Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 24, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 1-6479-1 | ||
Entity Registrant Name | OVERSEAS SHIPHOLDING GROUP, INC. | ||
Entity Central Index Key | 0000075208 | ||
Entity Tax Identification Number | 13-2637623 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 302 Knights Run Avenue | ||
Entity Address, City or Town | Tampa | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33602 | ||
City Area Code | 813 | ||
Local Phone Number | 209-0600 | ||
Title of 12(b) Security | Class A Common Stock (par value $0.01 per share) | ||
Trading Symbol | OSG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 119,609,327 | ||
Entity Bankruptcy Proceedings, Reporting Current | true | ||
Entity Common Stock, Shares Outstanding | 86,674,209 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 69,697 | $ 41,503 |
Restricted cash | 49 | 60 |
Voyage receivables, including unbilled of $6,740 and $5,611, net of reserve for doubtful accounts | 13,123 | 9,247 |
Income tax recoverable | 387 | 1,192 |
Other receivables | 1,817 | 3,037 |
Prepaid expenses | 1,310 | 1,292 |
Inventories and other current assets | 2,293 | 1,178 |
Total Current Assets | 88,676 | 57,509 |
Vessels and other property, less accumulated depreciation and amortization | 832,174 | 737,212 |
Deferred drydock expenditures, net | 43,134 | 23,734 |
Total Vessels, Deferred Drydock and Other Property | 875,308 | 760,946 |
Restricted cash | 73 | 114 |
Investments in and advances to affiliated companies | 3,599 | |
Intangible assets, less accumulated amortization | 27,217 | 31,817 |
Operating lease right-of-use assets | 215,817 | 286,469 |
Other assets | 24,646 | 35,013 |
Total Assets | 1,231,737 | 1,175,467 |
Current Liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 48,089 | 35,876 |
Current installments of long-term debt | 38,922 | 31,512 |
Current portion of operating lease liabilities | 90,613 | 90,145 |
Current portion of finance lease liabilities | 4,000 | 4,011 |
Total Current Liabilities | 181,624 | 161,544 |
Reserve for uncertain tax positions | 189 | 864 |
Long-term debt, net | 390,198 | 336,535 |
Deferred income taxes, net | 80,992 | 72,833 |
Noncurrent operating lease liabilities | 147,154 | 219,501 |
Noncurrent finance lease liabilities | 21,360 | 23,548 |
Other liabilities | 30,409 | 19,097 |
Total Liabilities | 851,926 | 833,922 |
Commitments and contingencies (Note 18) | ||
Equity: | ||
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 86,365,422 and 85,713,610 shares issued and outstanding) | 864 | 857 |
Paid-in additional capital | 592,564 | 590,436 |
Accumulated deficit | (213,335) | (243,339) |
Stockholder’s Equity Subtotal | 380,093 | 347,954 |
Accumulated other comprehensive loss | (282) | (6,409) |
Total Equity | 379,811 | 341,545 |
Total Liabilities and Equity | $ 1,231,737 | $ 1,175,467 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Unbilled Contracts Receivable | $ 6,740 | $ 5,611 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Common Stock, Shares Authorized | 166,666,666 | |
Common Stock, Shares, Outstanding | 86,365,422 | 85,713,610 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Shipping Revenues: | ||
Time charter revenues | $ 344,512 | $ 263,683 |
Voyage charter revenues | 74,180 | 91,864 |
Total Shipping revenues | 418,692 | 355,547 |
Operating Expenses: | ||
Voyage expenses | 42,813 | 20,414 |
Vessel expenses | 159,466 | 134,618 |
Charter hire expenses | 90,608 | 90,359 |
Depreciation and amortization | 58,513 | 52,499 |
General and administrative | 26,869 | 23,399 |
Bad debt expense | 4,300 | |
Loss on disposal of vessels and other property, including impairments, net | 982 | 106 |
Total operating expenses | 379,251 | 325,695 |
Income from vessel operations | 39,441 | 29,852 |
Equity in income of affiliated companies | 3,552 | |
Gain on termination of pre-existing arrangement | 19,172 | |
Operating income | 58,613 | 33,404 |
Other income, net | 1,621 | 1,440 |
Income before interest expense and income taxes | 60,234 | 34,844 |
Interest expense, net | (24,045) | (25,633) |
Income before income taxes | 36,189 | 9,211 |
Income tax expense | (6,185) | (536) |
Net income | $ 30,004 | $ 8,675 |
Weighted Average Number of Common Shares Outstanding: | ||
Basic - Class A | 89,794,392 | 89,251,818 |
Diluted - Class A | 90,838,262 | 89,658,938 |
Per Share Amounts: | ||
Basic and diluted net income - Class A | $ 0.33 | $ 0.10 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Net income | $ 30,004 | $ 8,675 |
Defined benefit pension and other postretirement benefit plans: | ||
Net change in unrecognized prior service costs | 4,595 | (175) |
Net change in unrecognized actuarial gain | 1,532 | 958 |
Other comprehensive income | 6,127 | 783 |
Comprehensive income | $ 36,131 | $ 9,458 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash Flows from Operating Activities: | |||
Net income | $ 30,004 | $ 8,675 | |
Items included in net income not affecting cash flows: | |||
Depreciation and amortization | 58,513 | 52,499 | |
Bad debt expense | 4,300 | ||
Gain on termination of pre-existing arrangement | (19,172) | ||
Amortization of debt discount and other deferred financing costs | 2,286 | 1,965 | |
Compensation relating to restricted stock, stock unit and stock option grants | 2,333 | 1,662 | |
Deferred income tax expense/(benefit) | 6,298 | (991) | |
Interest on finance lease liabilities | 1,973 | 1,462 | |
Non-cash operating lease expense | 91,696 | 90,922 | |
Distributed/(undistributed) earnings of affiliated companies | 3,562 | (14) | |
Items included in net income related to investing and financing activities: | |||
Loss on extinguishment and prepayments of debt, net | [1] | 793 | 72 |
Loss on disposal of vessels and other property, including impairments, net | 982 | 106 | |
Payments for drydocking | (30,732) | (12,278) | |
Changes in operating assets and liabilities: | |||
Operating lease liabilities | (92,753) | (83,608) | |
(Increase)/decrease in receivables | (3,876) | 2,549 | |
Increase/(decrease) in income tax receivable | 6,133 | (601) | |
(Decrease)/increase in deferred revenue | (2,903) | 4,848 | |
Net change in other operating assets and liabilities | (2,469) | 1,881 | |
Net cash provided by operating activities | 52,668 | 73,449 | |
Cash Flows from Investing Activities: | |||
Acquisition, net of cash acquired | (16,973) | ||
Expenditures for vessels and vessel improvements | (62,586) | (118,055) | |
Proceeds from disposal of vessels and other property | 1,407 | 3,404 | |
Expenditures for other property | (4,459) | ||
Deposit for vessel purchases | (10,800) | ||
Net cash used in investing activities | (78,152) | (129,910) | |
Cash Flows from Financing Activities: | |||
Extinguishment of debt and prepayments | (41,021) | (3,271) | |
Issuance of debt, net of issuance and deferred financing costs | 143,949 | 47,824 | |
Payments on debt | (44,933) | (23,866) | |
Tax withholding on share-based awards | (197) | (294) | |
Payments on principal portion of finance lease liabilities | (4,172) | (2,896) | |
Net cash provided by financing activities | 53,626 | 17,497 | |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 28,142 | (38,964) | |
Cash, cash equivalents and restricted cash at beginning of year | 41,677 | 80,641 | |
Cash, cash equivalents and restricted cash at end of year | $ 69,819 | $ 41,677 | |
[1] | See Note 8, “Debt,” for disclosures relating to loss on mandatory prepayments of debt. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity/(Deficit) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value 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, value at Dec. 31, 2019 | 857 | 590,436 | (243,339) | (6,409) | 341,545 |
Net income | 30,004 | 30,004 | |||
Other comprehensive income, net of taxes | 6,127 | 6,127 | |||
Issuance and vesting of restricted stock awards | 8 | (8) | |||
Taxes withheld and forfeitures of restricted stock awards | (1) | (197) | (198) | ||
Compensation related to Class A options granted | 11 | 11 | |||
Compensation related to Class A restricted stock awards | 2,322 | 2,322 | |||
Ending balance, value at Dec. 31, 2020 | $ 864 | $ 592,564 | $ (213,335) | $ (282) | $ 379,811 |
BASIS OF PRESENTATION AND DESCR
BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2020 | |
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”), including Alaska Tanker Company (“ATC”) as of its March 12, 2020 acquisition date. The Company owns and operates a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and refined petroleum products in the U.S. Flag trade. All significant intercompany balances and transactions have been eliminated in consolidation. At December 31, 2019, investments in 50% In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a pandemic, which continues to affect the United States and the world. COVID-19 and its direct and indirect consequences have caused significant volatility in U.S. and international markets, and there is significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the U.S. and international economies. The COVID-19 pandemic is a dynamic and continuously evolving phenomenon and the ultimate severity of the outbreak, and its effect on the Company’s business in the future, is uncertain. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. Cash and cash equivalents - Interest-bearing deposits that are highly liquid investments and have a maturity of three months or less when purchased are included in cash and cash equivalents. Restricted cash as of December 31, 2020 and 2019 was related to the Company’s Unsecured Senior Notes as defined in Note 8, “Debt”. 2. Vessels, vessel lives, deferred drydocking expenditures and other property - Vessels are recorded at cost and are depreciated to their estimated salvage value on the straight-line basis over the estimated useful lives of the vessels, which are generally 25 years (except for new ATBs for which estimated useful lives of 30 years are used) . Other property, including leasehold improvements, are recorded at cost and amortized on a straight-line basis over the shorter of the terms of the leases or the estimated useful lives of the assets, which range from three years 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 years ended December 31, 2020 and 2019, interest costs capitalized were $ 3,717 and $ 3,636 , respectively. 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 - The carrying amounts of long-lived assets held and used by the Company are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. In such instances, the requirement for impairment could be triggered if the estimate of the undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than the asset’s carrying amount. This assessment is made at the individual vessel level since separately identifiable cash flow information for each vessel is available. The impairment charge, if any, would be measured as the amount by which the carrying amount of a vessel exceeded its fair value. A long-lived asset impairment charge results in a new cost basis being established for the relevant long-lived asset. See Note 9, “Fair Value Measurements and Fair Value Disclosures,” for further discussion on the impairment tests performed on our vessels during the two years ended December 31, 2020. 4. Intangible assets - Intangible assets with estimable useful lives are amortized over their estimated useful lives and are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may be impaired. See Note 9, “Fair Value Measurements and Fair Value Disclosures,” for further discussion on the impairment test performed on the Company’s intangible assets at December 31, 2020. 5. Deferred finance charges - Finance charges incurred in the arrangement and amendment of debt are deferred and amortized to interest expense on an effective interest method over the life of the related debt. Unamortized deferred financing charges of $ 6,998 8,005 2,286 1,965 6. Revenue and expense recognition - Revenues from time charters are accounted for as operating leases and are thus recognized ratably over the rental periods of such charters, as service is performed. Revenues from voyage charter contracts are recognized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. The Company classifies time charter leasing arrangements less than 90 days within the voyage charter revenue financial statement line item because the Company believes the pricing negotiated within these short-term time charter contracts more closely aligns with the Company’s voyage charter spot market. Under voyage charters, expenses such as fuel, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time and bareboat charters, such voyage costs are generally paid by the Company’s customers. The Company receives a stipend pursuant to the Maritime Security Act of 1996 for the two U.S. Flag Product Carriers which participate in the U.S. MSP program. This stipend has been recorded as an offset to vessel expenses which amounted to $ 9,665 10,000 7. Voyage receivables - All customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company routinely reviews its voyage receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Voyage receivables are deemed uncollectible and removed from accounts receivable and the allowance for doubtful accounts when collection efforts have been exhausted. 8. Concentration of credit risk - Financial instruments that potentially subject the Company to concentrations of credit risk are voyage receivables due from charterers. With respect to voyage receivables, the Company limits its credit risk by performing ongoing credit evaluations. Voyage receivables reflected on the consolidated balance sheets as of December 31, 2020 and 2019 are net of a reserve for doubtful accounts of $ 4,604 and $ 5,040 , respectively. In June 2019, one of the Company’s lightering customers, Philadelphia Energy Solutions LLC (“PES”), suffered an explosion and fire at their refinery in the Delaware Bay. In July 2019, PES filed a Chapter 11 bankruptcy petition. The reserve for doubtful accounts at December 31, 2020 and 2019 includes a provision of $ 4,300 on outstanding receivables of $ 4,300 from PES as the ultimate recovery of these receivables is currently unknown. During the years ended December 31, 2020 and 2019, the Company had three individual customers for both years who accounted for 10% or more of the Company’s revenues. The customers and their related percentages were Monroe Energy LLC ( 12.6% ), BP Exploration Alaska Inc. ( 11.4% ) and SeaRiver Maritime Inc. ( 10.1% ) for the year ended December 31, 2020 and Monroe Energy LLC ( 16% ), SeaRiver Maritime, Inc. ( 12% ) and Shell ( 10% ) for the year ended December 31, 2019. The Company’s cash and cash equivalents balances generally exceed Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are placed in what the Company believes to be creditworthy financial institutions. In addition, certain of the Company’s money market accounts invest in U.S. Treasury securities or other obligations issued or guaranteed by the U.S. government or its agencies. 9. Income taxes - The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes in the period such determination is made. Uncertain tax positions are recorded in accordance with ASC 740, Income Taxes greater than 50% likely to be realized upon ultimate settlement with the related tax authority. 10. Use of estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts of assets, liabilities, equity, revenues and expenses reported in the financial statements and accompanying notes. The most significant estimates relate to the depreciation of vessels and other property, amortization of drydocking costs, estimates used in assessing the recoverability of vessels, intangible assets and other long-lived assets, liabilities incurred relating to pension benefits, and income taxes. Actual results could differ from those estimates. 11. Segment information - Operating segments are defined as components of an enterprise that engage in business activities. The Company has determined that it operates its business as a single segment as its chief operating decision maker makes decisions about resource allocations and reviews and measures the Company’s results as one line of business with similar regulatory requirements, customers and commodities transported. 12. Inventories - Inventories are included in the inventories and other current assets line item on the consolidated balance sheets. Inventories are accounted for on the first in first out basis and consist of fuel on the Company’s vessels. 13. Acquisition of Alaska Tanker Company, LLC and related transactions 14. Recently adopted accounting standards - 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 August 2018, the FASB issued ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40),Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, Internal-Use Software In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans 15. Recently issued accounting standards — 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 became effective January 1, 2020. Bucket 2— All other entities, including SRCs, other PBEs that are not SEC filers, private companies, not-for-profit organizations, and employee benefit plans. The credit losses standard is to become 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 to adopt the credit losses standard on January 1, 2023. Management is currently reviewing the impact of the adoption of this accounting standard on the Company’s consolidated financial statements. 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, 2020 | |
