/(expense) 1,975 121  Interest expense (43,211) (57,500)  Reorganization items, net 17,050 (4,924)  Income before income taxes $ 129,087 $ 107,528  Reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets follow:      As of June 30, 2016 2015   Total assets of all segments $ 2,591,039 $ 2,767,047  Corporate unrestricted cash (1) 455,826 646,265  Corporate restricted cash (1) 5,589 22,245  Other unallocated amounts 4,745 47,325  Consolidated total assets $ 3,057,199 $ 3,482,882  (1) As of June 30, 2016 and 2015, OBS and its subsidiaries had unrestricted cash balances of $152,865 and $157,177 , respectively, and OIN and its subsidiaries had unrestricted cash balances of $278,945 and $170,900 , respectively. All restricted cash balances were held by the Parent Company, OSG, as of June 30, 2016 and 2015.

Vessels

Vessels	6 Months Ended
	Jun. 30, 2016
Vessels [Abstract]
Vessels	Note 6 — Vessels: Vessel Impairments The Company gave consideration as to whether events or changes in circumstances had occurred since December 2015 that could indicate that the carrying amounts of the vessels in the Company’s International and U.S. Flag fleets may not be recoverable as of June 30, 2016. Factors considered included the industry wide declines in vessel valuations during 2016 and forecasted charter rates in the near term. The Company concluded that as of June 30, 2016, these factors did not rise to the level of impairment trigger events requiring further considerations. We will continue to monitor these negative developments and if such declines continue for a protracted period of time or worsen, we will re-evaluate whether these changes in industry conditions constitute impairment triggers. Vessel Sales and Acquisitions There were no vessels sold or acquired during the six months ended June 30, 2016 or 2015. 

Variable Interest Entities ("VI

Variable Interest Entities ("VIEs")	6 Months Ended
	Jun. 30, 2016
Variable Interest Entities ("VIEs") [Abstract]
Variable Interest Entities ("VIEs")	Note 7 – Variable Interest Entities (“VIEs”): As of June 30, 2016, the Company participates in six commercial pools and three joint ventures. One of the pools and the FSO joint venture were determined to be VIEs. The Company is not considered a primary beneficiary of either the pool or the joint venture. The following table presents the carrying amounts of assets and liabilities in the condensed consolidated balance sheet related to the VIEs as of June 30, 2016:     Condensed Consolidated Balance Sheet  Investments in Affiliated Companies $ 272,684 In accordance with accounting guidance, the Company evaluated its maximum exposure to loss related to these VIEs by assuming a complete loss of the Company’s investment in these VIEs and that it would incur an obligation to repay the full amount of the VIE’s outstanding secured debt and interest rate swap obligations . The table below compares the Company’s liability in the condensed consolidated balance sheet to the maximum exposure to loss at June 30, 2016:      Condensed Consolidated Balance Sheet Maximum Exposure to Loss  Other Liabilities $ - $ 320,200  In addition, as of June 30, 2016, the Company had approximately $8,283 of trade receivables from the pool that was determined to be a VIE. These trade receivables, which are included in voyage receivables in the accompanying condensed consolidated balance sheet, have been excluded from the above tables and the calculation of OSG’s maximum exposure to loss. The Company does not record the maximum exposure to loss as a liability because it does not believe that such a loss is probable of occurring as of June 30, 2016. Further, the joint venture debt is secured by the joint venture’s FSOs. Therefore, the Company’s exposure to loss under its several guarantee would first be reduced by the fair value of such FSOs.

Fair Value of Financial Instrum

Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures	6 Months Ended
	Jun. 30, 2016
Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures	Note 8 — Fair Value of Financial Instruments, 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 at June 30, 2016 are estimated based on quoted market prices.  Interest rate swaps and caps— The fair values of interest rate swaps and caps are the estimated amounts that the Company would receive or pay to terminate the swaps or caps at the reporting date, which include adjustments for the counterparty or the Company’s credit risk, as appropriate, after taking into consideration any underlying collateral securing the swap or cap agreements. 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- Inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The estimated fair values of the Company’s financial instruments, other than derivatives that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows:    Fair Value Level 1 Level 2  June 30, 2016:  Cash (1) $ 461,415 $ 461,415 $ -  8.125% notes due 2018 (121,938) - (121,938)  OBS Term loan (478,842) - (478,842)  OIN Term loan (534,018) - (534,018)  7.5% Election 2 notes due 2021 (333) - (333)  7.5% notes due 2024 (431) - (431)   December 31, 2015:  Cash (1) $ 522,408 $ 522,408 $ -  8.125% notes due 2018 (121,046) - (121,046)  OBS Term loan (571,682) - (571,682)  OIN Term loan (601,928) - (601,928)  7.5% Election 2 notes due 2021 (328) - (328)  7.5% notes due 2024 (745) - (745) (1) Includes current and non-current restricted cash aggregating $5,589 and $19,572 at June 30, 2016 and December 31, 2015, respectively.  Derivatives Interest Rate Risk The Company uses interest rate caps and swaps for the management of interest rate risk exposure. At June 30, 2016, OBS and OIN were party to two separate interest rate cap agreements (“Interest Rate Cap”) each with a start date of February 5, 2015 with major financial institutions covering notional amounts of $375,000 and $400,000 , respectively, to limit the floating interest rate exposure associated with their respective term loans. The Interest Rate Cap agreements were designated and qualified as cash flow hedges and contain no leverage features. The OBS Interest Rate Cap has a cap rate of 2.5% through February 5, 2017, at which time the cap rate increases to 3.0% through the termination date of February 5, 2018. The OIN Interest Rate Cap has a cap rate of 2.5% through the termination date of February 5, 2017. Tabular disclosure of derivatives location Derivatives are recorded in the June 30, 2016 balance sheet on a net basis by counterparty when a legal right of offset exists. The following table presents information with respect to the fair values of derivatives reflected in the June 30, 2016 and December 31, 2015 balance sheets on a gross basis by transaction:     Asset Derivatives Liability Derivatives  Balance Sheet Location Amount Balance Sheet Location Amount  June 30, 2016:   Derivatives designated as hedging instruments:   Interest rate caps:  Long-term portion Other assets $ 1 Other liabilities $ -  Total derivatives designated as hedging instruments $ 1 $ -   December 31, 2015:   Derivatives designated as hedging instruments:   Interest rate caps:  Long-term portion Other assets $ 102 Other liabilities $ -  Total derivatives designated as hedging instruments $ 102 $ - The following tables present information with respect to gains and losses on derivative positions reflected in the condensed consolidated statements of operations or in the condensed consolidated statements of other comprehensive income.  The effect of cash flow hedging relationships recognized in other comprehensive income excluding amounts reclassified from accumulated other comprehensive loss (effective portion), including hedges of equity method investees, for the three and six month periods ended June 30, 2016 and 2015 follows:     Three Months Ended  June 30,  2016 2015  Interest rate swaps $ (4,463) $ 4,196  Interest rate caps (14) (396)  Total $ (4,477) $ 3,800    Six Months Ended  June 30,  2016 2015  Interest rate swaps $ (15,669) $ (3,235)  Interest rate caps (101) (1,583)  Total $ (15,769) $ (4,818)    Statement of Operations  Effective Portion of Gain/(Loss)  Reclassified from  Accumulated Other Comprehensive  Loss Ineffective Portion  Amount of Amount of  Location Gain/(Loss) Location Gain/(Loss)  For the three months ended June 30, 2016:  Interest rate caps Interest expense $ (105) Interest expense $ -  Total $ (105) $ -   For the three months ended June 30, 2015:  Interest rate caps Interest expense $ - Interest expense $ -  Total $ - $ -     Statement of Operations  Effective Portion of Gain/(Loss)  Reclassified from  Accumulated Other Comprehensive  Loss Ineffective Portion  Amount of Amount of  Location Gain/(Loss) Location Gain/(Loss)  For the six months ended June 30, 2016:  Interest rate caps Interest expense $ (133) Interest expense $ -  Total $ (133) $ -   For the six months ended June 30, 2015:  Interest rate caps Interest expense $ - Interest expense $ -  Total $ - $ -  See Note 12, “Accumulated Other Comprehensive Loss,” for disclosures relating to the impact of derivative instruments on accumulated other comprehensive loss.  Fair Value Hierarchy The following table presents the fair values, which are pre-tax, for assets and liabilities measured on a recurring basis (excluding investments in affiliated companies):     Fair Value Level 1 Level 2  Assets/(Liabilities) at June 30, 2016:  Derivative Assets (interest rate caps) $ 1 $ - $ 1 (1)   Assets/(Liabilities) at December 31, 2015:  Derivative Assets (interest rate caps) $ 102 $ - $ 102 (1) (1) For interest rate caps, fair values are derived using valuation models that utilize the income valuation approach. These valuation models take into account contract terms such as maturity, as well as other inputs such as interest rate yield curves and creditworthiness of the counterparty and the Company. 

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt [Abstract]
Debt	Note 9 — Debt: Debt consists of the following:      June 30, December 31,  2016 2015  8.125% notes due 2018 , net of unamortized discount and deferred costs of $2,797 and $3,514 $ 116,167 $ 115,450  OBS term loan, due 2019 , net of unamortized discount and deferred costs of $14,128 and $19,340 480,160 574,615  OIN term loan, due 2019 , net of unamortized discount and deferred costs of $18,151 and $23,727 519,901 595,222  7.5% Election 2 notes due 2021 , net of unamortized discount and deferred costs of $8 and $9 293 292  7.50% notes due 2024 390 684  Total debt 1,116,911 1,286,263  Less current portion 46,183 63,039  Long-term portion $ 1,070,728 $ 1,223,224 The weighted average interest rate for debt outstanding as of June 30, 2016 and December 31, 2015 was 5.85% and 5.81% , respectively. Exit Financing Facilities Capitalized terms used hereafter in this Note 9 have the meanings given in this Quarterly Report on Form 10-Q or in the Company’s 2015 Annual Report on Form 10-K or in the respective transaction documents referred to below, including subsequent amendments thereto.  As of June 30, 2016, no amounts had been drawn under the OBS ABL Facility or the OIN Revolver Facility.  On July 18, 2016, the Company entered into a second amendment (the “Second OIN Credit Agreement Amendment”) to the OIN Facilities. The Second OIN Credit Agreement Amendment, among other things, amends the conditions under which the OIN Facilities permit OSG to spin off OIN. In particular, the Second OIN Credit Agreement Amendment permits the distribution of OSG’s equity interests in OIN to OSG’s shareholders in conjunction with the transfer of substantially all of OIN’s assets (subject to certain exceptions) to a new wholly-owned subsidiary of OIN, subject to the satisfaction of other conditions set forth in the OIN Facilities and the Second OIN Credit Agreement Amendment. The OBS Term Loan and the OIN Term Loan amortize 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. Each of the OBS Term Loan and the OIN Facilities 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 respective facility. The OBS Term Loan and the OIN Term Loan are subject to additional mandatory annual prepayments in an aggregate principal amount of up to 50% of Excess Cash Flow. Management determined that it had Excess Cash Flow under the OBS Term Loan for the six months ended June 30, 2016 and has projected the amount of Excess Cash Flow for the six months ended December 31, 2016 based on the facts at June 30, 2016. The mandatory prepayment, less any optional principal payments made during the year ending December 31, 2016, will be due during the first quarter of 2017. The mandatory prepayment, which is reduced by the $20,000 optional principal payment made during the three months ended June 30, 2016, is estimated to be approximately $40,000 , and is included in current installments of long-term debt on the condensed consolidated balance sheet as of June 30, 2016. Management estimates that no prepayment will be required for the OIN Term Loan for 2016 . Each Exit Financing Facility contains certain restrictions relating to new borrowings, and the movement of funds between the borrowers 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 and OIN is restricted under their respective facilities. The Available Amount for cash dividends, loans or advances to the Parent Company permitted under the OBS Term Loan and OIN Term Loan was $51,295 and $30,200 , respectively, as of June 30, 2016, after OIN ’s dividend distribution s to the Parent Company of $102,000 during the six months then ended. The OIN Facilities have a covenant to maintain the aggregate Fair Market Value (as defined in the loan agreement for the OIN Facilities) of the Collateral Vessels at greater than or equal to $500,000 at the end of each fiscal quarter. The Company had substantial headroom under this covenant at June 30, 2016. None of the other Exit Financing Facilities have financial covenants. Interest expense, including amortization of issuance and deferred financing costs (for additional information related to deferred financing costs see Note 3, “Significant Accounting Policies”), commitment, administrative and other fees for the three months ended June 30, 2016 was $17,607 for the Exit Financing Facilities, comprised of $8,019 relating to the OBS Term Loan and OBS ABL Facility and $9,588 relating to the OIN Facilities. Interest expense for the three month period ended June 30, 2015 was $19,929 for the Exit Financing Facilities, comprised of $9,363 relating to the OBS Term Loan and OBS ABL Facility and $10,566 relating to the OIN Facilities. Interest expense for the six-month period ended June 30, 2016 was $37,409 for the Exit Financing Facilities, comprised of $17,133 relating to the OBS Term Loan and OBS ABL Facility and $20,276 relating to the OIN Facilities. Interest expense for the six-month period ended June 30, 2015 was $39,632 for the Exit Financing Facilities, comprised of $18,676 relating to the OBS Term Loan and OBS ABL Facility and $20,956 relating to the OIN Facilities.  Interest paid for the three months ended June 30, 2016 was $6,784 and $7,977 for the OBS Term Loan and the OIN Term Loan, respectively, and interest paid for the three months ended June 30, 2015 was $7,780 and $8,880 for the OBS Term Loan and the OIN Term Loan, respectively. Interest paid for the six months ended June 30, 2016 was $15,125 and $17,626 for the OBS Term Loan and the OIN Term Loan, respectively, and interest paid for the six months ended June 30, 2015 was $15,842 and $18,081 for the OBS Term Loan and the OIN Term Loan, respectively. During the six months ended June 30, 2016, the Company made repurchases in the open market and optional and mandatory principal prepayments under the OBS Term Loan and OIN Term Loan as follows:    Loan Facility Optional / Mandatory Prepayments Open Market Repurchases Total  OBS Term Loan $ 71,295 $ 27,000 $ 98,295  OIN Term Loan 8,832 68,922 77,754  Total $ 80,127 $ 95,922 $ 176,049  The aggregate net gain of $1,511 realized on these transactions during the six months ended June 30, 2016 is included in other income in the condensed consolidated statements of operations. The net gain reflects a $5,659 write-off of unamortized original issue discount and deferred financing costs associated with the principal reductions, which were treated as partial extinguishments. Third party legal and consulting fees (aggregating approximately $217 ) incurred by the Company in relation to the open market repurchases are included in general and administrative expenses in the condensed consolidated statements of operations for the six months ended June 30, 2016.  In July 2016, OBS made an additional optional principal prepayment of $20,000 . As discussed above, such prepayment will further reduce the mandatory Excess Cash Flow principal payment due in the first quarter of 2017.  Unsecured Senior Notes During the six months ended June 30, 2016, the Company repurchased and retired an aggregate principal amount of $294 of its 7.5% notes due 2024. The aggregate loss of $50 realized on these transactions during the six months ended June 30, 2016, is included in other income in the condensed consolidated statements of operations. For the three months ended June 30, 2016 and 2015, interest expense, including administrative and other fees, of $2,798 and $8,995 , respectively, was recorded relating to the Unsecured Senior Notes, respectively. For the six months ended June 30, 2016 and 2015, interest expense, including administrative and other fees, of $5,584 and $17,824 , respectively, was recorded relating to the Unsecured Senior Notes and $4,869 and $17,965 of interest was paid during the six months ended June 30, 2016 and 2015, respectively.

