Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 10-Q 7 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Entity Registrant Name	OVERSEAS SHIPHOLDING GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2637623
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		76,689,778
Entity Central Index Key	0000075208
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Transition Report	false
Entity File Number	001-06479
Amendment Flag	false
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 105,950	$ 78,732
Voyage receivables, including unbilled of $2,858 and $11,364, net of reserve for credit losses	10,856	19,698
Income tax receivable	694	1,914
Other receivables	3,509	5,334
Inventories, prepaid expenses and other current assets	4,268	2,668
Total Current Assets	125,277	108,346
Vessels and other property, less accumulated depreciation	705,380	726,179
Deferred drydock expenditures, net	38,406	38,976
Total Vessels, Other Property and Deferred Drydock	743,786	765,155
Intangible assets, less accumulated amortization	15,717	18,017
Operating lease right-of-use assets, net	184,211	206,797
Investment security to be held to maturity	14,851	14,803
Other assets	25,274	25,945
Total Assets	1,109,116	1,139,063
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	49,155	54,906
Current portion of operating lease liabilities	63,639	63,288
Current portion of finance lease liabilities	4,012	4,000
Current installments of long-term debt	24,918	23,733
Total Current Liabilities	141,724	145,927
Reserve for uncertain tax positions	210	175
Noncurrent operating lease liabilities	126,251	149,960
Noncurrent finance lease liabilities	15,100	16,456
Long-term debt	387,302	399,630
Deferred income taxes, net	74,803	70,233
Other liabilities	9,336	16,997
Total Liabilities	754,726	799,378
Equity:
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 89,496,512 and 88,297,439 shares issued; 76,903,374 and 78,297,439 shares outstanding)	895	883
Paid-in additional capital	597,937	597,455
Accumulated deficit	(208,581)	(233,023)
Treasury stock, 12,593,138 and 10,000,000 shares, at cost	(38,887)	(29,040)
Stockholder’s Equity Subtotal	351,364	336,275
Accumulated other comprehensive income	3,026	3,410
Total Equity	354,390	339,685
Total Liabilities and Equity	$ 1,109,116	$ 1,139,063

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Unbilled receivable	$ 2,858	$ 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	89,496,512	88,297,439
Class A common stock, shares outstanding	76,903,374	78,297,439
Treasury stock, shares	12,593,138	10,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Shipping Revenues:
Time and bareboat charter revenues	$ 87,257	$ 82,969	$ 171,397	$ 140,204
Voyage charter revenues	19,368	35,016	49,019	81,779
Total shipping revenues	106,625	117,985	220,416	221,983
Operating Expenses:
Voyage expenses	6,498	14,742	15,555	24,816
Vessel expenses	40,798	44,153	83,368	84,950
Charter hire expenses	16,018	22,350	31,755	44,346
Depreciation and amortization	16,449	16,663	32,497	33,156
General and administrative	6,595	7,435	14,438	14,373
Total operating expenses	86,358	105,343	177,613	201,641
Operating income	20,267	12,642	42,803	20,342
Other income/(expense), net	1,460	(16)	2,540	81
Income before interest expense and income taxes	21,727	12,626	45,343	20,423
Interest expense	(8,085)	(8,275)	(16,241)	(16,640)
Income before income taxes	13,642	4,351	29,102	3,783
Income tax expense	(1,339)	(611)	(4,660)	(552)
Net income	$ 12,303	$ 3,740	$ 24,442	$ 3,231
Weighted Average Number of Common Shares Outstanding:
Basic - Class A	81,404,635	91,254,864	81,703,990	90,984,407
Diluted - Class A	83,699,619	92,607,727	84,518,602	92,345,481
Per Share Amounts:
Basic net income - Class A	$ 0.15	$ 0.04	$ 0.30	$ 0.04
Diluted net income - Class A	$ 0.15	$ 0.04	$ 0.29	$ 0.04

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net income	$ 12,303	$ 3,740	$ 24,442	$ 3,231
Defined benefit pension and other postretirement benefit plans:
Net change in unrecognized prior service costs	(181)	(181)	(361)	(361)
Net change in unrecognized actuarial losses	(11)		(23)
Other comprehensive loss	(192)	(181)	(384)	(361)
Comprehensive income	$ 12,111	$ 3,559	$ 24,058	$ 2,870

