Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 10-Q 8 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 04, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
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		88,162,826

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 84,441	$ 83,253
Voyage receivables, including unbilled of $7,067 and $3,777, net of reserve for doubtful accounts	17,152	14,586
Income tax receivable	1,883	1,882
Other receivables	11,210	5,816
Inventories, prepaid expenses and other current assets	6,932	3,438
Total Current Assets	121,618	108,975
Vessels and other property, less accumulated depreciation	742,834	761,777
Deferred drydock expenditures, net	41,940	43,342
Total Vessels, Other Property and Deferred Drydock	784,774	805,119
Intangible assets, less accumulated amortization	20,317	22,617
Operating lease right-of-use assets, net	112,198	152,027
Other assets	25,002	26,991
Total Assets	1,063,909	1,115,729
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	47,850	49,901
Current portion of operating lease liabilities	87,054	100,010
Current portion of finance lease liabilities	4,001	4,000
Current installments of long-term debt	22,966	22,225
Total Current Liabilities	161,871	176,136
Reserve for uncertain tax positions	182	179
Noncurrent operating lease liabilities	45,003	73,150
Noncurrent finance lease liabilities	17,748	18,998
Long-term debt	411,137	422,515
Deferred income taxes, net	64,260	63,744
Other liabilities	20,513	22,393
Total Liabilities	720,714	777,115
Equity:
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 87,974,424 and 87,170,463 shares issued and outstanding)	880	872
Paid-in additional capital	596,399	594,386
Accumulated deficit	(256,356)	(259,587)
Treasury stock, 145,741 shares, at cost	(310)
Stockholder’s Equity Subtotal	340,613	335,671
Accumulated other comprehensive loss	2,582	2,943
Total Equity	343,195	338,614
Total Liabilities and Equity	$ 1,063,909	$ 1,115,729

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Unbilled contracts receivable	$ 7,067	$ 3,777
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	87,974,424	87,170,463
Class A common stock, shares outstanding	87,974,424	87,170,463
Treasury stock, shares	145,741	145,741

