Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 10-Q 9 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 04, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
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		87,170,463

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 84,971	$ 69,697
Restricted cash	37	49
Voyage receivables, including unbilled of $7,606 and $6,740, net of reserve for doubtful accounts	17,733	13,123
Income tax receivable	369	387
Other receivables	4,149	1,817
Inventories, prepaid expenses and other current assets	5,917	3,603
Total Current Assets	113,176	88,676
Vessels and other property, less accumulated depreciation	768,992	832,174
Deferred drydock expenditures, net	43,512	43,134
Total Vessels, Other Property and Deferred Drydock	812,504	875,308
Restricted cash - non current	44	73
Intangible assets, less accumulated amortization	23,767	27,217
Operating lease right-of-use assets, net	156,862	215,817
Other assets	25,914	24,646
Total Assets	1,132,267	1,231,737
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	39,492	48,089
Current portion of operating lease liabilities	90,551	90,613
Current portion of finance lease liabilities	4,001	4,000
Current installments of long-term debt	21,530	38,922
Total Current Liabilities	155,574	181,624
Reserve for uncertain tax positions	186	189
Noncurrent operating lease liabilities	88,176	147,154
Noncurrent finance lease liabilities	19,598	21,360
Long-term debt	430,255	390,198
Deferred income taxes, net	67,802	80,992
Other liabilities	32,153	30,409
Total Liabilities	793,744	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	594,143	592,564
Accumulated deficit	(255,911)	(213,335)
Stockholder’s Equity Subtotal	339,103	380,093
Accumulated other comprehensive loss	(580)	(282)
Total Equity	338,523	379,811
Total Liabilities and Equity	$ 1,132,267	$ 1,231,737

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Unbilled Contracts Receivable	$ 7,606	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Shipping Revenues:
Time and bareboat charter revenues	$ 64,535	$ 89,273	$ 191,130	$ 264,085
Voyage charter revenues	29,432	16,475	72,469	57,061
Total shipping revenues	93,967	105,748	263,599	321,146
Operating Expenses:
Voyage expenses	18,602	13,467	51,030	31,364
Vessel expenses	36,006	43,044	101,815	120,456
Charter hire expenses	22,806	22,782	67,719	67,746
Depreciation and amortization	15,526	15,253	45,913	43,488
General and administrative	5,707	6,140	18,076	19,915
Loss/(gain) on disposal of vessels and other property, including impairments, net	960	(151)	6,257	959
Total operating expenses	99,607	100,535	290,810	283,928
(Loss)/income from vessel operations	(5,640)	5,213	(27,211)	37,218
Gain on termination of pre-existing arrangement				19,172
Operating (loss)/income	(5,640)	5,213	(27,211)	56,390
Loss on extinguishment of debt, net	(7,961)	(488)	(7,961)	(503)
Other income, net	129	328	140	316
(Loss)/income before interest expense and income taxes	(13,472)	5,052	(35,032)	56,203
Interest expense	(7,052)	(5,902)	(20,739)	(18,143)
(Loss)/income before income taxes	(20,524)	(850)	(55,771)	38,060
Income tax benefit/(expense)	4,515	192	13,195	(7,212)
Net (loss)/income	$ (16,009)	$ (657)	$ (42,576)	$ 30,848
Weighted Average Number of Common Shares Outstanding:
Basic - Class A	90,808,080	89,998,301	90,513,150	89,723,751
Diluted - Class A	90,808,080	89,998,301	90,513,150	90,727,485
Per Share Amounts:
Basic and diluted net (loss)/income - Class A	$ (0.18)	$ (0.01)	$ (0.47)	$ 0.34

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss)/Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net (loss)/income	$ (16,009)	$ (657)	$ (42,576)	$ 30,848
Defined benefit pension and other postretirement benefit plans:
Net change in unrecognized prior service costs	(181)	(18)	(542)	(55)
Net change in unrecognized actuarial losses	81	77	244	231
Other comprehensive (loss)/income	(100)	59	(298)	176
Comprehensive (loss)/income	$ (16,109)	$ (598)	$ (42,874)	$ 31,024