Taxes

Taxes	6 Months Ended
	Jun. 30, 2016
Taxes [Abstract]
Taxes	Note 10 — Taxes: For the three months ended June 30, 2016 and 2015, the Company recorded income tax provisions of $15,248 and $3,529 , respectively, which represent effective tax rates of 34% and 6% , respectively. For the six months ended June 30, 2016 and 2015, the Company recorded income tax provisions of $48,487 and $6,189 , respectively, which represent effective tax rates of 38% and 6% , respectively. The increase in the effective tax rate for the 2016 period was substantially due to management’s determination that commencing for the third quarter of 2015 the Company could not make an assertion that OSG’s investment in OIN was essentially permanent in duration and the resulting inclusion of a deferred tax liability for OIN’s earnings during 2016 as part of its income tax provision.  As of June 30, 2016 and December 31, 2015, the Company recorded a noncurrent reserve for uncertain tax positions of $2,54 2 and $2,520 , respectively, after taking into consideration tax attributes, such as net operating loss carryforwards, and accrued interest of $725 and $702 , respectively.  As of June 30, 2016, the Company has recorded a deferred tax liability of $80,733 related to the excess of OSG’s investment in OIN for financial reporting purposes over the tax basis of such investment, as management does not believe that it can make an assertion that OSG’s investment in OIN is essentially permanent in duration. If management maintains this position in future periods, that is, does not make an assertion that OSG’s investment in OIN is essentially permanent in duration, then the Company will be required to record a provision for deferred income taxes on the increase in the undistributed earnings of its foreign operations during such period at the statutory tax rate. At the current time, management does not believe that it will be able to make the assertion that OSG’s investment in OIN is essentially permanent in duration during 2016 and, accordingly, expects to record a provision for deferred income taxes on the increase in the undistributed earnings of its foreign operations during the balance of 2016.  In March 2016, the Company was notified by the Internal Revenue Service that it will commence a tax examination for the years 2012 through 2014 , as a result of the refund claim of $54,884 , which was received in the fourth quarter of 2015, from the carryback of the 2014 net operating loss to 2012 and 2013.

Capital Stock and Stock Compens

Capital Stock and Stock Compensation	6 Months Ended
	Jun. 30, 2016
Capital Stock and Stock Compensation [Abstract]
Capital Stock and Stock Compensation	Note 11 — Capital Stock and Stock Compensation: Change in Capital Structure On May 13, 2016, all holders of Class B common stock and Class B warrants as of May 9, 2016 received a distribution from the Company representing their pro-rata share of the Net Litigation Recovery (see Note 2, “Chapter 11 Filing and Emergence from Bankruptcy”). On May 27, 2016, pursuant to the Company’s Amended and Restated Certificate of Incorporation, and the warrant agreement governing the Class B warrants, each Class B common share and Class B warrant automatically converted to a Class A common share and Class A warrant, respectively. On June 2, 2016, the Board authorized the Company to take action to transfer the listing of its Class A common stock to the New York Stock Exchange from the NYSE MKT (the “Transfer”). In conjunction with the Transfer, the Board approved the Reverse Split Amendment to the Company’s Amended and Restated Certificate of Incorporation. The Reverse Split Amendment effected a one (1) for six (6) reverse stock split and corresponding reduction of the number of authorized shares of Class A common stock and Class B common stock, par value $0.01 per share. On June 7, 2016, the Company filed the Reverse Split Amendment with the Secretary of State of the State of Delaware. The Reverse Split Amendment became effective on June 13, 2016. As previously reported, the Company’s stockholders approved the filing of the Reverse Split Amendment at the Company’s annual meeting of stockholders held on June 9, 2015. The Transfer was approved by the New York Stock Exchange on June 23, 2016. All of the share and per share information below has been recast to reflect the impact of the reverse stock split. Holders of the Company’s outstanding Class A warrants are entitled to receive, upon exercise, 0.190 shares of Class A common stock per warrant exercised, in order to account for the impact of the reverse stock split. The Incentive Plans described below contain anti-dilution provisions whereby in the event of any change in the capitalization of the Company, the number and type of securities underlying outstanding awards must be adjusted, as appropriate, in order to prevent dilution or enlargement of rights. The impact of these provisions resulted in a modification of all outstanding awards upon the reverse stock split. No additional compensation was recognized as a result of such modification . Share and Warrant Repurchases  During the six months ended June 30, 2016, the Company repurchased 106,350 shares of its Class A common stock in open-market purchases on the NYSE MKT at an average price of $12.23 per share, for a total cost of $1,301 . In addition, during the six months ended June 30, 2016, the Company repurchased 33,326,716 Class A warrants in private transactions with non-affiliates at an average per share equivalent cost of $12.05 for a total cost of $75,347 .  In connection with the vesting of restricted stock units during the six months ended June 30, 2016, the Company repurchased 22,113 shares of Class A common stock at an average cost of $14.67 per share from certain members of management to cover withholding taxes.  Warrant Conversions During the six months ended June 30, 2016, the Company issued 6,604,494 shares of Class A common stock and 7,833 shares of Class B common stock as a result of the exercise of 35,178,898 Class A warrants and 46,997 Class B warrants, respectively. During the six months ended June 30, 2015, the Company issued 143,927 shares of Class A common stock and 311,314 shares of Class B common stock as a result of the exercise of 866,086 C lass A warrants and 1,872,194 Class B warrants, respectively. 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 Common Stock  The Company awarded a total of 65,769 restricted Class A common stock shares during the three and six months ended June 30, 2016 to its non-employee directors. The weighted average grant date fair value of the Company’s stock on the measurement date of such awards was $11.86 per share. Such restricted shares awards vest in full on the earlier of the next annual meeting of the stockholders or June 8, 2017 , subject to each director continuing to provide services to the Company through such date. The restricted share awards granted may not be transferred, pledged, assigned or otherwise encumbered prior to vesting. Prior to the vesting date, a holder of restricted share awards otherwise has all the rights of a shareholder of the Company, including the right to vote such shares and the right to receive dividends paid with respect to such shares at the same time as common shareholders generally.  Management Compensation - Restricted Stock Units and Stock Options During the six months ended June 30, 2016, the Company granted 119,853 time-based restricted stock units (“RSUs”) to its senior officers. The weighted average grant date fair value of these awards was $11.82 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.  During the six months ended June 30, 2016, the Company awarded 119,853 performance-based RSUs to its senior officers. Each performance stock unit represents a contingent right to receive RSUs based upon the covered employees being continuously employed through the end of the period over which the performance goals are measured and shall vest as follows: (i) one-third of the target RSUs shall vest on December 31, 2018, subject to OSG’s three-year earnings per share (“EPS”) performance in the three-year EPS performance period relative to a compounded annual growth rate (the “EPS Target”) set forth in the award agreements; (ii) one-third of the target RSUs shall vest on December 31, 2018, 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; and (iii) one-third of the target RSUs will be subject to OSG’s three-year total shareholder return (“TSR”) performance relative to that of a performance peer group over a three-year TSR performance period (“TSR Target”). Vesting is subject in each case to the Human Resources and Compensation Committee’s certification of achievement of the performance measures and targets no later than March 31, 2019. The EPS Target and ROIC Target are performance conditions which, as of June 30, 2016, management believes, are not yet considered probable of being achieved. Accordingly, for financial reporting purposes, no compensation costs will be recognized for these awards until it becomes probable that the performance conditions will be achieved. The grant date fair value of the TSR based performance awards, which has a market condition, was determined to be $11.82 per RSU. In addition, during the six months ended June 30, 2016, the Company granted 38,547 performance-based RSUs (which represented the 2016 tranche of the awards made on October 12, 2015) to certain members of senior management. The grant date fair value of the performance awards was determined to be $11.82 per RSU. Each performance stock unit represents a contingent right to receive RSUs based upon certain performance related goals being met and the covered employees being continuously employed through the end of the period over which the performance goals are measured. These performance awards will vest on December 31, 2016, subject in each case to the Human Resources and Compensation Committee’s certification of achievement of the performance measures and targets no later than March 31, 2017. Achievement of the performance condition in this award was considered probable at March 31, 2016, and accordingly, compensation cost has been recognized commencing on March 30, 2016, the date of the award. There have been no changes in the probability of the achievement of the performance conditions as of June 30, 2016.  During the six months ended June 30, 2016, the Company awarded to certain senior officers an aggregate of 319,069 stock options. Each stock option represents an option to purchase one share of Class A common stock for an exercise price for $11.82 per share. The grant date fair value of the options was $4.74 per option. Stock options may not be transferred, pledged, assigned or otherwise encumbered prior to vesting. Each stock option will vest in equal installments on each of the first three anniversaries of the award 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 recipient’s employment terminated and (ii) the expiration of the options, provided that if the Optionee’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, 2016
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Note 12 — Accumulated Other Comprehensive Loss: The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow:    June 30, December 31,  As of 2016 2015  Unrealized losses on derivative instruments $ (62,092) $ (54,620)  Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) (17,842) (18,841)  $ (79,934) $ (73,461)  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, 2016 and 2015 follow:     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, 2016 $ (61,585) $ (18,486) $ (80,071)  Current period change, excluding amounts reclassified from  accumulated other comprehensive loss (4,485) 644 (3,841)  Amounts reclassified from accumulated other comprehensive loss 3,978 - 3,978  Total change in accumulated other comprehensive loss (507) 644 137  Balance as of June 30, 2016 $ (62,092) $ (17,842) $ (79,934)   Balance as of March 31, 2015 $ (65,123) $ (21,337) $ (86,460)  Current period change, excluding amounts reclassified from  accumulated other comprehensive loss 3,909 (774) 3,135  Amounts reclassified from accumulated other comprehensive loss 4,504 - 4,504  Total change in accumulated other comprehensive loss 8,413 (774) 7,639  Balance as of June 30, 2015 $ (56,710) $ (22,111) $ (78,821)    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, 2015 $ (54,620) $ (18,841) $ (73,461)  Current period change, excluding amounts reclassified from  accumulated other comprehensive loss (15,750) 999 (14,751)  Amounts reclassified from accumulated other comprehensive loss 8,278 - 8,278  Total change in accumulated other comprehensive loss (7,472) 999 (6,473)  Balance as of June 30, 2016 $ (62,092) $ (17,842) $ (79,934)   Balance as of December 31, 2014 $ (61,547) $ (21,833) $ (83,380)  Current period change, excluding amounts reclassified from  accumulated other comprehensive loss (4,393) (278) (4,671)  Amounts reclassified from accumulated other comprehensive loss 9,230 - 9,230  Total change in accumulated other comprehensive loss 4,837 (278) 4,559  Balance as of June 30, 2015 $ (56,710) $ (22,111) $ (78,821)   Amounts reclassified out of each component of accumulated other comprehensive loss follow:     Three Months Ended  June 30,  Accumulated Other Comprehensive Loss Component 2016 2015 Statement of Operations Line Item   Unrealized losses on cash flow hedges:  Interest rate swaps entered into by the Company's Equity in income of  equity method joint venture investees $ (3,873) $ (4,504) affiliated companies   Interest rate caps entered into by the Company's subsidiaries (105) - Interest expense  $ (3,978) $ (4,504) Total before and net of tax    Six Months Ended  June 30,  Accumulated Other Comprehensive Loss Component 2016 2015 Statement of Operations Line Item   Unrealized losses on cash flow hedges:  Interest rate swaps entered into by the Company's Equity in income of  equity method joint venture investees $ (8,145) $ (9,230) affiliated companies   Interest rate caps entered into by the Company's subsidiaries (133) - Interest expense  $ (8,278) $ (9,230) Total before and net of tax  See Note 8, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” for additional disclosures relating to derivative instruments.  The income tax expense/(benefit) allocated to each component of other comprehensive loss follows:     Unrealized gains/(losses) on cash flow hedges Items not yet recognized as a component of net periodic benefit cost  For the three months ended June 30, 2016:  Current period change excluding amounts reclassified from  accumulated other comprehensive income $ (8) $ -  Amounts reclassified from accumulated other  comprehensive income - -  Total change in accumulated other comprehensive loss $ (8) $ -   For the three months ended June 30, 2015:  Current period change excluding amounts reclassified from  accumulated other comprehensive income $ 109 $ -  Amounts reclassified from accumulated other  comprehensive income - -  Total change in accumulated other comprehensive loss $ 109 $ -   For the six months ended June 30, 2016:  Current period change excluding amounts reclassified from  accumulated other comprehensive income $ 19 $ -  Amounts reclassified from accumulated other  comprehensive income - -  Total change in accumulated other comprehensive loss $ 19 $ -   For the six months ended June 30, 2015:  Current period change excluding amounts reclassified from  accumulated other comprehensive income $ 425 $ -  Amounts reclassified from accumulated other  comprehensive income - -  Total change in accumulated other comprehensive loss $ 425 $ - 