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, 2020, there were 2,605,263 shares of Class A common stock issuable under outstanding restricted stock units and 1,478,756 shares of Class A common stock issuable under outstanding options, both of which are considered to be potentially dilutive securities. As of December 31, 2019, there were 1,718,865 shares of Class A common stock issuable under outstanding restricted stock units and 1,478,756 shares of Class A common stock issuable under outstanding options, both of which are considered to be potentially dilutive securities. The components of the calculation of basic earnings per share and diluted earnings per share are as follows: SCHEDULE OF EARNINGS PER SHARE Years Ended December 31, 2020 2019 Net income $ 30,004 $ 8,675 Weighted average common shares outstanding: Class A common stock - basic 89,794,392 89,251,818 Class A common stock - diluted 90,838,262 89,658,938 For annual earnings per share calculations, there were 1,043,870 and 407,120 dilutive equity awards outstanding for the years ended December 31, 2020 and 2019. Awards of 371,893 and 920,845 shares, which are related to stock options, for 2020 and 2019, 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, 2020 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | NOTE 4 — REVENUE RECOGNITION Shipping Revenues Time Charter Revenues The Company enters into time charter contracts under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of a vessel. The Company recognizes revenues from time charters as operating leases ratably over the noncancellable contract term. Customers generally pay voyage expenses such as fuel, canal tolls and port charges. The Company also provides the charterer with services such as technical management expenses and crew costs. While there are lease and 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 applies the practical expedient of combining lease and non-lease components and recognizes revenue related to this service ratably over the life of the contract term. Voyage Charter Revenues The Company enters into voyage charter contracts, under which the customer pays a transportation charge (voyage freight) for the movement of a specific cargo between two or more specified ports. The Company’s performance obligation under voyage charters, which consists of moving cargo from a load port to a discharge port, is satisfied over time. Accordingly, under ASC 606, the Company recognizes revenue from voyage charters ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. The transaction price is in the form of a fixed fee at contract inception, which is the transportation charge. Voyage charter contracts also include variable consideration primarily in the form of demurrage, which is additional revenue the Company receives for delays experienced in loading or unloading cargo that are not deemed to be the responsibility of the Company. The Company does not include demurrage in the transaction price for voyage charters since it is highly susceptible to factors outside the Company’s influence. Examples of when demurrage is incurred include unforeseeable weather conditions and security regulations at ports. The uncertainty related to this variable consideration is resolved upon the completion of the voyage, the duration of which is generally less than 30 days. 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 is designed to ensure 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 a stipend pursuant to the Maritime Security Act of 1996 for each participating vessel, subject in each case to annual congressional appropriations. The stipend is intended to reimburse owners for the additional costs of operating U.S. Flag vessels; therefore, the Company has presented this stipend as an offset to vessel expenses. Contracts of Affreightment The Company enters into contracts of affreightment (each a “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 transportation services are provided. The Company’s COAs include minimum purchase requirements from customers that are expressed in either fixed monthly barrels, annual minimum barrel volume requirements or annual minimum number of voyages to complete. The Company is required to transport and the charterer is required to provide the Company with a minimum volume requirement. 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. COAs provide the charterer with the opportunity to purchase additional transportation services above the minimum. If this is not considered a material right, the Company recognizes revenue related to the additional services at the contractual rate as the product is transferred over time. If the additional transportation service is considered a material right, the Company applies the practical alternative of allocating the transaction price to the material right. As a result, the Company may recognize revenue related to COAs at an amount different from the invoiced amount if the Company’s estimated volume to be transported under the contract exceeds the contractual minimum. COAs also include variable consideration primarily related to demurrage. The Company does not include this variable consideration in the transaction price for these contracts as the consideration is constrained since the obligation to deliver this service is outside the control of the Company. The uncertainty related to this variable consideration is resolved with the customer over the course of the contract term as individual voyages discharge. At December 31, 2020, the Company did not have deferred revenue related to the Company’s COAs. Disaggregated Revenue The Company has disaggregated revenue from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Consequently, the disaggregation below is based on contract type. Since the terms within these contract types are generally standard in nature, the Company does not believe that further disaggregation would result in increased insight into the economic factors impacting revenue and cash flows. The following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the years ended December 31, 2020 and 2019: SCHEDULE OF DISAGGREGATION OF REVENUE Years Ended December 31, 2020 2019 Time and bareboat charter revenues $ 344,512 $ 263,683 Voyage charter revenues (1) 29,752 33,275 Contracts of affreightment revenues 44,428 58,589 Total shipping revenues $ 418,692 $ 355,547 (1) Voyage charter revenues include approximately $ 15,466 and $ 10,152 of revenue related to short-term time charter contracts for the years ended December 31, 2020 and 2019, respectively. Voyage Receivables As of December 31, 2020 and 2019, contract balances from contracts with customers consisted of voyage receivables, including unbilled receivables, of $ 9,351 and $ 5,831 , 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 customers 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, 2020, the costs related to voyages that were not yet completed were not material. Additionally, these contracts include out-of-pocket expense (i.e. fuel, port charges, canal tolls) incurred by the Company in fulfilling its performance obligations, which are reimbursed by the charterer at cost. The reimbursement for these fulfillment costs are included in the Company’s estimated transaction price for the contract and recognized as revenue when performance obligations are satisfied. Transaction Price Allocated to the Remaining Performance Obligations As of December 31, 2020, the Company expects to recognize revenue of approximately $ 21,142 in 2021 under COAs. This estimated amount relates to the fixed consideration of contractual minimums within the contracts based on the Company’s estimate of future services. Practical Expedients and Exemptions The Company’s voyage charter contracts and some of the Company’s COAs have an original expected duration of one year or less; therefore, the Company has elected to apply the practical expedient, which permits the Company to not disclose the portion of the transaction price allocated to the remaining performance obligations within these COAs. The Company expenses broker commissions for voyage charters, which are costs of obtaining a contract, as they are incurred because the amortization period is less than one year or are otherwise amortized as the underlying performance obligation is satisfied. The Company records these costs within voyage expenses on the consolidated statements of operations. |
VESSELS, OTHER PROPERTY AND DEF
VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK | NOTE 5 — VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK Vessels and other property consist of the following: SCHEDULE OF VESSELS AND OTHER PROPERTY 2020 2019 Years Ended December 31, 2020 2019 Vessels, at cost $ 1,099,187 $ 919,212 Accumulated depreciation (308,449 ) (274,900 ) Vessels, net 790,738 644,312 Construction in progress 17,238 65,697 Finance lease right-of-use asset, at cost (Note 15) 26,940 28,993 Accumulated amortization (Note 15) (2,957 ) (2,053 ) Finance lease right-of use asset, net (Note 15) 23,983 26,940 Other property, at cost 5,552 5,552 Transfers from construction in progress 25 — Accumulated depreciation and amortization (5,362 ) (5,289 ) Other property, net 215 263 Total vessels and other property $ 832,174 $ 737,212 The Company took delivery of two 204,000 -barrel capacity oil and chemical tank barges in 2020, one in May and the other in December. The barges, named the OSG 205 OSG 204 OSG Courageous OSG Endurance In May 2020 and August 2020, the Company sold two of its ATBs for $ 1,407 , net of broker commissions. As a result of the sales, the Company recognized losses, which were not material and are included in loss on disposal of vessels and other property, including impairments, net on the consolidated statements of operations. On March 12, 2020, subsidiaries of OSG, as the Parent Company, completed the purchase of three U.S.-flagged crude oil carrier vessels, the Alaskan Explorer Alaskan Legend Alaskan Navigator 54,000 and have entered into a bareboat charter with BP for a fourth vessel, the Alaskan Frontier 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 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 on disposal of vessels and other property, including impairments, net on the consolidated statements of operations. At December 31, 2020, the Company’s owned vessel fleet with a weighted average age of 12.0 years, consisted of six Handysize Product Carriers, three crude oil tankers, two lightering ATBs and two ATBs. Of these vessels, 12 were pledged as collateral under term loan agreements and have an aggregate carrying value of $ 744,760 . Vessel activity, excluding construction in progress, for the two years ended December 31, 2020 is summarized as follows: SUMMARY OF VESSEL ACTIVITY EXCLUDING CONSTRUCTION PROGRESS Vessel Cost Accumulated Depreciation Net Book Value 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 Transfers from construction in progress 111,685 — Additions 74,076 — Depreciation — (37,339 ) Disposals (5,786 ) 3,790 Balance at December 31, 2020 $ 1,099,187 $ (308,449 ) $ 790,738 The total of vessel additions can be different from expenditures for vessels as shown in the consolidated statements of cash flows because of the timing of when payments were made. For the year ended December 31, 2020, the Company had approximately $ 1,820 of non-cash investing activities for the accrual of capital expenditures related to the Company’s vessels. Drydocking activity for the two years ended December 31, 2020 is summarized as follows: SUMMARY OF DRYDOCKING ACTIVITY 2020 2019 Balance at January 1 $ 23,734 $ 26,099 Additions 33,398 11,074 Drydock amortization (13,998 ) (13,439 ) Balance at December 31 $ 43,134 $ 23,734 |
INVESTMENT IN ALASKA TANKER COM
INVESTMENT IN ALASKA TANKER COMPANY, LLC | 12 Months Ended |
Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | |
INVESTMENT IN ALASKA TANKER COMPANY, LLC | NOTE 6 — INVESTMENT IN ALASKA TANKER COMPANY, LLC At December 31, 2019, the Company had a 37.5% interest in Alaska Tanker Company, LLC (“ATC”), a joint venture that was formed in 1999 among OSG America Operating Co LLC, Keystone Shipping Company and subsidiaries of British Petroleum (“BP”). Each member of ATC was entitled to receive its respective share of incentive charter hire related to time charter contracts in ATC with a minimum term ending in December 2023 . At December 31, 2019, the carrying value of the Company’s investment in ATC was $ 3,599 3,562 In December 2019, the Company entered into an agreement with BP to purchase three U.S.-flagged crude oil carrier vessels ( Alaskan Explorer Alaskan Legend Alaskan Navigator 54,000 . The Company made a $ 10,800 54,000 under a five-year term loan as discussed in Note 8, “Debt”. In connection with the purchase of the vessels from BP, the Company agreed to time charter arrangements with BP for terms of 2.5 years to 6.4 years at a fixed daily rate with an annual escalation and five renewal options for one year each . The time charter arrangements are treated as operating leases under ASC 842. The Company also entered into a bareboat charter with BP for a fourth vessel, the Alaskan Frontier The Company accounted for the purchase of the three vessels and remaining equity ownership interest in ATC collectively as an asset acquisition, with substantially all the cost of the acquisition attributed to the three vessels purchased from BP. The pre-existing ATC arrangements with a minimum term through December 2023 were terminated, and a non-cash gain equal to the value of the remaining arrangement of $ 19,172 was recognized, with a corresponding increase in the value of the vessels acquired from BP in a manner consistent with how ASC 805, Business Combinations, As part of the acquisition of ATC, the Company assumed liabilities of $ 9,898 8,812 At December 31, 2019, a condensed summary of the assets and liabilities of ATC as an equity method investment was as follows: SUMMARY OF ASSETS AND LIABILITIES OF EQUITY METHOD INVESTMENT 2019 December 31, 2019 Current assets $ 38,531 Total assets $ 38,531 Current liabilities $ 20,667 Noncurrent liabilities 18,867 Deficiency (1,003 ) Total liabilities and equity $ 38,531 For the year ended December 31, 2019, a condensed summary of the results of operations of ATC as an equity method investment was as follows: SUMMARY OF RESULTS OF OPERATIONS OF EQUITY METHOD INVESTMENTS 2019 Year Ended December 31, 2019 Shipping revenues $ 109,006 Ship operating expenses (100,437 ) Income from vessel operations 8,569 Net income $ 9,342 Due to the acquisition of ATC on March 12, 2020, there is no schedule of income attributable to an equity method investment for the Company for the year ended December 31, 2020. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 7 — INTANGIBLE ASSETS Intangible assets activity for the two years ended December 31, 2020 is summarized as follows: SCHEDULE OF INTANGIBLE ASSETS Total Balance at December 31, 2018 $ 36,417 Amortization (4,600) Balance at December 31, 2019 31,817 Amortization (4,600) Balance at December 31, 2020 $ 27,217 As discussed in Note 2, “Summary of Significant Accounting Policies,” the Company’s intangible assets at December 31, 2020 and 2019 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, 2020 and 2019. The unamortized balance of the Company’s intangible assets at December 31, 2020 will be recognized over the remaining useful life, which is six years . Amortization of intangible assets for the five years subsequent to December 31, 2020 is expected to approximate $ 4,600 per year. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
DEBT | NOTE 8 — DEBT Debt consists of the following: SCHEDULE OF LONG-TERM DEBT INSTRUMENTS December 31, 2020 2019 Term loan, due 2023 4,676 6,821 $ 252,057 $ 291,994 Term loans, due 2024 426 1,086 22,972 48,289 Alaska tankers term loan, due 2025 623 50,360 — OSG 204 LLC term loan, due 2025 636 31,283 — Term loan, due 2026 73 98 23,171 27,075 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 564 48,586 — Unsecured senior notes, net of unamortized discount and deferred costs 691 689 Total debt 429,120 368,047 Less current installments of long-term debt (38,922 ) (31,512 ) Total long-term debt $ 390,198 $ 336,535 The weighted average interest rate for debt outstanding at December 31, 2020 and 2019 was 5.21% and 6.55% , 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. The COVID-19 pandemic has resulted in a significant reduction in demand for oil and refined petroleum products worldwide which has had a direct impact on our business. In an effort to conserve costs, several of the vessels in our fleet have been placed in layup in late 2020 and 2021. In recognition that certain of the financial covenants that were in place in each of our vessel financing facilities did not appropriately reflect the current situation, in March 2021, the Company obtained waivers and amendments of certain financial covenants in each of its vessel financing facilities, with respect to fourth quarter 2020 and later periods’ compliance requirements. In accordance with the loan amendments, the Company has agreed to sell one of its vessels. Overseas Gulf Coast. In November 2020, two of the Company’s subsidiaries, OSG 205 LLC and OSG Courageous II LLC, entered into a construction loan in the original principal amount of $ 49,150 of which $ 46,711 was drawn down to finance a new 204,000-barrel U.S. Flag oil and chemical ATB barge, OSG 205 OSG Courageous 15,811 , which included accrued interest on its term loan, due 2023 . The aggregate net loss realized on this transaction, which was not material, reflects a write-off of unamortized original issue discount and deferred financing costs associated with the principal reduction and is included in other income, net on the consolidated statements of operations for the year ended December 31, 2020. On December 3, 2020, upon completion and delivery of the OSG 205, 6.37% and has a seven-year term maturing on December 1, 2027 . The lenders hold a perfected first priority security interest and preferred ship mortgage against the barge and tug. In June 2020, one of the Company’s subsidiaries, OSG 204 LLC, entered into a loan with Wintrust Commercial Finance and other syndicate lenders in the aggregate original principal amount of $ 32,933 to finance a new 204,000-barrel U.S. Flag oil and chemical ATB barge. The loan is guaranteed by the Company, bears a fixed rate of interest of 5.00% and has a five-year term maturing on June 1, 2025 . The lenders hold a perfected first priority security interest and preferred ship mortgage against the vessel. In May 2020 and August 2020, in connection with the Company’s sale of two of its ATBs, the Company made mandatory prepayments of $ 1,307 due in 2023 On March 12, 2020, the Company entered into a loan with Banc of America Leasing & Capital, LLC and other syndicate lenders in the aggregate original principal amount of $ 54,000 to finance the purchase of three U.S.-flagged crude oil carrier vessels, the Alaskan Explorer Alaskan Legend Alaskan Navigator 4.43% and has a five-year term maturing on March 12, 2025 . 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 45,157 used to fund the final payment for the vessels. The loans bear a fixed rate of interest of 5.54% and have a 5-year term maturing on September 30, 2024 with a 17 -year amortization schedule. On July 30, 2020, the Company repaid, using cash on hand, its $ 24,000 Overseas Gulf 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. Term loan, due 2023 – 325,000 December 2023 Term loan, due 2026 – 27,500 November 1, 2026 The applicable margins and floor interest rates for the Company’s term loan, due 2023, and term loan, due 2026, are as follows: SCHEDULE OF FACILITY OF TERM LOAN 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 – These notes were issued on March 7, 2003 and consisted of $ 146,000 in face value, which were due on February 15, 2024 . Pursuant to the Equity Plan, the Company issued two series of 7.50% Notes due February 15, 2021 , one series in an aggregate principal amount of $ 6,508 (the “Election 1 Notes”) and the other series in an aggregate principal amount of $ 138,708 (the “Election 2 Notes” and together with the Election 1 Notes, the “Election Notes”) to holders of the 7.50% Notes due 2024 (the “2024 Notes”) that elected to receive Election 1 Notes or Election 2 Notes, as the case may be. The outstanding Election 1 notes were repurchased and retired during the year ended December 31, 2015. The Election 2 Notes have substantially the same terms as the 2024 Notes, other than the (i) 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, 2020 with respect to the Company’s debt facilities: SCHEDULE OF DEBT EXPENSES Years Ended December 31, Debt Facility 2020 2019 Term loan, due 2023 $ 18,132 $ 24,667 Term loan, due 2024 2,383 785 Alaska tankers term loan, due 2025 2,014 — OSG 204 LLC term loan, due 2025 1,365 — Term loan, due 2026 1,209 1,772 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 374 — Unsecured senior notes 302 156 OBS Facilities — 428 Total interest expense on debt facilities $ 25,779 $ 27,808 Cash paid for interest expense was $ 23,134 and $ 24,593 in the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020, the aggregate annual principal payments required to be made on the Company’s debt are as follows: SCHEDULE OF AGGREGATE ANNUAL PRINCIPAL PAYMENTS 2020 2021 $ 38,922 2022 39,120 2023 221,388 2024 33,054 2025 62,452 Thereafter 41,179 Total $ 436,115 |
