Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-06479 | |
Entity Registrant Name | OVERSEAS SHIPHOLDING GROUP, INC. | |
Entity Central Index Key | 0000075208 | |
Entity Tax Identification Number | 13-2637623 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 302 Knights Run Avenue | |
Entity Address, City or Town | Tampa | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33602 | |
City Area Code | (813) | |
Local Phone Number | 209-0600 | |
Title of 12(b) Security | Class A Common Stock (par value $0.01 per share) | |
Trading Symbol | OSG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 72,030,977 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 82,203 | $ 76,257 |
Investment security to be held to maturity | 14,950 | 14,900 |
Voyage receivables, including unbilled of $4,081 and $4,976, net of reserve for credit losses | 9,415 | 17,362 |
Income tax recoverable | 447 | 407 |
Other receivables | 2,275 | 3,140 |
Inventories, prepaid expenses and other current assets | 6,682 | 2,522 |
Total Current Assets | 115,972 | 114,588 |
Vessels and other property, less accumulated depreciation and amortization | 695,633 | 699,032 |
Deferred drydock expenditures, net | 45,680 | 44,827 |
Total Vessels, Deferred Drydock and Other Property | 741,313 | 743,859 |
Intangible assets, less accumulated amortization | 12,267 | 13,417 |
Operating lease right-of-use assets | 192,636 | 172,703 |
Other assets | 34,652 | 34,317 |
Total Assets | 1,096,840 | 1,078,884 |
Current Liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 53,165 | 60,911 |
Current installments of long-term debt | 56,205 | 43,305 |
Current portion of operating lease liabilities | 64,779 | 65,272 |
Total Current Liabilities | 174,149 | 169,488 |
Reserve for uncertain tax positions | 295 | 285 |
Long-term debt, net | 338,215 | 357,406 |
Deferred income taxes, net | 82,511 | 79,373 |
Noncurrent operating lease liabilities | 128,191 | 107,911 |
Other liabilities | 10,605 | 10,368 |
Total Liabilities | 733,966 | 724,831 |
Equity: | ||
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 90,323,906 and 89,545,535 shares issued; 71,724,847 and 70,946,476 shares outstanding) | 903 | 895 |
Paid-in additional capital | 587,087 | 588,361 |
Accumulated deficit | (164,534) | (174,825) |
Treasury stock, 18,599,059 shares at cost | (64,380) | (64,380) |
Stockholder’s Equity Subtotal | 359,076 | 350,051 |
Accumulated other comprehensive income | 3,798 | 4,002 |
Total Equity | 362,874 | 354,053 |
Total Liabilities and Equity | $ 1,096,840 | $ 1,078,884 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Unbilled receivable | $ 4,081 | $ 4,976 |
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 | 90,323,906 | 89,545,535 |
Class A common stock, shares outstanding | 71,724,847 | 70,946,476 |
Treasury stock, shares | 18,599,059 | 18,599,059 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Shipping Revenues: | ||
Total shipping revenues | $ 117,497 | $ 113,791 |
Operating Expenses: | ||
Voyage expenses | 6,805 | 9,056 |
Vessel expenses | 42,038 | 42,571 |
Charter hire expenses | 16,818 | 15,737 |
Depreciation and amortization | 17,994 | 16,048 |
General and administrative | 10,354 | 7,843 |
Total operating expenses | 94,009 | 91,255 |
Operating income | 23,488 | 22,536 |
Other income, net | 1,235 | 1,080 |
Income before interest expense and income taxes | 24,723 | 23,616 |
Interest expense, net | (6,782) | (8,156) |
Income before income taxes | 17,941 | 15,460 |
Income tax expense | (3,300) | (3,321) |
Net income | $ 14,641 | $ 12,139 |
Weighted Average Number of Common Shares Outstanding: | ||
Basic - Class A | 71,901,503 | 82,006,666 |
Diluted - Class A | 75,159,109 | 85,340,906 |
Per Share Amounts: | ||
Basic net income - Class A | $ 0.20 | $ 0.15 |
Diluted net income - Class A | $ 0.19 | $ 0.14 |
Time and Bareboat Charter Revenues [Member] | ||
Shipping Revenues: | ||
Total shipping revenues | $ 95,931 | $ 84,140 |
Voyage Charter Revenues [Member] | ||
Shipping Revenues: | ||
Total shipping revenues | $ 21,566 | $ 29,651 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Net income | $ 14,641 | $ 12,139 |
Defined benefit pension and other postretirement benefit plans: | ||
Net change in unrecognized prior service costs | (179) | (208) |
Net change in unrecognized actuarial losses | (25) | 16 |
Other comprehensive loss | (204) | (192) |
Comprehensive income | $ 14,437 | $ 11,947 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities: | ||
Net income | $ 14,641 | $ 12,139 |
Items included in net income not affecting cash flows: | ||
