Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | May 04, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-06479 | |
Entity Registrant Name | OVERSEAS SHIPHOLDING GROUP, INC. | |
Entity Central Index Key | 0000075208 | |
Entity Tax Identification Number | 13-2637623 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 302 Knights Run Avenue | |
Entity Address, City or Town | Tampa | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33602 | |
City Area Code | (813) | |
Local Phone Number | 209-0600 | |
Title of 12(b) Security | Class A Common Stock (par value $0.01 per share) | |
Trading Symbol | OSG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 78,259,721 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 104,091 | $ 78,732 |
Voyage receivables, including unbilled of $3,936 and $11,364, net of reserve for credit losses | 10,917 | 19,698 |
Income tax receivable | 682 | 1,914 |
Other receivables | 2,905 | 5,334 |
Inventories, prepaid expenses and other current assets | 5,662 | 2,668 |
Total Current Assets | 124,257 | 108,346 |
Vessels and other property, less accumulated depreciation | 715,660 | 726,179 |
Deferred drydock expenditures, net | 36,940 | 38,976 |
Total Vessels, Other Property and Deferred Drydock | 752,600 | 765,155 |
Intangible assets, less accumulated amortization | 16,867 | 18,017 |
Operating lease right-of-use assets, net | 196,573 | 206,797 |
Investment security to be held to maturity | 14,851 | 14,803 |
Other assets | 25,702 | 25,945 |
Total Assets | 1,130,850 | 1,139,063 |
Current Liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 57,197 | 54,906 |
Current portion of operating lease liabilities | 63,798 | 63,288 |
Current portion of finance lease liabilities | 4,012 | 4,000 |
Current installments of long-term debt | 24,517 | 23,733 |
Total Current Liabilities | 149,524 | 145,927 |
Reserve for uncertain tax positions | 177 | 175 |
Noncurrent operating lease liabilities | 138,816 | 149,960 |
Noncurrent finance lease liabilities | 15,788 | 16,456 |
Long-term debt | 393,300 | 399,630 |
Deferred income taxes, net | 73,518 | 70,233 |
Other liabilities | 10,325 | 16,997 |
Total Liabilities | 781,448 | 799,378 |
Equity: | ||
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 89,191,275 and 88,297,439 shares issued; 78,693,369 and 78,297,439 shares outstanding) | 892 | 883 |
Paid-in additional capital | 597,078 | 597,455 |
Accumulated deficit | (220,884) | (233,023) |
Treasury stock, 10,497,906 and 10,000,000 shares, at cost | (30,902) | (29,040) |
Stockholder’s Equity Subtotal | 346,184 | 336,275 |
Accumulated other comprehensive loss | 3,218 | 3,410 |
Total Equity | 349,402 | 339,685 |
Total Liabilities and Equity | $ 1,130,850 | $ 1,139,063 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Unbilled contracts receivable | $ 3,936 | $ 11,364 |
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 | 89,191,275 | 88,297,439 |
Class A common stock, shares outstanding | 78,693,369 | 78,297,439 |
Treasury stock, shares | 10,497,906 | 10,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Shipping Revenues: | ||
Time and bareboat charter revenues | $ 84,140 | $ 57,236 |
Voyage charter revenues | 29,651 | 46,763 |
Total shipping revenues | 113,791 | 103,999 |
Operating Expenses: | ||
Voyage expenses | 9,056 | 10,074 |
Vessel expenses | 42,571 | 40,798 |
Charter hire expenses | 15,737 | 21,996 |
Depreciation and amortization | 16,048 | 16,493 |
General and administrative | 7,843 | 6,938 |
Total operating expenses | 91,255 | 96,299 |
Operating income | 22,536 | 7,700 |
Other income, net | 1,080 | 97 |
Income before interest expense and income taxes | 23,616 | 7,797 |
Interest expense | (8,156) | (8,365) |
Income/(loss) before income taxes | 15,460 | (568) |
Income tax (expense)/benefit | (3,321) | 59 |
Net income/(loss) | $ 12,139 | $ (509) |
Weighted Average Number of Common Shares Outstanding: | ||
Basic - Class A | 82,006,666 | 90,856,688 |
Diluted - Class A | 85,340,906 | 90,856,688 |
Per Share Amounts: | ||
Basic net income/(loss) - Class A | $ 0.15 | $ (0.01) |
Diluted net income/(loss) - Class A | $ 0.14 | $ (0.01) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income/(Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Net income/(loss) | $ 12,139 | $ (509) |
Defined benefit pension and other postretirement benefit plans: | ||
Net change in unrecognized prior service costs | (208) | (180) |
Net change in unrecognized actuarial losses | 16 | |
Other comprehensive loss | (192) | (180) |
Comprehensive income/(loss) | $ 11,947 | $ (689) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net income/(loss) | $ 12,139 | $ (509) |
Items included in net income not affecting cash flows: | ||
Depreciation and amortization | 16,048 | 16,493 |
Amortization of debt discount and other deferred financing costs | 282 | 274 |
Compensation relating to restricted stock awards and stock option grants | 800 | 656 |
Deferred income tax expense/(benefit) | 3,287 | (86) |
Interest on finance lease liabilities | 370 | 416 |