FAIR VALUE MEASUREMENTS AND FAI
FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, are as follows: SCHEDULE OF HIERARCHY CATEGORIZED ON FAIR VALUE Carrying Fair Value Value Level 1 Level 2 December 31, 2020: Assets Cash and cash equivalents (1) $ 69,819 $ 69,819 $ — Total $ 69,819 $ 69,819 $ — Liabilities Term loan, due 2023, net $ 252,057 $ — 257,228 Term loan, due 2024, net 22,972 — 23,535 Alaska tankers term loan, due 2025, net 50,360 — 49,357 OSG 204 LLC term loan, due 2025, net 31,283 — 31,562 Term loan, due 2026, net 23,171 — 21,921 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 48,586 — 52,199 Unsecured senior notes, net 691 — 715 Total $ 429,120 $ — $ 436,517 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, due 2023, net $ 291,994 $ — $ 299,974 Term loan, due 2024, net 48,289 — 49,015 Term loan, due 2026, net 27,075 — 27,359 Unsecured senior notes, net 689 — 722 Total $ 368,047 $ — $ 377,070 (1) Includes current and non-current restricted cash totaling $ 122 and $ 174 at December 31, 2020 and 2019, respectively. Restricted cash as of December 31, 2020 and 2019 was related to the Company’s Unsecured Senior Notes. Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Vessel Impairments There were no vessels measured at fair value during the years ended December 31, 2020 and 2019. During the first and second quarters of 2020, the Company established terms to sell for scrap the OSG 243, OSG Independence OSG 244 Valuation of Intangible Assets The Company’s intangible assets at December 31, 2020 and 2019 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, 2020 and 2019, 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, 2020 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | NOTE 10 — ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES 2020 2019 Years Ended December 31, 2020 2019 Accounts payable $ 8,717 $ 5,944 Payroll and benefits 14,184 8,660 Interest 1,752 1,828 Insurance 1,040 673 Accrued drydock and repair costs 2,371 115 Bunkers and lubricants 725 852 Charter revenues received in advance 8,677 11,580 Accrued vessel expenses 9,642 3,441 Accrued general and administrative, primarily professional fees 307 799 Other 674 1,984 Accounts Payable and Other Accrued Liabilities, Current $ 48,089 $ 35,876 |
TAXES
TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
TAXES | NOTE 11 — TAXES The expense for income taxes on income before income taxes consists of the following: SCHEDULE OF INCOME TAX (EXPENSE)/BENEFIT 2020 2019 Years Ended December 31, 2020 2019 Current - Federal $ 161 $ — Current - State (48 ) — Current — (1,527 ) Deferred – Federal (5,401 ) — Deferred - State (897 ) — Deferred — 991 Total $ (6,185 ) $ (536 ) The reconciliations between the U.S. federal statutory income tax rate and the effective tax rate follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION Years Ended December 31, 2020 2019 U.S. federal statutory income tax rate 21.0 % 21.0 % Adjustments due to: State taxes, net of federal benefit 2.9 % (8.9 )% Change in valuation allowance 0.1 % 0.6 % Equity awards 0.1 % (1.8 )% Return to provision 0.5 % (4.5 )% Nondeductible expenses 0.1 % 0.4 % Uncertain tax positions and tax examination settlement (1.9 )% 6.8 % U.S. income subject to tonnage tax (3.8 )% (6.5 )% Other (1.9 )% (1.3 )% Effective tax rate 17.1 % 5.8 % During 2020, $ 6,500 of income from the Overseas Mykonos Overseas Santorini (3.8)% impact on the Company’s effective tax rate. The significant components of the Company’s deferred tax liabilities and assets follow: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2020 2019 December 31, 2020 2019 Deferred tax liabilities: Vessels and other property (1) $ 124,304 $ 128,026 Prepaid expenditures 9,130 5,621 Operating lease right-of-use assets 55,754 72,298 Other-net — 2 Total deferred tax liabilities 189,188 205,947 Deferred tax assets: Loss carryforwards 64,487 68,917 Operating lease liability 55,426 71,779 Finance lease liability 5,754 6,333 Employee compensation and benefit plans 2,456 3,869 Financing and professional fees 15 2,003 Accrued expenses and other 1,062 1,165 Total deferred tax assets 129,200 154,066 Valuation allowance (21,004 ) (20,952 ) Net deferred tax assets 108,196 133,114 Net deferred tax liabilities $ 80,992 $ 72,833 (1) Includes deferred tax liabilities related to finance lease right-of-use assets totaling $ 5,441 6,190 As of December 31, 2020, the Company had U.S. federal net operating loss carryforwards of $ 193,300 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, 2020, the Company had U.S. state net operating loss carryforwards of $ 435,013. These U.S. state net operating loss carryforwards expire in various years from December 31, 2021 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. 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 $ 21,004 and $ 20,952 as of December 31, 2020 and 2019, 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, 2020 and 2019, the Company received refunds (net of payments made) of $ 5,695 1,293 , respectively, of income taxes. The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (excluding interest and penalties): SCHEDULE OF UNRECOGNIZED TAX BENEFITS Years Ended December 31, 2020 2019 Balance of unrecognized tax benefits as of January 1, $ 2,495 $ 1,226 (Decreases)/increases for positions taken in prior years (1,177 ) 1,353 Decreases due to settlements with taxing authorities (505 ) — Rate change — (84 ) Balance of unrecognized tax benefits as of December 31, $ 813 $ 2,495 Included in the balance of unrecognized tax benefits as of December 31, 2020 and 2019 are $ 813 2,495 , 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, 2020 and 2019, the Company accrued interest and recorded liabilities for interest and penalties were not material. 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 $ 189 864 as of December 31, 2020 and 2019, 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 2016. 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, 2020 | |
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, 2020 | |
Equity [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 years ended December 31, 2020 and 2019, in connection with the vesting of restricted stock units (“RSUs”), the Company withheld 104,552 and 159,685 , respectively, shares of Class A common stock at an average price of $ 1.90 and $ 1.84 per share (based on the market prices on the dates of vesting), respectively, 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, 2020, the Company had 19,235,764 Class A warrants outstanding, convertible into 3,654,795 shares of Class A common stock. During the years ended December 31, 2020 and 2019, the Company issued 473 and 257,963 shares of Class A common stock, respectively, as a result of the exercise of 2,498 and 1,365,392 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. 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 321,000 and 357,866 RSUs for the years ended December 31, 2020 and 2019, respectively, to its non-employee directors. The weighted average fair value of the Company’s stock on the measurement date of such awards was $ 2.25 (2020) and $ 1.78 (2019) 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, 2020 and 2019, the Company awarded 764,406 and 552,598 time-based RSUs to certain of its employees, including senior officers. The average grant date fair value of these awards was $ 2.03 (2020) and $ 2.02 (2019), 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 year ended December 31, 2019, the Company awarded 329,121 shares 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 . During the years ended December 31, 2020 and 2019, the Company awarded 582,224 and 352,258 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 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 (which define ROIC as 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 certification by the Human Resources and Compensation Committee of the Parent Company’s Board of Directors as to achievement of the performance measures and targets. The ROIC Target RSU awards and the TSR Target RSU awards are subject to an increase up to a maximum of 291,112 and 176,129 target RSUs combined, respectively, ( 873,340 and 528,387 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, 2020, 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 $ 2.03 and $ 2.02 per RSU, respectively. 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 $ 2,321 1,615 Stock Options During the year ended December 31, 2019, the Company awarded 612,745 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 per share. The call option value of the options was $ 1.02 per option. Under the grant agreement, the stock options have a holding requirement until the earliest to occur of (i) a change in control; (ii) the separation from service date, in the event of a termination of the grantee’s employment by the Company without cause or by the grantee for good reason and (iii) the third anniversary of the grant date. The stock options expire on the business day immediately preceding the tenth anniversary of the award date. If a stock option grantee’s employment is terminated for cause (as defined in the applicable Form of Grant Agreement), stock options (whether then vested or exercisable or not) will lapse and will not be exercisable. If a stock option grantee’s employment is terminated for reasons other than cause, the option recipient may exercise the vested portion of the stock option but only within such period of time ending on the earlier to occur of (i) the 90th day ending after the option holder’s employment terminated and (ii) the expiration of the options, provided that if the option holder’s employment terminates for death or disability the vested portion of the option may be exercised until the earlier of (i) the first anniversary of employment termination and (ii) the expiration date of the options. The fair value of the options granted were estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions for the 2019 grant: risk free interest rates of 2.50 %, dividend yield of 0.0 %, expected stock price volatility factor of .55 and expected life 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. Activity with respect to restricted stock units under the Incentive Plans during the two years ended December 31, 2020 is summarized as follows: SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS Activity for the two years ended December 31, 2020 Class A common Nonvested Shares Outstanding at December 31, 2018 912,315 Granted 1,591,839 Vested ($ 1.66 2.32 (780,542 ) Forfeited ($ 1.63 (4,747 ) Nonvested Shares Outstanding at December 31, 2019 1,718,865 Nonvested Shares Outstanding at January 01, 2020 1,718,865 Granted 1,667,633 Vested ($ 1.74 2.32 (755,898 ) Forfeited ($ 1.74 2.27 (25,337 ) Nonvested Shares Outstanding at December 31, 2020 2,605,263 Activity with respect to stock options under the Incentive Plans during the two years ended December 31, 2020 is summarized as follows: SCHEDULE OF STOCK OPTIONS ACTIVITY UNDER INCENTIVE PLANS Activity for the two years ended December 31, 2020 Class A common Options Outstanding at December 31, 2018 866,011 Granted 612,745 Options Outstanding at December 31, 2019 1,478,756 Options Outstanding at January 01, 2020 1,478,756 Granted 612,745 Options Outstanding at December 31, 2020 1,478,756 Options Exercisable at January 01, 2020 - Granted - Options Exercisable at December 31, 2020 1,478,756 The weighted average remaining contractual life of the outstanding stock options at December 31, 2020 was 7.18 years. The range of exercise prices of the stock options outstanding at December 31, 2020 was between $ 1.70 and $ 5.57 per share. The weighted average exercise price of the stock options outstanding was $ 2.67 per share at both December 31, 2020 and 2019. Compensation expense as a result of the grants of stock options described above was not material for the years ended December 31, 2020 and 2019. As of December 31, 2020, there was $ 3,048 of unrecognized compensation cost related to nonvested share-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 1.72 years. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | NOTE 14 — ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss, net of related taxes at an effective tax rate of 17.1% SCHEDULE OF COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS Years Ended December 31, 2020 2019 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ (282 ) $ (6,409 ) $ (282 ) $ (6,409 ) 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, 2020. SCHEDULE OF CHANGES IN BALANCES OF COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE LOSS Items not yet Balance as of December 31, 2019 $ (6,409 ) Current period change, excluding amounts reclassified from accumulated other comprehensive loss 5,935 Amounts reclassified from accumulated other comprehensive loss 192 Total change in accumulated other comprehensive loss 6,127 Balance as of December 31, 2020 $ (282 ) Balance as of December 31, 2018 $ (7,192 ) Current period change, excluding amounts reclassified from accumulated other comprehensive loss 501 Amounts reclassified from accumulated other comprehensive loss 282 Total change in accumulated other comprehensive loss 783 Balance as of December 31, 2019 $ (6,409 ) The following table presents information with respect to amounts reclassified out of accumulated other comprehensive loss for the two years ended December 31, 2020. SCHEDULE OF AMOUNTS RECLASSIFIED OUT OF ACCUMULATED OTHER COMPREHENSIVE LOSS Years Ended December 31, Accumulated Other Comprehensive Loss Component 2020 2019 Statement of Operations Line Item Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans): Net periodic benefit costs associated with pension and postretirement benefit plans for shore-based employees $ 424 $ 570 Other income, net Net periodic benefit costs associated with pension and postretirement benefit plans for seagoing employees (174 ) (201 ) Other income, net 250 369 Total before tax (58 ) (87 ) Tax provision $ 192 $ 282 Total net of tax The following amounts are included in accumulated other comprehensive loss at December 31, 2020, which have not yet been recognized in net periodic cost: unrecognized prior service credits of $ 7,606 ($ 6,575 net of tax) and unrecognized actuarial losses $ 7,869 ($ 6,857 net of tax). The income tax (expense)/benefit allocated to each component of other comprehensive income follows: SCHEDULE OF INCOME TAX (EXPENSE) BENEFIT ALLOCATED TO COMPONENT Items not yet recognized For the year ended December 31, 2020: Current period change excluding amounts reclassified from accumulated other comprehensive loss $ (1,803 ) Amounts reclassified from accumulated other comprehensive loss (58 ) Total change in accumulated other comprehensive loss $ (1,861 ) 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 ) |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
LEASES | NOTE 15 — LEASES The Company’s lease portfolio is comprised of vessels chartered-in, office space and equipment under agreements with contractual periods ranging from less than one year to 15 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 and 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. Leases are discounted using the Company’s 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 made the accounting policy election to keep leases with a term of 12 months or less off the balance sheet. The Company’s lease right-of-use assets and lease liabilities at December 31, 2020 and 2019 were as follows: SCHEDULE OF LEASE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES December 31, 2020 2019 Operating leases Vessels chartered-in noncurrent operating lease assets $ 213,414 $ 283,871 Office space noncurrent operating lease assets 2,403 2,598 Total noncurrent operating lease assets $ 215,817 $ 286,469 Vessels chartered-in operating lease liabilities Current portion of operating lease liabilities $ 89,889 $ 89,537 Noncurrent operating lease liabilities 145,302 217,511 235,191 307,048 Office space operating lease liabilities Current portion of operating lease liabilities 724 608 Noncurrent operating lease liabilities 1,852 1,990 2,576 2,598 Total operating lease liabilities $ 237,767 $ 309,646 Finance lease Vessels and other property $ 26,940 $ 28,993 Accumulated amortization (2,957 ) (2,053 ) Vessels and other property, less accumulated amortization $ 23,983 $ 26,940 Current portion of finance lease liabilities $ 4,000 $ 4,011 Noncurrent finance lease liabilities 21,360 23,548 Total finance lease liabilities $ 25,360 $ 27,559 Charters-in As of December 31, 2020, the Company had commitments to charter-in 12 vessels, which are all bareboat charters. On March 12, 2020, the Company commenced a bareboat charter for the Alaskan Frontier three years. Based on the length of the lease term and the remaining economic life of the vessel, it is accounted for as an operating lease. For the remaining 11 chartered-in vessels, 10 vessels are accounted for as operating leases and one vessel is accounted for as a finance lease. The right-of-use asset accounted for as a finance lease arrangement is reported in vessels and other property, less accumulated depreciation on our consolidated balance sheets. The Company holds options for 11 of the vessels chartered-in. For one vessel, the option can be exercised for 3-years and is available indefinitely. For the remaining 10 vessels, the options 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 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. 