Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	May 05, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-06479
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 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 Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		86,863,651

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 45,093	$ 69,697
Restricted cash	37	49
Voyage receivables, including unbilled of $4,999 and $6,740, net of reserve for doubtful accounts	10,872	13,123
Income tax receivable	388	387
Other receivables	3,817	1,817
Inventories, prepaid expenses and other current assets	5,067	3,603
Total Current Assets	65,274	88,676
Vessels and other property, less accumulated depreciation	787,241	832,174
Asset held for sale	31,850
Deferred drydock expenditures, net	45,810	43,134
Total Vessels, Other Property and Deferred Drydock	864,901	875,308
Restricted cash - non current	59	73
Intangible assets, less accumulated amortization	26,067	27,217
Operating lease right-of-use assets, net	197,073	215,817
Other assets	26,058	24,646
Total Assets	1,179,432	1,231,737
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	48,449	48,089
Current portion of operating lease liabilities	90,612	90,613
Current portion of finance lease liabilities	4,001	4,000
Current installments of long-term debt	38,718	38,922
Total Current Liabilities	181,780	181,624
Reserve for uncertain tax positions	183	189
Noncurrent operating lease liabilities	128,055	147,154
Noncurrent finance lease liabilities	20,793	21,360
Long-term debt	380,165	390,198
Deferred income taxes, net	74,821	80,992
Other liabilities	29,618	30,409
Total Liabilities	815,415	851,926
Equity:
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 86,863,651 and 86,365,422 shares issued and outstanding)	869	864
Paid-in additional capital	592,732	592,564
Accumulated deficit	(229,203)	(213,335)
Stockholder’s Equity Subtotal	364,398	380,093
Accumulated other comprehensive loss	(381)	(282)
Total Equity	364,017	379,811
Total Liabilities and Equity	$ 1,179,432	$ 1,231,737

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Unbilled Contracts Receivable	$ 4,999	$ 6,740
Class A common stock, par value	$ 0.01	$ 0.01
Class A common stock, shares authorized	166,666,666	166,666,666
Class A common stock, shares issued	86,863,651	86,365,422
Class A common stock, shares outstanding	86,863,651	86,365,422

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Shipping Revenues:
Time and bareboat charter revenues	$ 63,788	$ 78,150
Voyage charter revenues	17,485	22,709
Total Shipping revenues	81,273	100,859
Operating Expenses:
Voyage expenses	15,760	3,786
Vessel expenses	31,807	35,769
Charter hire expenses	22,318	22,460
Depreciation and amortization	15,319	14,019
General and administrative	6,365	6,173
Loss on disposal of vessels and other property, including impairments, net	5,493	296
Total operating expenses	97,062	82,503
(Loss)/income from vessel operations	(15,789)	18,356
Gain on termination of pre-existing arrangement		19,172
Operating (loss)/income	(15,789)	37,528
Other income, net	122	31
(Loss)/income before interest expense and income taxes	(15,667)	37,559
Interest expense	(6,370)	(6,074)
(Loss)/income before income taxes	(22,037)	31,485
Income tax benefit/(expense)	6,169	(6,360)
Net (loss)/income	$ (15,868)	$ 25,125
Weighted Average Number of Common Shares Outstanding:
Basic - Class A	90,111,701	89,422,311
Diluted - Class A	90,111,701	90,388,988
Per Share Amounts:
Basic and diluted net (loss)/income - Class A	$ (0.18)	$ 0.28

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss)/Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net (loss)/income	$ (15,868)	$ 25,125
Defined benefit pension and other postretirement benefit plans:
Net change in unrecognized prior service costs	(180)	(18)
Net change in unrecognized actuarial losses	81	76
Other comprehensive (loss)/income	(99)	58
Comprehensive (loss)/income	$ (15,967)	$ 25,183

