Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 10-K 13 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 06, 2020	Jun. 30, 2019
Document And Entity Information
Entity Registrant Name	OVERSEAS SHIPHOLDING GROUP INC
Entity Central Index Key	0000075208
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 118,428,664
Entity Common Stock, Shares Outstanding		86,324,920
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 41,503	$ 80,417
Restricted cash	60	59
Voyage receivables, including unbilled of $5,611 and $10,160, net of reserve for doubtful accounts	9,247	16,096
Income tax recoverable	1,192	439
Other receivables	3,037	3,027
Prepaid expenses	1,292	9,886
Inventories and other current assets	1,178	2,456
Total Current Assets	57,509	112,380
Vessels and other property, less accumulated depreciation and amortization	737,212	597,659
Deferred drydock expenditures, net	23,734	26,099
Total Vessels, Deferred Drydock and Other Property	760,946	623,758
Restricted cash	114	165
Investments in and advances to affiliated companies	3,599	3,585
Intangible assets, less accumulated amortization	31,817	36,417
Operating lease right-of-use assets	286,469
Other assets	35,013	51,425
Total Assets	1,175,467	827,730
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	35,876	34,678
Current installments of long-term debt	31,512	23,240
Current portion of operating lease liabilities	90,145
Current portion of finance lease liabilities	4,011
Total Current Liabilities	161,544	57,918
Reserve for uncertain tax positions	864	220
Long-term debt	336,535	322,295
Deferred income taxes, net	72,833	73,365
Noncurrent operating lease liabilities	219,501
Noncurrent finance lease liabilities	23,548
Other liabilities	19,097	44,464
Total Liabilities	833,922	498,262
Commitments and contingencies
Equity:
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 85,713,610 and 84,834,790 shares issued and outstanding)	857	848
Paid-in additional capital	590,436	587,826
Accumulated deficit	(243,339)	(252,014)
Stockholders Equity Subtotal	347,954	336,660
Accumulated other comprehensive loss	(6,409)	(7,192)
Total Equity	341,545	329,468
Total Liabilities and Equity	$ 1,175,467	$ 827,730

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Unbilled contracts receivable	$ 5,611	$ 10,160
Class A common stock, par value	$ 0.01	$ 0.01
Class A common stock, shares authorized	166,666,666	166,666,666
Class A common stock, shares issued	85,713,610	84,834,790
Class A common stock, shares outstanding	85,713,610	84,834,790

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Shipping Revenues:
Time charter revenues	$ 263,683	$ 213,923
Voyage charter revenues	91,864	152,240
Total Shipping revenues	355,547	366,163
Operating Expenses:
Voyage expenses	20,414	39,456
Vessel expenses	134,618	134,956
Charter hire expenses	90,359	91,350
Depreciation and amortization	52,499	50,512
General and administrative	23,399	26,880
Bad debt expense	4,300
Loss/(gain) on disposal of vessels and other property, including impairments, net	106	(877)
Total operating expenses	325,695	342,277
Income from vessel operations	29,852	23,886
Equity in income of affiliated companies	3,552	3,538
Operating income	33,404	27,424
Other income/(expense), net	1,440	(759)
Income before interest expense and income taxes	34,844	26,665
Interest expense	(25,633)	(30,890)
Income/(loss) before income taxes	9,211	(4,225)
Income tax (expense)/benefit	(536)	17,714
Net income	$ 8,675	$ 13,489
Weighted Average Number of Common Shares Outstanding:
Basic - Class A	89,251,818	88,394,580
Diluted - Class A	89,658,938	89,045,734
Per Share Amounts:
Basic and diluted net income - Class A	$ 0.1	$ 0.15

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net income	$ 8,675	$ 13,489
Other comprehensive income/(loss), net of taxes:
Net change in unrealized gains on cash flow hedges		112
Defined benefit pension and other postretirement benefit plans:
Net change in unrecognized prior service costs	(175)	(262)
Net change in unrecognized actuarial gain	958	903
Other comprehensive income	783	753
Comprehensive income	$ 9,458	$ 14,242

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities:
Net income	$ 8,675	$ 13,489
Items included in net income not affecting cash flows:
Depreciation and amortization	52,499	50,512
Bad debt expense	4,300
Amortization of debt discount and other deferred financing costs	1,965	4,069
Compensation relating to restricted stock, stock unit and stock option grants	1,662	3,785
Deferred income tax benefit	(991)	(18,794)
Interest on finance lease liabilities	1,462
Non-cash operating lease expense	90,922
Undistributed earnings of affiliated companies	(14)	200
Other - net		1,961
Items included in net income related to investing and financing activities:
Loss on repurchases and extinguishment of debt	72	3,399
Loss/(gain) on disposal of vessels and other property, net	106	(877)
Payments for drydocking	(12,278)	(12,902)
Changes in operating assets and liabilities:
Operating lease liabilities	(83,608)
Decrease in receivables	2,549	6,531
Decrease in income tax recoverable	(601)	(4,797)
Increase in deferred revenue	4,848	1,514
Net change in other operating assets and liabilities	1,881	(2,835)
Net cash provided by operating activities	73,449	45,255
Cash Flows from Investing Activities:
Expenditures for vessels and vessel improvements	(118,055)	(21,807)
Expenditures for other property	(4,459)	(386)
Proceeds from disposal of vessels and other property	3,404	2,367
Deposit for vessel purchases	(10,800)
Net cash used in investing activities	(129,910)	(19,826)
Cash Flows from Financing Activities:
Extinguishment and repurchases of debt	(3,271)	(427,123)
Issuance of debt, net of issuance and deferred financing costs	47,824	344,801
Payments on debt	(23,866)	(28,166)
Tax withholding on share-based awards	(294)	(569)
Payments on principal portion of finance lease liabilities	(2,896)
Net cash provided by/(used in) financing activities	17,497	(111,057)
Net decrease in cash, cash equivalents and restricted cash	(38,964)	(85,628)
Cash, cash equivalents and restricted cash at beginning of year	80,641	166,269
Cash, cash equivalents and restricted cash at end of year	$ 41,677	$ 80,641

Consolidated Statements of Chan

Consolidated Statements of Changes In Equity/(Deficit) - USD ($) $ in Thousands	Common Stock [Member]	Paid-in Additional Capital [Member]	Retained Earnings /(Accumulated Deficit) [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Beginning balance at Dec. 31, 2017	$ 783	$ 584,675	$ (265,758)	$ (6,462)	$ 313,238
Adoption of accounting standard - reclassification adjustment to retained earnings			1,483	(1,483)
Adoption of accounting standard - revenue recognition			(1,228)		(1,228)
Net income			13,489		13,489
Other comprehensive income, net of taxes				753	753
Issuance and vesting of restricted stock awards	9	(9)
Forfeitures and cancellation of restricted stock awards		(569)			(569)
Compensation related to Class A options granted		838			838
Compensation related to Class A restricted stock awards		2,947			2,947
Conversion of Class A warrants to Class A common stock	56	(56)
Ending balance at Dec. 31, 2018	848	587,826	(252,014)	(7,192)	329,468
Net income			8,675		8,675
Other comprehensive income, net of taxes				783	783
Issuance and vesting of restricted stock awards	6	(6)
Taxes withheld and forfeitures of restricted stock awards		(300)			(300)
Compensation related to Class A options granted		672			672
Compensation related to Class A restricted stock awards		2,247			2,247
Conversion of Class A warrants to Class A common stock	3	(3)
Ending balance at Dec. 31, 2019	$ 857	$ 590,436	$ (243,339)	$ (6,409)	$ 341,545

Basis of Presentation and Descr

Basis of Presentation and Description of Business	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Description of Business	NOTE 1 — BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS The consolidated financial statements include the accounts of Overseas Shipholding Group, Inc., a Delaware corporation incorporated in 1969, and its wholly owned subsidiaries (the “Company” or “OSG”, or “we” or “us” or “our”). All significant intercompany balances and transactions have been eliminated in consolidation. Investments in 50% or less owned affiliated companies, in which the Company exercises significant influence, are accounted for by the equity method. Dollar amounts, except per share amounts, are in thousands. The Company owns and operates a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and refined petroleum products in the U.S. Flag trade through two wholly owned subsidiaries.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. Cash and cash equivalents - 2. Vessels, vessel lives, deferred drydocking expenditures and other property Other property, including leasehold improvements, are recorded at cost and amortized on a straight-line basis over the shorter of the terms of the leases or the estimated useful lives of the assets, which range from three years to 15 years. Interest costs are capitalized to vessels and other property during the period that vessels are under construction and projects are in progress. During the year ended December 31, 2019, interest costs capitalized were $3,636. During the year ended December 31, 2018, interest costs capitalized were not material. Expenditures incurred during a drydocking are deferred and amortized on the straight-line basis over the shorter of the terms of the leases or the period until the next scheduled drydocking, generally two and a half to five years. The Company only includes in deferred drydocking costs those direct costs that are incurred as part of the drydocking to meet regulatory requirements, or are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. The carrying value of each of the Company’s vessels represents its original cost at the time it was delivered or purchased less depreciation calculated using estimated useful lives from the date such vessel was originally delivered from the shipyard or from the date (as in the case of certain of the Company’s ATBs) a vessel was rebuilt. A vessel’s carrying value is reduced to its new cost basis (i.e., its current fair value) if a vessel impairment charge is recorded. If the estimated economic lives assigned to the Company’s vessels prove to be too long because of new regulations, a prolonged weak market environment, a broad imposition of age restrictions by the Company’s customers, or other future events, it could result in higher depreciation expense and impairment losses in future periods related to a reduction in the useful lives of any affected vessels. 3. Impairment of long-lived assets 4. Intangible assets - 5. Deferred finance charges Unamortized deferred financing charges of $6,821 and $7,528 relating to the Term Loan Credit Agreement (as defined in Note 8, “Debt”) and $98 and $124 relating to the term loan, due 2026, are included in long-term debt in the consolidated balance sheets as of December 31, 2019 and 2018, respectively. In addition, at December 31, 2019, unamortized deferred financing charges of $1,086 relating to the term loans, due 2024, are included in long-term debt in the consolidated balance sheets. At December 31, 2019 and 2018, unamortized deferred financing charges relating to the Unsecured Senior Notes were included in current installments of long-term debt in the consolidated balance sheets and were not material. Interest expense relating to the amortization of deferred financing charges amounted to $1,965 in 2019 and $4,069 in 2018. 6. Revenue and expense recognition - The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606) The Company classifies time charter leasing arrangements less than 90 days within the voyage charter revenue financial statement line item because the Company believes the pricing negotiated within these short-term time charter contracts more closely aligns with the Company’s voyage charter spot market. Under voyage charters, expenses such as fuel, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time and bareboat charters, such voyage costs are generally paid by the Company’s customers. The Company receives an annual operating-differential subsidy pursuant to the Merchant Marine Act of 1936 for the two U.S. Flag Product Carriers which participate in the U.S. MSP program. This subsidy has been recorded as an offset to vessel expenses which amounted to $10,000 in 2019 and $9,600 in 2018. 7. Voyage receivables 8. Concentration of credit risk During the years ended December 31, 2019 and 2018, the Company had three and two individual customers, respectively, who accounted for 10% or more of the Company’s revenues. The customers and their related percentages were Monroe Energy LLC (16%), SeaRiver Maritime, Inc. (12%) and Shell (10%) for the year ended December 31, 2019 and Shell (12%) and Petrobras America Inc. (11%) for the year ended December 31, 2018. 9. Income taxes Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes in the period such determination is made. Uncertain tax positions are recorded in accordance with ASC 740, Income Taxes 10. Use of estimates 11. Segment information 12. Inventories 13. Recently adopted accounting standards Leases Codification Improvements to Topic 842 Leases Targeted Improvements Narrow-Scope Improvements for Lessors Codification Improvements The Company adopted the standard using the modified retrospective approach effective January 1, 2019. See Note 15, “Leases,” for additional information. 14. Recently issued accounting standards Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326 In November 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, Bucket 1— All public business entities (“PBEs”) that are SEC filers (as defined in U.S. GAAP), excluding smaller reporting companies (“SRCs”) (as defined by the SEC). The credit losses standard would be effective January 1, 2020. Bucket 2— All other entities, including SRCs, other PBEs that are not SEC filers, private companies, not-for-profit organizations, and employee benefit plans. The credit losses standard would be effective January 1, 2023. At the annual evaluation date on June 30, 2019, the Company met the SEC definition of a smaller reporting company. Accordingly, the Company plans on adopting the credit losses standard on January 1, 2023. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,

Earnings Per Common Share

Earnings Per Common Share	12 Months Ended
	Dec. 31, 2019
Per Share Amounts:
Earnings per Common Share	NOTE 3 — 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 of $0.01 per share to be nominal, warrant proceeds are ignored and the shares issuable upon Class A warrant exercise are included in the calculation of Class A 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. Class A As of December 31, 2019 and 2018, there were no weighted average shares of unvested Class A restricted common stock shares considered to be participating securities. The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units not classified as participating securities. As of December 31, 2019, there were 1,718,865 shares of Class A restricted stock units and 1,478,756 Class A stock options outstanding and considered to be potentially dilutive securities. As of December 31, 2018, there were 912,315 shares of Class A restricted stock units and 866,011 Class A stock options outstanding and considered to be potentially dilutive securities. The components of the calculation of basic earnings per share and diluted earnings per share are as follows: Years Ended December 31, 2019 2018 Net income $ 8,675 $ 13,489 Weighted average common shares outstanding: Class A common stock - basic 89,251,818 88,394,580 Class A common stock - diluted 89,658,938 89,045,734 For annual earnings per share calculations, there were 407,120 and 651,154 dilutive equity awards outstanding for the years ended December 31, 2019 and 2018. Awards of 920,845 and 469,112 shares of common stock for 2019 and 2018, respectively, were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	NOTE 4 — REVENUE RECOGNITION Adoption of ASC 606 On January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers The impact of adopting the standard primarily related to a change in the timing of revenue recognition for voyage charter contracts. In the past, the Company recognized revenue from voyage charters ratably over the estimated length of each voyage, calculated on a discharge-to-discharge basis. Under the new standard, the Company recognizes revenue from voyage charters ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. In addition, the adoption of ASC 606 resulted in a corresponding change in the timing of recognition of voyage expenses for voyage charter contracts. The cumulative effect of the changes made to the Company’s consolidated January 1, 2018 balance sheet for the adoption of ASC 606 was as follows: Balance at Adjustments Due Balance at Assets Voyage receivables $ 24,209 $ 1,336 $ 25,545 Liabilities Deferred income taxes 83,671 (108 ) 83,563 Equity Accumulated deficit (265,758 ) (1,228 ) (266,986 ) For the year ended December 31, 2018, revenues increased by $1,418, net income increased by $1,101 and basic and diluted net income per share increased by $0.01 as a result of applying ASC 606. Shipping Revenues Time Charter Revenues The Company enters into time charter contracts under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of a vessel. The Company recognizes revenues from time charters as operating leases ratably over the noncancellable contract term. Customers generally pay voyage expenses such as fuel, canal tolls and port charges. The Company also provides the charterer with services such as technical management expenses and crew costs. While there are lease and service (non-lease) components related to time charter contracts, the predominant component of the contract is the charterer’s lease of the vessel. The non-lease components of the contract have the same timing and pattern of transfer as the underlying lease component; therefore, the Company applied the practical expedient to combine lease and non-lease components and recognizes revenue related to this service ratably over the life of the contract term. Voyage Charter Revenues The Company enters into voyage charter contracts, under which the customer pays a transportation charge (voyage freight) for the movement of a specific cargo between two or more specified ports. The Company’s performance obligation under voyage charters, which consists of moving cargo from a load port to a discharge port, is satisfied over time. Accordingly, under ASC 606, the Company recognizes revenue from voyage charters ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. The transaction price is in the form of a fixed fee at contract inception, which is the transportation charge. Voyage charter contracts also include variable consideration primarily in the form of demurrage, which is additional revenue the Company receives for delays experienced in loading or unloading cargo that are not deemed to be the responsibility of the Company. The Company does not include demurrage in the transaction price for voyage charters as it is considered constrained since it is highly susceptible to factors outside the Company’s influence. Examples of when demurrage is incurred include unforeseeable weather conditions and security regulations at ports. The uncertainty related to this variable consideration is resolved upon the completion of the voyage, the duration of which is generally less than 30 days. U.S. Maritime Security Program Two of the Company’s U.S. Flag Product Carriers participate in the U.S. Maritime Security Program (“MSP”), which ensures that privately-owned, military-useful U.S. Flag vessels are available to the U.S. Department of Defense in the event of war or national emergency. The Company considers the MSP contract with the U.S. government a service arrangement under ASC 606. Under this arrangement, the Company receives an annual operating-differential subsidy pursuant to the Merchant Marine Act of 1936 for each participating vessel, subject in each case to annual congressional appropriations. The subsidy is intended to reimburse owners for the additional costs of operating U.S. Flag vessels; therefore, the Company has presented this subsidy as an offset to vessel expenses. Contracts of Affreightment The Company enters into contracts of affreightment (“COA”) to provide transportation services between specified points for a stated quantity of cargo over a specific time period, but without designating voyage schedules. The Company has COA arrangements to provide for lightering services and other arrangements based on the number of voyages. These contracts are service contracts within the scope of ASC 606 for which the underlying performance obligation is satisfied as a series of distinct services. The Company’s COA include minimum purchase requirements from customers that are expressed in either fixed monthly barrels, annual minimum barrel volume requirements or annual minimum number of voyages to complete. The Company is required to transport and the charterer is required to provide the Company with a minimum volume requirement. These contract minimums represent fixed consideration within the contract which is recognized as the distinct services of delivering barrels or voyages are performed in the series over time. The Company will adjust revenue recognized for any minimum volume unexercised right. COA provide the charterer with the opportunity to purchase additional transportation services above the minimum. If this is not considered a material right, the Company recognizes revenue related to the additional services at the contractual rate as the product is transferred over time. If the additional transportation service is considered a material right, the Company applies the practical alternative to allocate the transaction price to the material right. As a result, the Company may recognize revenue related to COA at an amount which is different than the invoiced amount if the Company’s estimated volume to be transported under the contract exceeds the contractual minimum. COA also include variable consideration primarily related to demurrage. The Company does not include this variable consideration in the transaction price for these contracts as the consideration is constrained since the obligation to deliver this service is outside the control of the Company. The uncertainty related to this variable consideration is resolved with the customer over the course of the contract term as individual voyages discharge. Revenue generated by COA is included within voyage charter revenues on the consolidated statements of operations. At December 31, 2019, the Company did not have deferred revenue related to the Company’s COA. Disaggregated Revenue The Company has disaggregated revenue from contracts with customers into categories which depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Consequently, the disaggregation below is based on contract type. Since the terms within these contract types are generally standard in nature, the Company does not believe that further disaggregation would result in increased insight into the economic factors impacting revenue and cash flows. The following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the years ended December 31, 2019 and 2018: Years Ended December 31, 2019 2018 Time and bareboat charter revenues $ 263,683 $ 213,923 Voyage charter revenues (1) 33,275 83,542 Contracts of affreightment revenues 58,589 68,698 Total shipping revenues $ 355,547 $ 366,163 (1) Voyage charter revenues include approximately $10,152 and $7,600 of revenue related to short-term time charter contracts for the years ended December 31, 2019 and 2018, respectively. Voyage Receivables As of December 31, 2019 and 2018, contract balances from contracts with customers consisted of voyage receivables, including unbilled receivables, of $5,831 and $12,515, respectively, net of reserve for doubtful accounts for voyage charters and lightering contracts. For voyage charters, voyage freight is due to the Company upon completion of discharge at the last discharge port. For lightering contracts, the Company invoices the customer monthly based on the actual barrels of cargo lightered. The Company routinely reviews its voyage receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Voyage receivables are removed from accounts receivable and the reserve for doubtful accounts when they are deemed uncollectible. The Company deems voyage receivables uncollectible when the Company has exhausted collection efforts. Costs to Fulfill a Contract Under ASC 606, for voyage charters and contracts of affreightment, the Company capitalizes the direct costs, which are voyage expenses, of relocating the vessel to the load port to be amortized during transport of the cargo. At December 31, 2019, the costs related to voyages that were not yet completed were not material. Additionally, these contracts include out-of-pocket expense (i.e. fuel, port charges, canal tolls) incurred by the Company in fulfilling its performance obligation, which are reimbursed by the charterer at cost. The reimbursement for these fulfillment costs have been included in the Company’s estimated transaction price for the contract and recognized as revenue when performance obligations are satisfied. Transaction Price Allocated to the Remaining Performance Obligations As of December 31, 2019, there was an aggregate amount of $38,459 of revenue under COA which the Company will be entitled to providing services in the future. The Company expects to recognize revenue of approximately $34,664 in 2020 and $3,795 in 2021 under these contracts. These estimated amounts relate to the fixed consideration of contractual minimums within the contracts based on the Company’s best estimate of future services. Practical Expedients and Exemptions The Company’s voyage charter contracts and some of the Company’s COA have an original expected duration of one year or less; therefore, the Company has elected to apply the practical expedient, which permits the Company to not disclose the portion of the transaction price allocated to the remaining performance obligations within these contracts. The Company expenses broker commissions for voyage charters, which are costs of obtaining a contract, as they are incurred because the amortization period is less than one year or are otherwise amortized as the underlying performance obligation is satisfied. The Company records these costs within voyage expenses in the consolidated statements of operations. The Company has not retrospectively restated contracts that were modified before the January 1, 2018 adoption date.

