Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 10-K 11 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 06, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 292,943,697
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		70,952,360
Documents Incorporated By Reference	Portions of the registrant’s definitive proxy statement to be filed by the registrant in connection with its 2024 Annual Meeting of Stockholders are incorporated by reference in Part III.
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Tampa, Florida

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 76,257	$ 78,732
Investment security to be held to maturity	14,900
Voyage receivables, including unbilled of $4,976 and $11,364, net of reserve for credit losses	17,362	19,698
Income tax recoverable	407	1,914
Other receivables	3,140	5,334
Prepaid expenses	662	385
Inventories and other current assets	1,860	2,283
Total Current Assets	114,588	108,346
Vessels and other property, less accumulated depreciation and amortization	699,032	726,179
Deferred drydock expenditures, net	44,827	38,976
Total Vessels, Deferred Drydock and Other Property	743,859	765,155
Intangible assets, less accumulated amortization	13,417	18,017
Operating lease right-of-use assets	172,703	206,797
Investment security to be held to maturity		14,803
Other assets	34,317	25,945
Total Assets	1,078,884	1,139,063
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	60,911	54,906
Current installments of long-term debt	43,305	23,733
Current portion of operating lease liabilities	65,272	63,288
Current portion of finance lease liabilities		4,000
Total Current Liabilities	169,488	145,927
Reserve for uncertain tax positions	285	175
Long-term debt, net	357,406	399,630
Deferred income taxes, net	79,373	70,233
Noncurrent operating lease liabilities	107,911	149,960
Noncurrent finance lease liabilities		16,456
Other liabilities	10,368	16,997
Total Liabilities	724,831	799,378
Commitments and contingencies (Note 17)
Equity:
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 89,545,535 and 88,297,439 shares issued; 70,946,476 and 78,297,439 shares outstanding)	895	883
Paid-in additional capital	588,361	597,455
Accumulated deficit	(174,825)	(233,023)
Treasury stock, 18,599,059 and 10,000,000 shares, at cost	(64,380)	(29,040)
Stockholder’s Equity Subtotal	350,051	336,275
Accumulated other comprehensive income	4,002	3,410
Total Equity	354,053	339,685
Total Liabilities and Equity	$ 1,078,884	$ 1,139,063

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Unbilled receivable	$ 4,976	$ 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	89,545,535	88,297,439
Class A common stock, shares outstanding	70,946,476	78,297,439
Treasury stock, shares	18,599,059	10,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shipping Revenues:
Total shipping revenues	$ 451,871	$ 466,800	$ 359,062
Operating Expenses:
Voyage expenses	28,344	40,472	66,467
Vessel expenses	166,246	176,666	140,413
Charter hire expenses	64,971	88,849	90,166
Depreciation and amortization	67,164	70,637	61,823
General and administrative	28,223	26,985	24,097
Bad debt recovery			(1,080)
Loss on disposal of vessels and other property, including impairments, net			6,276
Total operating expenses	354,948	403,609	388,162
Operating income/(loss) from vessel operations	96,923	63,191	(29,100)
Loss on extinguishment of debt, net			(8,031)
Other income, net	6,666	3,327	1,985
Income/(loss) before interest expense and income taxes	103,589	66,518	(35,146)
Interest expense, net	(31,216)	(33,060)	(29,203)
Income/(loss) before income taxes	72,373	33,458	(64,349)
Income tax (expense)/benefit	(9,919)	(6,894)	18,097
Net income/(loss)	$ 62,454	$ 26,564	$ (46,252)
Weighted Average Number of Common Shares Outstanding:
Basic - Class A	78,485,954	89,556,195	90,587,454
Diluted - Class A	81,231,761	91,400,041	90,587,454
Per Share Amounts:
Basic net income/(loss) - Class A	$ 0.80	$ 0.30	$ (0.51)
Diluted net income/(loss) - Class A	$ 0.77	$ 0.29	$ (0.51)
Time Charter Revenues [Member]
Shipping Revenues:
Total shipping revenues	$ 359,543	$ 327,329	$ 254,744
Voyage Charter Revenues [Member]
Shipping Revenues:
Total shipping revenues	$ 92,328	$ 139,471	$ 104,318

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net income/(loss)	$ 62,454	$ 26,564	$ (46,252)
Defined benefit pension and other postretirement benefit plans:
Net change in unrecognized prior service costs	(558)	(553)	(554)
Net change in unrecognized actuarial gain	1,150	1,020	3,779
Other comprehensive income	592	467	3,225
Comprehensive income/(loss)	$ 63,046	$ 27,031	$ (43,027)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net income/(loss)	$ 62,454	$ 26,564	$ (46,252)
Items included in net income/(loss) not affecting cash flows:
Depreciation and amortization	67,164	70,637	61,823
Bad debt recovery			(1,080)
Amortization of debt discount and other deferred financing costs	1,142	1,129	2,099
Compensation relating to restricted stock, stock unit and stock option grants	3,471	3,574	2,232
Deferred income tax expense/(benefit)	8,974	6,347	(18,236)
Interest on finance lease liabilities	917	1,618	1,799
Non-cash operating lease expense	65,751	89,127	90,863
Gain on prepayment of deferred payment obligations	(912)
Loss on extinguishment and prepayments of debt, net			5,295
Loss on disposal of vessels and other property, including impairments,  net			6,276
Payments for drydocking	(23,138)	(17,231)	(19,037)
Changes in operating assets and liabilities:
Operating lease liabilities	(73,074)	(99,808)	(92,634)
Decrease/(increase) in receivables	2,336	(5,112)	(384)
Increase/(decrease) in income tax receivable	1,507	(32)	(1,495)
(Decrease)/increase in deferred revenue	(6,026)	3,435	9,666
Net change in other operating assets and liabilities	(7,608)	(7,425)	(12,767)
Net cash provided by/(used in) operating activities	102,958	72,823	(11,832)
Cash Flows from Investing Activities:
Expenditures for vessels and vessel improvements	(30,789)	(6,354)	(7,793)
Purchase of investment security to be held to maturity		(14,794)
Proceeds from disposal of vessels and other property			32,128
Net cash (used in)/provided by investing activities	(30,789)	(21,148)	24,335
Cash Flows from Financing Activities:
Payments on debt	(23,730)	(22,222)	(33,316)
Tax withholding on share-based awards	(1,168)	(496)	(402)
Payments on principal portion of finance lease liabilities	(2,964)	(4,161)	(4,161)
Deferred financing costs paid for debt amendments	(58)	(277)	(2,465)
Purchases of treasury stock	(35,340)	(29,040)
Purchases of treasury stock and Class A warrants	(11,384)
Extinguishment of debt and prepayments			(277,520)
Issuance of debt, net of issuance and deferred financing costs			321,531
Extinguishment of debt costs paid			(2,736)
Net cash (used in)/provided by financing activities	(74,644)	(56,196)	931
Net (decrease)/increase in cash and cash equivalents	(2,475)	(4,521)	13,434
Cash and cash equivalents at beginning of year	78,732	83,253	69,819
Cash and cash equivalents at end of year	$ 76,257	$ 78,732	$ 83,253

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity/(Deficit) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Dec. 31, 2020	$ 864	$ 592,564	$ (213,335)		$ (282)	$ 379,811
Net income (loss)			(46,252)			(46,252)
Other comprehensive income, net of taxes					3,225	3,225
Issuance and vesting of restricted stock awards	8	(8)
Taxes withheld and forfeitures of restricted stock awards		(402)				(402)
Compensation related to Class A restricted stock awards		2,232				2,232
Balance at Dec. 31, 2021	872	594,386	(259,587)		2,943	338,614
Net income (loss)			26,564			26,564
Other comprehensive income, net of taxes					467	467
Issuance and vesting of restricted stock awards	13	13
Taxes withheld and forfeitures of restricted stock awards	(2)	(492)				(494)
Compensation related to Class A restricted stock awards		3,574				3,574
Purchases of treasury stock				(29,040)		(29,040)
Balance at Dec. 31, 2022	883	597,455	(233,023)	(29,040)	3,410	339,685
Net income (loss)			62,454			62,454
Other comprehensive income, net of taxes					592	592
Issuance and vesting of restricted stock awards	14	(14)
Taxes withheld and forfeitures of restricted stock awards	(4)	(1,165)				(1,169)
Compensation related to Class A restricted stock awards		3,471				3,471
Purchases of treasury stock				(35,340)		(35,340)
Conversion of Class A warrants to Class A common stock	2	(2)
Dividends declared			(4,256)			(4,256)
Purchase of Class A Warrants		(11,384)				(11,384)
Balance at Dec. 31, 2023	$ 895	$ 588,361	$ (174,825)	$ (64,380)	$ 4,002	$ 354,053

BASIS OF PRESENTATION AND DESCR

BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS	NOTE 1 — BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS The consolidated financial statements include the accounts of Overseas Shipholding Group, Inc., a Delaware corporation incorporated in 1969, and its wholly owned subsidiaries (the “Company” or “OSG”, or “we” or “us” or “our”). The Company owns and operates a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and refined petroleum products in the U.S. Flag trade. All significant intercompany balances and transactions have been eliminated in consolidation.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. Cash and cash equivalents 2. Vessels, vessel lives, deferred drydocking expenditures and other property Vessels are recorded at cost and are depreciated to their estimated salvage value on the straight-line basis over the estimated useful lives of the vessels, which are generally 25 years (except for new articulated tug barge (“ATBs”) for which estimated useful lives of 30 years are used) Other property, including leasehold improvements, are recorded at cost and amortized on a straight-line basis over the shorter of the terms of the leases or the estimated useful lives of the assets, which range from three years 15 Interest costs are capitalized to vessels and other property during the period when vessels are under construction and projects are in progress. During the years ended December 31, 2023, 2022 and 2021, interest costs capitalized were $ 951 1,378 1,427 Expenditures incurred during a drydocking are deferred and amortized on the straight-line basis over the shorter of the terms of the leases or the period until the next scheduled drydocking, generally two and a half to five years. The Company only includes in deferred drydocking costs those direct costs that are incurred as part of the drydocking to meet regulatory requirements, or are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. The carrying value of each of the Company’s vessels represents its original cost at the time it was delivered or purchased less depreciation calculated using estimated useful lives from the date such vessel was originally delivered from the shipyard or from the date (as in the case of certain of the Company’s ATBs) a vessel was rebuilt. A vessel’s carrying value is reduced to its new cost basis (i.e., its current fair value) if a vessel impairment charge is recorded. If the estimated economic lives assigned to the Company’s vessels prove to be too long because of new regulations, a prolonged weak market environment, a broad imposition of age restrictions by the Company’s customers, or other future events, it could result in higher depreciation expense and impairment losses in future periods related to a reduction in the useful lives of any affected vessels. 3. Impairment of long-lived assets, including right-of-use assets 4. Intangible assets 5. Internal use software Intangibles-Goodwill and Other. 3,500 992 five years 6. Deferred finance charges Unamortized deferred financing charges of $ 3,618 4,697 1,142 1,129 2,099 7. Revenue and expense recognition The Company classifies time charter leasing arrangements less than 90 days within the voyage charter revenue financial statement line item because the Company believes the pricing negotiated within these short-term time charter contracts more closely aligns with the Company’s voyage charter spot market. Under voyage charters, expenses such as fuel, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time and bareboat charters, such voyage costs are generally paid by the Company’s customers. The Company receives a stipend for the Company’s U.S. Flag Product Carriers which participate in the TSP and previously participated in the MSP during the first quarter of 2023 and the years ended December 31, 2022 and 2021. This stipend has been recorded as an offset to vessel expenses which amounted to $ 13,262 9,252 10,500 8. Voyage receivables 9. Concentration of credit risk 152 197 During the year ended December 31, 2023, the Company had one individual customer who accounted for 10% or more of the Company’s revenues. The customer and its related percentage was Hilcorp North Slope LLC (14.3%). During the years ended December 31, 14.2 10.2 28.2 10.6 The Company’s cash and cash equivalents balances generally exceed Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are placed in what the Company believes to be creditworthy financial institutions. In addition, certain of the Company’s money market accounts invest in U.S. Treasury securities or other obligations issued or guaranteed by the U.S. government or its agencies. 10. Income taxes Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes in the period such determination is made. Uncertain tax positions are recorded in accordance with ASC 740, Income Taxes greater than 50 11. Use of estimates 12. Segment information 13. Inventories 14. Derivatives Derivatives and Hedging The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to forecasted transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively, as discussed below. The Company discontinues hedge accounting prospectively when (1) it determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item such as forecasted transactions; (2) the derivative expires or is sold, terminated, or exercised; (3) it is no longer probable that the forecasted transaction will occur; or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate or desired. When the Company discontinues hedge accounting because it is no longer probable that the forecasted transaction will occur in the originally expected period, the gain or loss on the derivative remains in accumulated other comprehensive income and is reclassified into earnings when the forecasted transaction affects earnings. However, if it is probable that a forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter, the gains and losses that were accumulated in other comprehensive income will be recognized immediately in earnings. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current period earnings, unless it is designated in a new hedging relationship or terminated. During the year ended December 31, 2023, no ineffectiveness gains or losses were recorded in earnings relative to the forward contracts and options entered into by the Company that qualified for hedge accounting. See Note 9, “Fair Value of Financial Instruments and Fair Value Disclosures,” for additional disclosures on the Company’s forward contracts and options and other financial instruments. 15. Recently adopted accounting standards Financial Instruments – Credit Losses (Topic 326) Derivatives and Hedging (Topic 815) Leases (Topic 842): Effective Dates Bucket 1— All public business entities (“PBEs”) that are SEC filers (as defined in U.S. GAAP), excluding smaller reporting companies (“SRCs”) (as defined by the SEC). The credit losses standard became effective January 1, 2020. Bucket 2— All other entities, including SRCs, other PBEs that are not SEC filers, private companies, not-for-profit organizations, and employee benefit plans. The credit losses standard became effective January 1, 2023. At June 30, 2019, the evaluation date for purposes of determining the applicability of the 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. 16. Recently issued accounting standards ASU 2023-09, Improvements to Income Tax Disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	12 Months Ended
	Dec. 31, 2023
Per Share Amounts:
EARNINGS PER COMMON SHARE	NOTE 3 — EARNINGS PER COMMON SHARE Basic earnings per common share is computed by dividing earnings by the weighted average number of common shares outstanding during the period. As management deems the exercise price for the Class A warrants of $ 0.01 The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units. Class A As of December 31, 2023, there were 3,179,004 1,478,756 3,672,646 1,478,756 3,371,177 1,478,756 The components of the calculation of basic earnings per share and diluted earnings per share are as follows: SCHEDULE OF EARNINGS PER SHARE 2023 2022 2021 Years Ended December 31, 2023 2022 2021 Net income/(loss) $ 62,454 $ 26,564 $ (46,252 ) Weighted average common shares outstanding: Class A common stock - basic 78,485,954 89,556,195 90,587,454 Class A common stock - diluted 81,231,761 91,400,041 90,587,454 For the years ended December 31, 2023 and 2022, there were dilutive equity awards outstanding covering 2,745,807 1,843,846 241,882 609,956 2,017,810