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Shipping Revenues:
Time and bareboat charter revenues	$ 82,969	$ 62,806	$ 140,204	$ 126,594
Voyage charter revenues	35,016	25,553	81,779	43,039
Total shipping revenues	117,985	88,359	221,983	169,633
Operating Expenses:
Voyage expenses	14,742	16,668	24,816	32,428
Vessel expenses	44,153	34,002	84,950	65,809
Charter hire expenses	22,350	22,595	44,346	44,913
Depreciation and amortization	16,663	15,068	33,156	30,387
General and administrative	7,435	6,004	14,373	12,370
(Gain)/loss on disposal of vessels and other property, including impairments, net		(196)		5,298
Total operating expenses	105,343	94,141	201,641	191,205
Operating income/(loss)	12,642	(5,782)	20,342	(21,572)
Other (expense)/income, net	(16)	(111)	81	11
Income/(loss) before interest expense and income taxes	12,626	(5,893)	20,423	(21,561)
Interest expense	(8,275)	(7,317)	(16,640)	(13,687)
Income/(loss) before income taxes	4,351	(13,210)	3,783	(35,248)
Income tax (expense)/benefit	(611)	2,511	(552)	8,681
Net income/(loss)	$ 3,740	$ (10,699)	$ 3,231	$ (26,567)
Weighted Average Number of Common Shares Outstanding:
Basic - Class A	91,254,864	90,612,019	90,984,407	90,363,243
Diluted - Class A	92,607,727	90,612,019	92,345,481	90,363,243
Per Share Amounts:
Basic and diluted net income/(loss) - Class A	$ 0.04	$ (0.12)	$ 0.04	$ (0.29)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income/(Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net income/(loss)	$ 3,740	$ (10,699)	$ 3,231	$ (26,567)
Defined benefit pension and other postretirement benefit plans:
Net change in unrecognized prior service costs	(181)	(180)	(361)	(360)
Net change in unrecognized actuarial losses		81		162
Other comprehensive loss	(181)	(99)	(361)	(198)
Comprehensive income/(loss)	$ 3,559	$ (10,798)	$ 2,870	$ (26,765)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities:
Net income/(loss)	$ 3,231	$ (26,567)
Items included in net income not affecting cash flows:
Depreciation and amortization	33,156	30,387
Loss on disposal of vessels and other property, including impairments, net		5,298
Amortization of debt discount and other deferred financing costs	554	1,252
Compensation relating to restricted stock awards and stock option grants	2,391	1,270
Deferred income tax expense/(benefit)	519	(8,679)
Interest on finance lease liabilities	826	914
Non-cash operating lease expense	44,874	45,672
Payments for drydocking	(7,386)	(14,222)
Operating lease liabilities	(45,935)	(45,957)
Changes in operating assets and liabilities, net	(15,061)	63
Net cash provided by/(used in) operating activities	17,169	(10,569)
Cash Flows from Investing Activities:
Expenditures for vessels and vessel improvements	(2,046)	(5,101)
Proceeds from disposals of vessels and other property		32,128
Net cash (used in)/provided by investing activities	(2,046)	27,027
Cash Flows from Financing Activities:
Payments on debt	(10,930)	(19,251)
Tax withholding on share-based awards	(371)	(402)
Payments on principal portion of finance lease liabilities	(2,063)	(2,063)
Deferred financing costs paid for debt amendments	(261)	(2,429)
Extinguishment of debt		(301)
Purchases of treasury stock under the stock repurchase program	(310)
Net cash used in financing activities	(13,935)	(24,446)
Net increase/(decrease) in cash, cash equivalents and restricted cash	1,188	(7,988)
Cash, cash equivalents and restricted cash at beginning of period	83,253	69,819
Cash, cash equivalents and restricted cash at end of period	$ 84,441	$ 61,831

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]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	[3]	Total
Beginning balance, value at Dec. 31, 2020	$ 864		$ 592,564		$ (213,335)		$ (282)		$ 379,811
Net income					(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 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									(26,567)
Other comprehensive 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					(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 restricted stock awards			695						695
Ending balance, value at Jun. 30, 2021	871		593,424		(239,902)		(480)		353,913
Beginning balance, value at Dec. 31, 2021	872		594,386		(259,587)		2,943		338,614
Net income					(509)				(509)
Other comprehensive loss							(180)		(180)
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net	5		(375)						(370)
Compensation related to Class A restricted stock awards			656						656
Ending balance, value at Mar. 31, 2022	877		594,667		(260,096)		2,763		338,211
Beginning balance, value at Dec. 31, 2021	872		594,386		(259,587)		2,943		338,614
Net income									3,231
Other comprehensive loss									(361)
Ending balance, value at Jun. 30, 2022	880		596,399		(256,356)	(310)	2,582		343,195
Beginning balance, value at Mar. 31, 2022	877		594,667		(260,096)		2,763		338,211
Net income					3,740				3,740
Other comprehensive loss							(181)		(181)
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net	3		(3)						0
Compensation related to Class A restricted stock awards			1,735						1,735
Purchases under the stock repurchase program						(310)			(310)
Ending balance, value at Jun. 30, 2022	$ 880		$ 596,399		$ (256,356)	$ (310)	$ 2,582		$ 343,195
[1]Par value $ 0.01 166,666,666 87,974,424 87,146,851 19,051,778 19,235,764

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Jun. 30, 2021
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	87,974,424	87,146,851
Class A warrants outstanding	19,051,778	19,235,764