Leases

Leases	6 Months Ended
	Jun. 30, 2016
Leases [Abstract]
Leases	 Note 13 — Leases: 1. Charters-in: As of June 30, 2016, the Company had commitments to charter in 17 vessels. All of the charters-in are accounted for as operating leases, of which 13 are bareboat charters and four are time charters. Lease expense relating to charters-in is included in charter hire expenses in the condensed consolidated statements of operations. The future minimum commitments and related number of operating days under these operating leases are as follows:     Bareboat Charters-in:   At June 30, 2016 Amount Operating Days  2016 $ 49,651 2,392  2017 98,219 4,713  2018 93,200 3,929  2019 111,819 3,470  2020 9,168 366  Thereafter 41,007 1,637  Net minimum lease payments $ 403,064 16,507     Time Charters-in:   At June 30, 2016 Amount Operating Days  2016 $ 13,455 1,080  2017 12,819 989  Net minimum lease payments $ 26,274 2,069 The future minimum commitments for time charters-in excludes amounts with respect to vessels chartered-in where the duration of the charter was one year or less at the inception but includes amounts with respect to workboats employed in the International Crude Tankers Lightering business. Time charter-in commitments have been reduced to reflect estimated days that the vessels will not be available for employment due to drydock because the Company does not pay time charter hire when time chartered-in vessels are not available for its use. Certain of 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, 201 9 . Certain of the charters in the above tables also provide the Company with renewal and purchase options. 2. Charters-out: The future minimum revenues, before reduction for brokerage commissions, expected to be received on noncancelable time charters and certain contracts of affreightment (“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, 2016 Amount Revenue Days  2016 $ 229,037 5,200  2017 258,161 4,935  2018 148,392 2,113  2019 78,068 933  2020 43,766 532  Thereafter 134,438 1,570  Net minimum lease payments $ 891,862 15,283  Future minimum revenues do not include (1) the Company’s share of time charters entered into by the pools in which it participates, (2) the Company’s share of time charters entered into by the joint ventures, which the Company accounts for under the equity method and (3) COAs for which minimum annual revenues cannot be reasonably estimated. Revenues from those COAs that are included in the table above, $13,174 (2016), $23,408 (2017), $22,698 (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.  3. Office Space:  During the six months ended June 30, 2016, the Company entered into a 60-month lease agreement for office space for its New York headquarters. Future annual minimum lease payments will be approximately $998 .

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2016
Contingencies [Abstract]
Contingencies	Note 14 — Contingencies: The Company’s policy for recording legal costs related to contingencies is to expense such legal costs as incurred. Class Action Lawsuits and Derivative Actions The Company has fully and finally resolved all potential direct claims by members of the putative class of securities claimants through a settlement effectuated through the Equity Plan, which became effective on August 5, 2014. Under the terms of that settlement, the Equity Plan provides for full satisfaction of the claims of the putative class through (i) $7,000 in cash, which was paid on August 5, 2014, (ii) $3,000 in cash, which was paid by the Company on August 5, 2015, (iii) any remaining cash in the Class E1 Disputed Claims Reserve established by the Equity Plan following resolution of all other Class E1 claims, which was paid on October 5, 2015, (iv) 15% (or $2,136 ) of the Net Litigation Recovery in the action against Proskauer (described below), which was paid on April 5, 2016, (v) $5,000 in cash, following the entry of a final order resolving the Proskauer action, which was paid on March 17, 2016, and (vi) proceeds of any residual interest the Company has in certain director and officer insurance policies. The settled claims stem from the Company’s filing of a Form 8-K on October 22, 2012 disclosing that on October 19, 2012 the Audit Committee of the Board of Directors of the Company, 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 (the “Southern District”) against the Company, 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, its current independent registered public accounting firm, and underwriters of the Company’s public offering of notes in March 2010 (the “Offering”). The Company’s former independent registered public accounting firm was later added as a defendant. Subsequent to the Company’s filing for relief under Chapter 11, these suits were consolidated and the plaintiffs filed an amended complaint that does not name the Company as a defendant. The consolidated suit is purportedly on behalf of purchasers of Company securities between March 1, 2010 and October 19, 2012 and purchasers of notes in the Offering. The plaintiffs alleged that documents that the Company filed with the SEC were defective, inaccurate and misleading, that the plaintiffs relied on such documents in purchasing the Company’s securities, and that, as a result, the plaintiffs suffered losses. The plaintiffs asserted claims under the Securities Act against all defendants and claims under the Securities Exchange Act of 1934 (the “Exchange Act”) against the then former President and former Chief Financial Officer of the Company. Following additional amendments on plaintiffs’ Exchange Act claims and motion to dismiss briefing, on April 28, 2014, the Southern District denied the motion to dismiss the Exchange Act claims filed by the then former President and former Chief Financial Officer on the third amended complaint. On March 18, 2015, OSG’s former independent registered public accounting firm moved for summary judgment and on May 29, 2015, the Southern District issued an order granting that motion. On July 1, 2015, the plaintiffs noticed an appeal of that order to the U.S. Court of Appeals for the Second Circuit. On September 2, 2015, the plaintiffs and OSG’s former independent registered public accounting firm filed a stipulation withdrawing that appeal with prejudice. On August 6, 2015, the plaintiffs moved for the Southern District to preliminarily approve settlements with respect to all of the plaintiffs’ remaining claims, including settlements with former officers and directors of the Company, the Company’s former underwriters, and the Company’s current independent registered public accounting firm that contemplate payments of $10,500 , $4,000 and $1,750 , respectively, on behalf of such defendants. On August 12, 2015, the Southern District preliminarily approved those settlements, and on December 2, 2015, entered orders that (a) certified the proposed class for settlement purposes, (b) approved a plan of allocation for distribution of settlement proceeds, (c) finally approved those settlements, and (d) entered final orders of judgment dismissing the remaining defendants from the action. The plaintiffs in the Southern District action filed a proof of claim against the Company in the Bankruptcy Court. Pursuant to a settlement with such plaintiffs and the putative class on whose behalf their claim is filed, their direct claims against the Company are fully and finally resolved based on the Equity Plan treatment described above. Separately, certain of the defendants in the Southern District have filed claims in the Bankruptcy Court against the Company for indemnification or reimbursement based on potential losses incurred in connection with such action. Each of those indemnification claims, asserted by certain former directors and officers of the Company, have been released pursuant to the Equity Plan or otherwise resolved by the Reorganized Debtors. In addition, the indemnification claims asserted by the Company’s former underwriters have been resolved and paid pursuant to the orders of the Bankruptcy Court and the Equity Plan. On October 5, 2015, following the resolution of all disputed Class E1 claims, the Reorganized Debtors disbursed the remaining funds in the Disputed Claims Reserve for Class E1 to representatives of the putative class in accordance with the Equity Plan and Confirmation Order The Equity Plan and orders of the Bankruptcy Court foreclose the defendants in the Southern District from pursuing any other or further remedies against the Company. Proskauer Action On February 23, 2014, Proskauer and four of its partners (the “Proskauer Plaintiffs”) filed an action in the Supreme Court of the State of New York, County of New York (the “Supreme Court”) against the then Senior Vice President, General Counsel and Secretary and the former Chief Financial Officer alleging that the defendants engaged in tortious and fraudulent conduct that caused significant harm to the Proskauer Plaintiffs and the Company. The Proskauer Plaintiffs alleged that the defendants made false representations and thereby deceived and misled Proskauer into providing legal advice to the Company, which was the subject of the Company’s malpractice suit against Proskauer and four of its partners filed on November 18, 2013 in the Bankruptcy Court. On May 1, 2014, the defendants in the action filed by the Proskauer Plaintiffs filed motions to dismiss the action. On June 9, 2014, the Proskauer Plaintiffs filed an amended complaint that included certain additional factual allegations and an additional claim against the former Chief Financial Officer of the Company. On July 18, 2014, the defendants filed motions to dismiss the Proskauer Plaintiffs’ amended complaint. On January 15, 2015, the Supreme Court dismissed the Proskauer Plaintiffs’ amended complaint in its entirety against the defendants. On March 2, 2015, the Proskauer Plaintiffs filed a notice of appeal of the Supreme Court’s decision to the Appellate Division of the Supreme Court, First Department (the “Appellate Court”). Proskauer filed its appellant’s brief on August 17, 2015. The appellees filed their response briefs on October 30, 2015 and Proskauer filed its reply brief on November 13, 2015. On February 12, 2016, as part of the settlement agreement between the Company and Proskauer and four of its partners, the Proskauer Plaintiffs agreed to withdraw their appeal of the Supreme Court’s dismissal of the amended complaint against the defendants and on March 31, 2016, the Appellate Court dismissed the appeal. On February 21, 2014, the Bankruptcy Court declined to hear the Company’s malpractice claims against Proskauer and four of its partners that were filed on November 18, 2013 under the doctrine of permissive abstention, and on March 11, 2014, the Company re-filed its malpractice claims against such defendants in the Supreme Court. On April 11, 2014, Proskauer and four of its partners filed a motion to dismiss the malpractice action, and on September 10, 2014, the Supreme Court denied the motion to dismiss the legal malpractice claim for breach of duty of care but granted the motion to dismiss the legal malpractice claim for breach of duty of loyalty as subsumed within the duty of care claim. Proskauer and four of its partners appealed this decision to the Appellate Division of the Supreme Court, First Department and on July 2, 2015, the appellate court affirmed the Supreme Court’s denial of Proskauer’s motion to dismiss. In addition, on December 3, 2014, the Company filed a motion with the Supreme Court for partial summary judgment on whether the “joint and several” liability provisions of certain of the Company’s prior loan agreements, which are the focus of the malpractice action, are unambiguous as a matter of law. The Supreme Court denied that motion as being procedurally premature on July 24, 2015.  On May 20, 2015, the Supreme Court issued a scheduling order for discovery in the Company’s malpractice action against Proskauer. Under the terms of that scheduling order, all discovery was to be completed by April 15, 2016. On October 16, 2015, the parties agreed to extend the deadline for all discovery to be completed to August 1, 2016, and the Court issued a revised scheduling order.  On February 12, 2016, the Company entered into an agreement with Proskauer and four of its partners to settle the malpractice suit. See Note 2, “Chapter 11 Filing and Emergence from Bankruptcy,” for additional information.  On March 3, 2016, pursuant to the settlement agreement with Proskauer, the Supreme Court entered an order discontinuing the Proskauer action with prejudice, which order has become final and nonappealable.  SEC Investigation  On November 13, 2012, the Company received from the staff of the SEC’s Division of Enforcement (the “Staff”) a request for documents relating to the statements in the Company’s October 22, 2012 Form 8-K. On January 29, 2013, the SEC issued a formal order of private investigation of the Company. The Company has provided documents to the SEC and intends to continue to cooperate fully with the SEC’s investigation. The Equity Plan provides for funding for potential liabilities that the SEC may assert in connection with its proof of claim (the “SEC Claim”) to the extent that the SEC Claim is allowed. The SEC filed the SEC Claim in respect of contingent and unliquidated amounts that the SEC may assert against the Company as a result of the outcome of its investigation of the Company and certain of its advisors. Pursuant to the Equity Plan, the Debtors will fund a cash reserve of up to $5,000 to satisfy any liabilities on account of the SEC Claim, solely to the extent and upon the entry of a final order of the Bankruptcy Court providing that the SEC Claim or any portion thereof is allowed. This reserve was established in recognition of the fact that the SEC had not completed its investigation prior to the Equity Plan’s confirmation. Pursuant to the Bankruptcy Court’s orders, this reserve is the sole source available for satisfaction of any penalties or other amounts asserted in relation to the SEC’s proof of claim. As noted above, 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 July 25, 2016, the staff of the SEC provided a “Wells Notice” to the Company’s counsel in connection with the above-referenced investigation, advising that the staff had made a preliminary determination to recommend that the Commission file an enforcement action against the Company. The Wells Notice indicates that such an action would allege violations of Section 17(a) of the Securities Act of 1933, Sections 10(b), 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of 1934 ("Exchange Act"), and Exchange Act Rules 10b-5, 12b-20, 13a-1, 13a-11, and 13a-13. The Wells Notice further indicates that the Staff’s recommendation may involve a civil injunctive action, public administrative proceeding, and/or cease-and-desist proceeding, and may seek remedies including an injunction, a cease-and-desist order, disgorgement, pre-judgment interest and civil monetary penalties. The Company disagrees with the Staff’s preliminary conclusions. The Company is in the process of responding to the Wells Notice.  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, should not be material to the Company’s financial position, results of operations and cash flows.   