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net income	$ 24,442	$ 3,231
Items included in net income not affecting cash flows:
Depreciation and amortization	32,497	33,156
Amortization of debt discount and other deferred financing costs	567	554
Compensation relating to restricted stock awards and stock option grants	1,662	2,391
Deferred income tax expense	4,606	519
Interest on finance lease liabilities	731	826
Non-cash operating lease expense	31,932	44,874
Payments for drydocking	(5,319)	(7,386)
Operating lease liabilities	(32,786)	(45,935)
Changes in operating assets and liabilities, net	(4,922)	(15,061)
Net cash provided by operating activities	53,410	17,169
Cash Flows from Investing Activities:
Expenditures for vessels and vessel improvements	(1,404)	(2,046)
Net cash used in investing activities	(1,404)	(2,046)
Cash Flows from Financing Activities:
Payments on debt	(11,670)	(10,930)
Tax withholding on share-based awards	(1,168)	(371)
Payments on principal portion of finance lease liabilities	(2,063)	(2,063)
Deferred financing costs paid for debt amendments	(40)	(261)
Purchases of treasury stock	(9,847)	(310)
Net cash used in financing activities	(24,788)	(13,935)
Net increase in cash and cash equivalents	27,218	1,188
Cash and cash equivalents at beginning of period	78,732	83,253
Cash and cash equivalents at end of period	$ 105,950	$ 84,441

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, value at Dec. 31, 2021	$ 872		$ 594,386		$ (259,587)		$ 2,943		$ 338,614
Net income loss					(509)				(509)
Other comprehensive loss							(180)		(180)
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net	5		(375)						(370)
Compensation related to Class A restricted stock awards			656						656
Ending balance, value at Mar. 31, 2022	877		594,667		(260,096)		2,763		338,211
Beginning balance, value at Dec. 31, 2021	872		594,386		(259,587)		2,943		338,614
Net income loss									3,231
Other comprehensive loss									(361)
Ending balance, value at Jun. 30, 2022	880		596,399		(256,356)	(310)	2,582		343,195
Beginning balance, value at Mar. 31, 2022	877		594,667		(260,096)		2,763		338,211
Net income loss					3,740				3,740
Other comprehensive loss							(181)		(181)
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net	3		(3)
Compensation related to Class A restricted stock awards			1,735						1,735
Purchases under the stock repurchase program						(310)			(310)
Ending balance, value at Jun. 30, 2022	880		596,399		(256,356)	(310)	2,582		343,195
Beginning balance, value 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, value at Mar. 31, 2023	892		597,078		(220,884)	(30,902)	3,218		349,402
Beginning balance, value at Dec. 31, 2022	883		597,455		(233,023)	(29,040)	3,410		339,685
Net income loss									24,442
Other comprehensive loss									(384)
Purchases under the stock repurchase program									(9,847)
Ending balance, value at Jun. 30, 2023	895		597,937		(208,581)	(38,887)	3,026		354,390
Beginning balance, value at Mar. 31, 2023	892		597,078		(220,884)	(30,902)	3,218		349,402
Net income loss					12,303				12,303
Other comprehensive loss							(192)		(192)
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net	3		(3)
Compensation related to Class A restricted stock awards			862						862
Purchases under the stock repurchase program									(7,985)
Conversion of Class A warrants to Class A common stock
Purchases of treasury stock						(7,985)			(7,985)
Ending balance, value at Jun. 30, 2023	$ 895		$ 597,937		$ (208,581)	$ (38,887)	$ 3,026		$ 354,390
[1]Par value $ 0.01 166,666,666 89,496,512 87,974,424 76,903,374 87,828,683 18,370,886 19,051,778

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Jun. 30, 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	89,496,512	87,974,424
Class A common stock, shares outstanding	76,903,374	87,828,683
Class A warrants outstanding	18,370,886	19,051,778

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure [Table]
Net Income (Loss) Attributable to Parent	$ 12,303	$ 12,139	$ 3,740	$ (509)	$ 24,442	$ 3,231

Insider Trading Arrangements

Insider Trading Arrangements	May 11, 2023 shares
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted [Flag]	true
Samuel H Norton [Member]
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]	Samuel H. Norton is the Company’s President and Chief Executive Officer May 11, 2023 Samuel H. Norton November 2024 750,000
Trading Arrangement, Individual Name	Samuel H. Norton
Trading Arrangement, Individual Title	President and Chief Executive Officer
Trading Arrangement Adoption Date	May 11, 2023
Trading Arrangement Termination Date	November 2024
Trading Arrangement, Securities Aggregate Available Amount	750,000