Non-cash operating lease expense | 15,892 | 22,317 |
Payments for drydocking | (1,918) | (3,236) |
Operating lease liabilities | (16,292) | (22,846) |
Changes in operating assets and liabilities, net | 5,088 | (11,694) |
Net cash provided by operating activities | 35,696 | 1,785 |
Cash Flows from Investing Activities: | ||
Expenditures for vessels and vessel improvements | (454) | (1,058) |
Net cash used in investing activities | (454) | (1,058) |
Cash Flows from Financing Activities: | ||
Payments on debt | (5,787) | (5,420) |
Tax withholding on share-based awards | (1,168) | (370) |
Payments on principal portion of finance lease liabilities | (1,026) | (1,026) |
Deferred financing costs paid for debt amendments | (40) | (261) |
Purchases of treasury stock | (1,862) | |
Net cash used in financing activities | (9,883) | (7,077) |
Net increase/(decrease) in cash and cash equivalents | 25,359 | (6,350) |
Cash and cash equivalents at beginning of period | 78,732 | 83,253 |
Cash and cash equivalents at end of period | $ 104,091 | $ 76,903 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | [1] | Additional Paid-in Capital [Member] | [2] | Retained Earnings [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | [3] | Total |
Beginning Balance at Dec. 31, 2021 | $ 872 | $ 594,386 | $ (259,587) | $ 2,943 | $ 338,614 | ||||
Net income loss | (509) | (509) | |||||||
Other comprehensive loss | (180) | (180) | |||||||
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | 5 | (375) | (370) | ||||||
Compensation related to Class A restricted stock awards | 656 | 656 | |||||||
Ending Balance at Mar. 31, 2022 | 877 | 594,667 | (260,096) | 2,763 | 338,211 | ||||
Beginning Balance at Dec. 31, 2022 | 883 | 597,455 | (233,023) | (29,040) | 3,410 | 339,685 | |||
Net income loss | 12,139 | 12,139 | |||||||
Other comprehensive loss | (192) | (192) | |||||||
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | 8 | (1,176) | (1,168) | ||||||
Compensation related to Class A restricted stock awards | 800 | 800 | |||||||
Conversion of Class A warrants to Class A common stock | 1 | (1) | |||||||
Purchases of treasury stock | (1,862) | (1,862) | |||||||
Ending Balance at Mar. 31, 2023 | $ 892 | $ 597,078 | $ (220,884) | $ (30,902) | $ 3,218 | $ 349,402 | |||
[1]Par value $ 0.01 166,666,666 89,191,275 87,698,624 78,693,369 87,698,624 18,372,136 19,051,778 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2023 | Mar. 31, 2022 |
Statement of Stockholders' Equity [Abstract] | ||
Class A common stock, par value | $ 0.01 | $ 0.01 |
Class A common stock, shares authorized | 166,666,666 | 166,666,666 |
Class A common stock, shares issued | 89,191,275 | 87,698,624 |
Class A common stock, shares outstanding | 78,693,369 | 87,698,624 |
Class A warrants outstanding | 18,372,136 | 19,051,778 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 — Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Overseas Shipholding Group, Inc., a Delaware corporation (the “Parent Company”), and its wholly owned subsidiaries (collectively, the “Company” or “OSG”, “we”, “us” or “our”). The Company owns and operates a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and refined petroleum products in the U.S. Flag trade. These financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the results have been included. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or for any other period. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”). |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards | Note 2 — Recently Issued Accounting Standards In November 2019, the Financial Accounting Standards Board issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, Bucket 1— All public business entities (“PBEs”) that are SEC filers (as defined in GAAP), excluding smaller reporting companies (“SRCs”) (as defined by the Securities and Exchange Commission (“SEC”). This 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. This standard became effective January 1, 2023. At June 30, 2019, the evaluation date for purposes of determining the applicability of the Bucket 2 credit losses standard, the Company met the SEC definition of a smaller reporting company. The Company adopted that standard on January 1, 2023. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3 - Revenue Recognition Disaggregated Revenue The Company has disaggregated revenue from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Consequently, the disaggregation below is based on contract type. Since the terms within these contract types are generally standard in nature, the Company does not believe that further disaggregation would result in increased insight into the economic factors impacting revenue and cash flows. The following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the three months ended March 31, 2023 and 2022: Schedule of Disaggregation of Revenue 2023 2022 Three Months Ended 2023 2022 Time and bareboat charter revenues $ 84,140 $ 57,236 Voyage charter revenues (1) 13,789 35,895 Contracts of affreightment (“COA”) revenues 15,862 10,868 Total shipping revenues $ 113,791 $ 103,999 (1) For the three months ended March 31, 2023 and 2022, voyage charter revenues include revenue related to short-term time charter contracts of $ 119 16,599 Voyage Receivables As of March 31, 2023 and December 31, 2022, contract balances from contracts with customers consisted of voyage receivables of $ 8,586 9,258 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Transaction Price Allocated to the Remaining Performance Obligations As of March 31, 2023, the Company expects to recognize revenue of approximately $ 18,279 |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Per Share Amounts: | |