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2022
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”). 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 (“GAAP”). 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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any other period. The condensed consolidated balance sheet as of December 31, 2021 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, 2021 (“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. The Russian invasion of Ukraine has disrupted markets and resulted in volatile oil prices. Petroleum product flows have shifted due to governmental sanctions as well as self-imposed sanctions by oil companies and traders. Our disclosures throughout describe its effects on our business.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2022
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Standards	Note 2 — Recently Issued Accounting Standards 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 GAAP), excluding smaller reporting companies (“SRCs”) (as defined by the Securities and Exchange Commission (“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 does not expect the adoption of this accounting standard to have a material impact on the Company’s consolidated financial statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2022
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, 2022 and 2021: Schedule of Disaggregation of Revenue Three Months Ended Six Months Ended 2022 2021 2022 2021 Time and bareboat charter revenues $ 82,969 $ 62,806 $ 140,204 $ 126,594 Voyage charter revenues (1) 19,476 13,405 55,371 20,443 Contracts of affreightment (“COA”) revenues 15,540 12,148 26,408 22,596 Total shipping revenues $ 117,985 $ 88,359 $ 221,983 $ 169,633 (1) For the three months ended June 30, 2022, the Company did not have any revenue related to short-term time charter contracts, which are time charter contracts for a period of less than 90 days, included in voyage charter revenues. For the six months ended June 30, 2022, voyage charter revenues include revenue related to short-term time charter contracts of $ 16,599 2,530 5,394 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Voyage Receivables As of June 30, 2022 and December 31, 2021, contract balances from contracts with customers consisted of voyage receivables of $ 12,384 and $ 8,227 , respectively, net of reserves of $ 164 and $ 150 , respectively, for doubtful accounts for voyage charters and lightering contracts. Transaction Price Allocated to the Remaining Performance Obligations As of June 30, 2022, the Company expects to recognize revenue of approximately $ 7,610

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2022
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 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, 2022, there were 4,268,193 1,478,756 3,380,708 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 Six Months Ended 2022 2021 2022 2021 Net income/(loss) $ 3,740 $ (10,699 ) $ 3,231 $ (26,567 ) Weighted average common shares outstanding: Class A common stock - basic 91,254,864 90,612,019 90,984,407 90,363,243 Class A common stock - diluted 92,607,727 90,612,019 92,345,481 90,363,243 For the three and six months ended June 30, 2022, there were dilutive equity awards outstanding covering 1,352,863 and 1,361,074 shares, respectively. Awards of 495,832 and 728,988 shares (related to restricted stock units and stock options) were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive for the three and six months ended June 30, 2022, respectively. For the three and six months ended June 30, 2021, awards under which 2,056,586 shares and 1,969,992 shares, respectively, may be issued related to restricted stock units and stock options were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive due to a net loss during the periods.

Fair Value Measurements and Fai

Fair Value Measurements and Fair Value Disclosures	6 Months Ended
	Jun. 30, 2022
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— OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS 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 June 30, 2022: Assets Cash and cash equivalents (1) $ 84,441 $ 84,441 $ — Total $ 84,441 $ 84,441 $ — Liabilities Term loan, due 2024, net $ 20,994 $ — $ 20,006 Alaska tankers term loan, due 2025, net 27,792 — 25,566 OSG 204 LLC term loan, due 2025, net 25,628 — 24,289 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 45,377 — 42,574 Term loan, due 2028, net 313,922 — 315,550 Unsecured senior notes, net 390 — 388 Total $ 434,103 $ — $ 428,373 Carrying Fair Value Value Level 1 Level 2 December 31, 2021: Assets Cash and cash equivalents (1) $ 83,253 $ 83,253 $ — Total $ 83,253 $ 83,253 $ — Liabilities Term loan, due 2024, net $ 21,633 $ — $ 21,229 Alaska tankers term loan, due 2025, net 30,236 — 28,695 OSG 204 LLC term loan, due 2025, net 26,231 — 25,265 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 46,380 — 47,863 Term loan, due 2028, net 319,870 — 321,630 Unsecured senior notes, net 390 — 399 Total $ 444,740 $ — $ 445,081 (1) Includes current and non-current restricted cash aggregating $ 67 81 Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Vessel and Intangible Assets Impairments During the second quarter of 2022, the Company considered whether events or changes in circumstances had occurred since December 31, 2021 that could indicate the carrying amounts of the vessels, including operating right-of-use assets, in the Company’s fleet and whether the carrying value of the Company’s intangible assets may not be recoverable as of June 30, 2022. The Company concluded that no such events or changes in circumstances had occurred. OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS

Taxes

Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Taxes	Note 6 — Taxes For the three months ended June 30, 2022 and 2021, the Company recorded an income tax (provision)/benefit of $ (611) 2,511 14 19 (552) 8,681 15 25

Capital Stock and Stock Compens

Capital Stock and Stock Compensation	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Capital Stock and Stock Compensation	Note 7 — Capital Stock and Stock Compensation Share and Warrant Repurchases On June 13, 2022, the Company’s Board of Directors authorized a program to purchase up to five million shares of the Company’s common stock. Under the program, the Company may repurchase shares from time to time in open market transactions (including the use of trading plans under SEC Rule 10b5-1) or in privately negotiated transactions. The timing and amounts of any purchases will be based on market conditions and other factors, such as price, in accordance with applicable laws. The program has no time limit, may be suspended, modified or discontinued at any time, and does not obligate the Company to purchase any particular amount of its common stock. The Company intends to fund the share repurchase program with excess cash. For the three and six months ended June 30, 2022, the Company repurchased 145,741 2.10 During the six months ended June 30, 2022 and 2021, in connection with the vesting of restricted stock units (“RSUs”), the Company withheld 179,040 185,459 2.07 2.18 Warrant Conversions During the six months ended June 30, 2022, the Company issued 11,179 59,124 Management Incentive Compensation Plan On June 1, 2022, at the annual stockholders meeting, the Company’s stockholders approved an increase of five million Overseas Shipholding Group, Inc. 2019 Incentive Compensation Plan for Management 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 June 1, 2022 and May 27, 2021, the Company awarded 305,000 and 275,800 time-based RSUs, respectively, to its non-employee directors. The grant date fair values of these awards were $ 2.09 and $ 2.29 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, 2022 and 2021, the Company granted RSUs to its employees, including senior officers, covering 718,360 and 552,844 shares, respectively. The grant date fair values of these awards were $ 2.09 and $ 2.36 per RSU, respectively. Each RSU represents a contingent right to receive one share of Class A common stock upon vesting. Each award vests in approximately equal installments on each of the first three anniversaries of the grant date. During the six months ended June 30, 2022 and 2021, the Company awarded performance-based RSUs to its senior officers of 518,600 363,238 777,900 and 544,857 shares, respectively). Each performance-based RSU represents a contingent right to receive RSUs based upon continuous employment, subject to the achievement of performance metrics through the end of a three-year performance period. The grant date fair values of the awards, which have a market condition, were determined to be $ 2.09 and $ 2.36 per RSU, respectively. OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS During the six months ended June 30, 2022, the Company awarded RSUs to its senior officers covering 576,981 shares. The grant date fair value of these awards was $ 2.09 . Each award of RSUs vest as follows: i.) 20% vests on the first anniversary of the grant date, ii.) 30% vests on the second anniversary of the grant date, and iii.) 50% vests on the third anniversary of the grant date. Each RSU represents a contingent right to receive one share of Class A common stock upon vesting. During the six months ended June 30, 2021, the Company awarded performance-based RSUs to its senior officers covering 590,251 shares. The grant date fair value of these awards was $ 2.36 per RSU. Each performance-based RSU represents a contingent right to receive RSUs based on performance criteria tied to specific operational and financial goals that must be achieved over an 18-month performance period.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income/(Loss)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Accumulated Other Comprehensive Income/(Loss)	Note 8 — Accumulated Other Comprehensive Income/(Loss) The components of accumulated other comprehensive income, net of related taxes, in the condensed consolidated balance sheets follow: Schedule of Components of Accumulated Other Comprehensive Loss As of June 30, 2022 December 31, 2021 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ 2,582 $ 2,943 Accumulated other comprehensive income $ 2,582 $ 2,943 The following tables present the changes in the balances of each component of accumulated other comprehensive income/(loss), net of related taxes, during the three and six months ended June 30, 2022 and 2021: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss Items not yet recognized as a periodic benefit cost postretirement plans) Balance as of March 31, 2022 $ 2,763 Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (181 ) Total change in accumulated other comprehensive income (181 ) Balance as of June 30, 2022 $ 2,582 Balance as of March 31, 2021 $ (381 ) Current period change, excluding amounts reclassified from accumulated other comprehensive loss — Amounts reclassified from accumulated other comprehensive loss (99 ) Total change in accumulated other comprehensive loss (99 ) Balance as of June 30, 2021 $ (480 ) 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 periodic benefit cost postretirement plans) Balance as of December 31, 2021 $ 2,943 Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (361 ) Total change in accumulated other comprehensive income (361 ) Balance as of June 30, 2022 $ 2,582 Balance as of December 31, 2020 $ (282 ) Current period change, excluding amounts reclassified from accumulated other comprehensive loss — Amounts reclassified from accumulated other comprehensive loss (198 ) Total change in accumulated other comprehensive loss (198 ) Balance as of June 30, 2021 $ (480 ) 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, 2022
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, 2022 was equal to income from lease payments of $ 82,913 and 139,821 56 383 62,705 126,122 101 472