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: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS At December 31, 2020 Operating Leases Finance Lease 2021 $ 91,849 $ 4,161 2022 108,338 4,161 2023 43,388 4,161 2024 9,168 4,172 2025 4,534 4,161 Thereafter — 13,019 Net minimum lease payments 257,277 33,835 Less present value discount (22,086 ) (8,475 ) Total lease liabilities $ 235,191 $ 25,360 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 years ended December 31, 2020 and 2019, lease expense for the Company’s chartered-in vessels accounted for as operating leases was $ 90,608 and $ 90,359 , respectively, 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 $ 197,546 and $ 188,163 , respectively, for the years ended December 31, 2020 and 2019. For the years ended December 31, 2020 and 2019, the Company had non-cash operating activities of $ 1,533 and $ 93,407 , respectively, for obtaining operating right-of-use assets and liabilities. For the years ended December 31, 2020 and 2019, lease expense related to the Company’s finance lease was $ 2,957 and $ 2,052 , respectively, related to amortization of the right-of-use asset and $ 1,973 and $ 1,462 , respectively, 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. 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, 2020 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS At December 31, 2020 Amount 2021 $ 748 2022 780 2023 609 2024 168 2025 100 Thereafter 988 Net minimum lease payments 3,393 Less present value discount (817 ) Total lease liabilities $ 2,576 For the years ended December 31, 2020 and 2019, the rental expense for office space, which is included in general and administrative expenses on the consolidated statements of operations, was $ 851 and $ 648 , respectively. For the years ended December 31, 2020 and 2019, cash paid for office space rental was $ 739 and $ 604 , respectively, which is included in operating cash flows on the consolidated statements of cash flows. Supplemental balance sheet information related to leases was as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES December 31, 2020 2019 Weighted average remaining lease term - operating leases 2.8 years 3.7 years Weighted average discount rate - operating leases 6.5 % 6.7 % Weighted average remaining lease term - finance lease 8.1 years 9.1 years Weighted average discount rate - finance lease 7.3 % 7.3 % Charters-out The Company enters into time charter contracts under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of a vessel. The Company recognizes revenues from time charters as operating leases ratably over the noncancelable contract term. Under certain time charter contracts, the Company receives variable lease payments based on a defined profit share arrangement, which are recognized as revenue in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. Customers generally pay voyage expenses such as fuel, canal tolls and port charges. The Company also provides the charterer with services such as technical management and crew costs. Services are recognized ratably over the life of the contract term. The Company is the lessor under its time charter contracts. Certain time charter contracts provide the charterer with the option to extend the contract for a specific period of time. For time charters, the Company applied the practical expedient to combine the lease and non-lease components for these contracts. Total time charter revenue for the years ended December 31, 2020 and 2019 was equal to lease income from lease payments of $ 343,290 and $ 263,416 , respectively, plus straight-line adjustments of $ 1,222 and $ 267 , respectively. The net book value of owned vessels on noncancelable time charters was equal to $ 284,259 at December 31, 2020. The future minimum revenues, including rent escalations, which is equal to lease payments expected to be received over the noncancelable time charters term are as follows: SCHEDULE OF FUTURE MINIMUM COMMITMENTS OPERATING LEASES 2020 At December 31, 2020 Amount 2021 $ 177,352 2022 139,994 2023 102,058 2024 97,736 2025 63,985 Thereafter 14,357 Net minimum lease receipts $ 595,482 Revenues from a time charter are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although it cannot be assured that such estimate will be reflective of the actual off-hire in the future. |
PENSION, OTHER POSTRETIREMENT B
PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES | NOTE 16 — PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES For the years ended December 31, 2020 and 2019, pension and other benefit liabilities are included in other liabilities on the consolidated balance sheets. Pension Plans In connection with the November 2006 acquisition of Maritrans, the Company assumed the obligations under the defined benefit retirement plan of Maritrans Inc. (“the Maritrans Plan”). As of December 31, 2006, the Company froze the benefits under the Maritrans Plan. At December 31, 2020, the Maritrans Plan is the only defined benefit pension plan in existence at the Company. The Maritrans Plan was noncontributory and covered substantially all shore-based employees and substantially all of the seagoing supervisors who were supervisors in 1984, or who were hired in, or promoted into, supervisory roles between 1984 and 1998 for that period of time. Beginning in 1999, the seagoing supervisors’ retirement benefits are provided through contributions to an industry-wide, multiemployer union sponsored pension plan. Upon retirement, those seagoing supervisors are entitled to retirement benefits from the Maritrans Plan for service periods between 1984 and 1998 and from the multiemployer union sponsored plan for other covered periods. Retirement benefits are based primarily on years of service and average compensation for the five consecutive plan years that produce the highest results. Multiemployer Pension and Postretirement Benefit Plans The Company’s subsidiaries are parties to collective-bargaining agreements that require them to make contributions to three jointly managed (Company and union) multiemployer pension plans covering seagoing personnel of U.S. Flag vessels. All three plans, the American Maritime Officers (“AMO”) Pension Plan, the Seafarers Pension Plan (“SIU”) and the Marine Engineers’ Beneficial Association (“MEBA”) Defined Benefit Pension Plan, are deemed individually significant by management. Plan level information is available in the public domain for each of the multiemployer pension plans the Company participates in. The table below provides additional information about the Company’s participation in the above multi-employer pension plans: SCHEDULE OF MULTIEMPLOYER PLANS Pension Protection Act Contributions made Pension Plan EIN / Pension 2020 2019 Rehabilitation 2020 2019 AMO Pension Plan 13-1936709 Green (1) Yellow (1) None $ 580 $ 650 MEBA Pension Plan 51-6029896 Green (1) Green (1) None 2,895 2,353 Seafarers Pension Plan 13-6100329 Green (1) Green (1) None 279 288 Total contributions $ 3,754 $ 3,291 (1) A “Yellow” Zone Status plan is a plan that has a funding ratio between 65 . A “Green” Zone Status plan is a plan that is 80 . The plan years for the three union plans end as follows: MEBA and SIU on December 31 and AMO on September 30. The Company has no future minimum contribution requirements under the three multiemployer pension plans shown above as of December 31, 2020 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, 2020, the Company’s estimated withdrawal liability would have been approximately $ 34,679 had the Company elected to withdraw from the plan in 2020. Based on the actuarial report received from the trustees of the AMO Pension Plan, as of September 30, 2019, the Company’s estimated withdrawal liability would have been approximately $ 18,191 had the Company elected to withdraw from the plan in 2020. 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, 2020. The SIU – Tug Agreement and AMO collective bargaining agreements for OSG expire in March 2021. The ATC MEBA collective bargaining agreement expires in May 2021 and the SIU – Tanker Agreement for OSG and MEBA for the Parent Company collective bargaining agreements expire in June 2022. Postretirement Benefit Plans The Company also provides certain postretirement health care and life insurance benefits to qualifying domestic retirees and their eligible dependents (“OSG Postretirement Plan”). The health care plan for shore-based employees and their dependents and seagoing licensed deck officers (“Deck Officers”) and their dependents is contributory at retirement, while the life insurance plan for all employees is noncontributory. In general, postretirement medical coverage is provided to shore-based employees hired prior to January 1, 2005 and all Deck Officers who retire and have met minimum age and service requirements under a formula related to total years of service. The Company no longer provides prescription drug coverage to its retirees or their beneficiaries once they reach age 65. The Company does not currently fund these benefit arrangements and has the right to amend or terminate the health care and life insurance benefits at any time. As part of the acquisition of ATC, the Company assumed liabilities of $ 9,898 related to a pension and postretirement plan (“ATC Plan”). The postretirement medical and life insurance plan provided benefits to shore-based employees and nonunion licensed deck officers at least 55 years of age with 10 years or more of service, as defined. The plan was frozen as of December 31, 2016 and closed to new entrants as of January 1, 2017. The acquisition of the ATC Plan resulted in an increase in benefit obligation of $ 9,124 on March 12, 2020. The OSG Postretirement Plan was amended effective December 31, 2020 to include participants of the ATC Plan. Due to changes in the plan provisions, certain participants from the ATC Plan elected not to continue coverage in the OSG Postretirement Plan and an actuarial gain of $ 1,485 in other comprehensive income was recognized. The plan provisions for the ATC participants that moved into the OSG Postretirement Plan were amended and a negative plan amendment of $ 6,219 was established. Information with respect to the domestic pension and postretirement benefit plans for which the Company uses a December 31 measurement date, follow: SCHEDULE OF BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS Pension Benefits Other Benefits At December 31, 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 46,936 $ 44,015 $ 3,572 $ 3,401 Cost of benefits earned (service cost) — — 307 105 Interest cost on benefit obligation 1,450 1,802 386 140 Actuarial losses/(gains) 3,452 3,805 (857 ) 84 Benefits paid (2,859 ) (2,686 ) (442 ) (158 ) Plan Amendments — — (6,219 ) — Acquisition — — 9,124 — Benefit obligation at year end 48,979 46,936 5,871 3,572 Change in plan assets: Fair value of plan assets at beginning of year 36,754 31,929 — — Actual return on plan assets 6,726 6,790 — — Employer contributions 1,595 721 442 158 Benefits paid (2,859 ) (2,686 ) (442 ) (158 ) Fair value of plan assets at year end 42,216 36,754 — — Unfunded status at December 31 $ (6,763 ) $ (10,182 ) $ (5,871 ) $ (3,572 ) Information for defined benefit pension plans with accumulated benefit obligations in excess of plan assets follows: SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS At December 31, 2020 2019 Projected benefit obligation $ 48,979 $ 46,936 Accumulated benefit obligation 48,979 46,936 Fair value of plan assets 42,216 36,754 Information for defined benefit pension plans and other postretirement benefit plans net periodic cost/(benefit) follows: SCHEDULE OF NET BENEFIT COSTS Pension Benefits Other Benefits For the year ended December 31, 2020 2019 2020 2019 Components of expense: Cost of benefits earned $ — $ — $ 307 $ 105 Interest cost on benefit obligation 1,450 1,802 386 140 Expected return on plan assets (2,612 ) (2,246 ) — — Amortization of prior-service costs — — (229 ) (229 ) Recognized net actuarial loss 444 588 35 11 Net periodic benefit cost $ (718 ) $ 144 $ 499 $ 27 The weighted-average assumptions used to determine benefit obligations follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits At December 31, 2020 2019 2020 2019 Discount rate 2.35 % 3.20 % 2.90 % 3.55 % The selection of a single discount rate for the Maritrans Plan was derived from bond yield curves, which the Company believed as of such dates to be appropriate for ongoing plans with a long duration, such as the Maritrans Plan, and that generally mirror the type of high yield bond portfolio the Company could acquire to offset its obligations under the Maritrans Plan. The weighted-average assumptions used to determine net periodic benefit cost follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits For the year ended December 31, 2020 2019 2020 2019 Discount rate 3.20 % 4.25 % 3.55 %/ 3.50 4.40 % 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 6.25% as of December 31, 2020, 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. Expected benefit payments for the following ten years are as follows: SCHEDULE OF EXPECTED BENEFIT PAYMENTS Pension Benefits Other Benefits 2021 $ 2,937 $ 257 2022 2,961 261 2023 3,005 262 2024 3,066 262 2025 3,115 260 2026-2030 14,890 1,296 Total $ 29,974 $ 2,598 The expected long-term rate of return on plan assets is based on the current and expected asset allocations. Additionally, the long-term rate of return is based on historical returns, investment strategy, inflation expectations and other economic factors. The expected long-term rate of return is then applied to the market value of plan assets. The fair values of the Company’s pension plan assets, which are valued based Level 1 inputs, at December 31, 2020 and 2019, by asset category are as follows: SCHEDULE OF CHANGES IN FAIR VALUE OF PLAN ASSETS Fair Value Level 1 At December 31, 2020 2019 Cash and cash equivalents $ 773 $ 595 Equity securities: Large cap exchange traded fund 15,998 13,994 Small company - mid value 3,050 2,222 Small company - mid growth 3,180 2,167 International value 3,162 2,634 International growth 3,326 2,656 Fixed income and preferred stock: Intermediate term bond fund 12,662 12,418 Small company - mid value - preferred stock 65 68 Total $ 42,216 $ 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 $ 1,595 and $ 721 to the Maritrans Plan in 2020 and 2019, respectively. The Company expects to make contributions of approximately $ 792 to the Maritrans Plan in 2021. 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 $ 2,888 and $ 2,414 for the years ended December 31, 2020 and 2019, 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, 2020 and 2019 were not material. Benefit Liabilities As part of the acquisition of ATC, the Company assumed liabilities related to a deferred compensation plan. The deferred compensation plan is an unfunded, nonqualified plan that allows eligible employees to defer up to 100% of their performance bonuses, or defer up to 50% ( 5% minimum) of their salary, select investments for their deferral balances and determine when to be paid out. Eligible employees can elect to receive payment either on a specified date, or on a specified date after termination of employment, and either in a lump sum or annual installments, with a maximum deferral period of 20 years. Expected timing of payout is greater than one year and therefore classified as long-term. The balance of the deferred compensation plan at December 31, 2020 was $ 10,079 and included in other liabilities on the consolidated balance sheets . |
OTHER INCOME, NET
OTHER INCOME, NET | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME, NET | NOTE 17 — OTHER INCOME, NET Other income, net consists of: SCHEDULE OF OTHER NONOPERATING INCOME 2020 2019 Years Ended December 31, 2020 2019 Investment income: Interest $ 102 $ 1,177 Change in investment value (248 ) — Investment income (146 ) 1,177 Loss on extinguishment and prepayments of debt, net (1) (793 ) (72 ) Pension and post retirement items (2) 2,071 (26 ) OSG LNG performance guarantee fees — 110 Miscellaneous-net 489 251 Other income/(expense), net $ 1,621 $ 1,440 (1) See Note 8, “Debt,” for disclosures relating to loss on mandatory prepayments 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, net on the consolidated statements of operations. |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | NOTE 18 — CONTINGENCIES The Company’s policy for recording legal costs related to contingencies is to expense such legal costs as incurred. The Company is a party, as plaintiff or defendant, to various suits in the ordinary course of business for monetary relief arising principally from personal injuries (including without limitation exposure to asbestos and other toxic materials), wrongful death, collision or other casualty and to claims arising under charter parties. A substantial majority of such personal injury, wrongful death, collision or other casualty claims against the Company are covered by insurance (subject to deductibles not material in amount). Each of the claims involves an amount which, in the opinion of management, are not expected to be material to the Company’s financial position, results of operations and cash flows. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Cash and cash equivalents | 1. Cash and cash equivalents - Interest-bearing deposits that are highly liquid investments and have a maturity of three months or less when purchased are included in cash and cash equivalents. Restricted cash as of December 31, 2020 and 2019 was related to the Company’s Unsecured Senior Notes as defined in Note 8, “Debt”. |
Vessels, vessel lives, deferred drydocking expenditures and other property | 2. Vessels, vessel lives, deferred drydocking expenditures and other property - Vessels are recorded at cost and are depreciated to their estimated salvage value on the straight-line basis over the estimated useful lives of the vessels, which are generally 25 years (except for new ATBs for which estimated useful lives of 30 years are used) . Other property, including leasehold improvements, are recorded at cost and amortized on a straight-line basis over the shorter of the terms of the leases or the estimated useful lives of the assets, which range from three years 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 years ended December 31, 2020 and 2019, interest costs capitalized were $ 3,717 and $ 3,636 , respectively. 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 - The carrying amounts of long-lived assets held and used by the Company are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. In such instances, the requirement for impairment could be triggered if the estimate of the undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than the asset’s carrying amount. This assessment is made at the individual vessel level since separately identifiable cash flow information for each vessel is available. The impairment charge, if any, would be measured as the amount by which the carrying amount of a vessel exceeded its fair value. A long-lived asset impairment charge results in a new cost basis being established for the relevant long-lived asset. See Note 9, “Fair Value Measurements and Fair Value Disclosures,” for further discussion on the impairment tests performed on our vessels during the two years ended December 31, 2020. |