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	NOTE 4 — REVENUE RECOGNITION Shipping Revenues Time Charter Revenues The Company enters into time charter contracts under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of a vessel. The Company recognizes revenues from time charters as operating leases ratably over the noncancellable contract term. Customers generally pay voyage expenses such as fuel, canal tolls and port charges. The Company also provides the charterer with services such as technical management expenses and crew costs. While there are lease and non-lease components related to time charter contracts, the predominant component of the contract is the charterer’s lease of the vessel. The non-lease components of the contract have the same timing and pattern of transfer as the underlying lease component; therefore, the Company applies the practical expedient of combining lease and non-lease components and recognizes revenue related to this service ratably over the life of the contract term. Voyage Charter Revenues The Company enters into voyage charter contracts, under which the customer pays a transportation charge (voyage freight) for the movement of a specific cargo between two or more specified ports. The Company’s performance obligation under voyage charters, which consists of moving cargo from a load port to a discharge port, is satisfied over time. Accordingly, under ASC 606, the Company recognizes revenue from voyage charters ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. The transaction price is in the form of a fixed fee at contract inception, which is the transportation charge. Voyage charter contracts also include variable consideration primarily in the form of demurrage, which is additional revenue the Company receives for delays experienced in loading or unloading cargo that are not deemed to be the responsibility of the Company. The Company does not include demurrage in the transaction price for voyage charters since it is highly susceptible to factors outside the Company’s influence. Examples of when demurrage is incurred include unforeseeable weather conditions and security regulations at ports. The uncertainty related to this variable consideration is resolved upon the completion of the voyage, the duration of which is generally less than 30 days. Tanker Security Program and Maritime Security Program Under the TSP and MSP arrangements, which are considered service arrangements under ASC 606, the Company received a stipend for each participating vessel. The stipend is intended to reimburse owners for the additional costs of operating U.S. Flag vessels; therefore, the Company presented this stipend as an offset to vessel expenses. Contracts of Affreightment The Company enters into COAs to provide transportation services between specified points for a stated quantity of cargo over a specific time period, but without designating voyage schedules. The Company has COAs to provide for lightering services and other arrangements based on the number of voyages. These contracts are service contracts within the scope of ASC 606 for which the underlying performance obligation is satisfied as transportation services are provided. The Company’s COAs include minimum purchase requirements from customers that are expressed in either fixed monthly barrels, annual minimum barrel volume requirements or annual minimum number of voyages to complete. The Company is required to transport and the charterer is required to provide the Company with a minimum volume requirement. COAs provide the charterer with the opportunity to purchase additional transportation services above the minimum. If this is not considered a material right, the Company recognizes revenue related to the additional services at the contractual rate as the product is transferred over time. If the additional transportation service is considered a material right, the Company allocates the transaction price to the material right. As a result, the Company may recognize revenue related to COAs at an amount different from the invoiced amount if the Company’s estimated volume to be transported under the contract exceeds the contractual minimum. COAs also include variable consideration primarily related to demurrage. The Company does not include this variable consideration in the transaction price for these contracts as the consideration is constrained since the obligation to deliver this service is outside the control of the Company. The uncertainty related to this variable consideration is resolved with the customer over the course of the contract term as individual voyages discharge. At December 31, 2023 and 2022, the Company did not have deferred revenue related to the Company’s COAs. Disaggregated Revenue The Company has disaggregated revenue from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Consequently, the disaggregation below is based on contract type. Since the terms within these contract types are generally standard in nature, the Company does not believe that further disaggregation would result in increased insight into the economic factors impacting revenue and cash flows. The following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the years ended December 31, 2023, 2022 and 2021: SCHEDULE OF DISAGGREGATION OF REVENUE Years Ended December 31, 2023 2022 2021 Time and bareboat charter revenues $ 359,543 $ 327,329 $ 254,744 Voyage charter revenues (1) 35,508 86,659 57,946 Contracts of affreightment revenues 56,820 52,812 46,372 Total shipping revenues $ 451,871 $ 466,800 $ 359,062 (1) Voyage charter revenues include revenue related to short-term time charter contracts of $ 4,261 $ 33,612 14,843 Voyage Receivables As of December 31, 2023 and December 31, 2022, contract balances from contracts with customers consisted of voyage receivables of $ 7,768 9,258 Costs to Fulfill a Contract Under ASC 606, for voyage charters and COAs, the Company capitalizes the direct costs, which are voyage expenses, of relocating the vessel to the load port to be amortized during transport of the cargo. At December 31, 2023, the costs related to voyages that were not yet completed were not material. Additionally, these contracts include out-of-pocket expense (i.e. fuel, port charges, canal tolls) incurred by the Company in fulfilling its performance obligations, which are reimbursed by the charterer at cost. The reimbursement for these fulfillment costs are included in the Company’s estimated transaction price for the contract and recognized as revenue when performance obligations are satisfied. Transaction Price Allocated to the Remaining Performance Obligations As of December 31, 2023, the Company expects to recognize revenue of approximately $ 47,578 14,608 Practical Expedients and Exemptions The Company’s voyage charter contracts and some of the Company’s COAs have an original expected duration of one year or less; therefore, the Company has elected to apply the practical expedient, which permits the Company to not disclose the portion of the transaction price allocated to the remaining performance obligations within these COAs. The Company expenses broker commissions for voyage charters, which are costs of obtaining a contract, as they are incurred because the amortization period is less than one year or are otherwise amortized as the underlying performance obligation is satisfied. The Company records these costs within voyage expenses on the consolidated statements of operations.

VESSELS, OTHER PROPERTY AND DEF

VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK	NOTE 5 — VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK Vessels and other property consist of the following: SCHEDULE OF VESSELS AND OTHER PROPERTY 2023 2022 Years Ended December 31, 2023 2022 Vessels, at cost $ 1,092,950 $ 1,082,822 Accumulated depreciation (427,508 ) (385,242 ) Vessels, net 665,442 697,580 Construction in progress 33,482 10,406 Finance lease right-of-use asset, at cost (Note 14) 26,940 26,940 Accumulated amortization (Note 14) (10,706 ) (8,856 ) Transfer to operating lease right-of-use asset (Note 14) (16,234 ) — Finance lease right-of use asset, net (Note 14) — 18,084 Other property, at cost 5,616 5,578 Accumulated depreciation and amortization (5,508 ) (5,469 ) Other property, net 108 109 Total vessels and other property $ 699,032 $ 726,179 In November 2023, the Company purchased the Alaskan Frontier 20,000 On January 27, 2023, the Company reflagged the Overseas Sun Coast, In June 2021, the Company sold the Overseas Gulf Coast 32,128 5,268 At December 31, 2023, the Company’s owned vessel fleet with a weighted average age of 16.3 659,586 Vessel activity, excluding construction in progress, for the three years ended December 31, 2023 is summarized as follows: SUMMARY OF VESSEL ACTIVITY EXCLUDING CONSTRUCTION PROGRESS Vessel Cost Accumulated Net Book Balance at December 31, 2020 $ 1,099,187 $ (308,449 ) $ 790,738 Transfers from construction in progress 6,836 — Depreciation — (39,398 ) Disposals (39,696 ) 2,316 Balance at December 31, 2021 1,066,327 (345,531 ) 720,796 Transfers from construction in progress 16,699 — Additions 570 — Depreciation — (40,485 ) Disposals (774 ) 774 Balance at December 31, 2022 1,082,822 (385,242 ) 697,580 Transfers from construction in progress 10,128 — Depreciation — (42,266 ) Balance at December 31, 2023 $ 1,092,950 $ (427,508 ) $ 665,442 The total of vessel additions can be different from expenditures for vessels as shown in the consolidated statements of cash flows because of the timing of when payments were made. For the years ended December 31, 2023, 2022 and 2021, the Company had approximately $ 1,908 2,784 1,341 s vessels. Drydocking activity for the three years ended December 31, 2023 is summarized as follows: SUMMARY OF DRYDOCKING ACTIVITY 2023 2022 2021 Balance at January 1 $ 38,976 $ 43,342 $ 43,134 Additions 24,254 18,198 15,017 Drydock amortization (18,403 ) (22,564 ) (14,809 ) Balance at December 31 $ 44,827 $ 38,976 $ 43,342

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	NOTE 6 — INTANGIBLE ASSETS Intangible assets activity for the three years ended December 31, 2023 is summarized as follows: SCHEDULE OF INTANGIBLE ASSETS Total Balance at December 31, 2020 $ 27,217 Amortization (4,600 ) Balance at December 31, 2021 22,617 Amortization (4,600 ) Balance at December 31, 2022 18,017 Amortization (4,600 ) Balance at December 31, 2023 $ 13,417 The Company’s intangible assets at December 31, 2023 and 2022 consist of long-term customer relationships acquired as part of the 2006 purchase of Maritrans, Inc. The gross intangible assets were $ 92,000 three years three years 4,600

DEBT

DEBT	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
DEBT	NOTE 7 — DEBT Debt consists of the following: SCHEDULE OF LONG-TERM DEBT INSTRUMENTS December 31, 2023 2022 Term loan, due 2024, net of unamortized deferred costs of $119 and $257 $ 18,942 $ 20,330 Term loan, due 2024, net of unamortized deferred costs of $ 119 257 $ 18,942 $ 20,330 Alaska tankers term loan, due 2025 134 267 20,091 25,289 OSG 204 LLC term loan, due 2025 267 457 23,697 25,006 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 484 609 42,163 44,342 Unsecured senior notes, net of unamortized deferred costs 390 390 Term loan, due 2028 2,612 3,106 295,428 308,006 Total debt 400,711 423,363 Less current installments of long-term debt (43,305 ) (23,733 ) Total long-term debt $ 357,406 $ 399,630 The weighted average interest rate for debt outstanding at December 31, 2023 and 2022 was 7.22 7.18 Term Loans Capitalized terms used hereafter have the meaning given in this Annual Report on Form 10-K or in the respective transaction documents referred to below, including subsequent amendments thereto. Term loan, due 2028 (the “Borrowers”) 325,000 due 2023 due 2026 237,983 20,298 16,000 due 2025 7,961 7.75 October 1, 2028 The performance of the Borrowers’ obligations under the term loan is guaranteed by the Company and certain other subsidiaries and are secured by the Borrowers’ assets, including five tankers, three tugs, and two barges, and by the Company’s equity interests in certain of its subsidiaries. OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 49,150 46,711 OSG 205 OSG Courageous. December 3, 2020, upon completion and delivery of the OSG 205, 6.37 In connection with the amendment, the interest rate was updated to a fixed interest rate of 6.87% until the end of the first quarter of 2022. Beginning in the second quarter of 2022, the interest rate returned to a fixed interest rate of 6.37%. seven-year December 1, 2027 325,000 OSG 204 LLC term loan, due 2025 Company’s subsidiaries, OSG 204 LLC, entered into a loan with Wintrust Commercial Finance in the aggregate original principal amount of $ 32,933 5.00 325,000 . In connection with the amendment, the Company made a prepayment of $ 3,000 s interest rate was updated to a fixed interest rate of 5.75 five-year June 1, 2025 Alaska tankers term loan, due 2025 54,000 Alaskan Explorer Alaskan Legend Alaskan Navigator 16,000 Alaskan Legend The loan bears a fixed rate of interest of 4.43 March 12, 2025 , the Company completed an amendment on the term loan to conform the covenants with the Stonebriar $ 325,000 Term loan, due 2024 - 50,000 five-year September 30, 2024 Overseas Gulf Coast Overseas Sun Coast. 24,000 Overseas Gulf Coast Overseas Sun Coast 5.54 325,000 Term loan, due 2023 – 325,000 five-year Term loan, due 2026 – 27,500 seven-year Unsecured Senior Notes 7.5 146,000 February 15, 2024 Interest Expense The following table summarizes interest expense, including amortization of issuance and deferred financing costs, commitment, administrative and other fees, recognized during the three years ended December 31, 2023 with respect to the Company’s debt facilities: SCHEDULE OF DEBT EXPENSES Years Ended December 31, Debt Facility 2023 2022 2021 Term loan, due 2024 $ 1,269 $ 1,340 $ 1,407 Alaska tankers term loan, due 2025 1,156 1,406 2,193 OSG 204 LLC term loan, due 2025 1,614 1,697 1,747 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 2,922 3,121 3,423 Unsecured senior notes 29 29 32 Term loan, due 2028 24,187 25,146 6,550 Term loan, due 2023 — — 12,618 Term loan, due 2026 — — 712 Total interest expense on debt facilities $ 31,177 $ 32,739 $ 28,682 Cash paid for interest expense was $ 30,030 , 31,618 25,609 As of December 31, 2023, the aggregate annual principal payments required to be made on the Company’s debt are as follows: SCHEDULE OF AGGREGATE ANNUAL PRINCIPAL PAYMENTS 2024 $ 43,183 2025 54,903 2026 19,268 2027 52,597 2028 234,375 Thereafter — Total $ 404,326

INVESTMENT IN SECURITY TO BE HE

INVESTMENT IN SECURITY TO BE HELD TO MATURITY	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENT IN SECURITY TO BE HELD TO MATURITY	NOTE 8 — Investment in Security to be Held to Maturity INVESTMENT IN SECURITY TO BE HELD TO MATURITY In July 2022, the Company purchased a $ 15,000 14,794 August 15, 2024 SCHEDULE OF FAIR VALUE OF THE U.S. TREASURY NOTE At December 31, 2023 Amortized Cost Gross Unrealized Loss Fair Value U.S. Treasury Note $ 14,900 $ (148 ) $ 14,752 $ 14,900 $ (148 ) $ 14,752 December 31, 2022 Amortized Cost Gross Unrealized Loss Fair Value U.S. Treasury Note $ 14,803 $ (328 ) $ 14,475 $ 14,803 $ (328 ) $ 14,475 Other-Than-Temporarily Impaired (“OTTI”) The Company performed quarterly reviews of the U.S. Treasury Note in order to determine whether the decline in fair value below the amortized cost basis was considered other-than-temporary in accordance with applicable guidance. At December 31, 2023 and 2022, the Company determined that the unrealized loss on the U.S. Treasury Note was primarily due to increases in interest rates. Therefore, there was no OTTI loss recognized during the years ended December 31, 2023 and 2022.

FAIR VALUE MEASUREMENTS AND FAI

FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES	NOTE 9 — FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES ASC 820, Fair Value Measurements and Disclosures The levels of the fair value hierarchy established by ASC 820 are as follows: Level 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 following methods and assumptions were used to estimate the fair value of each class of financial instrument. Cash and cash equivalents and restricted cash — U.S. Treasury Note — Debt — The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, at December 31, 2023 and 2022, are as follows: SCHEDULE OF FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE ON A RECURRING BASIS Fair Value Carrying Level 1 Level 2 December 31, 2023: Assets Cash and cash equivalents $ 76,257 $ 76,257 $ — U.S. Treasury Note 14,900 14,752 — Total $ 91,157 $ 91,009 $ — Liabilities Term loan, due 2024, net $ 18,942 $ — $ 18,546 Alaska tankers term loan, due 2025, net 20,091 — 19,203 OSG 204 LLC term loan, due 2025, net 23,697 — 22,875 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 42,163 — 39,350 Term loan, due 2028, net 295,428 — 287,918 Unsecured senior notes, net 390 — 389 Total $ 400,711 $ — $ 388,281 Fair Value Carrying 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 Derivatives During the fourth quarter of 2023, the Company entered into contracts for the purchase and installation of equipment related to engine life cycle upgrades on the Company’s four Alaska class vessels. The contracts are denominated in euros and the Company is party to forward contracts and options to fix the dollar cost of the project. The maturity dates and amounts of the forward contracts and options correspond to the scheduled payments due under the contracts. Accordingly, the Company concluded that the forward contracts and options were effective at hedging the scheduled payments and recognized a forward contract and firm commitment, which were not material at December 31, 2023. Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Vessel Impairments During the years ended December 31, 2023 and 2022, the Company gave consideration as to whether events or changes in circumstances had occurred that could indicate the carrying amounts of the vessels in the Company’s fleet may not be recoverable. The Company concluded that no such events or changes in circumstances had occurred. During the third quarter of 2021, the Company gave consideration as to whether events or changes in circumstances had occurred that could indicate that the carrying amounts of the Company’s operating lease right-of-use assets may not be fully recoverable. The Company concluded that the decline in previously forecasted cash flows on two of the Company’s leased vessels, due to a change in the expected deployment, constituted an impairment triggering event during the third quarter of 2021. Based on the Company’s analysis, an impairment charge of $ 1,000 Valuation of Intangible Assets The Company’s intangible assets at December 31, 2023 and 2022 consisted of long-term customer relationships acquired as part of the 2006 purchase of Maritrans, Inc. The long-term customer relationships are being amortized on a straight-line basis over 20 years. During the years ended December 31, 2023, 2022 and 2021, the Company gave consideration as to whether events or changes in circumstances had occurred that could indicate the carrying value of the Company’s intangible assets may not be recoverable. The Company concluded that no such events or changes in circumstances had occurred.