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Note 10 — 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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 and 2021: Schedule of Disaggregation of Revenue Three Months Ended Six Months Ended 2022 2021 2022 2021 Time and bareboat charter revenues $ 82,969 $ 62,806 $ 140,204 $ 126,594 Voyage charter revenues (1) 19,476 13,405 55,371 20,443 Contracts of affreightment (“COA”) revenues 15,540 12,148 26,408 22,596 Total shipping revenues $ 117,985 $ 88,359 $ 221,983 $ 169,633 (1) For the three months ended June 30, 2022, the Company did not have any revenue related to short-term time charter contracts, which are time charter contracts for a period of less than 90 days, included in voyage charter revenues. For the six months ended June 30, 2022, voyage charter revenues include revenue related to short-term time charter contracts of $ 16,599 2,530 5,394

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended 2022 2021 2022 2021 Net income/(loss) $ 3,740 $ (10,699 ) $ 3,231 $ (26,567 ) Weighted average common shares outstanding: Class A common stock - basic 91,254,864 90,612,019 90,984,407 90,363,243 Class A common stock - diluted 92,607,727 90,612,019 92,345,481 90,363,243

Fair Value Measurements and F_2

Fair Value Measurements and Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Hierarchy Categorized on Fair Value	Schedule of Hierarchy Categorized on Fair Value Carrying Fair Value Value Level 1 Level 2 June 30, 2022: Assets Cash and cash equivalents (1) $ 84,441 $ 84,441 $ — Total $ 84,441 $ 84,441 $ — Liabilities Term loan, due 2024, net $ 20,994 $ — $ 20,006 Alaska tankers term loan, due 2025, net 27,792 — 25,566 OSG 204 LLC term loan, due 2025, net 25,628 — 24,289 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 45,377 — 42,574 Term loan, due 2028, net 313,922 — 315,550 Unsecured senior notes, net 390 — 388 Total $ 434,103 $ — $ 428,373 Carrying Fair Value Value Level 1 Level 2 December 31, 2021: Assets Cash and cash equivalents (1) $ 83,253 $ 83,253 $ — Total $ 83,253 $ 83,253 $ — Liabilities Term loan, due 2024, net $ 21,633 $ — $ 21,229 Alaska tankers term loan, due 2025, net 30,236 — 28,695 OSG 204 LLC term loan, due 2025, net 26,231 — 25,265 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 46,380 — 47,863 Term loan, due 2028, net 319,870 — 321,630 Unsecured senior notes, net 390 — 399 Total $ 444,740 $ — $ 445,081 (1) Includes current and non-current restricted cash aggregating $ 67 81