Significant Accounting Polici24

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Significant Accounting Policies [Abstract]
Cash and cash equivalents	Cash and cash equivalents — Interest-bearing deposits that are highly liquid investments and have a maturity of three months or less when purchased are included in cash and cash equivalents. Management has designated cash reserves of $5,589 and $10,583 as of June 30, 2016 and December 31, 2015, respectively, to be utilized for the settlement of certain unsecured claims related to the Company’s emergence from bankruptcy. Such cash reserves, which are considered restricted cash due to management’s intent regarding these funds, are included in restricted cash in the current assets section of the condensed consolidated balance sheet based on management’s estimate of when these funds are likely to be disbursed. Such restricted cash reserves will be subject to adjustment based upon the settlement of claims. Additionally, restricted cash as of December 31, 2015 include d $8,989 of legally restricted cash relating to the OIN Facilities (as defined in Note 9, “Debt”). Such restricted cash reserves were included in the non-current assets section of the condensed consolidated balance sheet at December 31, 2015 . Activity relating to restricted cash is reflected in investing activities in the condensed consolidated statements of cash flow.
Deferred finance charges	Deferred finance charges — Finance charges incurred in the arrangement and amendment of debt are deferred and amortized to interest expense on either an effective interest method or straight-line basis over the life of the related debt. Unamortized deferred finance charges of $2,458 and $2,922 relating to the OBS ABL Facility and OIN Revolver Facility (each, as defined in Note 9) are included in other assets in the condensed consolidated balance sheets as of June 30, 2016 and December 31, 2015, respectively. Unamortized deferred financing charges of $30,754 and $41,020 relating to the OBS Term Loan and OIN Term Loan (each, as defined in Note 9) and $2,805 and $3,523 relating to the Unsecured Senior Notes are included in long-term debt (reflecting the adoption of ASU No. 2015-03 discussed below) in the condensed consolidated balance sheets as of June 30, 2016 and December 31, 2015, respectively. Interest expense relating to the amortization of deferred financing charges amounted to $2,861 , and $6,039 for the three and six months ended June 30, 2016 , respectively, and $2,494 and $4,871 for the three and six months ended June 30, 2015 , respectively.
Concentration of Credit Risk	Concentration of Credit Risk — Financial instruments that potentially subject the Company to concentrations of credit risk are voyage receivables due from charterers and pools in which the Company participates. During the three and six month periods ended June 30, 2016 and 2015, the Company did not have any individual customers who accounted for 10% or more of its revenues apart from the pools in which it participates. The pools in which the Company participates accounted in aggregate for 81% and 77% of consolidated voyage receivables at June 30, 2016 and December 31, 2015, respectively.
Impairment of long-lived assets	Impairment of long-lived assets —The carrying amounts of long-lived assets held and used by the Company are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. In such instances, an impairment charge would be recognized if the estimate of the undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than the asset’s carrying amount. This assessment is made at the individual vessel level since separately identifiable cash flow information for each vessel is available. The impairment charge, if any, would be measured as the amount by which the carrying amount of a vessel exceeded its fair value. A long-lived asset impairment charge results in a new cost basis being established for the relevant long-lived asset.
Income taxes	Income Taxes — The Company’s quarterly income tax provision and its corresponding annual effective tax rate are based on expected income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates. For interim financial reporting, the Company estimates the annual effective tax rate based on projected taxable income for the full year and records a quarterly tax provision in accordance with the expected annual effective tax rate. As the year progresses, the Company refines the estimates of the year’s taxable income as new information becomes available, including year-to-date financial results. This continual estimation process often results in a change to our expected annual effective tax rate for the year. When this occurs, the Company adjusts the income tax provision during the quarter in which the change in estimate occurs so that the year-to-date income tax provision reflects the expected annual effective tax rate. Significant judgment is required in determining the Company’s annual effective tax rate and in evaluating the Company’s tax positions.
Recently adopted / issued accounting standards	Recently Adopted Accounting Standards In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASC 835), which amends the requirement to recognize debt issuance costs as deferred charges. The amendment requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying cost of that debt liability, consistent with debt discounts. The amendments are effective for public companies for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company adopted this accounting standard on January 1, 2016 and has applied the guidance retrospectively. The impact of the retrospective adoption on the Company’s December 31, 2015 balance sheet are reductions of both other assets and long-term debt by $44,543.  Recently Issued Accounting Standards 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. The revenue standard contains principles that an entity will apply to determine the measurement and timing of when it is recognized. 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 FASB subsequently delayed the effective date of the revenue standard by one year. For public companies, the revenue standard is effective for the first interim period within annual reporting periods beginning after December 15, 2017. Reporting entities may choose to adopt the standard as of the original effective date. The requirements of this standard include a n 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.  In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASC 205), which explicitly requires management to assess an entity’s ability to continue as a going concern and disclose going concern uncertainties in connection with each annual and interim period. The new standard requires management to assess if there is substantial doubt about an entity’s ability to continue to meet its obligations within one year after the reporting date based upon management’s consideration of relevant conditions that are known (and reasonably knowable) at the issuance date. The new standard defines substantial doubt and provides example indicators. Disclosures will be required if conditions give rise to substantial doubt. However, management will need to assess if its plans will alleviate substantial doubt to determine the specific disclosures. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. Earlier application is permitted. Management does not expect the adoption of this accounting standard to have any impact 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.  In March 2016, FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (ASC 718) , which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification in the statement of cash flows. The standard will be effective for annual periods beginning after December 31, 2016 and interim periods within that reporting period. Management is currently reviewing the impact of the adoption of this accounting standard on the Company’s consolidated financial statements.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2016
Basis of Presentation [Abstract]
Schedule of Weighted Average Number of Shares	The table below shows the effects of the stock dividend and the Reverse Split on the calculation of per share amounts previously reported in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2015:    Three Months Ending Six Months Ending  June 30, 2015 June 30, 2015  (unaudited) (unaudited)  Decrease in weighted average number of shares outstanding used to calculate basic net income per share amounts for Class A (477,881,414) (425,019,964)   Decrease in weighted average number of shares outstanding used to calculate diluted net income per share amounts for Class A (478,109,118) (425,100,704)   Decrease in weighted average number of shares outstanding used to calculate basic and diluted net income per share amounts for Class B (6,602,333) (6,603,222)   Change in net income per share - basic and diluted Class A and B $ 0.50 $ 0.85  Dollar amounts, except per share amounts are in thousands.

Chapter 11 Filing and Emergen26

Chapter 11 Filing and Emergence from Bankruptcy (Tables)	6 Months Ended
	Jun. 30, 2016
Chapter 11 Filing and Emergence from Bankruptcy [Abstract]
Schedule of Reorganization Items Net	Reorganization items, net represent amounts incurred subsequent to the Petition Date as a direct result of the filing of our Chapter 11 cases and are comprised of the following:      Three Months Ended  June 30,  2016 2015  Trustee fees $ 30 $ 31  Professional fees 744 1,718  Litigation settlement due to Class B warrant holders 86 -  Other claim adjustments - (312)  $ 860 $ 1,437    Six Months Ended  June 30,  2016 2015  Trustee fees $ 60 $ 171  Professional fees 1,027 4,945  Litigation Settlement, net (20,359) -  Litigation settlement due to class action plaintiffs 2,136 -  Litigation settlement due to Class B warrant holders 86 -  Other claim adjustments - (192)  $ (17,050) $ 4,924 

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings per Common Share [Abstract]
Schedule of Weighted Average Number of Shares	The table below shows the effects of the stock dividend and the Reverse Split on the calculation of per share amounts previously reported in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2015:    Three Months Ending Six Months Ending  June 30, 2015 June 30, 2015  (unaudited) (unaudited)  Decrease in weighted average number of shares outstanding used to calculate basic net income per share amounts for Class A (477,881,414) (425,019,964)   Decrease in weighted average number of shares outstanding used to calculate diluted net income per share amounts for Class A (478,109,118) (425,100,704)   Decrease in weighted average number of shares outstanding used to calculate basic and diluted net income per share amounts for Class B (6,602,333) (6,603,222)   Change in net income per share - basic and diluted Class A and B $ 0.50 $ 0.85  Dollar amounts, except per share amounts are in thousands.
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  June 30,  2016 2015   Net income $ 29,861 $ 58,438   Weighted average common shares outstanding:  Common stock - basic and diluted  Class A common stock - basic 92,255,692 95,576,283  Class A common stock - diluted 92,321,359 95,621,824  Class B common stock - basic and diluted 826,794 1,320,467    Six Months Ended  June 30,  2016 2015   Net income $ 80,600 $ 101,339   Weighted average common shares outstanding:  Common stock - basic and diluted  Class A common stock - basic 93,496,651 95,574,356  Class A common stock - diluted 93,531,462 95,598,518  Class B common stock - basic and diluted 1,073,382 1,320,644

Business and Segment Reporting

Business and Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2016
Business and Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Information about the Company’s reportable segments as of and for the three and six months ended June 30, 2016 and 2015 follows:       International  Crude Product  Three months ended Tankers Carriers Other U.S. Totals  June 30, 2016:  Shipping revenues $ 68,312 $ 34,750 $ - $ 118,384 $ 221,446  Time charter equivalent revenues 66,539 34,416 - 114,740 215,695  Depreciation and amortization 12,984 6,795 246 22,567 42,592  Gain/(loss) on disposal of vessels and other property - - (112) - (112)  Income from vessel operations 30,563 7,096 277 34,678 72,614  Equity in income of affiliated companies 9,019 - 2,966 - 11,985  Investments in and advances to affiliated companies at June 30, 2016 277,821 15,226 51,801 38 344,886  Total assets at June 30, 2016 1,095,471 496,881 51,801 946,886 2,591,039   June 30, 2015:  Shipping revenues 81,530 42,598 (35) 121,394 245,487  Time charter equivalent revenues 76,968 42,367 (38) 115,906 235,203  Depreciation and amortization 12,720 6,923 246 17,980 37,869  Gain/(loss) on disposal of vessels and other property  Income/(loss) from vessel operations 42,308 14,952 (269) 40,937 97,928  Equity in income of affiliated companies 8,914 - 2,916 - 11,830  Investments in and advances to affiliated companies at June 30, 2015 281,335 14,371 52,444 38 348,188  Total assets at June 30, 2015 1,173,738 529,413 52,444 1,011,452 2,767,047     International  Crude Product  Six months ended Tankers Carriers Other U.S. Totals  June 30, 2016:  Shipping revenues $ 159,375 $ 72,363 $ - $ 233,464 $ 465,202  Time charter equivalent revenues 153,903 71,761 - 226,953 452,617  Depreciation and amortization 25,960 13,638 508 45,569 85,675  Gain/(loss) on disposal of vessels and other property 201 - (142) (14) 45  Goodwill and other intangibles impairment charge -  Income from vessel operations 82,884 16,156 171 65,143 164,354  Equity in income of affiliated companies 17,991 - 5,614 (15) 23,590  Expenditures for vessels and vessel improvements - 24 - 57 81  Payments for drydockings 1,644 870 - 4,589 7,103   June 30, 2015:  Shipping revenues 154,947 86,539 57 237,486 479,029  Time charter equivalent revenues 143,789 85,884 54 227,118 456,845  Depreciation and amortization 25,165 13,900 717 35,206 74,988  Gain/(loss) on disposal of vessels and other property 7 (5) 1,133 (62) 1,073  Income/(loss) from vessel operations 74,299 29,229 (678) 78,464 181,314  Equity in income of affiliated companies 17,371 - 6,877 (6) 24,242  Expenditures for vessels and vessel improvements - 387 - 53 440  Payments for drydockings 6,120 178 - 19,096 25,394 
Reconciliation of Revenue from Segments to Consolidated	Reconciliations of time charter equivalent (“TCE”) revenues of the segments to shipping revenues as reported in the condensed statements of operations follow:      Three Months Ended  June 30,  2016 2015  Time charter equivalent revenues $ 215,695 $ 235,203  Add: Voyage expenses 5,751 10,284  Shipping revenues $ 221,446 $ 245,487    Six Months Ended  June 30,  2016 2015  Time charter equivalent revenues $ 452,617 $ 456,845  Add: Voyage expenses 12,585 22,184  Shipping revenues $ 465,202 $ 479,029 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Reconciliations of income from vessel operations of the segments to income before income taxes, as reported in the condensed consolidated statements of operations follow:       Three Months Ended  June 30,  2016 2015  Total income from vessel operations of all segments $ 72,614 $ 97,928  General and administrative expenses (17,367) (17,471)  Severance and relocation costs - -  Gain/(loss) on disposal of vessels and other properties (112) -  Consolidated income from vessel operations 55,135 80,457  Equity in income of affiliated companies 11,985 11,830  Other income/(expense) (599) 48  Interest expense (20,552) (28,931)  Reorganization items, net (860) (1,437)  Income before income taxes $ 45,109 $ 61,967    Six Months Ended  June 30,  2016 2015  Total income from vessel operations of all segments $ 164,354 $ 181,314  General and administrative expenses (34,716) (36,753)  Technical management transition costs - (40)  Severance and relocation costs - (5)  Gain/(loss) on disposal of vessels and other properties 45 1,073  Consolidated income from vessel operations 129,683 145,589  Equity in income of affiliated companies 23,590 24,242  Other income/(expense) 1,975 121  Interest expense (43,211) (57,500)  Reorganization items, net 17,050 (4,924)  Income before income taxes $ 129,087 $ 107,528 
Reconciliation of Assets from Segment to Consolidated	Reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets follow:      As of June 30, 2016 2015   Total assets of all segments $ 2,591,039 $ 2,767,047  Corporate unrestricted cash (1) 455,826 646,265  Corporate restricted cash (1) 5,589 22,245  Other unallocated amounts 4,745 47,325  Consolidated total assets $ 3,057,199 $ 3,482,882  (1) As of June 30, 2016 and 2015, OBS and its subsidiaries had unrestricted cash balances of $152,865 and $157,177 , respectively, and OIN and its subsidiaries had unrestricted cash balances of $278,945 and $170,900 , respectively. All restricted cash balances were held by the Parent Company, OSG, as of June 30, 2016 and 2015.