Earnings per Common Share | Note 4 — Earnings per Common Share Basic earnings per common share is computed by dividing earnings by the weighted average number of common shares outstanding during the period. As management deems the exercise price for the Class A warrants of $ 0.01 The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units. Participating securities are defined by ASC 260 , Earnings Per Share Class A As of March 31, 2023, there were 3,307,804 1,478,756 4,238,993 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 2023 2022 Three Months Ended 2023 2022 Net income/(loss) $ 12,139 $ (509 ) Weighted average common shares outstanding: Class A common stock - basic 82,006,666 90,856,688 Class A common stock - diluted 85,340,906 90,856,688 For the three months ended March 31, 2023, there were dilutive equity awards outstanding covering 3,334,240 297,818 For the three months ended March 31, 2022, awards under which 2,331,430 |
Investment in Security to be He
Investment in Security to be Held to Maturity | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment in Security to be Held to Maturity | Note 5 — Investment in Security to be Held to Maturity In July 2022, the Company purchased a $ 15,000 14,794 August 15, 2024 Schedule of Fair Value Of The U.S. Treasury Note March 31, 2023 Amortized Gross Unrealized Fair Value U.S. Treasury Note $ 14,851 $ (252 ) $ 14,599 $ 14,851 $ (252 ) $ 14,599 December 31, 2022 Amortized Gross Unrealized Fair Value U.S. Treasury Note $ 14,803 $ (328 ) $ 14,475 $ 14,803 $ (328 ) $ 14,475 Other-Than-Temporarily Impaired (“OTTI”) The Company performed a quarterly review of the U.S. Treasury Note in order to determine whether the decline in fair value below the amortized cost basis was considered other-than-temporary in accordance with applicable guidance. At March 31, 2023, the Company determined that the unrealized loss on the U.S. Treasury Note was primarily due to increases in interest rates. Therefore, there was no OTTI loss recognized during the three months ended March 31, 2023. OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Fair Value Disclosures | Note 6 — Fair Value Measurements and Fair Value Disclosures The following methods and assumptions are used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash— U.S. Treasury Note — Debt— ASC 820, Fair Value Measurements and Disclosures The levels of the fair value hierarchy established by ASC 820 are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities Financial Instruments that are not Measured at Fair Value on a Recurring Basis The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: Schedule of Hierarchy Categorized on Fair Value Carrying Fair Value Value Level 1 Level 2 March 31, 2023: Assets Cash and cash equivalents $ 104,091 $ 104,091 $ — U.S. Treasury Note 14,851 14,599 — Total $ 118,942 $ 118,690 $ — Liabilities Term loan, due 2024, net $ 19,973 $ — $ 19,209 Alaska tankers term loan, due 2025, net 24,010 — 22,403 OSG 204 LLC term loan, due 2025, net 24,686 — 23,494 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 43,810 — 40,703 Term loan, due 2028, net 304,948 — 298,514 Unsecured senior notes, net 390 — 387 Total $ 417,817 $ — $ 404,710 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Carrying Fair Value Value Level 1 Level 2 December 31, 2022: Assets Cash and cash equivalents $ 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 Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Vessel and Intangible Assets Impairments During the first quarter of 2023, the Company considered whether events or changes in circumstances had occurred since December 31, 2022 that could indicate whether the carrying amounts of the vessels, including operating right-of-use assets, in the Company’s fleet, and whether the carrying value of the Company’s intangible assets, may not be recoverable as of March 31, 2023. The Company concluded that no such events or changes in circumstances had occurred. |
Taxes
Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Taxes | Note 7 — Taxes For the three months ended March 31, 2023 and 2022, the Company recorded income tax (expense)/benefit of $( 3,321 59 21.5% 10.4% |
Capital Stock and Stock Compens