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income/(Loss) (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive income, net of related taxes, in the condensed consolidated balance sheets follow: Schedule of Components of Accumulated Other Comprehensive Loss As of June 30, 2022 December 31, 2021 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ 2,582 $ 2,943 Accumulated other comprehensive income $ 2,582 $ 2,943
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 income/(loss), net of related taxes, during the three and six months ended June 30, 2022 and 2021: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss Items not yet recognized as a periodic benefit cost postretirement plans) Balance as of March 31, 2022 $ 2,763 Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (181 ) Total change in accumulated other comprehensive income (181 ) Balance as of June 30, 2022 $ 2,582 Balance as of March 31, 2021 $ (381 ) Current period change, excluding amounts reclassified from accumulated other comprehensive loss — Amounts reclassified from accumulated other comprehensive loss (99 ) Total change in accumulated other comprehensive loss (99 ) Balance as of June 30, 2021 $ (480 ) 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 periodic benefit cost postretirement plans) Balance as of December 31, 2021 $ 2,943 Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (361 ) Total change in accumulated other comprehensive income (361 ) Balance as of June 30, 2022 $ 2,582 Balance as of December 31, 2020 $ (282 ) Current period change, excluding amounts reclassified from accumulated other comprehensive loss — Amounts reclassified from accumulated other comprehensive loss (198 ) Total change in accumulated other comprehensive loss (198 ) Balance as of June 30, 2021 $ (480 )

Schedule of Disaggregation of R

Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total shipping revenues		$ 117,985	$ 88,359	$ 221,983	$ 169,633
Revenue from Contract with Customer, Excluding Assessed Tax		35,016	25,553	81,779	43,039
Time and Bareboat Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues		82,969	62,806	140,204	126,594
Voyage Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues	[1]	19,476	13,405	55,371	20,443
Contracts of Affreightment Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues		$ 15,540	12,148	26,408	22,596
Short Term Time Charter Contracts [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax			$ 2,530	$ 16,599	$ 5,394
[1]For the three months ended June 30, 2022, the Company did not have any revenue related to short-term time charter contracts, which are time charter contracts for a period of less than 90 days, included in voyage charter revenues. For the six months ended June 30, 2022, voyage charter revenues include revenue related to short-term time charter contracts of $ 16,599 2,530 5,394

Revenue Recognition (Details Na

Revenue Recognition (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 12,384	$ 8,227
Contract with Customer, Asset, Allowance for Credit Loss	164	$ 150
2022 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue, remaining performance obligation, amount	$ 7,610

Schedule of Earnings Per Share

Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Per Share Amounts:
Net income/(loss)	$ 3,740	$ (509)	$ (10,699)	$ (15,868)	$ 3,231	$ (26,567)
Class A common stock - basic	91,254,864		90,612,019		90,984,407	90,363,243
Class A common stock - diluted	92,607,727		90,612,019		92,345,481	90,363,243

Earnings per Common Share (Deta

Earnings per Common Share (Details Narrative) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,352,863		1,361,074
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		2,056,586		1,969,992
Restricted Stock Units and Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	495,832		728,988
Class A Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrant exercise price per	$ 0.01		$ 0.01
Common Stock [Member] | 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			4,268,193	3,380,708
Common Stock [Member] | 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

