Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q3
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		84,518,552

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 73,682	$ 83,253
Voyage receivables, including unbilled of $6,185 and $3,777, net of reserve for doubtful accounts	22,338	14,586
Income tax receivable	1,886	1,882
Other receivables	10,325	5,816
Inventories, prepaid expenses and other current assets	4,506	3,438
Total Current Assets	112,737	108,975
Vessels and other property, less accumulated depreciation	734,204	761,777
Deferred drydock expenditures, net	42,135	43,342
Total Vessels, Other Property and Deferred Drydock	776,339	805,119
Intangible assets, less accumulated amortization	19,167	22,617
Operating lease right-of-use assets, net	94,425	152,027
Investment security to be held to maturity	14,803
Other assets	25,339	26,991
Total Assets	1,042,810	1,115,729
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	46,342	49,901
Current portion of operating lease liabilities	80,809	100,010
Current portion of finance lease liabilities	4,001	4,000
Current installments of long-term debt	23,346	22,225
Total Current Liabilities	154,498	176,136
Reserve for uncertain tax positions	184	179
Noncurrent operating lease liabilities	32,954	73,150
Noncurrent finance lease liabilities	17,102	18,998
Long-term debt	405,441	422,515
Deferred income taxes, net	65,737	63,744
Other liabilities	20,626	22,393
Total Liabilities	696,542	777,115
Equity:
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 88,297,439 and 87,170,463 shares issued; 84,518,552 and 87,170,463 shares outstanding)	883	872
Paid-in additional capital	597,117	594,386
Accumulated deficit	(243,108)	(259,587)
Treasury stock, 3,778,887 shares, at cost	(11,026)
Stockholder’s Equity Subtotal	343,866	335,671
Accumulated other comprehensive loss	2,402	2,943
Total Equity	346,268	338,614
Total Liabilities and Equity	$ 1,042,810	$ 1,115,729

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Unbilled contracts receivable	$ 6,185	$ 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	88,297,439	87,170,463
Class A common stock, shares outstanding	84,518,552	87,170,463
Treasury stock, shares	3,778,887	3,778,887

