Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 10-K 9 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 06, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 168,843,070
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		78,634,829
Documents Incorporated By Reference	Portions of the registrant’s definitive proxy statement to be filed by the registrant in connection with its 2023 Annual Meeting of Stockholders are incorporated by reference in Part III
ICFR Auditor Attestation Flag	false
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Tampa, Florida

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 78,732	$ 83,253
Voyage receivables, including unbilled of $11,364 and $3,777, net of reserve for doubtful accounts	19,698	14,586
Income tax recoverable	1,914	1,882
Other receivables	5,334	5,816
Prepaid expenses	385	543
Inventories and other current assets	2,283	2,895
Total Current Assets	108,346	108,975
Vessels and other property, less accumulated depreciation and amortization	726,179	761,777
Deferred drydock expenditures, net	38,976	43,342
Total Vessels, Deferred Drydock and Other Property	765,155	805,119
Intangible assets, less accumulated amortization	18,017	22,617
Operating lease right-of-use assets	206,797	152,027
Investment security to be held to maturity	14,803
Other assets	25,945	26,991
Total Assets	1,139,063	1,115,729
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	54,906	49,901
Current installments of long-term debt	23,733	22,225
Current portion of operating lease liabilities	63,288	100,010
Current portion of finance lease liabilities	4,000	4,000
Total Current Liabilities	145,927	176,136
Reserve for uncertain tax positions	175	179
Long-term debt, net	399,630	422,515
Deferred income taxes, net	70,233	63,744
Noncurrent operating lease liabilities	149,960	73,150
Noncurrent finance lease liabilities	16,456	18,998
Other liabilities	16,997	22,393
Total Liabilities	799,378	777,115
Commitments and contingencies (Note 17)
Equity:
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 88,297,439 and 87,170,463 shares issued; 78,297,439 and 87,170,463 shares outstanding)	883	872
Paid-in additional capital	597,455	594,386
Accumulated deficit	(233,023)	(259,587)
Treasury stock, 10,000,000 shares, at cost	(29,040)
Stockholder’s Equity Subtotal	336,275	335,671
Accumulated other comprehensive income	3,410	2,943
Total Equity	339,685	338,614
Total Liabilities and Equity	$ 1,139,063	$ 1,115,729

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Unbilled contracts receivable	$ 11,364	$ 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	78,297,439	87,170,463
Treasury stock, shares	10,000,000	10,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Shipping Revenues:
Time charter revenues	$ 327,329	$ 254,744
Voyage charter revenues	139,471	104,318
Total Shipping Revenue	466,800	359,062
Operating Expenses:
Voyage expenses	40,472	66,467
Vessel expenses	176,666	140,413
Charter hire expenses	88,849	90,166
Depreciation and amortization	70,637	61,823
General and administrative	26,985	24,097
Bad debt recovery		(1,080)
Loss on disposal of vessels and other property, including impairments, net		6,276
Total operating expenses	403,609	388,162
Operating income/(loss) from vessel operations	63,191	(29,100)
Loss on extinguishment of debt, net		(8,031)
Other income, net	3,327	1,985
Income/(loss) before interest expense and income taxes	66,518	(35,146)
Interest expense, net	(33,060)	(29,203)
Income/(loss) before income taxes	33,458	(64,349)
Income tax (expense)/benefit	(6,894)	18,097
Net income/(loss)	$ 26,564	$ (46,252)
Weighted Average Number of Common Shares Outstanding:
Basic - Class A	89,556,195	90,587,454
Diluted - Class A	91,400,041	90,587,454
Per Share Amounts:
Basic net income/(loss) - Class A	$ 0.30	$ (0.51)
Diluted net income/(loss) - Class A	$ 0.29	$ (0.51)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income/(loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net income/(loss)	$ 26,564	$ (46,252)
Defined benefit pension and other postretirement benefit plans:
Net change in unrecognized prior service costs	(553)	(554)
Net change in unrecognized actuarial gain	1,020	3,779
Other comprehensive income	467	3,225
Comprehensive income/(loss)	$ 27,031	$ (43,027)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net income/(loss)	$ 26,564	$ (46,252)
Items included in net income not affecting cash flows:
Depreciation and amortization	70,637	61,823
Bad debt recovery		(1,080)
Amortization of debt discount and other deferred financing costs	1,129	2,099
Compensation relating to restricted stock, stock unit and stock option grants	3,574	2,232
Deferred income tax expense/(benefit)	6,347	(18,236)
Interest on finance lease liabilities	1,618	1,799
Non-cash operating lease expense	89,127	90,863
Items included in net income related to investing and financing activities:
Loss on extinguishment and prepayments of debt, net		5,295
Loss on disposal of vessels and other property, including impairments, net		6,276
Payments for drydocking	(17,231)	(19,037)
Changes in operating assets and liabilities:
Operating lease liabilities	(99,808)	(92,634)
Increase in receivables	(5,112)	(384)
Decrease in income tax receivable	(32)	(1,495)
Increase in deferred revenue	3,435	9,666
Net change in other operating assets and liabilities	(7,425)	(12,767)
Net cash provided by/(used in) operating activities	72,823	(11,832)
Cash Flows from Investing Activities:
Expenditures for vessels and vessel improvements	(6,354)	(7,793)
Purchase of investment security to be held to maturity	(14,794)
Proceeds from disposal of vessels and other property		32,128
Net cash (used in)/provided by investing activities	(21,148)	24,335
Cash Flows from Financing Activities:
Payments on debt	(22,222)	(33,316)
Tax withholding on share-based awards	(496)	(402)
Payments on principal portion of finance lease liabilities	(4,161)	(4,161)
Deferred financing costs paid for debt amendments	(277)	(2,465)
Purchases of treasury stock	(29,040)
Extinguishment of debt and prepayments		(277,520)
Issuance of debt, net of issuance and deferred financing costs		321,531
Extinguishment of debt costs paid		(2,736)
Net cash (used in)/provided by financing activities	(56,196)	931
Net (decrease)/increase in cash and cash equivalents	(4,521)	13,434
Cash and cash equivalents at beginning of year	83,253	69,819
Cash and cash equivalents at end of year	$ 78,732	$ 83,253

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity/(deficit) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Total
Balance, value at Dec. 31, 2020	$ 864	$ 592,564	$ (213,335)		$ (282)	$ 379,811
Net income(loss)			(46,252)			(46,252)
Other comprehensive income, net of taxes					3,225	3,225
Issuance and vesting of restricted stock awards	8	(8)
Taxes withheld and forfeitures of restricted stock awards		(402)				(402)
Compensation related to Class A restricted stock awards		2,232				2,232
Balance, value at Dec. 31, 2021	872	594,386	(259,587)		2,943	338,614
Net income(loss)			26,564			26,564
Other comprehensive income, net of taxes					467	467
Issuance and vesting of restricted stock awards	13	(13)
Taxes withheld and forfeitures of restricted stock awards	(2)	(492)				(494)
Compensation related to Class A restricted stock awards		3,574				3,574
Purchases of treasury stock				(29,040)		(29,040)
Balance, value at Dec. 31, 2022	$ 883	$ 597,455	$ (233,023)	$ (29,040)	$ 3,410	$ 339,685

BASIS OF PRESENTATION AND DESCR

BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS	NOTE 1 — BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS The consolidated financial statements include the accounts of Overseas Shipholding Group, Inc., a Delaware corporation incorporated in 1969, and its wholly owned subsidiaries (the “Company” or “OSG”, or “we” or “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. All significant intercompany balances and transactions have been eliminated in consolidation.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. Cash and cash equivalents 2. Vessels, vessel lives, deferred drydocking expenditures and other property Vessels are recorded at cost and are depreciated to their estimated salvage value on the straight-line basis over the estimated useful lives of the vessels, which are generally 25 years (except for new ATBs for which estimated useful lives of 30 years are used) Other property, including leasehold improvements, are recorded at cost and amortized on a straight-line basis over the shorter of the terms of the leases or the estimated useful lives of the assets, which range from three years 15 Interest costs are capitalized to vessels and other property during the period when vessels are under construction and projects are in progress. During the years ended December 31, 2022 and 2021, interest costs capitalized were $ 1,378 1,427 Expenditures incurred during a drydocking are deferred and amortized on the straight-line basis over the shorter of the terms of the leases or the period until the next scheduled drydocking, generally two and a half to five years. The Company only includes in deferred drydocking costs those direct costs that are incurred as part of the drydocking to meet regulatory requirements, or are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. The carrying value of each of the Company’s vessels represents its original cost at the time it was delivered or purchased less depreciation calculated using estimated useful lives from the date such vessel was originally delivered from the shipyard or from the date (as in the case of certain of the Company’s ATBs) a vessel was rebuilt. A vessel’s carrying value is reduced to its new cost basis (i.e., its current fair value) if a vessel impairment charge is recorded. If the estimated economic lives assigned to the Company’s vessels prove to be too long because of new regulations, a prolonged weak market environment, a broad imposition of age restrictions by the Company’s customers, or other future events, it could result in higher depreciation expense and impairment losses in future periods related to a reduction in the useful lives of any affected vessels. 3. Impairment of long-lived assets, including right-of-use assets 4. Intangible assets 5. Internal use software Intangibles-Goodwill and Other. 3,500 292 five years 6. Deferred finance charges Unamortized deferred financing charges of $ 4,697 5,542 1,129 2,099 7. Revenue and expense recognition The Company classifies time charter leasing arrangements less than 90 days within the voyage charter revenue financial statement line item because the Company believes the pricing negotiated within these short-term time charter contracts more closely aligns with the Company’s voyage charter spot market. Under voyage charters, expenses such as fuel, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time and bareboat charters, such voyage costs are generally paid by the Company’s customers. The Company receives a stipend pursuant to the Maritime Security Act of 1996 for the two U.S. Flag Product Carriers which participate in the U.S. MSP program. This stipend has been recorded as an offset to vessel expenses which amounted to $ 9,252 10,500 8. Voyage receivables 9. Concentration of credit risk 197 150 During the years ended December 31, 2022 and 2021, the Company had two individual customers who accounted for 10% or more of the Company’s revenues. The customers and their related percentages were Hilcorp North Slope LLC ( 14.2 10.2 28.2 10.6 The Company’s cash and cash equivalents balances generally exceed Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are placed in what the Company believes to be creditworthy financial institutions. In addition, certain of the Company’s money market accounts invest in U.S. Treasury securities or other obligations issued or guaranteed by the U.S. government or its agencies. 10. Income taxes Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes in the period such determination is made. Uncertain tax positions are recorded in accordance with ASC 740, Income Taxes greater than 50 11. Use of estimates 12. Segment information 13. Inventories 14. Recently issued accounting standards Financial Instruments – Credit Losses (Topic 326) Derivatives and Hedging (Topic 815) Leases (Topic 842): Effective Dates Bucket 1— All public business entities (“PBEs”) that are SEC filers (as defined in U.S. GAAP), excluding smaller reporting companies (“SRCs”) (as defined by the SEC). The credit losses standard became effective January 1, 2020. Bucket 2— All other entities, including SRCs, other PBEs that are not SEC filers, private companies, not-for-profit organizations, and employee benefit plans. The credit losses standard became 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 adopted the credit losses standard as of 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.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	12 Months Ended
	Dec. 31, 2022
Per Share Amounts:
EARNINGS PER COMMON SHARE	NOTE 3 — 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. Class A As of December 31, 2022, there were 3,672,646 1,478,756 3,371,177 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 Years Ended December 31, 2022 2021 Net income/(loss) $ 26,564 $ (46,252 ) Weighted average common shares outstanding: Class A common stock - basic 89,556,195 90,587,454 Class A common stock - diluted 91,400,041 90,587,454 For the year ended December 31, 2022, there were dilutive equity awards outstanding covering 1,843,846 609,956 2,017,810

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	NOTE 4 — REVENUE RECOGNITION Shipping Revenues Time Charter Revenues The Company enters into time charter contracts under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of a vessel. The Company recognizes revenues from time charters as operating leases ratably over the noncancellable contract term. Customers generally pay voyage expenses such as fuel, canal tolls and port charges. The Company also provides the charterer with services such as technical management expenses and crew costs. While there are lease and non-lease components related to time charter contracts, the predominant component of the contract is the charterer’s lease of the vessel. The non-lease components of the contract have the same timing and pattern of transfer as the underlying lease component; therefore, the Company applies the practical expedient of combining lease and non-lease components and recognizes revenue related to this service ratably over the life of the contract term. Voyage Charter Revenues The Company enters into voyage charter contracts, under which the customer pays a transportation charge (voyage freight) for the movement of a specific cargo between two or more specified ports. The Company’s performance obligation under voyage charters, which consists of moving cargo from a load port to a discharge port, is satisfied over time. Accordingly, under ASC 606, the Company recognizes revenue from voyage charters ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. The transaction price is in the form of a fixed fee at contract inception, which is the transportation charge. Voyage charter contracts also include variable consideration primarily in the form of demurrage, which is additional revenue the Company receives for delays experienced in loading or unloading cargo that are not deemed to be the responsibility of the Company. The Company does not include demurrage in the transaction price for voyage charters since it is highly susceptible to factors outside the Company’s influence. Examples of when demurrage is incurred include unforeseeable weather conditions and security regulations at ports. The uncertainty related to this variable consideration is resolved upon the completion of the voyage, the duration of which is generally less than 30 days. U.S. Maritime Security Program Two Contracts of Affreightment The Company enters into COAs to provide transportation services between specified points for a stated quantity of cargo over a specific time period, but without designating voyage schedules. The Company has COAs to provide for lightering services and other arrangements based on the number of voyages. These contracts are service contracts within the scope of ASC 606 for which the underlying performance obligation is satisfied as transportation services are provided. The Company’s COAs include minimum purchase requirements from customers that are expressed in either fixed monthly barrels, annual minimum barrel volume requirements or annual minimum number of voyages to complete. The Company is required to transport and the charterer is required to provide the Company with a minimum volume requirement. COAs provide the charterer with the opportunity to purchase additional transportation services above the minimum. If this is not considered a material right, the Company recognizes revenue related to the additional services at the contractual rate as the product is transferred over time. If the additional transportation service is considered a material right, the Company allocates the transaction price to the material right. As a result, the Company may recognize revenue related to COAs at an amount different from the invoiced amount if the Company’s estimated volume to be transported under the contract exceeds the contractual minimum. COAs also include variable consideration primarily related to demurrage. The Company does not include this variable consideration in the transaction price for these contracts as the consideration is constrained since the obligation to deliver this service is outside the control of the Company. The uncertainty related to this variable consideration is resolved with the customer over the course of the contract term as individual voyages discharge. At December 31, 2022 and 2021, the Company did not have deferred revenue related to the Company’s COAs. 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 years ended December 31, 2022 and 2021: SCHEDULE OF DISAGGREGATION OF REVENUE Years Ended December 31, 2022 2021 Time and bareboat charter revenues $ 327,329 $ 254,744 Voyage charter revenues (1) 86,659 57,946 Contracts of affreightment revenues 52,812 46,372 Total shipping revenues $ 466,800 $ 359,062 (1) Voyage charter revenues include revenue related to short-term time charter contracts of $ 33,612 14,843 Voyage Receivables As of December 31, 2022 and December 31, 2021, contract balances from contracts with customers consisted of voyage receivables of $ 9,258 8,227 Costs to Fulfill a Contract Under ASC 606, for voyage charters and COAs, the Company capitalizes the direct costs, which are voyage expenses, of relocating the vessel to the load port to be amortized during transport of the cargo. At December 31, 2022, the costs related to voyages that were not yet completed were not material. Additionally, these contracts include out-of-pocket expense (i.e. fuel, port charges, canal tolls) incurred by the Company in fulfilling its performance obligations, which are reimbursed by the charterer at cost. The reimbursement for these fulfillment costs are included in the Company’s estimated transaction price for the contract and recognized as revenue when performance obligations are satisfied. Transaction Price Allocated to the Remaining Performance Obligations As of December 31, 2022, the Company expects to recognize revenue of approximately $ 28,927 Practical Expedients and Exemptions The Company’s voyage charter contracts and some of the Company’s COAs have an original expected duration of one year or less; therefore, the Company has elected to apply the practical expedient, which permits the Company to not disclose the portion of the transaction price allocated to the remaining performance obligations within these COAs. The Company expenses broker commissions for voyage charters, which are costs of obtaining a contract, as they are incurred because the amortization period is less than one year or are otherwise amortized as the underlying performance obligation is satisfied. The Company records these costs within voyage expenses on the consolidated statements of operations.