Depreciation and amortization | 17,994 | 16,048 |
Amortization of debt discount and other deferred financing costs | 283 | 282 |
Compensation relating to restricted stock awards and stock option grants | 918 | 800 |
Deferred income tax expense | 3,148 | 3,287 |
Interest on finance lease liabilities | 370 | |
Non-cash operating lease expense | 16,986 | 15,892 |
Payments for drydocking | (5,456) | (1,918) |
Operating lease liabilities | (17,133) | (16,292) |
Changes in operating assets and liabilities, net | (6,638) | 5,088 |
Net cash provided by operating activities | 24,743 | 35,696 |
Cash Flows from Investing Activities: | ||
Expenditures for vessels and vessel improvements | (5,782) | (454) |
Net cash used in investing activities | (5,782) | (454) |
Cash Flows from Financing Activities: | ||
Payments on debt | (6,571) | (5,787) |
Tax withholding on share-based awards | (2,184) | (1,168) |
Dividends paid | (4,256) | |
Deferred financing costs paid for debt amendments | (4) | (40) |
Payments on principal portion of finance lease liabilities | (1,026) | |
Purchases of treasury stock and Class A warrants | (1,862) | |
Net cash used in financing activities | (13,015) | (9,883) |
Net increase in cash and cash equivalents | 5,946 | 25,359 |
Cash and cash equivalents at beginning of period | 76,257 | 78,732 |
Cash and cash equivalents at end of period | $ 82,203 | $ 104,091 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | [1] | Additional Paid-in Capital [Member] | [2] | Retained Earnings [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | [3] | Total |
Balance at Dec. 31, 2022 | $ 883 | $ 597,455 | $ (233,023) | $ (29,040) | $ 3,410 | $ 339,685 | |||
Net income | 12,139 | 12,139 | |||||||
Other comprehensive loss | (192) | (192) | |||||||
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | 8 | (1,176) | (1,168) | ||||||
Compensation related to Class A restricted stock awards | 800 | 800 | |||||||
Conversion of Class A warrants to Class A common stock | 1 | (1) | |||||||
Purchases of treasury stock | (1,862) | (1,862) | |||||||
Balance at Mar. 31, 2023 | 892 | 597,078 | (220,884) | (30,902) | 3,218 | 349,402 | |||
Balance at Dec. 31, 2023 | 895 | 588,361 | (174,825) | (64,380) | 4,002 | 354,053 | |||
Net income | 14,641 | 14,641 | |||||||
Other comprehensive loss | (204) | (204) | |||||||
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | 8 | (2,192) | (2,184) | ||||||
Compensation related to Class A restricted stock awards | 918 | 918 | |||||||
Dividends declared | (4,350) | (4,350) | |||||||
Balance at Mar. 31, 2024 | $ 903 | $ 587,087 | $ (164,534) | $ (64,380) | $ 3,798 | $ 362,874 | |||
[1]Par value $ 0.01 166,666,666 90,323,906 89,191,275 71,724,847 78,693,369 4,229,904 18,372,136 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2024 | Mar. 31, 2023 |
Statement of Stockholders' Equity [Abstract] | ||
Class A common stock, par value | $ 0.01 | $ 0.01 |
Class A common stock, shares authorized | 166,666,666 | 166,666,666 |
Class A common stock, shares issued | 90,323,906 | 89,191,275 |
Class A common stock, shares outstanding | 71,724,847 | 78,693,369 |
Class A warrants outstanding | 4,229,904 | 18,372,136 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 — Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Overseas Shipholding Group, Inc., a Delaware corporation (the “Parent Company”), and its wholly owned subsidiaries (collectively, the “Company” or “OSG”, “we”, “us” or “our”). The Company owns and operates a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and refined petroleum products in the U.S. Flag trade. These financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the results have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other period. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “Form 10-K”). |
Recently Adopted and Issued Acc
Recently Adopted and Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Adopted and Issued Accounting Standards | Note 2 — Recently Adopted and Issued Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3 - Revenue Recognition Disaggregated Revenue The Company has disaggregated revenue from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The disaggregation below is based on contract type. Since the terms within these contract types are generally standard in nature, the Company does not believe that further disaggregation would result in increased insight into the economic factors impacting revenue and cash flows. The following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the