Capital Stock and Stock Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Capital Stock and Stock Compensation | Note 8 — Capital Stock and Stock Compensation Share Repurchases On March 17, 2023, the Company’s Board of Directors authorized a program to purchase up to $ 10,000 497,906 1,862 3.74 During the three months ended March 31, 2023 and 2022, in connection with the vesting of restricted stock units (“RSUs”), the Company withheld 333,085 179,040 3.51 2.07 Warrant Conversions During the three months ended March 31, 2023 and 2022, the Company issued 128,706 11,179 679,642 59,124 Stock Compensation The Company accounts for stock compensation expense in accordance with the fair value-based method required by ASC 718, Compensation – Stock Compensation OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Management Compensation — Restricted Stock Units During the three months ended March 31, 2023 and 2022, the Company granted RSUs to its employees, including senior officers, covering 583,205 718,360 2.90 2.09 During the three months ended March 31, 2023 and 2022, the Company awarded performance-based RSUs to its senior officers covering 416,832 518,600 625,248 777,900 2.90 2.09 During the three months ended March 31, 2022, the Company awarded RSUs to its senior officers covering 576,981 The grant date fair value of these awards was $ 2.09 20% vests on the first anniversary of the grant date, 30% vests on the second anniversary of the grant date, and 50% vests on the third anniversary of the grant date. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Note 9 — Accumulated Other Comprehensive Income The components of accumulated other comprehensive income, net of related taxes, in the condensed consolidated balance sheets follow: Schedule of Components of Accumulated Other Comprehensive Loss As of March 31, 2023 December 31, 2022 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ 3,218 $ 3,410 Accumulated other comprehensive income $ 3,218 $ 3,410 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS The following table presents the changes in the balances of each component of accumulated other comprehensive income, net of related taxes, during the three months ended March 31, 2023 and 2022: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss Items not yet recognized as a Balance as of December 31, 2022 $ 3,410 Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (192 ) Total change in accumulated other comprehensive income (192 ) Balance as of March 31, 2023 $ 3,218 Balance as of December 31, 2021 $ 2,943 Current period change, excluding amounts reclassified from accumulated other comprehensive loss — Amounts reclassified from accumulated other comprehensive loss (180 ) Total change in accumulated other comprehensive loss (180 ) Balance as of March 31, 2022 $ 2,763 The Company includes the service cost component for net periodic benefit cost/(income) in vessel expenses and general and administrative expenses and other components in other (expense)/income, net on the condensed consolidated statements of operations. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases | |
Leases | Note 10 — Leases In March 2023, the Company extended its lease on the Alaskan Frontier 275 366 365 71 1,000 Charters-out The Company is the lessor under its time charter contracts. Total time charter revenue was equal to income from lease payments of $ 84,434 294 56,909 327 |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 11 — Contingencies The Company is a party, as plaintiff or defendant, to various suits in the ordinary course of business for monetary relief arising principally from personal injuries (including exposure to asbestos and other toxic materials), wrongful death, collision or other casualty and to claims arising under charter parties. A substantial majority of such personal injury, wrongful death, collision or other casualty claims against the Company are covered by insurance (subject to deductibles not material in amount). In the opinion of management, none of these claims, individually or in the aggregate, are expected to be material to the Company’s financial position, results of operations and cash flows. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the three months ended March 31, 2023 and 2022: Schedule of Disaggregation of Revenue 2023 2022 Three Months Ended 2023 2022 Time and bareboat charter revenues $ 84,140 $ 57,236 Voyage charter revenues (1) 13,789 35,895 Contracts of affreightment (“COA”) revenues 15,862 10,868 Total shipping revenues $ 113,791 $ 103,999 (1) For the three months ended March 31, 2023 and 2022, voyage charter revenues include revenue related to short-term time charter contracts of $ 119 16,599 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 2023 2022 Three Months Ended 2023 2022 Net income/(loss) $ 12,139 $ (509 ) Weighted average common shares outstanding: Class A common stock - basic 82,006,666 90,856,688 Class A common stock - diluted 85,340,906 90,856,688 |
Investment in Security to be _2