Vessels, Other Property and Def

Vessels, Other Property and Deferred Drydock	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Vessels, Other Property and Deferred Drydock	NOTE 5 — VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK Vessels and other property consist of the following: Years Ended December 31, 2019 2018 Vessels, at cost $ 919,212 $ 845,868 Accumulated depreciation (274,900 ) (248,939 ) Vessels, net 644,312 596,929 Construction in progress 65,697 — Finance lease right-of-use asset, at cost (Note 15) 28,993 — Accumulated amortization (Note 15) (2,053 ) — Finance lease right-of use asset, net (Note 15) 26,940 — Other property, at cost 5,552 5,895 Accumulated depreciation and amortization (5,289 ) (5,165 ) Other property, net 263 730 Total vessels and other property $ 737,212 $ 597,659 On September 30, 2019, the Company took delivery of two 50,000 DWT class product and chemical tankers at Hyundai Mipo Dockyard Co., Ltd. The tankers, named the Overseas Gulf Coast Overseas Sun Coast In September 2019, the Company sold one of its ATBs for $1,234, net of broker commissions. As a result of the sale, the Company recognized an immaterial gain, which is included in loss/(gain) on disposal of vessels and other property, including impairments, net on the consolidated statements of operations. In May and June 2019, the Company sold two of its ATBs for $1,101 and $1,069, respectively, net of broker commissions. As a result of the sales, the Company recognized an immaterial loss, which is included in loss/(gain) on disposal of vessels and other property, including impairments, net on the consolidated statements of operations. In July 2018 and January 2019, the Company signed binding contracts with Greenbrier Marine (formerly Gunderson Marine LLC) for the construction of two approximately 204,000 BBL, oil and chemical tank barges. The anticipated delivery of the barges to the Company is during the first and second half of 2020, respectively. The Company’s remaining commitments under the contracts are $45,849 in 2020. On December 6, 2018, the Company sold one ATB and one barge for $2,367, net of broker commissions. As a result of the sale, the Company recognized a gain of $877, which is included in loss/(gain) on disposal of vessels and other property, including impairments, net on the consolidated statements of operations. In June 2018, one of the Company’s ATBs was berthed to the dock when a third-party ship transiting the channel hit the Company’s ATB causing structural damage to the Company’s ATB and damage to the dock. The cost of repairs has been covered by existing insurance policies. The Company has filed a lawsuit against the third-party ship seeking recovery of its costs of repairs as well as its lost earnings from the ATB being off-hire for 46 repair days. At December 31, 2019, the Company’s owned vessel fleet with a weighted average age of 8.2 years, consisted of six Handysize Product Carriers, two lightering ATBs and two clean ATBs. These vessels are pledged as collateral under the term loan agreements and have an aggregate carrying value of $634,379. Vessel activity, excluding construction in progress, for the two years ended December 31, 2019 is summarized as follows: Vessel Cost Accumulated Net Book Balance at December 31, 2017 $ 849,713 $ (217,633 ) $ 632,080 Depreciation — (33,851 ) Disposals (3,845 ) 2,545 Balance at December 31, 2018 845,868 (248,939 ) 596,929 Transfers from construction in progress 82,625 — Depreciation — (32,284 ) Disposals (9,281 ) 6,323 Balance at December 31, 2019 $ 919,212 $ (274,900 ) $ 644,312 The total of vessel additions can differ from expenditures for vessels as shown in the consolidated statements of cash flows because of the timing of when payments were made. For the year ended December 31, 2019, the Company had approximately $3,866 of non-cash investing activities for the accrual of capital expenditures related to the Company’s newbuilds. Drydocking activity for the two years ended December 31, 2019 is summarized as follows: 2019 2018 Balance at January 1 $ 26,099 $ 23,914 Additions 11,074 14,031 Drydock amortization (13,439 ) (11,846 ) Balance at December 31 $ 23,734 $ 26,099

Investment in Alaska Tanker Com

Investment in Alaska Tanker Company, LLC	12 Months Ended
	Dec. 31, 2019
Investments, All Other Investments [Abstract]
Investment in Alaska Tanker Company, LLC	NOTE 6 — INVESTMENT IN ALASKA TANKER COMPANY, LLC At December 31, 2019, investment in affiliated company was comprised of the Company’s 37.5% interest in Alaska Tanker Company, LLC (“ATC”), which manages vessels carrying Alaskan crude for BP West Coast Products, LLC (“BP”). Each member in ATC has been entitled to receive its respective share of any incentive charter hire payable by BP to ATC. The Company has accounted for the investment in ATC as an equity–method investment because the Company has not individually retained the power to significantly impact the economic performance of ATC and the Company’s maximum exposure to losses in ATC has been limited to its initial capital investment in ATC, which is not material. As of December 31, 2019, the carrying value of the Company’s investment in ATC was $3,599, which includes the Company’s respective share of distribution[s] of $3,562. On December 26, 2019, the Company announced that its subsidiaries entered into agreements with BP Oil Shipping Company USA and BP AMI Leasing Inc. (“BP”) to purchase three U.S.-flagged crude oil carrier vessels operated by ATC for total consideration of $54,000. The Company made a $10,800 deposit upon execution of the vessel purchase agreements. Additionally, the Company would acquire the remaining 62.5% interest of ATC, from its partners, that it does not own for approximately $19,100. On March 12, 2020, the Company’s subsidiaries completed the purchase of three U.S.-flagged crude oil carrier vessels, the Alaskan Explorer Alaskan Legend Alaskan Navigator Alaskan Frontier Due to the timing of the closing, and the limited information available prior to closing, the Company’s accounting for the purchase of the vessels and the acquisition of ATC is incomplete at the time of this filing. As a result, information pertaining to the amounts recognized for the assets acquired and liabilities assumed will be disclosed by the Company in future filings. A condensed summary of the assets and liabilities of the equity method investment follows: Years Ended December 31, 2019 2018 Current assets $ 38,531 $ 38,949 Total assets $ 38,531 $ 38,949 Current liabilities $ 20,667 $ 21,652 Non-current liabilities 18,867 17,286 (Deficiency)/equity (1,003 ) 11 Total liabilities and equity $ 38,531 $ 38,949 A condensed summary of the results of operations of the equity method investments follows: Years Ended December 31, 2019 2018 Shipping revenues $ 109,006 $ 105,115 Ship operating expenses (100,437 ) (95,315 ) Income from vessel operations 8,569 9,800 Net income $ 9,342 $ 9,461

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	NOTE 7 — INTANGIBLE ASSETS Intangible assets activity for the two years ended December 31, 2019 is summarized as follows: Total Balance at December 31, 2017 $ 41,017 Amortization (4,600 ) Balance at December 31, 2018 36,417 Amortization (4,600 ) Balance at December 31, 2019 $ 31,817 As discussed in Note 2, “Summary of Significant Accounting Policies,” the Company’s intangible assets at December 31, 2019 and 2018 consist of long-term customer relationships acquired as part of the 2006 purchase of Maritrans, Inc. The gross intangible assets were $92,000 at December 31, 2019 and 2018. The unamortized balance of the Company’s intangible assets at December 31, 2019 will be recognized over the remaining useful life, which is seven years. Amortization of intangible assets for the five years subsequent to December 31, 2019 is expected to approximate $4,600 per year.

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt	NOTE 8 — DEBT Debt consists of the following: December 31, 2019 2018 Term loan, due 2023, net of unamortized discount and deferred costs of $6,821 and $7,528 $ 291,994 $ 317,472 Term loans, due 2024, net of unamortized discount and deferred costs of $1,086 48,289 — Term loan, due 2026, net of unamortized discount and deferred costs 27,075 27,376 Unsecured senior notes, net of unamortized discount and deferred costs 689 687 Total debt 368,047 345,535 Less current installments of long-term debt 31,512 23,240 Total long-term debt $ 336,535 $ 322,295 The weighted average interest rate for debt outstanding at December 31, 2019 and 2018 was 6.55% and 7.49%, respectively. Term Loans Capitalized terms used hereafter have the meaning given in this Annual Report on Form 10-K or in the respective transaction documents referred to below, including subsequent amendments thereto. On March 12, 2020, the Company entered into a loan with Banc of America Leasing & Capital, LLC and other syndicate lenders in an aggregate principal amount of $54,000 to finance the purchase of three U.S.-flagged crude oil carrier vessels. The loan is secured by first preferred ship mortgages on the vessels, bears a fixed rate of interest of 4.43% and has a 5-year term maturing on March 12, 2025. The annual principal payments required to be made for the loan are $3,017 in 2020, $4,182 in 2021, $4,371 in 2022, $4,568 in 2023, $4,775 in 2024 and $33,087 thereafter. During September 2019, in connection with the Company’s sale of one of its ATBs, the Company made a mandatory prepayment of $1,132 on its term loan due in 2023. The aggregate loss realized on this transaction, which related to the write-off of unamortized deferred finance costs, was not material. In August 2019, two of the Company’s subsidiaries entered into term loans in an aggregate principal amount of $50,000, due 2024, to finance the Overseas Gulf Coast Overseas Sun Coast During May 2019 and June 2019, in connection with the Company’s sale of two of its ATBs, the Company made mandatory prepayments of $1,086 and $1,054, respectively, on its term loan due in 2023. The aggregate losses realized on these transactions, which related to the write-off of unamortized deferred finance costs, were not material. On March 16, 2018 and March 29, 2018, the Company made a mandatory prepayment of $28,166 and optional prepayment of $47,000 on its OBS Term Loan, respectively. The aggregate net loss of $981 realized on these transactions during the year ended December 31, 2018 reflects a write-off of unamortized original issue discount and deferred financing costs associated with the principal reductions and is included in other income/(expense), net on the consolidated statements of operations. On November 19, 2018, two of the Company’s subsidiaries closed on a loan from Wintrust Commercial Finance, a division of Wintrust Asset Finance Inc. (“Wintrust”), in the amount of $27,500, term loan, due 2026. The loan is secured by first preferred ship mortgages on the Overseas Mykonos and Overseas Santorini, and a guaranty from the Company. The loan bears interest at a rate equal to the prevailing 30-Day LIBOR plus 4.00% and matures on November 19, 2026. The Company used the proceeds from the Wintrust loan to make a voluntary prepayment of $27,500 on its OBS Term Loan. The aggregate net loss realized on this transaction reflects a write-off of unamortized original issue discount and deferred financing costs associated with the principal reductions and was not material. On December 21, 2018, OSG, as the Parent Company (as a guarantor), OSG Bulk Ships, Inc. (“OBS”) and certain OBS subsidiaries (the “Borrowers”) closed on a five-year $325,000 term loan credit facility with The Prudential Insurance Company of America and other syndicate lenders (the “Term Loan Credit Agreement”), term loan, due 2023. The Company used the proceeds from the Term Loan Credit Agreement, along with a cash payment of $27,623 to pay off its existing OBS Term Loan. The Term Loan Credit Agreement bears interest at a rate equal to the prevailing 30-Day LIBOR plus 5.00% and matures on December 21, 2023. The aggregate net loss of $2,227 on this transaction reflects a write-off of original issue discount and deferred financing costs associated with the principal reductions and is included in other income/(expense), net on the consolidated statements of operations for the year ended December 31, 2018. The Borrowers’ obligations under the Term Loan Credit Agreement (the “Guaranteed Obligations”) are guaranteed by OSG, and OSG has pledged the issued and outstanding shares of capital stock of OBS as security for the Guaranteed Obligations pursuant to a pledge agreement between the Company and PGIM, Inc. as collateral agent. The Borrowers’ obligations are also secured by security interests in all of the Borrowers’ assets and by mortgages covering two tankers, eight tugs and seven barges. Upon 30 days’ prior written notice, the Borrowers may prepay the outstanding indebtedness in full (or in part) at par plus accrued interest and an additional sum as a premium that varies based on the date of the prepayment. Any amount prepaid under the Term Loan Credit Agreement may not be reborrowed. Additionally, certain events, such as the sale of vessels serving as collateral, will require a mandatory partial or full repayment. No prepayment premium shall apply to any such mandatory prepayment. In connection with the Term Loan Credit Agreement, OSG and its affiliates also entered into an amendment to the OBS ABL Facility among OSG, OBS as administrative borrower, certain subsidiaries of OBS as co-borrowers, other guarantors, lender, Wells Fargo Bank, National Association, as administrative agent. Pursuant to such amendment, the OBS ABL Facility agreement was amended to permit the transactions contemplated under the Term Loan Credit Agreement, reduce the maximum credit line from $75,000 to $30,000, reduce the number of vessels that serve as collateral and extend the term through its termination date of August 2, 2019. The applicable margins and floor interest rates for the Company’s term loan, due 2023, and term loan, due 2026, are as follows: Debt Facility Term loan, due 2023 Term loan, due 2026 Rate ABR LIBOR ABR LIBOR Floor None 0.00 % None 0.00 % Applicable Margin None 4.00 % None 5.00 % Unsecured Senior Notes 7.5% Notes – The Election 2 Notes have substantially the same terms as the 2024 Notes, other than the (i) the maturity date and (ii) definitions and provisions related to a holder’s right to require the Company to repurchase such holder’s Election 2 Notes upon the occurrence of certain changes in the ownership or control of OSG. The Election 2 Notes accrue interest at the rate of 7.50% per annum. Interest Expense The following table summarizes interest expense, including amortization of issuance and deferred financing costs, commitment, administrative and other fees, recognized during the two years ended December 31, 2019 with respect to the Company’s debt facilities: Years Ended December 31, Debt Facility 2019 2018 OBS Facilities $ 428 $ 29,769 Term loan, due 2023 24,667 801 Term loan, due 2026 1,772 210 Unsecured senior notes 156 252 Term loans, due 2024 785 — Total interest expense on debt facilities $ 27,808 $ 31,032 Cash paid for interest expense was $24,593 and $29,052 in December 31, 2019 and 2018, respectively. As of December 31, 2019, the aggregate annual principal payments required to be made on the Company’s debt are as follows: 2020 $ 31,514 2021 31,962 2022 31,817 2023 230,793 2024 42,436 Thereafter 7,530 Total $ 376,052

