Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 04, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q2
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		87,146,851

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 61,735	$ 69,697
Restricted cash	37	49
Voyage receivables, including unbilled of $4,954 and $6,740, net of reserve for doubtful accounts	9,234	13,123
Income tax receivable	386	387
Other receivables	3,165	1,817
Inventories, prepaid expenses and other current assets	4,348	3,603
Total Current Assets	78,905	88,676
Vessels and other property, less accumulated depreciation	777,698	832,174
Deferred drydock expenditures, net	46,703	43,134
Total Vessels, Other Property and Deferred Drydock	824,401	875,308
Restricted cash - non current	59	73
Intangible assets, less accumulated amortization	24,917	27,217
Operating lease right-of-use assets, net	177,752	215,817
Other assets	26,096	24,646
Total Assets	1,132,130	1,231,737
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	42,208	48,089
Current portion of operating lease liabilities	90,590	90,613
Current portion of finance lease liabilities	4,001	4,000
Current installments of long-term debt	38,867	38,922
Total Current Liabilities	175,666	181,624
Reserve for uncertain tax positions	185	189
Noncurrent operating lease liabilities	108,396	147,154
Noncurrent finance lease liabilities	20,198	21,360
Long-term debt	369,523	390,198
Deferred income taxes, net	72,317	80,992
Other liabilities	31,932	30,409
Total Liabilities	778,217	851,926
Equity:
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 87,146,851 and 86,365,422 shares issued and outstanding)	871	864
Paid-in additional capital	593,424	592,564
Accumulated deficit	(239,902)	(213,335)
Stockholder’s Equity Subtotal	354,393	380,093
Accumulated other comprehensive loss	(480)	(282)
Total Equity	353,913	379,811
Total Liabilities and Equity	$ 1,132,130	$ 1,231,737

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Unbilled Contracts Receivable	$ 4,954	$ 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	87,146,851	86,365,422
Class A common stock, shares outstanding	87,146,851	86,365,422

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Shipping Revenues:
Time and bareboat charter revenues	$ 62,806	$ 96,662	$ 126,594	$ 174,812
Voyage charter revenues	25,553	17,877	43,039	40,586
Total Shipping revenues	88,359	114,539	169,633	215,398
Operating Expenses:
Voyage expenses	16,668	14,112	32,428	17,897
Vessel expenses	34,002	41,644	65,809	77,413
Charter hire expenses	22,595	22,505	44,913	44,965
Depreciation and amortization	15,068	14,217	30,387	28,236
General and administrative	6,004	7,599	12,370	13,772
(Gain)/loss on disposal of vessels and other property, including impairments, net	(196)	813	5,298	1,110
Total operating expenses	94,141	100,890	191,205	183,393
(Loss)/income from vessel operations	(5,782)	13,649	(21,572)	32,005
Gain on termination of pre-existing arrangement				19,172
Operating (loss)/income	(5,782)	13,649	(21,572)	51,177
Other (expense)/income, net	(111)	(58)	11	(27)
(Loss)/income before interest expense and income taxes	(5,893)	13,591	(21,561)	51,150
Interest expense	(7,317)	(6,167)	(13,687)	(12,241)
(Loss)/income before income taxes	(13,210)	7,424	(35,248)	38,909
Income tax benefit/(expense)	2,511	(1,044)	8,681	(7,404)
Net (loss)/income	$ (10,699)	$ 6,380	$ (26,567)	$ 31,505
Weighted Average Number of Common Shares Outstanding:
Basic - Class A	90,612,019	89,747,630	90,363,243	89,584,969
Diluted - Class A	90,612,019	90,812,332	90,363,243	90,600,658
Per Share Amounts:
Basic and diluted net (loss)/income - Class A	$ (0.12)	$ 0.07	$ (0.29)	$ 0.35

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss)/Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net (loss)/income	$ (10,699)	$ 6,380	$ (26,567)	$ 31,505
Defined benefit pension and other postretirement benefit plans:
Net change in unrecognized prior service costs	(180)	(18)	(360)	(36)
Net change in unrecognized actuarial losses	81	77	162	153
Other comprehensive (loss)/income	(99)	59	(198)	117
Comprehensive (loss)/income	$ (10,798)	$ 6,439	$ (26,765)	$ 31,622