VESSELS, OTHER PROPERTY AND DEF

VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK	NOTE 5 — VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK Vessels and other property consist of the following: SCHEDULE OF VESSELS AND OTHER PROPERTY 2022 2021 Years Ended December 31, 2022 2021 Vessels, at cost $ 1,082,822 $ 1,066,327 Accumulated depreciation (385,242 ) (345,531 ) Vessels, net 697,580 720,796 Construction in progress 10,406 19,799 Finance lease right-of-use asset, at cost (Note 14) 26,940 26,940 Accumulated amortization (Note 14) (8,856 ) (5,906 ) Finance lease right-of use asset, net (Note 14) 18,084 21,034 Other property, at cost 5,578 5,578 Accumulated depreciation and amortization (5,469 ) (5,430 ) Other property, net 109 148 Total vessels and other property $ 726,179 $ 761,777 On January 27, 2023, the Company’s one owned Marshall Island flagged non-Jones Act MR tanker, the Overseas Sun Coast In June 2021, the Company sold the Overseas Gulf Coast 32,128 , net of broker commissions and other fees, resulting in a loss of $ 5,268 At December 31, 2022, the Company’s owned vessel fleet with a weighted average age of 14.6 692,501 Vessel activity, excluding construction in progress, for the two years ended December 31, 2022 is summarized as follows: SUMMARY OF VESSEL ACTIVITY EXCLUDING CONSTRUCTION PROGRESS Vessel Cost Accumulated Net Book Balance at December 31, 2020 $ 1,099,187 $ (308,449 ) $ 790,738 Transfers from construction in progress 6,836 — Depreciation — (39,398 ) Disposals (39,696 ) 2,316 Balance at December 31, 2021 1,066,327 (345,531 ) 720,796 Transfers from construction in progress 16,699 — Additions 570 Depreciation — (40,485 ) Disposals (774 ) 774 Balance at December 31, 2022 $ 1,082,822 $ (385,242 ) $ 697,580 The total of vessel additions can be different from expenditures for vessels as shown in the consolidated statements of cash flows because of the timing of when payments were made. For the years ended December 31, 2022 and 2021, the Company had approximately $ 2,784 1,341 Drydocking activity for the two years ended December 31, 2022 is summarized as follows: SUMMARY OF DRYDOCKING ACTIVITY 2022 2021 Balance at January 1 $ 43,342 $ 43,134 Additions 18,198 15,017 Drydock amortization (22,564 ) (14,809 ) Balance at December 31 $ 38,976 $ 43,342

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	NOTE 6 — INTANGIBLE ASSETS Intangible assets activity for the two years ended December 31, 2022 is summarized as follows: SCHEDULE OF INTANGIBLE ASSETS Total Balance at December 31, 2020 $ 27,217 Amortization (4,600 ) Balance at December 31, 2021 22,617 Amortization (4,600 ) Balance at December 31, 2022 $ 18,017 The Company’s intangible assets at December 31, 2022 and 2021 consist of long-term customer relationships acquired as part of the 2006 purchase of Maritrans, Inc. The gross intangible assets were $ 92,000 four years 4,600

DEBT

DEBT	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
DEBT	NOTE 7 — DEBT Debt consists of the following: SCHEDULE OF LONG-TERM DEBT INSTRUMENTS December 31, 2022 2021 Term loan, due 2024, net of unamortized deferred costs of $257 and $398 $ 20,330 $ 21,633 Term loan, due 2024 257 398 $ 20,330 $ 21,633 Alaska tankers term loan, due 2025 267 421 25,289 30,236 OSG 204 LLC term loan, due 2025 457 646 25,006 26,231 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 609 734 44,342 46,380 Unsecured senior notes, net of unamortized deferred costs 390 390 Term loan, due 2028 3,106 3,343 308,006 319,870 Total debt 423,363 444,740 Less current installments of long-term debt (23,733 ) (22,225 ) Total long-term debt $ 399,630 $ 422,515 The weighted average interest rate for debt outstanding at December 31, 2022 and 2021 was 7.18 7.20 Term Loans Capitalized terms used hereafter have the meaning given in this Annual Report on Form 10-K or in the respective transaction documents referred to below, including subsequent amendments thereto. Term loan, due 2028 (the “Borrowers”) 325,000 due 2023 due 2026 237,983 20,298 16,000 due 2025 7,961 7.75 October 1, 2028 The performance of the Borrowers’ obligations under the term loan is guaranteed by the Company and certain other subsidiaries and are secured by the Borrowers’ assets, including five tankers, three tugs, and two barges, and by the Company’s equity interests in certain of its subsidiaries. OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 49,150 46,711 OSG 205 OSG Courageous. December 3, 2020, upon completion and delivery of the OSG 205, 6.37 In connection with the amendment, the interest rate was updated to a fixed interest rate of 6.87% until the end of the first quarter of 2022. Beginning in the second quarter of 2022, the interest rate returned to a fixed interest rate of 6.37%. seven-year December 1, 2027 325,000 OSG 204 LLC term loan, due 2025 32,933 5.00 conform the covenants with the Stonebriar $ 325,000 . In connection with the amendment, the Company made a prepayment of $ 3,000 5.75 five-year term June 1, 2025 Alaska tankers term loan, due 2025 54,000 Alaskan Explorer Alaskan Legend Alaskan Navigator 16,000 Alaskan Legend The loan bears a fixed rate of interest of 4.43 March 12, 2025 , the Company completed an amendment on the term loan to conform the covenants with the Stonebriar $ 325,000 Term loan, due 2024 - 50,000 five-year September 30, 2024 Overseas Gulf Coast Overseas Sun Coast. 24,000 Overseas Gulf Coast Overseas Sun Coast 5.54 325,000 Term loan, due 2023 – 325,000 five-year term Term loan, due 2026 – 27,500 seven-year term Unsecured Senior Notes 7.5 146,000 February 15, 2024 Interest Expense The following table summarizes interest expense, including amortization of issuance and deferred financing costs, commitment, administrative and other fees, recognized during the two years ended December 31, 2022 with respect to the Company’s debt facilities: SCHEDULE OF DEBT EXPENSES Years Ended December 31, Debt Facility 2022 2021 Term loan, due 2024 $ 1,340 $ 1,407 Alaska tankers term loan, due 2025 1,406 2,193 OSG 204 LLC term loan, due 2025 1,697 1,747 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 3,121 3,423 Unsecured senior notes 29 32 Term loan, due 2028 25,146 6,550 Term loan, due 2023 — 12,618 Term loan, due 2026 — 712 Total interest expense on debt facilities $ 32,739 $ 28,682 Cash paid for interest expense was $ 31,618 25,609 As of December 31, 2022, the aggregate annual principal payments required to be made on the Company’s debt are as follows: SCHEDULE OF AGGREGATE ANNUAL PRINCIPAL PAYMENTS 2023 $ 23,730 2024 43,184 2025 54,903 2026 19,268 2027 52,597 Thereafter 234,375 Total $ 428,057

INVESTMENT IN SECURITY TO BE HE

INVESTMENT IN SECURITY TO BE HELD TO MATURITY	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
INVESTMENT IN SECURITY TO BE HELD TO MATURITY	NOTE 8 — Investment in Security to be Held to Maturity INVESTMENT IN SECURITY TO BE HELD TO MATURITY In July 2022, the Company purchased a $ 15,000 14,794 August 15, 2024 SCHEDULE OF FAIR VALUE OF THE U.S. TREASURY NOTE At December 31, 2022 Amortized Cost Gross Unrealized Loss Fair Value U.S. Treasury Note $ 14,803 $ (328 ) $ 14,475 $ 14,803 $ (328 ) $ 14,475 Other-Than-Temporarily Impaired (“OTTI”) The Company performed quarterly reviews 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 December 31, 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 year ended December 31, 2022.

FAIR VALUE MEASUREMENTS AND FAI

FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES	NOTE 9 — FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES ASC 820, Fair Value Measurements and Disclosures The levels of the fair value hierarchy established by ASC 820 are as follows: Level Quoted prices in active markets for identical assets or liabilities Level 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 following methods and assumptions were used to estimate the fair value of each class of financial instrument. Cash and cash equivalents and restricted cash — U.S. Treasury Note — Debt — 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, at December 31, 2022 and 2021, are as follows: SCHEDULE OF HIERARCHY CATEGORIZED ON FAIR VALUE Fair Value Carrying Level 1 Level 2 December 31, 2022: Assets Cash and cash equivalents (1) $ 78,732 $ 78,732 $ — U.S. Treasury Note 14,803 14,475 — Total $ 93,535 $ 93,207 $ — Liabilities Term loan, due 2024, net $ 20,330 $ — $ 19,296 Alaska tankers term loan, due 2025, net 25,289 — 23,195 OSG 204 LLC term loan, due 2025, net 25,006 — 23,448 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 44,342 — 40,331 Term loan, due 2028, net 308,006 — 295,320 Unsecured senior notes, net 390 — 385 Total $ 423,363 $ — $ 401,975 Fair Value Carrying 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 Impairments During the year ended December 31, 2022, the Company gave consideration as to whether events or changes in circumstances had occurred that could indicate the carrying amounts of the vessels in the Company’s fleet may not be recoverable. The Company concluded that no such events or changes in circumstances had occurred. During the third quarter of 2021, the Company gave consideration as to whether events or changes in circumstances had occurred that could indicate that the carrying amounts of the Company’s operating lease right-of-use assets may not be fully recoverable. The Company concluded that the decline in previously forecasted cash flows on two of the Company’s leased vessels, due to a change in the expected deployment, constituted an impairment triggering event during the third quarter of 2021. Based on the Company’s analysis, an impairment charge of $ 1,000 Valuation of Intangible Assets The Company’s intangible assets at December 31, 2022 and 2021 consisted of long-term customer relationships acquired as part of the 2006 purchase of Maritrans, Inc. The long-term customer relationships are being amortized on a straight-line basis over 20 years. During the years ended December 31, 2022 and 2021, the Company gave consideration as to whether events or changes in circumstances had occurred that could indicate the carrying value of the Company’s intangible assets may not be recoverable. The Company concluded that no such events or changes in circumstances had occurred.

ACCOUNTS PAYABLE, ACCRUED EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	NOTE 10 — ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Years Ended December 31, 2022 2021 Accounts payable $ 5,962 $ 9,496 Payroll and benefits 10,397 12,013 Interest 2,437 2,565 Insurance 520 335 Accrued drydock and repair costs 957 450 Bunkers and lubricants 370 1,125 Charter revenues received in advance 21,778 18,343 Accrued vessel expenses 10,888 4,095 Accrued general and administrative, primarily professional fees 985 860 Other 612 619 Accounts payable and other accrued liabilities, current $ 54,906 $ 49,901

TAXES

TAXES	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
TAXES	NOTE 11 — TAXES The (expense)/benefit for income taxes on income before income taxes consists of the following: SCHEDULE OF INCOME TAX (EXPENSE)/BENEFIT Years Ended December 31, 2022 2021 Current - Federal $ (9 ) $ (8 ) Current - State (538 ) (131 ) Deferred - Federal (4,630 ) 15,275 Deferred - State (1,717 ) 2,961 Total $ (6,894 ) $ 18,097 The reconciliations between the U.S. federal statutory income tax rate and the effective tax rate follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION Years Ended December 31, 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % Adjustments due to: State taxes, net of federal benefit 0.4 % 3.7 % Change in valuation allowance 5.6 % 0.9 % Equity awards 0.6 % 0.0 % Return to provision 0.5 % (0.5 )% U.S. income subject to tonnage tax (8.2 )% 2.2 % Other 0.7 % 0.8 % Effective tax rate 20.6 % 28.1 % During the years ended December 31, 2022 and 2021, $ 13,100 6,700 Overseas Mykonos Overseas Santorini (8.2) 2.2 The significant components of the Company’s deferred tax liabilities and assets follow: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES December 31, 2022 2021 Deferred tax liabilities: Vessels and other property (1) $ 119,987 $ 121,169 Prepaid expenditures 8,695 9,445 Operating lease right-of-use assets 50,792 40,176 Other-net 8 9 Total deferred tax liabilities 179,482 170,799 Deferred tax assets: Loss carryforwards 67,686 75,874 Operating lease liability 50,622 40,217 Finance lease liability 4,662 5,180 Employee compensation and benefit plans (212 ) 178 Financing and professional fees 8,710 5,993 Accrued expenses and other 79 33 Total deferred tax assets 131,547 127,475 Valuation allowance (22,298 ) (20,420 ) Net deferred tax assets 109,249 107,055 Net deferred tax liabilities $ 70,233 $ 63,744 (1) Includes deferred tax liabilities related to finance lease right-of-use assets totaling $ 4,122 4,737 As of December 31, 2022, the Company had U.S. federal net operating loss carryforwards of $ 199,059 2034 719,414 These U.S. state net operating loss carryforwards expire in various years from December 31, 2023 through December 31, 2041. The Company assessed all available positive and negative evidence to determine whether sufficient future taxable income will be generated to permit use of existing deferred tax assets. For U.S. federal deferred tax assets, the Company concluded that sufficient positive evidence existed, primarily the result of reversing deferred tax liabilities during the carryover period. However, for certain state deferred tax assets, the negative evidence has outweighed the positive evidence which has resulted in the Company establishing a valuation allowance of $ 22,298 20,420 During the years ended December 31, 2022 and 2021, the Company paid income taxes (net of refunds received) of $ 393 1,751 The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (excluding interest and penalties): SCHEDULE OF UNRECOGNIZED TAX BENEFITS Years Ended December 31, 2022 2021 Balance of unrecognized tax benefits as of January 1, $ 834 $ 813 Increases/(decreases) for positions taken in prior years 201 21 Balance of unrecognized tax benefits as of December 31, $ 1,035 $ 834 Included in the balance of unrecognized tax benefits as of December 31, 2022 and 2021 are $ 1,035 834 The Company records interest and penalties on unrecognized tax benefits in its provision for income taxes. Accrued interest and penalties are included within the related liability for unrecognized tax benefit line on the consolidated balance sheets. During the years ended December 31, 2022 and 2021, the Company accrued interest and recorded liabilities for interest and penalties which were not material to the consolidated financial statements. After taking into consideration tax attributes, such as net operating loss carryforwards and interest, the Company’s unrecognized tax benefits represent a noncurrent reserve for uncertain tax positions of $ 175 179 With few exceptions, the Company is no longer subject to state and local income tax examinations by tax authorities for years before 2017. The Company conducts business and files income tax returns in numerous states. Currently, one of the Company’s state tax returns is under examination by a state as part of routine audits conducted in the ordinary course of business. The future utilization of state net operating losses could potentially subject the Company to state examinations prior to the otherwise applicable statute of limitation. States vary in carryforward periods but generally extend up to 20 years or a period consistent with the federal limits under the Tax Cuts and Jobs Act.