Fair Value Measurements and Fai

Fair Value Measurements and Fair Value Disclosures	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements and Fair Value Disclosures	NOTE 9 — FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES ASC 820, Fair Value Measurements and Disclosures The levels of the fair value hierarchy established by ASC 820 are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Financial Instruments that are not Measured at Fair Value on a Recurring Basis The following methods and assumptions were used to estimate the fair value of each class of financial instrument. Cash and cash equivalents and restricted cash— Debt— The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, at December 31, 2019 and 2018, are as follows: Carrying Fair Value Value Level 1 Level 2 December 31, 2019: Assets Cash (1) $ 41,677 $ 41,677 $ — Total $ 41,677 $ 41,677 $ — Liabilities Term loan agreement, due 2023 $ 291,994 $ — $ 299,974 Term loan agreements, due 2024 48,289 — 49,015 Term loan agreement, due 2026 27,075 — 27,359 Unsecured senior notes 689 — 722 Total $ 368,047 $ — $ 377,070 Carrying Fair Value Value Level 1 Level 2 December 31, 2018: Assets Cash (1) $ 80,641 $ 80,641 $ — Total $ 80,641 $ 80,641 $ — Liabilities Term loan agreement, due 2023 $ 317,472 $ — $ 325,000 Term loan agreement, due 2026 27,376 — 26,500 Unsecured senior notes 687 — 525 Total $ 345,535 $ — $ 352,025 (1) Includes current and non-current restricted cash totaling $174 and $224 at December 31, 2019 and 2018, respectively. Restricted cash as of December 31, 2019 and 2018 was related to the Company’s Unsecured Senior Notes. Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Vessel Impairments During the years ended December 31, 2019 and 2018, the Company gave consideration as to whether events or changes in circumstances had occurred that could indicate the carrying amounts of the vessels in the Company’s fleet may not be recoverable. The Company concluded that no such events or changes in circumstances had occurred. Valuation of Intangible Assets The Company’s intangible assets at December 31, 2019 and 2018 consisted of long-term customer relationships acquired as part of the 2006 purchase of Maritrans, Inc. The long-term customer relationships are being amortized on a straight-line basis over 20 years. During the years ended December 31, 2019 and 2018, the Company gave consideration as to whether events or changes in circumstances had occurred that could indicate the carrying value of the Company’s intangible assets may not be recoverable. The Company concluded that no such events or changes in circumstances had occurred.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 2019
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts Payable, Accrued Expenses and Other Current Liabilities	NOTE 10 — ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Years Ended December 31, 2019 2018 Accounts payable $ 5,944 $ 3,360 Payroll and benefits 8,660 12,454 Interest 1,828 1,010 Insurance 673 639 Accrued drydock and repair costs 115 900 Bunkers and lubricants 852 953 Charter revenues received in advance 11,580 6,731 Accrued vessel expenses 3,441 3,304 Accrued general and administrative, primarily professional fees 799 1,998 Accrued deferred payment obligation for chartered in vessels — 1,944 Other 1,984 1,385 $ 35,876 $ 34,678

Taxes

Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Taxes	NOTE 11 —TAXES The (expense)/benefit for income taxes on income before income taxes consists of the following: Years Ended December 31, 2019 2018 Current $ (1,527 ) $ (1,080 ) Deferred 991 18,794 Total $ (536 ) $ 17,714 The current income tax expense is primarily attributable to state income taxes and the deferred income tax benefit is primarily attributable to a change in state deferred tax rate. The reconciliations between the U.S. federal statutory income tax rate and the effective tax rate follows: Years Ended December 31, 2019 2018 U.S. federal statutory income tax rate 21.0 % 21.0 % Adjustments due to: State taxes, net of federal benefit (8.9 )% (21.4 )% Change in valuation allowance 0.6 % (59.0 )% Equity awards (1.8 )% (14.2 )% Return to provision (4.5 )% (13.8 )% Nondeductible expenses 0.4 % (11.4 )% Uncertain tax positions and tax examination settlement 6.8 % 505.7 % U.S. income subject to tonnage tax (6.5 )% 14.0 % Other (1.3 )% (1.7 )% Effective tax rate 5.8 % 419.2 % During 2019, changes in state tax rates and changes in apportionment from the addition of new vessels, resulted in state tax having a (8.9)% impact on the Company’s effective tax rate. The significant components of the Company’s deferred tax liabilities and assets follow: December 31, 2019 2018 Deferred tax liabilities: Vessels and other property (1) $ 128,026 $ 128,226 Prepaid expenditures 5,621 7,108 Operating lease right-of-use assets 72,298 — Other-net 2 4 Total deferred tax liabilities 205,947 135,338 Deferred tax assets: Loss carryforwards 68,917 66,737 Operating lease liability 71,779 — Finance lease liability 6,333 — Employee compensation and benefit plans 3,869 4,287 Financing and professional fees 2,003 1,859 Accrued expenses and other 1,165 51 Total deferred tax assets 154,066 72,934 Valuation allowance 20,952 10,961 Net deferred tax assets 133,114 61,973 Net deferred tax liabilities $ 72,833 $ 73,365 (1) Includes deferred tax liabilities related to finance lease right-of-use assets totaling $6,190 and $0 at December 31, 2019 and 2018, respectively. As of December 31, 2019, the Company had U.S. federal net operating loss carryforwards of $213,800 which are available to reduce future taxes, if any. The federal net operating loss carryforwards begin to expire in 2034. Additionally, as of December 31, 2019, the Company had U.S. state net operating loss carryforwards of $445,936. This includes net operating losses previously unrecorded due to minimal projected income in those jurisdictions. These U.S. state net operating loss carryforwards expire in various years ending from December 31, 2019 through December 31, 2035. Included in the financing and professional fees deferred income assets above are U.S. federal interest expense deductions with an indefinite carryforward period. There was a change of control in the Company during 2014 that limited the annual usage of pre-ownership change net operating losses. All pre-ownership change net operating losses were fully utilized in 2019. The Company assessed all available positive and negative evidence to determine whether sufficient future taxable income will be generated to permit use of existing deferred tax assets. For U.S. federal deferred tax assets, the Company concluded that sufficient positive evidence existed, primarily the result of reversing deferred tax liabilities during the carryover period. However, for certain state deferred tax assets, the negative evidence has outweighed the positive evidence which has resulted in the Company establishing a valuation allowance of $20,952 and $10,961 as of December 31, 2019 and 2018, respectively, to recognize only the portion of the deferred tax asset that is more likely than not to be realized. During the years ended December 31, 2019 and 2018, the Company paid (net of refunds received) $1,293 and $1,313, respectively, of income taxes. The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (excluding interest and penalties): Years Ended December 31, 2019 2018 Balance of unrecognized tax benefits as of January 1, $ 1,226 $ 37,240 Increases for positions taken in prior years 1,353 657 Rate change (84 ) — Amount of decreases related to settlements — (36,671 ) Balance of unrecognized tax benefits as of December 31, $ 2,495 $ 1,226 Included in the balance of unrecognized tax benefits as of December 31, 2019 and 2018 are $2,495 and $220, respectively, of tax benefits that, if recognized would affect the effective tax rate. The Company records interest and penalties on unrecognized tax benefits in its provision for income taxes. Accrued interest and penalties are included within the related liability for unrecognized tax benefit line on the consolidated balance sheets. During the years ended December 31, 2019 and 2018, the Company accrued interest of $114 and $0, respectively, and recorded liabilities for interest and penalties of $252 and $0, respectively. After taking into consideration tax attributes, such as net operating loss carryforwards and interest, the Company’s unrecognized tax benefits represent a noncurrent reserve for uncertain tax positions of $864 and $220 as of December 31, 2019 and 2018, respectively. The U.S. Internal Revenue Service completed exams on the Company’s U.S. federal income tax returns for years 2012 - 2015. With few exceptions, the Company is no longer subject to state and local income tax examinations by tax authorities for years before 2015. The Company conducts business and files income tax returns in numerous states. Currently, one of the Company’s state tax returns is under examination by a state as part of routine audits conducted in the ordinary course of business. The future utilization of state net operating losses could potentially subject the Company to state examinations prior to the otherwise applicable statute of limitation. States vary in carryforward periods but generally extend up to 20 years or a period consistent with the federal limits under the Tax Cuts and Jobs Act.

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Parties	NOTE 12 — RELATED PARTIES Guarantees International Seaways, Inc. (“INSW”) entered into guarantee arrangements in connection with the spin-off from OSG on November 30, 2016. On October 7, 2019, INSW sold its ownership interest in their joint venture with Qatar Gas Transport Company Ltd, releasing OSG from all obligations under the guarantee arrangements.

Capital Stock and Stock Compens

Capital Stock and Stock Compensation	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Capital Stock and Stock Compensation	NOTE 13 — CAPITAL STOCK AND STOCK COMPENSATION Ownership Restrictions In order to preserve the status of OSG as a Jones Act company, the percentage of each class of its common stock that may be owned by non-U.S. citizens is limited. In addition, the Company has established policies and procedures to ensure compliance with the Jones Act. In order to provide a reasonable margin for compliance with the Jones Act, our Board of Directors has determined that until further action by our Board, at least 77% of the outstanding shares of each class of capital stock of the Company must be owned by U.S. citizens. At and during such time that the limit is reached with respect to shares of Class A common stock as applicable, we will be unable to issue any further shares of such class of common stock or approve transfers of such class of common stock to non-U.S. citizens until the holdings of non-U.S. citizens falls below the maximum percentage allowable. Share Repurchases During the year ended December 31, 2019, in connection with the vesting of restricted stock units (“RSUs”) in January, February and March, the Company withheld 159,685 shares of Class A common stock at an average price of $1.84 per share (based on the market prices on the dates of vesting) from certain members of management to cover withholding taxes. During the year ended December 31, 2018, in connection with the vesting of RSUs in January, February, March and December, the Company withheld 296,822 shares of Class A common stock at an average cost of $2.15 per share (based on the market prices on the dates of vesting) from certain members of management to cover withholding taxes. Warrant Conversions Each Class A warrant represents the right to purchase one share of Class A common stock, subject in each case to the adjustments as provided pursuant to the terms thereof. The warrants may be exercised at a price per share of Class A common stock, as applicable, of $0.01, which shall be paid pursuant to a cashless exercise procedure. Warrants may be exercised at any time or from time to time on or before August 5, 2039 and will expire thereafter. Until they exercise their warrants, except as otherwise provided in the warrants, the holders of the warrants will not have the rights or privileges of holders of the Company’s common stock, including any voting rights. Warrants may only be exercised by holders who establish to OSG’s reasonable satisfaction that they or the person designated to receive the shares is a U.S. person or to the extent shares deliverable upon exercise would not constitute Non-Complying Shares (as defined in OSG’s Amended and Restated Certificate of Incorporation). As of December 31, 2019, the Company had 19,238,262 Class A warrants outstanding, convertible into 3,655,270 shares of Class A common stock. During the years ended December 31, 2019 and 2018, the Company issued 257,963 and 5,628,650 shares of Class A common stock, respectively, as a result of the exercise of 1,365,392 and 29,461,648 Class A warrants, respectively. Incentive Plans On September 23, 2014, the Company’s Compensation Committee (“the Committee”) approved the Overseas Shipholding Group, Inc. Management Incentive Compensation Plan (the “Management Compensation Plan”) and the Overseas Shipholding Group, Inc. Non-Employee Director Incentive Compensation Plan (the “Director Plan”). OSG stockholders approved these plans on June 9, 2015. On June 6, 2017, at the annual stockholders meeting, the Company’s stockholders approved an increase to the maximum number of shares for issuance under the Director Plan by 1,500,000 shares. The 2019 Incentive Compensation Plan for Management was approved by the Committee on March 22, 2019, by our Board on April 4, 2019 and then by the Company’s stockholders at the annual meeting on May 30, 2019 (together with the Management Compensation Plan and Non-employee Director Incentive Compensation Plan, the “Incentive Plans”). The Incentive Plans contain anti-dilution provisions whereby in the event of any change in the capitalization of the Company, the number and type of securities underlying outstanding share-based payment awards must be adjusted, as appropriate, in order to prevent dilution or enlargement of rights. The impact of these provisions resulted in a modification of all outstanding share-based payment awards upon the stock dividend, reverse stock split and spin-off transactions described above. As the fair value of the awards immediately after the stock dividend, reverse stock split and spin off transactions, did not increase when compared to the fair value of such awards immediately prior to such transactions, no incremental compensation costs were recognized as a result of such modifications. The purpose of the Incentive Plans is to promote the interests of the Company and its stockholders by providing certain employees and members of the Board, who are largely responsible for the management, growth and protection of the business of the Company, with incentives and rewards to encourage them to continue in the service of the Company. The Incentive Plans permit the Committee to grant to eligible employees and directors of the Company, as applicable, any of the following types of awards (or any combination thereof): cash incentive awards, nonqualified stock options, incentive stock options and other stock-based awards, including, without limitation, stock appreciation rights, phantom stock, restricted stock, restricted stock units, performance shares, deferred share units and share-denominated performance units. Stock Compensation The Company accounts for stock compensation expense in accordance with the fair value based method required by ASC 718, Compensation – Stock Compensation Director Compensation - Restricted Stock Units The Company awarded a total of 357,866 and 170,400 RSUs for the years ended December 31, 2019 and 2018, respectively, to its non-employee directors. The weighted average fair value of the Company’s stock on the measurement date of such awards was $1.78 (2019) and $3.61 (2018) per share. Such RSUs vest in full on the earlier of the next annual meeting of the stockholders or the first anniversary of the grant date, subject to each director continuing to provide services to the Company through such date. The RSUs granted may not be transferred, pledged, assigned or otherwise encumbered prior to vesting. Upon vesting, a holder of restricted share awards has all the rights of a stockholder 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 stockholders generally. RSUs which have not become vested as of the date the grantee’s service on the Board of Directors terminates will be forfeited and the grantee will have no further rights with respect to the RSUs. Management Compensation Restricted Stock Units During the years ended December 31, 2019 and 2018, the Company awarded 552,598 and 365,584 time-based RSUs to certain of its employees, including senior officers. The average grant date fair value of these awards was $2.02 (2019) and $1.70 (2018), 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. RSUs may not be transferred, pledged, assigned or otherwise encumbered until they are settled. Settlement of vested RSUs may be in either shares of Class A common stock or cash, as determined at the discretion of the Human Resources and Compensation Committee, and will occur as soon as practicable after the vesting date. If the RSUs are settled in shares of common stock, following the settlement of such shares, the grantee will be the record owner of the shares of Class A common stock and will have 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 of Class A common stock. RSUs which have not become vested as of the date of a grantee’s termination from the Company will be forfeited without the payment of any consideration, unless otherwise provided for. In addition, during the years ended December 31, 2019 and 2018, the Company awarded 329,121 and 688,877 shares, respectively, to certain of its senior officers of the Company’s common stock, net of all taxes, which vested immediately. The average grant date fair value of these awards was $1.82 and $1.91. During the years ended December 31, 2019 and 2018, the Company awarded 352,258 and 142,060 performance-based RSUs to its senior officers, respectively. Each performance-based RSU represents a contingent right to receive RSUs based upon continuous employment through the end of a three-year performance period (the “Performance Period”) and will vest as follows: (i) one-half of the target RSUs will vest and become nonforfeitable subject to OSG’s return on invested capital (“ROIC”) performance in the three-year ROIC performance period relative to a target rate (the “ROIC Target”) set forth in the award agreements (the formula for ROIC is net operating profit after taxes divided by the net of total debt plus shareholders equity less cash); and (ii) one-half of the target RSUs will be subject to OSG’s three-year total shareholder return (“TSR Target”) performance relative to that of a performance index over a three-year TSR performance period. The performance index consists of companies that comprise a combination of the oil and gas storage and transportation and marine GICS sub-industries indexes during the Performance Period. Vesting is subject in each case to the Human Resources and Compensation Committee’s certification of achievement of the performance measures and targets. The ROIC Target RSU award and the TSR Target RSU award is subject to an increase up to a maximum of 176,129 and 106,545 target RSUs combined, respectively, (528,387 and 213,090 RSUs in total, respectively) or decrease depending on performance against the applicable measure and targets. The ROIC performance goal is a performance condition which, as of December 31, 2019, management believed was probable of being achieved. Accordingly, for financial reporting purposes, compensation costs have been recognized for these awards. The grant date fair value of the TSR based performance awards, which have a market condition, was determined to be $2.02 and $1.70 per RSU, respectively. Stock Options During the year ended December 31, 2019 and 2018, the Company awarded 612,745 and 494,118, respectively, stock options to one of its senior officers, which vested immediately. Each stock option represents an option to purchase one share of Class A common stock for an exercise price of $1.89 and $1.70 per share, respectively. The call option value of the options was $1.02 and $0.92 per option, respectively. Under the grant agreement, the stock options have a holding requirement until the earliest to occur of (i) a change in control; (ii) the separation from service date, in the event of a termination of the grantee’s employment by the Company without cause or by the grantee for good reason and (iii) the third anniversary of the grant date. The stock options expire on the business day immediately preceding the tenth anniversary of the award date. If a stock option grantee’s employment is terminated for cause (as defined in the applicable Form of Grant Agreement), stock options (whether then vested or exercisable or not) will lapse and will not be exercisable. If a stock option grantee’s employment is terminated for reasons other than cause, the option recipient may exercise the vested portion of the stock option but only within such period of time ending on the earlier to occur of (i) the 90th day ending after the option holder’s employment terminated and (ii) the expiration of the options, provided that if the option holder’s employment terminates for death or disability the vested portion of the option may be exercised until the earlier of (i) the first anniversary of employment termination and (ii) the expiration date of the options. The fair values of the options granted were estimated on the dates of grant using the Black-Scholes option pricing model with the following weighted average assumptions for 2019 and 2018 grants: risk free interest rates of 2.50% and 2.72%, respectively, dividend yields of 0.0%, expected stock price volatility factors of .55 and expected lives of 6.0 years. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including the expected stock price volatility. Since the Company’s stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its stock options. For the Incentive Plans, compensation expense is recognized over the vesting period, contingent or otherwise, applicable to each grant, using the straight-line method. Compensation expense as a result of the RSUs described above was $1,615 and$1,646 during the years ended December 31, 2019 and 2018, respectively. Activity with respect to restricted stock units under the Incentive Plans during the two years ended December 31, 2019 is summarized as follows: Activity for the two years ended December 31, 2019 Class A shares Nonvested Shares Outstanding at December 31, 2017 660,999 Granted 1,366,921 Vested ($1.70 to $2.74 per share) (1,108,180 ) Forfeited ($2.39 to $2.44 per share) (7,425 ) Nonvested Shares Outstanding at December 31, 2018 912,315 Granted 1,591,839 Vested ($1.66 to $2.32 per share) (780,542 ) Forfeited ($1.63 per share) (4,747 ) Nonvested Shares Outstanding at December 31, 2019 1,718,865 Activity with respect to stock options under the Incentive Plans during the two years ended December 31, 2019 is summarized as follows: Activity for the two years ended December 31, 2019 Class A shares Options Outstanding at December 31, 2017 371,893 Granted 494,118 Options Outstanding at December 31, 2018 866,011 Granted 612,745 Options Outstanding at December 31, 2019 1,478,756 Options Exercisable at December 31, 2019 1,454,063 The weighted average remaining contractual life of the outstanding stock options at December 31, 2019 was 8.18 years. The range of exercise prices of the stock options outstanding at December 31, 2019 was between $1.70 and $5.57 per share. The weighted average exercise prices of the stock options outstanding at December 31, 2019 and 2018 were $2.67 and $3.23 per share, respectively. Stock options of 612,745 which vested during the year ended December 31, 2019 were “in-the-money.” Compensation expense as a result of the grants of stock options described above was not material for the years ended December 31, 2019 and 2018. As of December 31, 2019, there was $1,993 of unrecognized compensation cost related to nonvested share-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 1.57 years.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Accumulated Other Comprehensive Loss	NOTE 14 — ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss, net of related taxes, in the consolidated balance sheets follow: Years Ended December 31, 2019 2018 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) (6,409 ) (7,192 ) $ (6,409 ) $ (7,192 ) The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, for the two years ended December 31, 2019. Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) Total Balance as of December 31, 2018 $ — $ (7,192 ) $ (7,192 ) Current period change, excluding amounts reclassified from accumulated other comprehensive loss — 501 501 Amounts reclassified from accumulated other comprehensive loss — 282 282 Total change in accumulated other comprehensive loss — 783 783 Balance as of December 31, 2019 $ — $ (6,409 ) $ (6,409 ) Balance as of December 31, 2017 $ (112 ) $ (6,350 ) $ (6,462 ) Current period change, excluding amounts reclassified from accumulated other comprehensive loss — 300 300 Amounts reclassified from accumulated other comprehensive loss 112 341 453 Adoption of accounting standard - reclassification adjustment to retained earnings — (1,483 ) (1,483 ) Total change in accumulated other comprehensive loss 112 (842 ) (730 ) Balance as of December 31, 2018 $ — $ (7,192 ) $ (7,192 ) The following table presents information with respect to amounts reclassified out of accumulated other comprehensive loss for the two years ended December 31, 2019. Years Ended December 31, Statement of Accumulated Other Comprehensive Loss Component 2019 2018 Line Item Unrealized losses on cash flow hedges: Interest rate caps entered into by the Company’s subsidiaries — (181 ) Interest expense Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans): Net periodic benefit costs associated with pension and postretirement benefit plans for shore-based employees (570 ) (465 ) Other income/ Net periodic benefit costs associated with pension and postretirement benefit plans for seagoing employees 200 166 Other income/ (370 ) (480 ) Total before tax 652 933 Tax provision $ 282 $ 453 Total net of tax The following amounts are included in accumulated other comprehensive loss at December 31, 2019, which have not yet been recognized in net periodic cost: unrecognized prior service credits of $1,616 ($1,277 net of tax) and unrecognized actuarial losses $9,868 ($7,796 net of tax). The prior service credit and actuarial loss included in accumulated other comprehensive loss and expected to be recognized in net periodic cost during 2020 are a gain of $229 ($181 net of tax) and a loss of $465 ($367 net of tax), respectively. The income tax (expense)/benefit allocated to each component of other comprehensive income follows: Unrealized gains/(losses) on cash flow hedges Items not yet as a component of net periodic benefit cost For the year ended December 31, 2019: Current period change excluding amounts reclassified from accumulated other comprehensive loss $ — $ (154 ) Amounts reclassified from accumulated other comprehensive loss — (87 ) Total change in accumulated other comprehensive loss $ — $ (241 ) For the year ended December 31, 2018: Current period change excluding amounts reclassified from accumulated other comprehensive loss $ — $ — Amounts reclassified from accumulated other comprehensive loss 69 — Total change in accumulated other comprehensive loss $ 69 $ —