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities:
Net (loss)/income	$ (26,567)	$ 31,505
Items included in net income not affecting cash flows:
Depreciation and amortization	30,387	28,236
Gain on termination of pre-existing arrangement		(19,172)
Loss on disposal of vessels and other property, including impairments, net	5,298	1,110
Amortization of debt discount and other deferred financing costs	1,252	1,124
Compensation relating to restricted stock awards and stock option grants	1,270	1,055
Deferred income tax (benefit)/expense	(8,679)	7,431
Interest on finance lease liabilities	914	1,001
Non-cash operating lease expense	45,672	45,680
Loss on extinguishment of debt, net		14
Distributed earnings of affiliated companies		3,562
Payments for drydocking	(14,222)	(10,078)
Operating lease liabilities	(45,957)	(45,998)
Changes in operating assets and liabilities, net	63	(3,204)
Net cash (used in)/provided by operating activities	(10,569)	42,266
Cash Flows from Investing Activities:
Acquisition, net of cash acquired		(16,973)
Proceeds from disposals of vessels and other property	32,128	700
Expenditures for vessels and vessel improvements	(5,101)	(38,657)
Expenditures for other property		(498)
Net cash provided by/(used in) investing activities	27,027	(55,428)
Cash Flows from Financing Activities:
Payments on debt	(19,251)	(26,669)
Tax withholding on share-based awards	(402)	(197)
Payments on principal portion of finance lease liabilities	(2,063)	(2,075)
Extinguishment of debt	(301)	(673)
Deferred financing costs paid for debt amendments	(2,429)
Issuance of debt, net of issuance and deferred financing costs		95,441
Net cash (used in)/provided by financing activities	(24,446)	65,827
Net (decrease)/increase in cash, cash equivalents and restricted cash	(7,988)	52,665
Cash, cash equivalents and restricted cash at beginning of period	69,819	41,677
Cash, cash equivalents and restricted cash at end of period	$ 61,831	$ 94,342

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 income (loss)					25,125			25,125
Other comprehensive income (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, 2019	857		590,436		(243,339)	(6,409)		341,545
Net income (loss)								31,505
Other comprehensive income (loss)								117
Ending balance, value at Jun. 30, 2020	863		591,286		(211,834)	(6,292)		374,023
Beginning balance, value at Mar. 31, 2020	858		590,674		(218,214)	(6,351)		366,967
Net income (loss)					6,380			6,380
Other comprehensive income (loss)						59		59
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net	5		(5)
Compensation related to Class A options granted and restricted stock awards			617					617
Ending balance, value at Jun. 30, 2020	863		591,286		(211,834)	(6,292)		374,023
Beginning balance, value at Dec. 31, 2020	864		592,564		(213,335)	(282)		379,811
Net income (loss)					(15,868)			(15,868)
Other comprehensive income (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
Beginning balance, value at Dec. 31, 2020	864		592,564		(213,335)	(282)		379,811
Net income (loss)								(26,567)
Other comprehensive income (loss)								(198)
Ending balance, value at Jun. 30, 2021	871		593,424		(239,902)	(480)		353,913
Beginning balance, value at Mar. 31, 2021	869		592,732		(229,203)	(381)		364,017
Net income (loss)					(10,699)			(10,699)
Other comprehensive income (loss)						(99)		(99)
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net	2		(3)					(1)
Compensation related to Class A options granted and restricted stock awards			695					695
Ending balance, value at Jun. 30, 2021	$ 871		$ 593,424		$ (239,902)	$ (480)		$ 353,913
[1]	Par value $ 0.01 166,666,666 87,146,851 86,336,977
[2]	Includes 19,235,764 19,236,264
[3]	Amounts are net of tax.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Jun. 30, 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 outstanding	87,146,851	86,336,977
Class A warrants outstanding	19,235,764	19,236,264