Intangible assets | 4. Intangible assets - Intangible assets with estimable useful lives are amortized over their estimated useful lives and are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may be impaired. See Note 9, “Fair Value Measurements and Fair Value Disclosures,” for further discussion on the impairment test performed on the Company’s intangible assets at December 31, 2020. |
Deferred finance charges | 5. Deferred finance charges - Finance charges incurred in the arrangement and amendment of debt are deferred and amortized to interest expense on an effective interest method over the life of the related debt. Unamortized deferred financing charges of $ 6,998 8,005 2,286 1,965 |
Revenue and expense recognition | 6. Revenue and expense recognition - Revenues from time charters are accounted for as operating leases and are thus recognized ratably over the rental periods of such charters, as service is performed. Revenues from voyage charter contracts are recognized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. The Company classifies time charter leasing arrangements less than 90 days within the voyage charter revenue financial statement line item because the Company believes the pricing negotiated within these short-term time charter contracts more closely aligns with the Company’s voyage charter spot market. Under voyage charters, expenses such as fuel, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time and bareboat charters, such voyage costs are generally paid by the Company’s customers. The Company receives a stipend pursuant to the Maritime Security Act of 1996 for the two U.S. Flag Product Carriers which participate in the U.S. MSP program. This stipend has been recorded as an offset to vessel expenses which amounted to $ 9,665 10,000 |
Voyage receivables | 7. Voyage receivables - All customers are granted credit on a short-term basis and related credit risks are considered minimal. The Company routinely reviews its voyage receivables and makes provisions for probable doubtful accounts; however, those provisions are estimates and actual results could differ from those estimates and those differences may be material. Voyage receivables are deemed uncollectible and removed from accounts receivable and the allowance for doubtful accounts when collection efforts have been exhausted. |
Concentration of credit risk | 8. Concentration of credit risk - Financial instruments that potentially subject the Company to concentrations of credit risk are voyage receivables due from charterers. With respect to voyage receivables, the Company limits its credit risk by performing ongoing credit evaluations. Voyage receivables reflected on the consolidated balance sheets as of December 31, 2020 and 2019 are net of a reserve for doubtful accounts of $ 4,604 and $ 5,040 , respectively. In June 2019, one of the Company’s lightering customers, Philadelphia Energy Solutions LLC (“PES”), suffered an explosion and fire at their refinery in the Delaware Bay. In July 2019, PES filed a Chapter 11 bankruptcy petition. The reserve for doubtful accounts at December 31, 2020 and 2019 includes a provision of $ 4,300 on outstanding receivables of $ 4,300 from PES as the ultimate recovery of these receivables is currently unknown. During the years ended December 31, 2020 and 2019, the Company had three individual customers for both years who accounted for 10% or more of the Company’s revenues. The customers and their related percentages were Monroe Energy LLC ( 12.6% ), BP Exploration Alaska Inc. ( 11.4% ) and SeaRiver Maritime Inc. ( 10.1% ) for the year ended December 31, 2020 and Monroe Energy LLC ( 16% ), SeaRiver Maritime, Inc. ( 12% ) and Shell ( 10% ) for the year ended December 31, 2019. The Company’s cash and cash equivalents balances generally exceed Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are placed in what the Company believes to be creditworthy financial institutions. In addition, certain of the Company’s money market accounts invest in U.S. Treasury securities or other obligations issued or guaranteed by the U.S. government or its agencies. |
Income taxes | 9. Income taxes - The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes in the period such determination is made. Uncertain tax positions are recorded in accordance with ASC 740, Income Taxes greater than 50% likely to be realized upon ultimate settlement with the related tax authority. |
Use of estimates | 10. Use of estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts of assets, liabilities, equity, revenues and expenses reported in the financial statements and accompanying notes. The most significant estimates relate to the depreciation of vessels and other property, amortization of drydocking costs, estimates used in assessing the recoverability of vessels, intangible assets and other long-lived assets, liabilities incurred relating to pension benefits, and income taxes. Actual results could differ from those estimates. |
Segment information | 11. Segment information - Operating segments are defined as components of an enterprise that engage in business activities. The Company has determined that it operates its business as a single segment as its chief operating decision maker makes decisions about resource allocations and reviews and measures the Company’s results as one line of business with similar regulatory requirements, customers and commodities transported. |
Inventories | 12. Inventories - Inventories are included in the inventories and other current assets line item on the consolidated balance sheets. Inventories are accounted for on the first in first out basis and consist of fuel on the Company’s vessels. |
Acquisition of Alaska Tanker Company, LLC and related transactions | 13. Acquisition of Alaska Tanker Company, LLC and related transactions |
Recently adopted accounting standards | 14. Recently adopted accounting standards - 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 August 2018, the FASB issued ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40),Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, Internal-Use Software In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans |
Recently issued accounting standards | 15. Recently issued accounting standards — 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 became effective January 1, 2020. Bucket 2— All other entities, including SRCs, other PBEs that are not SEC filers, private companies, not-for-profit organizations, and employee benefit plans. The credit losses standard is to become 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 to adopt the credit losses standard on January 1, 2023. Management is currently reviewing the impact of the adoption of this accounting standard on the Company’s consolidated financial statements. 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, 2020 | |
Per Share Amounts: | |
SCHEDULE OF EARNINGS PER SHARE | The components of the calculation of basic earnings per share and diluted earnings per share are as follows: SCHEDULE OF EARNINGS PER SHARE Years Ended December 31, 2020 2019 Net income $ 30,004 $ 8,675 Weighted average common shares outstanding: Class A common stock - basic 89,794,392 89,251,818 Class A common stock - diluted 90,838,262 89,658,938 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
SCHEDULE OF DISAGGREGATION OF REVENUE | The following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the years ended December 31, 2020 and 2019: SCHEDULE OF DISAGGREGATION OF REVENUE Years Ended December 31, 2020 2019 Time and bareboat charter revenues $ 344,512 $ 263,683 Voyage charter revenues (1) 29,752 33,275 Contracts of affreightment revenues 44,428 58,589 Total shipping revenues $ 418,692 $ 355,547 (1) Voyage charter revenues include approximately $ 15,466 and $ 10,152 of revenue related to short-term time charter contracts for the years ended December 31, 2020 and 2019, respectively. |
VESSELS, OTHER PROPERTY AND D_2
VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF VESSELS AND OTHER PROPERTY | Vessels and other property consist of the following: SCHEDULE OF VESSELS AND OTHER PROPERTY 2020 2019 Years Ended December 31, 2020 2019 Vessels, at cost $ 1,099,187 $ 919,212 Accumulated depreciation (308,449 ) (274,900 ) Vessels, net 790,738 644,312 Construction in progress 17,238 65,697 Finance lease right-of-use asset, at cost (Note 15) 26,940 28,993 Accumulated amortization (Note 15) (2,957 ) (2,053 ) Finance lease right-of use asset, net (Note 15) 23,983 26,940 Other property, at cost 5,552 5,552 Transfers from construction in progress 25 — Accumulated depreciation and amortization (5,362 ) (5,289 ) Other property, net 215 263 Total vessels and other property $ 832,174 $ 737,212 |
SUMMARY OF VESSEL ACTIVITY EXCLUDING CONSTRUCTION PROGRESS | Vessel activity, excluding construction in progress, for the two years ended December 31, 2020 is summarized as follows: SUMMARY OF VESSEL ACTIVITY EXCLUDING CONSTRUCTION PROGRESS Vessel Cost Accumulated Depreciation Net Book Value 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 Transfers from construction in progress 111,685 — Additions 74,076 — Depreciation — (37,339 ) Disposals (5,786 ) 3,790 Balance at December 31, 2020 $ 1,099,187 $ (308,449 ) $ 790,738 |
SUMMARY OF DRYDOCKING ACTIVITY | Drydocking activity for the two years ended December 31, 2020 is summarized as follows: SUMMARY OF DRYDOCKING ACTIVITY 2020 2019 Balance at January 1 $ 23,734 $ 26,099 Additions 33,398 11,074 Drydock amortization (13,998 ) (13,439 ) Balance at December 31 $ 43,134 $ 23,734 |
INVESTMENT IN ALASKA TANKER C_2
INVESTMENT IN ALASKA TANKER COMPANY, LLC (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | |
SUMMARY OF ASSETS AND LIABILITIES OF EQUITY METHOD INVESTMENT | At December 31, 2019, a condensed summary of the assets and liabilities of ATC as an equity method investment was as follows: SUMMARY OF ASSETS AND LIABILITIES OF EQUITY METHOD INVESTMENT 2019 December 31, 2019 Current assets $ 38,531 Total assets $ 38,531 Current liabilities $ 20,667 Noncurrent liabilities 18,867 Deficiency (1,003 ) Total liabilities and equity $ 38,531 |
SUMMARY OF RESULTS OF OPERATIONS OF EQUITY METHOD INVESTMENTS | For the year ended December 31, 2019, a condensed summary of the results of operations of ATC as an equity method investment was as follows: SUMMARY OF RESULTS OF OPERATIONS OF EQUITY METHOD INVESTMENTS 2019 Year Ended December 31, 2019 Shipping revenues $ 109,006 Ship operating expenses (100,437 ) Income from vessel operations 8,569 Net income $ 9,342 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | Intangible assets activity for the two years ended December 31, 2020 is summarized as follows: SCHEDULE OF INTANGIBLE ASSETS Total Balance at December 31, 2018 $ 36,417 Amortization (4,600) Balance at December 31, 2019 31,817 Amortization (4,600) Balance at December 31, 2020 $ 27,217 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF LONG-TERM DEBT INSTRUMENTS | Debt consists of the following: SCHEDULE OF LONG-TERM DEBT INSTRUMENTS December 31, 2020 2019 Term loan, due 2023 4,676 6,821 $ 252,057 $ 291,994 Term loans, due 2024 426 1,086 22,972 48,289 Alaska tankers term loan, due 2025 623 50,360 — OSG 204 LLC term loan, due 2025 636 31,283 — Term loan, due 2026 73 98 23,171 27,075 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 564 48,586 — Unsecured senior notes, net of unamortized discount and deferred costs 691 689 Total debt 429,120 368,047 Less current installments of long-term debt (38,922 ) (31,512 ) Total long-term debt $ 390,198 $ 336,535 |
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: SCHEDULE OF FACILITY OF TERM LOAN 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, 2020 with respect to the Company’s debt facilities: SCHEDULE OF DEBT EXPENSES Years Ended December 31, Debt Facility 2020 2019 Term loan, due 2023 $ 18,132 $ 24,667 Term loan, due 2024 2,383 785 Alaska tankers term loan, due 2025 2,014 — OSG 204 LLC term loan, due 2025 1,365 — Term loan, due 2026 1,209 1,772 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 374 — Unsecured senior notes 302 156 OBS Facilities — 428 Total interest expense on debt facilities $ 25,779 $ 27,808 |
SCHEDULE OF AGGREGATE ANNUAL PRINCIPAL PAYMENTS | As of December 31, 2020, the aggregate annual principal payments required to be made on the Company’s debt are as follows: SCHEDULE OF AGGREGATE ANNUAL PRINCIPAL PAYMENTS 2020 2021 $ 38,922 2022 39,120 2023 221,388 2024 33,054 2025 62,452 Thereafter 41,179 Total $ 436,115 |
FAIR VALUE MEASUREMENTS AND F_2
FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, are as follows: SCHEDULE OF HIERARCHY CATEGORIZED ON FAIR VALUE Carrying Fair Value Value Level 1 Level 2 December 31, 2020: Assets Cash and cash equivalents (1) $ 69,819 $ 69,819 $ — Total $ 69,819 $ 69,819 $ — Liabilities Term loan, due 2023, net $ 252,057 $ — 257,228 Term loan, due 2024, net 22,972 — 23,535 Alaska tankers term loan, due 2025, net 50,360 — 49,357 OSG 204 LLC term loan, due 2025, net 31,283 — 31,562 Term loan, due 2026, net 23,171 — 21,921 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 48,586 — 52,199 Unsecured senior notes, net 691 — 715 Total $ 429,120 $ — $ 436,517 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, due 2023, net $ 291,994 $ — $ 299,974 Term loan, due 2024, net 48,289 — 49,015 Term loan, due 2026, net 27,075 — 27,359 Unsecured senior notes, net 689 — 722 Total $ 368,047 $ — $ 377,070 (1) Includes current and non-current restricted cash totaling $ 122 and $ 174 at December 31, 2020 and 2019, respectively. Restricted cash as of December 31, 2020 and 2019 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, 2020 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES 2020 2019 Years Ended December 31, 2020 2019 Accounts payable $ 8,717 $ 5,944 Payroll and benefits 14,184 8,660 Interest 1,752 1,828 Insurance 1,040 673 Accrued drydock and repair costs 2,371 115 Bunkers and lubricants 725 852 Charter revenues received in advance 8,677 11,580 Accrued vessel expenses 9,642 3,441 Accrued general and administrative, primarily professional fees 307 799 Other 674 1,984 Accounts Payable and Other Accrued Liabilities, Current $ 48,089 $ 35,876 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME TAX (EXPENSE)/BENEFIT | The expense for income taxes on income before income taxes consists of the following: SCHEDULE OF INCOME TAX (EXPENSE)/BENEFIT 2020 2019 Years Ended December 31, 2020 2019 Current - Federal $ 161 $ — Current - State (48 ) — Current — (1,527 ) Deferred – Federal (5,401 ) — Deferred - State (897 ) — Deferred — 991 Total $ (6,185 ) $ (536 ) |
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION | The reconciliations between the U.S. federal statutory income tax rate and the effective tax rate follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION Years Ended December 31, 2020 2019 U.S. federal statutory income tax rate 21.0 % 21.0 % Adjustments due to: State taxes, net of federal benefit 2.9 % (8.9 )% Change in valuation allowance 0.1 % 0.6 % Equity awards 0.1 % (1.8 )% Return to provision 0.5 % (4.5 )% Nondeductible expenses 0.1 % 0.4 % Uncertain tax positions and tax examination settlement (1.9 )% 6.8 % U.S. income subject to tonnage tax (3.8 )% (6.5 )% Other (1.9 )% (1.3 )% Effective tax rate 17.1 % 5.8 % |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The significant components of the Company’s deferred tax liabilities and assets follow: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2020 2019 December 31, 2020 2019 Deferred tax liabilities: Vessels and other property (1) $ 124,304 $ 128,026 Prepaid expenditures 9,130 5,621 Operating lease right-of-use assets 55,754 72,298 Other-net — 2 Total deferred tax liabilities 189,188 205,947 Deferred tax assets: Loss carryforwards 64,487 68,917 Operating lease liability 55,426 71,779 Finance lease liability 5,754 6,333 Employee compensation and benefit plans 2,456 3,869 Financing and professional fees 15 2,003 Accrued expenses and other 1,062 1,165 Total deferred tax assets 129,200 154,066 Valuation allowance (21,004 ) (20,952 ) Net deferred tax assets 108,196 133,114 Net deferred tax liabilities $ 80,992 $ 72,833 (1) Includes deferred tax liabilities related to finance lease right-of-use assets totaling $ 5,441 6,190 |
SCHEDULE OF UNRECOGNIZED TAX BENEFITS | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (excluding interest and penalties): SCHEDULE OF UNRECOGNIZED TAX BENEFITS Years Ended December 31, 2020 2019 Balance of unrecognized tax benefits as of January 1, $ 2,495 $ 1,226 (Decreases)/increases for positions taken in prior years (1,177 ) 1,353 Decreases due to settlements with taxing authorities (505 ) — Rate change — (84 ) Balance of unrecognized tax benefits as of December 31, $ 813 $ 2,495 |
CAPITAL STOCK AND STOCK COMPE_2
CAPITAL STOCK AND STOCK COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS | Activity with respect to restricted stock units under the Incentive Plans during the two years ended December 31, 2020 is summarized as follows: SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS Activity for the two years ended December 31, 2020 Class A common Nonvested Shares Outstanding at December 31, 2018 912,315 Granted 1,591,839 Vested ($ 1.66 2.32 (780,542 ) Forfeited ($ 1.63 (4,747 ) Nonvested Shares Outstanding at December 31, 2019 1,718,865 Nonvested Shares Outstanding at January 01, 2020 1,718,865 Granted 1,667,633 Vested ($ 1.74 2.32 (755,898 ) Forfeited ($ 1.74 2.27 (25,337 ) Nonvested Shares Outstanding at December 31, 2020 2,605,263 |
SCHEDULE OF STOCK OPTIONS ACTIVITY UNDER INCENTIVE PLANS | Activity with respect to stock options under the Incentive Plans during the two years ended December 31, 2020 is summarized as follows: SCHEDULE OF STOCK OPTIONS ACTIVITY UNDER INCENTIVE PLANS Activity for the two years ended December 31, 2020 Class A common Options Outstanding at December 31, 2018 866,011 Granted 612,745 Options Outstanding at December 31, 2019 1,478,756 Options Outstanding at January 01, 2020 1,478,756 Granted 612,745 Options Outstanding at December 31, 2020 1,478,756 Options Exercisable at January 01, 2020 - Granted - Options Exercisable at December 31, 2020 1,478,756 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
SCHEDULE OF COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS | SCHEDULE OF COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS Years Ended December 31, 2020 2019 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ (282 ) $ (6,409 ) $ (282 ) $ (6,409 ) |