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows from Operating Activities:
Net (loss)/income	$ (15,868)	$ 25,125
Items included in net income not affecting cash flows:
Depreciation and amortization	15,319	14,019
Gain on termination of pre-existing arrangement		(19,172)
Loss on disposal of vessels and other property, including impairments, net	5,493	296
Amortization of debt discount and other deferred financing costs	557	533
Compensation relating to restricted stock awards and stock option grants	575	438
Deferred income tax (benefit)/expense	(6,178)	2,135
Interest on finance lease liabilities	460	506
Non-cash operating lease expense	22,717	22,811
Distributed earnings of affiliated companies		3,562
Payments for drydocking	(8,179)	(3,327)
Operating lease liabilities	(22,860)	(22,969)
Changes in operating assets and liabilities, net	(1,217)	2,162
Net cash (used in)/provided by operating activities	(9,181)	26,119
Cash Flows from Investing Activities:
Acquisition, net of cash acquired		(16,973)
Expenditures for vessels and vessel improvements	(3,227)	(20,871)
Expenditures for other property		(232)
Net cash used in investing activities	(3,227)	(38,076)
Cash Flows from Financing Activities:
Payments on debt	(9,616)	(7,865)
Tax withholding on share-based awards	(402)	(197)
Payments on principal portion of finance lease liabilities	(1,026)	(1,037)
Extinguishment of debt	(301)
Deferred financing costs paid for debt amendments	(877)
Issuance of debt, net of issuance and deferred financing costs		80,886
Net cash (used in)/provided by financing activities	(12,222)	71,787
Net (decrease)/increase in cash, cash equivalents and restricted cash	(24,630)	59,830
Cash, cash equivalents and restricted cash at beginning of period	69,819	41,677
Cash, cash equivalents and restricted cash at end of period	$ 45,189	$ 101,507

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	[1]	Additional Paid-in Capital [Member]	[2]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	[3]	Total
Beginning balance, value at Dec. 31, 2019	$ 857		$ 590,436		$ (243,339)	$ (6,409)		$ 341,545
Net loss					25,125			25,125
Other comprehensive loss						58		58
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net	1		(200)					(199)
Compensation related to Class A options granted and restricted stock awards			438					438
Ending balance, value at Mar. 31, 2020	858		590,674		(218,214)	(6,351)		366,967
Beginning balance, value at Dec. 31, 2020	864		592,564		(213,335)	(282)		379,811
Net loss					(15,868)			(15,868)
Other comprehensive loss						(99)		(99)
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net	5		(407)					(402)
Compensation related to Class A options granted and restricted stock awards			575					575
Ending balance, value at Mar. 31, 2021	$ 869		$ 592,732		$ (229,203)	$ (381)		$ 364,017
[1]	Par value $ 0.01 166,666,666 86,863,651 85,845,920
[2]	Includes 19,235,764 19,238,262
[3]	Amounts are net of tax.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Class A common stock, par value	$ 0.01	$ 0.01
Class A common stock, shares authorized	166,666,666	166,666,666
Class A common stock, shares issued	86,863,651	85,845,920
Class A common stock, shares outstanding	86,863,651	85,845,920
Class A warrants outstanding	19,235,764	19,238,262

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1 — Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Overseas Shipholding Group, Inc., a Delaware corporation (the “Parent Company”), and its wholly-owned subsidiaries (collectively, the “Company” or “OSG”, “we”, “us” or “our”), 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. These financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by generally accepted accounting principles in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the results have been included. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or for any other interim period. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“Form 10-K”). 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.

Recently Adopted and Issued Acc

Recently Adopted and Issued Accounting Standards	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Recently Adopted and Issued Accounting Standards	Note 2 — Recently Adopted and Issued Accounting Standards Recently Adopted Accounting Standards In October 2020, the FASB issued ASU 2020-10, Codification Improvements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS 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 June 30, 2019, the evaluation date for purposes of determining the applicability of the credit losses standard, 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.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Note 3 - Revenue Recognition 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. OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS The following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the three months ended March 31, 2021 and 2020: Schedule of Disaggregation of Revenue Three Months Ended March 31, 2021 2020 Time and bareboat charter revenues $ 63,788 $ 78,150 Voyage charter revenues (1) 7,037 11,468 Contracts of affreightment revenues 10,448 11,241 Total shipping revenues $ 81,273 $ 100,859 (1) Voyage charter revenues include revenue related to short-term time charter contracts was $ 2,864 11,319 Voyage Receivables As of March 31, 2021 and December 31, 2020, contract balances from contracts with customers consisted of voyage receivables of $ 8,458 and $ 9,351 , respectively, net of reserve for doubtful accounts for voyage charters and lightering contracts. Contracts of Affreightment At March 31, 2021, the Company did not have deferred revenue related to the Company's contracts of affreightment (“COAs”). Costs to Fulfill a Contract At March 31, 2021, the costs related to voyages that were not yet completed were not material. Transaction Price Allocated to the Remaining Performance Obligations As of March 31, 2021, the Company expects to recognize revenue of approximately $ 16,519 for the remainder of 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. OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2021
Per Share Amounts:
Earnings per Common Share	Note 4 — Earnings per Common Share Basic earnings per common share is computed by dividing earnings, after the deduction of dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. As management deems the exercise price for the Class A warrants of $ 0.01 The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units. Participating securities are defined by ASC 260 , Earnings Per Share Class A As of March 31, 2021, there were 3,414,189 1,478,756 2,681,891 1,478,756 The components of the calculation of basic earnings per share and diluted earnings per share are as follows: Schedule of Earnings Per Share Three Months Ended March 31, 2021 2020 Net (loss)/income $ (15,868 ) $ 25,125 Weighted average common shares outstanding: Class A common stock - basic 90,111,701 89,422,311 Class A common stock - diluted 90,111,701 90,388,988 For the three months ended March 31, 2020, there were dilutive equity awards outstanding covering 966,677 371,893 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS

Fair Value Measurements and Fai

Fair Value Measurements and Fair Value Disclosures	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements and Fair Value Disclosures	Note 5 — Fair Value Measurements and Fair Value Disclosures The following methods and assumptions are used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash— Debt— 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 estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: Schedule of Hierarchy Categorized on Fair Value Carrying Fair Value Value Level 1 Level 2 March 31, 2021: Assets Cash and cash equivalents (1) $ 45,189 $ 45,189 $ — Total $ 45,189 $ 45,189 $ — Liabilities Term loan, due 2023, net $ 245,994 $ — $ 250,988 Term loan, due 2024, net 22,603 — 22,868 Alaska tankers term loan, due 2025, net 49,242 — 47,688 OSG 204 LLC term loan, due 2025, net 30,647 — 30,562 Term loan, due 2026, net 47,924 — 50,346 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 22,083 — 20,555 Unsecured senior notes, net 390 — 407 Total $ 418,883 $ — $ 423,414 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS 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 (1) Includes current and non-current restricted cash aggregating $ 96 122 Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Vessel and Intangible Assets Impairments During the first quarter of 2021, the Company considered whether events or changes in circumstances had occurred since December 31, 2020 that could indicate the carrying amounts of the vessels in the Company’s fleet and the carrying value of the Company’s intangible assets may not be recoverable as of March 31, 2021. The Company concluded that no such events or changes in circumstances had occurred for its intangible assets at March 31, 2021. During the first quarter of 2021 the Company received a firm offer for the sale of the Overseas Gulf Coast 5,446 31,850

Taxes

Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Taxes	Note 6 — Taxes For the three months ended March 31, 2021 and 2020, the Company recorded an income tax benefit/(provision) of $ 6,169 and $ (6,360) , respectively, which represented effective tax rates of 28% and 20% , respectively. The increase in the effective tax rate for the three months ended March 31, 2021 compared to the three months ended March 31, 2020 was primarily due to the tonnage tax exclusion. The effective tax rate for the three months ended March 31, 2021 was more than the statutory rate due to the tonnage tax exclusion and state benefit. The effective tax rate for the three months ended March 31, 2020 was less than the statutory rate due to a discrete tax benefit in the quarter relating to state benefit resulting from the Alaska Tanker Company acquisition and deductible expenses related to Code Section 162(m). OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS

Capital Stock and Stock Compens

Capital Stock and Stock Compensation	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Capital Stock and Stock Compensation	Note 7 — Capital Stock and Stock Compensation Share and Warrant Repurchases During the three months ended March 31, 2021, in connection with the vesting of restricted stock units (“RSUs”), the Company withheld 185,459 $2.18 Warrant Conversions During the three months ended March 31, 2021 and 2020, the Company did not issue any shares of Class A common stock as a result of the exercise of Class A warrants. Stock Compensation The Company accounts for stock compensation expense in accordance with the fair value-based method required by ASC 718, Compensation – Stock Compensation Management Compensation Restricted Stock Units and Stock Options During the three months ended March 31, 2021, the Company granted 554,962 $2.36 During the three months ended March 31, 2021, the Company awarded 363,238 The ROIC Target RSU awards and the TSR Target RSU awards are subject to an increase of up to a maximum of 181,619 544,857 $2.36 During the three months ended March 31, 2021, the Company awarded 590,251 performance-based RSUs to its senior officers. The grant date fair value of these awards was $2.36 per RSU. Each performance-based RSU represents a contingent right to receive RSUs based on performance criteria tied to specific operational and financial OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive Loss	Note 8 — Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: Schedule of Components of Accumulated Other Comprehensive Loss As of March 31, 2021 December 31, 2020 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ (381 ) $ (282 ) Accumulated other comprehensive loss $ (381 ) $ (282 ) The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, during the three and three months ended March 31, 2021 and 2020: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) Balance as of December 31, 2020 $ (282 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (99 ) Total change in accumulated other comprehensive income (99 ) Balance as of March 31, 2021 $ (381 ) Balance as of December 31, 2019 $ (6,409 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income 58 Total change in accumulated other comprehensive income 58 Balance as of March 31, 2020 $ (6,351 ) 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 (expense)/income, net on the condensed consolidated statements of operations.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases
Leases	Note 9 — Leases Charters-out The Company is the lessor under its time charter contracts. Total time charter revenue for the three months ended March 31, 2021 and 2020 was equal to lease income from lease payments of $ 63,417 78,853 371 703