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Shipping Revenues:
Time and bareboat charter revenues	$ 92,730	$ 64,535	$ 232,934	$ 191,130
Voyage charter revenues	30,329	29,432	112,108	72,469
Total shipping revenues	123,059	93,967	345,042	263,599
Operating Expenses:
Voyage expenses	7,997	18,602	32,813	51,030
Vessel expenses	45,430	36,006	130,380	101,815
Charter hire expenses	22,743	22,806	67,089	67,719
Depreciation and amortization	17,902	15,526	51,058	45,913
General and administrative	6,556	5,707	20,929	18,076
Loss on disposal of vessels and other property, including impairments, net		960		6,257
Total operating expenses	100,628	99,607	302,269	290,810
Operating income/(loss)	22,431	(5,640)	42,773	(27,211)
Loss on extinguishment of debt, net		(7,961)		(7,961)
Other income, net	568	129	649	140
Income/(loss) before interest expense and income taxes	22,999	(13,472)	43,422	(35,032)
Interest expense	(8,229)	(7,052)	(24,869)	(20,739)
Income/(loss) before income taxes	14,770	(20,524)	18,553	(55,771)
Income tax (expense)/benefit	(1,522)	4,515	(2,074)	13,195
Net income/(loss)	$ 13,248	$ (16,009)	$ 16,479	$ (42,576)
Weighted Average Number of Common Shares Outstanding:
Basic - Class A	88,174,640	90,808,080	87,579,624	90,513,150
Diluted - Class A	90,349,567	90,808,080	89,211,983	90,513,150
Per Share Amounts:
Basic net income/(loss) - Class A	$ 0.15	$ (0.18)	$ 0.19	$ (0.47)
Diluted net income/(loss) - Class A	$ 0.15	$ (0.18)	$ 0.18	$ (0.47)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income/(Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net income/(loss)	$ 13,248	$ (16,009)	$ 16,479	$ (42,576)
Defined benefit pension and other postretirement benefit plans:
Net change in unrecognized prior service costs	(180)	(181)	(541)	(542)
Net change in unrecognized actuarial losses		81		244
Other comprehensive loss	(180)	(100)	(541)	(298)
Comprehensive income/(loss)	$ 13,068	$ (16,109)	$ 15,938	$ (42,874)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows from Operating Activities:
Net income/(loss)	$ 16,479	$ (42,576)
Items included in net income not affecting cash flows:
Depreciation and amortization	51,058	45,913
Loss on disposal of vessels and other property, including impairments, net		6,257
Amortization of debt discount and other deferred financing costs	840	1,822
Compensation relating to restricted stock awards and stock option grants	3,237	1,989
Deferred income tax expense/(benefit)	1,998	(13,193)
Interest on finance lease liabilities	1,228	1,362
Non-cash operating lease expense	67,769	68,383
Loss on extinguishment of debt, net		5,225
Payments for drydocking	(13,896)	(14,883)
Operating lease liabilities	(69,368)	(69,297)
Changes in operating assets and liabilities, net	(18,166)	(11,430)
Net cash provided by/(used in) operating activities	41,179	(20,428)
Cash Flows from Investing Activities:
Expenditures for vessels and vessel improvements	(4,519)	(5,827)
Purchase of investment security to be held to maturity	(14,794)
Proceeds from disposals of vessels and other property		32,128
Net cash (used in)/provided by investing activities	(19,313)	26,301
Cash Flows from Financing Activities:
Payments on debt	(16,530)	(28,919)
Tax withholding on share-based awards	(496)	(402)
Payments on principal portion of finance lease liabilities	(3,124)	(3,124)
Deferred financing costs paid for debt amendments	(261)	(2,429)
Purchases of treasury stock under the stock repurchase program	(11,026)
Extinguishment of debt		(274,582)
Extinguishment of debt costs paid		(2,736)
Issuance of debt, net of issuance and deferred financing costs		321,552
Net cash (used in)/provided by financing activities	(31,437)	9,360
Net (decrease)/increase in cash, cash equivalents and restricted cash	(9,571)	15,233
Cash, cash equivalents and restricted cash at beginning of period	83,253	69,819
Cash, cash equivalents and restricted cash at end of period	$ 73,682	$ 85,052

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 (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 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 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 restricted stock awards			719						719
Ending balance, value at Sep. 30, 2021	871		594,143		(255,911)		(580)		338,523
Beginning balance, value at Dec. 31, 2021	872		594,386		(259,587)		2,943		338,614
Net income (Loss)					(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 (Loss)									16,479
Other comprehensive loss									(541)
Ending balance, value at Sep. 30, 2022	883		597,117		(243,108)	(11,026)	2,402		346,268
Beginning balance, value at Mar. 31, 2022	877		594,667		(260,096)		2,763		338,211
Net income (Loss)					3,740				3,740
Other comprehensive loss							(181)		(181)
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net	3		(3)
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
Net income (Loss)					13,248				13,248
Other comprehensive loss							(180)		(180)
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net	3		(128)						(125)
Compensation related to Class A restricted stock awards			846						846
Purchases under the stock repurchase program						(10,716)			(10,716)
Ending balance, value at Sep. 30, 2022	$ 883		$ 597,117		$ (243,108)	$ (11,026)	$ 2,402		$ 346,268
[1]Par value $ 0.01 166,666,666 88,297,439 87,146,851 84,518,552 87,146,851 19,051,778 19,235,764

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Sep. 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 issued	88,297,439	87,146,851
Class A common stock, shares outstanding	84,518,552	87,146,851
Class A warrants outstanding	19,051,778	19,235,764