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities:
Net (loss)/income	$ (42,576)	$ 30,848
Items included in net income not affecting cash flows:
Depreciation and amortization	45,913	43,488
Gain on termination of pre-existing arrangement		(19,172)
Loss on disposal of vessels and other property, including impairments, net	6,257	959
Amortization of debt discount and other deferred financing costs	1,822	1,714
Compensation relating to restricted stock awards and stock option grants	1,989	1,685
Deferred income tax (benefit)/expense	(13,193)	7,237
Interest on finance lease liabilities	1,362	1,493
Non-cash operating lease expense	68,383	68,706
Loss on extinguishment of debt, net	5,225	503
Distributed earnings of affiliated companies		3,562
Payments for drydocking	(14,883)	(20,819)
Operating lease liabilities	(69,297)	(69,263)
Changes in operating assets and liabilities, net	(11,430)	1,329
Net cash (used in)/provided by operating activities	(20,428)	52,270
Cash Flows from Investing Activities:
Acquisition, net of cash acquired		(16,973)
Proceeds from disposals of vessels and other property	32,128	1,407
Expenditures for vessels and vessel improvements	(5,827)	(55,197)
Net cash provided by/(used in) investing activities	26,301	(70,763)
Cash Flows from Financing Activities:
Payments on debt	(28,919)	(35,844)
Tax withholding on share-based awards	(402)	(197)
Payments on principal portion of finance lease liabilities	(3,124)	(3,124)
Extinguishment of debt	(274,582)	(25,249)
Extinguishment of debt costs paid	(2,736)
Deferred financing costs paid for debt amendments	(2,429)
Issuance of debt, net of issuance and deferred financing costs	321,552	95,370
Net cash provided by financing activities	9,360	30,956
Net increase in cash, cash equivalents and restricted cash	15,233	12,463
Cash, cash equivalents and restricted cash at beginning of period	69,819	41,677
Cash, cash equivalents and restricted cash at end of period	$ 85,052	$ 54,140

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 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)								30,848
Other comprehensive loss								176
Ending balance, value at Sep. 30, 2020	863		591,916		(212,491)	(6,233)		374,055
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 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
Net income (loss)					(657)			(657)
Other comprehensive loss						59		59
Compensation related to Class A options granted and restricted stock awards			630					630
Ending balance, value at Sep. 30, 2020	863		591,916		(212,491)	(6,233)		374,055
Beginning balance, value at Dec. 31, 2020	864		592,564		(213,335)	(282)		379,811
Net income (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
Beginning balance, value at Dec. 31, 2020	864		592,564		(213,335)	(282)		379,811
Net income (loss)								(42,576)
Other comprehensive loss								(298)
Ending balance, value at Sep. 30, 2021	871		594,143		(255,911)	(580)		338,523
Beginning balance, value at Mar. 31, 2021	869		592,732		(229,203)	(381)		364,017
Net income (loss)					(10,699)			(10,699)
Other comprehensive 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
Net income (loss)					(16,009)			(16,009)
Other comprehensive loss						(100)		(100)
Compensation related to Class A options granted and restricted stock awards			719					719
Ending balance, value at Sep. 30, 2021	$ 871		$ 594,143		$ (255,911)	$ (580)		$ 338,523
[1]	Par value $ 0.01 166,666,666 87,146,851 86,337,072
[2]	Includes 19,235,764
[3]	Amounts are net of tax.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Sep. 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	86,337,072
Class A warrants outstanding	19,235,764	19,235,764

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 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 nine months ended September 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 our disclosures throughout describe its effects on our business.

Recently Adopted and Issued Acc

Recently Adopted and Issued Accounting Standards	9 Months Ended
	Sep. 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 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. OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 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 nine months ended September 30, 2021 and 2020: Schedule of Disaggregation of Revenue Three Months Ended Nine Months Ended 2021 2020 2021 2020 Time and bareboat charter revenues $ 64,535 $ 89,273 $ 191,130 $ 264,085 Voyage charter revenues (1) 17,682 3,250 38,124 24,037 Contracts of affreightment revenues 11,750 13,225 34,345 33,024 Total shipping revenues $ 93,967 $ 105,748 $ 263,599 $ 321,146 (1) Voyage charter revenues include approximately $ 4,175 9,569 15,139 Voyage Receivables As of September 30, 2021 and December 31, 2020, contract balances from contracts with customers consisted of voyage receivables of $ 11,776 9,351 5,641 5,891 Contracts of Affreightment At September 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 September 30, 2021 and December 31, 2020, the costs related to voyages that were not yet completed were not material. Transaction Price Allocated to the Remaining Performance Obligations As of September 30, 2021, the Company expects to recognize revenue of approximately $ 9,397 27,402