ACCOUNTS PAYABLE, ACCRUED EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	NOTE 10 — ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES 2023 2022 Years Ended December 31, 2023 2022 Accounts payable $ 5,172 $ 5,962 Payroll and benefits 16,891 10,397 Dividend payable 4,256 — Interest 2,322 2,437 Insurance 748 520 Accrued drydock and repair costs 3,988 957 Bunkers and lubricants 710 370 Charter revenues received in advance 15,752 21,778 Accrued vessel expenses 8,598 10,888 Accrued general and administrative, primarily professional fees 978 985 Other 1,496 612 Accounts payable and other accrued liabilities, current $ 60,911 $ 54,906

TAXES

TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
TAXES	NOTE 11 — TAXES The (expense)/benefit for income taxes on income before income taxes consists of the following: SCHEDULE OF INCOME TAX (EXPENSE)/BENEFIT 2023 2022 2021 Years Ended December 31, 2023 2022 2021 Current - Federal $ (12 ) $ (9 ) $ (8 ) Current - State (933 ) (538 ) (131 ) Deferred - Federal (12,544 ) (4,630 ) 15,275 Deferred - State 3,570 (1,717 ) 2,961 Total $ (9,919 ) $ (6,894 ) $ 18,097 The reconciliations between the U.S. federal statutory income tax rate and the effective tax rate follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION Years Ended December 31, 2023 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Adjustments due to: State taxes, net of federal benefit (1.6 )% 0.4 % 3.7 % Change in valuation allowance (3.1 )% 5.6 % 0.9 % Equity awards 0.1 % 0.6 % 0.0 % Return to provision 0.8 % 0.5 % (0.5 )% U.S. income subject to tonnage tax (2.9 )% (8.2 )% 2.2 % Other (0.6 )% 0.7 % 0.8 % Effective tax rate 13.7 % 20.6 % 28.1 % During the years ended December 31, 2023, 2022 and 2021, $ 9,900 $ 13,100 6,700 (2.9) (8.2) 2.2 Overseas Mykonos Overseas Santorini Overseas Sun Coast The significant components of the Company’s deferred tax liabilities and assets follow: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2023 2022 December 31, 2023 2022 Deferred tax liabilities: Vessels and other property (1) $ 108,740 $ 119,987 Prepaid expenditures 9,107 8,695 Operating lease right-of-use assets 39,720 50,792 Other-net — 8 Total deferred tax liabilities 157,567 179,482 Deferred tax assets: Loss carryforwards 52,462 67,686 Operating lease liability 39,822 50,622 Finance lease liability — 4,662 Employee compensation and benefit plans (654 ) (212 ) Financing and professional fees 6,517 8,710 Accrued expenses and other 132 79 Total deferred tax assets 98,279 131,547 Valuation allowance (20,085 ) (22,298 ) Net deferred tax assets 78,194 109,249 Net deferred tax liabilities $ 79,373 $ 70,233 (1) Includes deferred tax liabilities related to finance lease right-of-use assets totaling $ 4,122 As of December 31, 2023, the Company had U.S. federal net operating loss carryforwards of $ 132,643 2034 568,487 These U.S. state net operating loss carryforwards expire in various years from December 31, 2024 through December 31, 2041. As of December 31, 2023, the Company had $ 30,129 The Company assessed all available positive and negative evidence to determine whether sufficient future taxable income will be generated to permit use of existing deferred tax assets. For U.S. federal deferred tax assets, the Company concluded that sufficient positive evidence existed, primarily the result of reversing deferred tax liabilities during the carryover period. For certain state deferred tax assets, an increase in positive evidence has resulted in the Company reducing its valuation allowance to $ 20,085 22,298 During the year ended December 31, 2023, the Company received refunds of $ 1,022 393 1,751 The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (excluding interest and penalties): SCHEDULE OF UNRECOGNIZED TAX BENEFITS Years Ended December 31, 2023 2022 2021 Balance of unrecognized tax benefits as of January 1, $ 1,035 $ 834 $ 813 (Decreases)/increases for positions taken in prior years (307 ) 201 21 Balance of unrecognized tax benefits as of December 31, $ 728 $ 1,035 $ 834 Included in the balance of unrecognized tax benefits as of December 31, 2023, 2022 and 2021 are $ 728 1,035 834 The Company records interest and penalties on unrecognized tax benefits in its provision for income taxes. Accrued interest and penalties are included within the related liability for unrecognized tax benefit line on the consolidated balance sheets. During the years ended December 31, 2023, 2022 and 2021, the Company accrued interest and recorded liabilities for interest and penalties which were not material to the consolidated financial statements. After taking into consideration tax attributes, such as net operating loss carryforwards and interest, the Company’s unrecognized tax benefits represent a noncurrent reserve for uncertain tax positions of $ 285 175 With few exceptions, the Company is no longer subject to state and local income tax examinations by tax authorities for years before 2018. The Company conducts business and files income tax returns in numerous states. Currently, one of the Company’s state tax returns is under examination by a state as part of routine audits conducted in the ordinary course of business. The future utilization of state net operating losses could potentially subject the Company to state examinations prior to the otherwise applicable statute of limitation. States vary in carryforward periods but generally extend up to 20 years or a period consistent with the federal limits under the Tax Cuts and Jobs Act.

CAPITAL STOCK AND STOCK COMPENS

CAPITAL STOCK AND STOCK COMPENSATION	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
CAPITAL STOCK AND STOCK COMPENSATION	NOTE 12 — CAPITAL STOCK AND STOCK COMPENSATION Ownership Restrictions In order to preserve the status of OSG as a Jones Act company, the percentage of each class of its common stock that may be owned by non-U.S. citizens is limited. The Company has established policies and procedures to ensure compliance with the Jones Act, determining to provide a reasonable margin for compliance requiring at least 77 Share Repurchases On March 17, 2023, the Company’s Board authorized a program to purchase up to $ 10,000 10,000 25,000 45,000 In August 2023, the Company purchased 3,788,639 4.05 15,344 8,599,059 shares for $ 35,339 at an average price of $ 4.11 . At December 31, 2023, there is $ 25,000 On June 13, 2022, the Company’s Board authorized a program to purchase up to 5,000,000 14,740 5,000,000 2.95 In November 2022, the Company purchased 5,000,000 2.86 14,300 Warrant Conversions Each Class A warrant represents the right to purchase one share of Class A common stock, subject in each case to the adjustments as provided pursuant to the terms thereof. The warrants may be exercised at a price per share of Class A common stock, as applicable, of $ 0.01 In September 2023, the Company purchased 13,851,382 11,384 2,631,763 4,260,919 809,575 During the years ended December 31, 2023 and 2022, the Company issued 177,966 11,179 939,477 59,124 Dividends In December 2023 the Company’s Board declared a cash dividend of $ 0.06 4,256 Incentive Plans In 2014, the Overseas Shipholding Group, Inc. Management Incentive Compensation Plan (the “Management Compensation Plan”) and the Overseas Shipholding Group, Inc. Non-Employee Director Incentive Compensation Plan (the “Director Plan”) were approved by OSG’s stockholders. On June 6, 2017, the Company’s stockholders approved an increase to the maximum number of shares for issuance under the Director Plan by 1,500,000 5,000,000 The Incentive Plans contain anti-dilution provisions whereby in the event of any change in the capitalization of the Company, the number and type of securities underlying outstanding share-based payment awards must be adjusted, as appropriate, in order to prevent dilution or enlargement of rights. The impact of these provisions resulted in a modification of all outstanding share-based payment awards upon the stock dividend, reverse stock split and spin-off transactions. As the fair value of the awards immediately after the stock dividend, reverse stock split and spin off transactions, did not increase when compared to the fair value of such awards immediately prior to such transactions, no incremental compensation costs were recognized as a result of such modifications. The purpose of the Incentive Plans is to promote the interests of the Company and its stockholders by providing certain employees and members of the Board, who are largely responsible for the management, growth and protection of the business of the Company, with incentives and rewards to encourage them to continue in the service of the Company. The Incentive Plans permit the Committee to grant to eligible employees and directors of the Company any of the following types of awards (or any combination thereof): cash incentive awards, nonqualified stock options, incentive stock options and other stock-based awards, including, without limitation, stock appreciation rights, phantom stock, restricted stock, restricted stock units, performance shares, deferred share units and share-denominated performance units. Stock Compensation The Company accounts for stock compensation expense in accordance with the fair value based method required by ASC 718, Compensation – Stock Compensation Director Compensation - Restricted Stock Units The Company awarded a total of 195,800 305,000 275,800 3.83 2.09 2.29 Management Compensation Restricted Stock Units During the years ended December 31, 2023, 2022 and 2021, the Company granted RSUs to its employees, including senior officers, covering 584,922 718,360 552,844 2.90 2.09 2.36 During the years ended December 31, 2023, 2022 and 2021, the Company awarded performance-based RSUs to its senior officers covering 416,832 518,600 363,238 For the year ended December 31, 2023, the ROIC Target RSU awards and the TSR Target RSU awards were subject to an increase up to a maximum of 208,416 259,300 181,619 625,248 777,900 544,857 2.90 2.09 2.36 During the year ended December 31, 2022, the Company awarded RSUs to its senior officers covering 576,981 2.09 i.) 20% vests on the first anniversary of the grant date, ii.) 30% vests on the second anniversary of the grant date, and iii.) 50% vests on the third anniversary of the grant date. During the year ended December 31, 2021, the Company awarded performance-based RSUs to its senior officers covering 590,251 2.36 During the years ended December 31, 2023, 2022 and 2021, in connection with the vesting of restricted stock units (“RSUs”), the Company withheld 333,085 239,686 185,459 3.51 , $ 2.07 2.18 For the Incentive Plans, compensation expense is recognized over the vesting period, contingent or otherwise, applicable to each grant, using the straight-line method. Compensation expense as a result of the RSUs described above was $ 3,471 3,574 2,232 Activity with respect to restricted stock units under the Incentive Plans during the three years ended December 31, 2023 is summarized as follows: SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS Activity for the three years ended December 31, 2023 Class A common Nonvested Shares Outstanding at December 31, 2020 2,605,263 Granted 1,782,133 Vested ($ 2.12 2.31 (963,338 ) Forfeited ($ 1.69 2.59 (52,881 ) Nonvested Shares Outstanding at December 31, 2021 3,371,177 Granted 2,118,942 Vested ($ 1.82 2.23 (1,355,483 ) Forfeited ($ 1.92 2.05 (461,990 ) Nonvested Shares Outstanding at December 31, 2022 3,672,646 Granted 1,195,837 Vested ($ 2.89 3.81 (1,403,217 ) Forfeited ($ 2.89 4.07 (286,262 ) Nonvested Shares Outstanding at December 31, 2023 3,179,004 Activity with respect to stock options under the Incentive Plans during the three years ended December 31, 2023 is summarized as follows: SCHEDULE OF STOCK OPTIONS ACTIVITY UNDER INCENTIVE PLANS Activity for the three years ended December 31, 2023 Class A common Options Outstanding at December 31, 2020 1,478,756 Options Outstanding at December 31, 2021 1,478,756 Options Outstanding at December 31, 2022 1,478,756 Options Outstanding at December 31, 2023 1,478,756 Options Exercisable at December 31, 2023 1,478,756 For the years ended December 31, 2023, 2022 and 2021, the total fair value of shares vested was $ 4,986 2,720 2,131 The weighted average remaining contractual life of the outstanding stock options at December 31, 2023 was 4.18 1.70 5.57 2.67 There was no compensation expense as a result of the grants of stock options for the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023, there was $ 4,388 1.63

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	NOTE 13 — ACCUMULATED OTHER COMPREHENSIVE INCOME The components of accumulated other comprehensive income, net of related taxes at an effective tax rate of 13.7 20.6 SCHEDULE OF COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME 2023 2022 Years Ended December 31, 2023 2022 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ 4,002 $ 3,410 Accumulated other comprehensive income $ 4,002 $ 3,410 The following tables present the changes in the balances of each component of accumulated other comprehensive income, net of related taxes, for the three years ended December 31, 2023. SCHEDULE OF CHANGES IN BALANCES OF COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME Items not yet Balance as of December 31, 2022 $ 3,410 Current period change, excluding amounts reclassified from accumulated other comprehensive income 1,172 Amounts reclassified from accumulated other comprehensive income (580 ) Total change in accumulated other comprehensive income 592 Balance as of December 31, 2023 $ 4,002 Balance as of December 31, 2021 $ 2,943 Current period change, excluding amounts reclassified from accumulated other comprehensive income 1,041 Amounts reclassified from accumulated other comprehensive income (574 ) Total change in accumulated other comprehensive income 467 Balance as of December 31, 2022 $ 3,410 Balance as of December 31, 2020 $ (282 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income 3,522 Amounts reclassified from accumulated other comprehensive income (297 ) Total change in accumulated other comprehensive income 3,225 Balance as of December 31, 2021 $ 2,943 The following table presents information with respect to amounts reclassified out of accumulated other comprehensive income for the three years ended December 31, 2023. SCHEDULE OF AMOUNTS RECLASSIFIED OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME Years Ended Statement of Accumulated Other Comprehensive Income Component 2023 2022 2021 Line Item Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans): Net periodic benefit costs associated with pension and postretirement benefit plans for shore-based employees $ 267 $ 315 $ (63 ) Other income, net Net periodic benefit costs associated with pension and postretirement benefit plans for seagoing employees 484 433 450 Other income, net 751 748 387 Total before tax (1,331 ) (1,322 ) (684 ) Tax provision $ (580 ) $ (574 ) $ (297 ) Total net of tax The following amounts are included in accumulated other comprehensive income at December 31, 2023, which have not yet been recognized in net periodic cost: unrecognized prior service credits of $ 5,440 5,023 s of $ 124 1,021 The income tax (expense)/benefit allocated to each component of other comprehensive income/(loss) follows: SCHEDULE OF INCOME TAX (EXPENSE) BENEFIT ALLOCATED TO COMPONENT Items not yet recognized For the year ended December 31, 2023: Current period change excluding amounts reclassified from accumulated other comprehensive income $ (346 ) Amounts reclassified from accumulated other comprehensive income 171 Total change in accumulated other comprehensive income $ (175 ) For the year ended December 31, 2022: Current period change excluding amounts reclassified from accumulated other comprehensive income $ (316 ) Amounts reclassified from accumulated other comprehensive income 174 Total change in accumulated other comprehensive income $ (142 ) For the year ended December 31, 2021: Current period change excluding amounts reclassified from accumulated other comprehensive income $ (1,069 ) Amounts reclassified from accumulated other comprehensive income 90 Total change in accumulated other comprehensive income $ (979 )

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
Leases
LEASES	NOTE 14 — LEASES The Company’s lease portfolio is comprised of vessels chartered-in, office space and equipment under agreements with contractual periods ranging from less than one year 11 The Company’s lease right-of-use assets and lease liabilities at December 31, 2023 and 2022 were as follows: SCHEDULE OF LEASE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES December 31, 2023 2022 Operating leases Vessels chartered-in noncurrent operating lease assets $ 169,798 $ 203,393 Office space noncurrent operating lease assets 2,905 3,404 Total noncurrent operating lease assets $ 172,703 $ 206,797 Vessels chartered-in operating lease liabilities Current portion of operating lease liabilities $ 64,607 $ 62,534 Noncurrent operating lease liabilities 105,630 147,243 170,237 209,777 Office space operating lease liabilities Current portion of operating lease liabilities 665 754 Noncurrent operating lease liabilities 2,281 2,717 2,946 3,471 Total operating lease liabilities $ 173,183 $ 213,248 Charters-in As of December 31, 2023, the Company had commitments to charter-in eight The Company holds options for seven of the vessels chartered-in. For one of these vessels, the Company has two option periods of five years each and, after the five-year optional periods are exercised, can extend the lease for five one-year optional periods. For the remaining six vessels, the options can be exercised for three or five years, which are available indefinitely. The lease payments for the charters-in are fixed throughout the option periods and the options are on a vessel-by-vessel basis that can be exercised individually. In March 2024, the Company exercised its first option to extend the bareboat charter of the Overseas Tampa 46,882 In October 2023, the Company entered into new bareboat charter agreements for seven vessels leased from subsidiaries of American Shipping Corporation, all of which are now owned by the MP Fund. The economic terms of the bareboat charters remain the same as the respective previous bareboat charters. Prior to their recent acquisition by the MP Fund, these seven vessels were owned indirectly by AMSC. The previous charters with AMSC for two of the seven chartered-in vessels contained a DPO. As part of the new agreements, the Company prepaid, at a discount, $ 5,602 912 In August 2023, the Company extended its lease on the Overseas Key West 26,940 8,856 In March 2023, the Company extended its lease on the Alaskan Frontier Alaskan Frontier 20,000 In December 2022, the Company redelivered three conventional tankers leased from AMSC and made DPO payments of $ 8,069 The future minimum commitments under these operating leases are as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS At December 31, 2023 Operating 2024 $ 68,157 2025 63,247 2026 55,617 2027 4,161 2028 4,172 Thereafter 1,277 Net minimum lease payments 196,631 Less present value discount (26,394 ) Total lease liabilities $ 170,237 The bareboat charters-in on seven vessels, provide for variable lease payments in the form of profit share to the owners of the vessels calculated based on time charter sublease revenue. Because such amounts and the periods impacted are not reasonably estimable, they are not currently reflected in the table above. Due to reserve funding requirements and current rate forecasts, no profits are currently expected to be paid to the owners in respect of the charter term within the next year. For the years ended December 31, 2023, 2022 and 2021, lease expense for the Company’s chartered-in vessels accounted for as operating leases was $ 64,971 88,849 90,166 183,699 , 166,530 75,516 20,203 18,363 Overseas Key West 132,231 15,713 For the years ended December 31, 2023, 2022 and 2021, lease expense related to the Company’s previous finance lease, which changed to an operating lease in August 2023, was $ 1,850 2,949 917 1,618 1,799 Office space The Company has lease obligations for office space that generally require fixed annual rental payments and may also include escalation clauses and renewal options. In September 2022, the Company extended its lease on the Company’s Tampa, Florida office space for an additional lease term of five years and two months, expiring in October 2028. 2,088 The future minimum commitments under lease obligations for office space, which are operating leases, as of December 31, 2023 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS At December 31, 2023 Amount 2024 $ 682 2025 630 2026 648 2027 666 2028 488 Thereafter 677 Net minimum lease payments 3,791 Less present value discount (845 ) Total lease liabilities $ 2,946 For the years ended December 31, 2023, 2022 and 2021, the rental expense for office space, which is included in general and administrative expenses on the consolidated statements of operations, was $ 698 685 640 $ 779 780 748 Supplemental balance sheet information related to leases was as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES December 31, 2023 2022 2021 Weighted average remaining lease term - operating leases 3.1 3.8 2.1 Weighted average discount rate - operating leases 8.6 % 8.6 % 6.5 % Weighted average remaining lease term - finance lease N/A 6.1 7.1 Weighted average discount rate - finance lease N/A 7.3 % 7.3 % Charters-out The Company enters into time charter contracts under which a customer pays a fixed daily or monthly rate for a fixed period of time for use of a vessel. The Company recognizes revenues from time charters as operating leases ratably over the noncancelable contract term. Under certain time charter contracts, the Company receives variable lease payments based on a defined profit share arrangement, which are recognized as revenue in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. Customers generally pay voyage expenses such as fuel, canal tolls and port charges. The Company also provides the charterer with services such as technical management and crew costs. Services are recognized ratably over the life of the contract term. The Company is the lessor under its time charter contracts. Certain time charter contracts provide the charterer with the option to extend the contract for a specific period of time. For time charters, the Company applied the practical expedient to combine the lease and non-lease components for these contracts under ASC 842. Total time charter revenue for the years ended December 31, 2023, 2022 and 2021 was equal to lease income from lease payments of $ 353,622 326,980 254,181 5,921 349 563 491,084 489,718 355,388 The future minimum revenues, including rent escalations, which is equal to lease payments expected to be received over the noncancelable time charters term are as follows: SCHEDULE OF FUTURE MINIMUM COMMITMENTS OPERATING LEASES At December 31, 2023 Amount 2024 $ 371,383 2025 226,505 2026 88,998 2027 578 2028 — Thereafter — Net minimum lease receipts $ 687,464 Revenues from a time charter are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although it cannot be assured that such estimate will be reflective of the actual off-hire in the future.