Variable Interest Entities ("29

Variable Interest Entities ("VIEs") (Tables)	6 Months Ended
	Jun. 30, 2016
Variable Interest Entities ("VIEs") [Abstract]
Schedule of Variable Interest Entities	The following table presents the carrying amounts of assets and liabilities in the condensed consolidated balance sheet related to the VIEs as of June 30, 2016:     Condensed Consolidated Balance Sheet  Investments in Affiliated Companies $ 272,684 
Schedule of Variable Interest Entities Liability in Condensed Consolidated Balance Sheet to Maximum Exposure to Loss	The table below compares the Company’s liability in the condensed consolidated balance sheet to the maximum exposure to loss at June 30, 2016:      Condensed Consolidated Balance Sheet Maximum Exposure to Loss  Other Liabilities $ - $ 320,200 

Fair Value of Financial Instr30

Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The estimated fair values of the Company’s financial instruments, other than derivatives that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows:    Fair Value Level 1 Level 2  June 30, 2016:  Cash (1) $ 461,415 $ 461,415 $ -  8.125% notes due 2018 (121,938) - (121,938)  OBS Term loan (478,842) - (478,842)  OIN Term loan (534,018) - (534,018)  7.5% Election 2 notes due 2021 (333) - (333)  7.5% notes due 2024 (431) - (431)   December 31, 2015:  Cash (1) $ 522,408 $ 522,408 $ -  8.125% notes due 2018 (121,046) - (121,046)  OBS Term loan (571,682) - (571,682)  OIN Term loan (601,928) - (601,928)  7.5% Election 2 notes due 2021 (328) - (328)  7.5% notes due 2024 (745) - (745) (1) Includes current and non-current restricted cash aggregating $5,589 and $19,572 at June 30, 2016 and December 31, 2015, respectively.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	Derivatives are recorded in the June 30, 2016 balance sheet on a net basis by counterparty when a legal right of offset exists. The following table presents information with respect to the fair values of derivatives reflected in the June 30, 2016 and December 31, 2015 balance sheets on a gross basis by transaction:     Asset Derivatives Liability Derivatives  Balance Sheet Location Amount Balance Sheet Location Amount  June 30, 2016:   Derivatives designated as hedging instruments:   Interest rate caps:  Long-term portion Other assets $ 1 Other liabilities $ -  Total derivatives designated as hedging instruments $ 1 $ -   December 31, 2015:   Derivatives designated as hedging instruments:   Interest rate caps:  Long-term portion Other assets $ 102 Other liabilities $ -  Total derivatives designated as hedging instruments $ 102 $ - 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following table presents the fair values, which are pre-tax, for assets and liabilities measured on a recurring basis (excluding investments in affiliated companies):     Fair Value Level 1 Level 2  Assets/(Liabilities) at June 30, 2016:  Derivative Assets (interest rate caps) $ 1 $ - $ 1 (1)   Assets/(Liabilities) at December 31, 2015:  Derivative Assets (interest rate caps) $ 102 $ - $ 102 (1) (1) For interest rate caps, fair values are derived using valuation models that utilize the income valuation approach. These valuation models take into account contract terms such as maturity, as well as other inputs such as interest rate yield curves and creditworthiness of the counterparty and the Company.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents the fair values, which are pre-tax, for assets and liabilities measured on a recurring basis (excluding investments in affiliated companies):     Fair Value Level 1 Level 2  Assets/(Liabilities) at June 30, 2016:  Derivative Assets (interest rate caps) $ 1 $ - $ 1 (1)   Assets/(Liabilities) at December 31, 2015:  Derivative Assets (interest rate caps) $ 102 $ - $ 102 (1) (1) For interest rate caps, fair values are derived using valuation models that utilize the income valuation approach. These valuation models take into account contract terms such as maturity, as well as other inputs such as interest rate yield curves and creditworthiness of the counterparty and the Company. 

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt [Abstract]
Schedule of Long-term Debt Instruments	Debt consists of the following:      June 30, December 31,  2016 2015  8.125% notes due 2018 , net of unamortized discount and deferred costs of $2,797 and $3,514 $ 116,167 $ 115,450  OBS term loan, due 2019 , net of unamortized discount and deferred costs of $14,128 and $19,340 480,160 574,615  OIN term loan, due 2019 , net of unamortized discount and deferred costs of $18,151 and $23,727 519,901 595,222  7.5% Election 2 notes due 2021 , net of unamortized discount and deferred costs of $8 and $9 293 292  7.50% notes due 2024 390 684  Total debt 1,116,911 1,286,263  Less current portion 46,183 63,039  Long-term portion $ 1,070,728 $ 1,223,224 
Schedule of Repurchases and Payments on Debt	During the six months ended June 30, 2016, the Company made repurchases in the open market and optional and mandatory principal prepayments under the OBS Term Loan and OIN Term Loan as follows:    Loan Facility Optional / Mandatory Prepayments Open Market Repurchases Total  OBS Term Loan $ 71,295 $ 27,000 $ 98,295  OIN Term Loan 8,832 68,922 77,754  Total $ 80,127 $ 95,922 $ 176,049 

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2016
Accumulated Other Comprehensive Loss [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:    June 30, December 31,  As of 2016 2015  Unrealized losses on derivative instruments $ (62,092) $ (54,620)  Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) (17,842) (18,841)  $ (79,934) $ (73,461)  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, 2016 and 2015 follow:     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, 2016 $ (61,585) $ (18,486) $ (80,071)  Current period change, excluding amounts reclassified from  accumulated other comprehensive loss (4,485) 644 (3,841)  Amounts reclassified from accumulated other comprehensive loss 3,978 - 3,978  Total change in accumulated other comprehensive loss (507) 644 137  Balance as of June 30, 2016 $ (62,092) $ (17,842) $ (79,934)   Balance as of March 31, 2015 $ (65,123) $ (21,337) $ (86,460)  Current period change, excluding amounts reclassified from  accumulated other comprehensive loss 3,909 (774) 3,135  Amounts reclassified from accumulated other comprehensive loss 4,504 - 4,504  Total change in accumulated other comprehensive loss 8,413 (774) 7,639  Balance as of June 30, 2015 $ (56,710) $ (22,111) $ (78,821)    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, 2015 $ (54,620) $ (18,841) $ (73,461)  Current period change, excluding amounts reclassified from  accumulated other comprehensive loss (15,750) 999 (14,751)  Amounts reclassified from accumulated other comprehensive loss 8,278 - 8,278  Total change in accumulated other comprehensive loss (7,472) 999 (6,473)  Balance as of June 30, 2016 $ (62,092) $ (17,842) $ (79,934)   Balance as of December 31, 2014 $ (61,547) $ (21,833) $ (83,380)  Current period change, excluding amounts reclassified from  accumulated other comprehensive loss (4,393) (278) (4,671)  Amounts reclassified from accumulated other comprehensive loss 9,230 - 9,230  Total change in accumulated other comprehensive loss 4,837 (278) 4,559  Balance as of June 30, 2015 $ (56,710) $ (22,111) $ (78,821) 
Reclassification Out of Accumulated Other Comprehensive Income (Loss)	Amounts reclassified out of each component of accumulated other comprehensive loss follow:     Three Months Ended  June 30,  Accumulated Other Comprehensive Loss Component 2016 2015 Statement of Operations Line Item   Unrealized losses on cash flow hedges:  Interest rate swaps entered into by the Company's Equity in income of  equity method joint venture investees $ (3,873) $ (4,504) affiliated companies   Interest rate caps entered into by the Company's subsidiaries (105) - Interest expense  $ (3,978) $ (4,504) Total before and net of tax    Six Months Ended  June 30,  Accumulated Other Comprehensive Loss Component 2016 2015 Statement of Operations Line Item   Unrealized losses on cash flow hedges:  Interest rate swaps entered into by the Company's Equity in income of  equity method joint venture investees $ (8,145) $ (9,230) affiliated companies   Interest rate caps entered into by the Company's subsidiaries (133) - Interest expense  $ (8,278) $ (9,230) Total before and net of tax 
Comprehensive Income Tax Expenses (Benefits)	The income tax expense/(benefit) allocated to each component of other comprehensive loss follows:     Unrealized gains/(losses) on cash flow hedges Items not yet recognized as a component of net periodic benefit cost  For the three months ended June 30, 2016:  Current period change excluding amounts reclassified from  accumulated other comprehensive income $ (8) $ -  Amounts reclassified from accumulated other  comprehensive income - -  Total change in accumulated other comprehensive loss $ (8) $ -   For the three months ended June 30, 2015:  Current period change excluding amounts reclassified from  accumulated other comprehensive income $ 109 $ -  Amounts reclassified from accumulated other  comprehensive income - -  Total change in accumulated other comprehensive loss $ 109 $ -   For the six months ended June 30, 2016:  Current period change excluding amounts reclassified from  accumulated other comprehensive income $ 19 $ -  Amounts reclassified from accumulated other  comprehensive income - -  Total change in accumulated other comprehensive loss $ 19 $ -   For the six months ended June 30, 2015:  Current period change excluding amounts reclassified from  accumulated other comprehensive income $ 425 $ -  Amounts reclassified from accumulated other  comprehensive income - -  Total change in accumulated other comprehensive loss $ 425 $ - 

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2016
Charters-Out [Member]
Lease [Abstract]
Operating Leases of Lessee Disclosure	The future minimum revenues, before reduction for brokerage commissions, expected to be received on noncancelable time charters and certain contracts of affreightment (“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, 2016 Amount Revenue Days  2016 $ 229,037 5,200  2017 258,161 4,935  2018 148,392 2,113  2019 78,068 933  2020 43,766 532  Thereafter 134,438 1,570  Net minimum lease payments $ 891,862 15,283 
Property Subject to Operating Lease [Member] | Bareboat Charters-In [Member]
Lease [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:     Bareboat Charters-in:   At June 30, 2016 Amount Operating Days  2016 $ 49,651 2,392  2017 98,219 4,713  2018 93,200 3,929  2019 111,819 3,470  2020 9,168 366  Thereafter 41,007 1,637  Net minimum lease payments $ 403,064 16,507 
Property Subject to Operating Lease [Member] | Time Charters-In [Member]
Lease [Abstract]
Schedule of Property Subject to or Available for Operating Lease	   Time Charters-in:   At June 30, 2016 Amount Operating Days  2016 $ 13,455 1,080  2017 12,819 989  Net minimum lease payments $ 26,274 2,069 

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details)	Jun. 13, 2016	Dec. 17, 2015	Nov. 20, 2015	Jun. 30, 2016
Schedule of Equity Method Investments [Line Items]
Description of reverse stock split				on June 2, 2016 the Board approved an amendment (the "Reverse Split Amendment") to the Company's Amended and Restated Certificate of Incorporation. The Reverse Split Amendment effected a one (1) for six (6) reverse stock split and corresponding reduction of the number of authorized shares of common stock, par value $0.01 per share (the "Reverse Split"). The Reverse Split Amendment became effective on June 13, 2016
Description of stock conversion				effective May 27, 2016, all Class B common shares and Class B warrants automatically converted into one Class A common share and one Class A warrant, respectively
Stock split conversion ratio	0.16666
Common Class A and Common Class B [Member]
Schedule of Equity Method Investments [Line Items]
Dividends payable, date of record			Dec. 3, 2015
Dividends payable, date to be paid			Dec. 17, 2015
Share ratio issued as dividend		0.10%