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	NOTE 15 — LEASES On January 1, 2019, the Company adopted ASC 842 applying the modified retrospective method. Results for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The Company’s lease portfolio is comprised of vessels chartered-in, office space and equipment under agreements with contractual periods ranging from less than 1 year to 16 years. Many of the Company’s leases contain one or more options to extend. The Company includes options that it is reasonably certain to exercise in its evaluation of the lease term after considering all relevant economic and financial factors. The impact of adopting this standard resulted in the recording of right-of-use assets of $264,546 and lease liabilities of $280,407 at January 1, 2019. The adoption of the standard did not impact the Company’s accumulated deficit, consolidated statements of operations or consolidated statements of cash flows. The Company calculates the initial lease liability as the present value of fixed payments, or in substance fixed payments, not yet paid and variable payments that are based on an index (e.g., CPI), measured at commencement. The Company’s leases are discounted using its incremental borrowing rate adjusted for risk based on the length of the lease term because the rate implicit in the lease is not readily determinable. The Company applied the package of practical expedients that allows companies not to reassess whether any expired or expiring contracts are or contain leases, lease classification for any expired or expiring leases and initial direct costs for any expired or expiring leases. Also, the Company made the accounting policy election to keep leases with a term of 12 months or less off the balance sheet. Finally, the Company implemented changes to processes and internal controls to meet the standard’s updated reporting and disclosure requirements. The Company’s lease right-of-use assets and lease liabilities at December 31, 2019 were as follows: December 31, 2019 Operating leases Vessels chartered-in noncurrent operating lease assets $ 283,871 Office space noncurrent operating lease assets 2,598 Total noncurrent operating lease assets $ 286,469 Vessels chartered-in operating lease liabilities Current portion of operating lease liabilities $ 89,537 Noncurrent operating lease liabilities 217,511 307,048 Office space operating lease liabilities Current portion of operating lease liabilities 608 Noncurrent operating lease liabilities 1,990 2,598 Total operating lease liabilities $ 309,646 Finance lease Vessels and other property $ 28,993 Accumulated amortization (2,053 ) Vessels and other property, less accumulated amortization $ 26,940 Current portion of finance lease liabilities $ 4,011 Noncurrent finance lease liabilities 23,548 Total finance lease liabilities $ 27,559 Charters-in As of December 31, 2019, the Company had commitments to charter-in 11 vessels, which are all bareboat charters. During the second quarter of 2019, the Company commenced a bareboat charter for the Overseas Key West Five of the Company’s chartered in vessels contain a deferred payment obligation (“DPO”) which relates to charter hire expense incurred by the Company in prior years and payable to the vessel owner in future periods. This DPO is due in quarterly installments with the final quarterly payment due upon lease termination. The future minimum commitments under these leases are as follows: At December 31, 2019 Operating Finance 2020 $ 92,404 $ 4,172 2021 91,164 4,161 2022 107,654 4,161 2023 43,015 4,161 2024 9,168 4,172 Thereafter 4,534 17,180 Net minimum lease payments 347,939 38,007 Less: present value discount 40,891 10,448 Total lease liabilities $ 307,048 $ 27,559 The bareboat charters-in provide for variable lease payments in the form of profit share to the owners of the vessels calculated in accordance with the respective charter agreements or based on time charter sublease revenue. Because such amounts and the periods impacted are not reasonably estimable, they are not currently reflected in the table above. Due to reserve funding requirements and current rate forecasts, no profits are currently expected to be paid to the owners in respect of the charter term within the next year. For the year ended December 31, 2019, lease expense for the 10 chartered-in vessels accounted for as operating leases was $90,359, which is included in charter hire expense on the consolidated statements of operations and operating cash flows on the consolidated statements of cash flows. The Company recognized sublease income of $188,163 for the year ended December 31, 2019. For the year ended December 31, 2019, the Company had non-cash operating activities of $93,407 for obtaining operating right-of-use assets and liabilities that resulted from exercising lease renewals not assumed in the initial lease term. For the year ended December 31, 2019, lease expense related to the Company’s finance lease was $2,052 related to amortization of the right-of-use asset and $1,462 related to interest on the lease liability. These are included in operating cash flows on the consolidated statements of cash flows. For the year ended December 31, 2019, the Company had non-cash financing activities of $28,993 for obtaining finance right-of-use assets. For the year ended December 31, 2018, lease expense relating to charters-in was $91,350, which is included in charter hire expense on the consolidated statements of operations. Office space The Company has lease obligations for office space that generally require fixed annual rental payments and may also include escalation clauses and renewal options. The future minimum commitments under lease obligations for office space, which are operating leases, as of December 31, 2019 are as follows: At December 31, 2019 Amount 2020 $ 630 2021 631 2022 649 2023 474 2024 98 Thereafter 1,088 Net minimum lease payments 3,570 Less: present value discount 972 Total lease liabilities $ 2,598 For the year ended December 31, 2019, the rental expense for office space, which is included in general and administrative expenses on the consolidated statements of operations, was $648. For the year ended December 31, 2019, cash paid for office space rental was $604, which is included in operating cash flows on the consolidated statements of cash flows. For the year ended December 31, 2018, rental expense for office space, which is included in general and administrative expenses on the consolidated statements of operations was $659. At December 31, 2019, the weighted average remaining lease term for the Company’s operating leases and finance lease was 3.7 years and 9.1 years, respectively, and the weighted average discount rate was 6.7% and 7.3%, respectively. Charters-out The Company enters into time charter contracts under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of a vessel. The Company recognizes revenues from time charters as operating leases ratably over the noncancelable contract term. Under certain time charter contracts, the Company receives variable lease payments based on a defined profit share arrangement, which are recognized as revenue in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. Customers generally pay voyage expenses such as fuel, canal tolls and port charges. The Company also provides the charterer with services such as technical management and crew costs. Services are recognized ratably over the life of the contract term. The Company is the lessor under its time charter contracts. For time charters, the Company applied the practical expedient to combine the lease and non-lease components for these contracts. Total time charter revenue for the year ended December 31, 2019 was equal to lease income from lease payments of $263,416 plus straight-line adjustments of $267. The net book value of owned vessels on noncancelable time charters was equal to $419,793 at December 31, 2019. The future minimum revenues, including rent escalations, which is equal to lease payments expected to be received over the noncancelable time charters term are as follows: At December 31, 2019 Amount 2020 $ 239,865 2021 72,929 2022 51,675 2023 31,405 2024 30,395 Thereafter 15,575 Net minimum lease receipts $ 441,844 Revenues from a time charter are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although it cannot be assured that such estimate will be reflective of the actual off-hire in the future.

Pension and Other Postretiremen

Pension and Other Postretirement Benefit Plans	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefit Plans	NOTE 16 — PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS For the years ended December 31, 2019 and 2018, pension and other benefit liabilities are included in other liabilities in the consolidated balance sheets. Pension Plans In connection with the November 2006 acquisition of Maritrans, the Company assumed the obligations under the defined benefit retirement plan of Maritrans Inc. (“the Maritrans Plan”). As of December 31, 2006, the Company froze the benefits under the Maritrans Plan. At December 31, 2019, the Maritrans Plan is the only domestic defined benefit pension plan in existence at the Company. The Maritrans Plan was noncontributory and covered substantially all shore-based employees and substantially all of the seagoing supervisors who were supervisors in 1984, or who were hired in, or promoted into, supervisory roles between 1984 and 1998 for that period of time. Beginning in 1999, the seagoing supervisors’ retirement benefits are provided through contributions to an industry-wide, multiemployer union sponsored pension plan. Upon retirement, those seagoing supervisors are entitled to retirement benefits from the Maritrans Plan for service periods between 1984 and 1998 and from the multiemployer union sponsored plan for other covered periods. Retirement benefits are based primarily on years of service and average compensation for the five consecutive plan years that produce the highest results. Multiemployer Pension and Postretirement Benefit Plans The Company’s subsidiaries are parties to collective-bargaining agreements that require them to make contributions to three jointly managed (Company and union) multiemployer pension plans covering seagoing personnel of U.S. Flag vessels. All three plans, the American Maritime Officers (“AMO”) Pension Plan, the Seafarers Pension Plan (“SIU”) and the Marine Engineers’ Beneficial Association (“MEBA”) Defined Benefit Pension Plan, are deemed individually significant by management. Plan level information is available in the public domain for each of the multiemployer pension plans the Company participates in. The table below provides additional information about the Company’s participation in the above multi-employer pension plans: EIN / Pension Pension Protection Rehabilitation Contributions made by the Company Pension Plan Plan Number 2019 2018 Plan Status 2019 2018 AMO Pension Plan 13-1936709 Yellow (1) Yellow (1) Implemented $ 650 $ 880 MEBA Pension Plan 51-6029896 Green (1) Green (1) None 2,353 1,450 Seafarers Pension Plan 13-6100329 Green (1) Green (1) None 288 345 Total contributions $ 3,291 $ 2,675 (1) A “Yellow” Zone Status plan is a plan that has a funding ratio between 65% and 80%. A “Green” Zone Status plan is a plan that is 80% funded or more. The plan years for the three union plans end as follows: MEBA and SIU on December 31 and AMO on September 30. The Company has no future minimum contribution requirements under the three multiemployer pension plans shown above as of December 31, 2019 and any future contributions are subject to negotiations between the employers and the unions. ERISA requires employers who are contributors to U.S. multiemployer plans to continue funding their allocable share of each plan’s unfunded vested benefits in the event of withdrawal from or termination of such plans. Based on information received from the trustees of the SIU Pension Plan, the Company is not subject to withdrawal liabilities under that plan. Based on the actuarial report received from the trustees of the MEBA Pension Plan, as of December 31, 2018, the Company’s estimated withdrawal liability would have been approximately $25,309 had the Company elected to withdraw from the plan in 2019. Based on the actuarial report received from the trustees of the AMO Pension Plan, as of September 30, 2018, the Company’s estimated withdrawal liability would have been approximately $19,591 had the Company elected to withdraw from the plan in 2019. The Company has no intentions of terminating its participation in any of the three multiemployer pension plans and has no expectations that the plans will be terminated. Accordingly, no provisions have been made for the estimated withdrawal liability as of December 31, 2019. The SIU – Tanker Agreement, SIU – Tug Agreement, AMO and MEBA collective bargaining agreements expire in June 2022 and March 2021, respectively. The collective bargaining agreements also require the Company to make contributions to certain other postretirement employee benefit plans the unions offer to their members. Such contributions were not material during the two years ended December 31, 2019. Postretirement Benefit Plans The Company also provides certain postretirement health care and life insurance benefits to qualifying domestic retirees and their eligible dependents. The health care plan for shore-based employees and their dependents and seagoing licensed deck officers (“Deck Officers”) and their dependents is contributory at retirement, while the life insurance plan for all employees is noncontributory. In general, postretirement medical coverage is provided to shore-based employees hired prior to January 1, 2005 and all Deck Officers who retire and have met minimum age and service requirements under a formula related to total years of service. The Company no longer provides prescription drug coverage to its retirees or their beneficiaries once they reach age 65. The Company does not currently fund these benefit arrangements and has the right to amend or terminate the health care and life insurance benefits at any time. Information with respect to the domestic pension and postretirement benefit plans for which the Company uses a December 31 measurement date, follow: Pension Benefits Other Benefits At December 31, 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 44,015 $ 48,500 $ 3,401 $ 4,548 Cost of benefits earned (service cost) — — 105 119 Interest cost on benefit obligation 1,802 1,673 140 142 Actuarial losses/(gains) 3,805 (3,456 ) 84 (1,206 ) Benefits paid (2,686 ) (2,702 ) (158 ) (202 ) Benefit obligation at year end 46,936 44,015 3,572 3,401 Change in plan assets: Fair value of plan assets at beginning of year 31,929 35,591 — — Actual return on plan assets 6,790 (1,882 ) — — Employer contributions 721 922 158 202 Benefits paid (2,686 ) (2,702 ) (158 ) (202 ) Fair value of plan assets at year end 36,754 31,929 — — Unfunded status at December 31 $ (10,182 ) $ (12,086 ) $ (3,572 ) $ (3,401 ) Information for defined benefit pension plans with accumulated benefit obligations in excess of plan assets follows: At December 31, 2019 2018 Projected benefit obligation $ 46,936 $ 44,015 Accumulated benefit obligation 46,936 44,015 Fair value of plan assets 36,754 31,929 Information for defined benefit pension plans and other postretirement benefit plans net periodic cost/(benefit) follows: Pension Benefits Other Benefits For the year ended December 31, 2019 2018 2019 2018 Components of expense: Cost of benefits earned $ — $ — $ 105 $ 119 Interest cost on benefit obligation 1,802 1,673 140 142 Expected return on plan assets (2,246 ) (2,517 ) — — Amortization of prior-service costs — — (229 ) (229 ) Recognized net actuarial loss 588 483 11 45 Net periodic benefit cost $ 144 $ (361 ) $ 27 $ 77 The weighted-average assumptions used to determine benefit obligations follow: Pension Benefits Other Benefits At December 31, 2019 2018 2019 2018 Discount rate 3.20 % 4.25 % 3.55 % 4.40 % The selection of a single discount rate for the Maritrans Plan was derived from bond yield curves, which the Company believed as of such dates to be appropriate for ongoing plans with a long duration, such as the Maritrans Plan, and that generally mirror the type of high yield bond portfolio the Company could acquire to offset its obligations under the Maritrans Plan. The weighted-average assumptions used to determine net periodic benefit cost follow: Pension Benefits Other Benefits For the year ended December 31, 2019 2018 2019 2018 Discount rate 4.25 % 3.55 % 4.40 % 3.70 % Expected (long-term) return on plan assets 7.25 % 7.25 % — — The assumed health care cost trend rate for measuring the benefit obligation included in Other Benefits above is an increase of 6.50% as of December 31, 2019, with the rate of increase declining to an ultimate trend rate of 4.75% per annum by 2027 Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A 1% change in assumed health care cost trend rates would have the following effects: 1% increase 1% decrease Effect on total of service and interest cost components in 2019 $ 38 $ (31 ) Effect on postretirement benefit obligation as of December 31, 2019 $ 384 $ (313 ) Expected benefit payments are as follows: Pension Benefits Other Benefits 2020 $ 2,867 $ 156 2021 2,946 157 2022 2,978 159 2023 3,024 164 2024 3,090 165 Years 2025-2029 15,335 804 Total $ 30,240 $ 1,605 The expected long-term rate of return on plan assets is based on the current and expected asset allocations. Additionally, the long-term rate of return is based on historical returns, investment strategy, inflation expectations and other economic factors. The expected long-term rate of return is then applied to the market value of plan assets. The fair values of the Company’s pension plan assets at December 31, 2019, by asset category are as follows: Description Fair Value Level 1 Cash and cash equivalents $ 595 $ 595 Equity securities: Large cap exchange traded fund 13,994 13,994 Small company - mid value 2,222 2,222 Small company - mid growth 2,167 2,167 International value 2,634 2,634 International growth 2,656 2,656 Fixed income and preferred stock: Intermediate term bond fund 12,418 12,418 Small company - mid value - preferred stock 68 68 Total $ 36,754 $ 36,754 Plan fiduciaries of the Retirement Plan of Maritrans, Inc. set investment policies, strategies and oversee its investment allocation, which includes selecting investment managers and setting long term strategic targets. The primary strategic investment objective is to maximize total return while maintaining a broadly diversified portfolio for the primary purpose of satisfying obligations for future benefit payments. Equities are the primary holdings of the Retirement Plan of Maritrans, Inc. Other investments, including fixed income investments, provide diversification, and, in certain cases, lower the volatility of returns. In general, equity can range from 55 to 75 percent of total plan assets, fixed income securities can range from 25 to 45 percent of total plan assets and cash can be held in amounts up to 5 percent of plan assets. Actual asset allocation within the approved ranges varies from time to time based on economic conditions (both current and forecast) and the advice of professional advisors. The Company contributed $721 and $921 to the Maritrans Plan in 2019 and 2018, respectively. The Company expects to make contributions of approximately $1,619 to the Maritrans Plan in 2020. Defined Contribution Plans The Company also had defined contribution plans covering all eligible employees. Contributions are limited to amounts allowable for income tax purposes. Commencing in 2006, employer contributions include both employer contributions made regardless of employee contributions and matching contributions to the plans. All contributions to the plans are at the discretion of the Company. The Company’s contributions to the plan were $2,414 and $1,956 for the years ended December 31, 2019 and 2018, respectively. The Company also has an unfunded, nonqualified supplemental savings plan covering highly compensated U.S. shore-based employees of the Company, which was terminated in connection with the Company’s filing for bankruptcy in 2012. This plan provided for levels of hypothetical employer contributions that would otherwise have been made under the Company’s defined contribution plans in the absence of limitations imposed by income tax regulations. The Company’s unfunded obligations under this plan at December 31, 2019 and 2018 were not material.