PENSION, OTHER POSTRETIREMENT B

PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES	NOTE 15 — PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES For the years ended December 31, 2023 and 2022, pension and other benefit liabilities are included in other liabilities on the consolidated balance sheets. Pension Plans In connection with the November 2006 acquisition of Maritrans, the Company assumed the obligations under the defined benefit retirement plan of Maritrans Inc. (“the Maritrans Plan”). As of December 31, 2006, the Company froze the benefits under the Maritrans Plan. At December 31, 2023, the Maritrans Plan is the only defined benefit pension plan in existence at the Company. The Maritrans Plan was noncontributory and covered substantially all shore-based employees and substantially all of the seagoing supervisors who were supervisors in 1984, or who were hired in, or promoted into, supervisory roles between 1984 and 1998 for that period of time. Beginning in 1999, the seagoing supervisors’ retirement benefits are provided through contributions to an industry-wide, multiemployer union sponsored pension plan. Upon retirement, those seagoing supervisors are entitled to retirement benefits from the Maritrans Plan for service periods between 1984 and 1998 and from the multiemployer union sponsored plan for other covered periods. Retirement benefits are based primarily on years of service and average compensation for the five consecutive plan years that produce the highest results. Multiemployer Pension and Postretirement Benefit Plans The Company’s subsidiaries are parties to collective-bargaining agreements that require them to make contributions to three jointly managed (Company and union) multiemployer pension plans covering seagoing personnel of U.S. Flag vessels. All three plans, the American Maritime Officers (“AMO”) Pension Plan, the Seafarers Pension Plan (“SIU”) and the Marine Engineers’ Beneficial Association (“MEBA”) Defined Benefit Pension Plan, are deemed individually significant by management. Plan level information is available in the public domain for each of the multiemployer pension plans the Company participates in. The table below provides additional information about the Company’s participation in the above multi-employer pension plans: SCHEDULE OF MULTIEMPLOYER PLANS Pension Protection Act Contributions made Pension Plan EIN / Pension 2023 2022 Rehabilitation 2023 2022 2021 AMO Pension Plan 13-1936709 Green (1) Green (1) None $ 471 $ 453 $ 795 MEBA Pension Plan 51-6029896 Green (1) Green (1) None 2,957 3,172 2,748 Seafarers Pension Plan 13-6100329 Green (1) Green (1) None 337 295 222 Total contributions $ 3,765 $ 3,920 $ 3,765 (1) A “Yellow” Zone Status plan is a plan that has a funding ratio between 65 80 80 The plan years for the three union plans end as follows: MEBA and SIU on December 31 and AMO on September 30. The Company has no future minimum contribution requirements under the three multiemployer pension plans shown above as of December 31, 2023 and any future contributions are subject to negotiations between the employers and the unions. ERISA requires employers who are contributors to U.S. multiemployer plans to continue funding their allocable share of each plan’s unfunded vested benefits in the event of withdrawal from or termination of such plans. Based on information received from the trustees of the SIU Pension Plan, the Company is not subject to withdrawal liabilities under that plan. Based on the actuarial report received from the trustees of the MEBA Pension Plan, as of December 31, 2022, the Company’s estimated withdrawal liability would have been approximately $ 31,281 h y $ 18,475 no The SIU – Tug Agreement and AMO collective bargaining agreements for OSG expire in March 2024. The ATC MEBA collective bargaining agreement expires in May 2024 and the SIU – Tanker Agreement for OSG and MEBA for the Parent Company collective bargaining agreements expire in June 2027. Postretirement Benefit Plans The Company also provides certain postretirement health care and life insurance benefits to qualifying domestic retirees and their eligible dependents (“OSG Postretirement Plan”). The health care plan for shore-based employees and their dependents and seagoing licensed deck officers (“Deck Officers”) and their dependents is contributory at retirement, while the life insurance plan for all employees is noncontributory. In general, postretirement medical coverage is provided to shore-based employees hired prior to January 1, 2005 and all Deck Officers who retire and have met minimum age and service requirements under a formula related to total years of service. The Company no longer provides prescription drug coverage to its retirees or their beneficiaries once they reach age 65. The Company does not currently fund these benefit arrangements and has the right to amend or terminate the health care and life insurance benefits at any time. Information with respect to the domestic pension and postretirement benefit plans for which the Company uses a December 31 measurement date, follow: SCHEDULE OF BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS Pension Benefits Other Benefits At December 31, 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 34,313 $ 45,470 $ 3,711 $ 5,537 Cost of benefits earned (service cost) — — 91 180 Interest cost on benefit obligation 1,797 1,218 196 153 Actuarial gains 1,031 (9,625 ) (40 ) (1,939 ) Benefits paid (2,923 ) (2,750 ) (229 ) (220 ) Plan Amendments — — — — Acquisition — — — — Benefit obligation at year end 34,218 34,313 3,729 3,711 Change in plan assets: Fair value of plan assets at beginning of year 35,068 44,872 — — Actual return on plan assets 4,949 (7,054 ) — — Employer contributions — — — — Benefits paid (2,923 ) (2,750 ) — — Fair value of plan assets at year end 37,094 35,068 — — Funded/(unfunded status) at December 31 $ 2,876 $ 755 $ (3,729 ) $ (3,711 ) Information for defined benefit pension plans with accumulated benefit obligations in excess of plan assets follows: SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS At December 31, 2023 2022 Projected benefit obligation $ 34,218 $ 34,313 Accumulated benefit obligation 34,218 34,313 Fair value of plan assets 37,094 35,068 Information for defined benefit pension plans and other postretirement benefit plans net periodic (benefit)/cost follows: SCHEDULE OF NET BENEFIT COSTS For the year ended December 31, 2023 2022 2021 2023 2022 2021 Pension Benefits Other Benefits For the year ended December 31, 2023 2022 2021 2023 2022 2021 Components of expense: Cost of benefits earned $ — $ — $ — $ 91 $ 180 $ 203 Interest cost on benefit obligation 1,797 1,218 1,120 196 153 165 Expected return on plan assets (2,439 ) (3,152 ) (2,970 ) — — — Amortization of prior-service costs — — — (722 ) (722 ) (722 ) Recognized net actuarial loss 82 — 335 (111 ) (27 ) — Net periodic benefit cost $ (560 ) $ (1,934 ) $ (1,515 ) $ (546 ) $ (416 ) $ (354 ) The weighted-average assumptions used to determine benefit obligations follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits At December 31, 2023 2022 2023 2022 Discount rate 5.10 % 5.45 % 5.30 % 5.65 % The selection of a single discount rate for the Maritrans Plan was derived from bond yield curves, which the Company believed as of such dates to be appropriate for ongoing plans with a long duration, such as the Maritrans Plan, and that generally mirror the type of high yield bond portfolio the Company could acquire to offset its obligations under the Maritrans Plan. The weighted-average assumptions used to determine net periodic benefit cost follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits For the year ended December 31, 2023 2022 2021 2023 2022 2021 Discount rate 5.45 % 2.80 % 2.35 % 5.65 % 3.10 % 2.90 % Expected (long-term) return on plan assets 7.25 % 7.25 % 7.25 % — — — The assumed health care cost trend rate for measuring the benefit obligation included in Other Benefits above is an increase of 6.50 4.75 Expected benefit payments for the following ten years are as follows: SCHEDULE OF EXPECTED BENEFIT PAYMENTS Pension Benefits Other Benefits 2024 $ 3,010 $ 222 2025 3,059 212 2026 3,055 220 2027 3,004 226 2028 2,936 230 2029-2033 13,328 1,200 Total $ 28,392 $ 2,310 The expected long-term rate of return on plan assets is based on the current and expected asset allocations. Additionally, the long-term rate of return is based on historical returns, investment strategy, inflation expectations and other economic factors. The expected long-term rate of return is then applied to the market value of plan assets. The fair values of the Company’s pension plan assets, which are valued based Level 1 inputs, at December 31, 2023 and 2022, by asset category are as follows: SCHEDULE OF CHANGES IN FAIR VALUE OF PLAN ASSETS Fair Value Level 1 At December 31, 2023 2022 Cash and cash equivalents $ 779 $ 659 Equity securities: Large cap exchange traded fund 14,023 12,744 Small company - mid value 2,282 2,140 Small company - mid growth 2,408 2,099 International value 2,750 2,625 International growth 2,829 2,694 Fixed income and preferred stock: Short duration bond 5,936 5,973 Intermediate term bond fund 6,061 6,111 Small company - mid value - preferred stock 26 23 Total $ 37,094 $ 35,068 Plan fiduciaries of the Retirement Plan of Maritrans, Inc. set investment policies, strategies and oversee its investment allocation, which includes selecting investment managers and setting long term strategic targets. The primary strategic investment objective is to maximize total return while maintaining a broadly diversified portfolio for the primary purpose of satisfying obligations for future benefit payments. Equities are the primary holdings of the Retirement Plan of Maritrans, Inc. Other investments, including fixed income investments, provide diversification, and, in certain cases, lower the volatility of returns. In general, equity can range from 55 75 25 45 5 During the years ended December 31, 2023 and 2022, the Company did not make any contributions to the Maritrans Plan and contributed $ 160 Defined Contribution Plans The Company also had defined contribution plans covering all eligible employees. Contributions are limited to amounts allowable for income tax purposes. Commencing in 2006, employer contributions include both employer contributions made regardless of employee contributions and matching contributions to the plans. All contributions to the plans are at the discretion of the Company. The Company’s contributions to the plan were $ 3,170 3,304 2,415 The Company also has an unfunded, nonqualified supplemental savings plan covering highly compensated U.S. shore-based employees of the Company, which was terminated in connection with the Company’s filing for bankruptcy in 2012. This plan provided for levels of hypothetical employer contributions that would otherwise have been made under the Company’s defined contribution plans in the absence of limitations imposed by income tax regulations. The Company’s unfunded obligations under this plan at December 31, 2023 and 2022 were not material. Benefit Liabilities As part of the acquisition of Alaska Tanker Company in 2020, the Company assumed liabilities related to a deferred compensation plan. The deferred compensation plan was an unfunded, nonqualified plan that allowed eligible employees to defer up to 100 50 5 20 6,661 7,177 1,006 6,171

OTHER INCOME, NET

OTHER INCOME, NET	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
OTHER INCOME, NET	NOTE 16 — OTHER INCOME, NET Other income, net consists of: SCHEDULE OF OTHER NONOPERATING INCOME Years Ended December 31, 2023 2022 2021 Investment income: Interest $ 3,959 $ 840 $ 5 Change in investment value 611 60 (241 ) 4,570 900 (236 ) Pension and post retirement items (1) 1,290 2,582 2,157 Gain on prepayment of deferred payment obligations 912 — — Miscellaneous-net (106 ) (155 ) 64 $ 6,666 $ 3,327 $ 1,985 (1) The Company includes the service cost component for net periodic benefit cost/(income) in vessel expenses and general and administrative expenses and other components in other income, net on the consolidated statements of operations.

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	NOTE 17 — CONTINGENCIES The Company’s policy for recording legal costs related to contingencies is to expense such legal costs as incurred. The Company is a party, as plaintiff or defendant, to various suits in the ordinary course of business for monetary relief arising principally from personal injuries (including without limitation exposure to asbestos and other toxic materials), wrongful death, collision or other casualty and to claims arising under charter parties. A substantial majority of such personal injury, wrongful death, collision or other casualty claims against the Company are covered by insurance (subject to deductibles not material in amount). Each of the claims involves an amount which, in the opinion of management, are not expected to be material to the Company’s financial position, results of operations and cash flows.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	1. Cash and cash equivalents
Vessels, vessel lives, deferred drydocking expenditures and other property	2. Vessels, vessel lives, deferred drydocking expenditures and other property Vessels are recorded at cost and are depreciated to their estimated salvage value on the straight-line basis over the estimated useful lives of the vessels, which are generally 25 years (except for new articulated tug barge (“ATBs”) for which estimated useful lives of 30 years are used) Other property, including leasehold improvements, are recorded at cost and amortized on a straight-line basis over the shorter of the terms of the leases or the estimated useful lives of the assets, which range from three years 15 Interest costs are capitalized to vessels and other property during the period when vessels are under construction and projects are in progress. During the years ended December 31, 2023, 2022 and 2021, interest costs capitalized were $ 951 1,378 1,427 Expenditures incurred during a drydocking are deferred and amortized on the straight-line basis over the shorter of the terms of the leases or the period until the next scheduled drydocking, generally two and a half to five years. The Company only includes in deferred drydocking costs those direct costs that are incurred as part of the drydocking to meet regulatory requirements, or are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. The carrying value of each of the Company’s vessels represents its original cost at the time it was delivered or purchased less depreciation calculated using estimated useful lives from the date such vessel was originally delivered from the shipyard or from the date (as in the case of certain of the Company’s ATBs) a vessel was rebuilt. A vessel’s carrying value is reduced to its new cost basis (i.e., its current fair value) if a vessel impairment charge is recorded. If the estimated economic lives assigned to the Company’s vessels prove to be too long because of new regulations, a prolonged weak market environment, a broad imposition of age restrictions by the Company’s customers, or other future events, it could result in higher depreciation expense and impairment losses in future periods related to a reduction in the useful lives of any affected vessels.
Impairment of long-lived assets, including right-of-use assets	3. Impairment of long-lived assets, including right-of-use assets
Intangible assets	4. Intangible assets
Internal use software	5. Internal use software Intangibles-Goodwill and Other. 3,500 992 five years
Deferred finance charges	6. Deferred finance charges Unamortized deferred financing charges of $ 3,618 4,697 1,142 1,129 2,099
Revenue and expense recognition	7. Revenue and expense recognition The Company classifies time charter leasing arrangements less than 90 days within the voyage charter revenue financial statement line item because the Company believes the pricing negotiated within these short-term time charter contracts more closely aligns with the Company’s voyage charter spot market. Under voyage charters, expenses such as fuel, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time and bareboat charters, such voyage costs are generally paid by the Company’s customers. The Company receives a stipend for the Company’s U.S. Flag Product Carriers which participate in the TSP and previously participated in the MSP during the first quarter of 2023 and the years ended December 31, 2022 and 2021. This stipend has been recorded as an offset to vessel expenses which amounted to $ 13,262 9,252 10,500
Voyage receivables	8. Voyage receivables
Concentration of credit risk	9. Concentration of credit risk 152 197 During the year ended December 31, 2023, the Company had one individual customer who accounted for 10% or more of the Company’s revenues. The customer and its related percentage was Hilcorp North Slope LLC (14.3%). During the years ended December 31, 14.2 10.2 28.2 10.6 The Company’s cash and cash equivalents balances generally exceed Federal Deposit Insurance Corporation insurance limits. Cash and cash equivalents are placed in what the Company believes to be creditworthy financial institutions. In addition, certain of the Company’s money market accounts invest in U.S. Treasury securities or other obligations issued or guaranteed by the U.S. government or its agencies.
Income taxes	10. Income taxes Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes in the period such determination is made. Uncertain tax positions are recorded in accordance with ASC 740, Income Taxes greater than 50
Use of estimates	11. Use of estimates
Segment information	12. Segment information
Inventories	13. Inventories
Derivatives	14. Derivatives Derivatives and Hedging The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to forecasted transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively, as discussed below. The Company discontinues hedge accounting prospectively when (1) it determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item such as forecasted transactions; (2) the derivative expires or is sold, terminated, or exercised; (3) it is no longer probable that the forecasted transaction will occur; or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate or desired. When the Company discontinues hedge accounting because it is no longer probable that the forecasted transaction will occur in the originally expected period, the gain or loss on the derivative remains in accumulated other comprehensive income and is reclassified into earnings when the forecasted transaction affects earnings. However, if it is probable that a forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter, the gains and losses that were accumulated in other comprehensive income will be recognized immediately in earnings. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current period earnings, unless it is designated in a new hedging relationship or terminated. During the year ended December 31, 2023, no ineffectiveness gains or losses were recorded in earnings relative to the forward contracts and options entered into by the Company that qualified for hedge accounting. See Note 9, “Fair Value of Financial Instruments and Fair Value Disclosures,” for additional disclosures on the Company’s forward contracts and options and other financial instruments.
Recently adopted accounting standards	15. Recently adopted accounting standards Financial Instruments – Credit Losses (Topic 326) Derivatives and Hedging (Topic 815) Leases (Topic 842): Effective Dates Bucket 1— All public business entities (“PBEs”) that are SEC filers (as defined in U.S. GAAP), excluding smaller reporting companies (“SRCs”) (as defined by the SEC). The credit losses standard became effective January 1, 2020. Bucket 2— All other entities, including SRCs, other PBEs that are not SEC filers, private companies, not-for-profit organizations, and employee benefit plans. The credit losses standard became effective January 1, 2023. At June 30, 2019, the evaluation date for purposes of determining the applicability of the 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.
Recently issued accounting standards	16. Recently issued accounting standards ASU 2023-09, Improvements to Income Tax Disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 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 2021 Years Ended December 31, 2023 2022 2021 Net income/(loss) $ 62,454 $ 26,564 $ (46,252 ) Weighted average common shares outstanding: Class A common stock - basic 78,485,954 89,556,195 90,587,454 Class A common stock - diluted 81,231,761 91,400,041 90,587,454