Investment in Security to be Held to Maturity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 Amortized Gross Unrealized Fair Value U.S. Treasury Note $ 14,851 $ (252 ) $ 14,599 $ 14,851 $ (252 ) $ 14,599 December 31, 2022 Amortized Gross Unrealized 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) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Hierarchy Categorized on Fair Value | Schedule of Hierarchy Categorized on Fair Value Carrying Fair Value Value Level 1 Level 2 March 31, 2023: Assets Cash and cash equivalents $ 104,091 $ 104,091 $ — U.S. Treasury Note 14,851 14,599 — Total $ 118,942 $ 118,690 $ — Liabilities Term loan, due 2024, net $ 19,973 $ — $ 19,209 Alaska tankers term loan, due 2025, net 24,010 — 22,403 OSG 204 LLC term loan, due 2025, net 24,686 — 23,494 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 43,810 — 40,703 Term loan, due 2028, net 304,948 — 298,514 Unsecured senior notes, net 390 — 387 Total $ 417,817 $ — $ 404,710 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Carrying Fair Value Value Level 1 Level 2 December 31, 2022: Assets Cash and cash equivalents $ 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 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive income, net of related taxes, in the condensed consolidated balance sheets follow: Schedule of Components of Accumulated Other Comprehensive Loss As of March 31, 2023 December 31, 2022 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ 3,218 $ 3,410 Accumulated other comprehensive income $ 3,218 $ 3,410 |
Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss | The following table presents the changes in the balances of each component of accumulated other comprehensive income, net of related taxes, during the three months ended March 31, 2023 and 2022: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss Items not yet recognized as a Balance as of December 31, 2022 $ 3,410 Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (192 ) Total change in accumulated other comprehensive income (192 ) Balance as of March 31, 2023 $ 3,218 Balance as of December 31, 2021 $ 2,943 Current period change, excluding amounts reclassified from accumulated other comprehensive loss — Amounts reclassified from accumulated other comprehensive loss (180 ) Total change in accumulated other comprehensive loss (180 ) Balance as of March 31, 2022 $ 2,763 |
Schedule of Disaggregation of R
Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Disaggregation of Revenue [Line Items] | |||
Total shipping revenues | $ 113,791 | $ 103,999 | |
Time And Bareboat Charter Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total shipping revenues | 84,140 | 57,236 | |
Voyage Charter Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total shipping revenues | [1] | 13,789 | 35,895 |
Contracts Of Affreightment Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total shipping revenues | $ 15,862 | $ 10,868 | |
[1]For the three months ended March 31, 2023 and 2022, voyage charter revenues include revenue related to short-term time charter contracts of $ 119 16,599 |
Schedule of Disaggregation of_2
Schedule of Disaggregation of Revenue (Details) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue related to short term | $ 29,651 | $ 46,763 |
Short Term Time Charter Contracts [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue related to short term | $ 119 | $ 16,599 |
Revenue Recognition (Details Na
Revenue Recognition (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Contracts with customers | $ 8,586 | $ 9,258 |
Two Thousand And Twenty Three [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Revenue, remaining performance obligation, amount | $ 18,279 |
Schedule of Earnings Per Share
Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Per Share Amounts: | ||
Net income/(loss) | $ 12,139 | $ (509) |
Weighted average common shares outstanding: | ||
Class A common stock - basic | 82,006,666 | 90,856,688 |
Class A common stock - diluted | 85,340,906 | 90,856,688 |
Earnings per Common Share (Deta
Earnings per Common Share (Details Narrative) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive equity awards outstanding | 3,334,240 | |
Share-Based Payment Arrangement, Option [Member] | Common Class A [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 1,478,756 | |
Restricted Stock Units (RSUs) [Member] | Common Class A [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 4,238,993 | |
Restricted Stock Units and Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 297,818 | 2,331,430 |
Class A Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Warrant exercise price per | $ 0.01 | |
Common Stock [Member] | Class A Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 3,307,804 |
Schedule of Fair Value Of The U
Schedule of Fair Value Of The U.S. Treasury Note (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | $ 14,851 | $ 14,803 |
Gross unrealized Loss | (252) | (328) |
Fair value | 14,599 | 14,475 |
US Treasury Note Securities [Member] | ||
Amortized Cost | 14,851 | 14,803 |
Gross unrealized Loss | (252) | (328) |