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, 2020. SCHEDULE OF CHANGES IN BALANCES OF COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE LOSS Items not yet Balance as of December 31, 2019 $ (6,409 ) Current period change, excluding amounts reclassified from accumulated other comprehensive loss 5,935 Amounts reclassified from accumulated other comprehensive loss 192 Total change in accumulated other comprehensive loss 6,127 Balance as of December 31, 2020 $ (282 ) Balance as of December 31, 2018 $ (7,192 ) Current period change, excluding amounts reclassified from accumulated other comprehensive loss 501 Amounts reclassified from accumulated other comprehensive loss 282 Total change in accumulated other comprehensive loss 783 Balance as of December 31, 2019 $ (6,409 ) |
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, 2020. SCHEDULE OF AMOUNTS RECLASSIFIED OUT OF ACCUMULATED OTHER COMPREHENSIVE LOSS Years Ended December 31, Accumulated Other Comprehensive Loss Component 2020 2019 Statement of Operations Line Item Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans): Net periodic benefit costs associated with pension and postretirement benefit plans for shore-based employees $ 424 $ 570 Other income, net Net periodic benefit costs associated with pension and postretirement benefit plans for seagoing employees (174 ) (201 ) Other income, net 250 369 Total before tax (58 ) (87 ) Tax provision $ 192 $ 282 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: SCHEDULE OF INCOME TAX (EXPENSE) BENEFIT ALLOCATED TO COMPONENT Items not yet recognized For the year ended December 31, 2020: Current period change excluding amounts reclassified from accumulated other comprehensive loss $ (1,803 ) Amounts reclassified from accumulated other comprehensive loss (58 ) Total change in accumulated other comprehensive loss $ (1,861 ) 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 ) |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |
SCHEDULE OF LEASE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | The Company’s lease right-of-use assets and lease liabilities at December 31, 2020 and 2019 were as follows: SCHEDULE OF LEASE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES December 31, 2020 2019 Operating leases Vessels chartered-in noncurrent operating lease assets $ 213,414 $ 283,871 Office space noncurrent operating lease assets 2,403 2,598 Total noncurrent operating lease assets $ 215,817 $ 286,469 Vessels chartered-in operating lease liabilities Current portion of operating lease liabilities $ 89,889 $ 89,537 Noncurrent operating lease liabilities 145,302 217,511 235,191 307,048 Office space operating lease liabilities Current portion of operating lease liabilities 724 608 Noncurrent operating lease liabilities 1,852 1,990 2,576 2,598 Total operating lease liabilities $ 237,767 $ 309,646 Finance lease Vessels and other property $ 26,940 $ 28,993 Accumulated amortization (2,957 ) (2,053 ) Vessels and other property, less accumulated amortization $ 23,983 $ 26,940 Current portion of finance lease liabilities $ 4,000 $ 4,011 Noncurrent finance lease liabilities 21,360 23,548 Total finance lease liabilities $ 25,360 $ 27,559 |
SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS | The future minimum commitments under these leases are as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS At December 31, 2020 Operating Leases Finance Lease 2021 $ 91,849 $ 4,161 2022 108,338 4,161 2023 43,388 4,161 2024 9,168 4,172 2025 4,534 4,161 Thereafter — 13,019 Net minimum lease payments 257,277 33,835 Less present value discount (22,086 ) (8,475 ) Total lease liabilities $ 235,191 $ 25,360 |
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES | Supplemental balance sheet information related to leases was as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES December 31, 2020 2019 Weighted average remaining lease term - operating leases 2.8 years 3.7 years Weighted average discount rate - operating leases 6.5 % 6.7 % Weighted average remaining lease term - finance lease 8.1 years 9.1 years Weighted average discount rate - finance lease 7.3 % 7.3 % |
SCHEDULE OF FUTURE MINIMUM COMMITMENTS OPERATING LEASES | The future minimum revenues, including rent escalations, which is equal to lease payments expected to be received over the noncancelable time charters term are as follows: SCHEDULE OF FUTURE MINIMUM COMMITMENTS OPERATING LEASES 2020 At December 31, 2020 Amount 2021 $ 177,352 2022 139,994 2023 102,058 2024 97,736 2025 63,985 Thereafter 14,357 Net minimum lease receipts $ 595,482 |
Office Space [Member] | |
Lessee, Lease, Description [Line Items] | |
SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS | The future minimum commitments under lease obligations for office space, which are operating leases, as of December 31, 2020 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS At December 31, 2020 Amount 2021 $ 748 2022 780 2023 609 2024 168 2025 100 Thereafter 988 Net minimum lease payments 3,393 Less present value discount (817 ) Total lease liabilities $ 2,576 |
PENSION, OTHER POSTRETIREMENT_2
PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Multiemployer Plan [Line Items] | |
SCHEDULE OF MULTIEMPLOYER PLANS | Plan level information is available in the public domain for each of the multiemployer pension plans the Company participates in. The table below provides additional information about the Company’s participation in the above multi-employer pension plans: SCHEDULE OF MULTIEMPLOYER PLANS Pension Protection Act Contributions made Pension Plan EIN / Pension 2020 2019 Rehabilitation 2020 2019 AMO Pension Plan 13-1936709 Green (1) Yellow (1) None $ 580 $ 650 MEBA Pension Plan 51-6029896 Green (1) Green (1) None 2,895 2,353 Seafarers Pension Plan 13-6100329 Green (1) Green (1) None 279 288 Total contributions $ 3,754 $ 3,291 (1) A “Yellow” Zone Status plan is a plan that has a funding ratio between 65 . A “Green” Zone Status plan is a plan that is 80 . |
SCHEDULE OF BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS | Information with respect to the domestic pension and postretirement benefit plans for which the Company uses a December 31 measurement date, follow: SCHEDULE OF BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS Pension Benefits Other Benefits At December 31, 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 46,936 $ 44,015 $ 3,572 $ 3,401 Cost of benefits earned (service cost) — — 307 105 Interest cost on benefit obligation 1,450 1,802 386 140 Actuarial losses/(gains) 3,452 3,805 (857 ) 84 Benefits paid (2,859 ) (2,686 ) (442 ) (158 ) Plan Amendments — — (6,219 ) — Acquisition — — 9,124 — Benefit obligation at year end 48,979 46,936 5,871 3,572 Change in plan assets: Fair value of plan assets at beginning of year 36,754 31,929 — — Actual return on plan assets 6,726 6,790 — — Employer contributions 1,595 721 442 158 Benefits paid (2,859 ) (2,686 ) (442 ) (158 ) Fair value of plan assets at year end 42,216 36,754 — — Unfunded status at December 31 $ (6,763 ) $ (10,182 ) $ (5,871 ) $ (3,572 ) |
SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS | Information for defined benefit pension plans with accumulated benefit obligations in excess of plan assets follows: SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS At December 31, 2020 2019 Projected benefit obligation $ 48,979 $ 46,936 Accumulated benefit obligation 48,979 46,936 Fair value of plan assets 42,216 36,754 |
SCHEDULE OF NET BENEFIT COSTS | Information for defined benefit pension plans and other postretirement benefit plans net periodic cost/(benefit) follows: SCHEDULE OF NET BENEFIT COSTS Pension Benefits Other Benefits For the year ended December 31, 2020 2019 2020 2019 Components of expense: Cost of benefits earned $ — $ — $ 307 $ 105 Interest cost on benefit obligation 1,450 1,802 386 140 Expected return on plan assets (2,612 ) (2,246 ) — — Amortization of prior-service costs — — (229 ) (229 ) Recognized net actuarial loss 444 588 35 11 Net periodic benefit cost $ (718 ) $ 144 $ 499 $ 27 |
SCHEDULE OF EXPECTED BENEFIT PAYMENTS | Expected benefit payments for the following ten years are as follows: SCHEDULE OF EXPECTED BENEFIT PAYMENTS Pension Benefits Other Benefits 2021 $ 2,937 $ 257 2022 2,961 261 2023 3,005 262 2024 3,066 262 2025 3,115 260 2026-2030 14,890 1,296 Total $ 29,974 $ 2,598 |
SCHEDULE OF CHANGES IN FAIR VALUE OF PLAN ASSETS | The fair values of the Company’s pension plan assets, which are valued based Level 1 inputs, at December 31, 2020 and 2019, by asset category are as follows: SCHEDULE OF CHANGES IN FAIR VALUE OF PLAN ASSETS Fair Value Level 1 At December 31, 2020 2019 Cash and cash equivalents $ 773 $ 595 Equity securities: Large cap exchange traded fund 15,998 13,994 Small company - mid value 3,050 2,222 Small company - mid growth 3,180 2,167 International value 3,162 2,634 International growth 3,326 2,656 Fixed income and preferred stock: Intermediate term bond fund 12,662 12,418 Small company - mid value - preferred stock 65 68 Total $ 42,216 $ 36,754 |
Benefit Obligations [Member] | |
Multiemployer Plan [Line Items] | |
SCHEDULE OF ASSUMPTIONS USED | The weighted-average assumptions used to determine benefit obligations follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits At December 31, 2020 2019 2020 2019 Discount rate 2.35 % 3.20 % 2.90 % 3.55 % |
Net Periodic Benefit Cost [Member] | |
Multiemployer Plan [Line Items] | |
SCHEDULE OF ASSUMPTIONS USED | The weighted-average assumptions used to determine net periodic benefit cost follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits For the year ended December 31, 2020 2019 2020 2019 Discount rate 3.20 % 4.25 % 3.55 %/ 3.50 4.40 % Expected (long-term) return on plan assets 7.25 % 7.25 % — — |
OTHER INCOME, NET (Tables)
OTHER INCOME, NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
SCHEDULE OF OTHER NONOPERATING INCOME | Other income, net consists of: SCHEDULE OF OTHER NONOPERATING INCOME 2020 2019 Years Ended December 31, 2020 2019 Investment income: Interest $ 102 $ 1,177 Change in investment value (248 ) — Investment income (146 ) 1,177 Loss on extinguishment and prepayments of debt, net (1) (793 ) (72 ) Pension and post retirement items (2) 2,071 (26 ) OSG LNG performance guarantee fees — 110 Miscellaneous-net 489 251 Other income/(expense), net $ 1,621 $ 1,440 (1) See Note 8, “Debt,” for disclosures relating to loss on mandatory prepayments 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, net 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, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Estimated Useful Lives | 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 | $ 3,717 | $ 3,636 |
Amortization of Debt Issuance Costs and Discounts | 2,286 | 1,965 |
Accounts Receivable, Allowance for Credit Loss | 4,604 | 5,040 |
Accounts Receivable, Credit Loss Expense (Reversal) | 4,300 | |
Income Tax Examination, Likelihood of Unfavorable Settlement | greater than 50% | |
Philadelphia Energy Solutions L L C [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Accounts Receivable, Credit Loss Expense (Reversal) | 4,300 | |
Accounts Receivable, after Allowance for Credit Loss | $ 4,300 | |
Monroe Energy L L C [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Concentration Risk, Percentage | 12.60% | 16.00% |
B P Exploration Alaska Inc [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Concentration Risk, Percentage | 11.40% | |
Sea River Maritime Inc [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Concentration Risk, Percentage | 10.10% | 12.00% |
Shell [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Concentration Risk, Percentage | 10.00% | |
U S Maritime Security Program [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessel expense | $ 9,665 | $ 10,000 |
Term Loan Credit Agreement [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Unamortized Debt Issuance Expense | $ 6,998 | $ 8,005 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years |
SCHEDULE OF EARNINGS PER SHARE
SCHEDULE OF EARNINGS PER SHARE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Per Share Amounts: | ||
Net income | $ 30,004 | $ 8,675 |
Weighted average common shares outstanding: Class A common stock - basic | 89,794,392 | 89,251,818 |
Weighted average common shares outstanding: Class A common stock - diluted | 90,838,262 | 89,658,938 |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Details Narrative) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,043,870 | 407,120 |
Outstanding Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
[custom:NumberOfClassCommonStockIssuable-0] | 2,605,263 | 1,718,865 |
Outstanding Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
[custom:NumberOfClassCommonStockIssuable-0] | 1,478,756 | 1,478,756 |
Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 371,893 | 920,845 |
Class A Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 |
SCHEDULE OF DISAGGREGATION OF R
SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Disaggregation of Revenue [Line Items] | |||
Total shipping revenues | $ 418,692 | $ 355,547 | |
Time and Bareboat Charter Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total shipping revenues | 344,512 | 263,683 | |
Voyage Charter Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total shipping revenues | [1] | 29,752 | 33,275 |
Contracts of Affreightment Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total shipping revenues | $ 44,428 | $ 58,589 | |
[1] | Voyage charter revenues include approximately $ |
SCHEDULE OF DISAGGREGATION OF_2
SCHEDULE OF DISAGGREGATION OF REVENUE (Details) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 74,180 | $ 91,864 |
Short-term Time Charter Contracts [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 15,466 | $ 10,152 |
REVENUE RECOGNITION (Details Na
REVENUE RECOGNITION (Details Narrative) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Products | Dec. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Period for voyage completion | 30 days | |
Number of products participating in U.S Maritime Security Program | Products | 2 | |
Contract with Customer, Asset, after Allowance for Credit Loss | $ 9,351 | $ 5,831 |
2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 21,142 |
SCHEDULE OF VESSELS AND OTHER P
SCHEDULE OF VESSELS AND OTHER PROPERTY (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Abstract] | |||
Vessels, at cost | $ 1,099,187 | $ 919,212 | $ 845,868 |
Accumulated depreciation | (308,449) | (274,900) | (248,939) |
Vessels, net | 790,738 | 644,312 | $ 596,929 |
Construction in progress | 17,238 | 65,697 | |
Finance lease right-of-use asset, at cost (Note 15) | 26,940 | 28,993 | |
Accumulated amortization (Note 15) | (2,957) | (2,053) | |
Finance lease right-of use asset, net (Note 15) | 23,983 | 26,940 | |
Other property, at cost | 5,552 | 5,552 | |
Transfers from construction in progress | 25 | ||
Accumulated depreciation and amortization | (5,362) | (5,289) | |
Other property, net | 215 | 263 | |
Total vessels and other property | $ 832,174 | $ 737,212 |
SUMMARY OF VESSEL ACTIVITY EXCL
SUMMARY OF VESSEL ACTIVITY EXCLUDING CONSTRUCTION PROGRESS (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | |||
Vessel Cost | $ 1,099,187 | $ 919,212 | $ 845,868 |
Accumulated Depreciation | (308,449) | (274,900) | (248,939) |
Net Book Value | 790,738 | 644,312 | 596,929 |
Vessel Cost | (1,099,187) | (919,212) | (845,868) |
Accumulated Depreciation | 308,449 | 274,900 | $ 248,939 |
Transfers From Constructionin Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel Cost | 111,685 | 82,625 | |
Accumulated Depreciation | |||
Vessel Cost | (111,685) | (82,625) | |
Accumulated Depreciation | |||
Depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel Cost | |||
Accumulated Depreciation | (37,339) | (32,284) | |
Vessel Cost | |||
Accumulated Depreciation | 37,339 | 32,284 | |
Disposals [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel Cost | 5,786 | 9,281 | |
Accumulated Depreciation | (3,790) | (6,323) | |
Vessel Cost | (5,786) | (9,281) | |
Accumulated Depreciation | 3,790 | $ 6,323 | |
Additions [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel Cost | 74,076 | ||
Accumulated Depreciation | |||
Vessel Cost | (74,076) | ||
Accumulated Depreciation |
SUMMARY OF DRYDOCKING ACTIVITY
SUMMARY OF DRYDOCKING ACTIVITY (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Beginning balance | $ 919,212 | $ 845,868 |
Ending balance | 1,099,187 | 919,212 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Beginning balance | 23,734 | 26,099 |
Additions | 33,398 | 11,074 |
Drydock amortization | (13,998) | (13,439) |
Ending balance | $ 43,134 | $ 23,734 |
VESSELS, OTHER PROPERTY AND D_3
VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK (Details Narrative) $ in Thousands | Mar. 12, 2020USD ($) | Dec. 31, 2020USD ($)bbl | Aug. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | May 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Entity Listings [Line Items] | ||||||||
Volume of chemical tank barge (bbl) | bbl | 204,000 | |||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 1,407 | $ 1,234 | $ 1,069 | $ 1,101 | $ 1,407 | $ 3,404 | ||
Weighted average years of vessel, description | At December 31, 2020, the Company’s owned vessel fleet with a weighted average age of | |||||||
Weighted average years of vessel | 12 years | |||||||
Debt Instrument, Collateral Amount | $ 744,760 | $ 744,760 | ||||||
Accrual of capital expenditures | $ 1,820 | |||||||
Alaska Tanker Company, LLC [Member] | ||||||||
Entity Listings [Line Items] | ||||||||
Business Combination, Consideration Transferred | $ 54,000 | $ 19,172 |
SUMMARY OF ASSETS AND LIABILITI
SUMMARY OF ASSETS AND LIABILITIES OF EQUITY METHOD INVESTMENT (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Investments, All Other Investments [Abstract] | |
Current assets | $ 38,531 |
Total assets | 38,531 |
Current liabilities | 20,667 |
Noncurrent liabilities | 18,867 |
Deficiency | (1,003) |
Total liabilities and equity | $ 38,531 |
SUMMARY OF RESULTS OF OPERATION
SUMMARY OF RESULTS OF OPERATIONS OF EQUITY METHOD INVESTMENTS (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Investments, All Other Investments [Abstract] | |
Shipping revenues | $ 109,006 |
Ship operating expenses | (100,437) |
Income from vessel operations | 8,569 |
Net income | $ 9,342 |
INVESTMENT IN ALASKA TANKER C_3
INVESTMENT IN ALASKA TANKER COMPANY, LLC (Details Narrative) - USD ($) $ in Thousands | Mar. 12, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Entity Listings [Line Items] | |||
Investments in and advances to affiliated companies | $ 3,599 | ||
Deposit for vessel purchases | $ 10,800 | ||
Alaska Tanker Company, LLC [Member] | |||
Entity Listings [Line Items] | |||
Investment Interest Rate | 37.50% | ||
Contract term ending date, description | December 2023 | ||
Investments in and advances to affiliated companies | $ 3,599 | ||
Equity method investment, distributions | 3,562 | ||
Payments to Acquire Property, Plant, and Equipment | 54,000 | ||
Acquisition by borrowing | $ 54,000 | ||
Business acquisition period results included in combined entity description | five-year term loan | ||