Other Income_(Expense), Net

Other Income/(Expense), Net	12 Months Ended
	Dec. 31, 2019
Other Income and Expenses [Abstract]
Other Income/(Expense), Net	NOTE 17 — OTHER INCOME/(EXPENSE), NET Other income/(expense), net consists of: Years Ended December 31, 2019 2018 Interest income $ 1,177 $ 1,970 Loss on repurchases and extinguishment of debt (1) (72 ) (3,399 ) Pension and post retirement items (2) (26 ) 532 OSG LNG performance guarantee fees 110 135 Miscellaneous-net 251 3 $ 1,440 $ (759 ) (1) See Note 8, “Debt,” for disclosures relating to loss on mandatory prepayments of debt and loss on repurchases of debt. (2) The Company includes the service cost component for net periodic benefit cost/(income) in vessel expenses and general and administrative expenses and other components in other income/(expense) on the consolidated statements of operations.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 18 — COMMITMENTS AND CONTINGENCIES At December 31, 2019, the Company had aggregate capital commitments of $45,849, net of progress payments already made aggregating to $55,823, for the construction of two barges scheduled for delivery in the second quarter of 2020 and in the fourth quarter of 2020. The contracts for these barges require progress payments during the construction periods with a final payment due on delivery. The Company has made all required progress payments to date, and the Company expects to make remaining payments, including those due on delivery, with financing that the Company will need to obtain, operating cash flow and cash on hand. The Company is currently in discussion with potential lenders to obtain such financing. Legal Proceedings Arising in the Ordinary Course of Business The Company is a party, as plaintiff or defendant, to various suits in the ordinary course of business for monetary relief arising principally from personal injuries (including without limitation exposure to asbestos and other toxic materials), wrongful death, collision or other casualty and to claims arising under charter parties. A substantial majority of such personal injury, wrongful death, collision or other casualty claims against the Company are covered by insurance (subject to deductibles not material in amount). Each of the claims involves an amount which, in the opinion of management, are not expected to be material to the Company’s financial position, results of operations and cash flows.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and Cash Equivalents	1. Cash and cash equivalents -
Vessels, Vessel Lives, Deferred Drydocking Expenditures and Other Property	2. Vessels, vessel lives, deferred drydocking expenditures and other property Other property, including leasehold improvements, are recorded at cost and amortized on a straight-line basis over the shorter of the terms of the leases or the estimated useful lives of the assets, which range from three years to 15 years. Interest costs are capitalized to vessels and other property during the period that vessels are under construction and projects are in progress. During the year ended December 31, 2019, interest costs capitalized were $3,636. During the year ended December 31, 2018, interest costs capitalized were not material. Expenditures incurred during a drydocking are deferred and amortized on the straight-line basis over the shorter of the terms of the leases or the period until the next scheduled drydocking, generally two and a half to five years. The Company only includes in deferred drydocking costs those direct costs that are incurred as part of the drydocking to meet regulatory requirements, or are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. The carrying value of each of the Company’s vessels represents its original cost at the time it was delivered or purchased less depreciation calculated using estimated useful lives from the date such vessel was originally delivered from the shipyard or from the date (as in the case of certain of the Company’s ATBs) a vessel was rebuilt. A vessel’s carrying value is reduced to its new cost basis (i.e., its current fair value) if a vessel impairment charge is recorded. If the estimated economic lives assigned to the Company’s vessels prove to be too long because of new regulations, a prolonged weak market environment, a broad imposition of age restrictions by the Company’s customers, or other future events, it could result in higher depreciation expense and impairment losses in future periods related to a reduction in the useful lives of any affected vessels.
Impairment of Long-lived Assets	3. Impairment of long-lived assets
Intangible Assets	4. Intangible assets -
Deferred Finance Charges	5. Deferred finance charges Unamortized deferred financing charges of $6,821 and $7,528 relating to the Term Loan Credit Agreement (as defined in Note 8, “Debt”) and $98 and $124 relating to the term loan, due 2026, are included in long-term debt in the consolidated balance sheets as of December 31, 2019 and 2018, respectively. In addition, at December 31, 2019, unamortized deferred financing charges of $1,086 relating to the term loans, due 2024, are included in long-term debt in the consolidated balance sheets. At December 31, 2019 and 2018, unamortized deferred financing charges relating to the Unsecured Senior Notes were included in current installments of long-term debt in the consolidated balance sheets and were not material. Interest expense relating to the amortization of deferred financing charges amounted to $1,965 in 2019 and $4,069 in 2018.
Revenue and Expense Recognition	6. Revenue and expense recognition - The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606) The Company classifies time charter leasing arrangements less than 90 days within the voyage charter revenue financial statement line item because the Company believes the pricing negotiated within these short-term time charter contracts more closely aligns with the Company’s voyage charter spot market. Under voyage charters, expenses such as fuel, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time and bareboat charters, such voyage costs are generally paid by the Company’s customers. The Company receives an annual operating-differential subsidy pursuant to the Merchant Marine Act of 1936 for the two U.S. Flag Product Carriers which participate in the U.S. MSP program. This subsidy has been recorded as an offset to vessel expenses which amounted to $10,000 in 2019 and $9,600 in 2018.
Voyage Receivables	7. Voyage receivables
Concentration of Credit Risk	8. Concentration of credit risk During the years ended December 31, 2019 and 2018, the Company had three and two individual customers, respectively, who accounted for 10% or more of the Company’s revenues. The customers and their related percentages were Monroe Energy LLC (16%), SeaRiver Maritime, Inc. (12%) and Shell (10%) for the year ended December 31, 2019 and Shell (12%) and Petrobras America Inc. (11%) for the year ended December 31, 2018.
Income Taxes	9. Income taxes Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes in the period such determination is made. Uncertain tax positions are recorded in accordance with ASC 740, Income Taxes
Use of Estimates	10. Use of estimates
Segment Information	11. Segment information
Inventories	12. Inventories
Recently Adopted Accounting Standards	13. Recently adopted accounting standards Leases Codification Improvements to Topic 842 Leases Targeted Improvements Narrow-Scope Improvements for Lessors Codification Improvements The Company adopted the standard using the modified retrospective approach effective January 1, 2019. See Note 15, “Leases,” for additional information.
Recently Issued Accounting Standards	14. Recently issued accounting standards Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326 In November 2019, the FASB issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, Bucket 1— All public business entities (“PBEs”) that are SEC filers (as defined in U.S. GAAP), excluding smaller reporting companies (“SRCs”) (as defined by the SEC). The credit losses standard would be effective January 1, 2020. Bucket 2— All other entities, including SRCs, other PBEs that are not SEC filers, private companies, not-for-profit organizations, and employee benefit plans. The credit losses standard would be effective January 1, 2023. At the annual evaluation date on June 30, 2019, the Company met the SEC definition of a smaller reporting company. Accordingly, the Company plans on adopting the credit losses standard on January 1, 2023. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2019
Per Share Amounts:
Schedule of Earnings Per Share	The components of the calculation of basic earnings per share and diluted earnings per share are as follows: Years Ended December 31, 2019 2018 Net income $ 8,675 $ 13,489 Weighted average common shares outstanding: Class A common stock - basic 89,251,818 88,394,580 Class A common stock - diluted 89,658,938 89,045,734

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Summary of Cumulative Effect of Changes to Balance Sheet for the Adoption of New Accounting Standard	The cumulative effect of the changes made to the Company’s consolidated January 1, 2018 balance sheet for the adoption of ASC 606 was as follows: Balance at Adjustments Due Balance at Assets Voyage receivables $ 24,209 $ 1,336 $ 25,545 Liabilities Deferred income taxes 83,671 (108 ) 83,563 Equity Accumulated deficit (265,758 ) (1,228 ) (266,986 )
Schedule of Disaggregation of Revenue	The following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the years ended December 31, 2019 and 2018: Years Ended December 31, 2019 2018 Time and bareboat charter revenues $ 263,683 $ 213,923 Voyage charter revenues (1) 33,275 83,542 Contracts of affreightment revenues 58,589 68,698 Total shipping revenues $ 355,547 $ 366,163 (1) Voyage charter revenues include approximately $10,152 and $7,600 of revenue related to short-term time charter contracts for the years ended December 31, 2019 and 2018, respectively.

Vessels, Other Property and D_2

Vessels, Other Property and Deferred Drydock (Tables)	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Schedule of Vessels and Other Property	Vessels and other property consist of the following: Years Ended December 31, 2019 2018 Vessels, at cost $ 919,212 $ 845,868 Accumulated depreciation (274,900 ) (248,939 ) Vessels, net 644,312 596,929 Construction in progress 65,697 — Finance lease right-of-use asset, at cost (Note 15) 28,993 — Accumulated amortization (Note 15) (2,053 ) — Finance lease right-of use asset, net (Note 15) 26,940 — Other property, at cost 5,552 5,895 Accumulated depreciation and amortization (5,289 ) (5,165 ) Other property, net 263 730 Total vessels and other property $ 737,212 $ 597,659
Summary of Vessel Activity Excluding Construction Progress	Vessel activity, excluding construction in progress, for the two years ended December 31, 2019 is summarized as follows: Vessel Cost Accumulated Net Book Balance at December 31, 2017 $ 849,713 $ (217,633 ) $ 632,080 Depreciation — (33,851 ) Disposals (3,845 ) 2,545 Balance at December 31, 2018 845,868 (248,939 ) 596,929 Transfers from construction in progress 82,625 — Depreciation — (32,284 ) Disposals (9,281 ) 6,323 Balance at December 31, 2019 $ 919,212 $ (274,900 ) $ 644,312
Summary of Drydocking Activity	Drydocking activity for the two years ended December 31, 2019 is summarized as follows: 2019 2018 Balance at January 1 $ 26,099 $ 23,914 Additions 11,074 14,031 Drydock amortization (13,439 ) (11,846 ) Balance at December 31 $ 23,734 $ 26,099

Investment in Alaska Tanker C_2

Investment in Alaska Tanker Company, LLC (Tables)	12 Months Ended
	Dec. 31, 2019
Investments, All Other Investments [Abstract]
Summary of Assets and Liabilities of Equity Method Investment	A condensed summary of the assets and liabilities of the equity method investment follows: Years Ended December 31, 2019 2018 Current assets $ 38,531 $ 38,949 Total assets $ 38,531 $ 38,949 Current liabilities $ 20,667 $ 21,652 Non-current liabilities 18,867 17,286 (Deficiency)/equity (1,003 ) 11 Total liabilities and equity $ 38,531 $ 38,949
Summary of Results of Operations of Equity Method Investments	A condensed summary of the results of operations of the equity method investments follows: Years Ended December 31, 2019 2018 Shipping revenues $ 109,006 $ 105,115 Ship operating expenses (100,437 ) (95,315 ) Income from vessel operations 8,569 9,800 Net income $ 9,342 $ 9,461

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets activity for the two years ended December 31, 2019 is summarized as follows: Total Balance at December 31, 2017 $ 41,017 Amortization (4,600 ) Balance at December 31, 2018 36,417 Amortization (4,600 ) Balance at December 31, 2019 $ 31,817

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Debt consists of the following: December 31, 2019 2018 Term loan, due 2023, net of unamortized discount and deferred costs of $6,821 and $7,528 $ 291,994 $ 317,472 Term loans, due 2024, net of unamortized discount and deferred costs of $1,086 48,289 — Term loan, due 2026, net of unamortized discount and deferred costs 27,075 27,376 Unsecured senior notes, net of unamortized discount and deferred costs 689 687 Total debt 368,047 345,535 Less current installments of long-term debt 31,512 23,240 Total long-term debt $ 336,535 $ 322,295
Schedule of Facility of Term Loan	The applicable margins and floor interest rates for the Company’s term loan, due 2023, and term loan, due 2026, are as follows: Debt Facility Term loan, due 2023 Term loan, due 2026 Rate ABR LIBOR ABR LIBOR Floor None 0.00 % None 0.00 % Applicable Margin None 4.00 % None 5.00 %
Schedule of Debt Expenses	The following table summarizes interest expense, including amortization of issuance and deferred financing costs, commitment, administrative and other fees, recognized during the two years ended December 31, 2019 with respect to the Company’s debt facilities: Years Ended December 31, Debt Facility 2019 2018 OBS Facilities $ 428 $ 29,769 Term loan, due 2023 24,667 801 Term loan, due 2026 1,772 210 Unsecured senior notes 156 252 Term loans, due 2024 785 — Total interest expense on debt facilities $ 27,808 $ 31,032
Schedule of Aggregate Annual Principal Payments	As of December 31, 2019, the aggregate annual principal payments required to be made on the Company’s debt are as follows: 2020 $ 31,514 2021 31,962 2022 31,817 2023 230,793 2024 42,436 Thereafter 7,530 Total $ 376,052

Fair Value Measurements and F_2

Fair Value Measurements and Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Hierarchy Categorized on Fair Value	The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, at December 31, 2019 and 2018, are as follows: Carrying Fair Value Value Level 1 Level 2 December 31, 2019: Assets Cash (1) $ 41,677 $ 41,677 $ — Total $ 41,677 $ 41,677 $ — Liabilities Term loan agreement, due 2023 $ 291,994 $ — $ 299,974 Term loan agreements, due 2024 48,289 — 49,015 Term loan agreement, due 2026 27,075 — 27,359 Unsecured senior notes 689 — 722 Total $ 368,047 $ — $ 377,070 Carrying Fair Value Value Level 1 Level 2 December 31, 2018: Assets Cash (1) $ 80,641 $ 80,641 $ — Total $ 80,641 $ 80,641 $ — Liabilities Term loan agreement, due 2023 $ 317,472 $ — $ 325,000 Term loan agreement, due 2026 27,376 — 26,500 Unsecured senior notes 687 — 525 Total $ 345,535 $ — $ 352,025 (1) Includes current and non-current restricted cash totaling $174 and $224 at December 31, 2019 and 2018, respectively. Restricted cash as of December 31, 2019 and 2018 was related to the Company’s Unsecured Senior Notes.