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2023, 2022 and 2021: SCHEDULE OF DISAGGREGATION OF REVENUE Years Ended December 31, 2023 2022 2021 Time and bareboat charter revenues $ 359,543 $ 327,329 $ 254,744 Voyage charter revenues (1) 35,508 86,659 57,946 Contracts of affreightment revenues 56,820 52,812 46,372 Total shipping revenues $ 451,871 $ 466,800 $ 359,062 (1) Voyage charter revenues include revenue related to short-term time charter contracts of $ 4,261 $ 33,612 14,843

VESSELS, OTHER PROPERTY AND D_2

VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
SCHEDULE OF VESSELS AND OTHER PROPERTY	Vessels and other property consist of the following: SCHEDULE OF VESSELS AND OTHER PROPERTY 2023 2022 Years Ended December 31, 2023 2022 Vessels, at cost $ 1,092,950 $ 1,082,822 Accumulated depreciation (427,508 ) (385,242 ) Vessels, net 665,442 697,580 Construction in progress 33,482 10,406 Finance lease right-of-use asset, at cost (Note 14) 26,940 26,940 Accumulated amortization (Note 14) (10,706 ) (8,856 ) Transfer to operating lease right-of-use asset (Note 14) (16,234 ) — Finance lease right-of use asset, net (Note 14) — 18,084 Other property, at cost 5,616 5,578 Accumulated depreciation and amortization (5,508 ) (5,469 ) Other property, net 108 109 Total vessels and other property $ 699,032 $ 726,179
SUMMARY OF VESSEL ACTIVITY EXCLUDING CONSTRUCTION PROGRESS	Vessel activity, excluding construction in progress, for the three years ended December 31, 2023 is summarized as follows: SUMMARY OF VESSEL ACTIVITY EXCLUDING CONSTRUCTION PROGRESS Vessel Cost Accumulated Net Book Balance at December 31, 2020 $ 1,099,187 $ (308,449 ) $ 790,738 Transfers from construction in progress 6,836 — Depreciation — (39,398 ) Disposals (39,696 ) 2,316 Balance at December 31, 2021 1,066,327 (345,531 ) 720,796 Transfers from construction in progress 16,699 — Additions 570 — Depreciation — (40,485 ) Disposals (774 ) 774 Balance at December 31, 2022 1,082,822 (385,242 ) 697,580 Transfers from construction in progress 10,128 — Depreciation — (42,266 ) Balance at December 31, 2023 $ 1,092,950 $ (427,508 ) $ 665,442
SUMMARY OF DRYDOCKING ACTIVITY	Drydocking activity for the three years ended December 31, 2023 is summarized as follows: SUMMARY OF DRYDOCKING ACTIVITY 2023 2022 2021 Balance at January 1 $ 38,976 $ 43,342 $ 43,134 Additions 24,254 18,198 15,017 Drydock amortization (18,403 ) (22,564 ) (14,809 ) Balance at December 31 $ 44,827 $ 38,976 $ 43,342

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF INTANGIBLE ASSETS	Intangible assets activity for the three years ended December 31, 2023 is summarized as follows: SCHEDULE OF INTANGIBLE ASSETS Total Balance at December 31, 2020 $ 27,217 Amortization (4,600 ) Balance at December 31, 2021 22,617 Amortization (4,600 ) Balance at December 31, 2022 18,017 Amortization (4,600 ) Balance at December 31, 2023 $ 13,417

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
SCHEDULE OF LONG-TERM DEBT INSTRUMENTS	Debt consists of the following: SCHEDULE OF LONG-TERM DEBT INSTRUMENTS December 31, 2023 2022 Term loan, due 2024, net of unamortized deferred costs of $119 and $257 $ 18,942 $ 20,330 Term loan, due 2024, net of unamortized deferred costs of $ 119 257 $ 18,942 $ 20,330 Alaska tankers term loan, due 2025 134 267 20,091 25,289 OSG 204 LLC term loan, due 2025 267 457 23,697 25,006 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 484 609 42,163 44,342 Unsecured senior notes, net of unamortized deferred costs 390 390 Term loan, due 2028 2,612 3,106 295,428 308,006 Total debt 400,711 423,363 Less current installments of long-term debt (43,305 ) (23,733 ) Total long-term debt $ 357,406 $ 399,630
SCHEDULE OF DEBT EXPENSES	The following table summarizes interest expense, including amortization of issuance and deferred financing costs, commitment, administrative and other fees, recognized during the three years ended December 31, 2023 with respect to the Company’s debt facilities: SCHEDULE OF DEBT EXPENSES Years Ended December 31, Debt Facility 2023 2022 2021 Term loan, due 2024 $ 1,269 $ 1,340 $ 1,407 Alaska tankers term loan, due 2025 1,156 1,406 2,193 OSG 204 LLC term loan, due 2025 1,614 1,697 1,747 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027 2,922 3,121 3,423 Unsecured senior notes 29 29 32 Term loan, due 2028 24,187 25,146 6,550 Term loan, due 2023 — — 12,618 Term loan, due 2026 — — 712 Total interest expense on debt facilities $ 31,177 $ 32,739 $ 28,682
SCHEDULE OF AGGREGATE ANNUAL PRINCIPAL PAYMENTS	As of December 31, 2023, the aggregate annual principal payments required to be made on the Company’s debt are as follows: SCHEDULE OF AGGREGATE ANNUAL PRINCIPAL PAYMENTS 2024 $ 43,183 2025 54,903 2026 19,268 2027 52,597 2028 234,375 Thereafter — Total $ 404,326

INVESTMENT IN SECURITY TO BE _2

INVESTMENT IN SECURITY TO BE HELD TO MATURITY (Tables)	12 Months Ended
	Dec. 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 At December 31, 2023 Amortized Cost Gross Unrealized Loss Fair Value U.S. Treasury Note $ 14,900 $ (148 ) $ 14,752 $ 14,900 $ (148 ) $ 14,752 December 31, 2022 Amortized Cost Gross Unrealized Loss Fair Value U.S. Treasury Note $ 14,803 $ (328 ) $ 14,475 $ 14,803 $ (328 ) $ 14,475

FAIR VALUE MEASUREMENTS AND F_2

FAIR VALUE MEASUREMENTS AND FAIR VALUE DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
SCHEDULE OF FINANCIAL INSTRUMENTS 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, at December 31, 2023 and 2022, are as follows: SCHEDULE OF FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE ON A RECURRING BASIS Fair Value Carrying Level 1 Level 2 December 31, 2023: Assets Cash and cash equivalents $ 76,257 $ 76,257 $ — U.S. Treasury Note 14,900 14,752 — Total $ 91,157 $ 91,009 $ — Liabilities Term loan, due 2024, net $ 18,942 $ — $ 18,546 Alaska tankers term loan, due 2025, net 20,091 — 19,203 OSG 204 LLC term loan, due 2025, net 23,697 — 22,875 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 42,163 — 39,350 Term loan, due 2028, net 295,428 — 287,918 Unsecured senior notes, net 390 — 389 Total $ 400,711 $ — $ 388,281 Fair Value Carrying 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

ACCOUNTS PAYABLE, ACCRUED EXP_2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES 2023 2022 Years Ended December 31, 2023 2022 Accounts payable $ 5,172 $ 5,962 Payroll and benefits 16,891 10,397 Dividend payable 4,256 — Interest 2,322 2,437 Insurance 748 520 Accrued drydock and repair costs 3,988 957 Bunkers and lubricants 710 370 Charter revenues received in advance 15,752 21,778 Accrued vessel expenses 8,598 10,888 Accrued general and administrative, primarily professional fees 978 985 Other 1,496 612 Accounts payable and other accrued liabilities, current $ 60,911 $ 54,906

TAXES (Tables)

TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
SCHEDULE OF INCOME TAX (EXPENSE)/BENEFIT	The (expense)/benefit for income taxes on income before income taxes consists of the following: SCHEDULE OF INCOME TAX (EXPENSE)/BENEFIT 2023 2022 2021 Years Ended December 31, 2023 2022 2021 Current - Federal $ (12 ) $ (9 ) $ (8 ) Current - State (933 ) (538 ) (131 ) Deferred - Federal (12,544 ) (4,630 ) 15,275 Deferred - State 3,570 (1,717 ) 2,961 Total $ (9,919 ) $ (6,894 ) $ 18,097
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION	The reconciliations between the U.S. federal statutory income tax rate and the effective tax rate follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION Years Ended December 31, 2023 2022 2021 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Adjustments due to: State taxes, net of federal benefit (1.6 )% 0.4 % 3.7 % Change in valuation allowance (3.1 )% 5.6 % 0.9 % Equity awards 0.1 % 0.6 % 0.0 % Return to provision 0.8 % 0.5 % (0.5 )% U.S. income subject to tonnage tax (2.9 )% (8.2 )% 2.2 % Other (0.6 )% 0.7 % 0.8 % Effective tax rate 13.7 % 20.6 % 28.1 %
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES	The significant components of the Company’s deferred tax liabilities and assets follow: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2023 2022 December 31, 2023 2022 Deferred tax liabilities: Vessels and other property (1) $ 108,740 $ 119,987 Prepaid expenditures 9,107 8,695 Operating lease right-of-use assets 39,720 50,792 Other-net — 8 Total deferred tax liabilities 157,567 179,482 Deferred tax assets: Loss carryforwards 52,462 67,686 Operating lease liability 39,822 50,622 Finance lease liability — 4,662 Employee compensation and benefit plans (654 ) (212 ) Financing and professional fees 6,517 8,710 Accrued expenses and other 132 79 Total deferred tax assets 98,279 131,547 Valuation allowance (20,085 ) (22,298 ) Net deferred tax assets 78,194 109,249 Net deferred tax liabilities $ 79,373 $ 70,233 (1) Includes deferred tax liabilities related to finance lease right-of-use assets totaling $ 4,122
SCHEDULE OF UNRECOGNIZED TAX BENEFITS	The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (excluding interest and penalties): SCHEDULE OF UNRECOGNIZED TAX BENEFITS Years Ended December 31, 2023 2022 2021 Balance of unrecognized tax benefits as of January 1, $ 1,035 $ 834 $ 813 (Decreases)/increases for positions taken in prior years (307 ) 201 21 Balance of unrecognized tax benefits as of December 31, $ 728 $ 1,035 $ 834

CAPITAL STOCK AND STOCK COMPE_2

CAPITAL STOCK AND STOCK COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS	Activity with respect to restricted stock units under the Incentive Plans during the three years ended December 31, 2023 is summarized as follows: SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS Activity for the three years ended December 31, 2023 Class A common Nonvested Shares Outstanding at December 31, 2020 2,605,263 Granted 1,782,133 Vested ($ 2.12 2.31 (963,338 ) Forfeited ($ 1.69 2.59 (52,881 ) Nonvested Shares Outstanding at December 31, 2021 3,371,177 Granted 2,118,942 Vested ($ 1.82 2.23 (1,355,483 ) Forfeited ($ 1.92 2.05 (461,990 ) Nonvested Shares Outstanding at December 31, 2022 3,672,646 Granted 1,195,837 Vested ($ 2.89 3.81 (1,403,217 ) Forfeited ($ 2.89 4.07 (286,262 ) Nonvested Shares Outstanding at December 31, 2023 3,179,004
SCHEDULE OF STOCK OPTIONS ACTIVITY UNDER INCENTIVE PLANS	Activity with respect to stock options under the Incentive Plans during the three years ended December 31, 2023 is summarized as follows: SCHEDULE OF STOCK OPTIONS ACTIVITY UNDER INCENTIVE PLANS Activity for the three years ended December 31, 2023 Class A common Options Outstanding at December 31, 2020 1,478,756 Options Outstanding at December 31, 2021 1,478,756 Options Outstanding at December 31, 2022 1,478,756 Options Outstanding at December 31, 2023 1,478,756 Options Exercisable at December 31, 2023 1,478,756

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
SCHEDULE OF COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME	The components of accumulated other comprehensive income, net of related taxes at an effective tax rate of 13.7 20.6 SCHEDULE OF COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME 2023 2022 Years Ended December 31, 2023 2022 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ 4,002 $ 3,410 Accumulated other comprehensive income $ 4,002 $ 3,410
SCHEDULE OF CHANGES IN BALANCES OF COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME	The following tables present the changes in the balances of each component of accumulated other comprehensive income, net of related taxes, for the three years ended December 31, 2023. SCHEDULE OF CHANGES IN BALANCES OF COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME Items not yet Balance as of December 31, 2022 $ 3,410 Current period change, excluding amounts reclassified from accumulated other comprehensive income 1,172 Amounts reclassified from accumulated other comprehensive income (580 ) Total change in accumulated other comprehensive income 592 Balance as of December 31, 2023 $ 4,002 Balance as of December 31, 2021 $ 2,943 Current period change, excluding amounts reclassified from accumulated other comprehensive income 1,041 Amounts reclassified from accumulated other comprehensive income (574 ) Total change in accumulated other comprehensive income 467 Balance as of December 31, 2022 $ 3,410 Balance as of December 31, 2020 $ (282 ) Current period change, excluding amounts reclassified from accumulated other comprehensive income 3,522 Amounts reclassified from accumulated other comprehensive income (297 ) Total change in accumulated other comprehensive income 3,225 Balance as of December 31, 2021 $ 2,943
SCHEDULE OF AMOUNTS RECLASSIFIED OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME	The following table presents information with respect to amounts reclassified out of accumulated other comprehensive income for the three years ended December 31, 2023. SCHEDULE OF AMOUNTS RECLASSIFIED OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME Years Ended Statement of Accumulated Other Comprehensive Income Component 2023 2022 2021 Line Item Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans): Net periodic benefit costs associated with pension and postretirement benefit plans for shore-based employees $ 267 $ 315 $ (63 ) Other income, net Net periodic benefit costs associated with pension and postretirement benefit plans for seagoing employees 484 433 450 Other income, net 751 748 387 Total before tax (1,331 ) (1,322 ) (684 ) Tax provision $ (580 ) $ (574 ) $ (297 ) Total net of tax
SCHEDULE OF INCOME TAX (EXPENSE) BENEFIT ALLOCATED TO COMPONENT	The income tax (expense)/benefit allocated to each component of other comprehensive income/(loss) follows: SCHEDULE OF INCOME TAX (EXPENSE) BENEFIT ALLOCATED TO COMPONENT Items not yet recognized For the year ended December 31, 2023: Current period change excluding amounts reclassified from accumulated other comprehensive income $ (346 ) Amounts reclassified from accumulated other comprehensive income 171 Total change in accumulated other comprehensive income $ (175 ) For the year ended December 31, 2022: Current period change excluding amounts reclassified from accumulated other comprehensive income $ (316 ) Amounts reclassified from accumulated other comprehensive income 174 Total change in accumulated other comprehensive income $ (142 ) For the year ended December 31, 2021: Current period change excluding amounts reclassified from accumulated other comprehensive income $ (1,069 ) Amounts reclassified from accumulated other comprehensive income 90 Total change in accumulated other comprehensive income $ (979 )

