Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 10-Q 8 May 23 2023 Q1 Quarterly report Financial data

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