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Accounts Payable and Accrued Liabilities, Current [Abstract]
Schedule of Accounts Payable, Accrued Expenses and Other Current Liabilities	Years Ended December 31, 2019 2018 Accounts payable $ 5,944 $ 3,360 Payroll and benefits 8,660 12,454 Interest 1,828 1,010 Insurance 673 639 Accrued drydock and repair costs 115 900 Bunkers and lubricants 852 953 Charter revenues received in advance 11,580 6,731 Accrued vessel expenses 3,441 3,304 Accrued general and administrative, primarily professional fees 799 1,998 Accrued deferred payment obligation for chartered in vessels — 1,944 Other 1,984 1,385 $ 35,876 $ 34,678

Taxes (Tables)

Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Income Tax (Expense)/Benefit	The (expense)/benefit for income taxes on income before income taxes consists of the following: Years Ended December 31, 2019 2018 Current $ (1,527 ) $ (1,080 ) Deferred 991 18,794 Total $ (536 ) $ 17,714
Schedule of Effective Income Tax Rate Reconciliation	The reconciliations between the U.S. federal statutory income tax rate and the effective tax rate follows: Years Ended December 31, 2019 2018 U.S. federal statutory income tax rate 21.0 % 21.0 % Adjustments due to: State taxes, net of federal benefit (8.9 )% (21.4 )% Change in valuation allowance 0.6 % (59.0 )% Equity awards (1.8 )% (14.2 )% Return to provision (4.5 )% (13.8 )% Nondeductible expenses 0.4 % (11.4 )% Uncertain tax positions and tax examination settlement 6.8 % 505.7 % U.S. income subject to tonnage tax (6.5 )% 14.0 % Other (1.3 )% (1.7 )% Effective tax rate 5.8 % 419.2 %
Schedule of Deferred Tax Assets and Liabilities	The significant components of the Company’s deferred tax liabilities and assets follow: December 31, 2019 2018 Deferred tax liabilities: Vessels and other property (1) $ 128,026 $ 128,226 Prepaid expenditures 5,621 7,108 Operating lease right-of-use assets 72,298 — Other-net 2 4 Total deferred tax liabilities 205,947 135,338 Deferred tax assets: Loss carryforwards 68,917 66,737 Operating lease liability 71,779 — Finance lease liability 6,333 — Employee compensation and benefit plans 3,869 4,287 Financing and professional fees 2,003 1,859 Accrued expenses and other 1,165 51 Total deferred tax assets 154,066 72,934 Valuation allowance 20,952 10,961 Net deferred tax assets 133,114 61,973 Net deferred tax liabilities $ 72,833 $ 73,365 (1) Includes deferred tax liabilities related to finance lease right-of-use assets totaling $6,190 and $0 at December 31, 2019 and 2018, respectively.
Schedule of Unrecognized Tax Benefits	The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (excluding interest and penalties): Years Ended December 31, 2019 2018 Balance of unrecognized tax benefits as of January 1, $ 1,226 $ 37,240 Increases for positions taken in prior years 1,353 657 Rate change (84 ) — Amount of decreases related to settlements — (36,671 ) Balance of unrecognized tax benefits as of December 31, $ 2,495 $ 1,226

Capital Stock and Stock Compe_2

Capital Stock and Stock Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Units Under the Incentive Plans	Activity with respect to restricted stock units under the Incentive Plans during the two years ended December 31, 2019 is summarized as follows: Activity for the two years ended December 31, 2019 Class A shares Nonvested Shares Outstanding at December 31, 2017 660,999 Granted 1,366,921 Vested ($1.70 to $2.74 per share) (1,108,180 ) Forfeited ($2.39 to $2.44 per share) (7,425 ) Nonvested Shares Outstanding at December 31, 2018 912,315 Granted 1,591,839 Vested ($1.66 to $2.32 per share) (780,542 ) Forfeited ($1.63 per share) (4,747 ) Nonvested Shares Outstanding at December 31, 2019 1,718,865
Schedule of Stock Options Activity Under the Incentive Plans	Activity with respect to stock options under the Incentive Plans during the two years ended December 31, 2019 is summarized as follows: Activity for the two years ended December 31, 2019 Class A shares Options Outstanding at December 31, 2017 371,893 Granted 494,118 Options Outstanding at December 31, 2018 866,011 Granted 612,745 Options Outstanding at December 31, 2019 1,478,756 Options Exercisable at December 31, 2019 1,454,063

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2019
Accumulated Other Comprehensive Income Loss Note Abstract
Schedule of Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss, net of related taxes, in the consolidated balance sheets follow: Years Ended December 31, 2019 2018 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) (6,409 ) (7,192 ) $ (6,409 ) $ (7,192 )
Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss	The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, for the two years ended December 31, 2019. Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) Total Balance as of December 31, 2018 $ — $ (7,192 ) $ (7,192 ) Current period change, excluding amounts reclassified from accumulated other comprehensive loss — 501 501 Amounts reclassified from accumulated other comprehensive loss — 282 282 Total change in accumulated other comprehensive loss — 783 783 Balance as of December 31, 2019 $ — $ (6,409 ) $ (6,409 ) Balance as of December 31, 2017 $ (112 ) $ (6,350 ) $ (6,462 ) Current period change, excluding amounts reclassified from accumulated other comprehensive loss — 300 300 Amounts reclassified from accumulated other comprehensive loss 112 341 453 Adoption of accounting standard - reclassification adjustment to retained earnings — (1,483 ) (1,483 ) Total change in accumulated other comprehensive loss 112 (842 ) (730 ) Balance as of December 31, 2018 $ — $ (7,192 ) $ (7,192 )
Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Loss	The following table presents information with respect to amounts reclassified out of accumulated other comprehensive loss for the two years ended December 31, 2019. Years Ended December 31, Statement of Accumulated Other Comprehensive Loss Component 2019 2018 Line Item Unrealized losses on cash flow hedges: Interest rate caps entered into by the Company’s subsidiaries — (181 ) Interest expense Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans): Net periodic benefit costs associated with pension and postretirement benefit plans for shore-based employees (570 ) (465 ) Other income/ Net periodic benefit costs associated with pension and postretirement benefit plans for seagoing employees 200 166 Other income/ (370 ) (480 ) Total before tax 652 933 Tax provision $ 282 $ 453 Total net of tax
Schedule of Income Tax (Expense) Benefit Allocated to Component	The income tax (expense)/benefit allocated to each component of other comprehensive income follows: Unrealized gains/(losses) on cash flow hedges Items not yet as a component of net periodic benefit cost For the year ended December 31, 2019: Current period change excluding amounts reclassified from accumulated other comprehensive loss $ — $ (154 ) Amounts reclassified from accumulated other comprehensive loss — (87 ) Total change in accumulated other comprehensive loss $ — $ (241 ) For the year ended December 31, 2018: Current period change excluding amounts reclassified from accumulated other comprehensive loss $ — $ — Amounts reclassified from accumulated other comprehensive loss 69 — Total change in accumulated other comprehensive loss $ 69 $ —

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Schedule of Lease Right-of-use Assets and Lease Liabilities	The Company’s lease right-of-use assets and lease liabilities at December 31, 2019 were as follows: December 31, 2019 Operating leases Vessels chartered-in noncurrent operating lease assets $ 283,871 Office space noncurrent operating lease assets 2,598 Total noncurrent operating lease assets $ 286,469 Vessels chartered-in operating lease liabilities Current portion of operating lease liabilities $ 89,537 Noncurrent operating lease liabilities 217,511 307,048 Office space operating lease liabilities Current portion of operating lease liabilities 608 Noncurrent operating lease liabilities 1,990 2,598 Total operating lease liabilities $ 309,646 Finance lease Vessels and other property $ 28,993 Accumulated amortization (2,053 ) Vessels and other property, less accumulated amortization $ 26,940 Current portion of finance lease liabilities $ 4,011 Noncurrent finance lease liabilities 23,548 Total finance lease liabilities $ 27,559
Schedule of Future Minimum Lease Commitments Under Minimum Lease Payments	The future minimum commitments under these leases are as follows: At December 31, 2019 Operating Finance 2020 $ 92,404 $ 4,172 2021 91,164 4,161 2022 107,654 4,161 2023 43,015 4,161 2024 9,168 4,172 Thereafter 4,534 17,180 Net minimum lease payments 347,939 38,007 Less: present value discount 40,891 10,448 Total lease liabilities $ 307,048 $ 27,559 The future minimum commitments under lease obligations for office space, which are operating leases, as of December 31, 2019 are as follows: At December 31, 2019 Amount 2020 $ 630 2021 631 2022 649 2023 474 2024 98 Thereafter 1,088 Net minimum lease payments 3,570 Less: present value discount 972 Total lease liabilities $ 2,598
Schedule of Future Minimum Commitments Operating Leases	The future minimum revenues, including rent escalations, which is equal to lease payments expected to be received over the noncancelable time charters term are as follows: At December 31, 2019 Amount 2020 $ 239,865 2021 72,929 2022 51,675 2023 31,405 2024 30,395 Thereafter 15,575 Net minimum lease receipts $ 441,844

Pension and Other Postretirem_2

Pension and Other Postretirement Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Schedule of Multiemployer Plans	Plan level information is available in the public domain for each of the multiemployer pension plans the Company participates in. The table below provides additional information about the Company’s participation in the above multi-employer pension plans: EIN / Pension Pension Protection Rehabilitation Contributions made by the Company Pension Plan Plan Number 2019 2018 Plan Status 2019 2018 AMO Pension Plan 13-1936709 Yellow (1) Yellow (1) Implemented $ 650 $ 880 MEBA Pension Plan 51-6029896 Green (1) Green (1) None 2,353 1,450 Seafarers Pension Plan 13-6100329 Green (1) Green (1) None 288 345 Total contributions $ 3,291 $ 2,675 (1) A “Yellow” Zone Status plan is a plan that has a funding ratio between 65% and 80%. A “Green” Zone Status plan is a plan that is 80% funded or more.
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets	Information with respect to the domestic pension and postretirement benefit plans for which the Company uses a December 31 measurement date, follow: Pension Benefits Other Benefits At December 31, 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 44,015 $ 48,500 $ 3,401 $ 4,548 Cost of benefits earned (service cost) — — 105 119 Interest cost on benefit obligation 1,802 1,673 140 142 Actuarial losses/(gains) 3,805 (3,456 ) 84 (1,206 ) Benefits paid (2,686 ) (2,702 ) (158 ) (202 ) Benefit obligation at year end 46,936 44,015 3,572 3,401 Change in plan assets: Fair value of plan assets at beginning of year 31,929 35,591 — — Actual return on plan assets 6,790 (1,882 ) — — Employer contributions 721 922 158 202 Benefits paid (2,686 ) (2,702 ) (158 ) (202 ) Fair value of plan assets at year end 36,754 31,929 — — Unfunded status at December 31 $ (10,182 ) $ (12,086 ) $ (3,572 ) $ (3,401 )
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets	Information for defined benefit pension plans with accumulated benefit obligations in excess of plan assets follows: At December 31, 2019 2018 Projected benefit obligation $ 46,936 $ 44,015 Accumulated benefit obligation 46,936 44,015 Fair value of plan assets 36,754 31,929
Schedule of Net Benefit Costs	Information for defined benefit pension plans and other postretirement benefit plans net periodic cost/(benefit) follows: Pension Benefits Other Benefits For the year ended December 31, 2019 2018 2019 2018 Components of expense: Cost of benefits earned $ — $ — $ 105 $ 119 Interest cost on benefit obligation 1,802 1,673 140 142 Expected return on plan assets (2,246 ) (2,517 ) — — Amortization of prior-service costs — — (229 ) (229 ) Recognized net actuarial loss 588 483 11 45 Net periodic benefit cost $ 144 $ (361 ) $ 27 $ 77
Schedule of Assumptions Used	The weighted-average assumptions used to determine benefit obligations follow: Pension Benefits Other Benefits At December 31, 2019 2018 2019 2018 Discount rate 3.20 % 4.25 % 3.55 % 4.40 % The weighted-average assumptions used to determine net periodic benefit cost follow: Pension Benefits Other Benefits For the year ended December 31, 2019 2018 2019 2018 Discount rate 4.25 % 3.55 % 4.40 % 3.70 % Expected (long-term) return on plan assets 7.25 % 7.25 % — —
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates	A 1% change in assumed health care cost trend rates would have the following effects: 1% increase 1% decrease Effect on total of service and interest cost components in 2019 $ 38 $ (31 ) Effect on postretirement benefit obligation as of December 31, 2019 $ 384 $ (313 )
Schedule of Expected Benefit Payments	Expected benefit payments are as follows: Pension Benefits Other Benefits 2020 $ 2,867 $ 156 2021 2,946 157 2022 2,978 159 2023 3,024 164 2024 3,090 165 Years 2025-2029 15,335 804 Total $ 30,240 $ 1,605
Schedule of Changes in Fair Value of Plan Assets	The fair values of the Company’s pension plan assets at December 31, 2019, by asset category are as follows: Description Fair Value Level 1 Cash and cash equivalents $ 595 $ 595 Equity securities: Large cap exchange traded fund 13,994 13,994 Small company - mid value 2,222 2,222 Small company - mid growth 2,167 2,167 International value 2,634 2,634 International growth 2,656 2,656 Fixed income and preferred stock: Intermediate term bond fund 12,418 12,418 Small company - mid value - preferred stock 68 68 Total $ 36,754 $ 36,754

Other Income_(Expense), Net (Ta

Other Income/(Expense), Net (Tables)	12 Months Ended
	Dec. 31, 2019
Other Income and Expenses [Abstract]
Schedule of Other Nonoperating Income (Expense)	Other income/(expense), net consists of: Years Ended December 31, 2019 2018 Interest income $ 1,177 $ 1,970 Loss on repurchases and extinguishment of debt (1) (72 ) (3,399 ) Pension and post retirement items (2) (26 ) 532 OSG LNG performance guarantee fees 110 135 Miscellaneous-net 251 3 $ 1,440 $ (759 ) (1) See Note 8, “Debt,” for disclosures relating to loss on mandatory prepayments of debt and loss on repurchases of debt. (2) The Company includes the service cost component for net periodic benefit cost/(income) in vessel expenses and general and administrative expenses and other components in other income/(expense) on the consolidated statements of operations.

Basis of Presentation and Des_2

Basis of Presentation and Description of Business (Details Narrative)	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Equity method investment, ownership percentage	50.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property plant and equipment, estimated useful lives, description	Vessels are recorded at cost and are depreciated to their estimated salvage value on the straight-line basis over the estimated useful lives of the vessels, which are generally 25 years (except for new ATBs for which estimated useful lives of 30 years are used).
Interest costs capitalized	$ 3,636
Unamortized debt financing charges	1,086
Long-term debt	$ 336,535	$ 322,295
Debt instrument, maturity	2024
Deferred financing charges	$ 1,965	4,069
Vessel expenses	134,618	134,956
Allowance for doubtful accounts receivable	5,040	774
Provision for doubtful accounts	4,300
Oustanding receivables	$ 4,300
Income tax likelihood, description	Greater than 50%
Customer One [Member] | Monroe Energy LLC [Member]
Concentration of credit risk percentage	16.00%
Customer One [Member] | Shell [Member]
Concentration of credit risk percentage		12.00%
Customer Two [Member] | SeaRiver Maritime Inc [Member]
Concentration of credit risk percentage	12.00%
Customer Two [Member] | Petrobras America Inc [Member]
Concentration of credit risk percentage		11.00%
Customer Three [Member] | Shell [Member]
Concentration of credit risk percentage	10.00%
Revenue [Member] | Three and Two Individual Customers [Member]
Concentration of credit risk percentage	10.00%
U.S. Maritime Security Program [Member]
Vessel expenses	$ 10,000	$ 9,600
Term Loan Credit Agreement [Member]
Unamortized debt financing charges	6,821	7,528
Long-term debt	$ 98	$ 124
Debt instrument, maturity	2026
Minimum [Member]
Property plant and equipment, estimated useful lives	3 years
Maximum [Member]
Property plant and equipment, estimated useful lives	15 years

Earnings Per Common Share (Deta

Earnings Per Common Share (Details Narrative) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Warrant exercise price	$ 0.01
Antidilutive securities excluded from computation of earnings per share, amount	407,120	651,154
Dilutive equity awards outstanding	920,845	469,112
Class A Restricted Stock Units [Member]
Antidilutive securities excluded from computation of earnings per share, amount	1,718,865	912,315
Class A Stock Options Outstanding [Member]
Antidilutive securities excluded from computation of earnings per share, amount	1,478,756	866,011
Class A Warrants [Member]
Warrant exercise price	$ 0.01

Earnings Per Common Share - Sch

Earnings Per Common Share - Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Per Share Amounts:
Net (loss)/income	$ 8,675	$ 13,489
Weighted average common shares outstanding: Class A common stock - basic	89,251,818	88,394,580
Weighted average common shares outstanding: Class A common stock - diluted	89,658,938	89,045,734

Revenue Recognition (Details Na

Revenue Recognition (Details Narrative) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Products$ / shares	Dec. 31, 2018USD ($)$ / shares
Revenues	$ 91,864	$ 152,240
Net income	$ 8,675	$ 13,489
Basic and diluted net income per share | $ / shares	$ 0.1	$ 0.15
Period for voyage completion	30 days
Number of products participating in U.S Maritime Security Program | Products	2
Deferred Revenue
Contract balances from contracts with customers	5,831	$ 12,515
Revenue remaining performance obligations	38,459
2020 [Member]
Revenue remaining performance obligations	34,664
2021 [Member]
Revenue remaining performance obligations	$ 3,795
Adoption of ASC 606 [Member]
Revenues		1,418
Net income		$ 1,101
Basic and diluted net income per share | $ / shares		$ 0.01

Revenue Recognition - Summary o

Revenue Recognition - Summary of Cumulative Effect of Changes to Balance Sheet for the Adoption of New Accounting Standard (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Jan. 02, 2018	Dec. 31, 2017
Voyage receivables	$ 9,247	$ 16,096	$ 25,545	$ 24,209
Deferred income taxes	72,833	73,365	83,563	83,671
Accumulated deficit	$ (243,339)	$ (252,014)	(266,986)	$ (265,758)
Adjustments Due to ASC 606 [Member]
Voyage receivables			1,336
Deferred income taxes			(108)
Accumulated deficit			$ (1,228)

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Total shipping revenues		$ 355,547	$ 366,163
Time and Bareboat Charter Revenues [Member]
Total shipping revenues		263,683	213,923
Voyage Charter Revenues [Member]
Total shipping revenues	[1]	33,275	83,542
Contracts of Affreightment Revenues [Member]
Total shipping revenues		$ 58,589	$ 68,698
[1]	Voyage charter revenues include approximately $10,152 and $7,600 of revenue related to short-term time charter contracts for the years ended December 31, 2019 and 2018, respectively.