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
SCHEDULE OF LEASE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES	The Company’s lease right-of-use assets and lease liabilities at December 31, 2023 and 2022 were as follows: SCHEDULE OF LEASE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES December 31, 2023 2022 Operating leases Vessels chartered-in noncurrent operating lease assets $ 169,798 $ 203,393 Office space noncurrent operating lease assets 2,905 3,404 Total noncurrent operating lease assets $ 172,703 $ 206,797 Vessels chartered-in operating lease liabilities Current portion of operating lease liabilities $ 64,607 $ 62,534 Noncurrent operating lease liabilities 105,630 147,243 170,237 209,777 Office space operating lease liabilities Current portion of operating lease liabilities 665 754 Noncurrent operating lease liabilities 2,281 2,717 2,946 3,471 Total operating lease liabilities $ 173,183 $ 213,248
SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS	The future minimum commitments under these operating leases are as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS At December 31, 2023 Operating 2024 $ 68,157 2025 63,247 2026 55,617 2027 4,161 2028 4,172 Thereafter 1,277 Net minimum lease payments 196,631 Less present value discount (26,394 ) Total lease liabilities $ 170,237
SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES	Supplemental balance sheet information related to leases was as follows: SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES December 31, 2023 2022 2021 Weighted average remaining lease term - operating leases 3.1 3.8 2.1 Weighted average discount rate - operating leases 8.6 % 8.6 % 6.5 % Weighted average remaining lease term - finance lease N/A 6.1 7.1 Weighted average discount rate - finance lease N/A 7.3 % 7.3 %
SCHEDULE OF FUTURE MINIMUM COMMITMENTS OPERATING LEASES	The future minimum revenues, including rent escalations, which is equal to lease payments expected to be received over the noncancelable time charters term are as follows: SCHEDULE OF FUTURE MINIMUM COMMITMENTS OPERATING LEASES At December 31, 2023 Amount 2024 $ 371,383 2025 226,505 2026 88,998 2027 578 2028 — Thereafter — Net minimum lease receipts $ 687,464
Office Space [Member]
Property, Plant and Equipment [Line Items]
SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS	The future minimum commitments under lease obligations for office space, which are operating leases, as of December 31, 2023 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS At December 31, 2023 Amount 2024 $ 682 2025 630 2026 648 2027 666 2028 488 Thereafter 677 Net minimum lease payments 3,791 Less present value discount (845 ) Total lease liabilities $ 2,946

PENSION, OTHER POSTRETIREMENT_2

PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Multiemployer Plan [Line Items]
SCHEDULE OF MULTIEMPLOYER PLANS	Plan level information is available in the public domain for each of the multiemployer pension plans the Company participates in. The table below provides additional information about the Company’s participation in the above multi-employer pension plans: SCHEDULE OF MULTIEMPLOYER PLANS Pension Protection Act Contributions made Pension Plan EIN / Pension 2023 2022 Rehabilitation 2023 2022 2021 AMO Pension Plan 13-1936709 Green (1) Green (1) None $ 471 $ 453 $ 795 MEBA Pension Plan 51-6029896 Green (1) Green (1) None 2,957 3,172 2,748 Seafarers Pension Plan 13-6100329 Green (1) Green (1) None 337 295 222 Total contributions $ 3,765 $ 3,920 $ 3,765 (1) A “Yellow” Zone Status plan is a plan that has a funding ratio between 65 80 80
SCHEDULE OF BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS	Information with respect to the domestic pension and postretirement benefit plans for which the Company uses a December 31 measurement date, follow: SCHEDULE OF BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS Pension Benefits Other Benefits At December 31, 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 34,313 $ 45,470 $ 3,711 $ 5,537 Cost of benefits earned (service cost) — — 91 180 Interest cost on benefit obligation 1,797 1,218 196 153 Actuarial gains 1,031 (9,625 ) (40 ) (1,939 ) Benefits paid (2,923 ) (2,750 ) (229 ) (220 ) Plan Amendments — — — — Acquisition — — — — Benefit obligation at year end 34,218 34,313 3,729 3,711 Change in plan assets: Fair value of plan assets at beginning of year 35,068 44,872 — — Actual return on plan assets 4,949 (7,054 ) — — Employer contributions — — — — Benefits paid (2,923 ) (2,750 ) — — Fair value of plan assets at year end 37,094 35,068 — — Funded/(unfunded status) at December 31 $ 2,876 $ 755 $ (3,729 ) $ (3,711 )
SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS	Information for defined benefit pension plans with accumulated benefit obligations in excess of plan assets follows: SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS At December 31, 2023 2022 Projected benefit obligation $ 34,218 $ 34,313 Accumulated benefit obligation 34,218 34,313 Fair value of plan assets 37,094 35,068
SCHEDULE OF NET BENEFIT COSTS	Information for defined benefit pension plans and other postretirement benefit plans net periodic (benefit)/cost follows: SCHEDULE OF NET BENEFIT COSTS For the year ended December 31, 2023 2022 2021 2023 2022 2021 Pension Benefits Other Benefits For the year ended December 31, 2023 2022 2021 2023 2022 2021 Components of expense: Cost of benefits earned $ — $ — $ — $ 91 $ 180 $ 203 Interest cost on benefit obligation 1,797 1,218 1,120 196 153 165 Expected return on plan assets (2,439 ) (3,152 ) (2,970 ) — — — Amortization of prior-service costs — — — (722 ) (722 ) (722 ) Recognized net actuarial loss 82 — 335 (111 ) (27 ) — Net periodic benefit cost $ (560 ) $ (1,934 ) $ (1,515 ) $ (546 ) $ (416 ) $ (354 )
SCHEDULE OF EXPECTED BENEFIT PAYMENTS	Expected benefit payments for the following ten years are as follows: SCHEDULE OF EXPECTED BENEFIT PAYMENTS Pension Benefits Other Benefits 2024 $ 3,010 $ 222 2025 3,059 212 2026 3,055 220 2027 3,004 226 2028 2,936 230 2029-2033 13,328 1,200 Total $ 28,392 $ 2,310
SCHEDULE OF CHANGES IN FAIR VALUE OF PLAN ASSETS	The fair values of the Company’s pension plan assets, which are valued based Level 1 inputs, at December 31, 2023 and 2022, by asset category are as follows: SCHEDULE OF CHANGES IN FAIR VALUE OF PLAN ASSETS Fair Value Level 1 At December 31, 2023 2022 Cash and cash equivalents $ 779 $ 659 Equity securities: Large cap exchange traded fund 14,023 12,744 Small company - mid value 2,282 2,140 Small company - mid growth 2,408 2,099 International value 2,750 2,625 International growth 2,829 2,694 Fixed income and preferred stock: Short duration bond 5,936 5,973 Intermediate term bond fund 6,061 6,111 Small company - mid value - preferred stock 26 23 Total $ 37,094 $ 35,068
Benefit Obligations [Member]
Multiemployer Plan [Line Items]
SCHEDULE OF ASSUMPTIONS USED	The weighted-average assumptions used to determine benefit obligations follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits At December 31, 2023 2022 2023 2022 Discount rate 5.10 % 5.45 % 5.30 % 5.65 % The selection of a single discount rate for the Maritrans Plan was derived from bond yield curves, which the Company believed as of such dates to be appropriate for ongoing plans with a long duration, such as the Maritrans Plan, and that generally mirror the type of high yield bond portfolio the Company could acquire to offset its obligations under the Maritrans Plan. The weighted-average assumptions used to determine net periodic benefit cost follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits For the year ended December 31, 2023 2022 2021 2023 2022 2021 Discount rate 5.45 % 2.80 % 2.35 % 5.65 % 3.10 % 2.90 % Expected (long-term) return on plan assets 7.25 % 7.25 % 7.25 % — — —
Net Periodic Benefit Cost [Member]
Multiemployer Plan [Line Items]
SCHEDULE OF ASSUMPTIONS USED	The weighted-average assumptions used to determine net periodic benefit cost follow: SCHEDULE OF ASSUMPTIONS USED Pension Benefits Other Benefits For the year ended December 31, 2023 2022 2021 2023 2022 2021 Discount rate 5.45 % 2.80 % 2.35 % 5.65 % 3.10 % 2.90 % Expected (long-term) return on plan assets 7.25 % 7.25 % 7.25 % — — —

OTHER INCOME, NET (Tables)

OTHER INCOME, NET (Tables)	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
SCHEDULE OF OTHER NONOPERATING INCOME	Other income, net consists of: SCHEDULE OF OTHER NONOPERATING INCOME Years Ended December 31, 2023 2022 2021 Investment income: Interest $ 3,959 $ 840 $ 5 Change in investment value 611 60 (241 ) 4,570 900 (236 ) Pension and post retirement items (1) 1,290 2,582 2,157 Gain on prepayment of deferred payment obligations 912 — — Miscellaneous-net (106 ) (155 ) 64 $ 6,666 $ 3,327 $ 1,985 (1) The Company includes the service cost component for net periodic benefit cost/(income) in vessel expenses and general and administrative expenses and other components in other income, net on the consolidated statements of operations.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Product Information [Line Items]
Estimated useful lives of vessels	Vessels are recorded at cost and are depreciated to their estimated salvage value on the straight-line basis over the estimated useful lives of the vessels, which are generally 25 years (except for new articulated tug barge (“ATBs”) for which estimated useful lives of 30 years are used)
Interest costs capitalized	$ 951	$ 1,378	$ 1,427
Revenue	451,871	466,800	359,062
Amortization of financing costs and discounts	1,142	1,129	$ 2,099
Doubtful accounts	$ 152	$ 197
Tax, likelihood of unfavorable settlement	greater than 50
Hilcorp North Slope LLC [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member]
Product Information [Line Items]
Concentration risk, percentage		14.20%	28.20%
Valero Marketing and Supply [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customer [Member]
Product Information [Line Items]
Concentration risk, percentage		10.20%
BP Products North America Inc [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customer [Member]
Product Information [Line Items]
Concentration risk, percentage			10.60%
U S Maritime Security Program [Member]
Product Information [Line Items]
Vessel expense	$ 13,262	$ 9,252	$ 10,500
Term Loan Credit Agreement [Member]
Product Information [Line Items]
Unamortized deferred expense	$ 3,618	4,697
Software Development [Member]
Product Information [Line Items]
Property plant and equipment useful life	5 years
Revenue		$ 3,500
Accumulated depreciation	$ 992
Minimum [Member]
Product Information [Line Items]
Property plant and equipment useful life	3 years
Maximum [Member]
Product Information [Line Items]
Property plant and equipment useful life	15 years

SCHEDULE OF EARNINGS PER SHARE

SCHEDULE OF EARNINGS PER SHARE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Per Share Amounts:
Net income/(loss)	$ 62,454	$ 26,564	$ (46,252)
Weighted average common shares outstanding:
Class A common stock - basic	78,485,954	89,556,195	90,587,454
Class A common stock - diluted	81,231,761	91,400,041	90,587,454

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details Narrative) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dilutive equity awards outstanding	2,745,807	1,843,846
Share-Based Payment Arrangement, Option [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities, issuable	241,882	609,956
Restricted Stock Units And Stock Options [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities, issuable			2,017,810
Common Class A [Member] | Restricted Stock Units (RSUs) [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of class common stock issuable	3,179,004	3,672,646	3,371,177
Common Class A [Member] | Share-Based Payment Arrangement, Option [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of class common stock issuable	1,478,756	1,478,756	1,478,756
ClassA Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrant exercise price per share	$ 0.01	$ 0.01

SCHEDULE OF DISAGGREGATION OF R

SCHEDULE OF DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total shipping revenues		$ 451,871	$ 466,800	$ 359,062
Time And Bareboat Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues		359,543	327,329	254,744
Voyage Charter Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues	[1]	35,508	86,659	57,946
Contracts Of Affreightment Revenues [Member]
Disaggregation of Revenue [Line Items]
Total shipping revenues		$ 56,820	$ 52,812	$ 46,372
[1]Voyage charter revenues include revenue related to short-term time charter contracts of $ 4,261 $ 33,612 14,843

SCHEDULE OF DISAGGREGATION OF_2

SCHEDULE OF DISAGGREGATION OF REVENUE (Details) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue related to short term	$ 451,871	$ 466,800	$ 359,062
Short Term Time Charter Contracts [Member]
Disaggregation of Revenue [Line Items]
Revenue related to short term	$ 4,261	$ 33,612	$ 14,843

REVENUE RECOGNITION (Details Na

REVENUE RECOGNITION (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Contract with customer asset net	$ 7,768	$ 9,258
2024 Member
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue, remaining performance obligation, amount	47,578
2025 Member
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Revenue, remaining performance obligation, amount	$ 14,608

SCHEDULE OF VESSELS AND OTHER P

SCHEDULE OF VESSELS AND OTHER PROPERTY (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Vessels, at cost	$ 1,092,950	$ 1,082,822	$ 1,066,327	$ 1,099,187
Accumulated depreciation	(427,508)	(385,242)	(345,531)	(308,449)
Vessels, net	665,442	697,580	$ 720,796	$ 790,738
Construction in progress	33,482	10,406
Finance lease right-of-use asset, at cost (Note 14)	26,940	26,940
Accumulated amortization (Note 14)	(10,706)	(8,856)
Transfer to operating lease right-of-use asset (Note 14)	(16,234)
Finance lease right-of use asset, net (Note 14)		18,084
Other property, at cost	5,616	5,578
Accumulated depreciation and amortization	(5,508)	(5,469)
Other property, net	108	109
Total vessels and other property	$ 699,032	$ 726,179

SUMMARY OF VESSEL ACTIVITY EXCL

SUMMARY OF VESSEL ACTIVITY EXCLUDING CONSTRUCTION PROGRESS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Vessel Cost, Balance	$ 1,082,822	$ 1,066,327	$ 1,099,187
Accumulated Depreciation, Balance	(385,242)	(345,531)	(308,449)
Net Book Value, Balance	697,580	720,796	790,738
Vessel Cost, Transfers from construction in progress	10,128	16,699	6,836
Accumulated Depreciation, Transfers from construction in progress
Vessel Cost, Depreciation
Accumulated Depreciation, Depreciation	(42,266)	(40,485)	(39,398)
Vessel Cost, Disposals		(774)	(39,696)
Accumulated Depreciation, Disposals		774	2,316
Vessel Cost, Additions		570
Additions
Vessel Cost, Balance	1,092,950	1,082,822	1,066,327
Accumulated Depreciation, Balance	(427,508)	(385,242)	(345,531)
Net Book Value, Balance	$ 665,442	$ 697,580	$ 720,796

SUMMARY OF DRYDOCKING ACTIVITY

SUMMARY OF DRYDOCKING ACTIVITY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Vessel Cost, Balance	$ 1,082,822	$ 1,066,327	$ 1,099,187
Drydock amortization
Vessel Cost, Balance	1,092,950	1,082,822	1,066,327
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Vessel Cost, Balance	38,976	43,342	43,134
Additions	24,254	18,198	15,017
Drydock amortization	(18,403)	(22,564)	(14,809)
Vessel Cost, Balance	$ 44,827	$ 38,976	$ 43,342

VESSELS, OTHER PROPERTY AND D_3

VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK (Details Narrative) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Nov. 30, 2023	Oct. 31, 2023	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Weighted average years of vessel				16 years 3 months 18 days
Debt instrument collateral amount				$ 659,586
Accrual of capital expenditures				$ 1,908	$ 2,784	$ 1,341
Overseas Gulf Coast [Member]
Property, Plant and Equipment [Line Items]
Sale of intangible assets			$ 32,128
Loss on disposition of intangible assets			$ 5,268
Alaskan Frontier [Member]
Property, Plant and Equipment [Line Items]
Purchase of asset	$ 20,000	$ 20,000

SCHEDULE OF INTANGIBLE ASSETS (

SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, balance	$ 18,017	$ 22,617	$ 27,217
Amortization	(4,600)	(4,600)	(4,600)
Intangible assets, balance	$ 13,417	$ 18,017	$ 22,617

INTANGIBLE ASSETS (Details Narr

INTANGIBLE ASSETS (Details Narrative) - USD ($) $ in Thousands	Mar. 11, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Intangible assets, gross		$ 92,000	$ 92,000
Intangible asset, remaining useful life		3 years
Amortization of intangible assets, expected amortization		$ 4,600
Subsequent Event [Member]
Subsequent Event [Line Items]
Intangible asset, remaining useful life	3 years