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 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 exercises 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 September 30, 2021, there were 3,380,708 1,478,756 2,643,063 1,478,756 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS The components of the calculation of basic earnings per share and diluted earnings per share are as follows: Schedule of Earnings Per Share 2021 2020 2021 2020 Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net (loss)/income $ (16,009 ) $ (657 ) $ (42,576 ) $ 30,848 Weighted average common shares outstanding: Class A common stock - basic 90,808,080 89,998,301 90,513,150 89,723,751 Class A common stock - diluted 90,808,080 89,998,301 90,513,150 90,727,485 For the nine months ended September 30, 2020, there were dilutive equity awards outstanding covering 1,003,734 371,893

Fair Value Measurements and Fai

Fair Value Measurements and Fair Value Disclosures	9 Months Ended
	Sep. 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— 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 September 30, 2021: Assets Cash and cash equivalents (1) $ 85,052 $ 85,052 $ — Total $ 85,052 $ 85,052 $ — Liabilities Term loan, due 2024, net $ 21,944 $ — $ 21,762 Alaska tankers term loan, due 2025, net 31,401 — 30,102 OSG 204 LLC term loan, due 2025, net 29,625 — 28,880 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 46,870 — 49,510 Term loan, due 2028, net 321,555 — 323,374 Unsecured senior notes, net 390 — 404 Total $ 451,785 $ — $ 454,032 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 $ 81 122 Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Vessel and Intangible Assets Impairments During the third 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 September 30, 2021. The Company concluded that no such events or changes in circumstances had occurred for its intangible assets at September 30, 2021. During the third quarter of 2021, the Company gave consideration as to whether events or changes in circumstances had occurred that could indicate that the carrying amounts of the Company's operating lease right-of-use assets may not be fully recoverable. The Company concluded that the decline in previously forecasted cash flows on two of the Company’s leased vessels, due to a change in the expected deployment, constituted an impairment triggering event as of September 30, 2021. Based on the Company's analysis, an impairment charge of $ 1,000 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 second quarter of 2021, which is included in loss/(gain) on disposal of vessels and other property, including impairments, net on the condensed consolidated statements of operations.

Taxes

Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Taxes	Note 6 — Taxes For the three months ended September 30, 2021 and 2020, the Company recorded income tax benefits of $ 4,515 and $ 192 , respectively, which represented effective tax rates of 22 % and 23 %, respectively. For the nine months ended September 30, 2021 and 2020, the Company recorded an income tax benefit/(provision) of $ 13,195 and $ (7,212) , respectively, which represented effective tax rates of 24 % and 19 %, respectively. There was no significant change in the effective tax rate for the three months ended September 30, 2021 compared to the three months ended September 30, 2020. The increase in the effective tax rate for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 was primarily due to changes in state apportionment, the tonnage tax exclusion and interest related to an alternative minimum tax refund received in 2020. The effective tax rate for the nine months ended September 30, 2021 was more than the statutory rate due to the tonnage tax exclusion and state tax benefit. The effective tax rate for the nine months ended September 30, 2020 was less than the statutory rate due to a discrete tax benefit relating to state benefit resulting from the Alaska Tanker Company acquisition, interest related to an alternative minimum tax refund and the tonnage tax exclusion.

Capital Stock and Stock Compens

Capital Stock and Stock Compensation	9 Months Ended
	Sep. 30, 2021
Capital Stock And Stock Compensation
Capital Stock and Stock Compensation	Note 7 — Capital Stock and Stock Compensation Share and Warrant Repurchases During the nine months ended September 30, 2021 and 2020, in connection with the vesting of restricted stock units (“RSUs”), the Company withheld 185,459 104,552 2.18 1.90 Warrant Conversions During the nine months ended September 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 nine months ended September 30, 2020, the Company issued 473 2,498 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS 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 time-based RSUs to its non-employee directors covering 275,800 321,000 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 nine months ended September 30, 2021 and 2020, the Company granted 554,962 764,406 2.36 2.03 During the nine months ended September 30, 2021 and 2020, the Company awarded 363,238 582,224 The performance-based RSUs 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 awards, which have a market condition, was determined to be $ 2.36 and $ 2.03 per RSU, respectively. During the nine months ended September 30, 2021, the Company awarded 590,251 2.36