CAPITAL STOCK AND STOCK COMPENS

CAPITAL STOCK AND STOCK COMPENSATION	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
CAPITAL STOCK AND STOCK COMPENSATION	NOTE 12 — CAPITAL STOCK AND STOCK COMPENSATION Ownership Restrictions In order to preserve the status of OSG as a Jones Act company, the percentage of each class of its common stock that may be owned by non-U.S. citizens is limited. In addition, the Company has established policies and procedures to ensure compliance with the Jones Act. In order to provide a reasonable margin for compliance with the Jones Act, our Board of Directors has determined that until further action by our Board, at least 77 Share Repurchases On June 13, 2022, the Company’s Board of Directors authorized a program to purchase up to five million 14,740 five million 2.95 In November 2022, the Company purchased five million 2.86 14,300 During the years ended December 31, 2022 and 2021, in connection with the vesting of restricted stock units (“RSUs”), the Company withheld 239,686 185,459 2.07 2.18 Warrant Conversions Each Class A warrant represents the right to purchase one share of Class A common stock, subject in each case to the adjustments as provided pursuant to the terms thereof. The warrants may be exercised at a price per share of Class A common stock, as applicable, of $ 0.01 19,051,778 3,619,838 During the years ended December 31, 2022 and 2021, the Company issued 11,179 23,612 59,124 124,862 Incentive Plans On September 23, 2014, the Company’s Compensation Committee (“the Committee”) approved the Overseas Shipholding Group, Inc. Management Incentive Compensation Plan (the “Management Compensation Plan”) and the Overseas Shipholding Group, Inc. Non-Employee Director Incentive Compensation Plan (the “Director Plan”). OSG stockholders approved these plans on June 9, 2015. On June 6, 2017, at the annual stockholders meeting, the Company’s stockholders approved an increase to the maximum number of shares for issuance under the Director Plan by one and a half million The Incentive Plans contain anti-dilution provisions whereby in the event of any change in the capitalization of the Company, the number and type of securities underlying outstanding share-based payment awards must be adjusted, as appropriate, in order to prevent dilution or enlargement of rights. The impact of these provisions resulted in a modification of all outstanding share-based payment awards upon the stock dividend, reverse stock split and spin-off transactions. As the fair value of the awards immediately after the stock dividend, reverse stock split and spin off transactions, did not increase when compared to the fair value of such awards immediately prior to such transactions, no incremental compensation costs were recognized as a result of such modifications. The purpose of the Incentive Plans is to promote the interests of the Company and its stockholders by providing certain employees and members of the Board, who are largely responsible for the management, growth and protection of the business of the Company, with incentives and rewards to encourage them to continue in the service of the Company. The Incentive Plans permit the Committee to grant to eligible employees and directors of the Company, as applicable, any of the following types of awards (or any combination thereof): cash incentive awards, nonqualified stock options, incentive stock options and other stock-based awards, including, without limitation, stock appreciation rights, phantom stock, restricted stock, restricted stock units, performance shares, deferred share units and share-denominated performance units. 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 The Company awarded a total of 305,000 275,800 2.09 2.29 Management Compensation Restricted Stock Units During the years ended December 31, 2022 and 2021, the Company granted RSUs to its employees, including senior officers, covering 718,360 552,844 2.09 2.36 During the years ended December 31, 2022 and 2021, the Company awarded performance-based RSUs to its senior officers covering 518,600 363,238 The ROIC Target RSU awards and the TSR Target RSU awards are subject to an increase up to a maximum of 259,300 181,619 777,900 544,857 2.09 2.36 During the year ended December 31, 2022, the Company awarded RSUs to its senior officers covering 576,981 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 year ended December 31, 2021, the Company awarded performance-based RSUs to its senior officers covering 590,251 2.36 For the Incentive Plans, compensation expense is recognized over the vesting period, contingent or otherwise, applicable to each grant, using the straight-line method. Compensation expense as a result of the RSUs described above was $ 3,574 2,232 Activity with respect to restricted stock units under the Incentive Plans during the two years ended December 31, 2022 is summarized as follows: SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS Activity for the two years ended December 31, 2022 Class A common shares Nonvested Shares Outstanding at December 31, 2020 2,605,263 Granted 1,782,133 Vested ($ 2.12 2.31 (963,338 ) Forfeited ($ 1.69 2.59 (52,881 ) Nonvested Shares Outstanding at December 31, 2021 3,371,177 Granted 2,118,942 Vested ($ 1.82 2.23 (1,355,483 ) Forfeited ($ 1.92 2.05 (461,990 ) Nonvested Shares Outstanding at December 31, 2022 3,672,646 Activity with respect to stock options under the Incentive Plans during the two years ended December 31, 2022 is summarized as follows: SCHEDULE OF STOCK OPTIONS ACTIVITY UNDER INCENTIVE PLANS Activity for the two years ended December 31, 2022 Class A common shares Options Outstanding at December 31, 2020 1,478,756 Options Outstanding at December 31, 2021 1,478,756 Options Outstanding at December 31, 2022 1,478,756 Options Exercisable at December 31, 2022 1,478,756 The weighted average remaining contractual life of the outstanding stock options at December 31, 2022 was 5.18 1.70 5.57 2.67 There was no compensation expense as a result of the grants of stock options for the years ended December 31, 2022 and 2021. As of December 31, 2022, there was $ 4,253 1.82

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	NOTE 13 — ACCUMULATED OTHER COMPREHENSIVE INCOME The components of accumulated other comprehensive income, net of related taxes at an effective tax rate of 20.6 28.1 SCHEDULE OF COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME 2022 2021 Years Ended December 31, 2022 2021 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ 3,410 $ 2,943 Accumulated other comprehensive income $ 3,410 $ 2,943 The following tables present the changes in the balances of each component of accumulated other comprehensive income, net of related taxes, for the two years ended December 31, 2022. SCHEDULE OF CHANGES IN BALANCES OF COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME Items not yet Balance as of December 31, 2021 $ 2,943 Current period change, excluding amounts reclassified from accumulated other 1,041 Amounts reclassified from accumulated other comprehensive income (574 ) Total change in accumulated other comprehensive income 467 Balance as of December 31, 2022 $ 3,410 Balance as of December 31, 2020 $ (282 ) Current period change, excluding amounts reclassified from accumulated other 3,522 Amounts reclassified from accumulated other comprehensive income (297 ) Total change in accumulated other comprehensive income 3,225 Balance as of December 31, 2021 $ 2,943 The following table presents information with respect to amounts reclassified out of accumulated other comprehensive income for the two years ended December 31, 2022. SCHEDULE OF AMOUNTS RECLASSIFIED OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME Years Ended Statement of Accumulated Other Comprehensive Income Component 2022 2021 Line Item Items not yet recognized as a component of net periodic Net periodic benefit costs associated with pension and $ 315 $ (63 ) Other income, net Net periodic benefit costs associated with pension and 433 450 Other income, net 748 387 Total before tax (1,322 ) (684 ) Tax provision $ (574 ) $ (297 ) Total net of tax The following amounts are included in accumulated other comprehensive income at December 31, 2022, which have not yet been recognized in net periodic cost: unrecognized prior service credits of $ 6,162 4,785 s $ 1,614 1,375 The income tax (expense)/benefit allocated to each component of other comprehensive income/(loss) follows: SCHEDULE OF INCOME TAX (EXPENSE) BENEFIT ALLOCATED TO COMPONENT Items not yet recognized For the year ended December 31, 2022: Current period change excluding amounts reclassified from accumulated other $ (316 ) Amounts reclassified from accumulated other comprehensive income 174 Total change in accumulated other comprehensive income $ (142 ) For the year ended December 31, 2021: Current period change excluding amounts reclassified from accumulated other $ (1,069 ) Amounts reclassified from accumulated other comprehensive income 90 Total change in accumulated other comprehensive income $ (979 )

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
Leases
LEASES	NOTE 14 — LEASES The Company’s lease portfolio is comprised of vessels chartered-in, office space and equipment under agreements with contractual periods ranging from less than one year 12 The Company’s lease right-of-use assets and lease liabilities at December 31, 2022 and 2021 were as follows: SCHEDULE OF LEASE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES December 31, 2022 2021 Operating leases Vessels chartered-in noncurrent operating lease assets $ 203,393 $ 148,681 Office space noncurrent operating lease assets 3,404 3,346 Total noncurrent operating lease assets $ 206,797 $ 152,027 Vessels chartered-in operating lease liabilities Current portion of operating lease liabilities $ 62,534 $ 99,255 Noncurrent operating lease liabilities 147,243 71,909 209,777 171,164 Office space operating lease liabilities Current portion of operating lease liabilities 754 755 Noncurrent operating lease liabilities 2,717 1,241 3,471 1,996 Total operating lease liabilities $ 213,248 $ 173,160 Finance lease Vessels and other property $ 26,940 $ 26,940 Accumulated amortization (8,856 ) (5,906 ) Vessels and other property, less accumulated amortization $ 18,084 $ 21,034 Current portion of finance lease liabilities $ 4,000 $ 4,000 Noncurrent finance lease liabilities 16,456 18,998 Total finance lease liabilities $ 20,456 $ 22,998 Charters-in As of December 31, 2022, the Company had commitments to charter-in nine vessels, which are all bareboat charters. For the nine chartered-in vessels, eight vessels are accounted for as operating leases and one vessel is accounted for as a finance lease. The finance lease arrangement is reported in vessels and other property, less accumulated depreciation on the Company’s consolidated balance sheets. The Company holds options for eight of the vessels chartered-in. For one vessel, the option can be exercised for three years and is available indefinitely. For another vessel, the Company has two option periods of five years each and, after the five-year optional periods are exercised, can extend the lease for five one-year optional periods. For the remaining six vessels, the options can be exercised for three or five years, which are available indefinitely. The lease payments for the charters-in are fixed throughout the option periods and the options are on a vessel-by-vessel basis that can be exercised individually. On December 8, 2022, the Company exercised its option to extend the terms of six vessels for an additional three years, with terms ending in December 2026 . During 2022, charters for five chartered-in vessels contained a deferred payment obligation (“DPO”) related to charter hire expense incurred by the Company in prior years and payable to the vessel owner in future periods. This DPO is due in quarterly installments with the final payment due upon lease termination. In December 2022, the Company redelivered three conventional tankers leased from American Shipping Company and made DPO payments of $ 8,069 The future minimum commitments under these leases are as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS At December 31, 2022 Operating Finance 2023 $ 64,774 $ 4,161 2024 64,849 4,172 2025 59,881 4,161 2026 56,192 4,161 2027 — 4,161 Thereafter — 4,697 Net minimum lease payments 245,696 25,513 Less present value discount (35,919 ) (5,057 ) Total lease liabilities $ 209,777 $ 20,456 The bareboat charters-in on eight vessels, provide for variable lease payments in the form of profit share to the owners of the vessels calculated in accordance with the respective charter agreements or based on time charter sublease revenue. Because such amounts and the periods impacted are not reasonably estimable, they are not currently reflected in the table above. Due to reserve funding requirements and current rate forecasts, no profits are currently expected to be paid to the owners in respect of the charter term within the next year. For the years ended December 31, 2022 and 2021, lease expense for the Company’s chartered-in vessels accounted for as operating leases was $ 88,849 90,166 166,530 75,516 132,231 15,713 For the years ended December 31, 2022 and 2021, lease expense related to the Company’s finance lease was $ 2,949 1,618 1,799 Office space The Company has lease obligations for office space that generally require fixed annual rental payments and may also include escalation clauses and renewal options. 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. 2,088 The future minimum commitments under lease obligations for office space, which are operating leases, as of December 31, 2022 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS At December 31, 2022 Amount 2023 $ 779 2024 682 2025 631 2026 648 2027 666 Thereafter 1,164 Net minimum lease payments 4,570 Less present value discount (1,099 ) Total lease liabilities $ 3,471 For the years ended December 31, 2022 and 2021, the rental expense for office space, which is included in general and administrative expenses on the consolidated statements of operations, was $ 685 640 780 748 Supplemental balance sheet information related to leases was as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES December 31, 2022 2021 Weighted average remaining lease term - operating leases 3.8 2.1 Weighted average discount rate - operating leases 8.6 % 6.5 % Weighted average remaining lease term - finance lease 6.1 7.1 Weighted average discount rate - finance lease 7.3 % 7.3 % Charters-out The Company enters into time charter contracts under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of a vessel. The Company recognizes revenues from time charters as operating leases ratably over the noncancelable contract term. Under certain time charter contracts, the Company receives variable lease payments based on a defined profit share arrangement, which are recognized as revenue in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. Customers generally pay voyage expenses such as fuel, canal tolls and port charges. The Company also provides the charterer with services such as technical management and crew costs. Services are recognized ratably over the life of the contract term. The Company is the lessor under its time charter contracts. Certain time charter contracts provide the charterer with the option to extend the contract for a specific period of time. For time charters, the Company applied the practical expedient to combine the lease and non-lease components for these contracts under ASC 842. Total time charter revenue for the years ended December 31, 2022 and 2021 was equal to lease income from lease payments of $ 326,980 254,181 349 563 489,718 355,388 The future minimum revenues, including rent escalations, which is equal to lease payments expected to be received over the noncancelable time charters term are as follows: SCHEDULE OF FUTURE MINIMUM COMMITMENTS OPERATING LEASES At December 31, 2022 Amount 2023 $ 319,532 2024 184,613 2025 90,648 2026 16,776 2027 — Thereafter — Net minimum lease receipts $ 611,569 Revenues from a time charter are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although it cannot be assured that such estimate will be reflective of the actual off-hire in the future.