SCHEDULE OF LONG-TERM DEBT INST

SCHEDULE OF LONG-TERM DEBT INSTRUMENTS (Details) (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2019	Dec. 31, 2023	Dec. 31, 2022
Debt One [Member]
Short-Term Debt [Line Items]
Debt instrument, unamortized deferred costs		$ 119	$ 257
Debt instrument, maturity date, description	five-year
Debt Two [Member]
Short-Term Debt [Line Items]
Debt instrument, unamortized deferred costs		$ 134	267
Debt instrument, maturity date, description		due 2025
Debt Three [Member]
Short-Term Debt [Line Items]
Debt instrument, unamortized deferred costs		$ 267	457
Debt instrument, maturity date, description		due 2025
Debt Four [Member]
Short-Term Debt [Line Items]
Debt instrument, unamortized deferred costs		$ 484	609
Debt instrument, maturity date, description		due 2027
Debt Six [Member]
Short-Term Debt [Line Items]
Debt instrument, unamortized deferred costs		$ 2,612	$ 3,106
Debt instrument, maturity date, description		due 2028

SCHEDULE OF LONG-TERM DEBT IN_2

SCHEDULE OF LONG-TERM DEBT INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Total debt	$ 400,711	$ 423,363
Less current installments of long-term debt	(43,305)	(23,733)
Total long-term debt	357,406	399,630
Debt One [Member]
Short-Term Debt [Line Items]
Total debt	18,942	20,330
Debt Two [Member]
Short-Term Debt [Line Items]
Total debt	20,091	25,289
Debt Three [Member]
Short-Term Debt [Line Items]
Total debt	23,697	25,006
Debt Four [Member]
Short-Term Debt [Line Items]
Total debt	42,163	44,342
Debt Five [Member]
Short-Term Debt [Line Items]
Total debt	390	390
Debt Six [Member]
Short-Term Debt [Line Items]
Total debt	$ 295,428	$ 308,006

SCHEDULE OF DEBT EXPENSES (Deta

SCHEDULE OF DEBT EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Total expense on debt facilities	$ 31,177	$ 32,739	$ 28,682
Debt One [Member]
Short-Term Debt [Line Items]
Total expense on debt facilities	1,269	1,340	1,407
Debt Two [Member]
Short-Term Debt [Line Items]
Total expense on debt facilities	1,156	1,406	2,193
Debt Three [Member]
Short-Term Debt [Line Items]
Total expense on debt facilities	1,614	1,697	1,747
Debt Four [Member]
Short-Term Debt [Line Items]
Total expense on debt facilities	2,922	3,121	3,423
Debt Five [Member]
Short-Term Debt [Line Items]
Total expense on debt facilities	29	29	32
Debt Six [Member]
Short-Term Debt [Line Items]
Total expense on debt facilities	24,187	25,146	6,550
Debt Seven [Member]
Short-Term Debt [Line Items]
Total expense on debt facilities			12,618
Debt Eight [Member]
Short-Term Debt [Line Items]
Total expense on debt facilities			$ 712

SCHEDULE OF AGGREGATE ANNUAL PR

SCHEDULE OF AGGREGATE ANNUAL PRINCIPAL PAYMENTS (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 43,183
2025	54,903
2026	19,268
2027	52,597
2028	234,375
Thereafter
Total	$ 404,326

DEBT (Details Narrative)

DEBT (Details Narrative) - USD ($)

1 Months Ended

12 Months Ended

Sep. 29, 2021

Nov. 30, 2020

Mar. 12, 2020

Jul. 30, 2020

Jun. 30, 2020

Aug. 31, 2019

Dec. 31, 2018

Nov. 30, 2018

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Nov. 30, 2021

Nov. 05, 2021

Short-Term Debt [Line Items]

Debt, weighted average interest rate

7.22%

7.18%

Prepayment of term loan

$ 16,000,000

Loans payable

$ 7,961,000

Debt instrument, interest rate, stated percentage

7.75%

Debt instrument, maturity date

Oct. 01, 2028

Repayments of debt

$ 23,730,000

$ 22,222,000

$ 33,316,000

Interest expense, debt

$ 30,030,000

$ 31,618,000

$ 25,609,000

Stonebriar Commercial Finance LLC [Member]

Short-Term Debt [Line Items]

Debt instrument, face amount

$ 325,000

$ 325,000

Wintrust Commercial Finance [Member]

Short-Term Debt [Line Items]

Debt instrument, face amount

$ 27,500,000

Debt instrument, maturity date, description

seven-year

Banc of America Leasing & Capital, LLC [Member]

Short-Term Debt [Line Items]

Prepayment of term loan

$ 16,000,000

Loans payable

$ 54,000,000

Debt instrument, interest rate, stated percentage

4.43%

Debt instrument, maturity date

Mar. 12, 2025

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

Short-Term Debt [Line Items]

Debt instrument, face amount

325,000,000

Wintrust Commercial Finance and Other Syndicate Lenders [Member]

Short-Term Debt [Line Items]

Debt instrument, maturity date, description

five-year

Prepayment of term loan

$ 3,000,000

Loans payable

$ 32,933,000

Debt instrument, interest rate, stated percentage

5%

5.75%

Debt instrument, maturity date

Jun. 01, 2025

PGIM, Inc [Member]

Short-Term Debt [Line Items]

Debt instrument, face amount

$ 325,000,000

Debt instrument, maturity date, description

five-year

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

Short-Term Debt [Line Items]

Debt instrument, face amount

$ 325,000,000

Debt instrument, maturity date, description

due 2023

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

Short-Term Debt [Line Items]

Debt instrument, maturity date, description

due 2026

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

Short-Term Debt [Line Items]

Debt instrument, maturity date, description

due 2025

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

Short-Term Debt [Line Items]

Payment of term loan

$ 237,983,000

Due 2023 [Member] | Wintrust Commercial Finance [Member]

Short-Term Debt [Line Items]

Payment of term loan

$ 20,298,000

OSG 205 LLC and OSG Courageous II LLC [Member]

Short-Term Debt [Line Items]

Debt instrument, maturity date

Dec. 01, 2027

Construction loan

$ 49,150,000

Debt drawn down to to finance

$ 46,711,000

Debt instruments, interest rate terms

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

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

Short-Term Debt [Line Items]

Debt instrument, maturity date, description

seven-year

Debt instrument, interest rate, stated percentage

6.37%

Debt One [Member]

Short-Term Debt [Line Items]

Debt instrument, maturity date, description

five-year

Loans payable

$ 50,000,000

Debt instrument, interest rate, stated percentage

5.54%

Debt instrument, maturity date

Sep. 30, 2024

Repayments of debt

$ 24,000,000

Debt One [Member] | Stonebriar Commercial Finance LLC [Member]

Short-Term Debt [Line Items]

Debt instrument, face amount

$ 325,000,000

Unsecured Senior Notes [Member]

Short-Term Debt [Line Items]

Debt instrument, face amount

$ 146,000,000

Debt instrument, interest rate, stated percentage

7.50%

Debt instrument, maturity date

Feb. 15, 2024

SCHEDULE OF FAIR VALUE OF THE U

SCHEDULE OF FAIR VALUE OF THE U.S. TREASURY NOTE (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost	$ 14,900	$ 14,803
Gross unrealized Loss	(148)	(328)
Fair value	14,752	14,475
U.S. Treasury Note [Member]
Amortized Cost	14,900	14,803
Gross unrealized Loss	(148)	(328)
Fair value	$ 14,752	$ 14,475

INVESTMENT IN SECURITY TO BE _3

INVESTMENT IN SECURITY TO BE HELD TO MATURITY (Details Narrative) - USD ($) $ in Thousands		1 Months Ended
	Sep. 29, 2021	Jul. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Debt instrument carrying amount			$ 400,711	$ 423,363
Debt maturity date	Oct. 01, 2028
U.S. Treasury Note [Member]
Debt instrument face amount		$ 15,000
Debt instrument carrying amount		$ 14,794
Debt maturity date		Aug. 15, 2024

SCHEDULE OF FINANCIAL INSTRUMEN

SCHEDULE OF FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 91,157	$ 93,535
Total liabilities	400,711	423,363
Reported Value Measurement [Member] | Term Loan, Due 2024 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities	18,942	20,330
Reported Value Measurement [Member] | Alaska Tankers Term Loan Agreement Due 2025 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities	20,091	25,289
Reported Value Measurement [Member] | OSG 204 LLC Term Loan Agreement Due 2025 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities	23,697	25,006
Reported Value Measurement [Member] | OSG 205 LLA and OSG Courageous II LLC Term Loan Due 2027 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities	42,163	44,342
Reported Value Measurement [Member] | Term Loan, Due 2028 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities	295,428	308,006
Reported Value Measurement [Member] | Unsecured Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities	390	390
Reported Value Measurement [Member] | Cash and Cash Equivalents [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	76,257	78,732
Reported Value Measurement [Member] | U.S. Treasury Note [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	14,900	14,803
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	91,009	93,207
Total liabilities
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Term Loan, Due 2024 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Alaska Tankers Term Loan Agreement Due 2025 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | OSG 204 LLC Term Loan Agreement Due 2025 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | OSG 205 LLA and OSG Courageous II LLC Term Loan Due 2027 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Term Loan, Due 2028 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Unsecured Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets
Total liabilities	388,281	401,975
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Term Loan, Due 2024 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities	18,546	19,296
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Alaska Tankers Term Loan Agreement Due 2025 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities	19,203	23,195
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | OSG 204 LLC Term Loan Agreement Due 2025 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities	22,875	23,448
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | OSG 205 LLA and OSG Courageous II LLC Term Loan Due 2027 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities	39,350	40,331
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Term Loan, Due 2028 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities	287,918	295,320
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Unsecured Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities	389	385
Estimate of Fair Value Measurement [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	76,257	78,732
Estimate of Fair Value Measurement [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets
Estimate of Fair Value Measurement [Member] | U.S. Treasury Note [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	14,752	14,475
Estimate of Fair Value Measurement [Member] | U.S. Treasury Note [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets

FAIR VALUE MEASUREMENTS AND F_3

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

SCHEDULE OF ACCOUNTS PAYABLE, A

SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 5,172	$ 5,962
Payroll and benefits	16,891	10,397
Dividend payable	4,256
Interest	2,322	2,437
Insurance	748	520
Accrued drydock and repair costs	3,988	957
Bunkers and lubricants	710	370
Charter revenues received in advance	15,752	21,778
Accrued vessel expenses	8,598	10,888
Accrued general and administrative, primarily professional fees	978	985
Other	1,496	612
Accounts payable and other accrued liabilities, current	$ 60,911	$ 54,906

SCHEDULE OF INCOME TAX (EXPENSE

SCHEDULE OF INCOME TAX (EXPENSE)/BENEFIT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current - Federal	$ (12)	$ (9)	$ (8)
Current - State	(933)	(538)	(131)
Deferred - Federal	(12,544)	(4,630)	15,275
Deferred - State	3,570	(1,717)	2,961
Total	$ (9,919)	$ (6,894)	$ 18,097

SCHEDULE OF EFFECTIVE INCOME TA

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21%	21%	21%
State taxes, net of federal benefit	(1.60%)	0.40%	3.70%
Change in valuation allowance	(3.10%)	5.60%	0.90%
Equity awards	0.10%	0.60%	0%
Return to provision	0.80%	0.50%	(0.50%)
U.S. income subject to tonnage tax	(2.90%)	(8.20%)	2.20%
Other	(0.60%)	0.70%	0.80%
Effective tax rate	13.70%	20.60%	28.10%

SCHEDULE OF DEFERRED TAX ASSETS

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Vessels and other property	[1]	$ 108,740	$ 119,987
Prepaid expenditures		9,107	8,695
Operating lease right-of-use assets		39,720	50,792
Other-net			8
Total deferred tax liabilities		157,567	179,482
Loss carryforwards		52,462	67,686
Operating lease liability		39,822	50,622
Finance lease liability			4,662
Employee compensation and benefit plans		(654)	(212)
Financing and professional fees		6,517	8,710
Accrued expenses and other		132	79
Total deferred tax assets		98,279	131,547
Valuation allowance		(20,085)	(22,298)
Net deferred tax assets		78,194	109,249
Net deferred tax liabilities		$ 79,373	70,233
Deferred tax liabilities for finance lease right-of-use assets			$ 4,122
[1]Includes deferred tax liabilities related to finance lease right-of-use assets totaling $ 4,122

SCHEDULE OF UNRECOGNIZED TAX BE

SCHEDULE OF UNRECOGNIZED TAX BENEFITS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance of unrecognized tax benefits as of January 1,	$ 1,035	$ 834	$ 813
Increases/(decreases) for positions taken in prior years	(307)	201	21
Balance of unrecognized tax benefits as of December 31,	$ 728	$ 1,035	$ 834

TAXES (Details Narrative)

TAXES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income tax expense (benefit)	$ 9,919,000	$ 6,894,000	$ (18,097,000)
U.S. income subject to tonnage tax	(2.90%)	(8.20%)	2.20%
Operating loss carryforwards	$ 132,643,000
Operating loss carryforwards, expiration period	2034
U.S. state net operating loss carryforwards	$ 568,487
Income tax examination, description	These U.S. state net operating loss carryforwards expire in various years from December 31, 2024 through December 31, 2041.
Disallowed interest carryforwards value	$ 30,129,000
Deferred tax assets, valuation allowance	20,085,000	$ 22,298,000
Income taxes paid, net	1,022,000	393,000	$ 1,751,000
Unrecognized tax benefits	728,000	1,035,000	834,000	$ 813,000
Liability for uncertainty in income taxes, noncurrent	285,000	175,000
Overseas Mykonos And Overseas Santorini [Member]
Income tax expense (benefit)	$ 9,900	$ 13,100	$ 6,700

SCHEDULE OF RESTRICTED STOCK UN

SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS (Details) - Restricted Stock Units (RSUs) [Member] - Common Class A [Member] - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Nonvested Shares Outstanding	3,672,646	3,371,177	2,605,263
Granted	1,195,837	2,118,942	1,782,133
Vested	(1,403,217)	(1,355,483)	(963,338)
Forfeited	(286,262)	(461,990)	(52,881)
Nonvested Shares Outstanding	3,179,004	3,672,646	3,371,177

SCHEDULE OF RESTRICTED STOCK _2

SCHEDULE OF RESTRICTED STOCK UNITS UNDER INCENTIVE PLANS (Details) (Parenthetical) - Restricted Stock Units (RSUs) [Member] - Common Class A [Member] - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Minimum [Member]
Class of Stock [Line Items]
Share based compensation, restricted stock vested, exercise price per share	$ 2.89	$ 1.82	$ 2.12
Share based award, restricted stock units, forfeited price per share	2.89	1.92	1.69
Maximum [Member]
Class of Stock [Line Items]
Share based compensation, restricted stock vested, exercise price per share	3.81	2.23	2.31
Share based award, restricted stock units, forfeited price per share	$ 4.07	$ 2.05	$ 2.59

SCHEDULE OF STOCK OPTIONS ACTIV

SCHEDULE OF STOCK OPTIONS ACTIVITY UNDER INCENTIVE PLANS (Details) - Common Class A [Member] - shares shares in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Options Outstanding, Beginning Balance	1,478,756	1,478,756	1,478,756
Options Outstanding, Ending Balance	1,478,756	1,478,756	1,478,756
Options Exercisable, Ending Balance	1,478,756

SCHEDULE OF COMPONENTS OF ACCUM

SCHEDULE OF COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Effective income tax rate	13.70%	20.60%	28.10%
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans)	$ 4,002	$ 3,410
Accumulated other comprehensive income	$ 4,002	$ 3,410

SCHEDULE OF CHANGES IN BALANCES

SCHEDULE OF CHANGES IN BALANCES OF COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 3,410
Amounts reclassified from accumulated other comprehensive income	(580)	$ (574)	$ (297)
Ending balance	4,002	3,410
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	3,410	2,943	(282)
Current period change, excluding amounts reclassified from accumulated other	1,172	1,041	3,522
Amounts reclassified from accumulated other comprehensive income	(580)	(574)	(297)
Total change in accumulated other comprehensive income	592	467	3,225
Ending balance	$ 4,002	$ 3,410	$ 2,943

SCHEDULE OF AMOUNTS RECLASSIFIE

SCHEDULE OF AMOUNTS RECLASSIFIED OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total before tax	$ 751	$ 748	$ 387
Tax provision	(1,331)	(1,322)	(684)
Total net of tax	(580)	(574)	(297)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total net of tax	(580)	(574)	(297)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Other Income (Expense) Net [Member] | Net Periodic Benefit Costs, Shore-based Employees [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net periodic benefit costs associated with pension and postretirement benefit plans	267	315	(63)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Other Income (Expense) Net [Member] | Net Periodic Benefit Costs, Seagoing Employees [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net periodic benefit costs associated with pension and postretirement benefit plans	$ 484	$ 433	$ 450