Basis of Presentation (Schedule

Basis of Presentation (Schedule of Weighted Average Number of Shares) (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015
Common Class A [Member]
Decrease in weighted average number of shares outstanding used to calculate basic net income per share amounts	(477,881,414)	(425,019,964)
Decrease in weighted average number of shares outstanding used to calculate diluted net income per shares amounts	(478,109,118)	(425,100,704)
Common Class B [Member]
Decrease in weighted average number of shares outstanding used to calculate basic and diluted net income per share amounts	(6,602,333)	(6,603,222)
Class A and Class B [Member]
Increase (decrease) earnings per share, basic and diluted	$ 0.50	$ 0.85

Chapter 11 Filing and Emergen36

Chapter 11 Filing and Emergence from Bankruptcy (Narrative) (Details) - USD ($) $ in Thousands	Apr. 05, 2016	Feb. 12, 2016	May 31, 2016	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Chapter 11 Filing Going Concern and Other Related Matters [Line Items]
Litigation settlement, received (paid)							$ 20,359
Special dividend							1,337
Payments for restructuring				$ 562		$ 3,332	$ 1,088	$ 9,428
Bankruptcy proceedings, date petition for bankruptcy filed							Nov. 14, 2012
Bankruptcy proceedings, court where petition was filed							U.S. Bankruptcy Court for the District of Delaware
Plan of reorganization, date plan is effective							Aug. 5, 2014
Litigation settlement due to class action plaintiffs							$ 2,136
Class B Warrant [Member]
Chapter 11 Filing Going Concern and Other Related Matters [Line Items]
Litigation settlement due to class action plaintiffs				86			$ 86
Proskauer Action [Member]
Chapter 11 Filing Going Concern and Other Related Matters [Line Items]
Litigation recovery percentage expected to be disbursed to the class action plaintiffs	15.00%						15.00%
Litigation settlement, received (paid)	$ (2,136)	$ 20,359					$ (2,136)
Net litigation recovery				14,242			$ 14,242
Proskauer Action [Member] | Common Class B [Member]
Chapter 11 Filing Going Concern and Other Related Matters [Line Items]
Special dividend					$ 1,337
Proskauer Action [Member] | Common Class B [Member] | Class B Warrant [Member]
Chapter 11 Filing Going Concern and Other Related Matters [Line Items]
Litigation recovery percentage expected to be disbursed to the class action plaintiffs			10.00%
Reorganization items			$ 1,423
Litigation settlement due to class action plaintiffs				$ 86

Chapter 11 Filing and Emergen37

Chapter 11 Filing and Emergence from Bankruptcy (Reorganization Items, Net) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Liabilities Subject To Compromise And Reorganization Items [Line Items]
Trustee fees	$ 30	$ 31	$ 60	$ 171
Professional fees	744	1,718	1,027	4,945
Litigation Settlement, net			(20,359)
Litigation settlement due to class action plaintiffs			2,136
Other claims adjustments		(312)		(192)
Reorganization Items, Total	860	$ 1,437	(17,050)	$ 4,924
Class B Warrant [Member]
Liabilities Subject To Compromise And Reorganization Items [Line Items]
Litigation settlement due to class action plaintiffs	$ 86		$ 86

Significant Accounting Polici38

Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and cash equivalents	$ 5,589		$ 5,589		$ 10,583
Deferred finance costs, gross	2,458		2,458		2,922
Amortization of financing costs	2,861	$ 2,494	6,039	$ 4,871
Other assets	19,865		19,865		18,455
Long-term debt	1,070,728		1,070,728		1,223,224
Deferred tax liabilities, net, noncurrent	253,843		253,843		208,195
Ineffective Portion
Long-term debt	1,116,911		1,116,911		1,286,263
Accounting Standards Update 201503 [Member]
Summary Of Significant Accounting Policies [Line Items]
Other assets					(44,543)
Long-term debt					(44,543)
OIN Facilities [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and cash equivalents	8,989		8,989		8,989
OBS Term Loan and OIN Term Loan [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferred finance costs, gross	30,754		30,754		41,020
OBS Term Loan [Member]
Summary Of Significant Accounting Policies [Line Items]
Long-term debt	480,160		480,160		574,615
Debt instrument, unamortized discount	14,128		14,128		19,340
OIN Term Loan [Member]
Summary Of Significant Accounting Policies [Line Items]
Long-term debt	519,901		519,901		595,222
Debt instrument, unamortized discount	18,151		18,151		23,727
Unsecured Senior Notes Due In 2013, 2018 and 2024 [Member].
Summary Of Significant Accounting Policies [Line Items]
Deferred finance costs, gross	$ 2,805		$ 2,805		$ 3,523
Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage			81.00%		77.00%

Earnings per Common Share (Narr

Earnings per Common Share (Narrative) (Details)	Jun. 13, 2016	Dec. 17, 2015	Jun. 30, 2016$ / sharesshares	Jun. 30, 2015shares	Jun. 30, 2016$ / sharesshares	Jun. 30, 2015shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount			130,303	130,303	108,387	108,387
Description of reverse stock split					on June 2, 2016 the Board approved an amendment (the "Reverse Split Amendment") to the Company's Amended and Restated Certificate of Incorporation. The Reverse Split Amendment effected a one (1) for six (6) reverse stock split and corresponding reduction of the number of authorized shares of common stock, par value $0.01 per share (the "Reverse Split"). The Reverse Split Amendment became effective on June 13, 2016
Description of stock conversion					effective May 27, 2016, all Class B common shares and Class B warrants automatically converted into one Class A common share and one Class A warrant, respectively
Stock split conversion ratio	0.16666
Equity Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive awards			65,667	45,541	34,811	24,162
Common Class A [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares, outstanding			68,614,708		68,614,708
Common stock, par value (in dollars per share) | $ / shares			$ 0.01		$ 0.01
Potentially dilutive securities			489,282	309,297
Common Class B [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Participating securities, distributed and undistributed earnings (loss), diluted			0	0	0	0
Antidilutive securities excluded from computation of earnings per share, amount			0	0	0	0
Common Class A and Common Class B [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share ratio, issued as dividend		0.10%
Weighted Average [Member] | Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Participating securities, distributed and undistributed earnings (loss), diluted				58,078		54,575
Weighted Average [Member] | Common Class A [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount			587,607	268,538
Weighted Average [Member] | Common Class A [Member] | Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Participating securities, distributed and undistributed earnings (loss), diluted			38,697		40,577
Class A and Class B Warants [Member] | Common Class A and Common Class B [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 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, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earning Per Share [Line Items]
Net income/(loss)	$ 29,861	$ 58,438	$ 80,600	$ 101,339
Common Class A [Member]
Weighted average common shares outstanding:
Weighted average common shares outstanding, basic	92,255,692	95,576,283	93,496,651	95,574,356
Weighted average common shares outstanding, diluted	92,321,359	95,621,824	93,531,462	95,598,518
Common stock, shares, outstanding	68,614,708		68,614,708
Common Class B [Member]
Weighted average common shares outstanding:
Common stock - basic and diluted	826,794	1,320,467	1,073,382	1,320,644
Class A Warrant [Member]
Weighted average common shares outstanding:
Class of warrant or right, outstanding	121,212,278		121,212,278

Business and Segment Reportin41

Business and Segment Reporting (Reportable Segments Information) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)segment	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Shipping revenues	$ 221,446	$ 245,487	$ 465,202	$ 479,029
Time charter equivalent revenues	215,695	235,203	452,617	456,845
Depreciation and amortization	42,592	37,869	85,675	74,988
Gain/(loss) on disposal of vessels, including impairments	(112)		45	1,073
Income/(loss) from vessel operations	72,614	97,928	164,354	181,314
Equity in income/(loss)of affiliated companies	11,985	11,830	23,590	24,242
Total assets	3,057,199	3,482,882	3,057,199	3,482,882	$ 3,230,410
Payments for drydockings			7,103	25,394
Operating Segments [Member]
Segment Reporting Information [Line Items]
Shipping revenues	221,446	245,487	465,202	479,029
Time charter equivalent revenues	215,695	235,203	452,617	456,845
Depreciation and amortization	42,592	37,869	85,675	74,988
Gain/(loss) on disposal of vessels, including impairments	(112)		45	1,073
Income/(loss) from vessel operations	72,614	97,928	164,354	181,314
Equity in income/(loss)of affiliated companies	11,985	11,830	23,590	24,242
Investments in and advances to affiliated companies	344,886	348,188	344,886	348,188
Total assets	2,591,039	2,767,047	2,591,039	2,767,047
Expenditures for vessels			81	440
Payments for drydockings			7,103	25,394
International Crude Tankers Segment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Shipping revenues	68,312	81,530	159,375	154,947
Time charter equivalent revenues	66,539	76,968	153,903	143,789
Depreciation and amortization	12,984	12,720	25,960	25,165
Gain/(loss) on disposal of vessels, including impairments			201	7
Income/(loss) from vessel operations	30,563	42,308	82,884	74,299
Equity in income/(loss)of affiliated companies	9,019	8,914	17,991	17,371
Investments in and advances to affiliated companies	277,821	281,335	277,821	281,335
Total assets	1,095,471	1,173,738	1,095,471	1,173,738
Payments for drydockings			1,644	6,120
International Product Carriers Segment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Shipping revenues	34,750	42,598	72,363	86,539
Time charter equivalent revenues	34,416	42,367	71,761	85,884
Depreciation and amortization	6,795	6,923	13,638	13,900
Gain/(loss) on disposal of vessels, including impairments				(5)
Income/(loss) from vessel operations	7,096	14,952	16,156	29,229
Investments in and advances to affiliated companies	15,226	14,371	15,226	14,371
Total assets	496,881	529,413	496,881	529,413
Expenditures for vessels			24	387
Payments for drydockings			870	178
Other Segments [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Shipping revenues		(35)		57
Time charter equivalent revenues		(38)		54
Depreciation and amortization	246	246	508	717
Gain/(loss) on disposal of vessels, including impairments	(112)		(142)	1,133
Income/(loss) from vessel operations	277	(269)	171	(678)
Equity in income/(loss)of affiliated companies	2,966	2,916	5,614	6,877
Investments in and advances to affiliated companies	51,801	52,444	51,801	52,444
Total assets	51,801	52,444	51,801	52,444
U.S. Flag Segment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Shipping revenues	118,384	121,394	233,464	237,486
Time charter equivalent revenues	114,740	115,906	226,953	227,118
Depreciation and amortization	22,567	17,980	45,569	35,206
Gain/(loss) on disposal of vessels, including impairments			(14)	(62)
Income/(loss) from vessel operations	34,678	40,937	65,143	78,464
Equity in income/(loss)of affiliated companies			(15)	(6)
Investments in and advances to affiliated companies	38	38	38	38
Total assets	$ 946,886	$ 1,011,452	946,886	1,011,452
Expenditures for vessels			57	53
Payments for drydockings			$ 4,589	$ 19,096

Business and Segment Reportin42

Business and Segment Reporting (Reconciliation of Time Charter Revenue to Shipping Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Business and Segment Reporting [Abstract]
Time charter equivalent revenues	$ 215,695	$ 235,203	$ 452,617	$ 456,845
Add: Voyage expenses	5,751	10,284	12,585	22,184
Shipping revenues	$ 221,446	$ 245,487	$ 465,202	$ 479,029

Business and Segment Reportin43

Business and Segment Reporting (Reconciliation of Income from Vessel Operations to Profit (Loss) Before Reorganization) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Business and Segment Reporting [Abstract]
Total income (loss) from vessel operations of all segments	$ 72,614	$ 97,928	$ 164,354	$ 181,314
General and administrative expenses	(17,367)	(17,471)	(34,716)	(36,753)
Technical management transition costs				(40)
Severance and relocation costs				(5)
Gain/(loss) on disposal of vessels, including impairments	(112)		45	1,073
Income from vessel operations	55,135	80,457	129,683	145,589
Equity in income/(loss)of affiliated companies	11,985	11,830	23,590	24,242
Other income (expense)	(599)	48	1,975	121
Interest expense	(20,552)	(28,931)	(43,211)	(57,500)
Reorganization items, net	(860)	(1,437)	17,050	(4,924)
Income income taxes	$ 45,109	$ 61,967	$ 129,087	$ 107,528

Business and Segment Reportin44

Business and Segment Reporting (Reconcilation of Assets of Segments to Consolidated Amounts) (Details) - USD ($) $ in Thousands		Jun. 30, 2016		Dec. 31, 2015	Jun. 30, 2015		Dec. 31, 2014
Segment Reporting Information [Line Items]
Cash and cash equivalents		$ 455,826		$ 502,836	$ 646,265		$ 389,226
Restricted cash		5,589		10,583
Other unallocated amounts		4,745			47,325
Consolidated Total Assets		3,057,199		3,230,410	3,482,882
Operating Segments [Member]
Segment Reporting Information [Line Items]
Consolidated Total Assets		2,591,039			2,767,047
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Restricted cash		5,589	[1]	$ 19,572	22,245	[1]
Unrestricted cash	[1]	455,826			646,265
OSG Bulk Ships, Inc (OBS) [Member]
Segment Reporting Information [Line Items]
Unrestricted cash		152,865			157,177
OSG International, Inc (OIN) [Member]
Segment Reporting Information [Line Items]
Unrestricted cash		$ 278,945			$ 170,900
[1]	As of June 30, 2016 and 2015, OBS and its subsidiaries had unrestricted cash balances of $152,865 and $157,177, respectively, and OIN and its subsidiaries had unrestricted cash balances of $278,945 and $170,900, respectively. All restricted cash balances were held by the Parent Company, OSG, as of June 30, 2016 and 2015.