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Note 10 — Debt 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 the Company’s business. In an effort to conserve costs, several of the vessels in the Company’s fleet were placed in layup in late 2020 and 2021. In recognition that certain of the financial covenants that were in place in each of the Company’s vessel financing facilities did not appropriately reflect the impact of the pandemic on the Company's business, 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 agreed to sell one of its vessels, the Overseas Gulf Coast

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11 — Commitments and Contingencies The Company is a party, as plaintiff or defendant, to various suits in the ordinary course of business for monetary relief arising principally from personal injuries (including without limitation exposure to asbestos and other toxic materials), wrongful death, collision or other casualty and to claims arising under charter parties. A substantial majority of such personal injury, wrongful death, collision or other casualty claims against the Company are covered by insurance (subject to deductibles not material in amount). Each of the claims involves an amount which, in the opinion of management, are not expected to be material to the Company’s financial position, results of operations and cash flows.

Recently Adopted and Issued A_2

Recently Adopted and Issued Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In October 2020, the FASB issued ASU 2020-10, Codification Improvements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS
Recently Issued Accounting Standards	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 June 30, 2019, the evaluation date for purposes of determining the applicability of the credit losses standard, 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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2021
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 three months ended March 31, 2021 and 2020: Schedule of Disaggregation of Revenue Three Months Ended March 31, 2021 2020 Time and bareboat charter revenues $ 63,788 $ 78,150 Voyage charter revenues (1) 7,037 11,468 Contracts of affreightment revenues 10,448 11,241 Total shipping revenues $ 81,273 $ 100,859 (1) Voyage charter revenues include revenue related to short-term time charter contracts was $ 2,864 11,319

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2021
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 Three Months Ended March 31, 2021 2020 Net (loss)/income $ (15,868 ) $ 25,125 Weighted average common shares outstanding: Class A common stock - basic 90,111,701 89,422,311 Class A common stock - diluted 90,111,701 90,388,988

Fair Value Measurements and F_2

Fair Value Measurements and Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2021
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, are as follows: Schedule of Hierarchy Categorized on Fair Value Carrying Fair Value Value Level 1 Level 2 March 31, 2021: Assets Cash and cash equivalents (1) $ 45,189 $ 45,189 $ — Total $ 45,189 $ 45,189 $ — Liabilities Term loan, due 2023, net $ 245,994 $ — $ 250,988 Term loan, due 2024, net 22,603 — 22,868 Alaska tankers term loan, due 2025, net 49,242 — 47,688 OSG 204 LLC term loan, due 2025, net 30,647 — 30,562 Term loan, due 2026, net 47,924 — 50,346 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 22,083 — 20,555 Unsecured senior notes, net 390 — 407 Total $ 418,883 $ — $ 423,414 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS 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 (1) Includes current and non-current restricted cash aggregating $ 96 122

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: Schedule of Components of Accumulated Other Comprehensive Loss As of March 31, 2021 December 31, 2020 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ (381 ) $ (282 ) Accumulated other comprehensive loss $ (381 ) $ (282 )
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, during the three and three months ended March 31, 2021 and 2020: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans) Balance as of December 31, 2020 $ (282 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (99 ) Total change in accumulated other comprehensive income (99 ) Balance as of March 31, 2021 $ (381 ) Balance as of December 31, 2019 $ (6,409 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income 58 Total change in accumulated other comprehensive income 58 Balance as of March 31, 2020 $ (6,351 )

Schedule of Disaggregation of R

Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total shipping revenues		$ 81,273	$ 100,859
Time and Bareboat Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues		63,788	78,150
Voyage Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues	[1]	7,037	11,468
Contracts of Affreightment Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues		$ 10,448	$ 11,241
[1]	Voyage charter revenues include revenue related to short-term time charter contracts was $ 2,864 11,319

Schedule of Disaggregation of_2

Schedule of Disaggregation of Revenue (Details) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Voyage charter revenues	$ 17,485	$ 22,709
Short-term Time Charter Contracts [Member]
Disaggregation of Revenue [Line Items]
Voyage charter revenues	$ 2,864	$ 11,319