CAPITAL STOCK AND STOCK COMPE_3

CAPITAL STOCK AND STOCK COMPENSATION (Details Narrative) - USD ($)			1 Months Ended						12 Months Ended
	Jun. 01, 2022	Jun. 06, 2017	Dec. 31, 2023	Sep. 30, 2023	Aug. 31, 2023	Jun. 30, 2023	Nov. 30, 2022	Oct. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 04, 2024	Mar. 17, 2023	Jun. 13, 2022
Stock repurchase authorized amount			$ 45,000,000						$ 45,000,000
Increase in stock repurchase authorized amount			$ 25,000,000			$ 10,000,000
Number of shares repurchased								5,000,000	8,599,059
Stock repurchased during period per share amount								$ 2.95	$ 4.11
Number of shares repurchased, value								$ 14,740,000	$ 35,339,000
Shares repurchased			25,000						25,000
Common stock, shares authorized			166,666,666						166,666,666	166,666,666				5,000,000
cash dividend declared			$ 0.06						$ 0.06
Dividends payable			$ 4,256,000						$ 4,256,000
Award of RSUs vest, description										i.) 20% vests on the first anniversary of the grant date, ii.) 30% vests on the second anniversary of the grant date, and iii.) 50% vests on the third anniversary of the grant date.
Share-based payment arrangement, noncash expense									3,471,000	$ 3,574,000	$ 2,232,000
Fair value of shares vested									$ 4,986	$ 2,720	$ 2,131
Weighted average remaining contractual term									4 years 2 months 4 days
Share-based payment arrangement, option, exercise price range, exercisable, weighted average exercise price			$ 2.67						$ 2.67	$ 2.67	$ 2.67
Unrecognized compensation cost			$ 4,388,000						$ 4,388,000
Expected to be Recognized [Member]
Weighted average remaining contractual term									1 year 7 months 17 days
Restricted Stock Units (RSUs) [Member]
Weighted average grant date fair value									$ 2.90	$ 2.09	$ 2.36
Share-based payment arrangement, noncash expense									$ 3,471,000	$ 3,574,000	$ 2,232,000
Roic Target Restricted Stock Units Awards [Member]
Share based compensation, grants in period									625,248	777,900	544,857
Subsequent Event [Member]
Dividends payable												$ 4,256,000
Common Class A [Member]
Share price			$ 3.51						$ 3.51	$ 2.07	$ 2.18
Number of shares newly issued									177,966	11,179
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation									333,085	239,686	185,459
Common Class A [Member] | Restricted Stock Units (RSUs) [Member]
Share based compensation, grants in period									1,195,837	2,118,942	1,782,133
Cyrus Capital [Member]
Number of shares purchased							5,000,000
Share price							$ 2.86
Cash							$ 14,300
ClassA Warrants [Member]
Warrants exercise price			$ 0.01						$ 0.01	$ 0.01
Number of warrants exercised			939,477						939,477	59,124
Cyrus Capital Partners, L.P. [Member]
Number of warrants outstanding			4,260,919						4,260,919
Number of shares converted									809,575
Cyrus Capital Partners, L.P. [Member] | Common Class A [Member]
Number of warrants exercised				2,631,763
Cyrus Capital Partners, L.P. [Member] | Common Stock [Member]
Number of shares repurchased				13,851,382	3,788,639
Stock repurchased during period per share amount					$ 4.05
Number of shares repurchased, value				$ 11,384,000	$ 15,344,000
Maximum [Member]
Stock repurchase authorized amount													$ 10,000,000
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Subject to Increase RSU Award [Member]
Share based compensation, grants in period									208,416	259,300	181,619
Maximum [Member] | Incentive Plans [Member]
Number of shares increased for issuance	5,000,000	1,500,000
Minimum [Member]
Weighted average grant date fair value									$ 1.70	$ 5.57
Board Of Directors [Member] | OSG [Member]
Ownership percentage			77%						77%
Non-employee Directors [Member] | Time-Based Restricted Stock Units (RSU) [Member]
Share based compensation, grants in period									195,800	305,000	275,800
Weighted average grant date fair value									$ 3.83	$ 2.09	$ 2.29
Employees, Including Senior Officers [Member] | Restricted Stock Units (RSUs) [Member]
Share based compensation, grants in period									584,922	718,360	552,844
Weighted average grant date fair value									$ 2.90	$ 2.09	$ 2.36
Senior Officers [Member]
Share based payment award options, gross										576,981	590,251
Share based payment award options exercises in period										$ 2.09	$ 2.36
Senior Officers [Member] | Restricted Stock Units (RSUs) [Member]
Share based compensation, grants in period									416,832	518,600	363,238

SCHEDULE OF INCOME TAX (EXPEN_2

SCHEDULE OF INCOME TAX (EXPENSE) BENEFIT ALLOCATED TO COMPONENT (Details) - Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Current period change excluding amounts reclassified from accumulated other comprehensive income/(loss)	$ (346)	$ (316)	$ (1,069)
Amounts reclassified from accumulated other comprehensive income/(loss)	171	174	90
Total change in accumulated other comprehensive income/(loss)	$ (175)	$ (142)	$ (979)

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Unrecognized prior service credits	$ 5,440
Unrecognized prior service credits, net of tax		$ 5,023
Unrecognized actuarial losses	$ 124
Unrecognized actuarial losses, net of tax		$ 1,021

SCHEDULE OF LEASE RIGHT-OF-USE

SCHEDULE OF LEASE RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total noncurrent operating lease assets	$ 172,703	$ 206,797
Current portion of operating lease liabilities	65,272	63,288
Noncurrent operating lease liabilities	107,911	149,960
Total operating lease liabilities	173,183	213,248
Vessels Chartered-In [Member]
Property, Plant and Equipment [Line Items]
Total noncurrent operating lease assets	169,798	203,393
Current portion of operating lease liabilities	64,607	62,534
Noncurrent operating lease liabilities	105,630	147,243
Total operating lease liabilities	170,237	209,777
Office Space [Member]
Property, Plant and Equipment [Line Items]
Total noncurrent operating lease assets	2,905	3,404
Current portion of operating lease liabilities	665	754
Noncurrent operating lease liabilities	2,281	2,717
Total operating lease liabilities	$ 2,946	$ 3,471

SCHEDULE OF FUTURE MINIMUM LEAS

SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS UNDER MINIMUM LEASE PAYMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total lease liabilities, operating lease	$ 173,183	$ 213,248
Vessels Chartered-In [Member]
Property, Plant and Equipment [Line Items]
2024, Operating Leases	68,157
2025, Operating Leases	63,247
2026, Operating Leases	55,617
2027, Operating Leases	4,161
2028, Operating Leases	4,172
Thereafter, Operating Leases	1,277
Net minimum lease payments, operating lease	196,631
Less: present value discount, operating lease	(26,394)
Total lease liabilities, operating lease	170,237	209,777
Office Space [Member]
Property, Plant and Equipment [Line Items]
2024, Operating Leases	682
2025, Operating Leases	630
2026, Operating Leases	648
2027, Operating Leases	666
2028, Operating Leases	488
Thereafter, Operating Leases	677
Net minimum lease payments, operating lease	3,791
Less: present value discount, operating lease	(845)
Total lease liabilities, operating lease	$ 2,946	$ 3,471

SCHEDULE OF SUPPLEMENTAL BALANC

SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION RELATED TO LEASES (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating Lease, Weighted Average Remaining Lease Term	3 years 1 month 6 days	3 years 9 months 18 days	2 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	8.60%	8.60%	6.50%
Finance Lease, Weighted Average Remaining Lease Term		6 years 1 month 6 days	7 years 1 month 6 days
Finance Lease, Weighted Average Discount Rate, Percent		7.30%	7.30%

SCHEDULE OF FUTURE MINIMUM COMM

SCHEDULE OF FUTURE MINIMUM COMMITMENTS OPERATING LEASES (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases
2024	$ 371,383
2025	226,505
2026	88,998
2027	578
2028
Thereafter
Net minimum lease receipts	$ 687,464

LEASES (Details Narrative)

LEASES (Details Narrative)	1 Months Ended				12 Months Ended
	Nov. 30, 2023 USD ($)	Oct. 31, 2023 USD ($)	Aug. 31, 2023 USD ($)	Sep. 30, 2022	Dec. 31, 2023 USD ($) Vessels	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Available for operating lease number of vessels | Vessels					8
Lessee, operating lease, description				lease term of five years and two months, expiring in October 2028.	The Company holds options for seven of the vessels chartered-in. For one of these vessels, the Company has two option periods of five years each and, after the five-year optional periods are exercised, can extend the lease for five one-year optional periods. For the remaining six vessels, the options can be exercised for three or five years, which are available indefinitely. The lease payments for the charters-in are fixed throughout the option periods and the options are on a vessel-by-vessel basis that can be exercised individually.
Operating lease, payments					$ 46,882
Prepaid lease amount		$ 5,602,000			662,000	$ 385,000
Other income		912,000
DPO payments					8,069
Operating lease, expense					64,971,000	88,849,000	$ 90,166,000
Sublease income					183,699,000	166,530,000	75,516,000
Non-cash operating activities for obtaining operating right-of-use assets and liabilities					20,203,000	132,231,000	15,713,000
Reclassification from finance and operating lease					18,363
Operating lease, right-of-use asset, amortization					1,850,000	2,949,000	2,949,000
Finance lease, interest expense					917,000	1,618,000	1,799,000
Non-cash operating activity, right-of-use asset and liability						2,088,000
Time Charter Revenue [Member]
Operating lease income					353,622,000	326,980,000	254,181,000
Straight line rent adjustments					5,921,000	349,000	563,000
Operating lease, residual value of leased asset					491,084,000	489,718,000	355,388,000
Overseas Key West [Member]
Lessee, operating lease, description			the Company extended its lease on the Overseas Key West for an additional lease term of two months to April 2029.
Accumulated depreciation			$ 26,940,000			8,856,000
Alaskan Frontier [Member]
Purchase of asset	$ 20,000,000	$ 20,000,000
Office Space Rental [Member]
Operating lease, payments					779,000	780,000	748,000
Office Space Rental [Member] | General and Administrative Expense [Member]
Operating leases, rent expense					$ 698,000	$ 685,000	$ 640,000
Minimum [Member]
Lessee, operating lease, term of contract					1 year
Maximum [Member]
Lessee, operating lease, term of contract					11 years

SCHEDULE OF MULTIEMPLOYER PLANS

SCHEDULE OF MULTIEMPLOYER PLANS (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Contributions made by the Company		$ 3,765	$ 3,920	$ 3,765
AMO Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension Protection Act Zone Status	[1]	Green	Green
Rehabilitation Plan Status		None
Contributions made by the Company		$ 471	$ 453	795
MEBA Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension Protection Act Zone Status	[1]	Green	Green
Rehabilitation Plan Status		None
Contributions made by the Company		$ 2,957	$ 3,172	2,748
Seafarers Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension Protection Act Zone Status	[1]	Green	Green
Rehabilitation Plan Status		None
Contributions made by the Company		$ 337	$ 295	$ 222
[1]A “Yellow” Zone Status plan is a plan that has a funding ratio between 65 80 80

SCHEDULE OF MULTIEMPLOYER PLA_2

SCHEDULE OF MULTIEMPLOYER PLANS (Details) (Parenthetical)	12 Months Ended
	Dec. 31, 2023
Yellow Zone Status Plan [Member] | Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan funding ratio	65%
Yellow Zone Status Plan [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan funding ratio	80%
Green Zone Status Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan funding ratio	80%

SCHEDULE OF BENEFIT OBLIGATIONS

SCHEDULE OF BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year	$ 35,068
Fair value of plan assets at year end	37,094	$ 35,068
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	34,313	45,470
Cost of benefits earned (service cost)
Interest cost on benefit obligation	1,797	1,218	1,120
Actuarial gains	1,031	(9,625)
Benefits paid	(2,923)	(2,750)
Plan Amendments
Acquisition
Benefit obligation at year end	34,218	34,313	45,470
Fair value of plan assets at beginning of year	35,068	44,872
Actual return on plan assets	4,949	(7,054)
Employer contributions
Benefits paid	(2,923)	(2,750)
Fair value of plan assets at year end	37,094	35,068	44,872
Funded/(unfunded status)	2,876	755
Other Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	3,711	5,537
Cost of benefits earned (service cost)	91	180	203
Interest cost on benefit obligation	196	153	165
Actuarial gains	(40)	(1,939)
Benefits paid	(229)	(220)
Plan Amendments
Acquisition
Benefit obligation at year end	3,729	3,711	5,537
Fair value of plan assets at beginning of year
Actual return on plan assets
Employer contributions
Benefits paid
Fair value of plan assets at year end
Funded/(unfunded status)	$ (3,729)	$ (3,711)

SCHEDULE OF ACCUMULATED BENEFIT

SCHEDULE OF ACCUMULATED BENEFIT OBLIGATIONS IN EXCESS OF FAIR VALUE OF PLAN ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Projected benefit obligation	$ 34,218	$ 34,313
Accumulated benefit obligation	34,218	34,313
Fair value of plan assets	$ 37,094	$ 35,068

SCHEDULE OF NET BENEFIT COSTS (

SCHEDULE OF NET BENEFIT COSTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Cost of benefits earned
Interest cost on benefit obligation	1,797	1,218	1,120
Expected return on plan assets	(2,439)	(3,152)	(2,970)
Amortization of prior-service costs
Recognized net actuarial loss	82		335
Net periodic benefit cost	(560)	(1,934)	(1,515)
Other Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Cost of benefits earned	91	180	203
Interest cost on benefit obligation	196	153	165
Expected return on plan assets
Amortization of prior-service costs	(722)	(722)	(722)
Recognized net actuarial loss	(111)	(27)
Net periodic benefit cost	$ (546)	$ (416)	$ (354)

SCHEDULE OF ASSUMPTIONS USED (D

SCHEDULE OF ASSUMPTIONS USED (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Plan [Member] | Benefit Obligations [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate	5.10%	5.45%
Pension Plan [Member] | Net Periodic Benefit Cost [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate	5.45%	2.80%	2.35%
Defined benefit plan, assumptions used calculating net periodic benefit cost, expected long-term rate of return on plan assets	7.25%	7.25%	7.25%
Other Pension Plan [Member] | Benefit Obligations [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate	5.30%	5.65%
Other Pension Plan [Member] | Net Periodic Benefit Cost [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, assumptions used calculating net periodic benefit cost, discount rate	5.65%	3.10%	2.90%

SCHEDULE OF EXPECTED BENEFIT PA

SCHEDULE OF EXPECTED BENEFIT PAYMENTS (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2024	$ 3,010
2025	3,059
2026	3,055
2027	3,004
2028	2,936
2029-2033	13,328
Total	28,392
Other Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2024	222
2025	212
2026	220
2027	226
2028	230
2029-2033	1,200
Total	$ 2,310

SCHEDULE OF CHANGES IN FAIR VAL

SCHEDULE OF CHANGES IN FAIR VALUE OF PLAN ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 37,094	$ 35,068
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	779	659
Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	14,023	12,744
Small Company - Mid Value [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	2,282	2,140
Small Company - Mid Growth [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	2,408	2,099
International Value [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	2,750	2,625
International Growth [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	2,829	2,694
Short Term Bond Fund [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	5,936	5,973
Intermediate Term Bond Fund [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	6,061	6,111
Small Company Mid Value Prefeered Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 26	$ 23

PENSION, OTHER POSTRETIREMENT_3

PENSION, OTHER POSTRETIREMENT BENEFIT PLANS AND BENEFIT LIABILITIES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	6.50%
Increase declining to an ultimate trend rate	4.75%
Defined contribution plan, employer discretionary contribution amount	$ 3,170	$ 3,304	$ 2,415
Deferred compensation	6,661	7,177
Other liabilities current	$ 1,496	612
Other Liabilities [Member]
Defined Benefit Plan Disclosure [Line Items]
Accounts payable		1,006
Other liabilities current		6,171
Alaska Tanker Company, LLC [Member]
Defined Benefit Plan Disclosure [Line Items]
Performance bonuses salary	100%
Annual installments	20 years
Defined Benefit Plan, Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, target allocation, percentage	5%
Minimum [Member] | Alaska Tanker Company, LLC [Member]
Defined Benefit Plan Disclosure [Line Items]
Performance bonuses salary	5%
Minimum [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, target allocation, percentage	55%
Minimum [Member] | Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, target allocation, percentage	25%
Maximum [Member] | Alaska Tanker Company, LLC [Member]
Defined Benefit Plan Disclosure [Line Items]
Performance bonuses salary	50%
Maximum [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, target allocation, percentage	75%
Maximum [Member] | Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, target allocation, percentage	45%
MEBA Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Withdrawal liability		$ 31,281
AMO Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Withdrawal liability	$ 0			$ 18,475
Maritrans Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer contributions			$ 160

SCHEDULE OF OTHER NONOPERATING

SCHEDULE OF OTHER NONOPERATING INCOME (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Interest		$ 3,959	$ 840	$ 5
Change in investment value		611	60	(241)
Investment income		4,570	900	(236)
Pension and postretirement items	[1]	1,290	2,582	2,157
Gain on prepayment of deferred payment obligations		912
Miscellaneous-net		(106)	(155)	64
Other income/(expense), net		$ 6,666	$ 3,327	$ 1,985
[1]The Company includes the service cost component for net periodic benefit cost/(income) in vessel expenses and general and administrative expenses and other components in other income, net on the consolidated statements of operations.