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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”). The World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a pandemic in March 2020. 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	6 Months Ended
	Jun. 30, 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, 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 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS 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	6 Months Ended
	Jun. 30, 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. The following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the three and six months ended June 30, 2021 and 2020: Schedule of Disaggregation of Revenue Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Time and bareboat charter revenues $ 62,806 $ 96,662 $ 126,594 $ 174,812 Voyage charter revenues (1) 13,405 9,423 20,443 20,892 Contracts of affreightment revenues 12,148 8,454 22,596 19,694 Total shipping revenues $ 88,359 $ 114,539 $ 169,633 $ 215,398 (1) Voyage charter revenues include approximately $ 2,530 3,946 5,394 15,265 Voyage Receivables As of June 30, 2021 and December 31, 2020, contract balances from contracts with customers consisted of voyage receivables of $ 7,343 and $ 9,351 , respectively, net of reserve of $ 4,459 Contracts of Affreightment At June 30, 2021 and December 31, 2020, the Company did not have deferred revenue related to the Company’s contracts of affreightment (“COAs”). Costs to Fulfill a Contract At June 30, 2021 and December 31, 2020, the costs related to voyages that were not yet completed were not material. OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Transaction Price Allocated to the Remaining Performance Obligations As of June 30, 2021, the Company expects to recognize revenue of approximately $ 10,139

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2021
Per Share Amounts:
Earnings per Common Share	Note 4 — Earnings per Common Share Basic earnings per common share is computed by dividing earnings 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 per share to be nominal, warrant proceeds are ignored, and the shares issuable upon Class A warrant exercise are included in the calculation of basic weighted average common shares outstanding for all periods. The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units. Participating securities are defined by ASC 260 , Earnings Per Share Class A As of June 30, 2021, there were 3,380,708 1,478,756 2,645,025 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net (loss)/income $ (10,699 ) $ 6,380 $ (26,567 ) $ 31,505 Weighted average common shares outstanding: Class A common stock - basic 90,612,019 89,747,630 90,363,243 89,584,969 Class A common stock - diluted 90,612,019 90,812,332 90,363,243 90,600,658 For the three and six months ended June 30, 2020, there were dilutive equity awards outstanding covering 1,064,702 1,015,689 371,893

Fair Value Measurements and Fai

Fair Value Measurements and Fair Value Disclosures	6 Months Ended
	Jun. 30, 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— OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS 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 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 June 30, 2021: Assets Cash and cash equivalents (1) $ 61,831 $ 61,831 $ — Total $ 61,831 $ 61,831 $ — Liabilities Term loan, due 2023, net $ 239,076 $ — $ 241,694 Term loan, due 2024, net 22,251 — 22,109 Alaska tankers term loan, due 2025, net 48,154 — 46,167 OSG 204 LLC term loan, due 2025, net 30,103 — 29,390 Term loan, due 2026, net 21,066 — 19,528 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 47,350 — 50,337 Unsecured senior notes, net 390 — 406 Total $ 408,390 $ — $ 409,631 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 second 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 June 30, 2021. The Company concluded that no such events or changes in circumstances had occurred for its intangible assets at June 30, 2021. During the first quarter of 2021 the Company received a firm offer for the sale of the Overseas Gulf Coast 5,446 on the planned disposition of this tanker. In April 2021, the Company entered into a contract to sell the vessel for $ 31,850 , net of broker commissions. The sale of the vessel was completed in June 2021 for $ 32,128 , net of broker commissions and other fees, resulting in an immaterial gain recognized during the three months ended June 30, 2021, which is included in (gain)/loss on disposal of vessels and other property, including impairments, net on the condensed consolidated statements of operations.