PENSION, OTHER POSTRETIREMENT B

PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES	NOTE 15 — PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES For the years ended December 31, 2022 and 2021, pension and other benefit liabilities are included in other liabilities on the consolidated balance sheets. Pension Plans In connection with the November 2006 acquisition of Maritrans, the Company assumed the obligations under the defined benefit retirement plan of Maritrans Inc. (“the Maritrans Plan”). As of December 31, 2006, the Company froze the benefits under the Maritrans Plan. At December 31, 2022, the Maritrans Plan is the only defined benefit pension plan in existence at the Company. The Maritrans Plan was noncontributory and covered substantially all shore-based employees and substantially all of the seagoing supervisors who were supervisors in 1984, or who were hired in, or promoted into, supervisory roles between 1984 and 1998 for that period of time. Beginning in 1999, the seagoing supervisors’ retirement benefits are provided through contributions to an industry-wide, multiemployer union sponsored pension plan. Upon retirement, those seagoing supervisors are entitled to retirement benefits from the Maritrans Plan for service periods between 1984 and 1998 and from the multiemployer union sponsored plan for other covered periods. Retirement benefits are based primarily on years of service and average compensation for the five consecutive plan years that produce the highest results. Multiemployer Pension and Postretirement Benefit Plans The Company’s subsidiaries are parties to collective-bargaining agreements that require them to make contributions to three jointly managed (Company and union) multiemployer pension plans covering seagoing personnel of U.S. Flag vessels. All three plans, the American Maritime Officers (“AMO”) Pension Plan, the Seafarers Pension Plan (“SIU”) and the Marine Engineers’ Beneficial Association (“MEBA”) Defined Benefit Pension Plan, are deemed individually significant by management. Plan level information is available in the public domain for each of the multiemployer pension plans the Company participates in. The table below provides additional information about the Company’s participation in the above multi-employer pension plans: SCHEDULE OF MULTIEMPLOYER PLANS Pension Protection Act Contributions made Pension Plan EIN / Pension 2022 2021 Rehabilitation 2022 2021 AMO Pension Plan 13-1936709 Green (1) Green (1) None $ 453 $ 795 MEBA Pension Plan 51-6029896 Green (1) Green (1) None 3,172 2,748 Seafarers Pension Plan 13-6100329 Green (1) Green (1) None 295 222 Total contributions $ 3,920 $ 3,765 (1) A “Yellow” Zone Status plan is a plan that has a funding ratio between 65 80 80 The plan years for the three union plans end as follows: MEBA and SIU on December 31 and AMO on September 30. The Company has no future minimum contribution requirements under the three multiemployer pension plans shown above as of December 31, 2022 and any future contributions are subject to negotiations between the employers and the unions. ERISA requires employers who are contributors to U.S. multiemployer plans to continue funding their allocable share of each plan’s unfunded vested benefits in the event of withdrawal from or termination of such plans. Based on information received from the trustees of the SIU Pension Plan, the Company is not subject to withdrawal liabilities under that plan. Based on the actuarial report received from the trustees of the MEBA Pension Plan, as of December 31, 2021, the Company’s estimated withdrawal liability would have been approximately $33,016 h y $19,694 no The SIU – Tug Agreement and AMO collective bargaining agreements for OSG expire in March 2024. The ATC MEBA collective bargaining agreement expires in May 2024 and the SIU – Tanker Agreement for OSG and MEBA for the Parent Company collective bargaining agreements expire in June 2027. Postretirement Benefit Plans The Company also provides certain postretirement health care and life insurance benefits to qualifying domestic retirees and their eligible dependents (“OSG Postretirement Plan”). The health care plan for shore-based employees and their dependents and seagoing licensed deck officers (“Deck Officers”) and their dependents is contributory at retirement, while the life insurance plan for all employees is noncontributory. In general, postretirement medical coverage is provided to shore-based employees hired prior to January 1, 2005 and all Deck Officers who retire and have met minimum age and service requirements under a formula related to total years of service. The Company no longer provides prescription drug coverage to its retirees or their beneficiaries once they reach age 65. The Company does not currently fund these benefit arrangements and has the right to amend or terminate the health care and life insurance benefits at any time. Information with respect to the domestic pension and postretirement benefit plans for which the Company uses a December 31 measurement date, follow: SCHEDULE OF BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS Pension Benefits Other Benefits At December 31, 2022 2021 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 45,470 $ 48,979 $ 5,537 $ 5,871 Cost of benefits earned (service cost) — — 180 203 Interest cost on benefit obligation 1,218 1,120 153 165 Actuarial gains (9,625 ) (1,868 ) (1,939 ) (435 ) Benefits paid (2,750 ) (2,761 ) (220 ) (267 ) Plan Amendments — — — — Acquisition — — — — Benefit obligation at year end 34,313 45,470 3,711 5,537 Change in plan assets: Fair value of plan assets at beginning of year 44,872 42,216 — — Actual return on plan assets (7,054 ) 5,257 — — Employer contributions — 160 — 267 Benefits paid (2,750 ) (2,761 ) — (267 ) Fair value of plan assets at year end 35,068 44,872 — — Funded/(unfunded status) at December 31 $ 755 $ (598 ) $ (3,711 ) $ (5,537 ) Information for defined benefit pension plans with accumulated benefit obligations in excess of plan assets follows: SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS At December 31, 2022 2021 Projected benefit obligation $ 34,313 $ 45,470 Accumulated benefit obligation 34,313 45,470 Fair value of plan assets 35,068 44,872 Information for defined benefit pension plans and other postretirement benefit plans net periodic (benefit)/cost follows: SCHEDULE OF NET BENEFIT COSTS For the year ended December 31, 2022 2021 2022 2021 Pension Benefits Other Benefits For the year ended December 31, 2022 2021 2022 2021 Components of expense: Cost of benefits earned $ — $ — $ 180 $ 203 Interest cost on benefit obligation 1,218 1,120 153 165 Expected return on plan assets (3,152 ) (2,970 ) — — Amortization of prior-service costs — — (722 ) (722 ) Recognized net actuarial loss — 335 (27 ) — Net periodic benefit cost $ (1,934 ) $ (1,515 ) $ (416 ) $ (354 ) The weighted-average assumptions used to determine benefit obligations follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits At December 31, 2022 2021 2022 2021 Discount rate 5.45 % 2.80 % 5.65 % 3.10 % The selection of a single discount rate for the Maritrans Plan was derived from bond yield curves, which the Company believed as of such dates to be appropriate for ongoing plans with a long duration, such as the Maritrans Plan, and that generally mirror the type of high yield bond portfolio the Company could acquire to offset its obligations under the Maritrans Plan. The weighted-average assumptions used to determine net periodic benefit cost follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits For the year ended December 31, 2022 2021 2022 2021 Discount rate 2.80 % 2.35 % 3.10 % 2.90 % Expected (long-term) return on plan assets 7.25 % 7.25 % — — The assumed health care cost trend rate for measuring the benefit obligation included in Other Benefits above is an increase of 6.50 4.75 Expected benefit payments for the following ten years are as follows: SCHEDULE OF EXPECTED BENEFIT PAYMENTS Pension Benefits Other Benefits 2023 $ 2,907 $ 225 2024 2,978 222 2025 3,033 212 2026 3,034 223 2027 2,986 230 2028-2032 13,737 1,236 Total $ 28,675 $ 2,348 The expected long-term rate of return on plan assets is based on the current and expected asset allocations. Additionally, the long-term rate of return is based on historical returns, investment strategy, inflation expectations and other economic factors. The expected long-term rate of return is then applied to the market value of plan assets. The fair values of the Company’s pension plan assets, which are valued based Level 1 inputs, at December 31, 2022 and 2021, by asset category are as follows: SCHEDULE OF CHANGES IN FAIR VALUE OF PLAN ASSETS Fair Value Level 1 At December 31, 2022 2021 Cash and cash equivalents $ 659 $ 822 Equity securities: Large cap exchange traded fund 12,744 17,005 Small company - mid value 2,140 2,868 Small company - mid growth 2,099 2,724 International value 2,625 3,181 International growth 2,694 3,360 Fixed income and preferred stock: Short duration bond 5,973 — Intermediate term bond fund 6,111 14,870 Small company - mid value - preferred stock 23 42 Total $ 35,068 $ 44,872 Plan fiduciaries of the Retirement Plan of Maritrans, Inc. set investment policies, strategies and oversee its investment allocation, which includes selecting investment managers and setting long term strategic targets. The primary strategic investment objective is to maximize total return while maintaining a broadly diversified portfolio for the primary purpose of satisfying obligations for future benefit payments. Equities are the primary holdings of the Retirement Plan of Maritrans, Inc. Other investments, including fixed income investments, provide diversification, and, in certain cases, lower the volatility of returns. In general, equity can range from 55 75 25 45 5 During the year ended December 31, 2022, the Company did not make any contributions to the Maritrans Plan and contributed $160 Defined Contribution Plans The Company also had defined contribution plans covering all eligible employees. Contributions are limited to amounts allowable for income tax purposes. Commencing in 2006, employer contributions include both employer contributions made regardless of employee contributions and matching contributions to the plans. All contributions to the plans are at the discretion of the Company. The Company’s contributions to the plan were $ 3,304 2,415 The Company also has an unfunded, nonqualified supplemental savings plan covering highly compensated U.S. shore-based employees of the Company, which was terminated in connection with the Company’s filing for bankruptcy in 2012. This plan provided for levels of hypothetical employer contributions that would otherwise have been made under the Company’s defined contribution plans in the absence of limitations imposed by income tax regulations. The Company’s unfunded obligations under this plan at December 31, 2022 and 2021 were not material. Benefit Liabilities As part of the acquisition of Alaska Tanker Company in 2020, the Company assumed liabilities related to a deferred compensation plan. The deferred compensation plan was an unfunded, nonqualified plan that allowed eligible employees to defer up to 100 50 5 20 7,177 10,727 1,006 2,640 6,171 8,087

OTHER INCOME, NET

OTHER INCOME, NET	12 Months Ended
	Dec. 31, 2022
Other Income and Expenses [Abstract]
OTHER INCOME, NET	NOTE 16 — OTHER INCOME, NET Other income, net consists of: SCHEDULE OF OTHER NONOPERATING INCOME Years Ended December 31, 2022 2021 Investment income: Interest $ 840 $ 5 Change in investment value 60 (241 ) 900 (236 ) Pension and postretirement items (1) 2,582 2,157 Miscellaneous-net (155 ) 64 $ 3,327 $ 1,985 (1) 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 income, net on the consolidated statements of operations.

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	NOTE 17 — CONTINGENCIES The Company’s policy for recording legal costs related to contingencies is to expense such legal costs as incurred. The Company is a party, as plaintiff or defendant, to various suits in the ordinary course of business for monetary relief arising principally from personal injuries (including without limitation exposure to asbestos and other toxic materials), wrongful death, collision or other casualty and to claims arising under charter parties. A substantial majority of such personal injury, wrongful death, collision or other casualty claims against the Company are covered by insurance (subject to deductibles not material in amount). Each of the claims involves an amount which, in the opinion of management, are not expected to be material to the Company’s financial position, results of operations and cash flows.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	1. Cash and cash equivalents
Vessels, vessel lives, deferred drydocking expenditures and other property	2. Vessels, vessel lives, deferred drydocking expenditures and other property Vessels are recorded at cost and are depreciated to their estimated salvage value on the straight-line basis over the estimated useful lives of the vessels, which are generally 25 years (except for new ATBs for which estimated useful lives of 30 years are used) Other property, including leasehold improvements, are recorded at cost and amortized on a straight-line basis over the shorter of the terms of the leases or the estimated useful lives of the assets, which range from three years 15 Interest costs are capitalized to vessels and other property during the period when vessels are under construction and projects are in progress. During the years ended December 31, 2022 and 2021, interest costs capitalized were $ 1,378 1,427 Expenditures incurred during a drydocking are deferred and amortized on the straight-line basis over the shorter of the terms of the leases or the period until the next scheduled drydocking, generally two and a half to five years. The Company only includes in deferred drydocking costs those direct costs that are incurred as part of the drydocking to meet regulatory requirements, or are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. The carrying value of each of the Company’s vessels represents its original cost at the time it was delivered or purchased less depreciation calculated using estimated useful lives from the date such vessel was originally delivered from the shipyard or from the date (as in the case of certain of the Company’s ATBs) a vessel was rebuilt. A vessel’s carrying value is reduced to its new cost basis (i.e., its current fair value) if a vessel impairment charge is recorded. If the estimated economic lives assigned to the Company’s vessels prove to be too long because of new regulations, a prolonged weak market environment, a broad imposition of age restrictions by the Company’s customers, or other future events, it could result in higher depreciation expense and impairment losses in future periods related to a reduction in the useful lives of any affected vessels.
Impairment of long-lived assets, including right-of-use assets	3. Impairment of long-lived assets, including right-of-use assets
Intangible assets	4. Intangible assets
Internal use software	5. Internal use software Intangibles-Goodwill and Other. 3,500 292 five years
Deferred finance charges	6. Deferred finance charges Unamortized deferred financing charges of $ 4,697 5,542 1,129 2,099
Revenue and expense recognition	7. Revenue and expense recognition The Company classifies time charter leasing arrangements less than 90 days within the voyage charter revenue financial statement line item because the Company believes the pricing negotiated within these short-term time charter contracts more closely aligns with the Company’s voyage charter spot market. Under voyage charters, expenses such as fuel, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time and bareboat charters, such voyage costs are generally paid by the Company’s customers. The Company receives a stipend pursuant to the Maritime Security Act of 1996 for the two U.S. Flag Product Carriers which participate in the U.S. MSP program. This stipend has been recorded as an offset to vessel expenses which amounted to $ 9,252 10,500
Voyage receivables	8. Voyage receivables
Concentration of credit risk	9. Concentration of credit risk 197 150 During the years ended December 31, 2022 and 2021, the Company had two individual customers who accounted for 10% or more of the Company’s revenues. The customers and their related percentages were Hilcorp North Slope LLC ( 14.2 10.2 28.2 10.6 The Company’s cash and cash equivalents balances generally exceed Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are placed in what the Company believes to be creditworthy financial institutions. In addition, certain of the Company’s money market accounts invest in U.S. Treasury securities or other obligations issued or guaranteed by the U.S. government or its agencies.
Income taxes	10. Income taxes Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes in the period such determination is made. Uncertain tax positions are recorded in accordance with ASC 740, Income Taxes greater than 50
Use of estimates	11. Use of estimates
Segment information	12. Segment information
Inventories	13. Inventories
Recently issued accounting standards	14. Recently issued accounting standards Financial Instruments – Credit Losses (Topic 326) Derivatives and Hedging (Topic 815) Leases (Topic 842): Effective Dates Bucket 1— All public business entities (“PBEs”) that are SEC filers (as defined in U.S. GAAP), excluding smaller reporting companies (“SRCs”) (as defined by the SEC). The credit losses standard became effective January 1, 2020. Bucket 2— All other entities, including SRCs, other PBEs that are not SEC filers, private companies, not-for-profit organizations, and employee benefit plans. The credit losses standard became 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 adopted the credit losses standard as of 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.