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 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 September 30, 2021 December 31, 2020 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ (580 ) $ (282 ) Accumulated other comprehensive loss $ (580 ) $ (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 nine months ended September 30, 2021 and 2020: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss Items not yet recognized as a Balance as of June 30, 2021 $ (480 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (100 ) Total change in accumulated other comprehensive income (100 ) Balance as of September 30, 2021 $ (580 ) Balance as of June 30, 2020 $ (6,292 ) 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 September 30, 2020 $ (6,233 ) 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 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 (298 ) Total change in accumulated other comprehensive income (298 ) Balance as of September 30, 2021 $ (580 ) 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 176 Total change in accumulated other comprehensive income 176 Balance as of September 30, 2020 $ (6,233 ) 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2021 was equal to lease income from lease payments of $ 64,551 190,673 16 457 88,609 263,356 664 729

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Note 10 — Debt On September 29, 2021, certain subsidiaries (the “Borrowers”) 325,000 term loan credit facility with Stonebriar Commercial Finance. Proceeds were used to pay off the Company’s term loan, due 2023 , with The Prudential Insurance Company of America, as administrative agent, and certain other lenders, and the Company’s term loan, due 2026 , with Wintrust Commercial Finance, for $ 237,983 and $ 20,298 , respectively. Additionally, the Company used proceeds to make a prepayment of $ 16,000, to partially refinance a term loan with Banc of America Leasing & Capital, LLC, the Company’s Alaska tankers term loan, due 2025 . The remaining proceeds will be used for general working capital purposes. The Company recognized an aggregate net loss of $ 7,961 on these transactions, which reflects a write-off of unamortized deferred financing costs and prepayment fees. The new term loan bears interest at a rate of 7.75 % and matures on October 1, 2028 . The performance of the Borrowers’ obligations under the term loan is guaranteed by the Company and certain other subsidiaries and are secured by the Borrowers’ assets, including five tankers, three tugs, and two barges, and by the Company’s equity interests in certain of its subsidiaries. The annual principal payments required to be made for the new term loan are $ 1,787 for the remainder of 2021, $ 12,100 in 2022, $ 13,072 in 2023 $ 14,122 in 2024, $ 15,257 in 2025 and $ 268,662 thereafter. The Company also completed amendments to the loans on the OSG 205 OSG Courageous Overseas Sun Coast Alaskan Explorer Alaskan Navigator 325,000 On November 5, 2021, subsidiaries of the Company entered into an agreement to amend the Company’s OSG 204 LLC term loan, due 2025, to align the term loan’s financial covenants with the Company’s new term loan with Stonebriar. In connection with the amendment, the Company made a prepayment of $ 3,000 on the outstanding balance of the loan.

Contingencies

Contingencies	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2021 and 2020: Schedule of Disaggregation of Revenue Three Months Ended Nine Months Ended 2021 2020 2021 2020 Time and bareboat charter revenues $ 64,535 $ 89,273 $ 191,130 $ 264,085 Voyage charter revenues (1) 17,682 3,250 38,124 24,037 Contracts of affreightment revenues 11,750 13,225 34,345 33,024 Total shipping revenues $ 93,967 $ 105,748 $ 263,599 $ 321,146 (1) Voyage charter revenues include approximately $ 4,175 9,569 15,139

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 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 2021 2020 2021 2020 Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net (loss)/income $ (16,009 ) $ (657 ) $ (42,576 ) $ 30,848 Weighted average common shares outstanding: Class A common stock - basic 90,808,080 89,998,301 90,513,150 89,723,751 Class A common stock - diluted 90,808,080 89,998,301 90,513,150 90,727,485

Fair Value Measurements and F_2

Fair Value Measurements and Fair Value Disclosures (Tables)	9 Months Ended
	Sep. 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 September 30, 2021: Assets Cash and cash equivalents (1) $ 85,052 $ 85,052 $ — Total $ 85,052 $ 85,052 $ — Liabilities Term loan, due 2024, net $ 21,944 $ — $ 21,762 Alaska tankers term loan, due 2025, net 31,401 — 30,102 OSG 204 LLC term loan, due 2025, net 29,625 — 28,880 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 46,870 — 49,510 Term loan, due 2028, net 321,555 — 323,374 Unsecured senior notes, net 390 — 404 Total $ 451,785 $ — $ 454,032 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 $ 81 122