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Voyage charter revenues	$ 91,864	$ 152,240
Short-term Time Charter Contracts [Member]
Voyage charter revenues	$ 10,152	$ 7,600

Vessels, Other Property and D_3

Vessels, Other Property and Deferred Drydock (Details Narrative) $ in Thousands	Sep. 30, 2019USD ($)	Dec. 06, 2018USD ($)	Jul. 30, 2019bbl	Jun. 30, 2019USD ($)	May 31, 2019USD ($)	Jan. 31, 2019bbl	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Proceeds from sale of ATBs	$ 1,234	$ 2,367		$ 1,069	$ 1,101		$ 3,404	$ 2,367
Commitments under the contract in 2020							45,849
Loss/(gain) on disposal of vessels and other property, including impairments, net		$ (877)					$ 106	$ (877)
Weighted average years of vessel							8 years 2 months
Weighted average years of vessel, description							At December 31, 2019, the Company's owned vessel fleet with a weighted average age of 8.2 years, consisted of six Handysize Product Carriers, two lightering ATBs and two clean ATBs.
Debt instrument, collateral amount							$ 634,379
Accrual of capital expenditures							$ 3,866
Gunderson Marine LLC [Member]
Volume of chemical tank barge (bbl) | bbl			240,000			240,000

Vessels, Other Property and D_4

Vessels, Other Property and Deferred Drydock - Schedule of Vessels and Other Property (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Changes and Error Corrections [Abstract]
Vessels, at cost	$ 919,212	$ 845,868	$ 849,713
Accumulated depreciation	(274,900)	(248,939)	(217,633)
Vessels, net	644,312	596,929	$ 632,080
Construction in progress	65,697
Finance lease right-of-use asset, at cost (Note 15)	28,993
Accumulated amortization (Note 15)	(2,053)
Finance lease right-of use asset, net (Note 15)	26,940
Other property, at cost	5,552	5,895
Accumulated depreciation and amortization	(5,289)	(5,165)
Other property, net	263	730
Total vessels and other property	$ 737,212	$ 597,659

Vessels, Other Property and D_5

Vessels, Other Property and Deferred Drydock - Summary of Vessel Activity Excluding Construction Progress (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Vessel Cost	$ 919,212	$ 845,868	$ 849,713
Accumulated Depreciation	(274,900)	(248,939)	(217,633)
Net Book Value	644,312	596,929	$ 632,080
Depreciation [Member]
Vessel Cost
Accumulated Depreciation	(32,284)	(33,851)
Net Book Value
Disposals [Member]
Vessel Cost	(9,281)	(3,845)
Accumulated Depreciation	(6,323)	(2,545)
Net Book Value
Transfers from construction in progress [Member]
Vessel Cost	82,625
Accumulated Depreciation
Net Book Value

Vessels, Other Property and D_6

Vessels, Other Property and Deferred Drydock - Summary of Drydocking Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Beginning balance	$ 845,868	$ 849,713
Ending balance	919,212	845,868
Drydocking Activity [Member]
Beginning balance	26,099	23,914
Additions	11,074	14,031
Drydock amortization	(13,439)	(11,846)
Ending balance	$ 23,734	$ 26,099

Investment in Alaska Tanker C_3

Investment in Alaska Tanker Company, Llc (Details Narrative) - USD ($) $ in Thousands	Dec. 26, 2019	Dec. 31, 2019	Dec. 31, 2018
Investments in and advances to affiliated companies		$ 3,599	$ 3,585
Payment to purchase of oil carrier vessels		118,055	21,807
Deposit for vessel purchases		$ (10,800)
Alaska Tanker Company, LLC [Member]
Investment interest rate	62.50%	37.50%
Investments in and advances to affiliated companies		$ 3,599
Equity method investment, distributions		$ 3,562
Payment to purchase of oil carrier vessels	$ 54,000
Deposit for vessel purchases	10,800
Business combination consideration, amount	$ 19,100

Investment in Alaska Tanker C_4

Investment in Alaska Tanker Company, Llc - Summary of Assets and Liabilities of Equity Method Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounting Changes and Error Corrections [Abstract]
Current assets	$ 38,531	$ 38,949
Total assets	38,531	38,949
Current liabilities	20,667	21,652
Non-current liabilities	18,867	17,286
(Deficiency)/equity	(1,003)	11
Total liabilities and equity	$ 38,531	$ 38,949

Investment in Alaska Tanker C_5

Investment in Alaska Tanker Company, Llc - Summary of Results of Operations of Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accounting Changes and Error Corrections [Abstract]
Shipping revenues	$ 109,006	$ 105,115
Ship operating expenses	(100,437)	(95,315)
Income from vessel operations	8,569	9,800
Net income	$ 9,342	$ 9,461

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets gross	$ 92,000	$ 92,000
Intangible assets useful lives	7 years
Finite-lived intangible assets, amortization expense, 2019	$ 4,600
Finite-lived intangible assets, amortization expense, 2020	4,600
Finite-lived intangible assets, amortization expense, 2021	4,600
Finite-lived intangible assets, amortization expense, 2022	4,600
Finite-lived intangible assets, amortization expense, 2023	$ 4,600

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance	$ 36,417	$ 41,017
Amortization	(4,600)	(4,600)
Ending balance	$ 31,817	$ 36,417

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ in Thousands	Mar. 12, 2020	Dec. 21, 2018	Nov. 19, 2018	Mar. 29, 2018	Mar. 16, 2018	Sep. 30, 2019	Aug. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Debt, weighted average interest rate								6.55%	7.49%
Annual principal payment loan for next twelve months								$ 31,514
Annual principal payment loan for next two years								31,962
Annual principal payment loan for next three years								31,817
Annual principal payment loan for next four years								230,793
Annual principal payment loan for thereafter								7,530
Cash paid on interest expense								24,593	$ 29,052
Term Loan Credit Agreement [Member] | Maximum [Member]
Line of credit facility, maximum borrowing capacity								75,000
Term Loan Credit Agreement [Member] | Minimum [Member]
Line of credit facility, maximum borrowing capacity								30,000
OBS Term Loan [Member]
Debt realized net loss									$ 981
Unsecured Senior Notes [Member]
Debt instrument, face amount								$ 146,000
Debt instrument, interest rate, stated percentage								7.50%
Debt instrument, due								Feb. 15, 2024
Mandatory Prepayment [Member] | OBS Term Loan [Member]
Prepayment of term loan					$ 28,166
Optional Prepayment [Member] | OBS Term Loan [Member]
Prepayment of term loan				$ 47,000
Vessels [Member]
Debt instrument, interest rate, stated percentage						5.54%
Debt instrument, term						5 years
Debt instrument, due						Sep. 30, 2024
Final payment for the vessels						$ 45,157
Overseas Gulf Coast and Overseas Sun Coast [Member]
Debt instrument, face amount							$ 50,000
Debt instrument, due							Dec. 31, 2024
Election 1 Notes [Member] | Unsecured Senior Notes [Member]
Debt instrument, face amount								$ 6,508
Debt instrument, interest rate, stated percentage								7.50%
Debt instrument, due								Feb. 15, 2021
Election 2 Notes [Member] | Unsecured Senior Notes [Member]
Debt instrument, face amount								$ 138,708
Debt instrument, interest rate, stated percentage								7.50%
Wintrust Commercial Finance [Member]
Debt instrument, face amount			$ 27,500
Debt instrument, due			Dec. 31, 2026
Wintrust Commercial Finance [Member] | LIBOR Plus [Member]
Debt instrument, interest rate, stated percentage			4.00%
Debt instrument, due			Nov. 19, 2026
Wintrust Commercial Finance [Member] | OBS Term Loan [Member]
Prepayment of term loan			$ 27,500
OSG Bulk Ships, Inc and OBS Subsidiaries [Member]
Debt instrument, face amount		$ 325,000
Debt instrument, term		5 years
Debt realized net loss		$ 2,227
Payments of loan		$ 27,623
OSG Bulk Ships, Inc and OBS Subsidiaries [Member] | LIBOR Plus [Member]
Debt instrument, interest rate, stated percentage		5.00%
Debt instrument, due		Dec. 21, 2023
Subsequent Event [Member] | Banc of America Leasing & Capital, LLC [Member]
Debt instrument, face amount	$ 54,000
Debt instrument, interest rate, stated percentage	4.43%
Debt instrument, term	5 years
Debt instrument, due	Mar. 12, 2025
Annual principal payment loan for next twelve months	$ 3,017
Annual principal payment loan for next two years	4,182
Annual principal payment loan for next three years	4,371
Annual principal payment loan for next four years	4,568
Annual principal payment loan for next five years	4,775
Annual principal payment loan for thereafter	$ 33,087

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Total debt	$ 368,047	$ 345,535
Less current installments of long-term debt	31,512	23,240
Total long-term debt	336,535	322,295
Term Loan One [Member]
Total debt	291,994	317,472
Term Loan Two [Member]
Total debt	48,289
Term Loan Three [Member]
Total debt	27,075	27,376
Unsecured Senior Notes [Member]
Total debt	$ 689	$ 687

Debt - Schedule of Long-term _2

Debt - Schedule of Long-term Debt Instruments (Details) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Term Loan One [Member]
Debt instrument, due	Dec. 31, 2023
Unamortized discount and deferred costs	$ 6,821	$ 7,528
Term Loan Two [Member]
Debt instrument, due	Dec. 31, 2024
Unamortized discount and deferred costs	$ 1,086
Term Loan Three [Member]
Debt instrument, due	Dec. 31, 2026

Debt - Schedule of Facility of

Debt - Schedule of Facility of Term Loan (Details)	12 Months Ended
	Dec. 31, 2019
ABR [Member] | Term Loan 2023 [Member]
Floor
Applicable Margin
ABR [Member] | Term Loan 2026 [Member]
Floor
Applicable Margin
LIBOR Plus [Member] | Term Loan 2023 [Member]
Floor	0.00%
Applicable Margin	4.00%
LIBOR Plus [Member] | Term Loan 2026 [Member]
Floor	0.00%
Applicable Margin	5.00%

Debt - Schedule of Debt Expense

Debt - Schedule of Debt Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Total expense on debt facilities	$ 27,808	$ 31,032
OBS Facilities [Member]
Total expense on debt facilities	428	29,769
Term Loan One [Member]
Total expense on debt facilities	24,667	801
Term Loan Two [Member]
Total expense on debt facilities	1,772	210
Unsecured Senior Notes [Member]
Total expense on debt facilities	156	252
Term Loan Three [Member]
Total expense on debt facilities	$ 785

Debt - Schedule of Aggregate An

Debt - Schedule of Aggregate Annual Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020	$ 31,514
2021	31,962
2022	31,817
2023	230,793
2024	42,436
Thereafter	7,530
Total	$ 336,535	$ 322,295

Fair Value Measurements and F_3

Fair Value Measurements and Fair Value Disclosures - Schedule of Hierarchy Categorized on Fair Value (Details) - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Cash	[1]	$ 41,677	$ 80,641
Total assets		41,677	80,641
Liabilities		368,047	345,535
Level 1 [Member]
Cash	[1]	41,677	80,641
Total assets		41,677	80,641
Liabilities
Level 2 [Member]
Cash	[1]
Total assets
Liabilities		377,070	352,025
Term Loan One [Member]
Term loan agreements, fair value		291,994	317,472
Term Loan One [Member] | Level 1 [Member]
Term loan agreements, fair value
Term Loan One [Member] | Level 2 [Member]
Term loan agreements, fair value		299,974	325,000
Term Loan Two [Member]
Term loan agreements, fair value		48,289
Term Loan Two [Member] | Level 1 [Member]
Term loan agreements, fair value
Term Loan Two [Member] | Level 2 [Member]
Term loan agreements, fair value		49,015
Term Loan Three [Member]
Term loan agreements, fair value		27,075	27,376
Term Loan Three [Member] | Level 1 [Member]
Term loan agreements, fair value
Term Loan Three [Member] | Level 2 [Member]
Term loan agreements, fair value		27,359	26,500
Unsecured Senior Notes [Member]
Term loan agreements, fair value		689	687
Unsecured Senior Notes [Member] | Level 1 [Member]
Term loan agreements, fair value
Unsecured Senior Notes [Member] | Level 2 [Member]
Term loan agreements, fair value		$ 722	$ 525
[1]	Includes current and non-current restricted cash totaling $174 and $224 at December 31, 2019 and 2018, respectively. Restricted cash as of December 31, 2019 and 2018 was related to the Company's Unsecured Senior Notes.

Fair Value Measurements and F_4

Fair Value Measurements and Fair Value Disclosures - Schedule of Hierarchy Categorized on Fair Value (Details) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Unsecured Senior Notes [Member]
Restricted cash, fair value disclosure	$ 174	$ 224

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Current Liabilities - Schedule of Accounts Payable, Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 5,944	$ 3,360
Payroll and benefits	8,660	12,454
Interest	1,828	1,010
Insurance	673	639
Accrued drydock and repair costs	115	900
Bunkers and lubricants	852	953
Charter revenues received in advance	11,580	6,731
Accrued vessel expenses	3,441	3,304
Accrued general and administrative, primarily professional fees	799	1,998
Accrued deferred payment obligation for chartered in vessels		1,944
Other	1,984	1,385
Accounts Payable and Other Accrued Liabilities, Current	$ 35,876	$ 34,678

Taxes (Details Narrative)

Taxes (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change in the state tax rate	8.90%
Operating loss carryforwards, net	$ 213,800
Operating loss carryforwards, expiration date	2034
Valuation allowance	$ 20,952	$ 10,961
Income taxes paid, net	1,293	1,313
Unrecognized tax benefits	2,495	1,226	$ 37,240
Accrued interest	114	0
Interest and penalties	252	0
Reserve for uncertain tax positions	864	$ 220
US [Member]
Operating loss carryforwards, net	$ 445,936
Income tax examination, description	These U.S. state net operating loss carryforwards expire in various years ending from December 31, 2019 through December 31, 2035

Taxes - Schedule of Income Tax

Taxes - Schedule of Income Tax (Expense)/Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Current	$ (1,527)	$ (1,080)
Deferred	991	18,794
Total	$ 536	$ (17,714)

Taxes - Schedule of Effective I

Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%
State taxes, net of federal benefit	(8.90%)	(21.40%)
Change in valuation allowance	0.60%	(59.00%)
Equity awards	(1.80%)	(14.20%)
Return to provision	(4.50%)	(13.80%)
Nondeductible expenses	0.40%	(11.40%)
Uncertain tax positions and tax examination settlement	6.80%	505.70%
U.S. income subject to tonnage tax	(6.50%)	14.00%
Other	(1.30%)	(1.70%)
Effective tax rate	5.80%	419.20%

Taxes - Schedule of Deferred Ta

Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Vessels and other property	[1]	$ 128,026	$ 128,226
Prepaid expenditures		5,621	7,108
Operating lease right-of-use assets		72,298
Other-net		2	4
Total deferred tax liabilities		205,947	135,338
Loss carryforwards		68,917	66,737
Operating lease liability		71,779
Finance lease liability		6,333
Employee compensation and benefit plans		3,869	4,287
Financing and professional fees		2,003	1,859
Accrued expenses and other		1,165	51
Total deferred tax assets		154,066	72,934
Valuation allowance		20,952	10,961
Net deferred tax assets		133,114	61,973
Net deferred tax liabilities		$ 72,833	$ 73,365
[1]	Includes deferred tax liabilities related to finance lease right-of-use assets totaling $6,190 and $0 at December 31, 2019 and 2018, respectively.

Taxes - Schedule of Deferred _2

Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Deferred tax liabilities for finance lease right-of-use assets	$ 6,190	$ 0

Taxes - Schedule of Unrecognize

Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Balance of unrecognized tax benefits as of January 1,	$ 1,226	$ 37,240
Increases for positions taken in prior years	1,353	657
Rate change	(84)
Amount of decreases related to settlements		(36,671)
Balance of unrecognized tax benefits as of December 31,	$ 2,495	$ 1,226

Capital Stock and Stock Compe_3

Capital Stock and Stock Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Jun. 06, 2017	Dec. 31, 2019	Dec. 31, 2018
Outstanding shares, percentage		50.00%
Exercise price of warrants		$ 0.01
Number of warrants outstanding		19,238,262
Share-based payment award, risk free interest rate, minimum		2.50%	2.50%
Share-based payment award, risk free interest rate, maximum		2.72%	2.72%
Share-based payment award, fair value assumptions, expected dividend rate		0.00%	0.00%
Share based payment, expected price volatility		0.55	0.55
Share based payment, expected lives		6 years	6 years
Share compensation expense		$ 1,662	$ 3,785
Weighted average remaining contractual life		8 years 2 months 5 days
Stock options, weighted average exercise prices		$ 2.67	$ 3.23
Number of options vested		612,745
Unrecognized compensation cost		$ 1,993
Expected to be Recognized [Member]
Weighted average remaining contractual life		1 year 6 months 25 days
Restricted Stock Units (RSUs) [Member]
Share based payment options granted, per share		$ 2.02	$ 1.70
Vesting period		3 years
Continues employment period		3 years
Share compensation expense		$ 1,615	$ 1,646
Restricted Stock Units (RSUs) [Member] | Decrease Depending on Applicable Measures and Targets [Member]
Share based payment options grants in period gross		528,387	213,090
Board of Directors [Member]
Outstanding shares, percentage		77.00%
Non-employee Directors [Member] | Restricted Stock Units (RSUs) [Member]
Share based payment options grants in period gross		357,866	170,400
Share based payment options granted, per share		$ 1.78	$ 3.61
Employees, Including Senior Officers [Member] | Restricted Stock Units (RSUs) [Member]
Share based payment options grants in period gross		552,598	365,584
Share based payment options granted, per share		$ 2.02	$ 1.70
Certain Senior Officers [Member] | Restricted Stock Units (RSUs) [Member]
Share based payment options grants in period gross		329,121	688,877
Share based payment options granted, per share		$ 1.82	$ 1.91
Senior Officers [Member]
Share based compensation, stock options awarded during period		612,745	494,118
Stock option exercise price		$ 1.89	$ 1.70
Stock call option value, per option		$ 1.02	$ 0.92
Senior Officers [Member] | Restricted Stock Units (RSUs) [Member]
Share based payment options grants in period gross		352,258	142,060
Maximum [Member]
Share based payment options granted, per share		$ 5.57
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Subject to Increase RSU Award [Member]
Share based payment options grants in period gross		176,129	106,545
Minimum [Member]
Share based payment options granted, per share		$ 1.70
Incentive Plans [Member] | Maximum [Member]
Number of shares increased for issuance	1,500,000
Class A Warrants [Member]
Exercise price of warrants		$ 0.01
Number of warrants exercised		1,365,392	29,461,648
Class A Common Stock [Member]
Shares repurchased during period		159,685	296,822
Stock repurchased during period, per share amount		$ 1.84	$ 2.15
Stock issued during period, shares, conversion of convertible securities		3,655,270
Shares issued during period, new issues		257,963	5,628,650
Share based compensation, stock options awarded during period		612,745	494,118
Class A Common Stock [Member] | Restricted Stock Units (RSUs) [Member]
Share based payment options grants in period gross		1,591,839	1,366,921

Capital Stock and Stock Compe_4

Capital Stock and Stock Compensation - Schedule of Restricted Stock Units Under the Incentive Plans (Details) - Restricted Stock Units (RSUs) [Member] - Class A Common Stock [Member] - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Nonvested Shares Outstanding	912,315	660,999
Granted	1,591,839	1,366,921
Vested	(780,542)	(1,108,180)
Forfeited	(4,747)	(7,425)
Nonvested Shares Outstanding	1,718,865	912,315