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 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 Years Ended December 31, 2022 2021 Net income/(loss) $ 26,564 $ (46,252 ) Weighted average common shares outstanding: Class A common stock - basic 89,556,195 90,587,454 Class A common stock - diluted 91,400,041 90,587,454

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2022 and 2021: SCHEDULE OF DISAGGREGATION OF REVENUE Years Ended December 31, 2022 2021 Time and bareboat charter revenues $ 327,329 $ 254,744 Voyage charter revenues (1) 86,659 57,946 Contracts of affreightment revenues 52,812 46,372 Total shipping revenues $ 466,800 $ 359,062 (1) Voyage charter revenues include revenue related to short-term time charter contracts of $ 33,612 14,843

VESSELS, OTHER PROPERTY AND D_2

VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
SCHEDULE OF VESSELS AND OTHER PROPERTY	Vessels and other property consist of the following: SCHEDULE OF VESSELS AND OTHER PROPERTY 2022 2021 Years Ended December 31, 2022 2021 Vessels, at cost $ 1,082,822 $ 1,066,327 Accumulated depreciation (385,242 ) (345,531 ) Vessels, net 697,580 720,796 Construction in progress 10,406 19,799 Finance lease right-of-use asset, at cost (Note 14) 26,940 26,940 Accumulated amortization (Note 14) (8,856 ) (5,906 ) Finance lease right-of use asset, net (Note 14) 18,084 21,034 Other property, at cost 5,578 5,578 Accumulated depreciation and amortization (5,469 ) (5,430 ) Other property, net 109 148 Total vessels and other property $ 726,179 $ 761,777
SUMMARY OF VESSEL ACTIVITY EXCLUDING CONSTRUCTION PROGRESS	Vessel activity, excluding construction in progress, for the two years ended December 31, 2022 is summarized as follows: SUMMARY OF VESSEL ACTIVITY EXCLUDING CONSTRUCTION PROGRESS Vessel Cost Accumulated Net Book Balance at December 31, 2020 $ 1,099,187 $ (308,449 ) $ 790,738 Transfers from construction in progress 6,836 — Depreciation — (39,398 ) Disposals (39,696 ) 2,316 Balance at December 31, 2021 1,066,327 (345,531 ) 720,796 Transfers from construction in progress 16,699 — Additions 570 Depreciation — (40,485 ) Disposals (774 ) 774 Balance at December 31, 2022 $ 1,082,822 $ (385,242 ) $ 697,580
SUMMARY OF DRYDOCKING ACTIVITY	Drydocking activity for the two years ended December 31, 2022 is summarized as follows: SUMMARY OF DRYDOCKING ACTIVITY 2022 2021 Balance at January 1 $ 43,342 $ 43,134 Additions 18,198 15,017 Drydock amortization (22,564 ) (14,809 ) Balance at December 31 $ 38,976 $ 43,342

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF INTANGIBLE ASSETS	Intangible assets activity for the two years ended December 31, 2022 is summarized as follows: SCHEDULE OF INTANGIBLE ASSETS Total Balance at December 31, 2020 $ 27,217 Amortization (4,600 ) Balance at December 31, 2021 22,617 Amortization (4,600 ) Balance at December 31, 2022 $ 18,017

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
SCHEDULE OF LONG-TERM DEBT INSTRUMENTS	Debt consists of the following: SCHEDULE OF LONG-TERM DEBT INSTRUMENTS December 31, 2022 2021 Term loan, due 2024, net of unamortized deferred costs of $257 and $398 $ 20,330 $ 21,633 Term loan, due 2024 257 398 $ 20,330 $ 21,633 Alaska tankers term loan, due 2025 267 421 25,289 30,236 OSG 204 LLC term loan, due 2025 457 646 25,006 26,231 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 609 734 44,342 46,380 Unsecured senior notes, net of unamortized deferred costs 390 390 Term loan, due 2028 3,106 3,343 308,006 319,870 Total debt 423,363 444,740 Less current installments of long-term debt (23,733 ) (22,225 ) Total long-term debt $ 399,630 $ 422,515
SCHEDULE OF DEBT EXPENSES	The following table summarizes interest expense, including amortization of issuance and deferred financing costs, commitment, administrative and other fees, recognized during the two years ended December 31, 2022 with respect to the Company’s debt facilities: SCHEDULE OF DEBT EXPENSES Years Ended December 31, Debt Facility 2022 2021 Term loan, due 2024 $ 1,340 $ 1,407 Alaska tankers term loan, due 2025 1,406 2,193 OSG 204 LLC term loan, due 2025 1,697 1,747 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 3,121 3,423 Unsecured senior notes 29 32 Term loan, due 2028 25,146 6,550 Term loan, due 2023 — 12,618 Term loan, due 2026 — 712 Total interest expense on debt facilities $ 32,739 $ 28,682
SCHEDULE OF AGGREGATE ANNUAL PRINCIPAL PAYMENTS	As of December 31, 2022, the aggregate annual principal payments required to be made on the Company’s debt are as follows: SCHEDULE OF AGGREGATE ANNUAL PRINCIPAL PAYMENTS 2023 $ 23,730 2024 43,184 2025 54,903 2026 19,268 2027 52,597 Thereafter 234,375 Total $ 428,057

INVESTMENT IN SECURITY TO BE _2

INVESTMENT IN SECURITY TO BE HELD TO MATURITY (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
SCHEDULE OF FAIR VALUE OF THE U.S. TREASURY NOTE	SCHEDULE OF FAIR VALUE OF THE U.S. TREASURY NOTE At December 31, 2022 Amortized Cost Gross Unrealized Loss Fair Value U.S. Treasury Note $ 14,803 $ (328 ) $ 14,475 $ 14,803 $ (328 ) $ 14,475

FAIR VALUE MEASUREMENTS AND F_2

FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
SCHEDULE OF HIERARCHY CATEGORIZED ON FAIR VALUE	SCHEDULE OF HIERARCHY CATEGORIZED ON FAIR VALUE Fair Value Carrying Level 1 Level 2 December 31, 2022: Assets Cash and cash equivalents (1) $ 78,732 $ 78,732 $ — U.S. Treasury Note 14,803 14,475 — Total $ 93,535 $ 93,207 $ — Liabilities Term loan, due 2024, net $ 20,330 $ — $ 19,296 Alaska tankers term loan, due 2025, net 25,289 — 23,195 OSG 204 LLC term loan, due 2025, net 25,006 — 23,448 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 44,342 — 40,331 Term loan, due 2028, net 308,006 — 295,320 Unsecured senior notes, net 390 — 385 Total $ 423,363 $ — $ 401,975 Fair Value Carrying 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

ACCOUNTS PAYABLE, ACCRUED EXP_2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Years Ended December 31, 2022 2021 Accounts payable $ 5,962 $ 9,496 Payroll and benefits 10,397 12,013 Interest 2,437 2,565 Insurance 520 335 Accrued drydock and repair costs 957 450 Bunkers and lubricants 370 1,125 Charter revenues received in advance 21,778 18,343 Accrued vessel expenses 10,888 4,095 Accrued general and administrative, primarily professional fees 985 860 Other 612 619 Accounts payable and other accrued liabilities, current $ 54,906 $ 49,901

TAXES (Tables)

TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
SCHEDULE OF INCOME TAX (EXPENSE)/BENEFIT	The (expense)/benefit for income taxes on income before income taxes consists of the following: SCHEDULE OF INCOME TAX (EXPENSE)/BENEFIT Years Ended December 31, 2022 2021 Current - Federal $ (9 ) $ (8 ) Current - State (538 ) (131 ) Deferred - Federal (4,630 ) 15,275 Deferred - State (1,717 ) 2,961 Total $ (6,894 ) $ 18,097
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION	The reconciliations between the U.S. federal statutory income tax rate and the effective tax rate follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION Years Ended December 31, 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % Adjustments due to: State taxes, net of federal benefit 0.4 % 3.7 % Change in valuation allowance 5.6 % 0.9 % Equity awards 0.6 % 0.0 % Return to provision 0.5 % (0.5 )% U.S. income subject to tonnage tax (8.2 )% 2.2 % Other 0.7 % 0.8 % Effective tax rate 20.6 % 28.1 %
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES	The significant components of the Company’s deferred tax liabilities and assets follow: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES December 31, 2022 2021 Deferred tax liabilities: Vessels and other property (1) $ 119,987 $ 121,169 Prepaid expenditures 8,695 9,445 Operating lease right-of-use assets 50,792 40,176 Other-net 8 9 Total deferred tax liabilities 179,482 170,799 Deferred tax assets: Loss carryforwards 67,686 75,874 Operating lease liability 50,622 40,217 Finance lease liability 4,662 5,180 Employee compensation and benefit plans (212 ) 178 Financing and professional fees 8,710 5,993 Accrued expenses and other 79 33 Total deferred tax assets 131,547 127,475 Valuation allowance (22,298 ) (20,420 ) Net deferred tax assets 109,249 107,055 Net deferred tax liabilities $ 70,233 $ 63,744 (1) Includes deferred tax liabilities related to finance lease right-of-use assets totaling $ 4,122 4,737
SCHEDULE OF UNRECOGNIZED TAX BENEFITS	The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (excluding interest and penalties): SCHEDULE OF UNRECOGNIZED TAX BENEFITS Years Ended December 31, 2022 2021 Balance of unrecognized tax benefits as of January 1, $ 834 $ 813 Increases/(decreases) for positions taken in prior years 201 21 Balance of unrecognized tax benefits as of December 31, $ 1,035 $ 834

CAPITAL STOCK AND STOCK COMPE_2

CAPITAL STOCK AND STOCK COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS	Activity with respect to restricted stock units under the Incentive Plans during the two years ended December 31, 2022 is summarized as follows: SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS Activity for the two years ended December 31, 2022 Class A common shares Nonvested Shares Outstanding at December 31, 2020 2,605,263 Granted 1,782,133 Vested ($ 2.12 2.31 (963,338 ) Forfeited ($ 1.69 2.59 (52,881 ) Nonvested Shares Outstanding at December 31, 2021 3,371,177 Granted 2,118,942 Vested ($ 1.82 2.23 (1,355,483 ) Forfeited ($ 1.92 2.05 (461,990 ) Nonvested Shares Outstanding at December 31, 2022 3,672,646
SCHEDULE OF STOCK OPTIONS ACTIVITY UNDER INCENTIVE PLANS	Activity with respect to stock options under the Incentive Plans during the two years ended December 31, 2022 is summarized as follows: SCHEDULE OF STOCK OPTIONS ACTIVITY UNDER INCENTIVE PLANS Activity for the two years ended December 31, 2022 Class A common shares Options Outstanding at December 31, 2020 1,478,756 Options Outstanding at December 31, 2021 1,478,756 Options Outstanding at December 31, 2022 1,478,756 Options Exercisable at December 31, 2022 1,478,756

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
SCHEDULE OF COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME	SCHEDULE OF COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME 2022 2021 Years Ended December 31, 2022 2021 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ 3,410 $ 2,943 Accumulated other comprehensive income $ 3,410 $ 2,943
SCHEDULE OF CHANGES IN BALANCES OF COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME	The following tables present the changes in the balances of each component of accumulated other comprehensive income, net of related taxes, for the two years ended December 31, 2022. SCHEDULE OF CHANGES IN BALANCES OF COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME Items not yet Balance as of December 31, 2021 $ 2,943 Current period change, excluding amounts reclassified from accumulated other 1,041 Amounts reclassified from accumulated other comprehensive income (574 ) Total change in accumulated other comprehensive income 467 Balance as of December 31, 2022 $ 3,410 Balance as of December 31, 2020 $ (282 ) Current period change, excluding amounts reclassified from accumulated other 3,522 Amounts reclassified from accumulated other comprehensive income (297 ) Total change in accumulated other comprehensive income 3,225 Balance as of December 31, 2021 $ 2,943
SCHEDULE OF AMOUNTS RECLASSIFIED OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME	The following table presents information with respect to amounts reclassified out of accumulated other comprehensive income for the two years ended December 31, 2022. SCHEDULE OF AMOUNTS RECLASSIFIED OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME Years Ended Statement of Accumulated Other Comprehensive Income Component 2022 2021 Line Item Items not yet recognized as a component of net periodic Net periodic benefit costs associated with pension and $ 315 $ (63 ) Other income, net Net periodic benefit costs associated with pension and 433 450 Other income, net 748 387 Total before tax (1,322 ) (684 ) Tax provision $ (574 ) $ (297 ) Total net of tax
SCHEDULE OF INCOME TAX (EXPENSE) BENEFIT ALLOCATED TO COMPONENT	The income tax (expense)/benefit allocated to each component of other comprehensive income/(loss) follows: SCHEDULE OF INCOME TAX (EXPENSE) BENEFIT ALLOCATED TO COMPONENT Items not yet recognized For the year ended December 31, 2022: Current period change excluding amounts reclassified from accumulated other $ (316 ) Amounts reclassified from accumulated other comprehensive income 174 Total change in accumulated other comprehensive income $ (142 ) For the year ended December 31, 2021: Current period change excluding amounts reclassified from accumulated other $ (1,069 ) Amounts reclassified from accumulated other comprehensive income 90 Total change in accumulated other comprehensive income $ (979 )