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 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 nine months ended September 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 GAAP 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 Russian invasion of Ukraine has disrupted markets and, in particular, resulted in volatile oil prices and shifting petroleum product flows due to governmental sanctions as well as self-imposed sanctions by oil companies and traders. Our disclosures throughout describe its effects on our business. 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 Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2022 and 2021: Schedule of Disaggregation of Revenue 2022 2021 2022 2021 Three Months Ended Nine Months Ended 2022 2021 2022 2021 Time and bareboat charter revenues $ 92,730 $ 64,535 $ 232,934 $ 191,130 Voyage charter revenues (1) 17,665 17,682 73,036 38,124 Contracts of affreightment (“COA”) revenues 12,664 11,750 39,072 34,345 Total shipping revenues $ 123,059 $ 93,967 $ 345,042 $ 263,599 (1) For the three and nine months ended September 30, 2022, voyage charter revenues include revenue related to short-term time charter contracts of $ 11,406 28,004 4,175 9,569 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Voyage Receivables As of September 30, 2022 and December 31, 2021, contract balances from contracts with customers consisted of voyage receivables of $ 8,716 8,227 Transaction Price Allocated to the Remaining Performance Obligations As of September 30, 2022, the Company expects to recognize revenue of approximately $ 9,956 28,927

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 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 September 30, 2022, there were 3,677,942 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 2022 2021 2022 2021 Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net income/(loss) $ 13,248 $ (16,009 ) $ 16,479 $ (42,576 ) Weighted average common shares outstanding: Class A common stock - basic 88,174,640 90,808,080 87,579,624 90,513,150 Class A common stock - diluted 90,349,567 90,808,080 89,211,983 90,513,150 For the three and nine months ended September 30, 2022, there were dilutive equity awards outstanding covering 2,174,927 1,632,359 371,893 609,956 1,842,869 2,004,398

Investment in Security to be He

Investment in Security to be Held to Maturity	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Investment in Security to be Held to Maturity	Note 5 — Investment in Security to be Held to Maturity In July 2022, the Company purchased a $ 15,000 14,794 August 15, 2024 The amortized cost, gross unrealized loss, and fair value of the U.S. Treasury Note at September 30, 2022 is as follows: Schedule of Fair Value Of The U.S. Treasury Note September 30, 2022 Amortized Cost Gross Unrealized Loss Fair Value U.S. Treasury Note $ 14,803 $ (316 ) $ 14,487 $ 14,803 $ (316 ) $ 14,487 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Other-Than-Temporarily Impaired (“OTTI”) The Company performed a quarterly review of the U.S. Treasury Note in order to determine whether the decline in fair value below the amortized cost basis was considered other-than-temporary in accordance with applicable guidance. At September 30, 2022, the Company determined that the unrealized loss on the U.S. Treasury Note was primarily due to increases in interest rates. Therefore, there was no OTTI loss recognized during the three months ended September 30, 2022.

Fair Value Measurements and Fai

Fair Value Measurements and Fair Value Disclosures	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements and Fair Value Disclosures	Note 6 — 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— U.S. Treasury Note 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, 2022: Assets Cash and cash equivalents (1) $ 73,682 $ 73,682 $ — U.S. Treasury Note 14,803 14,487 — Total $ 88,485 $ 88,169 $ — Liabilities Term loan, due 2024, net $ 20,668 $ — $ 19,513 Alaska tankers term loan, due 2025, net 26,548 — 24,175 OSG 204 LLC term loan, due 2025, net 25,319 — 23,651 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 44,864 — 40,809 Term loan, due 2028, net 310,998 — 299,128 Unsecured senior notes, net 390 — 384 Total $ 428,787 $ — $ 407,660 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, 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 $ 52 81 Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Vessel and Intangible Assets Impairments During the third 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 September 30, 2022. The Company concluded that no such events or changes in circumstances had occurred.

Taxes

Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Taxes	Note 7 — Taxes For the three months ended September 30, 2022 and 2021, the Company recorded an income tax (provision)/benefit of $ (1,522) 4,515 10 22 (2,074) 13,195 11 24