Vessels (Narrative) (Details)

Vessels (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Payments to acquire equipment	$ 81,000	$ 440,000
Vessel/Fleet [Member]
Property, Plant and Equipment [Line Items]
Gain (loss) on disposition of assets	0	0
Payments to acquire equipment	$ 0	$ 0

Variable Interest Entities ("46

Variable Interest Entities ("VIEs") (Narrative) (Details) $ in Thousands	Jun. 30, 2016USD ($)item	Dec. 31, 2015USD ($)
Variable Interest Entity [Line Items]
Accounts receivable, net, current | $	$ 60,902	$ 81,612
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of commercial pools | item	6
Number of joint ventures | item	3
Accounts receivable, net, current | $	$ 8,283

Variable Interest Entities ("47

Variable Interest Entities ("VIEs") (Balance Sheet Carrying Amounts Related to VIEs) (Details) $ in Thousands	Jun. 30, 2016USD ($)
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Investments in Affiliated Companies	$ 272,684

Variable Interest Entities ("48

Variable Interest Entities ("VIEs") (Comparison of Liability to Maximum Exposure to Loss) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Other Liabilities	$ 59,785	$ 61,698
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Other Liabilities
Maximum Exposure to Loss	$ 320,200

Fair Value of Financial Instr49

Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures (Narrative) (Details) - Interest Rate Cap [Member] $ in Thousands	Jun. 30, 2016USD ($)
OSG Bulk Ships, Inc (OBS) [Member]
Fair Value Of Financial Instruments Derivatives And Fair Value Disclousres [Line Items]
Derivative, notional amount	$ 375,000
OSG Bulk Ships, Inc (OBS) [Member] | Scenario, Plan [Member]
Fair Value Of Financial Instruments Derivatives And Fair Value Disclousres [Line Items]
Derivative, cap interest rate	2.50%
OSG International, Inc (OIN) [Member]
Fair Value Of Financial Instruments Derivatives And Fair Value Disclousres [Line Items]
Derivative, notional amount	$ 400,000
OSG International, Inc (OIN) [Member] | Scenario, Plan [Member]
Fair Value Of Financial Instruments Derivatives And Fair Value Disclousres [Line Items]
Derivative, cap interest rate	2.50%
Maximum [Member] | OSG Bulk Ships, Inc (OBS) [Member] | Scenario, Plan [Member]
Fair Value Of Financial Instruments Derivatives And Fair Value Disclousres [Line Items]
Derivative, cap interest rate	3.00%

Fair Value of Financial Instr50

Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures (Fair Value of Financial Instruments Other Than Derivatives) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2016		Dec. 31, 2015	Jun. 30, 2015	[2]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	[1]	$ 461,415		$ 522,408
Restricted cash		5,589		10,583
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	[1]	461,415		522,408
8.125% Notes due 2018 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure		$ (121,938)		(121,046)
Debt instrument, maturity date		Mar. 30, 2018
8.125% Notes due 2018 [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure		$ (121,938)		(121,046)
7.50% Notes due 2024 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure		$ (431)		(745)
Debt instrument, maturity date		Feb. 15, 2024
7.50% Notes due 2024 [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure		$ (431)		(745)
7.50% Election 2 Notes due 2021 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure		$ (333)		(328)
Debt instrument, maturity date		Feb. 15, 2021
7.50% Election 2 Notes due 2021 [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure		$ (333)		(328)
OBS Term Loan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, Fair Value Disclosure		$ (478,842)		(571,682)
Debt instrument, maturity date		Aug. 5, 2019
OBS Term Loan [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, Fair Value Disclosure		$ (478,842)		(571,682)
OIN Term Loan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, Fair Value Disclosure		$ (534,018)		(601,928)
Debt instrument, maturity date		Aug. 5, 2019
OIN Term Loan [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, Fair Value Disclosure		$ (534,018)		(601,928)
Corporate, Non-Segment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted cash		$ 5,589	[2]	$ 19,572	$ 22,245
[1]	Includes current and non-current restricted cash aggregating $5,589 and $19,572 at June 30, 2016 and December 31, 2015, respectively.
[2]	As of June 30, 2016 and 2015, OBS and its subsidiaries had unrestricted cash balances of $152,865 and $157,177, respectively, and OIN and its subsidiaries had unrestricted cash balances of $278,945 and $170,900, respectively. All restricted cash balances were held by the Parent Company, OSG, as of June 30, 2016 and 2015.

Fair Value of Financial Instr51

Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures (Fair Value of Derivative Instruments) (Details) - Interest Rate Cap [Member] - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other Assets [Member]
Derivative Instruments In Hedges Long Term Portion Assets At Fair Value	$ 1	$ 102
Derivative Instruments in Hedges, Assets, at Fair Value	1	102
Other Liabilities [Member]
Derivative Instruments In Hedges Long Term Portion Liabilities At Fair Value
Derivative Instruments in Hedges, Liabilities, at Fair Value

Fair Value of Financial Instr52

Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures (Effect of Cash Flow Hedging Relationships) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Unrealized losses on derivative instruments	$ (4,477)	$ 3,800	$ (15,769)	$ (4,818)
Interest Rate Cap [Member]
Unrealized losses on derivative instruments	(14)	(396)	(101)	(1,583)
Interest Rate Swap [Member]
Unrealized losses on derivative instruments	$ (4,463)	$ 4,196	$ (15,669)	$ (3,235)

Fair Value of Financial Instr53

Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures (Effect of Cash Flow Hedging Relationships on Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	$ (105)		$ (133)
Ineffective Portion
Interest Expense [Member] | Interest Rate Cap [Member]
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	(105)		(133)
Ineffective Portion

Fair Value of Financial Instr54

Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures (Fair Values of Assets and Liabilities Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Available-for-sale Securities		$ 1	$ 102
Fair Value, Inputs, Level 2 [Member]
Available-for-sale Securities	[1]	$ 1	$ 102
[1]	For interest rate caps, fair values are derived using valuation models that utilize the income valuation approach. These valuation models take into account contract terms such as maturity, as well as other inputs such as interest rate yield curves and creditworthiness of the counterparty and the Company.

Debt (Exit Financing Facilities

Debt (Exit Financing Facilities) (Narrative) (Details) - USD ($)	Aug. 05, 2014	Jul. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Gain (loss) on repurchase of debt instrument					$ 1,511,000
Write off of deferred debt issuance cost					5,659,000
G & A expenses, other, open market debt repurchase legal and consulting fees					217,000
OSG International, Inc (OIN) [Member]
Debt Instrument [Line Items]
Proceeds from dividends received					102,000,000
OBS Term Loan [Member]
Debt Instrument [Line Items]
Threshold amounts available for parent			$ 51,295,000		51,295,000
Interest expense, debt			6,784,000	$ 7,780,000	15,125,000	$ 15,842,000
Facility prepayment			20,000,000		40,000,000
OIN Term Loan [Member]
Debt Instrument [Line Items]
Threshold amounts available for parent			30,200,000		30,200,000
Interest expense, debt			7,977,000	8,880,000	17,626,000	18,081,000
OIN Term Loan [Member] | Scenario, Forecast [Member]
Debt Instrument [Line Items]
Mandatory, payment amount							$ 0
OIN Facilities [Member]
Debt Instrument [Line Items]
Debt instrument, covenant requirement, threshold amount related to fair value of collateralized assets			500,000,000		500,000,000			$ 500,000,000
OBS Term Loan and OIN Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, amortization, quarterly percentage of original principal amount	1.00%
Debt instrument, additional mandatory prepayments, percentage	50.00%
OBS Term Loan and OIN Facilities [Member]
Debt Instrument [Line Items]
Debt instrument, convenant threshold related to net cash proceeds from asset sales	$ 5,000,000
Exit Financing Facilities [Member]
Debt Instrument [Line Items]
Interest expense, debt			17,607,000	19,929,000	37,409,000	39,632,000
Exit Financing Facilities [Member] | OIN Facilities [Member]
Debt Instrument [Line Items]
Interest expense, debt			9,588,000	10,566,000	20,276,000	20,956,000
Exit Financing Facilities [Member] | OBS Term Loan and OBS ABL Facility [Member]
Debt Instrument [Line Items]
Interest expense, debt			$ 8,019,000	$ 9,363,000	$ 17,133,000	$ 18,676,000
Subsequent Event [Member] | OSG Bulk Ships, Inc (OBS) [Member]
Debt Instrument [Line Items]
Facility prepayment		$ 20,000,000

Debt (Unsecured Senior Notes) (

Debt (Unsecured Senior Notes) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Repayments of unsecured debt			$ 109,046
Loss on repurchase of debt			1,511
7.50% Notes due 2024 [Member]
Debt Instrument [Line Items]
Repayments of unsecured debt			$ 294
Debt instrument, interest rate, stated percentage	7.50%		7.50%		7.50%
Loss on repurchase of debt			$ (50)
Debt instrument, maturity date			Feb. 15, 2024
Unsecured Senior Notes [Member]
Debt Instrument [Line Items]
Interest expense, debt	$ 2,798	$ 8,995	$ 5,584	$ 17,824
Interest paid, net			$ 4,869	$ 17,965

Debt (Composition of Debt) (Det

Debt (Composition of Debt) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Long-term debt	$ 1,116,911	$ 1,286,263
Less current portion	46,183	63,039
Long-term portion	1,070,728	1,223,224
8.125% Notes due 2018 [Member]
Long-term debt	116,167	115,450
Debt instrument, unamortized discount	$ 2,797	$ 3,514
Debt instrument, interest rate, stated percentage	8.125%	8.125%
Debt instrument, maturity date	Mar. 30, 2018
OBS Term Loan [Member]
Long-term debt	$ 480,160	$ 574,615
Debt instrument, unamortized discount	$ 14,128	19,340
Debt instrument, maturity date	Aug. 5, 2019
OIN Term Loan [Member]
Long-term debt	$ 519,901	595,222
Debt instrument, unamortized discount	$ 18,151	23,727
Debt instrument, maturity date	Aug. 5, 2019
7.50% Election 2 Notes due 2021 [Member]
Long-term debt	$ 293	292
Debt instrument, unamortized discount	$ 8	$ 9
Debt instrument, interest rate, stated percentage	7.50%	7.50%
Debt instrument, maturity date	Feb. 15, 2021
7.50% Notes due 2024 [Member]
Long-term debt	$ 390	$ 684
Debt instrument, interest rate, stated percentage	7.50%	7.50%
Debt instrument, maturity date	Feb. 15, 2024
Notes, Term Loans and Election Notes [Member]
Debt, weighted average interest rate	5.85%	5.81%

Debt (Schedule of Repurchases a

Debt (Schedule of Repurchases and Payments on Debt) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Debt Instrument [Line Items]
Payments and repurchases on long term debt	$ 176,049
Optional/Mandatory Prepayment [Member]
Debt Instrument [Line Items]
Payments and repurchases on long term debt	80,127
Open Market Purchases [Member]
Debt Instrument [Line Items]
Payments and repurchases on long term debt	95,922
OBS Term Loan [Member]
Debt Instrument [Line Items]
Payments and repurchases on long term debt	98,295
OBS Term Loan [Member] | Optional/Mandatory Prepayment [Member]
Debt Instrument [Line Items]
Payments and repurchases on long term debt	71,295
OBS Term Loan [Member] | Open Market Purchases [Member]
Debt Instrument [Line Items]
Payments and repurchases on long term debt	27,000
OIN Term Loan [Member]
Debt Instrument [Line Items]
Payments and repurchases on long term debt	77,754
OIN Term Loan [Member] | Optional/Mandatory Prepayment [Member]
Debt Instrument [Line Items]
Payments and repurchases on long term debt	8,832
OIN Term Loan [Member] | Open Market Purchases [Member]
Debt Instrument [Line Items]
Payments and repurchases on long term debt	$ 68,922

Taxes (Narrative) (Details)

Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income Tax Contingency [Line Items]
Income tax expense (benefit)	$ 15,248		$ 3,529	$ 48,487	$ 6,189
Effective income tax rate reconciliation, percent	34.00%		6.00%	38.00%	6.00%
Reserve for uncertain tax positions	$ 2,542	$ 2,520		$ 2,542		$ 2,520
Unrecognized tax benefits, interest on income taxes expense				$ 725		$ 702
Proceeds from income tax refunds		$ 54,884
Internal Revenue Service (IRS) [Member]
Income Tax Contingency [Line Items]
Income tax examination, description				In March 2016, the Company was notified by the Internal Revenue Service that it will commence a tax examination for the years 2012 through 2014, as a result of the refund claim of $54,884, which was received in the fourth quarter of 2015, from the carryback of the 2014 net operating loss to 2012 and 2013.
OSG International, Inc (OIN) [Member]
Income Tax Contingency [Line Items]
Deferred tax liabilities, gross	$ 80,733			$ 80,733
Minimum [Member] | Internal Revenue Service (IRS) [Member]
Income Tax Contingency [Line Items]
Income tax examination, year under examination				2,012
Maximum [Member] | Internal Revenue Service (IRS) [Member]
Income Tax Contingency [Line Items]
Income tax examination, year under examination				2,014