Revenue Recognition (Details Na

Revenue Recognition (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 8,458	$ 9,351
Revenue, Remaining Performance Obligation, Amount	$ 16,519

Schedule of Earnings Per Share

Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Per Share Amounts:
Net (loss)/income	$ (15,868)	$ 25,125
Weighted average common shares outstanding: Class A common stock - basic	90,111,701	89,422,311
Weighted average common shares outstanding: Class A common stock - diluted	90,111,701	90,388,988

Earnings per Common Share (Deta

Earnings per Common Share (Details Narrative) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		966,677
Class A Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	3,414,189	2,681,891
Class A Stock Options Outstanding [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,478,756	1,478,756
Stock Option Member [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		371,893
Class A Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrant exercise price	$ 0.01

Schedule of Hierarchy Categoriz

Schedule of Hierarchy Categorized on Fair Value (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	[1]	$ 45,189	$ 69,819
Total assets		45,189	69,819
Term loan agreements, fair value		418,883	429,120
Term Loan Agreement, Due 2023 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		245,994	252,057
Term Loan Agreement, Due 2024 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		22,603	22,972
Alaska Tankers Term Loan Agreement, Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		49,242	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		30,647	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		47,924	23,171
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		22,083	48,586
Unsecured Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		390	691
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	[1]	45,189	69,819
Total assets		45,189	69,819
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 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] | Alaska Tankers 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] | 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	[1]
Total assets
Term loan agreements, fair value		423,414	436,517
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		250,988	257,228
Fair Value, Inputs, Level 2 [Member] | Term Loan Agreement, Due 2024 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		22,868	23,535
Fair Value, Inputs, Level 2 [Member] | Alaska Tankers Term Loan Agreement, Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		47,688	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		30,562	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		50,346	21,921
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		20,555	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		$ 407	$ 715
[1]	Includes current and non-current restricted cash aggregating $ 96 122

Fair Value Measurements and F_3

Fair Value Measurements and Fair Value Disclosures - Schedule of Hierarchy Categorized on Fair Value (Details) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Restricted cash, fair value disclosure	$ 96	$ 122

Fair Value Measurements and F_4

Fair Value Measurements and Fair Value Disclosures (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2021	Mar. 31, 2021
Subsequent Event [Member]
Entity Listings [Line Items]
Sale of vessel	$ 31,850
Overseas Gulf Coast [Member]
Entity Listings [Line Items]
Loss on sale of asset		$ 5,446

Taxes (Details Narrative)

Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 6,169	$ (6,360)
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	(28.00%)	(20.00%)

Capital Stock and Stock Compe_2

Capital Stock and Stock Compensation (Details Narrative)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Restricted Stock Units (RSUs) [Member]
Schedule of Capitalization, Equity [Line Items]
Stock repurchased during period, per share amount | $ / shares	$ 2.36
Restricted Stock Units (RSUs) [Member] | Subject to Increase RSU Award [Member] | Maximum [Member]
Schedule of Capitalization, Equity [Line Items]
Share based payment options grants in period gross	181,619
TSR Target Restricted Stock Units [Member]
Schedule of Capitalization, Equity [Line Items]
Share based payment options grants in period gross	544,857
Employees, Including Senior Officers [Member] | Restricted Stock Units (RSUs) [Member]
Schedule of Capitalization, Equity [Line Items]
Share based payment options grants in period gross	554,962
Stock repurchased during period, per share amount | $ / shares	$ 2.36
Senior Officers [Member]
Schedule of Capitalization, Equity [Line Items]
Stock repurchased during period, per share amount | $ / shares	$ 2.36
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	590,251
Senior Officers [Member] | Restricted Stock Units (RSUs) [Member]
Schedule of Capitalization, Equity [Line Items]
Share based payment options grants in period gross	363,238
Common Class A [Member]
Schedule of Capitalization, Equity [Line Items]
Shares repurchased during period	185,459
Stock repurchased during period, per share amount | $ / shares	$ 2.18

Schedule of Components of Accum

Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans)	$ (381)	$ (282)
Accumulated other comprehensive loss	$ (381)	$ (282)

Schedule of Changes in Balances

Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (282)
Total change in accumulated other comprehensive income	(99)	$ 58
Ending balance	(381)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(282)	(6,409)
Current period change, excluding amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income	(99)	58
Total change in accumulated other comprehensive income	(99)	58
Ending balance	$ (381)	$ (6,351)

Leases (Details Narrative)

Leases (Details Narrative) - Time Charter Revenue [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Lease income	$ 63,417	$ 78,853
Straight-line adjustments	$ 371	$ 703