Capital Stock and Stock Compens

Capital Stock and Stock Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Capital Stock and Stock Compensation	Note 8 — Capital Stock and Stock Compensation Share Repurchases On June 13, 2022, the Company’s Board of Directors authorized a program to purchase up to five million 3,633,146 3,778,887 2.95 2.92 1,221,113 3.04 14,739 five million 2.95 During the three and nine months ended September 30, 2022, in connection with the vesting of restricted stock units (“RSUs”), the Company withheld 60,646 239,686 2.05 2.07 185,459 2.18 Warrant Conversions During the nine months ended September 30, 2022, the Company issued 11,179 59,124 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 June 1, 2022 and May 27, 2021, the Company awarded 305,000 275,800 2.09 2.29 Management Compensation — Restricted Stock Units During the nine months ended September 30, 2022 and 2021, the Company granted RSUs to its employees, including senior officers, covering 718,360 552,844 2.09 2.36 During the nine months ended September 30, 2022 and 2021, the Company awarded performance-based RSUs to its senior officers of 518,600 363,238 777,900 544,857 2.09 2.36 During the nine months ended September 30, 2022, the Company awarded RSUs to its senior officers covering 576,981 The grant date fair value of these awards was $ 2.09 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 During the nine months ended September 30, 2021, the Company awarded performance-based RSUs to its senior officers covering 590,251 2.36

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income/(Loss)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Accumulated Other Comprehensive Income/(Loss)	Note 9 — 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 September 30, 2022 December 31, 2021 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ 2,402 $ 2,943 Accumulated other comprehensive income $ 2,402 $ 2,943 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS 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 nine months ended September 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 Balance as of June 30, 2022 $ 2,582 Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (180 ) Total change in accumulated other comprehensive income (180 ) Balance as of September 30, 2022 $ 2,402 Balance as of June 30, 2021 $ (480 ) Current period change, excluding amounts reclassified from accumulated other comprehensive loss — Amounts reclassified from accumulated other comprehensive loss (100 ) Total change in accumulated other comprehensive loss (100 ) Balance as of September 30, 2021 $ (580 ) Items not yet recognized as a periodic benefit cost 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 (541 ) Total change in accumulated other comprehensive income (541 ) Balance as of September 30, 2022 $ 2,402 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 (298 ) Total change in accumulated other comprehensive loss (298 ) Balance as of September 30, 2021 $ (580 ) 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, 2022
Leases
Leases	Note 10 — Leases In September 2022, the Company extended its lease on the Company’s Tampa, Florida office space for an additional lease term of five years and two months, expiring in October 2028. 141 for the remainder of 2022, $ 547 in 2023, $ 515 in 2024, $ 530 in 2025, $ 546 in 2026, $ 562 in 2027 and $ 382 thereafter. For the three months ended September 30, 2022, the Company had non-cash operating activity of $ 2,088 for obtaining an operating right-of-use asset and liability as a result of the lease extension. 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, 2022 was equal to income from lease payments of $ 92,539 232,360 191 574 64,551 190,673 16 457

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2022
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 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2022 and 2021: Schedule of Disaggregation of Revenue 2022 2021 2022 2021 Three Months Ended Nine Months Ended 2022 2021 2022 2021 Time and bareboat charter revenues $ 92,730 $ 64,535 $ 232,934 $ 191,130 Voyage charter revenues (1) 17,665 17,682 73,036 38,124 Contracts of affreightment (“COA”) revenues 12,664 11,750 39,072 34,345 Total shipping revenues $ 123,059 $ 93,967 $ 345,042 $ 263,599 (1) For the three and nine months ended September 30, 2022, voyage charter revenues include revenue related to short-term time charter contracts of $ 11,406 28,004 4,175 9,569

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 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 2022 2021 2022 2021 Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net income/(loss) $ 13,248 $ (16,009 ) $ 16,479 $ (42,576 ) Weighted average common shares outstanding: Class A common stock - basic 88,174,640 90,808,080 87,579,624 90,513,150 Class A common stock - diluted 90,349,567 90,808,080 89,211,983 90,513,150

Investment in Security to be _2

Investment in Security to be Held to Maturity (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Fair Value Of The U.S. Treasury Note	The amortized cost, gross unrealized loss, and fair value of the U.S. Treasury Note at September 30, 2022 is as follows: Schedule of Fair Value Of The U.S. Treasury Note September 30, 2022 Amortized Cost Gross Unrealized Loss Fair Value U.S. Treasury Note $ 14,803 $ (316 ) $ 14,487 $ 14,803 $ (316 ) $ 14,487