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 December 31, 2020 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ (580 ) $ (282 ) Accumulated other comprehensive loss $ (580 ) $ (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 nine months ended September 30, 2021 and 2020: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss Items not yet recognized as a Balance as of June 30, 2021 $ (480 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (100 ) Total change in accumulated other comprehensive income (100 ) Balance as of September 30, 2021 $ (580 ) Balance as of June 30, 2020 $ (6,292 ) 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 September 30, 2020 $ (6,233 ) 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 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 (298 ) Total change in accumulated other comprehensive income (298 ) Balance as of September 30, 2021 $ (580 ) 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 176 Total change in accumulated other comprehensive income 176 Balance as of September 30, 2020 $ (6,233 )

Schedule of Disaggregation of R

Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total shipping revenues		$ 93,967	$ 105,748	$ 263,599	$ 321,146
Time And Bareboat Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues		64,535	89,273	191,130	264,085
Voyage Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues	[1]	17,682	3,250	38,124	24,037
Contracts Of Affreightment Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues		$ 11,750	$ 13,225	$ 34,345	$ 33,024
[1]	Voyage charter revenues include approximately $ 4,175 9,569 15,139

Schedule of Disaggregation of_2

Schedule of Disaggregation of Revenue (Details) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Voyage charter revenues	$ 29,432	$ 16,475	$ 72,469	$ 57,061
Short Term Time Charter Contracts [Member]
Disaggregation of Revenue [Line Items]
Voyage charter revenues	$ 4,175		$ 9,569	$ 15,139

Revenue Recognition (Details Na

Revenue Recognition (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 11,776	$ 9,351
Contract assets doubtful accounts	5,641	$ 5,891
Reminder Of 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Revenue, Remaining Performance Obligation, Amount	9,397
2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 27,402

Schedule of Earnings Per Share

Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Per Share Amounts:
Net (loss)/income	$ (16,009)	$ (10,699)	$ (15,868)	$ (657)	$ 6,380	$ 25,125	$ (42,576)	$ 30,848
Class A common stock - basic	90,808,080			89,998,301			90,513,150	89,723,751
Class A common stock - diluted	90,808,080			89,998,301			90,513,150	90,727,485

Earnings per Common Share (Deta

Earnings per Common Share (Details Narrative) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		1,003,734
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	2,643,063
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]
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		Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	[1]	$ 85,052	$ 69,819
Total assets		85,052	69,819
Term loan agreements, fair value		451,785	429,120
Term Loan Agreement Due 2024 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		21,944	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		31,401	50,360
OSG 204 L L C Term Loan Agreement Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		29,625	31,283
OSG 205 L L Aand OSG Courageous Second L L C Term Loan Due 2027 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		46,870	48,586
Term Loan Agreement Due 2028 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		321,555
Unsecured Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		390	691
Term Loan Agreement Due 2023 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value			252,057
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			23,171
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	[1]	85,052	69,819
Total assets		85,052	69,819
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] | Term Loan Agreements Due 2024 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value
Fair Value, Inputs, Level 1 [Member] | Alaska Tankers Term Loan Agreement Due 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 L L C 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 205 L L Aand OSG Courageous Second L L C 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] | Term Loan Agreement Due 2028 [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 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 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 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	[1]
Total assets
Term loan agreements, fair value		454,032	436,517
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		21,762	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		30,102	49,357
Fair Value, Inputs, Level 2 [Member] | OSG 204 L L C Term Loan Agreement Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		28,880	31,562
Fair Value, Inputs, Level 2 [Member] | OSG 205 L L Aand OSG Courageous Second L L C Term Loan Due 2027 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		49,510	52,199
Fair Value, Inputs, Level 2 [Member] | Term Loan Agreement Due 2028 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		323,374
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		$ 404	715
Fair Value, Inputs, Level 2 [Member] | Term Loan Agreement Due 2023 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value			257,228
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			$ 21,921
[1]	Includes current and non-current restricted cash aggregating $ 81 122

Schedule of Hierarchy Categor_2

Schedule of Hierarchy Categorized on Fair Value (Details) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Restricted cash, fair value disclosure	$ 81	$ 122