Schedule of Hierarchy Categoriz

Schedule of Hierarchy Categorized on Fair Value (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	[1]	$ 84,441	$ 83,253
Total assets		84,441	83,253
Term loan agreements, fair value		434,103	444,740
Term Loan Agreement Due 2024 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		20,994	21,633
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		27,792	30,236
OSG 204 LLC Term Loan Agreement Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		25,628	26,231
OSG 205 LLC and OSG Courageous II LLC Term Loan, Due 2027 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		45,377	46,380
Term Loan Agreement Due 2028 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		313,922	319,870
Unsecured Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		390	390
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	[1]	84,441	83,253
Total assets		84,441	83,253
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 LLC Term Loan Agreement Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value
Fair Value, Inputs, Level 1 [Member] | OSG 205 LLC and OSG Courageous II LLC Term Loan, Due 2027 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value
Fair Value, Inputs, Level 1 [Member] | 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 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	[1]
Total assets
Term loan agreements, fair value		428,373	445,081
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		20,006	21,229
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		25,566	28,695
Fair Value, Inputs, Level 2 [Member] | OSG 204 LLC Term Loan Agreement Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		24,289	25,265
Fair Value, Inputs, Level 2 [Member] | OSG 205 LLC and OSG Courageous II LLC Term Loan, Due 2027 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		42,574	47,863
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		315,550	321,630
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		$ 388	$ 399
[1]Includes current and non-current restricted cash aggregating $ 67 81

Schedule of Hierarchy Categor_2

Schedule of Hierarchy Categorized on Fair Value (Details) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Restricted cash, fair value disclosure	$ 67	$ 81

Taxes (Details Narrative)

Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax benefits	$ (611)	$ 2,511	$ (552)	$ 8,681
Effective income tax rate reconciliation, change in enacted tax rate, percent	14%	19%	15%	25%

Schedule of Components of Accum

Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans)	$ 2,582	$ 2,943
Accumulated other comprehensive income	$ 2,582	$ 2,943

Schedule of Changes in Balances

Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			$ 2,943
Ending balance	$ 2,582		2,582
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	2,763	$ (381)	2,943	$ (282)
Current period change, excluding amounts reclassified from accumulated other
Amounts reclassified from accumulated other comprehensive income	(181)	(99)	(361)	(198)
Total change in accumulated other comprehensive income	(181)	(99)	(361)	(198)
Ending balance	$ 2,582	$ (480)	$ 2,582	$ (480)

Capital Stock and Stock Compe_2

Capital Stock and Stock Compensation (Details Narrative) - $ / shares				3 Months Ended	6 Months Ended
	Jun. 01, 2022	Jun. 01, 2022	May 27, 2021	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 13, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common Stock, Shares Authorized				166,666,666	166,666,666	166,666,666	5,000,000	166,666,666
Stock repurchased during period, shares				145,741	145,741
Stock repurchased during period per share amount				$ 2.10	$ 2.10
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights					i.) 20% vests on the first anniversary of the grant date, ii.) 30% vests on the second anniversary of the grant date, and iii.) 50% vests on the third anniversary of the grant date.
Non Employee Directors [Member] | Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period		305,000	275,800
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 2.09	$ 2.29
Employees, Including Senior Officers [Member] | Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period					718,360	552,844
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 2.09	$ 2.36
Senior Officers [Member] | Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 2.09	$ 2.36
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant				518,600	518,600	363,238
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Number of Shares Per Employee					777,900	544,857
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross					576,981	590,251
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price					$ 2.09	$ 2.36
Two Thousand Nineteen Management Incentive Compensation Plan [Member] | Overseas Shipholding Group Inc [Member]
Class of Stock [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Period Increase (Decrease)	5,000,000
Class A Warrants [Member]
Class of Stock [Line Items]
Number of warrants exercised				59,124	59,124
Common Class A [Member]
Class of Stock [Line Items]
Stock repurchased during period, shares					179,040	185,459
Stock repurchased during period per share amount					$ 2.07	$ 2.18
Number of shares newly issued					11,179

Leases (Details Narrative)

Leases (Details Narrative) - Time Charter Revenue [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating lease, lease income	$ 82,913	$ 62,705	$ 139,821	$ 126,122
Straight line rent adjustments	$ 56	$ 101	$ 383	$ 472