Purchase of vessels term description | In connection with the purchase of the vessels from BP, the Company agreed to time charter arrangements with BP for terms of 2.5 years to 6.4 years at a fixed daily rate with an annual escalation and five renewal options for one year each | ||
Business Combination, Consideration Transferred | $ 54,000 | $ 19,172 | |
Pension and postretirement plan | 9,898 | ||
Deferred compensation plan | $ 8,812 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Finite-Lived Intangible Assets, Gross | $ 36,417 | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (4,600) | (4,600) |
Finite-Lived Intangible Assets, Net | $ 27,217 | $ 31,817 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Finite-Lived Core Deposits, Gross | $ 92,000 | |
Finite-Lived Intangible Asset, Useful Life | 6 years | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 4,600 |
SCHEDULE OF LONG-TERM DEBT INST
SCHEDULE OF LONG-TERM DEBT INSTRUMENTS (Details) (Parenthetical) - USD ($) $ in Thousands | Nov. 30, 2020 | Aug. 31, 2020 | May 31, 2020 | Sep. 30, 2019 | Aug. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Maturity Date, Description | due 2023 | due in 2023 | due in 2023 | due in 2023 | 5-year term | due in 2023 | ||
Term Loan One [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Maturity Date, Description | due 2023 | |||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 4,676 | $ 6,821 | ||||||
Term Loan Two [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Maturity Date, Description | due 2024 | |||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 426 | 1,086 | ||||||
Alaska Tankers Term Loan [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Maturity Date, Description | due 2025 | |||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 623 | |||||||
OSG 204 LLC and OSG Courageous II LLC Term Loan [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Maturity Date, Description | due 2025 | |||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 636 | |||||||
Term Loan Three [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Maturity Date, Description | due 2026 | |||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 73 | $ 98 | ||||||
OSG 205 LLC and OSG Courageous II LLC Term Loan [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Maturity Date, Description | due 2027 | |||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 564 |
SCHEDULE OF LONG-TERM DEBT IN_2
SCHEDULE OF LONG-TERM DEBT INSTRUMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | ||
Total debt | $ 429,120 | $ 368,047 |
Less current installments of long-term debt | (38,922) | (31,512) |
Total long-term debt | 390,198 | 336,535 |
Term Loan One [Member] | ||
Short-term Debt [Line Items] | ||
Total debt | 252,057 | 291,994 |
Term Loan Two [Member] | ||
Short-term Debt [Line Items] | ||
Total debt | 22,972 | 48,289 |
Alaska Tankers Term Loan [Member] | ||
Short-term Debt [Line Items] | ||
Total debt | 50,360 | |
OSG 204 LLC and OSG Courageous II LLC Term Loan [Member] | ||
Short-term Debt [Line Items] | ||
Total debt | 31,283 | |
Term Loan Three [Member] | ||
Short-term Debt [Line Items] | ||
Total debt | 23,171 | 27,075 |
OSG 205 LLC and OSG Courageous II LLC Term Loan [Member] | ||
Short-term Debt [Line Items] | ||
Total debt | 48,586 | |
Unsecured Senior Notes [Member] | ||
Short-term Debt [Line Items] | ||
Total debt | $ 691 | $ 689 |
SCHEDULE OF FACILITY OF TERM LO
SCHEDULE OF FACILITY OF TERM LOAN (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Alternate Base Rate [Member] | Term Loan 2023 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate During Period | 0.00% |
Applicable Margin | 0.00% |
Alternate Base Rate [Member] | Term Loan 2026 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate During Period | 0.00% |
Applicable Margin | 0.00% |
London Interbank Offered Rate (LIBOR) [Member] | Term Loan 2023 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate During Period | 0.00% |
Applicable Margin | 4.00% |
London Interbank Offered Rate (LIBOR) [Member] | Term Loan 2026 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate During Period | 0.00% |
Applicable Margin | 5.00% |
SCHEDULE OF DEBT EXPENSES (Deta
SCHEDULE OF DEBT EXPENSES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Short-term Debt [Line Items] | ||
Total expense on debt facilities | $ 25,779 | $ 27,808 |
Term Loan One [Member] | ||
Short-term Debt [Line Items] | ||
Total expense on debt facilities | 18,132 | 24,667 |
Term Loan Two [Member] | ||
Short-term Debt [Line Items] | ||
Total expense on debt facilities | 2,383 | 785 |
Alaska Tankers Term Loan [Member] | ||
Short-term Debt [Line Items] | ||
Total expense on debt facilities | 2,014 | |
OSG 204 LLC and OSG Courageous II LLC Term Loan [Member] | ||
Short-term Debt [Line Items] | ||
Total expense on debt facilities | 1,365 | |
Term Loan Three [Member] | ||
Short-term Debt [Line Items] | ||
Total expense on debt facilities | 1,209 | 1,772 |
OSG 205 LLC and OSG Courageous II LLC Term Loan [Member] | ||
Short-term Debt [Line Items] | ||
Total expense on debt facilities | 374 | |
Unsecured Senior Notes [Member] | ||
Short-term Debt [Line Items] | ||
Total expense on debt facilities | 302 | 156 |
OBS Facilities [Member] | ||
Short-term Debt [Line Items] | ||
Total expense on debt facilities | $ 428 |
SCHEDULE OF AGGREGATE ANNUAL PR
SCHEDULE OF AGGREGATE ANNUAL PRINCIPAL PAYMENTS (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 38,922 |
2022 | 39,120 |
2023 | 221,388 |
2024 | 33,054 |
2025 | 62,452 |
Thereafter | 41,179 |
Total | $ 436,115 |
DEBT (Details Narrative)
DEBT (Details Narrative) - USD ($) $ in Thousands | Nov. 30, 2020 | Jul. 30, 2020 | Mar. 12, 2020 | Aug. 31, 2020 | Jun. 30, 2020 | May 31, 2020 | Sep. 30, 2019 | Aug. 31, 2019 | Jun. 30, 2019 | May 31, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Short-term Debt [Line Items] | ||||||||||||||
Debt, Weighted Average Interest Rate | 5.21% | 6.55% | ||||||||||||
Construction Loan | $ 49,150 | |||||||||||||
Debt drawn down to to finance | 46,711 | |||||||||||||
Prepayment of term loan | $ 15,811 | $ 1,307 | $ 1,307 | $ 1,132 | $ 1,054 | $ 1,086 | ||||||||
Debt Instrument, Maturity Date, Description | due 2023 | due in 2023 | due in 2023 | due in 2023 | 5-year term | due in 2023 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.54% | |||||||||||||
Debt Instrument, Maturity Date | Dec. 1, 2027 | Sep. 30, 2024 | ||||||||||||
Loans Payable | $ 50,000 | |||||||||||||
Final payment for the vessels | $ 45,157 | |||||||||||||
Amortization period of vessels | 17 years | |||||||||||||
Repayments of Debt | $ 24,000 | |||||||||||||
Interest Expense, Debt | $ 23,134 | $ 24,593 | ||||||||||||
Unsecured Senior Notes [Member] | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||||||||||||
Debt Instrument, Maturity Date | Feb. 15, 2024 | |||||||||||||
Debt instrument, face amount | $ 146,000 | |||||||||||||
Unsecured Senior Notes [Member] | Equity Plan [Member] | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||||||||||||
Debt Instrument, Maturity Date | Feb. 15, 2021 | |||||||||||||
Election 1 Notes [Member] | Equity Plan [Member] | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Debt Instrument, Maturity Date, Description | Notes due 2024 | |||||||||||||
Debt instrument, face amount | $ 6,508 | |||||||||||||
Election 2 Notes [Member] | Equity Plan [Member] | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |||||||||||||
Debt instrument, face amount | $ 138,708 | |||||||||||||
Wintrust Commercial Finance And Other Syndicate Lenders [Member] | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Debt Instrument, Maturity Date, Description | seven-year term | five-year term | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.37% | 5.00% | ||||||||||||
Debt Instrument, Maturity Date | Jun. 1, 2025 | |||||||||||||
Loans Payable | $ 32,933 | |||||||||||||
Banc of America Leasing and Capital LLC [Member] | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Debt Instrument, Maturity Date, Description | five-year term | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.43% | |||||||||||||
Debt Instrument, Maturity Date | Mar. 12, 2025 | |||||||||||||
Loans Payable | $ 54,000 | |||||||||||||
P G I M Inc [Member] | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Debt Instrument, Maturity Date, Description | December 2023 | |||||||||||||
Debt instrument, face amount | $ 325,000 | |||||||||||||
Wintrust Commercial Finance [Member] | ||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||
Debt Instrument, Maturity Date | Nov. 1, 2026 | |||||||||||||
Debt instrument, face amount | $ 27,500 |
SCHEDULE OF HIERARCHY CATEGORIZ
SCHEDULE OF HIERARCHY CATEGORIZED ON FAIR VALUE (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | [1] | $ 69,819 | $ 41,677 |
Total | 69,819 | 41,677 | |
Term loan agreements, fair value | 429,120 | 368,047 | |
Term Loan Agreement, Due 2023 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 252,057 | 291,994 | |
Term Loan Agreements, Due 2024 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 22,972 | 48,289 | |
Alaska Tankers Term Loan Agreement, Due 2024 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 50,360 | ||
OSG 204 LLC Term Loan Agreement, Due 2025 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 31,283 | ||
Term Loan Agreement, Due 2026 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 23,171 | 27,075 | |
OSG 205 LLC And OSG Courageous II LLC Term Loan Due 2027 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 48,586 | ||
Unsecured Senior Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 691 | 689 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | [1] | 69,819 | 41,677 |
Total | 69,819 | 41,677 | |
Term loan agreements, fair value | |||
Fair Value, Inputs, Level 1 [Member] | Term Loan Agreement, Due 2023 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | |||
Fair Value, Inputs, Level 1 [Member] | Term Loan Agreements, Due 2024 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | |||
Fair Value, Inputs, Level 1 [Member] | Alaska Tankers Term Loan Agreement, Due 2024 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | |||
Fair Value, Inputs, Level 1 [Member] | OSG 204 LLC Term Loan Agreement, Due 2025 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | |||
Fair Value, Inputs, Level 1 [Member] | Term Loan Agreement, Due 2026 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | |||
Fair Value, Inputs, Level 1 [Member] | OSG 205 LLC And OSG Courageous II LLC Term Loan Due 2027 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | |||
Fair Value, Inputs, Level 1 [Member] | Unsecured Senior Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | |||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | [1] | ||
Total | |||
Term loan agreements, fair value | 436,517 | 377,070 | |
Fair Value, Inputs, Level 2 [Member] | Term Loan Agreement, Due 2023 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 257,228 | 299,974 | |
Fair Value, Inputs, Level 2 [Member] | Term Loan Agreements, Due 2024 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 23,535 | 49,015 | |
Fair Value, Inputs, Level 2 [Member] | Alaska Tankers Term Loan Agreement, Due 2024 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 49,357 | ||
Fair Value, Inputs, Level 2 [Member] | OSG 204 LLC Term Loan Agreement, Due 2025 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 31,562 | ||
Fair Value, Inputs, Level 2 [Member] | Term Loan Agreement, Due 2026 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 21,921 | 27,359 | |
Fair Value, Inputs, Level 2 [Member] | OSG 205 LLC And OSG Courageous II LLC Term Loan Due 2027 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | 52,199 | ||
Fair Value, Inputs, Level 2 [Member] | Unsecured Senior Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Term loan agreements, fair value | $ 715 | $ 722 | |
[1] | Includes current and non-current restricted cash totaling $ |
SCHEDULE OF HIERARCHY CATEGOR_2
SCHEDULE OF HIERARCHY CATEGORIZED ON FAIR VALUE (Details) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Unsecured Senior Notes [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
[custom:RestrictedCashFairValueDisclosure-0] | $ 122 | $ 174 |
SCHEDULE OF ACCOUNTS PAYABLE, A
SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 8,717 | $ 5,944 |
Payroll and benefits | 14,184 | 8,660 |
Interest | 1,752 | 1,828 |
Insurance | 1,040 | 673 |
Accrued drydock and repair costs | 2,371 | 115 |
Bunkers and lubricants | 725 | 852 |
Charter revenues received in advance | 8,677 | 11,580 |
Accrued vessel expenses | 9,642 | 3,441 |
Accrued general and administrative, primarily professional fees | 307 | 799 |
Other | 674 | 1,984 |
Accounts Payable and Other Accrued Liabilities, Current | $ 48,089 | $ 35,876 |
SCHEDULE OF INCOME TAX (EXPENSE
SCHEDULE OF INCOME TAX (EXPENSE)/BENEFIT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Current - Federal | $ 161 | |
Current - State | (48) | |
Current | (1,527) | |
Deferred – Federal | (5,401) | |
Deferred - State | (897) | |
Deferred | 991 | |
Total | $ (6,185) | $ (536) |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
U.S. federal statutory income tax rate | 21.00% | 21.00% |
State taxes, net of federal benefit | 2.90% | (8.90%) |
Change in valuation allowance | 0.10% | 0.60% |
Equity awards | 0.10% | (1.80%) |
Return to provision | 0.50% | (4.50%) |
Nondeductible expenses | 0.10% | 0.40% |
Uncertain tax positions and tax examination settlement | (1.90%) | 6.80% |
U.S. income subject to tonnage tax | (3.80%) | (6.50%) |
Other | (1.90%) | (1.30%) |
Effective tax rate | 17.10% | 5.80% |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Vessels and other property | [1] | $ 124,304 | $ 128,026 |
Prepaid expenditures | 9,130 | 5,621 | |
Operating lease right-of-use assets | 55,754 | 72,298 | |
Other-net | 2 | ||
Total deferred tax liabilities | 189,188 | 205,947 | |
Loss carryforwards | 64,487 | 68,917 | |
Operating lease liability | 55,426 | 71,779 | |
Finance lease liability | 5,754 | 6,333 | |
Employee compensation and benefit plans | 2,456 | 3,869 | |
Financing and professional fees | 15 | 2,003 | |
Accrued expenses and other | 1,062 | 1,165 | |
Total deferred tax assets | 129,200 | 154,066 | |
Valuation allowance | (21,004) | (20,952) | |
Net deferred tax assets | 108,196 | 133,114 | |
Net deferred tax liabilities | 80,992 | 72,833 | |
Deferred tax liabilities for finance lease right-of-use assets | $ 5,441 | $ 6,190 | |
[1] | A “Yellow” Zone Status plan is a plan that has a funding ratio |
SCHEDULE OF DEFERRED TAX ASSE_2
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Deferred tax liabilities for finance lease right-of-use assets | $ 5,441 | $ 6,190 |
SCHEDULE OF UNRECOGNIZED TAX BE
SCHEDULE OF UNRECOGNIZED TAX BENEFITS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Balance of unrecognized tax benefits as of January 1, | $ 2,495,000 | $ 1,226,000 |
Increases for positions taken in prior years | (1,177,000) | (1,353,000) |
Increases for positions taken in prior years | 1,177,000 | 1,353,000 |
Amount of decreases related to settlements | (505,000) | |
Rate change | (84,000) | |
Balance of unrecognized tax benefits as of December 31, | $ 813,000 | $ 2,495,000 |
TAXES (Details Narrative)
TAXES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Entity Listings [Line Items] | |||
Income Tax Expense (Benefit) | $ 6,185 | $ 536 | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | (3.80%) | ||
Operating Loss Carryforwards | $ 193,300 | ||
Operating loss carryforwards, expiration period | 2034 | ||
[custom:OperatingLossCarryforwardsState-0] | $ 435,013 | ||
Income Tax Examination, Description | These U.S. state net operating loss carryforwards expire in various years from December 31, 2021 through December 31, 2035 | ||
Deferred Tax Assets, Valuation Allowance | $ 21,004 | $ 20,952 | |
Income taxes paid, net | 5,695 | 1,293 | |
Unrecognized tax benefits | 813 | 2,495 | $ 1,226 |
Liability for Uncertainty in Income Taxes, Noncurrent | 189 | $ 864 | |
Overseas Mykonos and Overseas Santorini [Member] | |||
Entity Listings [Line Items] | |||
Income Tax Expense (Benefit) | $ 6,500 |
CAPITAL STOCK AND STOCK COMPE_3
CAPITAL STOCK AND STOCK COMPENSATION (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jun. 06, 2017 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Capitalization, Equity [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Share-based Payment Arrangement, Noncash Expense | $ 2,333 | $ 1,662 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 250.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||
Share based payment expected price volatility | $ 0.55 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 7 years 2 months 4 days | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 2.67 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,048 | ||
Expected to be Recognized [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 1 year 8 months 19 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.03 | $ 2.02 | |
Share-based Payment Arrangement, Noncash Expense | $ 2,321 | $ 1,615 | |
Roic Target Restricted Stock Units Awards [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 873,340 | ||
T S R Target Restricted Stock Units Awards [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 528,387 | ||
Maximum [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.57 | ||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Subject to Increase RSU Award [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 291,112 | ||
Minimum [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.70 | ||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | Subject to Increase RSU Award [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 176,129 | ||
Incentive Plans [Member] | Maximum [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Number of shares increased for issuance | 1,500,000 | ||
Class A Warrants [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | ||
Class of Warrant or Right, Outstanding | 19,235,764 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,498 | 1,365,392 | |
Common Class A [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Stock Repurchased During Period, Shares | 104,552 | 159,685 | |
[custom:StockRepurchasedDuringPeriodPerShareAmount] | $ 1.90 | $ 1.84 | |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 3,654,795 | ||
Stock Issued During Period, Shares, New Issues | 473 | 257,963 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 612,745 | ||
Common Class A [Member] | Restricted Stock Units (RSUs) [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,667,633 | 1,591,839 | |
Board of Directors [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Equity Method Investment, Ownership Percentage | 77.00% | ||
Non-employee Directors [Member] | Restricted Stock Units (RSUs) [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 321,000 | 357,866 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.25 | $ 1.78 | |