three months ended March 31, 2024 and 2023: Schedule of Disaggregation of Revenue 2024 2023 Three Months Ended 2024 2023 Time and bareboat charter revenues $ 95,931 $ 84,140 Voyage charter revenues (1) 3,558 13,789 Contracts of affreightment (“COA”) revenues 18,008 15,862 Total shipping revenues $ 117,497 $ 113,791 (1) For the three months ended March 31, 2024, the Company did not have any revenue related to short-term time charter contracts, which are time charter contracts for periods of less than 90 days, included in voyage charter revenues. For the three months ended March 31, 2023, voyage charter revenues include revenue related to short-term time charter contracts of $ 119 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Voyage Receivables As of March 31, 2024 and December 31, 2023, contract balances from contracts with customers consisted of voyage receivables of $ 4,386 7,768 Transaction Price Allocated to the Remaining Performance Obligations As of March 31, 2024, the Company expects to recognize revenue of approximately $ 36,653 14,608 |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Per Share Amounts: | |
Earnings per Common Share | Note 4 — Earnings per Common Share Basic earnings per common share is computed by dividing earnings by the weighted average number of common shares outstanding during the period. As management deems the exercise price for the Class A warrants of $ 0.01 The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units (“RSUs”). Participating securities are defined by ASC 260 , Earnings Per Share Class A As of March 31, 2024, there were 2,630,665 1,478,756 3,307,804 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 2024 2023 Three Months Ended 2024 2023 Net income $ 14,641 $ 12,139 Weighted average common shares outstanding: Class A common stock - basic 71,901,503 82,006,666 Class A common stock - diluted 75,159,109 85,340,906 For the three months ended March 31, 2024 and 2023, there were dilutive equity awards outstanding covering 3,257,606 3,334,240 no 297,818 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS |
Investment in Security to be He
Investment in Security to be Held to Maturity | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment in Security to be Held to Maturity | Note 5 — Investment in Security to be Held to Maturity In July 2022, the Company purchased a $ 15,000 14,794 August 15, 2024 Schedule of Fair Value of the U.S. Treasury Note March 31, 2024 Amortized Cost Gross Unrealized Loss Fair Value U.S. Treasury Note $ 14,950 $ (114 ) $ 14,836 $ 14,950 $ (114 ) $ 14,836 December 31, 2023 Amortized Cost Gross Unrealized Loss Fair Value U.S. Treasury Note $ 14,900 $ (148 ) $ 14,752 $ 14,900 $ (148 ) $ 14,752 Other-Than-Temporarily Impaired (“OTTI”) The Company performed a quarterly review of the U.S. Treasury Note in order to determine whether the decline in fair value below the amortized cost basis was considered other-than-temporary in accordance with applicable guidance. At March 31, 2024, the Company determined that the unrealized loss on the U.S. Treasury Note was primarily due to increases in interest rates. Therefore, there was no OTTI loss recognized during the three months ended March 31, 2024 or for the year ended December 31, 2023. |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Fair Value Disclosures | Note 6 — Fair Value Measurements and Fair Value Disclosures The following methods and assumptions are used to estimate the fair value of each class of financial instrument: Cash and cash equivalents — U.S. Treasury Note — Debt— ASC 820, Fair Value Measurements and Disclosures The levels of the fair value hierarchy established by ASC 820 are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS Financial Instruments that are not Measured at Fair Value on a Recurring Basis The estimated fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: Schedule of Financial Instruments Not Measured at Fair Value on a Recurring Basis Carrying Fair Value Value Level 1 Level 2 March 31, 2024: Assets Cash and cash equivalents $ 82,203 $ 82,203 $ — U.S. Treasury Note 14,950 14,836 — Total $ 97,153 $ 97,039 $ — Liabilities Term loan, due 2024, net $ 18,587 $ — $ 18,292 Alaska tankers term loan, due 2025, net 18,751 — 18,027 OSG 204 LLC term loan, due 2025, net 23,357 — 22,587 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 41,597 — 38,504 Term loan, due 2028, net 292,128 — 281,008 Total $ 394,420 $ — $ 378,418 Carrying Fair Value Value 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 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. For the three months ended March 31, 2024, the Company concluded that the forward contracts and options were effective at hedging the scheduled payments. Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Vessel and Intangible Assets Impairments During the first quarter of 2024, the Company considered whether events or changes in circumstances had occurred since December 31, 2023 that could indicate whether the carrying amounts of the vessels, including operating right-of-use assets, in the Company’s fleet, and whether the carrying value of the Company’s intangible assets, may not be recoverable as of March 31, 2024. The Company concluded that no such events or changes in circumstances had occurred. |
Taxes
Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Taxes | Note 7 — Taxes For the three months ended March 31, 2024 and 2023, the Company recorded income tax expense of $ 3,300 3,321 18.4% 21.5% OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS |
Capital Stock and Stock Compens
Capital Stock and Stock Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Capital Stock and Stock Compensation | Note 8 — Capital Stock and Stock Compensation Warrant Conversions During the three months ended March 31, 2024 and 2023, the Company issued 5,884 128,706 31,015 679,642 Dividends In March 2024 the Company’s Board of Directors declared a cash dividend of $ 0.06 4,350 Stock Compensation The Company accounts for stock compensation expense in accordance with the fair value-based method required by ASC 718, Compensation – Stock Compensation Management Compensation — Restricted Stock Units During the three months ended March 31, 2024 and 2023, the Company granted RSUs to its employees, including senior officers, covering 350,252 584,922 5.05 2.90 During the three months ended March 31, 2024 and 2023, the Company awarded performance-based RSUs to its senior officers covering 240,850 416,832 361,275 625,248 5.05 2.90 During the three months ended March 31, 2024 and 2023, in connection with the vesting of RSUs, the Company withheld 362,171 333,085 6.03 3.51 OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Note 9 — Accumulated Other Comprehensive Income The components of accumulated other comprehensive income, net of related taxes, in the condensed consolidated balance sheets follow: Schedule of Components of Accumulated Other Comprehensive Income As of March 31, 2024 December 31, 2023 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ 3,798 $ 4,002 Accumulated other comprehensive income $ 3,798 $ 4,002 The following table presents the changes in the balances of each component of accumulated other comprehensive income, net of related taxes, during the three months ended March 31, 2024 and 2023: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Income Items not yet recognized as a Balance as of December 31, 2023 $ 4,002 Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (204 ) Total change in accumulated other comprehensive income (204 ) Balance as of March 31, 2024 $ 3,798 Balance as of December 31, 2022 $ 3,410 Current period change, excluding amounts reclassified from accumulated other comprehensive loss — Amounts reclassified from accumulated other comprehensive income (192 ) Total change in accumulated other comprehensive income (192 ) Balance as of March 31, 2023 $ 3,218 The Company includes the service cost component for net periodic benefit cost/(income) in vessel expenses and general and administrative expenses and other components in other (expense)/income, net on the condensed consolidated statements of operations. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Note 10 — Leases In March 2024, the Company exercised its first option to extend the bareboat charter of the Overseas Tampa 7,061 9,371 9,371 9,371 9,397 14,019 34,003 Charters-out The Company is the lessor under its time charter contracts. Total time charter revenue for the three months ended March 31, 2024 was equal to income from lease payments of $ 95,566 365 84,434 294 450,907 448,663 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 March 31, 2024 Amount 2024 $ 294,428 2025 306,517 2026 171,306 2027 64,559 2028 — Thereafter — Net minimum lease receipts $ 836,810 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. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Note 11 — Contingencies The Company is a party, as plaintiff or defendant, to various suits in the ordinary course of business for monetary relief arising principally from personal injuries (including exposure to asbestos and other toxic materials), wrongful death, collision or other casualty and to claims arising under charter parties. A substantial majority of such personal injury, wrongful death, collision or other casualty claims against the Company are covered by insurance (subject to deductibles not material in amount). In the opinion of management, none of these claims, individually or in the aggregate, are expected to be material to the Company’s financial position, results of operations and cash flows. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the three months ended March 31, 2024 and 2023: Schedule of Disaggregation of Revenue 2024 2023 Three Months Ended 2024 2023 Time and bareboat charter revenues $ 95,931 $ 84,140 Voyage charter revenues (1) 3,558 13,789 Contracts of affreightment (“COA”) revenues 18,008 15,862 Total shipping revenues $ 117,497 $ 113,791 (1) For the three months ended March 31, 2024, the Company did not have any revenue related to short-term time charter contracts, which are time charter contracts for periods of less than 90 days, included in voyage charter revenues. For the three months ended March 31, 2023, voyage charter revenues include revenue related to short-term time charter contracts of $ 119 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 2024 2023 Three Months Ended 2024 2023 Net income $ 14,641 $ 12,139 Weighted average common shares outstanding: Class A common stock - basic 71,901,503 82,006,666 Class A common stock - diluted 75,159,109 85,340,906 |
Investment in Security to be _2
Investment in Security to be Held to Maturity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Fair Value of the U.S. Treasury Note | Schedule of Fair Value of the U.S. Treasury Note March 31, 2024 Amortized Cost Gross Unrealized Loss Fair Value U.S. Treasury Note $ 14,950 $ (114 ) $ 14,836 $ 14,950 $ (114 ) $ 14,836 December 31, 2023 Amortized Cost Gross Unrealized Loss Fair Value U.S. Treasury Note $ 14,900 $ (148 ) $ 14,752 $ 14,900 $ (148 ) $ 14,752 |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, are as follows: Schedule of Financial Instruments Not Measured at Fair Value on a Recurring Basis Carrying Fair Value Value Level 1 Level 2 March 31, 2024: Assets Cash and cash equivalents $ 82,203 $ 82,203 $ — U.S. Treasury Note 14,950 14,836 — Total $ 97,153 $ 97,039 $ — Liabilities Term loan, due 2024, net $ 18,587 $ — $ 18,292 Alaska tankers term loan, due 2025, net 18,751 — 18,027 OSG 204 LLC term loan, due 2025, net 23,357 — 22,587 OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net 41,597 — 38,504 Term loan, due 2028, net 292,128 — 281,008 Total $ 394,420 $ — $ 378,418 Carrying Fair Value Value 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 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income, net of related taxes, in the condensed consolidated balance sheets follow: Schedule of Components of Accumulated Other Comprehensive Income As of March 31, 2024 December 31, 2023 Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) $ 3,798 $ 4,002 Accumulated other comprehensive income $ 3,798 $ 4,002 |
Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Income | The following table presents the changes in the balances of each component of accumulated other comprehensive income, net of related taxes, during the three months ended March 31, 2024 and 2023: Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Income Items not yet recognized as a Balance as of December 31, 2023 $ 4,002 Current period change, excluding amounts reclassified from accumulated other comprehensive income — Amounts reclassified from accumulated other comprehensive income (204 ) Total change in accumulated other comprehensive income (204 ) Balance as of March 31, 2024 $ 3,798 Balance as of December 31, 2022 $ 3,410 Current period change, excluding amounts reclassified from accumulated other comprehensive loss — Amounts reclassified from accumulated other comprehensive income (192 ) Total change in accumulated other comprehensive income (192 ) Balance as of March 31, 2023 $ 3,218 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
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 March 31, 2024 Amount 2024 $ 294,428 2025 306,517 2026 171,306 2027 64,559 2028 — Thereafter — Net minimum lease receipts $ 836,810 |
Schedule of Disaggregation of R
Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Disaggregation of Revenue [Line Items] | |||
Total shipping revenues | $ 117,497 | $ 113,791 | |