Taxes

Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Taxes	Note 6 — Taxes For the three months ended June 30, 2021 and 2020, the Company recorded an income tax benefit/(provision) of $ 2,511 1,044 19% 14% 8,681 7,404 25% 19% 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	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Capital Stock and Stock Compensation	Note 7 — Capital Stock and Stock Compensation Share and Warrant Repurchases During the six months ended June 30, 2021 and 2020, in connection with the vesting of restricted stock units (“RSUs”), the Company withheld 185,459 and 104,552 shares of Class A common stock at an average price of $ 2.18 and $ 1.90 per share (based on the market prices on the dates of vesting), respectively, from certain members of management to cover withholding taxes. Warrant Conversions During the six months ended June 30 2021, the Company did not issue any shares of Class A common stock as a result of the exercise of Class A warrants. During the six months ended June 30, 2020, the Company issued 378 1,998 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 On May 27, 2021 and May 28, 2020, the Company awarded 275,800 and 321,000 time-based RSUs to its non-employee directors. The grant date fair value of these awards was $ 2.29 and $ 2.25 per RSU, respectively. Each RSU represents a contingent right to receive one share of Class A common stock upon vesting. These RSUs vest in full on the first anniversary of the grant date, subject to each director continuing to provide services to the Company through such date. Management Compensation — Restricted Stock Units and Stock Options During the six months ended June 30, 2021 and 2020, the Company granted 554,962 and 764,406 RSUs to its employees, including senior officers, respectively. The grant date fair value of these awards was $ 2.36 and $ 2.03 per RSU, respectively. Each RSU represents a contingent right to receive one share of Class A common stock upon vesting. Each award of RSUs will vest in equal installments on each of the first three anniversaries of the grant date. During the six months ended June 30, 2021 and 2020, the Company awarded 363,238 and 582,224 performance-based RSUs to its senior officers, respectively. Each performance-based RSU represents a contingent right to receive RSUs based upon continuous employment through the end of a three-year performance period. The ROIC Target RSU awards and the TSR Target RSU awards are subject to an increase of up to a maximum of 181,619 and 291,112 target RSUs combined, respectively, ( 544,857 and 873,340 RSUs in total, respectively) or decrease, depending on performance against the applicable measure and targets. 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 $ 2.36 2.03 During the six months ended June 30, 2021, the Company awarded 590,251 2.36 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	6 Months Ended
	Jun. 30, 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 June 30, 2021 December 31, 2020 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ (480 ) $ (282 ) Accumulated other comprehensive loss $ (480 ) $ (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 six months ended June 30, 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 March 31, 2021 $ (381 ) 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 June 30, 2021 $ (480 ) Balance as of March 31, 2020 $ (6,351 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income 59 Total change in accumulated other comprehensive income 59 Balance as of June 30, 2020 $ (6,292 ) OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS 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 (198 ) Total change in accumulated other comprehensive income (198 ) Balance as of June 30, 2021 $ (480 ) 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 117 Total change in accumulated other comprehensive income 117 Balance as of June 30, 2020 $ (6,292 ) 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2021 was equal to lease income from lease payments of $ 62,705 126,122 101 472 95,893 174,746 769 66 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Note 10 — Debt In recent months, there has been some recovery in demand for oil and refined petroleum products worldwide from the lowest levels that resulted from the COVID-19 pandemic. The Company placed several vessels in layup in late 2020 and 2021 to conserve costs, with the pace of demand recovery influencing decisions to bring the vessels back into service. 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

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Note 11 — 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). In the opinion of management, none of these claims, individually or in the aggregate, are 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)	6 Months Ended
	Jun. 30, 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,
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 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS 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)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2021 and 2020: Schedule of Disaggregation of Revenue Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Time and bareboat charter revenues $ 62,806 $ 96,662 $ 126,594 $ 174,812 Voyage charter revenues (1) 13,405 9,423 20,443 20,892 Contracts of affreightment revenues 12,148 8,454 22,596 19,694 Total shipping revenues $ 88,359 $ 114,539 $ 169,633 $ 215,398 (1) Voyage charter revenues include approximately $ 2,530 3,946 5,394 15,265

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net (loss)/income $ (10,699 ) $ 6,380 $ (26,567 ) $ 31,505 Weighted average common shares outstanding: Class A common stock - basic 90,612,019 89,747,630 90,363,243 89,584,969 Class A common stock - diluted 90,612,019 90,812,332 90,363,243 90,600,658