Fair value | $ 14,599 | $ 14,475 |
Investment in Security to be _3
Investment in Security to be Held to Maturity (Details Narrative) - US Treasury Note Securities [Member] $ in Thousands | 1 Months Ended |
Jul. 31, 2022 USD ($) | |
Debt instrument face amount | $ 15,000 |
Debt instrument carrying amount | $ 14,794 |
Debt maturity date | Aug. 15, 2024 |
Schedule of Hierarchy Categoriz
Schedule of Hierarchy Categorized on Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash | $ 104,091 | $ 78,732 |
U.S. Treasury Note | 14,851 | 14,803 |
Total assets | 118,942 | 93,535 |
Term loan agreements, fair value | 417,817 | 423,363 |
Term Loan Agreement Due 2024 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Term loan agreements, fair value | 19,973 | 20,330 |
Alaska Tankers Term Loan Agreement Due 2025 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Term loan agreements, fair value | 24,010 | 25,289 |
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 | 24,686 | 25,006 |
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 | 43,810 | 44,342 |
Term Loan Agreement Due 2028 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Term loan agreements, fair value | 304,948 | 308,006 |
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 | 104,091 | 78,732 |
U.S. Treasury Note | 14,599 | 14,475 |
Total assets | 118,690 | 93,207 |
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 | ||
U.S. Treasury Note | ||
Total assets | ||
Term loan agreements, fair value | 404,710 | 401,975 |
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 | 19,209 | 19,296 |
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 | 22,403 | 23,195 |
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 | 23,494 | 23,448 |
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 | 40,703 | 40,331 |
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 | 298,514 | 295,320 |
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 | $ 387 | $ 385 |
Taxes (Details Narrative)
Taxes (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefits | $ 3,321 | $ (59) |
Income tax benefits | $ (3,321) | $ 59 |
Effective income tax rate | 21.50% | 10.40% |
Schedule of Components of Accum
Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) | $ 3,218 | $ 3,410 |
Accumulated other comprehensive income | $ 3,218 | $ 3,410 |
Schedule of Changes in Balances
Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 3,410 | |
Ending balance | 3,218 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 3,410 | $ 2,943 |
Current period change, excluding amounts reclassified from accumulated other | ||
Amounts reclassified from accumulated other comprehensive income | (192) | (180) |
Total change in accumulated other comprehensive income | (192) | (180) |
Ending balance | $ 3,218 | $ 2,763 |
Capital Stock and Stock Compe_2
Capital Stock and Stock Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 17, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Class of Stock [Line Items] | |||
Stock repurchased during period, shares | 497,906 | ||
Stock repurchased during period, value | $ 1,862 | ||
Stock repurchased during period per share amount | $ 3.74 | ||
Vesting decription | 20% vests on the first anniversary of the grant date, 30% vests on the second anniversary of the grant date, and 50% vests on the third anniversary of the grant date. | ||
Employees, Including Senior Officers [Member] | Restricted Stock Units (RSUs) [Member] | |||
Class of Stock [Line Items] | |||
Number of shares issued as compensation | 583,205 | 718,360 | |
Fair value of price per share | $ 2.90 | $ 2.09 | |
Senior Officers [Member] | |||
Class of Stock [Line Items] | |||
Share based compensation, grants in period | 576,981 | ||
Share based compensation, exercise price | $ 2.09 | ||
Senior Officers [Member] | Restricted Stock Units (RSUs) [Member] | |||
Class of Stock [Line Items] | |||
Fair value of price per share | $ 2.90 | $ 2.09 | |
Number of shares available for grant | 416,832 | 518,600 | |
Class A Warrants [Member] | |||
Class of Stock [Line Items] | |||
Number of warrants exercised | 679,642 | 59,124 | |
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Stock repurchased during period, shares | 333,085 | 179,040 | |
Stock repurchased during period per share amount | $ 3.51 | $ 2.07 | |
Number of shares newly issued | 128,706 | 11,179 | |
Maximum [Member] | |||
Class of Stock [Line Items] | |||
Number of shares issued, value | $ 10,000 | ||
Maximum [Member] | Senior Officers [Member] | Restricted Stock Units (RSUs) [Member] | |||
Class of Stock [Line Items] | |||
Maximum number of shares awarded | 625,248 | 777,900 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Non-cash operating activity | $ 1,000 | |
Time Charter Revenue [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Operating lease, lease income | 84,434 | $ 56,909 |
Straight line rent adjustments | 294 | $ 327 |
Office Space [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Remainder of 2023 | 275 | |
2024 | 366 | |
2025 | 365 | |
2026 | $ 71 |