Capital Stock and Stock Compe60

Capital Stock and Stock Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands	Jun. 13, 2016	Dec. 17, 2015	Jun. 30, 2016$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period, value | $				$ 76,648
Description of reverse stock split				on June 2, 2016 the Board approved an amendment (the "Reverse Split Amendment") to the Company's Amended and Restated Certificate of Incorporation. The Reverse Split Amendment effected a one (1) for six (6) reverse stock split and corresponding reduction of the number of authorized shares of common stock, par value $0.01 per share (the "Reverse Split"). The Reverse Split Amendment became effective on June 13, 2016
Description of stock conversion				effective May 27, 2016, all Class B common shares and Class B warrants automatically converted into one Class A common share and one Class A warrant, respectively
Stock split conversion ratio	0.16666
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares paid for tax withholding for share based compensation				22,113
Shares paid for tax withholding for share based compensation, per share amount | $ / shares				$ 14.67
Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period, shares				106,350
Stock repurchaed during period, per share amount | $ / shares				$ 12.23
Stock repurchased during period, value | $				$ 1,301
Stock issued during period, shares, conversion of convertible securities				6,604,494	143,927
Common Class B [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, conversion of convertible securities				7,833	311,314
Common Class A and Common Class B [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share ratio issued as dividend		0.10%
Management Incentive Compensation Plan [Member] | Time Based Restricted Stock [Member] | Senior Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted				119,853
Granted, per share | $ / shares				$ 11.82
Management Incentive Compensation Plan [Member] | Performance Based Restricted Units [Member] | Senior Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted				119,853
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights				Each performance stock unit represents a contingent right to receive RSUs based upon the covered employees being continuously employed through the end of the period over which the performance goals are measured and shall vest as follows: (i) one-third of the target RSUs shall vest on December 31, 2018, subject to OSG's three-year earnings per share ("EPS") performance in the three-year EPS performance period relative to a compounded annual growth rate (the "EPS Target") set forth in the award agreements; (ii) one-third of the target RSUs shall vest on December 31, 2018, 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; and (iii) one-third of the target RSUs will be subject to OSG's three-year total shareholder return ("TSR") performance relative to that of a performance peer group over a three-year TSR performance period ("TSR Target"). Vesting is subject in each case to the Human Resources and Compensation Committee's certification of achievement of the performance measures and targets no later than March 31, 2019. The EPS Target and ROIC Target are performance conditions which, as of June 30, 2016, management believes, are not yet considered probable of being achieved. Accordingly, for financial reporting purposes, no compensation costs will be recognized for these awards until it becomes probable that the performance conditions will be achieved.
Management Incentive Compensation Plan [Member] | Performance Based Restricted Units [Member] | Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted				38,547
Granted, per share | $ / shares				$ 11.82
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights				Each performance stock unit represents a contingent right to receive RSUs based upon certain performance related goals being met and the covered employees being continuously employed through the end of the period over which the performance goals are measured. These performance awards will vest on December 31, 2016, subject in each case to the Human Resources and Compensation Committee's certification of achievement of the performance measures and targets no later than March 31, 2017.
Management Incentive Compensation Plan [Member] | TSR [Member] | Senior Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, per share | $ / shares				$ 11.82
Management Incentive Compensation Plan [Member] | Stock Compensation Plan [Member] | Senior Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, options				319,069
Grants, options, per share | $ / shares				$ 4.74
Management Incentive Compensation Plan [Member] | Common Class A [Member] | Stock Compensation Plan [Member] | Senior Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Price | $ / shares			$ 11.82	$ 11.82
Non-Employee Director Incentive Compensation Plan [Member] | Common Class A [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted			65,769	65,769
Granted, per share | $ / shares			$ 11.86	$ 11.86
Class A Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period, shares				33,326,716
Stock repurchaed during period, per share amount | $ / shares				$ 12.05
Stock repurchased during period, value | $				$ 75,347
Conversion of stock, shares converted				35,178,898	866,086
Coversion ratio reflecting reverse stock split				0.190
Class B Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of stock, shares converted				46,997	1,872,194

Accumulated Other Comprehensi61

Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Loss [Abstract]
Unrealized losses on derivative instruments, substantially entered into by the Company's equity method joint venture investees	$ (62,092)	$ (61,585)	$ (54,620)	$ (56,710)	$ (65,123)	$ (61,547)
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans)	(17,842)	(18,486)	(18,841)	(22,111)	(21,337)	(21,833)
Accumulated other comprehensive loss	$ (79,934)	$ (80,071)	$ (73,461)	$ (78,821)	$ (86,460)	$ (83,380)

Accumulated Other Comprehensi62

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, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Loss [Abstract]
Unrealized losses on cash flow hedges, Beginning Balance	$ (61,585)	$ (65,123)	$ (54,620)	$ (61,547)
Unrealized losses on cash flow hedges, Current period change excluding amounts reclassified from other comprehensive loss	(4,485)	3,909	(15,750)	(4,393)
Unrealized losses on cash flow hedges, Amounts reclassified from accumulated other comprehensive loss	3,978	4,504	8,278	9,230
Unrealized losses on cash flow hedges, Total change in accumulated other comprehensive loss	(507)	8,413	(7,472)	4,837
Unrealized losses on cash flow hedges, Ending Balance	(62,092)	(56,710)	(62,092)	(56,710)
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans), Beginning Balance	(18,486)	(21,337)	(18,841)	(21,833)
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans), Current period change excluding amounts reclassified from other comprehensive loss	644	(774)	999	(278)
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans), Total change in accumulated other comprehensive loss	644	(774)	999	(278)
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans), Ending Balance	(17,842)	(22,111)	(17,842)	(22,111)
Beginning Balance	(80,071)	(86,460)	(73,461)	(83,380)
Current period change excluding amounts reclassified from other comprehensive loss	(3,841)	3,135	(14,751)	(4,671)
Amounts reclassified from accumulated other comprehensive loss	3,978	4,504	8,278	9,230
Total change in accumulated other comprehensive loss	137	7,639	(6,473)	4,559
Ending Balance	$ (79,934)	$ (78,821)	$ (79,934)	$ (78,821)

Accumulated Other Comprehensi63

Accumulated Other Comprehensive Loss (Amounts Reclassified out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Unrealized losses on cash flow hedges:
Total reclassification from AOCI	$ (3,978)	$ (4,504)	$ (8,278)	$ (9,230)
Equity in Income of Affiliated Companies [Member]
Unrealized losses on cash flow hedges:
Interest rate cap entered into by the Company's equity method joint venture investees	(3,873)	$ (4,504)	(8,145)	$ (9,230)
Interest Rate Cap [Member] | Interest Expense [Member]
Unrealized losses on cash flow hedges:
Interest rate cap entered into by the Company's equity method joint venture investees	$ (105)		$ (133)

Accumulated Other Comprehensi64

Accumulated Other Comprehensive Loss (Income Tax Expense Allocated to Each Component of Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains/(losses) on cash flow hedges, Current period change excluding amounts reclassified from accumulated other comprehensive income	$ (4,485)	$ 3,909	$ (15,750)	$ (4,393)
Unrealized gains/(losses) on cash flow hedges, Amounts reclassified from accumulated other comprehensive income	3,978	4,504	8,278	9,230
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Total	(507)	8,413	(7,472)	4,837
Items not yet recognized as a component of net periodic benefit cost, Current period change excluding amounts reclassified from accumulated other comprehensive income	644	(774)	999	(278)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Total	644	(774)	999	(278)
Tax (Expense)/ Benefit [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains/(losses) on cash flow hedges, Current period change excluding amounts reclassified from accumulated other comprehensive income	(8)	109	19	425
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Total	(8)	109	19	425
Items not yet recognized as a component of net periodic benefit cost, Current period change excluding amounts reclassified from accumulated other comprehensive income
Items not yet recognized as a component of net periodic benefit cost, Amounts reclassified from accumulated other comprehensive income
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Total

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)property	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)property	Jun. 30, 2015USD ($)
Leases [Line Items]
Reorganization items, total	$ 860	$ 1,437	$ (17,050)	$ 4,924
Interest expense	20,552	28,931	43,211	57,500
Payments for restructuring	562	3,332	1,088	9,428
Operating leases, rent expense	31,479	$ 31,127	62,536	$ 63,025
Contracts of Affreightment [Member]
Leases [Line Items]
Operating Leases, Future Minimum Payments Receivable, Current	$ 13,174		13,174
Office Space [Member]
Leases [Line Items]
Operating leases, rent expense			$ 998
Charter-In [Member]
Leases [Line Items]
Commitments to charter in vessels, Number of Units | property	17		17
Bareboat Charters-In [Member]
Leases [Line Items]
Commitments to charter in vessels, Number of Units | property	13		13
Time Charters-In [Member]
Leases [Line Items]
Commitments to charter in vessels, Number of Units | property	4		4
Charters-Out [Member]
Leases [Line Items]
Operating Leases, Future Minimum Payments Receivable, Current	$ 229,037		$ 229,037
Operating Leases, Future Minimum Payments Receivable, in Two Years	258,161		258,161
Operating Leases, Future Minimum Payments Receivable, in Three Years	148,392		148,392
Operating Leases, Future Minimum Payments Receivable, in Four Years	78,068		78,068
Operating Leases, Future Minimum Payments Receivable, in Five Years	43,766		43,766
Operating Leases, Future Minimum Payments Receivable, Thereafter	134,438		134,438
Charters-Out [Member] | Contracts of Affreightment [Member]
Leases [Line Items]
Operating Leases, Future Minimum Payments Receivable, in Two Years	23,408		23,408
Operating Leases, Future Minimum Payments Receivable, in Three Years	22,698		22,698
Operating Leases, Future Minimum Payments Receivable, in Four Years	23,031		23,031
Operating Leases, Future Minimum Payments Receivable, in Five Years	$ 6,356		$ 6,356

Leases (Bareboat and Time Chart

Leases (Bareboat and Time Charters-In) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Bareboat Charters-In [Member]
Leases [Line Items]
2,016	$ 49,651
2,017	98,219
2,018	93,200
2,019	111,819
2,020	9,168
Thereafter	41,007
Net minimum lease payments	$ 403,064
2016, operating days	2392 days
2017, operating days	4713 days
2018, operating days	3929 days
2019, operating days	3470 days
2020, operating days	366 days
Thereafter, operating days	1637 days
Operating days, total	16507 days
Time Charters-In [Member]
Leases [Line Items]
2,016	$ 13,455
2,017	12,819
Net minimum lease payments	$ 26,274
2016, operating days	1080 days
2017, operating days	989 days
Operating days, total	2069 days

Leases (Future Minimum Revenues

Leases (Future Minimum Revenues on Charters-Out) (Details) - Charters-Out [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2,016	$ 229,037
2,017	258,161
2,018	148,392
2,019	78,068
2,020	43,766
Thereafter	134,438
Net minimum lease payments	$ 891,862
2016, revenue days	5200 days
2017, revenue days	4935 days
2018, revenue days	2113 days
2019, revenue days	933 days
2020, revenue days	532 days
Thereafter, revenue days	1570 days
Revenue Days	15283 days

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) - USD ($) $ in Thousands	Apr. 05, 2016	Feb. 12, 2016	Aug. 05, 2015	Aug. 05, 2014	May 31, 2016	Jun. 30, 2016	Aug. 12, 2014
Loss Contingencies [Line Items]
Litigation settlement, received (paid)						$ 20,359
Proskauer Action [Member]
Loss Contingencies [Line Items]
Litigation settlement amount			$ 3,000
Litigation recovery percentage expected to be disbursed to the class action plaintiffs	15.00%					15.00%
Litigation settlement, received (paid)	$ (2,136)	$ 20,359				$ (2,136)
Independent Registered Public Accounting Firm [Member]
Loss Contingencies [Line Items]
Estimated settlement to plaintiffs							$ 1,750
Former Officers and Directors [Member]
Loss Contingencies [Line Items]
Estimated settlement to plaintiffs							10,500
Former Underwriters [Member]
Loss Contingencies [Line Items]
Estimated settlement to plaintiffs							$ 4,000
Equity Plan [Member]
Loss Contingencies [Line Items]
Litigation settlement amount				$ 7,000
Equity Plan [Member] | Final Order [Member]
Loss Contingencies [Line Items]
Litigation settlement amount	$ (5,000)
Equity Plan [Member] | SEC Investigation [Member]
Loss Contingencies [Line Items]
Litigation reserve						$ 5,000
Class B Warrant [Member] | Proskauer Action [Member] | Common Class B [Member]
Loss Contingencies [Line Items]
Litigation recovery percentage expected to be disbursed to the class action plaintiffs					10.00%
Reorganization items					$ 1,423