Time and Bareboat Charter Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total shipping revenues | 95,931 | 84,140 | |
Voyage Charter Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total shipping revenues | [1] | 3,558 | 13,789 |
Contracts of Affreightment ("COA") Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total shipping revenues | $ 18,008 | $ 15,862 | |
[1]For the three months ended March 31, 2024, the Company did not have any revenue related to short-term time charter contracts, which are time charter contracts for periods of less than 90 days, included in voyage charter revenues. For the three months ended March 31, 2023, voyage charter revenues include revenue related to short-term time charter contracts of $ 119 |
Schedule of Disaggregation of_2
Schedule of Disaggregation of Revenue (Details) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue related to short term | $ 117,497 | $ 113,791 |
Short-term Time Charter Contracts [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue related to short term | $ 119 |
Revenue Recognition (Details Na
Revenue Recognition (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Contracts with customers | $ 4,386 | $ 7,768 |
Remainder of 2024 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Revenue, remaining performance obligation, amount | 36,653 | |
2025 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Revenue, remaining performance obligation, amount | $ 14,608 |
Schedule of Earnings Per Share
Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Per Share Amounts: | ||
Net income | $ 14,641 | $ 12,139 |
Weighted average common shares outstanding: | ||
Class A common stock - basic | 71,901,503 | 82,006,666 |
Class A common stock - diluted | 75,159,109 | 85,340,906 |
Earnings per Common Share (Deta
Earnings per Common Share (Details Narrative) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Dilutive equity awards outstanding | 3,257,606 | 3,334,240 |
Antidilutive securities | 0 | 297,818 |
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 | 2,630,665 | 3,307,804 |
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 |
ClassA Warrants [Member] | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Warrant exercise price per share | $ 0.01 |
Schedule of Fair Value of the U
Schedule of Fair Value of the U.S. Treasury Note (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | $ 14,950 | $ 14,900 |
Gross unrealized Loss | (114) | (148) |
Fair value | 14,836 | 14,752 |
U.S. Treasury Note [Member] | ||
Amortized Cost | 14,950 | 14,900 |
Gross unrealized Loss | (114) | (148) |
Fair value | $ 14,836 | $ 14,752 |
Investment in Security to be _3
Investment in Security to be Held to Maturity (Details Narrative) - U.S. Treasury Note [Member] $ in Thousands | 1 Months Ended |
Jul. 31, 2022 USD ($) | |
Debt instrument face amount | $ 15,000 |
Debt instrument carrying amount | $ 14,794 |
Debt maturity date | Aug. 15, 2024 |
Schedule of Financial Instrumen
Schedule of Financial Instruments Not Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | $ 97,153 | $ 91,157 |
Liabilities fair value | 394,420 | 400,711 |
Reported Value Measurement [Member] | Term Loan, Due 2024 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities fair value | 18,587 | 18,942 |
Reported Value Measurement [Member] | Alaska Tankers Term Loan Agreement Due 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities fair value | 18,751 | 20,091 |
Reported Value Measurement [Member] | OSG 204 LLC Term Loan Agreement Due 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities fair value | 23,357 | 23,697 |
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] | ||
Liabilities fair value | 41,597 | 42,163 |
Reported Value Measurement [Member] | Term Loan, Due 2028 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities fair value | 292,128 | 295,428 |
Reported Value Measurement [Member] | Unsecured Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities fair value | 390 | |
Reported Value Measurement [Member] | Cash and Cash Equivalents [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | 82,203 | 76,257 |
Reported Value Measurement [Member] | U.S. Treasury Note [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | 14,950 | 14,900 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | 97,039 | 91,009 |
Liabilities fair value | ||
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] | ||
Liabilities fair value | ||
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] | ||
Liabilities fair value | ||
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] | ||