Capital Stock and Stock Compe_5

Capital Stock and Stock Compensation - Schedule of Restricted Stock Units Under the Incentive Plans (Details) (Parenthetical) - Restricted Stock Units (RSUs) [Member] - Class A Common Stock [Member] - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Share based award, restricted stock units, forfeited price per share	$ 1.63
Minimum [Member]
Share based compensation, restricted stock vested, exercise price per share	1.66	$ 1.70
Share based award, restricted stock units, forfeited price per share		2.39
Maximum [Member]
Share based compensation, restricted stock vested, exercise price per share	$ 2.32	2.74
Share based award, restricted stock units, forfeited price per share		$ 2.44

Capital Stock and Stock Compe_6

Capital Stock and Stock Compensation - Schedule of Stock Options Activity Under the Incentive Plans (Details) - Class A Common Stock [Member] - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Options Outstanding	866,011	371,893
Granted	612,745	494,118
Options Outstanding	1,478,756	866,011
Options Exercisable	1,454,063

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details Narrative) $ in Thousands	Dec. 31, 2019USD ($)
Unrecognized prior service credits	$ 1,617
Unrecognized prior service credits, net of tax	1,277
Unrecognized actuarial losses	9,868
Unrecognized actuarial losses, net of tax	7,796
Expected to be Recognized During 2020 [Member]
Unrecognized prior service credits	229
Unrecognized prior service credits, net of tax	181
Unrecognized actuarial losses	465
Unrecognized actuarial losses, net of tax	$ 367

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans)	$ (6,409)	$ (7,192)
Accumulated other comprehensive loss	$ (6,409)	$ (7,192)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Loss - Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Beginning balance	$ 329,468	$ 313,238
Amounts reclassified from accumulated other comprehensive loss	282	453
Ending balance	341,545	329,468
Unrealized Losses on Cash Flow Hedges [Member]
Beginning balance		(112)
Current period change, excluding amounts reclassified from accumulated other comprehensive loss
Amounts reclassified from accumulated other comprehensive loss		112
Adoption of accounting standard - reclassification adjustment to retained earnings
Total change in accumulated other comprehensive loss		112
Ending balance
Items Not Yet Recognized as a Component of Net Periodic Benefit Cost (Pension and Other Postretirement Plans) [Member]
Beginning balance	(7,192)	(6,350)
Current period change, excluding amounts reclassified from accumulated other comprehensive loss	501	300
Amounts reclassified from accumulated other comprehensive loss	282	341
Adoption of accounting standard - reclassification adjustment to retained earnings		(1,483)
Total change in accumulated other comprehensive loss	783	(842)
Ending balance	(6,409)	(7,192)
Total [Member]
Beginning balance	(7,192)	(6,462)
Current period change, excluding amounts reclassified from accumulated other comprehensive loss	501	300
Amounts reclassified from accumulated other comprehensive loss	282	453
Adoption of accounting standard - reclassification adjustment to retained earnings		(1,483)
Total change in accumulated other comprehensive loss	783	(730)
Ending balance	$ (6,409)	$ (7,192)

Accumulated Other Comprehensi_6

Accumulated Other Comprehensive Loss -Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Total before tax	$ (370)	$ (480)
Tax provision	652	933
Total net of tax	282	453
Unrealized Losses on Cash Flow Hedges [Member]
Total net of tax		112
Unrealized Losses on Cash Flow Hedges [Member] | Interest Expense [Member]
Interest rate caps entered into by the Company's subsidiaries		(181)
Items Not Yet Recognized as a Component of Net Periodic Benefit Cost (Pension and Other Postretirement Plans) [Member]
Total net of tax	282	341
Items Not Yet Recognized as a Component of Net Periodic Benefit Cost (Pension and Other Postretirement Plans) [Member] | Other Income/(Expense), Net [Member] | Net Periodic Benefit Costs, Shore-based Employees [Member]
Net periodic benefit costs associated with pension and postretirement benefit plans	(570)	(465)
Items Not Yet Recognized as a Component of Net Periodic Benefit Cost (Pension and Other Postretirement Plans) [Member] | Other Income/(Expense), Net [Member] | Net Periodic Benefit Costs, Seagoing Employees [Member]
Net periodic benefit costs associated with pension and postretirement benefit plans	$ 200	$ 166

Accumulated Other Comprehensi_7

Accumulated Other Comprehensive Loss -Schedule of Income Tax (Expense) Benefit Allocated to Component (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Unrealized Losses on Cash Flow Hedges [Member]
Current period change excluding amounts reclassified from accumulated other comprehensive loss
Amounts reclassified from accumulated other comprehensive loss		69
Total change in accumulated other comprehensive loss		69
Items Not Yet Recognized as a Component of Net Periodic Benefit Cost (Pension and Other Postretirement Plans) [Member]
Current period change excluding amounts reclassified from accumulated other comprehensive loss	(154)
Amounts reclassified from accumulated other comprehensive loss	(87)
Total change in accumulated other comprehensive loss	$ (241)

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Vessels	Dec. 31, 2018USD ($)	Jan. 02, 2019USD ($)
Operating lease right-of-use assets	$ 286,469
Lease liabilities	$ 307,048
Commitments to charter in vessels | Vessels	11
Lessee, Finance Lease, Term of Contract	10 years
Operating lease term, description	The Company holds options for 10 of the vessels chartered-in that can be exercised for one, three or five years with the one year option only usable once, while the three and five year options are available indefinitely. The lease payments for the charters-in are fixed throughout the option periods and the options are on a vessel-by-vessel basis that can be exercised individually. The Company exercised its option on one of its vessels to extend the term until June 2025. On December 10, 2018, the Company exercised its options to extend the terms of the other nine vessels. Terms for five of the vessels were extended for an additional three years, with terms ending in December 2022, and terms for four of the vessels were extended for an additional year, with terms ending December 2020. On December 11, 2019, the terms for the four vessels ending December 2020 were extended for an additional three years, with terms ending in December 2023.
Operating lease expense	$ 90,359
Sublease income	188,163
Non-cash operating activities for obtaining operating right-of-use assets and liabilities	93,407
Finance Lease, Right-of-Use Asset, Amortization	2,052
Interest on finance lease liabilities	1,462
Non-cash financing activities for obtaining finance right-of-use assets	28,993
Charter hire expense	$ 90,359	91,350
Weighted average remaining lease term, operating leases	3 years 8 months 12 days
Weighted average remaining lease term, finance lease	9 years 1 month 6 days
Weighted average discount rate, operating leases	6.70%
Weighted average discount rate, finance lease	7.30%
Time Charter Revenue [Member]
Lease income	$ 263,416
Straight-line adjustments	267
Net book value of owned vessels	419,793
Office Space Rental [Member]
Operating Lease, Payments	604
Office Space Rental [Member] | General and Administrative Expense [Member]
Rent expense	$ 648	$ 659
ASU 2016-02 [Member]
Operating lease right-of-use assets			$ 264,546
Lease liabilities			$ 280,407
Minimum [Member]
Term of contract	1 year
Maximum [Member]
Term of contract	16 years

Leases - Schedule of Lease Righ

Leases - Schedule of Lease Right-of-use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Total noncurrent operating lease assets	$ 286,469
Current portion of operating lease liabilities	90,145
Noncurrent operating lease liabilities	219,501
Total operating lease liabilities	307,048
Finance lease, right-of-use asset	28,993
Finance lease, right-of-use asset, amortization	(2,053)
Finance lease, right-of-use asset less accumulated amortization	26,940
Finance lease, liability, current	4,011
Finance lease, liability, noncurrent	23,548
Total lease liabilities	27,559
Vessels Chartered-In [Member]
Total noncurrent operating lease assets	283,871
Current portion of operating lease liabilities	89,537
Noncurrent operating lease liabilities	217,511
Total operating lease liabilities	307,048
Finance lease, right-of-use asset	28,993
Finance lease, right-of-use asset, amortization	(2,053)
Finance lease, right-of-use asset less accumulated amortization	26,940
Office Space [Member]
Total noncurrent operating lease assets	2,598
Current portion of operating lease liabilities	608
Noncurrent operating lease liabilities	1,990
Total operating lease liabilities	$ 2,598

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Commitments Under Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2019USD ($)
2020	$ 92,404
2021	91,164
2022	107,654
2023	43,015
2024	9,168
Thereafter	4,534
Net minimum lease payments, operating lease	347,939
Less: present value discount, operating lease	40,891
Total lease liabilities, operating lease	307,048
2020	4,172
2021	4,161
2022	4,161
2023	4,161
2024	4,172
Thereafter	17,180
Net minimum lease payments, finance Lease	38,007
Less: present value discount, finance Lease	10,448
Total lease liabilities, finance Lease	27,559
Office Space [Member]
2020	630
2021	631
2022	649
2023	474
2024	98
Thereafter	1,088
Net minimum lease payments, operating lease	3,570
Less: present value discount, operating lease	972
Total lease liabilities, operating lease	$ 2,598

Leases - Schedule of Future M_2

Leases - Schedule of Future Minimum Commitments Operating Leases (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
2020	$ 239,865
2021	72,929
2022	51,675
2023	31,405
2024	30,395
Thereafter	15,575
Net minimum lease receipts	$ 441,844

Pension and Other Postretirem_3

Pension and Other Postretirement Benefit Plans (Details Narrative) - USD ($) $ in Thousands	Jan. 01, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2027	Sep. 30, 2018
Defined benefit plan, ultimate health care cost trend rate		6.50%
Defined contribution plan, employer discretionary contribution amount		$ 2,414	$ 1,956
Cash and Cash Equivalents [Member]
Defined benefit plan, target allocation percentage		5.00%
Minimum [Member] | Equity Securities [Member]
Defined benefit plan, target allocation percentage		55.00%
Minimum [Member] | Fixed Income Securities [Member]
Defined benefit plan, target allocation percentage		25.00%
Maximum [Member] | Equity Securities [Member]
Defined benefit plan, target allocation percentage		75.00%
Maximum [Member] | Fixed Income Securities [Member]
Defined benefit plan, target allocation percentage		45.00%
Forecast [Member]
Defined benefit plan, ultimate health care cost trend rate				4.75%
Pension Plan [Member]
Withdrawal liability			25,309
Defined benefit plan, contributions by employer		$ 721	922
AMO Pension Plan [Member]
Withdrawal liability					$ 19,591
AMO and MEBA Pension Plan [Member] | SIU-Tanker Agreement and SIU-Tug Agreement [Member]
Expiration decription		Expire in June 2022 and March 2021
Maritrans Plan [Member]
Defined benefit plan, contributions by employer		$ 721	$ 921
Maritrans Plan [Member] | Subsequent Event [Member]
Defined employer contribution cost	$ 1,619

Pension and Other Postretirem_4

Pension and Other Postretirement Benefit Plans - Schedule of Multiemployer Plans (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Contributions made by the Company		$ 3,291	$ 2,675
AMO Pension Plan [Member]
Pension Protection Act Zone Status	[1]	Yellow	Yellow
Rehabilitation Plan Status		Implemented
Contributions made by the Company		$ 650	$ 880
MEBA Pension Plan [Member]
Pension Protection Act Zone Status	[1]	Green	Green
Rehabilitation Plan Status		NA
Contributions made by the Company		$ 2,353	$ 1,450
Seafarers Pension Plan [Member]
Pension Protection Act Zone Status	[1]	Green	Green
Rehabilitation Plan Status		NA
Contributions made by the Company		$ 288	$ 345
[1]	A "Yellow" Zone Status plan is a plan that has a funding ratio between 65% and 80%. A "Green" Zone Status plan is a plan that is 80% funded or more.

Pension and Other Postretirem_5

Pension and Other Postretirement Benefit Plans - Schedule of Multiemployer Plans (Details) (Parenthetical)	12 Months Ended
	Dec. 31, 2019
Yellow Zone Status Plan [Member]
Pension plan funding ratio	Between 65 and less than 80 percent
Green Zone Status Plan [Member]
Pension plan funding ratio	At least 80 percent

Pension and Other Postretirem_6

Pension and Other Postretirement Benefit Plans - Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair value of plan assets at year end	$ 36,754
Pension Plan [Member]
Benefit obligation at beginning of year	44,015	$ 48,500
Cost of benefits earned (service cost)
Interest cost on benefit obligation	1,802	1,673
Actuarial losses/(gains)	3,805	(3,456)
Benefits paid	(2,686)	(2,702)
Benefit obligation at year end	46,936	44,015
Fair value of plan assets at beginning of year	31,929	35,591
Actual return on plan assets	6,790	(1,882)
Employer contributions	721	922
Fair value of plan assets at year end	36,754	31,929
Unfunded status at December 31	(10,182)	(12,086)
Other Benefits [Member]
Benefit obligation at beginning of year	3,401	4,548
Cost of benefits earned (service cost)	105	119
Interest cost on benefit obligation	140	142
Actuarial losses/(gains)	84	(1,206)
Benefits paid	(158)	(202)
Benefit obligation at year end	3,572	3,401
Fair value of plan assets at beginning of year
Actual return on plan assets
Employer contributions	158	202
Fair value of plan assets at year end
Unfunded status at December 31	$ (3,572)	$ (3,401)

Pension and Other Postretirem_7

Pension and Other Postretirement Benefit Plans - Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Projected benefit obligation	$ 46,936	$ 44,015
Accumulated benefit obligation	46,936	44,015
Fair value of plan assets	$ 36,754	$ 31,929

Pension and Other Postretirem_8

Pension and Other Postretirement Benefit Plans - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Pension Plan [Member]
Cost of benefits earned
Interest cost on benefit obligation	1,802	1,673
Expected return on plan assets	(2,246)	(2,517)
Amortization of prior-service costs
Recognized net actuarial loss	588	483
Net periodic benefit cost	144	(361)
Other Benefits [Member]
Cost of benefits earned	105	119
Interest cost on benefit obligation	140	142
Expected return on plan assets
Amortization of prior-service costs	(229)	(229)
Recognized net actuarial loss	11	45
Net periodic benefit cost	$ 27	$ 77

Pension and Other Postretirem_9

Pension and Other Postretirement Benefit Plans - Schedule of Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Pension Plan [Member] | Benefit Obligations [Member]
Discount rate	3.20%	4.25%
Pension Plan [Member] | Net Periodic Benefit Cost [Member]
Discount rate	4.25%	3.55%
Expected (long-term) return on plan assets	7.25%	7.25%
Other Benefits [Member] | Benefit Obligations [Member]
Discount rate	3.55%	4.40%
Other Benefits [Member] | Net Periodic Benefit Cost [Member]
Discount rate	4.40%	3.70%
Expected (long-term) return on plan assets

Pension and Other Postretire_10

Pension and Other Postretirement Benefit Plans - Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Retirement Benefits [Abstract]
Effect of 1% increase on total of service and interest cost components in 2019	$ 38
Effect of 1% increase on postretirement benefit obligation as of December 31, 2019	384
Effect of 1% decrease on total of service and interest cost components in 2019	(31)
Effect of 1% decrease on postretirement benefit obligation as of December 31, 2019	$ (313)

Pension and Other Postretire_11

Pension and Other Postretirement Benefit Plans - Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) (Parenthetical)	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Effect of pension cost trend rates	0.01

Pension and Other Postretire_12

Pension and Other Postretirement Benefit Plans - Schedule of Expected Benefit Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
2020	$ 2,867	$ 156
2021	2,946	157
2022	2,978	159
2023	3,024	164
2024	3,090	165
Years 2025-2029	15,335	804
Total	$ 30,240	$ 1,605

Pension and Other Postretire_13

Pension and Other Postretirement Benefit Plans - Schedule of Changes in Fair Value of Plan Assets (Details) $ in Thousands	Dec. 31, 2019USD ($)
Defined Benefit Plan, Plan Assets, Amount	$ 36,754
Level 1 [Member]
Defined Benefit Plan, Plan Assets, Amount	36,754
Cash and Cash Equivalents [Member]
Defined Benefit Plan, Plan Assets, Amount	595
Cash and Cash Equivalents [Member] | Level 1 [Member]
Defined Benefit Plan, Plan Assets, Amount	595
Large Cap Exchange Traded Fund [Member]
Defined Benefit Plan, Plan Assets, Amount	13,994
Large Cap Exchange Traded Fund [Member] | Level 1 [Member]
Defined Benefit Plan, Plan Assets, Amount	13,994
Small Company - Mid Value [Member]
Defined Benefit Plan, Plan Assets, Amount	2,222
Small Company - Mid Value [Member] | Level 1 [Member]
Defined Benefit Plan, Plan Assets, Amount	2,222
Small Company - Mid Growth [Member]
Defined Benefit Plan, Plan Assets, Amount	2,167
Small Company - Mid Growth [Member] | Level 1 [Member]
Defined Benefit Plan, Plan Assets, Amount	2,167
International Value [Member]
Defined Benefit Plan, Plan Assets, Amount	2,634
International Value [Member] | Level 1 [Member]
Defined Benefit Plan, Plan Assets, Amount	2,634
International Growth [Member]
Defined Benefit Plan, Plan Assets, Amount	2,656
International Growth [Member] | Level 1 [Member]
Defined Benefit Plan, Plan Assets, Amount	2,656
Intermediate Term Bond Fund [Member]
Defined Benefit Plan, Plan Assets, Amount	12,418
Intermediate Term Bond Fund [Member] | Level 1 [Member]
Defined Benefit Plan, Plan Assets, Amount	12,418
Small Company Mid Value Prefeered Stock [Member]
Defined Benefit Plan, Plan Assets, Amount	68
Small Company Mid Value Prefeered Stock [Member] | Level 1 [Member]
Defined Benefit Plan, Plan Assets, Amount	$ 68

Other Income_(Expense), Net - S

Other Income/(Expense), Net - Schedule of Other Nonoperating Income (Expense) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Other Income and Expenses [Abstract]
Interest income		$ 1,177	$ 1,970
Loss on repurchases and extinguishment of debt	[1]	(72)	(3,399)
Pension and post retirement items	[2]	(26)	532
OSG LNG performance guarantee fees		110	135
Miscellaneous-net		251	3
Other income/(expense), net		$ 1,440	$ (759)
[1]	See Note 8, "Debt," for disclosures relating to loss on mandatory prepayments of debt and loss on repurchases of debt.
[2]	The Company includes the service cost component for net periodic benefit cost/(income) in vessel expenses and general and administrative expenses and other components in other income/(expense) on the consolidated statements of operations.

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Capital commitments	$ 45,849
Two Barges [Member]
Payments made for construction	$ 55,823