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023 and 2022: Schedule of Disaggregation of Revenue 2023 2022 2023 2022 Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Time and bareboat charter revenues $ 87,257 $ 82,969 $ 171,397 $ 140,204 Voyage charter revenues (1) 5,630 19,476 20,443 55,371 Contracts of affreightment (“COA”) revenues 13,738 15,540 28,576 26,408 Total shipping revenues $ 106,625 $ 117,985 $ 220,416 $ 221,983 (1) For the three months ended June 30, 2023 and 2022, the Company did not have any revenue related to short-term time charter contracts, which are time charter contracts for periods of less than 90 days, included in voyage charter revenues. For the six months ended June 30, 2023 and 2022, voyage charter revenues include revenue related to short-term time charter contracts of $ 119 16,599 Voyage Receivables As of June 30, 2023 and December 31, 2022, contract balances from contracts with customers consisted of voyage receivables of $ 8,964 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 June 30, 2023, the Company expects to recognize revenue of approximately $ 23,546 29,216 14,608

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 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 June 30, 2023, there were 3,198,604 1,478,756 4,268,193 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 2023 2022 Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net income $ 12,303 $ 3,740 $ 24,442 $ 3,231 Weighted average common shares outstanding: Class A common stock - basic 81,404,635 91,254,864 81,703,990 90,984,407 Class A common stock - diluted 83,699,619 92,607,727 84,518,602 92,345,481 For the three and six months ended June 30, 2023, there were dilutive equity awards outstanding covering 2,294,984 2,814,612 371,893 334,856 For the three and six months ended June 30, 2022, there were dilutive equity awards outstanding covering 1,352,863 1,361,074 495,832 728,988

Investment in Security to be He

Investment in Security to be Held to Maturity	6 Months Ended
	Jun. 30, 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 U.S. Treasury Note Amortized Gross Unrealized June 30, 2023 Cost Loss Fair Value U.S. Treasury Note $ 14,851 $ (336 ) $ 14,515 $ 14,851 $ (336 ) $ 14,515 Amortized Gross Unrealized December 31, 2022 Cost 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 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 June 30, 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 and six months ended June 30, 2023.

Fair Value Measurements and Fai

Fair Value Measurements and Fair Value Disclosures	6 Months Ended
	Jun. 30, 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 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Financial Instruments that are not Measured at Fair Value on a Recurring Basis The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: Schedule of Hierarchy Categorized on Fair Value Carrying Fair Value Value Level 1 Level 2 June 30, 2023: Assets Cash and cash equivalents $ 105,950 $ 105,950 $ — U.S. Treasury Note 14,851 14,515 — Total $ 120,801 $ 120,465 $ — Liabilities Term loan, due 2024, net $ 19,634 $ — $ 18,872 Alaska tankers term loan, due 2025, net 22,720 — 21,185 OSG 204 LLC term loan, due 2025, net 24,362 — 23,071 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 43,270 — 39,467 Term loan, due 2028, net 301,844 — 288,497 Unsecured senior notes, net 390 — 387 Total $ 412,220 $ — $ 391,479 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 second 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 June 30, 2023. The Company concluded that no such events or changes in circumstances had occurred.

Taxes

Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Taxes	Note 7 — Taxes For the three months ended June 30, 2023 and 2022, the Company recorded income tax expense of $ 1,339 611 9.8 13.9 4,660 552 16.0 14.5