Fair Value Measurements and F_2

Fair Value Measurements and Fair Value Disclosures (Tables)	9 Months Ended
	Sep. 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 September 30, 2022: Assets Cash and cash equivalents (1) $ 73,682 $ 73,682 $ — U.S. Treasury Note 14,803 14,487 — Total $ 88,485 $ 88,169 $ — Liabilities Term loan, due 2024, net $ 20,668 $ — $ 19,513 Alaska tankers term loan, due 2025, net 26,548 — 24,175 OSG 204 LLC term loan, due 2025, net 25,319 — 23,651 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 44,864 — 40,809 Term loan, due 2028, net 310,998 — 299,128 Unsecured senior notes, net 390 — 384 Total $ 428,787 $ — $ 407,660 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, 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 $ 52 81

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income/(Loss) (Tables)	9 Months Ended
	Sep. 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 September 30, 2022 December 31, 2021 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ 2,402 $ 2,943 Accumulated other comprehensive income $ 2,402 $ 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 nine months ended September 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 Balance as of June 30, 2022 $ 2,582 Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (180 ) Total change in accumulated other comprehensive income (180 ) Balance as of September 30, 2022 $ 2,402 Balance as of June 30, 2021 $ (480 ) Current period change, excluding amounts reclassified from accumulated other comprehensive loss — Amounts reclassified from accumulated other comprehensive loss (100 ) Total change in accumulated other comprehensive loss (100 ) Balance as of September 30, 2021 $ (580 ) Items not yet recognized as a periodic benefit cost 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 (541 ) Total change in accumulated other comprehensive income (541 ) Balance as of September 30, 2022 $ 2,402 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 (298 ) Total change in accumulated other comprehensive loss (298 ) Balance as of September 30, 2021 $ (580 )

Schedule of Disaggregation of R

Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total shipping revenues		$ 123,059	$ 93,967	$ 345,042	$ 263,599
Time and Bareboat Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues		92,730	64,535	232,934	191,130
Voyage Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues	[1]	17,665	17,682	73,036	38,124
Contracts of Affreightment (COA) Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues		$ 12,664	$ 11,750	$ 39,072	$ 34,345
[1]For the three and nine months ended September 30, 2022, voyage charter revenues include revenue related to short-term time charter contracts of $ 11,406 28,004 4,175 9,569

Schedule of Disaggregation of_2

Schedule of Disaggregation of Revenue (Details) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue related to short term	$ 30,329	$ 29,432	$ 112,108	$ 72,469
Short Term Time Charter Contracts [Member]
Disaggregation of Revenue [Line Items]
Revenue related to short term	$ 11,406	$ 4,175	$ 28,004	$ 9,569

Revenue Recognition (Details Na

Revenue Recognition (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Contracts with customers	$ 8,716	$ 8,227
2022 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue, remaining performance obligation, amount	9,956
2023 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue, remaining performance obligation, amount	$ 28,927

Schedule of Earnings Per Share

Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Per Share Amounts:
Net income/(loss)	$ 13,248	$ 3,740	$ (509)	$ (16,009)	$ (10,699)	$ (15,868)	$ 16,479	$ (42,576)
Weighted average common shares outstanding:
Class A common stock - basic	88,174,640			90,808,080			87,579,624	90,513,150
Class A common stock - diluted	90,349,567			90,808,080			89,211,983	90,513,150

Earnings per Common Share (Deta

Earnings per Common Share (Details Narrative) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive equity awards outstanding	2,174,927		1,632,359
Restricted Stock Units and Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	371,893	1,842,869	609,956	2,004,398
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			3,677,942	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			1,478,756	1,478,756

Schedule of Fair Value Of The U

Schedule of Fair Value Of The U.S. Treasury Note (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Amortized Cost	$ 14,803
Gross unrealized Loss	(316)
Fair value	14,487
US Treasury Note Securities [Member]
Amortized Cost	14,803
Gross unrealized Loss	(316)
Fair value	$ 14,487

Investment in Security to be _3

Investment in Security to be Held to Maturity (Details Narrative) - US Treasury Note Securities [Member] $ in Thousands	1 Months Ended
	Jul. 31, 2022 USD ($)
Debt instrument face amount	$ 15,000
Debt instrument carrying amount	$ 14,794
Debt maturity date	Aug. 15, 2024