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
SCHEDULE OF LEASE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES	The Company’s lease right-of-use assets and lease liabilities at December 31, 2022 and 2021 were as follows: SCHEDULE OF LEASE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES December 31, 2022 2021 Operating leases Vessels chartered-in noncurrent operating lease assets $ 203,393 $ 148,681 Office space noncurrent operating lease assets 3,404 3,346 Total noncurrent operating lease assets $ 206,797 $ 152,027 Vessels chartered-in operating lease liabilities Current portion of operating lease liabilities $ 62,534 $ 99,255 Noncurrent operating lease liabilities 147,243 71,909 209,777 171,164 Office space operating lease liabilities Current portion of operating lease liabilities 754 755 Noncurrent operating lease liabilities 2,717 1,241 3,471 1,996 Total operating lease liabilities $ 213,248 $ 173,160 Finance lease Vessels and other property $ 26,940 $ 26,940 Accumulated amortization (8,856 ) (5,906 ) Vessels and other property, less accumulated amortization $ 18,084 $ 21,034 Current portion of finance lease liabilities $ 4,000 $ 4,000 Noncurrent finance lease liabilities 16,456 18,998 Total finance lease liabilities $ 20,456 $ 22,998
SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS	The future minimum commitments under these leases are as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS At December 31, 2022 Operating Finance 2023 $ 64,774 $ 4,161 2024 64,849 4,172 2025 59,881 4,161 2026 56,192 4,161 2027 — 4,161 Thereafter — 4,697 Net minimum lease payments 245,696 25,513 Less present value discount (35,919 ) (5,057 ) Total lease liabilities $ 209,777 $ 20,456
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES	Supplemental balance sheet information related to leases was as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES December 31, 2022 2021 Weighted average remaining lease term - operating leases 3.8 2.1 Weighted average discount rate - operating leases 8.6 % 6.5 % Weighted average remaining lease term - finance lease 6.1 7.1 Weighted average discount rate - finance lease 7.3 % 7.3 %
SCHEDULE OF FUTURE MINIMUM COMMITMENTS OPERATING LEASES	The future minimum revenues, including rent escalations, which is equal to lease payments expected to be received over the noncancelable time charters term are as follows: SCHEDULE OF FUTURE MINIMUM COMMITMENTS OPERATING LEASES At December 31, 2022 Amount 2023 $ 319,532 2024 184,613 2025 90,648 2026 16,776 2027 — Thereafter — Net minimum lease receipts $ 611,569
Office Space [Member]
Property, Plant and Equipment [Line Items]
SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS	The future minimum commitments under lease obligations for office space, which are operating leases, as of December 31, 2022 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS At December 31, 2022 Amount 2023 $ 779 2024 682 2025 631 2026 648 2027 666 Thereafter 1,164 Net minimum lease payments 4,570 Less present value discount (1,099 ) Total lease liabilities $ 3,471

PENSION, OTHER POSTRETIREMENT_2

PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Multiemployer Plan [Line Items]
SCHEDULE OF MULTIEMPLOYER PLANS	Plan level information is available in the public domain for each of the multiemployer pension plans the Company participates in. The table below provides additional information about the Company’s participation in the above multi-employer pension plans: SCHEDULE OF MULTIEMPLOYER PLANS Pension Protection Act Contributions made Pension Plan EIN / Pension 2022 2021 Rehabilitation 2022 2021 AMO Pension Plan 13-1936709 Green (1) Green (1) None $ 453 $ 795 MEBA Pension Plan 51-6029896 Green (1) Green (1) None 3,172 2,748 Seafarers Pension Plan 13-6100329 Green (1) Green (1) None 295 222 Total contributions $ 3,920 $ 3,765 (1) A “Yellow” Zone Status plan is a plan that has a funding ratio between 65 80 80
SCHEDULE OF BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS	Information with respect to the domestic pension and postretirement benefit plans for which the Company uses a December 31 measurement date, follow: SCHEDULE OF BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS Pension Benefits Other Benefits At December 31, 2022 2021 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 45,470 $ 48,979 $ 5,537 $ 5,871 Cost of benefits earned (service cost) — — 180 203 Interest cost on benefit obligation 1,218 1,120 153 165 Actuarial gains (9,625 ) (1,868 ) (1,939 ) (435 ) Benefits paid (2,750 ) (2,761 ) (220 ) (267 ) Plan Amendments — — — — Acquisition — — — — Benefit obligation at year end 34,313 45,470 3,711 5,537 Change in plan assets: Fair value of plan assets at beginning of year 44,872 42,216 — — Actual return on plan assets (7,054 ) 5,257 — — Employer contributions — 160 — 267 Benefits paid (2,750 ) (2,761 ) — (267 ) Fair value of plan assets at year end 35,068 44,872 — — Funded/(unfunded status) at December 31 $ 755 $ (598 ) $ (3,711 ) $ (5,537 )
SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS	Information for defined benefit pension plans with accumulated benefit obligations in excess of plan assets follows: SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS At December 31, 2022 2021 Projected benefit obligation $ 34,313 $ 45,470 Accumulated benefit obligation 34,313 45,470 Fair value of plan assets 35,068 44,872
SCHEDULE OF NET BENEFIT COSTS	Information for defined benefit pension plans and other postretirement benefit plans net periodic (benefit)/cost follows: SCHEDULE OF NET BENEFIT COSTS For the year ended December 31, 2022 2021 2022 2021 Pension Benefits Other Benefits For the year ended December 31, 2022 2021 2022 2021 Components of expense: Cost of benefits earned $ — $ — $ 180 $ 203 Interest cost on benefit obligation 1,218 1,120 153 165 Expected return on plan assets (3,152 ) (2,970 ) — — Amortization of prior-service costs — — (722 ) (722 ) Recognized net actuarial loss — 335 (27 ) — Net periodic benefit cost $ (1,934 ) $ (1,515 ) $ (416 ) $ (354 )
SCHEDULE OF EXPECTED BENEFIT PAYMENTS	Expected benefit payments for the following ten years are as follows: SCHEDULE OF EXPECTED BENEFIT PAYMENTS Pension Benefits Other Benefits 2023 $ 2,907 $ 225 2024 2,978 222 2025 3,033 212 2026 3,034 223 2027 2,986 230 2028-2032 13,737 1,236 Total $ 28,675 $ 2,348
SCHEDULE OF CHANGES IN FAIR VALUE OF PLAN ASSETS	The fair values of the Company’s pension plan assets, which are valued based Level 1 inputs, at December 31, 2022 and 2021, by asset category are as follows: SCHEDULE OF CHANGES IN FAIR VALUE OF PLAN ASSETS Fair Value Level 1 At December 31, 2022 2021 Cash and cash equivalents $ 659 $ 822 Equity securities: Large cap exchange traded fund 12,744 17,005 Small company - mid value 2,140 2,868 Small company - mid growth 2,099 2,724 International value 2,625 3,181 International growth 2,694 3,360 Fixed income and preferred stock: Short duration bond 5,973 — Intermediate term bond fund 6,111 14,870 Small company - mid value - preferred stock 23 42 Total $ 35,068 $ 44,872
Benefit Obligations [Member]
Multiemployer Plan [Line Items]
SCHEDULE OF ASSUMPTIONS USED	The weighted-average assumptions used to determine benefit obligations follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits At December 31, 2022 2021 2022 2021 Discount rate 5.45 % 2.80 % 5.65 % 3.10 %
Net Periodic Benefit Cost [Member]
Multiemployer Plan [Line Items]
SCHEDULE OF ASSUMPTIONS USED	The weighted-average assumptions used to determine net periodic benefit cost follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits For the year ended December 31, 2022 2021 2022 2021 Discount rate 2.80 % 2.35 % 3.10 % 2.90 % Expected (long-term) return on plan assets 7.25 % 7.25 % — —

OTHER INCOME, NET (Tables)

OTHER INCOME, NET (Tables)	12 Months Ended
	Dec. 31, 2022
Other Income and Expenses [Abstract]
SCHEDULE OF OTHER NONOPERATING INCOME	Other income, net consists of: SCHEDULE OF OTHER NONOPERATING INCOME Years Ended December 31, 2022 2021 Investment income: Interest $ 840 $ 5 Change in investment value 60 (241 ) 900 (236 ) Pension and postretirement items (1) 2,582 2,157 Miscellaneous-net (155 ) 64 $ 3,327 $ 1,985 (1) 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 income, net on the consolidated statements of operations.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Product Information [Line Items]
Estimated useful lives of vessels	Vessels are recorded at cost and are depreciated to their estimated salvage value on the straight-line basis over the estimated useful lives of the vessels, which are generally 25 years (except for new ATBs for which estimated useful lives of 30 years are used)
Interest costs capitalized	$ 1,378	$ 1,427
Revenue	139,471	104,318
Amortization of financing costs and discounts	1,129	2,099
Net of a reserve for doubtful accounts	$ 197	$ 150
Tax, likelihood of unfavorable settlement	greater than 50
Hilcorp North Slope LLC [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member]
Product Information [Line Items]
Concentration risk, percentage	14.20%	28.20%
Valero Marketing And Supply [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customer [Member]
Product Information [Line Items]
Concentration risk, percentage	10.20%
BP Products North America Inc [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customer [Member]
Product Information [Line Items]
Concentration risk, percentage		10.60%
US Maritime Security Program [Member]
Product Information [Line Items]
Vessel expense	$ 9,252	$ 10,500
Term Loan Credit Agreement [Member]
Product Information [Line Items]
Unamortized deferred expense	$ 4,697	$ 5,542
Software Development [Member]
Product Information [Line Items]
Property plant and equipment useful life	5 years
Revenue	$ 3,500
Accumulated depreciation	$ 292
Minimum [Member]
Product Information [Line Items]
Property plant and equipment useful life	3 years
Maximum [Member]
Product Information [Line Items]
Property plant and equipment useful life	15 years

SCHEDULE OF EARNINGS PER SHARE

SCHEDULE OF EARNINGS PER SHARE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Per Share Amounts:
Net income	$ 26,564	$ (46,252)
Weighted average common shares outstanding: Class A common stock - basic	89,556,195	90,587,454
Weighted average common shares outstanding: Class A common stock - diluted	91,400,041	90,587,454

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details Narrative) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dilutive equity awards outstanding	1,843,846
Restricted Stock Units And Stock Options [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities, issuable	609,956	2,017,810
Common Class A [Member] | Restricted Stock Units (RSUs) [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities, issuable	3,672,646	3,371,177
Common Class A [Member] | Share-Based Payment Arrangement, Option [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities, issuable	1,478,756	1,478,756
Class A Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrant exercise price per share	$ 0.01

SCHEDULE OF DISAGGREGATION OF R

SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total shipping revenues		$ 466,800	$ 359,062
Time and Bareboat Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues		327,329	254,744
Voyage Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues	[1]	86,659	57,946
Contracts of Affreightment Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues		$ 52,812	$ 46,372
[1]Voyage charter revenues include revenue related to short-term time charter contracts of $ 33,612 14,843

SCHEDULE OF DISAGGREGATION OF_2

SCHEDULE OF DISAGGREGATION OF REVENUE (Details) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue related to short term	$ 139,471	$ 104,318
Short-term Time Charter Contracts [Member]
Disaggregation of Revenue [Line Items]
Revenue related to short term	$ 33,612	$ 14,843

REVENUE RECOGNITION (Details Na

REVENUE RECOGNITION (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Integer	Dec. 31, 2021 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of products participating in U.S Maritime Security Program | Integer	2
Contract with customer, receivables	$ 9,258	$ 8,227
2023 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue, remaining performance obligation, amount	$ 28,927

SCHEDULE OF VESSELS AND OTHER P

SCHEDULE OF VESSELS AND OTHER PROPERTY (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Vessels, at cost	$ 1,082,822	$ 1,066,327	$ 1,099,187
Accumulated depreciation	(385,242)	(345,531)	(308,449)
Vessels, net	697,580	720,796	$ 790,738
Construction in progress	10,406	19,799
Finance lease right-of-use asset, at cost (Note 14)	26,940	26,940
Accumulated amortization (Note 14)	(8,856)	(5,906)
Finance lease right-of use asset, net (Note 14)	18,084	21,034
Other property, at cost	5,578	5,578
Accumulated depreciation and amortization	(5,469)	(5,430)
Other property, net	109	148
Total vessels and other property	$ 726,179	$ 761,777

SUMMARY OF VESSEL ACTIVITY EXCL

SUMMARY OF VESSEL ACTIVITY EXCLUDING CONSTRUCTION PROGRESS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Vessel Cost, Balance	$ 1,066,327	$ 1,099,187
Accumulated Depreciation, Balance	(345,531)	(308,449)
Net Book Value, Balance	720,796	790,738
Vessel Cost, Transfers from construction in progress	16,699	6,836
Accumulated Depreciation, Transfers from construction in progress
Vessel Cost, Depreciation
Accumulated Depreciation, Depreciation	(40,485)	(39,398)
Vessel Cost, Disposals	(774)	(39,696)
Accumulated Depreciation, Disposals	774	2,316
Vessel Cost, Additions	570
Vessel Cost, Balance	1,082,822	1,066,327
Accumulated Depreciation, Balance	(385,242)	(345,531)
Net Book Value, Balance	$ 697,580	$ 720,796

SUMMARY OF DRYDOCKING ACTIVITY

SUMMARY OF DRYDOCKING ACTIVITY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Vessel Cost, Balance	$ 1,066,327	$ 1,099,187
Vessel Cost, Balance	1,082,822	1,066,327
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Vessel Cost, Balance	43,342	43,134
Additions	18,198	15,017
Drydock amortization	(22,564)	(14,809)
Vessel Cost, Balance	$ 38,976	$ 43,342

VESSELS, OTHER PROPERTY AND D_3

VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Weighted average years of vessel		14 years 7 months 6 days
Debt instrument collateral amount		$ 692,501
Accrual of capital expenditures		$ 2,784	$ 1,341
Overseas Gulf Coast [Member]
Sale of intangible assets	$ 32,128
Loss on disposition of intangible assets	$ 5,268

SCHEDULE OF INTANGIBLE ASSETS (

SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, balance	$ 22,617	$ 27,217
Amortization	(4,600)	(4,600)
Intangible assets, balance	$ 18,017	$ 22,617

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, gross	$ 92,000	$ 92,000
Intangible asset, remaining useful life	4 years
Amortization of intangible assets, expected amortization	$ 4,600

SCHEDULE OF LONG-TERM DEBT INST

SCHEDULE OF LONG-TERM DEBT INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Total debt	$ 423,363	$ 444,740
Less current installments of long-term debt	(23,733)	(22,225)
Total long-term debt	399,630	422,515
Term Loan One [Member]
Short-Term Debt [Line Items]
Total debt	20,330	21,633
Alaska Tankers Term Loan [Member]
Short-Term Debt [Line Items]
Total debt	25,289	30,236
OSG 204 LLC Term Loan [Member]
Short-Term Debt [Line Items]
Total debt	25,006	26,231
OSG 205 LLC and OSG Courageous II LLC Term Loan [Member]
Short-Term Debt [Line Items]
Total debt	44,342	46,380
Unsecured Senior Notes [Member]
Short-Term Debt [Line Items]
Total debt	390	390
Term Loan Two [Member]
Short-Term Debt [Line Items]
Total debt	$ 308,006	$ 319,870

SCHEDULE OF LONG-TERM DEBT IN_2

SCHEDULE OF LONG-TERM DEBT INSTRUMENTS (Details) (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2019	Dec. 31, 2022	Dec. 31, 2021
Term Loan One [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date, description	five-year	due 2024
Debt instrument, unamortized deferred costs		$ 257	$ 398
Alaska Tankers Term Loan [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date, description		due 2025
Debt instrument, unamortized deferred costs		$ 267	421
OSG 204 LLC Term Loan [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date, description		due 2025
Debt instrument, unamortized deferred costs		$ 457	646
OSG 205 LLC and OSG Courageous II LLC Term Loan [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date, description		due 2027
Debt instrument, unamortized deferred costs		$ 609	734
Term Loan Two [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date, description		due 2028
Debt instrument, unamortized deferred costs		$ 3,106	$ 3,343