Capital Stock and Stock Compens

Capital Stock and Stock Compensation	6 Months Ended
	Jun. 30, 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 (the “Board”) authorized a program (the “program”) to purchase up to $ 10,000 10,000 20,000 2,095,232 2,593,138 7,985 9,847 3.81 3.80 Warrant Conversions During the six months ended June 30, 2023 and 2022, the Company issued 128,943 11,179 680,892 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 Director Compensation — Restricted Stock Units On June 15, 2023 and June 1, 2022, the Company awarded 195,800 305,000 3.83 2.09 Management Compensation — Restricted Stock Units During the six months ended June 30, 2023 and 2022, the Company granted RSUs to its employees, including senior officers, covering 584,922 718,360 2.90 2.09 During the six months ended June 30, 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 six months ended June 30, 2022, the Company awarded RSUs to its senior officers covering 576,981 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 During the six months ended June 30, 2023 and 2022, in connection with the vesting of restricted stock units (“RSUs”), the Company withheld 333,085 and 179,040 shares of Class A common stock, respectively, at an average price of $ 3.51 and $ 2.07 per share (based on the market prices on the dates of vesting), respectively, from certain members of management to cover withholding taxes. OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income
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 June 30, 2023 December 31, 2022 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ 3,026 $ 3,410 Accumulated other comprehensive income $ 3,026 $ 3,410 The following table presents the changes in the balances of each component of accumulated other comprehensive income, net of related taxes, during the three and six months ended June 30, 2023 and 2022: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss Items not as a component (pension and other plans) Balance as of March 31, 2023 $ 3,218 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 June 30, 2023 $ 3,026 Balance as of March 31, 2022 $ 2,763 Current period change, excluding amounts reclassified from accumulated other comprehensive loss — Amounts reclassified from accumulated other comprehensive loss (181 ) Total change in accumulated other comprehensive loss (181 ) Balance as of June 30, 2022 $ 2,582 Items not component 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 (384 ) Total change in accumulated other comprehensive income (384 ) Balance as of June 30, 2023 $ 3,026 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 (361 ) Total change in accumulated other comprehensive loss (361 ) Balance as of June 30, 2022 $ 2,582 The Company includes the service cost component for net periodic benefit cost/(income) in vessel expenses and general and administrative expenses and other components in other (expense)/income, net on the condensed consolidated statements of operations.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases
Leases	Note 10 — Leases In March 2023, the Company extended its lease on the Alaskan Frontier 184 366 365 71 1,000 Charters-out The Company is the lessor under its time charter contracts. Total time charter revenue for the three and six months ended June 30, 2023 was equal to income from lease payments of $ 86,853 171,287 404 110 82,913 139,821 56 383

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023 and 2022: Schedule of Disaggregation of Revenue 2023 2022 2023 2022 Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Time and bareboat charter revenues $ 87,257 $ 82,969 $ 171,397 $ 140,204 Voyage charter revenues (1) 5,630 19,476 20,443 55,371 Contracts of affreightment (“COA”) revenues 13,738 15,540 28,576 26,408 Total shipping revenues $ 106,625 $ 117,985 $ 220,416 $ 221,983 (1) For the three months ended June 30, 2023 and 2022, the Company did not have any revenue related to short-term time charter contracts, which are time charter contracts for periods of less than 90 days, included in voyage charter revenues. For the six months ended June 30, 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)	6 Months Ended
	Jun. 30, 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 2023 2022 Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net income $ 12,303 $ 3,740 $ 24,442 $ 3,231 Weighted average common shares outstanding: Class A common stock - basic 81,404,635 91,254,864 81,703,990 90,984,407 Class A common stock - diluted 83,699,619 92,607,727 84,518,602 92,345,481