Fair Value Measurements and F_2

Fair Value Measurements and Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021: Assets Cash and cash equivalents (1) $ 61,831 $ 61,831 $ — Total $ 61,831 $ 61,831 $ — Liabilities Term loan, due 2023, net $ 239,076 $ — $ 241,694 Term loan, due 2024, net 22,251 — 22,109 Alaska tankers term loan, due 2025, net 48,154 — 46,167 OSG 204 LLC term loan, due 2025, net 30,103 — 29,390 Term loan, due 2026, net 21,066 — 19,528 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 47,350 — 50,337 Unsecured senior notes, net 390 — 406 Total $ 408,390 $ — $ 409,631 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)	6 Months Ended
	Jun. 30, 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 June 30, 2021 December 31, 2020 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ (480 ) $ (282 ) Accumulated other comprehensive loss $ (480 ) $ (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 six months ended June 30, 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 March 31, 2021 $ (381 ) 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 June 30, 2021 $ (480 ) Balance as of March 31, 2020 $ (6,351 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income 59 Total change in accumulated other comprehensive income 59 Balance as of June 30, 2020 $ (6,292 ) OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS 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 (198 ) Total change in accumulated other comprehensive income (198 ) Balance as of June 30, 2021 $ (480 ) 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 117 Total change in accumulated other comprehensive income 117 Balance as of June 30, 2020 $ (6,292 )

Schedule of Disaggregation of R

Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total shipping revenues		$ 88,359	$ 114,539	$ 169,633	$ 215,398
Time and Bareboat Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues		62,806	96,662	126,594	174,812
Voyage Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues	[1]	13,405	9,423	20,443	20,892
Contracts of Affreightment Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues		$ 12,148	$ 8,454	$ 22,596	$ 19,694
[1]	Voyage charter revenues include approximately $ 2,530 3,946 5,394 15,265

Schedule of Disaggregation of_2

Schedule of Disaggregation of Revenue (Details) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Voyage charter revenues	$ 25,553	$ 17,877	$ 43,039	$ 40,586
Short-term Time Charter Contracts [Member]
Disaggregation of Revenue [Line Items]
Voyage charter revenues	$ 2,530	$ 3,946	$ 5,394	$ 15,265

Revenue Recognition (Details Na

Revenue Recognition (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 7,343	$ 9,351
Contract assets doubtful accounts	4,459	$ 4,459
Revenue, Remaining Performance Obligation, Amount	$ 10,139

Schedule of Earnings Per Share

Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Per Share Amounts:
Net (loss)/income	$ (10,699)	$ (15,868)	$ 6,380	$ 25,125	$ (26,567)	$ 31,505
Weighted average common shares outstanding: Class A common stock - basic	90,612,019		89,747,630		90,363,243	89,584,969
Weighted average common shares outstanding: Class A common stock - diluted	90,612,019		90,812,332		90,363,243	90,600,658

Earnings per Common Share (Deta

Earnings per Common Share (Details Narrative) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,064,702		1,015,689
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		3,380,708	2,645,025
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		371,893
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 Hierarchy Categoriz

Schedule of Hierarchy Categorized on Fair Value (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	[1]	$ 69,819	$ 61,831
Total assets		69,819	61,831
Term loan agreements, fair value		$ 429,120	408,390
Term Loan Agreement Due Two Thousand Twenty Three [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value			239,076	$ 252,057
Term Loan Agreement Due Two Thousand Twenty Four [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value			22,251	22,972
Alaska Tankers Term Loan Agreement Due Two Thousand Twenty Five [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value			48,154	50,360
O S G Two Zero Four L L C Term Loan Agreement Due Two Thousand Twenty Five [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value			30,103	31,283
Term Loan Agreement Due Two Thousand Twenty Six [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value			21,066	23,171
O S G Two Zero Five L L Aand O S G Courageous Second L L C Term Loan Due Two Thousand Twenty Seven [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value			47,350	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]		61,831	69,819
Total assets			61,831	69,819
Term loan agreements, fair value
Fair Value, Inputs, Level 1 [Member] | Term Loan Agreement Due Two Thousand Twenty Three [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 Two Thousand Twenty Four [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 Two Thousand Twenty Four [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 Two Thousand Twenty Five [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] | O S G Two Zero Four L L C Term Loan Agreement Due Two Thousand Twenty Five [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 Two Thousand Twenty Six [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] | O S G Two Zero Five L L Aand O S G Courageous Second L L C Term Loan Due Two Thousand Twenty Seven [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			409,631	436,517
Fair Value, Inputs, Level 2 [Member] | Term Loan Agreement Due Two Thousand Twenty Three [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value			241,694	257,228
Fair Value, Inputs, Level 2 [Member] | Term Loan Agreement Due Two Thousand Twenty Four [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value			22,109	23,535
Fair Value, Inputs, Level 2 [Member] | Alaska Tankers Term Loan Agreement Due Two Thousand Twenty Five [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value			46,167
Fair Value, Inputs, Level 2 [Member] | O S G Two Zero Four L L C Term Loan Agreement Due Two Thousand Twenty Five [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value			29,390	31,562
Fair Value, Inputs, Level 2 [Member] | Term Loan Agreement Due Two Thousand Twenty Six [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value			19,528	21,921
Fair Value, Inputs, Level 2 [Member] | O S G Two Zero Five L L Aand O S G Courageous Second L L C Term Loan Due Two Thousand Twenty Seven [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value			50,337	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			$ 406	$ 715
[1]	Includes current and non-current restricted cash aggregating $ 96 122