SCHEDULE OF DEBT EXPENSES (Deta

SCHEDULE OF DEBT EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Total expense on debt facilities	$ 32,739	$ 28,682
Term Loan One [Member]
Short-Term Debt [Line Items]
Total expense on debt facilities	1,340	1,407
Alaska Tankers Term Loan [Member]
Short-Term Debt [Line Items]
Total expense on debt facilities	1,406	2,193
OSG 204 LLC Term Loan [Member]
Short-Term Debt [Line Items]
Total expense on debt facilities	1,697	1,747
OSG 205 LLC and OSG Courageous II LLC Term Loan [Member]
Short-Term Debt [Line Items]
Total expense on debt facilities	3,121	3,423
Unsecured Senior Notes [Member]
Short-Term Debt [Line Items]
Total expense on debt facilities	29	32
Term Loan Two [Member]
Short-Term Debt [Line Items]
Total expense on debt facilities	25,146	6,550
Term Loan Three [Member]
Short-Term Debt [Line Items]
Total expense on debt facilities		12,618
Term Loan Four [Member]
Short-Term Debt [Line Items]
Total expense on debt facilities		$ 712

SCHEDULE OF AGGREGATE ANNUAL PR

SCHEDULE OF AGGREGATE ANNUAL PRINCIPAL PAYMENTS (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 23,730
2024	43,184
2025	54,903
2026	19,268
2027	52,597
Thereafter	234,375
Total	$ 428,057

DEBT (Details Narrative)

DEBT (Details Narrative) - USD ($)

1 Months Ended

12 Months Ended

Sep. 29, 2021

Sep. 29, 2021

Nov. 30, 2020

Mar. 12, 2020

Jul. 30, 2020

Jun. 30, 2020

Aug. 31, 2019

Dec. 31, 2018

Nov. 30, 2018

Dec. 31, 2022

Dec. 31, 2021

Nov. 30, 2021

Nov. 05, 2021

Short-Term Debt [Line Items]

Debt, weighted average interest rate

7.18%

7.20%

Prepayment of term loan

$ 16,000

Loans payable

$ 7,961,000

$ 7,961,000

Debt instrument, interest rate, stated percentage

7.75%

7.75%

Debt instrument, maturity date

Oct. 01, 2028

Repayments of debt

$ 22,222,000

$ 33,316,000

Interest expense, debt

$ 31,618,000

$ 25,609,000

Stonebriar Commercial Finance LLC [Member]

Short-Term Debt [Line Items]

Debt instrument, face amount

$ 325,000

$ 325,000

Wintrust Commercial Finance [Member]

Short-Term Debt [Line Items]

Debt instrument, face amount

$ 27,500,000

Debt instrument, maturity date, description

seven-year term

Banc of America Leasing & Capital, LLC [Member]

Short-Term Debt [Line Items]

Prepayment of term loan

$ 16,000,000

Loans payable

$ 54,000,000

Debt instrument, interest rate, stated percentage

4.43%

Debt instrument, maturity date

Mar. 12, 2025

Banc of America Leasing & Capital, LLC [Member] | Stonebriar Commercial Finance LLC [Member]

Short-Term Debt [Line Items]

Debt instrument, face amount

325,000,000

Wintrust Commercial Finance and Other Syndicate Lenders [Member]

Short-Term Debt [Line Items]

Debt instrument, maturity date, description

five-year term

Prepayment of term loan

$ 3,000,000

Loans payable

$ 32,933,000

Debt instrument, interest rate, stated percentage

5%

5.75%

Debt instrument, maturity date

Jun. 01, 2025

PGIM, Inc [Member]

Short-Term Debt [Line Items]

Debt instrument, face amount

$ 325,000,000

Debt instrument, maturity date, description

five-year term

Term Loan Credit Facility [Member] | Stonebriar Commercial Finance [Member]

Short-Term Debt [Line Items]

Debt instrument, face amount

$ 325,000,000

$ 325,000,000

Debt instrument, maturity date, description

due 2023

Term Loan Credit Facility [Member] | Prudential Insurance Company of America [Member]

Short-Term Debt [Line Items]

Debt instrument, maturity date, description

due 2026

Term Loan Credit Facility [Member] | Banc of America Leasing & Capital, LLC [Member]

Short-Term Debt [Line Items]

Debt instrument, maturity date, description

due 2025

Due 2023 [Member] | Prudential Insurance Company [Member]

Short-Term Debt [Line Items]

Payment of term loan

$ 237,983

Due 2026 [Member] | Wintrust Commercial Finance [Member]

Short-Term Debt [Line Items]

Payment of term loan

$ 20,298

OSG 205 LLC And OSG Courageous II LLC [Member]

Short-Term Debt [Line Items]

Debt instrument, maturity date

Dec. 01, 2027

Construction loan

$ 49,150,000

Debt drawn down to to finance

$ 46,711,000

Debt instruments, interest rate terms

In connection with the amendment, the interest rate was updated to a fixed interest rate of 6.87% until the end of the first quarter of 2022. Beginning in the second quarter of 2022, the interest rate returned to a fixed interest rate of 6.37%.

OSG 205 LLC And OSG Courageous II LLC [Member] | Wintrust Commercial Finance and Other Syndicate Lenders [Member]

Short-Term Debt [Line Items]

Debt instrument, maturity date, description

seven-year

Debt instrument, interest rate, stated percentage

6.37%

Term Loan One [Member]

Short-Term Debt [Line Items]

Debt instrument, maturity date, description

five-year

due 2024

Loans payable

$ 50,000,000

Debt instrument, interest rate, stated percentage

5.54%

Debt instrument, maturity date

Sep. 30, 2024

Repayments of debt

$ 24,000,000

Term Loan One [Member] | Stonebriar Commercial Finance LLC [Member]

Short-Term Debt [Line Items]

Debt instrument, face amount

$ 325,000,000

Unsecured Senior Notes [Member]

Short-Term Debt [Line Items]

Debt instrument, face amount

$ 146,000,000

Debt instrument, interest rate, stated percentage

7.50%

Debt instrument, maturity date

Feb. 15, 2024

SCHEDULE OF FAIR VALUE OF THE U

SCHEDULE OF FAIR VALUE OF THE U.S. TREASURY NOTE (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Amortized Cost	$ 14,803
Gross unrealized Loss	(328)
Fair value	14,475
U.S. Treasury Note [Member]
Amortized Cost	14,803
Gross unrealized Loss	(328)
Fair value	$ 14,475

INVESTMENT IN SECURITY TO BE _3

INVESTMENT IN SECURITY TO BE HELD TO MATURITY (Details Narrative) - USD ($) $ in Thousands		1 Months Ended
	Sep. 29, 2021	Jul. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Debt instrument carrying amount			$ 423,363	$ 444,740
Debt maturity date	Oct. 01, 2028
U.S. Treasury Note [Member]
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		Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	[1]	$ 78,732	$ 83,253
U.S. Treasury Note		14,803
Total assets		93,535	83,253
Term loan agreements, fair value		423,363	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		20,330	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		25,289	30,236
OSG 204 L L C Term Loan Agreement Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		25,006	26,231
OSG 205 LLA and OSG Courageous Second LLC Term Loan Due 2027 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		44,342	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		308,006	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 and cash equivalents	[1]	78,732	83,253
U.S. Treasury Note		14,475
Total assets		93,207	83,253
Term loan agreements, fair value
Fair Value, Inputs, Level 1 [Member] | Term Loan Agreements Due Two Thousand Twenty Four [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value
Fair Value, Inputs, Level 1 [Member] | Alaska Tankers Term Loan Agreement Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value
Fair Value, Inputs, Level 1 [Member] | OSG 204 L L C Term Loan Agreement Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value
Fair Value, Inputs, Level 1 [Member] | OSG 205 LLA and OSG Courageous Second 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 and cash equivalents	[1]
U.S. Treasury Note
Total assets
Term loan agreements, fair value		401,975	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		19,296	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		23,195	28,695
Fair Value, Inputs, Level 2 [Member] | OSG 204 L L C Term Loan Agreement Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		23,448	25,265
Fair Value, Inputs, Level 2 [Member] | OSG 205 LLA and OSG Courageous Second LLC Term Loan Due 2027 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan agreements, fair value		40,331	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		295,320	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		$ 385	$ 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	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Restricted cash, fair value disclosure	$ 52	$ 81

FAIR VALUE MEASUREMENTS AND F_3

FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES (Details Narrative) $ in Thousands	3 Months Ended
	Sep. 30, 2021 USD ($)
Fair Value Disclosures [Abstract]
Impairment charges	$ 1,000

SCHEDULE OF ACCOUNTS PAYABLE, A

SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts payable	$ 5,962	$ 9,496
Payroll and benefits	10,397	12,013
Interest	2,437	2,565
Insurance	520	335
Accrued drydock and repair costs	957	450
Bunkers and lubricants	370	1,125
Charter revenues received in advance	21,778	18,343
Accrued vessel expenses	10,888	4,095
Accrued general and administrative, primarily professional fees	985	860
Other	612	619
Accounts payable and other accrued liabilities, current	$ 54,906	$ 49,901

SCHEDULE OF INCOME TAX (EXPENSE

SCHEDULE OF INCOME TAX (EXPENSE)/BENEFIT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current - Federal	$ (9)	$ (8)
Current - State	(538)	(131)
Deferred - Federal	(4,630)	15,275
Deferred - State	(1,717)	2,961
Total	$ (6,894)	$ 18,097

SCHEDULE OF EFFECTIVE INCOME TA

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21%	21%
State taxes, net of federal benefit	0.40%	3.70%
Change in valuation allowance	5.60%	0.90%
Equity awards	0.60%	0%
Return to provision	0.50%	(0.50%)
U.S. income subject to tonnage tax	(8.20%)	2.20%
Other	0.70%	0.80%
Effective tax rate	20.60%	28.10%

SCHEDULE OF DEFERRED TAX ASSETS

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Vessels and other property	[1]	$ 119,987	$ 121,169
Prepaid expenditures		8,695	9,445
Operating lease right-of-use assets		50,792	40,176
Other-net		8	9
Total deferred tax liabilities		179,482	170,799
Loss carryforwards		67,686	75,874
Operating lease liability		50,622	40,217
Finance lease liability		4,662	5,180
Employee compensation and benefit plans		(212)	178
Financing and professional fees		8,710	5,993
Accrued expenses and other		79	33
Total deferred tax assets		131,547	127,475
Valuation allowance		(22,298)	(20,420)
Net deferred tax assets		109,249	107,055
Net deferred tax liabilities		$ 70,233	$ 63,744
[1]Includes deferred tax liabilities related to finance lease right-of-use assets totaling $ 4,122 4,737

SCHEDULE OF DEFERRED TAX ASSE_2

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Deferred tax liabilities for finance lease right-of-use assets	$ 4,122	$ 4,737

SCHEDULE OF UNRECOGNIZED TAX BE

SCHEDULE OF UNRECOGNIZED TAX BENEFITS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance of unrecognized tax benefits as of January 1,	$ 834	$ 813
Increases/(decreases) for positions taken in prior years	201	21
Balance of unrecognized tax benefits as of December 31,	$ 1,035	$ 834

TAXES (Details Narrative)

TAXES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income tax expense (benefit)	$ 6,894	$ (18,097)
U.S. income subject to tonnage tax	(8.20%)	2.20%
Operating loss carryforwards	$ 199,059
Operating loss carryforwards, expiration period	2034
U.S. state net operating loss carryforwards	$ 719,414
Income tax examination, description	These U.S. state net operating loss carryforwards expire in various years from December 31, 2023 through December 31, 2041.
Deferred tax assets, valuation allowance	$ 22,298	$ 20,420
Income taxes paid, net	393	1,751
Unrecognized tax benefits	1,035	834	$ 813
Liability for uncertainty in income taxes, noncurrent	175	179
Overseas Mykonos and Overseas Santorini [Member]
Income tax expense (benefit)	$ 13,100	$ 6,700

SCHEDULE OF RESTRICTED STOCK UN

SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS (Details) - Restricted Stock Units (RSUs) [Member] - Common Class A [Member] - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Nonvested Shares Outstanding	3,371,177	2,605,263
Granted	2,118,942	1,782,133
Vested	(1,355,483)	(963,338)
Forfeited	(461,990)	(52,881)
Nonvested Shares Outstanding	3,672,646	3,371,177

SCHEDULE OF RESTRICTED STOCK _2

SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS (Details) (Parenthetical) - Restricted Stock Units (RSUs) [Member] - Common Class A [Member] - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Minimum [Member]
Class of Stock [Line Items]
Share based compensation, restricted stock vested, exercise price per share	$ 1.82	$ 2.12
Share based award, restricted stock units, forfeited price per share	1.92	1.69
Maximum [Member]
Class of Stock [Line Items]
Share based compensation, restricted stock vested, exercise price per share	2.23	2.31
Share based award, restricted stock units, forfeited price per share	$ 2.05	$ 2.59

SCHEDULE OF STOCK OPTIONS ACTIV

SCHEDULE OF STOCK OPTIONS ACTIVITY UNDER INCENTIVE PLANS (Details) - Common Class A [Member] - shares shares in Thousands	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Options Outstanding, Beginning Balance	1,478,756	1,478,756
Options Outstanding, Ending Balance	1,478,756	1,478,756
Options Exercisable, Ending Balance	1,478,756