Employees, Including Senior Officers [Member] | Restricted Stock Units (RSUs) [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 764,406 | 552,598 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.03 | $ 2.02 | |
Certain Senior Officers [Member] | Restricted Stock Units (RSUs) [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 329,121 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.82 | ||
Senior Officers [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 612,745 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 1.89 | ||
Stock call option value, per option | $ 1.02 | ||
Senior Officers [Member] | Restricted Stock Units (RSUs) [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 582,224 | 352,258 |
SCHEDULE OF RESTRICTED STOCK UN
SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS (Details) - Restricted Stock Units (RSUs) [Member] - Common Class A [Member] - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | ||
Nonvested Shares Outstanding | 1,718,865 | 912,315 |
Granted | 1,667,633 | 1,591,839 |
Vested | (755,898) | (780,542) |
Forfeited | (25,337) | (4,747) |
Nonvested Shares Outstanding | 2,605,263 | 1,718,865 |
SCHEDULE OF RESTRICTED STOCK _2
SCHEDULE OF RESTRICTED STOCK UNITS UNDER THE INCENTIVE PLANS (Details) (Parenthetical) - Restricted Stock Units (RSUs) [Member] - Common Class A [Member] - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||
Share based award, restricted stock units, forfeited price per share | $ 1.63 | |
Maximum [Member] | ||
Class of Stock [Line Items] | ||
Share based compensation, restricted stock vested, exercise price per share | 1.66 | $ 1.74 |
Share based award, restricted stock units, forfeited price per share | 1.74 | |
Minimum [Member] | ||
Class of Stock [Line Items] | ||
Share based compensation, restricted stock vested, exercise price per share | $ 2.32 | 2.32 |
Share based award, restricted stock units, forfeited price per share | $ 2.27 |
SCHEDULE OF STOCK OPTIONS ACTIV
SCHEDULE OF STOCK OPTIONS ACTIVITY UNDER INCENTIVE PLANS (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | ||
Granted | ||
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Options Exercisable, Beginning Balance | 1,478,756 | 866,011 |
Granted | 612,745 | |
Options Outstanding, Ending Balance | 1,478,756 | 1,478,756 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | ||
Options Exercisable, Ending Balance | 1,478,756 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Loss | ||
Effective Income Tax Rate Reconciliation, Percent | 17.10% | 5.80% |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | $ 7,606 | |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | 6,575 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 7,869 | |
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | $ 6,857 |
SCHEDULE OF COMPONENTS OF ACCUM
SCHEDULE OF COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Loss | ||
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) | $ (282) | $ (6,409) |
Accumulated other comprehensive loss | $ (282) | $ (6,409) |
SCHEDULE OF CHANGES IN BALANCES
SCHEDULE OF CHANGES IN BALANCES OF COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Amounts reclassified from accumulated other comprehensive income | $ 192 | $ 282 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Beginning balance | (6,409) | (7,192) |
Current period change, excluding amounts reclassified from accumulated other comprehensive income | 5,935 | 501 |
Amounts reclassified from accumulated other comprehensive income | 192 | 282 |
Total change in accumulated other comprehensive loss | 6,127 | 783 |
Ending balance | $ (282) | $ (6,409) |
SCHEDULE OF AMOUNTS RECLASSIFIE
SCHEDULE OF AMOUNTS RECLASSIFIED OUT OF ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Total before tax | $ 250 | $ 369 |
Tax provision | (58) | (87) |
Total net of tax | 192 | 282 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Total net of tax | 192 | 282 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Other Income/(Expense), Net [Member] | Net Periodic Benefit Costs, Shore-based Employees [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net periodic benefit costs associated with pension and postretirement benefit plans | 424 | 570 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Other Income/(Expense), Net [Member] | Net Periodic Benefit Costs, Seagoing Employees [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net periodic benefit costs associated with pension and postretirement benefit plans | $ (174) | $ (201) |
SCHEDULE OF INCOME TAX (EXPEN_2
SCHEDULE OF INCOME TAX (EXPENSE) BENEFIT ALLOCATED TO COMPONENT (Details) - Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Current period change excluding amounts reclassified from accumulated other comprehensive loss | $ (1,803) | $ (154) |
Amounts reclassified from accumulated other comprehensive loss | (58) | (87) |
Total change in accumulated other comprehensive loss | $ (1,861) | $ (241) |
SCHEDULE OF LEASE RIGHT-OF-USE
SCHEDULE OF LEASE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lessor, Lease, Description [Line Items] | ||
Total noncurrent operating lease assets | $ 215,817 | $ 286,469 |
Current portion of operating lease liabilities | 90,613 | 90,145 |
Noncurrent operating lease liabilities | 147,154 | 219,501 |
Total operating lease liabilities | 237,767 | 309,646 |
Finance lease, liability, current | 4,000 | 4,011 |
Finance lease, liability, noncurrent | 21,360 | 23,548 |
Total lease liabilities | 25,360 | 27,559 |
Vessels Chartered-In [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Total noncurrent operating lease assets | 213,414 | 283,871 |
Current portion of operating lease liabilities | 89,889 | 89,537 |
Noncurrent operating lease liabilities | 145,302 | 217,511 |
Total operating lease liabilities | 235,191 | 307,048 |
Finance lease, right-of-use asset | 26,940 | 28,993 |
Finance lease, right-of-use asset, amortization | (2,957) | (2,053) |
Finance lease, right-of-use asset less accumulated amortization | 23,983 | 26,940 |
Total lease liabilities | 25,360 | |
Office Space [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Total noncurrent operating lease assets | 2,403 | 2,598 |
Current portion of operating lease liabilities | 724 | 608 |
Noncurrent operating lease liabilities | 1,852 | 1,990 |
Total operating lease liabilities | $ 2,576 | $ 2,598 |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lessor, Lease, Description [Line Items] | ||
Total lease liabilities, operating lease | $ 237,767 | $ 309,646 |
Total lease liabilities, finance Lease | 25,360 | 27,559 |
Vessels Chartered-In [Member] | ||
Lessor, Lease, Description [Line Items] | ||
2021 | 91,849 | |
2021 | 4,161 | |
2022 | 108,338 | |
2022 | 4,161 | |
2023 | 43,388 | |
2023 | 4,161 | |
2024 | 9,168 | |
2024 | 4,172 | |
2025 | 4,534 | |
2025 | 4,161 | |
Thereafter | ||
Thereafter | 13,019 | |
Net minimum lease payments, operating lease | 257,277 | |
Net minimum lease payments, finance Lease | 33,835 | |
Less: present value discount, operating lease | (22,086) | |
Less: present value discount, finance Lease | (8,475) | |
Total lease liabilities, operating lease | 235,191 | 307,048 |
Total lease liabilities, finance Lease | 25,360 | |
Office Space [Member] | ||
Lessor, Lease, Description [Line Items] | ||
2021 | 748 | |
2022 | 780 | |
2023 | 609 | |
2024 | 168 | |
2025 | 100 | |
Thereafter | 988 | |
Net minimum lease payments, operating lease | 3,393 | |
Less: present value discount, operating lease | (817) | |
Total lease liabilities, operating lease | $ 2,576 | $ 2,598 |
SCHEDULE OF SUPPLEMENTAL BALANC
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 2 years 9 months 18 days | 3 years 8 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 6.50% | 6.70% |
Finance Lease, Weighted Average Remaining Lease Term | 8 years 1 month 6 days | 9 years 1 month 6 days |
Finance Lease, Weighted Average Discount Rate, Percent | 7.30% | 7.30% |
SCHEDULE OF FUTURE MINIMUM COMM
SCHEDULE OF FUTURE MINIMUM COMMITMENTS OPERATING LEASES (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 177,352 |
2022 | 139,994 |
2023 | 102,058 |
2024 | 97,736 |
2025 | 63,985 |
Thereafter | 14,357 |
Net minimum lease receipts | $ 595,482 |
LEASES (Details Narrative)
LEASES (Details Narrative) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)Vessels | Dec. 31, 2019USD ($) | Mar. 12, 2020 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 3 years | ||
Commitments to charter in vessels | Vessels | 12 | ||
Lessee, Operating Lease, Description | The Company holds options for 11 of the vessels chartered-in. For one vessel, the option can be exercised for 3-years and is available indefinitely. For the remaining 10 vessels, the options 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 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 | $ 90,608 | $ 90,359 | |
Sublease Income | 197,546 | 188,163 | |
Non-cash operating activities for obtaining operating right-of-use assets and liabilities | 1,533 | 93,407 | |
Finance Lease, Right-of-Use Asset, Amortization | 2,957 | 2,052 | |
Finance Lease, Interest Expense | 1,973 | 1,462 | |
Non-cash financing activities for obtaining finance right-of-use assets | 28,993 | ||
Time Charter Revenue [Member] | |||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |||
Operating Lease, Lease Income | 343,290 | 263,416 | |
Straight Line Rent Adjustments | 1,222 | 267 | |
Operating Lease, Residual Value of Leased Asset | 284,259 | ||
Office Space Rental [Member] | |||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |||
Operating Lease, Payments | 739 | 604 | |
Office Space Rental [Member] | General and Administrative Expense [Member] | |||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |||
Operating Leases, Rent Expense | $ 851 | $ 648 | |
Minimum [Member] | |||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 1 year | ||
Maximum [Member] | |||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 15 years |
SCHEDULE OF MULTIEMPLOYER PLANS
SCHEDULE OF MULTIEMPLOYER PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions made by the Company | $ 3,754 | $ 3,291 | |
AMO Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | [1] | Green | Yellow |
Rehabilitation Plan Status | No | ||
Contributions made by the Company | $ 580 | $ 650 | |
MEBA Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | [1] | Green | Green |
Rehabilitation Plan Status | No | ||
Contributions made by the Company | $ 2,895 | $ 2,353 | |
Seafarers Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | [1] | Green | Green |
Rehabilitation Plan Status | No | ||
Contributions made by the Company | $ 279 | $ 288 | |
Yellow Zone Status Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan funding ratio | 65.00% | ||
Green Zone Status Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan funding ratio | 80.00% | ||
[1] | A “Yellow” Zone Status plan is a plan that has a funding ratio |
SCHEDULE OF BENEFIT OBLIGATIONS
SCHEDULE OF BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 36,754 | |
Fair value of plan assets at beginning of year | 36,754 | $ 36,754 |
Fair value of plan assets at year end | 42,216 | 36,754 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation at beginning of year | 46,936 | 44,015 |
Cost of benefits earned (service cost) | ||
Interest cost on benefit obligation | 1,450 | 1,802 |
Actuarial losses/(gains) | 3,452 | 3,805 |
Benefits paid | (2,859) | (2,686) |
Amendments | ||
Acquisition | ||
Benefit obligation at year end | 48,979 | 46,936 |
Fair value of plan assets at beginning of year | 36,754 | 31,929 |
Fair value of plan assets at beginning of year | 42,216 | 31,929 |
Actual return on plan assets | 6,726 | 6,790 |
Employer contributions | 1,595 | 721 |
Benefits paid | (2,859) | (2,686) |
Fair value of plan assets at year end | 42,216 | 36,754 |
Unfunded status at December 31 | (6,763) | (10,182) |
Other Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation at beginning of year | 3,572 | 3,401 |
Cost of benefits earned (service cost) | 307 | 105 |
Interest cost on benefit obligation | 386 | 140 |
Actuarial losses/(gains) | (857) | 84 |
Benefits paid | (442) | (158) |
Amendments | (6,219) | |
Acquisition | 9,124 | |
Benefit obligation at year end | 5,871 | 3,572 |
Fair value of plan assets at beginning of year | ||
Fair value of plan assets at beginning of year | ||
Actual return on plan assets | ||
Employer contributions | 442 | 158 |
Benefits paid | (442) | (158) |
Fair value of plan assets at year end | ||
Unfunded status at December 31 | $ (5,871) | $ (3,572) |
SCHEDULE OF ACCUMULATED BENEFIT
SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 48,979 | $ 46,936 |
Accumulated benefit obligation | 48,979 | 46,936 |
Fair value of plan assets | $ 42,216 | $ 36,754 |
SCHEDULE OF NET BENEFIT COSTS (
SCHEDULE OF NET BENEFIT COSTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cost of benefits earned | ||
Interest cost on benefit obligation | 1,450 | 1,802 |
Expected return on plan assets | (2,612) | (2,246) |
Amortization of prior-service costs | ||
Recognized net actuarial loss | 444 | 588 |
Net periodic benefit cost | (718) | 144 |
Other Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cost of benefits earned | 307 | 105 |
Interest cost on benefit obligation | 386 | 140 |
Expected return on plan assets | ||
Amortization of prior-service costs | (229) | (229) |
Recognized net actuarial loss | 35 | 11 |
Net periodic benefit cost | $ 499 | $ 27 |
SCHEDULE OF ASSUMPTIONS USED (D
SCHEDULE OF ASSUMPTIONS USED (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plan [Member] | Benefit Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.35% | 3.20% |
Pension Plan [Member] | Net Periodic Benefit Cost [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.20% | 4.25% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.25% | 7.25% |
Other Pension Plan [Member] | Benefit Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.90% | 3.55% |
Other Pension Plan [Member] | Net Periodic Benefit Cost [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.40% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | ||
Other Pension Plan [Member] | Net Periodic Benefit Cost [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.55% | |
Other Pension Plan [Member] | Net Periodic Benefit Cost [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.50% |
SCHEDULE OF EXPECTED BENEFIT PA
SCHEDULE OF EXPECTED BENEFIT PAYMENTS (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 2,937 |
2022 | 2,961 |
2023 | 3,005 |
2024 | 3,066 |
2025 | 3,115 |
2026-2030 | 14,890 |
Total | 29,974 |
Other Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 257 |
2022 | 261 |
2023 | 262 |
2024 | 262 |
2025 | 260 |
2026-2030 | 1,296 |
Total | $ 2,598 |
SCHEDULE OF CHANGES IN FAIR VAL
SCHEDULE OF CHANGES IN FAIR VALUE OF PLAN ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | $ 42,216 | $ 36,754 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 773 | 595 |
Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 15,998 | 13,994 |
Small Company - Mid Value [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 3,050 | 2,222 |
Small Company - Mid Growth [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 3,180 | 2,167 |
International Value [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 3,162 | 2,634 |
International Growth [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 3,326 | 2,656 |
Intermediate Term Bond Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 12,662 | 12,418 |
Small Company Mid Value Prefeered Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | $ 65 | $ 68 |
PENSION, OTHER POSTRETIREMENT_3
PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES (Details Narrative) - USD ($) $ in Thousands | Jan. 01, 2021 | Mar. 12, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 6.25% | ||||
Increase declining to an ultimate trend rate | 4.75% | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2,888 | $ 2,414 | |||
Deferred Compensation Liability, Current and Noncurrent | $ 10,079 | ||||
Minimum [Member] | Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55.00% | ||||
Minimum [Member] | Fixed Income Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25.00% | ||||
Maximum [Member] | Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 75.00% | ||||
Maximum [Member] | Fixed Income Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45.00% | ||||
Alaska Tanker Company, LLC [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 9,898 | ||||
Retirement Benefits, Description | The postretirement medical and life insurance plan provided benefits to shore-based employees and nonunion licensed deck officers at least 55 years of age with 10 years or more of service, as defined. | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | ||||
[custom:DefinedContributionPlanMaximumDeferralPeriod] | 20 years | ||||
Alaska Tanker Company, LLC [Member] | Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 5.00% | ||||
Alaska Tanker Company, LLC [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% | ||||
Alaska Tanker Company, LLC [Member] | Osg Postretirement Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Contribution Plan, Increase (Decrease), Cost | $ 9,124 | ||||
[custom:GainOnPostretirementPlan] | $ 1,485 | ||||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 6,219 | ||||
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Liability, Retirement and Postemployment Benefits | 34,679 | ||||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | |||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1,595 | $ 721 | |||
AMO Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Liability, Retirement and Postemployment Benefits | $ 18,191 | ||||
AMO and MEBA Pension Plan [Member] | SIU-Tanker Agreement and SIU-Tug Agreement [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Description | The SIU – Tug Agreement and AMO collective bargaining agreements for OSG expire in March 2021. The ATC MEBA collective bargaining agreement expires in May 2021 and the SIU – Tanker Agreement for OSG and MEBA for the Parent Company collective bargaining agreements expire in June 2022. | ||||
Maritrans Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1,595 | ||||
Maritrans Plan [Member] | Subsequent Event [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Contribution Plan, Cost | $ 792 |
SCHEDULE OF OTHER NONOPERATING
SCHEDULE OF OTHER NONOPERATING INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Other Income and Expenses [Abstract] | |||
Interest | $ 102 | $ 1,177 | |
Change in investment value | (248) | ||
Investment income | (146) | 1,177 | |
Loss on extinguishment and prepayments of debt, net | [1] | (793) | (72) |
Pension and post retirement items | [2] | 2,071 | (26) |
OSG LNG performance guarantee fees | 110 | ||
Miscellaneous-net | 489 | 251 | |
Other income/(expense), net | $ 1,621 | $ 1,440 | |
[1] | See Note 8, “Debt,” for disclosures relating to loss on mandatory prepayments 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, net on the consolidated statements of operations. |