Schedule of Hierarchy Categoriz

Schedule of Hierarchy Categorized on Fair Value (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	[1]	$ 73,682	$ 83,253
U.S. Treasury Note		14,803
Total assets		88,485	83,253
Term loan agreements, fair value		428,787	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		20,668	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		26,548	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		25,319	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		44,864	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		310,998	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]	73,682	83,253
U.S. Treasury Note		14,487
Total assets		88,169	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]
U.S. Treasury Note
Total assets
Term loan agreements, fair value		407,660	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		19,513	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		24,175	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		23,651	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		40,809	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		299,128	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		$ 384	$ 399
[1]Includes current and non-current restricted cash aggregating $ 52 81

Schedule of Hierarchy Categor_2

Schedule of Hierarchy Categorized on Fair Value (Details) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Restricted cash, fair value disclosure	$ 52	$ 81

Taxes (Details Narrative)

Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax benefits	$ (1,522)	$ 4,515	$ (2,074)	$ 13,195
Effective income tax rate reconciliation, change in enacted tax rate, percent	10%	22%	11%	24%

Capital Stock and Stock Compe_2

Capital Stock and Stock Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 01, 2022	May 27, 2021	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Jun. 13, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock shares				166,666,666	166,666,666	166,666,666	5,000,000	166,666,666
Stock repurchased during period, shares				3,633,146	3,778,887
Stock repurchased during period per share amount				$ 2.95	$ 2.92
Vesting decription					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]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares issued as compensation	305,000	275,800
Fair value of price per share	$ 2.09	$ 2.29
Employees, Including Senior Officers [Member] | Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares issued as compensation					718,360	552,844
Fair value of price per share					$ 2.09	$ 2.36
Senior Officers [Member] | Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares issued as compensation					576,981	590,251
Fair value of price per share					$ 2.09	$ 2.36
Number of shares available for grant				518,600	518,600	363,238
Maximum number of shares awarded					777,900	544,857
Class A Warrants [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Exercise Price of Warrants				$ 0.01	$ 0.01
Number of warrants exercised				59,124	59,124
Common Class A [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock repurchased during period, shares				60,646	239,686	185,459
Stock repurchased during period per share amount				$ 2.05	$ 2.07	$ 2.18
Number of shares newly issued					11,179
Subsequent Event [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock shares			5,000,000
Stock repurchased during period, shares			1,221,113
Stock repurchased during period per share amount			$ 2.95
Exercise Price of Warrants			$ 3.04
Repurchased			$ 14,739

Schedule of Components of Accum

Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Sep. 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)	$ 2,402	$ 2,943
Accumulated other comprehensive income	$ 2,402	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			$ 2,943
Ending balance	$ 2,402		2,402
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	2,582	$ (480)	2,943	$ (282)
Current period change, excluding amounts reclassified from accumulated other
Amounts reclassified from accumulated other comprehensive income	(180)	(100)	(541)	(298)
Total change in accumulated other comprehensive income	(180)	(100)	(541)	(298)
Ending balance	$ 2,402	$ (580)	$ 2,402	$ (580)

Leases (Details Narrative)

Leases (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Lessee, Operating Lease, Description	lease term of five years and two months, expiring in October 2028.
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		$ 2,088
Time Charter Revenue [Member]
Property, Plant and Equipment [Line Items]
Operating lease, lease income		92,539	$ 64,551	$ 232,360	$ 190,673
Straight line rent adjustments		191	$ 16	574	$ 457
Office Space [Member]
Property, Plant and Equipment [Line Items]
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year	$ 141	141		141
Lessee, Operating Lease, Liability, to be Paid, Year One	547	547		547
Lessee, Operating Lease, Liability, to be Paid, Year Two	515	515		515
Lessee, Operating Lease, Liability, to be Paid, Year Three	530	530		530
Lessee, Operating Lease, Liability, to be Paid, Year Four	546	546		546
Lessee, Operating Lease, Liability, to be Paid, Year Five	562	562		562
Lessee, Operating Lease, Liability, to be Paid, after Year Five	$ 382	$ 382		$ 382