Investment in Security to be _2

Investment in Security to be Held to Maturity (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Fair Value of U.S. Treasury Note	Schedule of Fair Value of U.S. Treasury Note Amortized Gross Unrealized June 30, 2023 Cost Loss Fair Value U.S. Treasury Note $ 14,851 $ (336 ) $ 14,515 $ 14,851 $ (336 ) $ 14,515 Amortized Gross Unrealized December 31, 2022 Cost 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)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Hierarchy Categorized on Fair Value	The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: Schedule of Hierarchy Categorized on Fair Value Carrying Fair Value Value Level 1 Level 2 June 30, 2023: Assets Cash and cash equivalents $ 105,950 $ 105,950 $ — U.S. Treasury Note 14,851 14,515 — Total $ 120,801 $ 120,465 $ — Liabilities Term loan, due 2024, net $ 19,634 $ — $ 18,872 Alaska tankers term loan, due 2025, net 22,720 — 21,185 OSG 204 LLC term loan, due 2025, net 24,362 — 23,071 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 43,270 — 39,467 Term loan, due 2028, net 301,844 — 288,497 Unsecured senior notes, net 390 — 387 Total $ 412,220 $ — $ 391,479 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)	6 Months Ended
	Jun. 30, 2023
Accumulated Other Comprehensive Income
Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive income, net of related taxes, in the condensed consolidated balance sheets follow: Schedule of Components of Accumulated Other Comprehensive Loss As of June 30, 2023 December 31, 2022 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ 3,026 $ 3,410 Accumulated other comprehensive income $ 3,026 $ 3,410 The following table presents the changes in the balances of each component of accumulated other comprehensive income, net of related taxes, during the three and six months ended June 30, 2023 and 2022: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss Items not as a component (pension and other plans) Balance as of March 31, 2023 $ 3,218 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 June 30, 2023 $ 3,026 Balance as of March 31, 2022 $ 2,763 Current period change, excluding amounts reclassified from accumulated other comprehensive loss — Amounts reclassified from accumulated other comprehensive loss (181 ) Total change in accumulated other comprehensive loss (181 ) Balance as of June 30, 2022 $ 2,582 Items not component 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 (384 ) Total change in accumulated other comprehensive income (384 ) Balance as of June 30, 2023 $ 3,026 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 (361 ) Total change in accumulated other comprehensive loss (361 ) Balance as of June 30, 2022 $ 2,582
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 and six months ended June 30, 2023 and 2022: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss Items not as a component (pension and other plans) Balance as of March 31, 2023 $ 3,218 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 June 30, 2023 $ 3,026 Balance as of March 31, 2022 $ 2,763 Current period change, excluding amounts reclassified from accumulated other comprehensive loss — Amounts reclassified from accumulated other comprehensive loss (181 ) Total change in accumulated other comprehensive loss (181 ) Balance as of June 30, 2022 $ 2,582 Items not component 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 (384 ) Total change in accumulated other comprehensive income (384 ) Balance as of June 30, 2023 $ 3,026 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 (361 ) Total change in accumulated other comprehensive loss (361 ) Balance as of June 30, 2022 $ 2,582

Schedule of Disaggregation of R

Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total shipping revenues		$ 106,625	$ 117,985	$ 220,416	$ 221,983
Time and Bareboat Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues		87,257	82,969	171,397	140,204
Voyage Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues	[1]	5,630	19,476	20,443	55,371
Contracts of Affreightment (“COA”) Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues		$ 13,738	$ 15,540	$ 28,576	$ 26,408
[1]For the three months ended June 30, 2023 and 2022, the Company did not have any revenue related to short-term time charter contracts, which are time charter contracts for periods of less than 90 days, included in voyage charter revenues. For the six months ended June 30, 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue related to short term	$ 19,368	$ 35,016	$ 49,019	$ 81,779
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	Jun. 30, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Contracts with customers	$ 8,964	$ 9,258
2023 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue, remaining performance obligation, amount	23,546
2024 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue, remaining performance obligation, amount	29,216
2025 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue, remaining performance obligation, amount	$ 14,608

Earnings per Common Share (Deta

Earnings per Common Share (Details Narrative) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities		1,352,863		1,361,074
Dilutive equity awards outstanding	2,294,984		2,814,612
Share-Based Payment Arrangement, Option [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities	371,893		334,856
Restricted Stock Units and Stock Options [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities		495,832		728,988
Common Class A [Member] | Restricted Stock Units (RSUs) [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities			3,198,604	4,268,193
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			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	$ 0.01		$ 0.01

Schedule of Earnings Per Share

Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Per Share Amounts:
Net income	$ 12,303	$ 12,139	$ 3,740	$ (509)	$ 24,442	$ 3,231
Weighted average common shares outstanding:
Class A common stock - basic	81,404,635		91,254,864		81,703,990	90,984,407
Class A common stock - diluted	83,699,619		92,607,727		84,518,602	92,345,481

Investment in Security to be _3

Investment in Security to be Held to Maturity (Details Narrative) - U.S. Treasury Note [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 Fair Value of U.S.

Schedule of Fair Value of U.S. Treasury Note (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Amortized Cost	$ 14,851	$ 14,803
Gross unrealized Loss	(336)	(328)
Fair value	14,515	14,475
U.S. Treasury Note [Member]
Amortized Cost	14,851	14,803
Gross unrealized Loss	(336)	(328)
Fair value	$ 14,515	$ 14,475