Fair Value Measurements and F_3

Fair Value Measurements and Fair Value Disclosures (Details Narrative) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Jun. 30, 2021	Apr. 30, 2021	Sep. 30, 2021
Impairment charges			$ 1,000
Proceeds from Sale of Intangible Assets	$ 32,128	$ 31,850
Overseas Gulf Coast [Member]
Gain (Loss) on Disposition of Intangible Assets			$ 5,446

Taxes (Details Narrative)

Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 4,515	$ 192	$ 13,195	$ (7,212)
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	22.00%	23.00%	24.00%	19.00%

Capital Stock and Stock Compe_2

Capital Stock and Stock Compensation (Details Narrative) - $ / shares	May 27, 2021	May 28, 2020	Sep. 30, 2021	Sep. 30, 2020
Senior Officers [Member]
Share based payment options grants in period gross			590,251
Class A Warrants [Member]
Number of warrants exercised			2,498
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 2.36
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | Subject to Increase RSU Award [Member]
Restricted stock shares			181,619	291,112
Restricted Stock Units (RSUs) [Member] | Nonemployee Directors [Member]
Restricted stock shares	275,800	321,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 2.29	$ 2.25
Restricted Stock Units (RSUs) [Member] | Employees, Including Senior Officers [Member]
Restricted stock shares			554,962	764,406
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 2.36	$ 2.03
Restricted Stock Units (RSUs) [Member] | Senior Officers [Member]
Restricted stock shares			363,238	582,224
T S R Target Restricted Stock Units Awards [Member]
Restricted stock shares			544,857	873,340
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 2.36	$ 2.03
Common Class A [Member]
Stock repurchase shares			185,459	104,552
Stock repurchase price per share			$ 2.18	$ 1.90
Shares issued for warrants exercised			473

Schedule of Components of Accum

Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Sep. 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)	$ (580)	$ (282)
Accumulated other comprehensive loss	$ (580)	$ (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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (480)	$ (6,292)	$ (282)	$ (6,409)
Current period change, excluding amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income	(100)	59	(298)	176
Total change in accumulated other comprehensive income	(100)	59	(298)	176
Ending balance	$ (580)	$ (6,233)	$ (580)	$ (6,233)

Leases (Details Narrative)

Leases (Details Narrative) - Time Charter Revenue [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lease income	$ 64,551	$ 88,609	$ 190,673	$ 263,356
Straight-line adjustments	$ 16	$ 664	$ 457	$ 729

Debt (Details Narrative)

Debt (Details Narrative) - USD ($)	Nov. 01, 2021	Sep. 29, 2021	Sep. 30, 2021
Short-term Debt [Line Items]
Prepayment of term loan		$ 16,000
Loans Payable		$ 7,961,000
Debt Instrument, Interest Rate, Stated Percentage		7.75%
Debt Instrument, Maturity Date		Oct. 1, 2028
Long-Term Debt, Maturity, Remainder of Fiscal Year		$ 1,787,000
Long-Term Debt, Maturity, Year One		12,100,000
Long-Term Debt, Maturity, Year Two		13,072,000
Long-Term Debt, Maturity, Year Three		14,122,000
Long-Term Debt, Maturity, Year Four		15,257,000
Long-Term Debt, Maturity, after Year Five		268,662,000
Convenants [Member] | Amendment [Member]
Short-term Debt [Line Items]
Face amout			$ 325,000,000
Stonebriar Commercial Finance [Member] | Term Loan Credit Facility [Member]
Short-term Debt [Line Items]
Face amout		$ 325,000
Debt Instrument, Maturity Date, Description		due 2023
Prudential Insurance Company of America [Member] | Term Loan Credit Facility [Member]
Short-term Debt [Line Items]
Debt Instrument, Maturity Date, Description		due 2026
Prudential Insurance Company [Member] | Due 2023 [Member]
Short-term Debt [Line Items]
Prepayment of term loan		$ 237,983
Wintrust Commercial Finance [Member] | Due Two Thousand Twenty Six [Member]
Short-term Debt [Line Items]
Prepayment of term loan		$ 20,298
Banc of America Leasing & Capital, LLC [Member] | Term Loan Credit Facility [Member]
Short-term Debt [Line Items]
Debt Instrument, Maturity Date, Description		due 2025
OSG [Member]
Short-term Debt [Line Items]
Prepayment of term loan	$ 3,000