CAPITAL STOCK AND STOCK COMPE_3

CAPITAL STOCK AND STOCK COMPENSATION (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Jun. 06, 2017	Nov. 30, 2022	Oct. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Jun. 13, 2022
Common stock, shares authorized				166,666,666	166,666,666	5,000,000
Stock repurchased during period, value			$ 14,740
Stock repurchased during period, shares			5,000,000
Stock repurchased during period per share amount			$ 2.95
Award of RSUs vest, description				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.
Share-based payment arrangement, noncash expense				$ 3,574	$ 2,232
Weighted average remaining contractual term				5 years 2 months 4 days
Share-based payment arrangement, option, exercise price range, exercisable, weighted average exercise price				$ 2.67	$ 2.67
Unrecognized compensation cost				$ 4,253
Expected to be Recognized [Member]
Weighted average remaining contractual term				1 year 9 months 25 days
Restricted Stock Units (RSUs) [Member]
Weighted average grant date fair value				$ 2.09	$ 2.36
Share-based payment arrangement, noncash expense				$ 3,574	$ 2,232
Roic Target Restricted Stock Units Awards [Member]
Share based compensation, grants in period				777,900	544,857
Maximum [Member]
Weighted average grant date fair value				$ 5.57
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Subject to Increase RSU Award [Member]
Share based compensation, grants in period				259,300	181,619
Minimum [Member]
Weighted average grant date fair value				$ 1.70
Incentive Plans [Member] | Maximum [Member]
Number of shares increased for issuance	one and a half million
Class A Warrants [Member]
Warrants exercise price				$ 0.01
Warrant outstanding				19,051,778
Number of warrants exercised				59,124	124,862
Common Class A [Member]
Stock repurchased during period, shares				239,686	185,459
Stock repurchased during period per share amount				$ 2.07	$ 2.18
Number of convertible shares issued during the period				3,619,838
Number of shares newly issued				11,179	23,612
Common Class A [Member] | Restricted Stock Units (RSUs) [Member]
Share based compensation, grants in period				2,118,942	1,782,133
Cyrus Capital [Member]
Number of shares purchased		5,000,000
Share price per share		$ 2.86
Cash		$ 14,300
Board of Directors [Member] | OSG [Member]
Ownership percentage				77%
Non-employee Directors [Member] | Restricted Stock Units (RSUs) [Member]
Share based compensation, grants in period				305,000	275,800
Weighted average grant date fair value				$ 2.09	$ 2.29
Employees, Including Senior Officers [Member] | Restricted Stock Units (RSUs) [Member]
Share based compensation, grants in period				718,360	552,844
Weighted average grant date fair value				$ 2.09	$ 2.36
Senior Officers [Member]
Share based payment award options, gross				576,981	590,251
Share based payment award options exercises in period				$ 2.09	$ 2.36
Senior Officers [Member] | Restricted Stock Units (RSUs) [Member]
Share based compensation, grants in period				518,600	363,238

SCHEDULE OF COMPONENTS OF ACCUM

SCHEDULE OF COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans)	$ 3,410	$ 2,943
Accumulated other comprehensive income	$ 3,410	$ 2,943

SCHEDULE OF CHANGES IN BALANCES

SCHEDULE OF CHANGES IN BALANCES OF COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 2,943
Amounts reclassified from accumulated other comprehensive income	(574)	$ (297)
Ending balance	3,410	2,943
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	2,943	(282)
Current period change, excluding amounts reclassified from accumulated other	1,041	3,522
Amounts reclassified from accumulated other comprehensive income	(574)	(297)
Total change in accumulated other comprehensive income	467	3,225
Ending balance	$ 3,410	$ 2,943

SCHEDULE OF AMOUNTS RECLASSIFIE

SCHEDULE OF AMOUNTS RECLASSIFIED OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax	$ 748	$ 387
Tax provision	(1,322)	(684)
Total net of tax	(574)	(297)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net of tax	(574)	(297)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Other Income/(Expense), Net [Member] | Net Periodic Benefit Costs, Shore-based Employees [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net periodic benefit costs associated with pension and postretirement benefit plans	315	(63)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Other Income/(Expense), Net [Member] | Net Periodic Benefit Costs, Seagoing Employees [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net periodic benefit costs associated with pension and postretirement benefit plans	$ 433	$ 450

SCHEDULE OF INCOME TAX (EXPEN_2

SCHEDULE OF INCOME TAX (EXPENSE) BENEFIT ALLOCATED TO COMPONENT (Details) - Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Current period change excluding amounts reclassified from accumulated other comprehensive income	$ (316)	$ (1,069)
Amounts reclassified from accumulated other comprehensive income	174	90
Total change in accumulated other comprehensive income	$ (142)	$ (979)

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Effective income tax rate	20.60%	28.10%
Unrecognized prior service credits	$ 6,162
Unrecognized prior service credits, net of tax	4,785
Unrecognized actuarial losses	1,614
Unrecognized actuarial losses, net of tax	$ 1,375

SCHEDULE OF LEASE RIGHT-OF-USE

SCHEDULE OF LEASE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total noncurrent operating lease assets	$ 206,797	$ 152,027
Current portion of operating lease liabilities	63,288	100,010
Noncurrent operating lease liabilities	149,960	73,150
Total operating lease liabilities	213,248	173,160
Finance lease, liability, Current portion of finance lease liabilities	4,000	4,000
Finance lease, liability, Noncurrent finance lease liabilities	16,456	18,998
Total finance lease liabilities	20,456	22,998
Vessels Chartered-In [Member]
Property, Plant and Equipment [Line Items]
Total noncurrent operating lease assets	203,393	148,681
Current portion of operating lease liabilities	62,534	99,255
Noncurrent operating lease liabilities	147,243	71,909
Total operating lease liabilities	209,777	171,164
Finance lease, Vessels and other property	26,940	26,940
Finance lease, Accumulated amortization	(8,856)	(5,906)
Finance lease, right-of-use asset less accumulated amortization	18,084	21,034
Total finance lease liabilities	20,456
Office Space [Member]
Property, Plant and Equipment [Line Items]
Total noncurrent operating lease assets	3,404	3,346
Current portion of operating lease liabilities	754	755
Noncurrent operating lease liabilities	2,717	1,241
Total operating lease liabilities	$ 3,471	$ 1,996

SCHEDULE OF FUTURE MINIMUM LEAS

SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total lease liabilities, operating lease	$ 213,248	$ 173,160
Total lease liabilities, finance Lease	20,456	22,998
Vessels Chartered-In [Member]
Property, Plant and Equipment [Line Items]
2023, Operating Leases	64,774
2023, Finance Lease	4,161
2024, Operating Leases	64,849
2024, Finance Lease	4,172
2025, Operating Leases	59,881
2025, Finance Lease	4,161
2026, Operating Leases	56,192
2026, Finance Lease	4,161
2027, Operating Leases
2027, Finance Lease	4,161
Thereafter, Operating Leases
Thereafter, Finance Lease	4,697
Net minimum lease payments, operating lease	245,696
Net minimum lease payments, finance Lease	25,513
Less: present value discount, operating lease	(35,919)
Less: present value discount, finance Lease	(5,057)
Total lease liabilities, operating lease	209,777	171,164
Total lease liabilities, finance Lease	20,456
Office Space [Member]
Property, Plant and Equipment [Line Items]
2023, Operating Leases	779
2024, Operating Leases	682
2025, Operating Leases	631
2026, Operating Leases	648
2027, Operating Leases	666
Thereafter, Operating Leases	1,164
Net minimum lease payments, operating lease	4,570
Less: present value discount, operating lease	(1,099)
Total lease liabilities, operating lease	$ 3,471	$ 1,996

SCHEDULE OF SUPPLEMENTAL BALANC

SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details)	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating Lease, Weighted Average Remaining Lease Term	3 years 9 months 18 days	2 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	8.60%	6.50%
Finance Lease, Weighted Average Remaining Lease Term	6 years 1 month 6 days	7 years 1 month 6 days
Finance Lease, Weighted Average Discount Rate, Percent	7.30%	7.30%

SCHEDULE OF FUTURE MINIMUM COMM

SCHEDULE OF FUTURE MINIMUM COMMITMENTS OPERATING LEASES (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases
2023	$ 319,532
2024	184,613
2025	90,648
2026	16,776
2027
Thereafter
Net minimum lease receipts	$ 611,569

LEASES (Details Narrative)

LEASES (Details Narrative)	1 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022 USD ($) Vessels	Dec. 31, 2021 USD ($)
Available for operating lease number of vessels | Vessels		9
Lessee, operating lease, description	lease term of five years and two months, expiring in October 2028.	The Company holds options for eight of the vessels chartered-in. For one vessel, the option can be exercised for three years and is available indefinitely. For another vessel, the Company has two option periods of five years each and, after the five-year optional periods are exercised, can extend the lease for five one-year optional periods. For the remaining six vessels, the options can be exercised for three or five years, which are available indefinitely. The lease payments for the charters-in are fixed throughout the option periods and the options are on a vessel-by-vessel basis that can be exercised individually. On December 8, 2022, the Company exercised its option to extend the terms of six vessels for an additional three years, with terms ending in December 2026
DPO payments		$ 8,069
Operating lease, expense		88,849,000	$ 90,166,000
Sublease income		166,530,000	75,516,000
Non-cash operating activities for obtaining operating right-of-use assets and liabilities		132,231,000	15,713,000
Finance lease, right-of-use asset, amortization		2,949,000	2,949,000
Finance lease, interest expense		1,618,000	1,799,000
Non-cash operating activity, right-of-use asset and liability		2,088,000
Time Charter Revenue [Member]
Operating lease income		326,980,000	254,181,000
Straight line rent adjustments		349,000	563,000
Operating lease, residual value of leased asset		489,718,000	355,388,000
Office Space Rental [Member]
Operating lease, payments		780,000	748,000
Office Space Rental [Member] | General and Administrative Expense [Member]
Operating leases, rent expense		$ 685,000	$ 640,000
Minimum [Member]
Lessee, operating lease, term of contract		1 year
Maximum [Member]
Lessee, operating lease, term of contract		12 years

SCHEDULE OF MULTIEMPLOYER PLANS

SCHEDULE OF MULTIEMPLOYER PLANS (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Contributions made by the Company		$ 3,920	$ 3,765
AMO Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension Protection Act Zone Status	[1]	Green	Green
Rehabilitation Plan Status		None
Contributions made by the Company		$ 453	$ 795
MEBA Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension Protection Act Zone Status	[1]	Green	Green
Rehabilitation Plan Status		None
Contributions made by the Company		$ 3,172	$ 2,748
Seafarers Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension Protection Act Zone Status	[1]	Green	Green
Rehabilitation Plan Status		None
Contributions made by the Company		$ 295	$ 222
[1]A “Yellow” Zone Status plan is a plan that has a funding ratio between 65 80 80

SCHEDULE OF MULTIEMPLOYER PLA_2

SCHEDULE OF MULTIEMPLOYER PLANS (Details) (Parenthetical)	12 Months Ended
	Dec. 31, 2022
Yellow Zone Status Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan funding ratio	65%
Green Zone Status Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan funding ratio	80%

SCHEDULE OF BENEFIT OBLIGATIONS

SCHEDULE OF BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year	$ 44,872
Fair value of plan assets at year end	35,068	$ 44,872
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	45,470	48,979
Cost of benefits earned (service cost)
Interest cost on benefit obligation	1,218	1,120
Actuarial gains	(9,625)	(1,868)
Benefits paid	(2,750)	(2,761)
Plan Amendments
Acquisition
Benefit obligation at year end	34,313	45,470
Fair value of plan assets at beginning of year	44,872	42,216
Actual return on plan assets	(7,054)	5,257
Employer contributions		160
Benefits paid	(2,750)	(2,761)
Fair value of plan assets at year end	35,068	44,872
Funded/(unfunded status)	755	(598)
Other Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	5,537	5,871
Cost of benefits earned (service cost)	180	203
Interest cost on benefit obligation	153	165
Actuarial gains	(1,939)	(435)
Benefits paid	(220)	(267)
Plan Amendments
Acquisition
Benefit obligation at year end	3,711	5,537
Fair value of plan assets at beginning of year
Actual return on plan assets
Employer contributions		267
Benefits paid		(267)
Fair value of plan assets at year end
Funded/(unfunded status)	$ (3,711)	$ (5,537)

SCHEDULE OF ACCUMULATED BENEFIT

SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Projected benefit obligation	$ 34,313	$ 45,470
Accumulated benefit obligation	34,313	45,470
Fair value of plan assets	$ 35,068	$ 44,872

SCHEDULE OF NET BENEFIT COSTS (

SCHEDULE OF NET BENEFIT COSTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Cost of benefits earned
Interest cost on benefit obligation	1,218	1,120
Expected return on plan assets	(3,152)	(2,970)
Amortization of prior-service costs
Recognized net actuarial loss		335
Net periodic benefit cost	(1,934)	(1,515)
Other Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Cost of benefits earned	180	203
Interest cost on benefit obligation	153	165
Expected return on plan assets
Amortization of prior-service costs	(722)	(722)
Recognized net actuarial loss	(27)
Net periodic benefit cost	$ (416)	$ (354)

SCHEDULE OF ASSUMPTIONS USED (D

SCHEDULE OF ASSUMPTIONS USED (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension Plan [Member] | Benefit Obligations [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate	5.45%	2.80%
Pension Plan [Member] | Net Periodic Benefit Cost [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate	2.80%	2.35%
Defined benefit plan, assumptions used calculating net periodic benefit cost, expected long-term rate of return on plan assets	7.25%	7.25%
Other Pension Plan [Member] | Benefit Obligations [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate	5.65%	3.10%
Other Pension Plan [Member] | Net Periodic Benefit Cost [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate	3.10%	2.90%

SCHEDULE OF EXPECTED BENEFIT PA

SCHEDULE OF EXPECTED BENEFIT PAYMENTS (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2023	$ 2,907
2024	2,978
2025	3,033
2026	3,034
2027	2,986
2028-2032	13,737
Total	28,675
Other Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2023	225
2024	222
2025	212
2026	223
2027	230
2028-2032	1,236
Total	$ 2,348

SCHEDULE OF CHANGES IN FAIR VAL

SCHEDULE OF CHANGES IN FAIR VALUE OF PLAN ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 35,068	$ 44,872
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	659	822
Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	12,744	17,005
Small Company - Mid Value [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	2,140	2,868
Small Company - Mid Growth [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	2,099	2,724
International Value [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	2,625	3,181
International Growth [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	2,694	3,360
Short Term Bond Fund [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	5,973
Intermediate Term Bond Fund [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	6,111	14,870
Small Company Mid Value Prefeered Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 23	$ 42

PENSION, OTHER POSTRETIREMENT_3

PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	6.50%
Increase declining to an ultimate trend rate	4.75%
Defined contribution plan, employer discretionary contribution amount	$ 3,304	$ 2,415
Deferred compensation	7,177	10,727
Other liabilities current	612	619
Other Liabilities [Member]
Defined Benefit Plan Disclosure [Line Items]
Accounts payable	1,006
Accrued liabilities and other liabilities	2,640
Other liabilities current	$ 6,171	8,087
Alaska Tanker Company, LLC [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	100%
Acquisition by borrowing	20 years
Defined Benefit Plan, Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, target allocation, percentage	5%
Minimum [Member] | Alaska Tanker Company, LLC [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	5%
Minimum [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, target allocation, percentage	55%
Minimum [Member] | Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, target allocation, percentage	25%
Maximum [Member] | Alaska Tanker Company, LLC [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	50%
Maximum [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, target allocation, percentage	75%
Maximum [Member] | Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, target allocation, percentage	45%
MEBA Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Withdrawal liability		33,016
AMO Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Withdrawal liability	$ 0		$ 19,694
Maritrans Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer contributions		$ 160

SCHEDULE OF OTHER NONOPERATING

SCHEDULE OF OTHER NONOPERATING INCOME (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Interest		$ 840	$ 5
Change in investment value		60	(241)
Investment income		900	(236)
Pension and postretirement items	[1]	2,582	2,157
Miscellaneous-net		(155)	64
Other income/(expense), net		$ 3,327	$ 1,985
[1]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 income, net on the consolidated statements of operations.