Schedule of Hierarchy Categoriz

Schedule of Hierarchy Categorized on Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	$ 105,950	$ 78,732
U.S. Treasury Note	14,851	14,803
Total assets	120,801	93,535
Total liabilities	412,220	423,363
Term Loan Agreement Due 2024 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	19,634	20,330
Alaska Tankers Term Loan Agreement Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	22,720	25,289
OSG 204 LLC Term Loan Agreement Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	24,362	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]
Total liabilities	43,270	44,342
Term Loan Agreement Due 2028 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	301,844	308,006
Unsecured Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	390	390
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash	105,950	78,732
U.S. Treasury Note	14,515	14,475
Total assets	120,465	93,207
Total liabilities
Fair Value, Inputs, Level 1 [Member] | Term Loan Agreement Due 2024 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities
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]
Total liabilities
Fair Value, Inputs, Level 1 [Member] | OSG 204 LLC Term Loan Agreement Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities
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]
Total liabilities
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]
Total liabilities
Fair Value, Inputs, Level 1 [Member] | Unsecured Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities
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]
Total liabilities
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
Total liabilities	391,479	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]
Total liabilities	18,872	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]
Total liabilities	21,185	23,195
Fair Value, Inputs, Level 2 [Member] | OSG 204 LLC Term Loan Agreement Due 2025 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities	23,071	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]
Total liabilities	39,467	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]
Total liabilities	288,497	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]
Total liabilities	$ 387	$ 385

Taxes (Details Narrative)

Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,339	$ 611	$ 4,660	$ 552
Effective income tax rate	9.80%	13.90%	16%	14.50%

Capital Stock and Stock Compe_2

Capital Stock and Stock Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 15, 2023	Jun. 01, 2022	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 17, 2023
Class of Stock [Line Items]
Stock repurchase authorized amount			$ 20,000	$ 20,000		$ 20,000
Increase in stock repurchase authorized amount			$ 10,000
Stock repurchased during period, shares				2,095,232		2,593,138
Stock repurchased during period, value				$ 7,985	$ 310	$ 9,847
Stock repurchase price per share				$ 3.81		$ 3.80
Non-employee Directors [Member] | Time-Based Restricted Stock Units (RSU) [Member]
Class of Stock [Line Items]
Number of shares issued as compensation	195,800	305,000
Fair value of price per share	$ 3.83	$ 2.09
Employees, Including Senior Officers [Member] | Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Number of shares issued as compensation						584,922	718,360
Fair value of price per share						$ 2.90	$ 2.09
Senior Officers [Member] | Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Share based compensation, grants in period						576,981
Share based compensation, exercise price						$ 2.09
Award vesting description						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
Senior Officers [Member] | Performance-Based Restricted Stock Units (RSU) [Member]
Class of Stock [Line Items]
Fair value of price per share						$ 2.90	$ 2.09
Number of shares available for grant			416,832	416,832	518,600	416,832	518,600
Class A Warrants [Member]
Class of Stock [Line Items]
Number of warrants exercised			680,892	680,892	59,124	680,892	59,124
Common Class A [Member]
Class of Stock [Line Items]
Shares issued during warrant exercise						128,943	11,179
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation						333,085	179,040
Share Price			$ 3.51	$ 3.51	$ 2.07	$ 3.51	$ 2.07
Maximum [Member]
Class of Stock [Line Items]
Stock repurchase authorized amount								$ 10,000
Maximum [Member] | Senior Officers [Member] | Performance-Based Restricted Stock Units (RSU) [Member]
Class of Stock [Line Items]
Maximum number of shares awarded						625,248	777,900

Schedule of Changes in Balances

Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans)	$ 3,026		$ 3,026		$ 3,410
Accumulated other comprehensive income	3,026		3,026		3,410
Beginning balance			3,410
Ending balance	3,026		3,026
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated other comprehensive income	3,026	$ 2,582	3,026	$ 2,582	$ 3,410
Beginning balance	3,218	2,763	3,410	2,943
Current period change, excluding amounts reclassified from accumulated other
Amounts reclassified from accumulated other comprehensive income	(192)	(181)	(384)	(361)
Total change in accumulated other comprehensive income	(192)	(181)	(384)	(361)
Ending balance	$ 3,026	$ 2,582	$ 3,026	$ 2,582

Leases (Details Narrative)

Leases (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Lease term description	the Company extended its lease on the Alaskan Frontier for an additional lease term of three years to March 2026.
Non-cash operating activity				$ 1,000
Time Charter Revenue [Member]
Property, Plant and Equipment [Line Items]
Operating lease, lease income		$ 86,853	$ 82,913	171,287	$ 139,821
Straight line rent adjustments		404	$ 56	110	$ 383
Office Space [Member]
Property, Plant and Equipment [Line Items]
Remainder of 2023		184		184
2024		366		366
2025		365		365
2026		$ 71		$ 71