Schedule of Hierarchy Categor_2

Schedule of Hierarchy Categorized on Fair Value (Details) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Restricted cash, fair value disclosure	$ 96	$ 122

Fair Value Measurements and F_3

Fair Value Measurements and Fair Value Disclosures (Details Narrative) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	Jun. 30, 2021	Apr. 30, 2021	Jun. 30, 2021
Entity Listings [Line Items]
Proceeds from Sale of Intangible Assets	$ 32,128	$ 31,850
Overseas Gulf Coast [Member]
Entity Listings [Line Items]
Gain (Loss) on Disposition of Intangible Assets			$ 5,446

Taxes (Details Narrative)

Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax benefit/(expense)	$ 2,511	$ (1,044)	$ 8,681	$ (7,404)
Change in the state tax rate	(14.00%)	(19.00%)	(25.00%)	(19.00%)

Schedule of Components of Accum

Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Equity [Abstract]
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans)	$ (480)	$ (282)
Accumulated other comprehensive loss	$ (480)	$ (282)

Schedule of Changes in Balances

Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss (Details) - Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (381)	$ (6,351)	$ (282)	$ (6,409)
Current period change, excluding amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income	(99)	59	(198)	117
Total change in accumulated other comprehensive income	(99)	59	(198)	117
Ending balance	$ (480)	$ (6,292)	$ (480)	$ (6,292)

Capital Stock and Stock Compe_2

Capital Stock and Stock Compensation (Details Narrative) - $ / shares	May 27, 2021	May 28, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Senior Officers [Member]
Class of Stock [Line Items]
Share based payment options grants in period gross			590,251
Class A Warrants [Member]
Class of Stock [Line Items]
Number of warrants exercised			1,998
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Stock repurchased during period, per share amount			$ 2.36
Restricted Stock Units (RSUs) [Member] | Subject to Increase RSU Award [Member] | Maximum [Member]
Class of Stock [Line Items]
Restricted stock shares			181,619	291,112
Restricted Stock Units (RSUs) [Member] | Nonemployee Directors [Member]
Class of Stock [Line Items]
Restricted stock shares	275,800	321,000
Stock repurchased during period, per share amount	$ 2.29	$ 2.25
Restricted Stock Units (RSUs) [Member] | Employees, Including Senior Officers [Member]
Class of Stock [Line Items]
Restricted stock shares			554,962	764,406
Stock repurchased during period, per share amount			$ 2.36	$ 2.03
Restricted Stock Units (RSUs) [Member] | Senior Officers [Member]
Class of Stock [Line Items]
Restricted stock shares			363,238	582,224
T S R Target Restricted Stock Units Awards [Member]
Class of Stock [Line Items]
Restricted stock shares					544,857	873,340
Stock repurchased during period, per share amount					$ 2.36	$ 2.03
Common Class A [Member]
Class of Stock [Line Items]
Stock repurchase shares			185,459	104,552
Stock repurchase price per share			$ 2.18	$ 1.90
Shares issued for warrants exercised			378

Leases (Details Narrative)

Leases (Details Narrative) - Time Charter Revenue [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Lease income	$ 62,705	$ 95,893	$ 126,122	$ 174,746
Straight-line adjustments	$ 101	$ 769	$ 472	$ 66