Liabilities fair value | ||
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] | ||
Liabilities fair value | ||
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] | ||
Liabilities fair value | ||
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] | ||
Liabilities fair value | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | ||
Liabilities fair value | 378,418 | 388,281 |
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] | ||
Liabilities fair value | 18,292 | 18,546 |
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] | ||
Liabilities fair value | 18,027 | 19,203 |
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] | ||
Liabilities fair value | 22,587 | 22,875 |
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] | ||
Liabilities fair value | 38,504 | 39,350 |
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] | ||
Liabilities fair value | 281,008 | 287,918 |
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] | ||
Liabilities fair value | 389 | |
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] | ||
Assets fair value | 82,203 | 76,257 |
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] | ||
Assets fair value | ||
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] | ||
Assets fair value | 14,836 | 14,752 |
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] | ||
Assets fair value |
Taxes (Details Narrative)
Taxes (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 3,300 | $ 3,321 |
Effective income tax rate | 18.40% | 21.50% |
Schedule of Components of Accum
Schedule of Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Equity [Abstract] | ||
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) | $ 3,798 | $ 4,002 |
Accumulated other comprehensive income | $ 3,798 | $ 4,002 |
Schedule of Changes in Balances
Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 4,002 | |
Ending balance | 3,798 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 4,002 | $ 3,410 |
Current period change, excluding amounts reclassified from accumulated other comprehensive | ||
Amounts reclassified from accumulated other comprehensive income | (204) | (192) |
Total change in accumulated other comprehensive income | (204) | (192) |
Ending balance | $ 3,798 | $ 3,218 |
Capital Stock and Stock Compe_2
Capital Stock and Stock Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Apr. 30, 2024 | |
Class of Stock [Line Items] | |||
cash dividend declared | $ 0.06 | ||
Employees, Including Senior Officers [Member] | Restricted Stock Units (RSUs) [Member] | |||
Class of Stock [Line Items] | |||
Number of grants awarded during the period | 350,252 | 584,922 | |
Fair value of price per share | $ 5.05 | $ 2.90 | |
Senior Officers [Member] | Restricted Stock Units (RSUs) [Member] | |||
Class of Stock [Line Items] | |||
Number of grants awarded during the period | 240,850 | 416,832 | |
Senior Officers [Member] | Performance-Based Restricted Stock Units (RSU) [Member] | |||
Class of Stock [Line Items] | |||
Fair value of price per share | $ 5.05 | $ 2.90 | |
Senior Officers [Member] | Performance-Based Restricted Stock Units (RSU) [Member] | Maximum [Member] | |||
Class of Stock [Line Items] | |||
Maximum number of shares awarded | 361,275 | 625,248 | |
Subsequent Event [Member] | |||
Class of Stock [Line Items] | |||
Dividends payable | $ 4,350 | ||
ClassA Warrants [Member] | |||
Class of Stock [Line Items] | |||
Number of warrants exercised | 31,015 | 679,642 | |
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Number of shares newly issued | 5,884 | 128,706 | |
Number of shares withheld | 362,171 | 333,085 | |
Share price | $ 6.03 | $ 3.51 |
Schedule of Future Minimum Comm
Schedule of Future Minimum Commitments Operating Leases (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Leases [Abstract] | |
2024 | $ 294,428 |
2025 | 306,517 |
2026 | 171,306 |
2027 | 64,559 |
2028 | |
Thereafter | |
Net minimum lease receipts | $ 836,810 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Future minimum commitments, Remainder of 2024 | $ 7,061 | |
Future minimum commitments, 2025 | 9,371 | |
Future minimum commitments, 2026 | 9,371 | |
Future minimum commitments, 2027 | 9,371 | |
Future minimum commitments, 2028 | 9,397 | |
Future minimum commitments, thereafter | 14,019 | |
Non-cash operating activity, right-of-use asset and liability | 34,003 | |
Time Charter Revenue [Member] | ||
Operating lease, lease income | 95,566 | $ 84,434 |
Straight line rent adjustments | 365 | 294 |
Operating lease, residual value of leased asset | $ 450,907 | $ 448,663 |