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STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended September 30, 2023
OR
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from _____to_____
Commission
File Number: 001-06479
OVERSEAS
SHIPHOLDING GROUP, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
13-2637623 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
302
Knights Run Avenue, Tampa, Florida |
|
33602 |
(Address
of principal executive office) |
|
(Zip
Code) |
(813)
209-0600
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Class
A Common Stock (par value $0.01 per share) |
|
OSG |
|
New
York Stock Exchange |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S–T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller
reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
|
Accelerated
filer ☒ |
|
Non-accelerated
filer ☐ |
|
Smaller
reporting company ☒ |
|
|
|
|
|
|
Emerging
growth company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
APPLICABLE
ONLY TO CORPORATE ISSUERS
The
number of shares outstanding of the issuer’s Class A common stock, par value $0.01, as of November 2, 2023: 72,371,476 shares. Excluded
from this amount are warrants outstanding as of November 2, 2023 for the purchase of 809,575 shares of Class A common stock for nominal consideration.
TABLE
OF CONTENTS
OVERSEAS
SHIPHOLDING GROUP, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
DOLLARS
IN THOUSANDS
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
(unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 97,598 | | |
$ | 78,732 | |
Investment security to be held to maturity | |
| 14,900 | | |
| — | |
Voyage receivables, including unbilled of $4,862 and $11,364, net of reserve for credit losses | |
| 12,522 | | |
| 19,698 | |
Income tax receivable | |
| 696 | | |
| 1,914 | |
Other receivables | |
| 2,227 | | |
| 5,334 | |
Inventories, prepaid expenses and other current assets | |
| 3,237 | | |
| 2,668 | |
Total Current Assets | |
| 131,180 | | |
| 108,346 | |
Vessels and other property, less accumulated depreciation | |
| 679,399 | | |
| 726,179 | |
Deferred drydock expenditures, net | |
| 41,703 | | |
| 38,976 | |
Total Vessels, Other Property and Deferred Drydock | |
| 721,102 | | |
| 765,155 | |
Intangible assets, less accumulated amortization | |
| 14,567 | | |
| 18,017 | |
Operating lease right-of-use assets, net | |
| 187,135 | | |
| 206,797 | |
Investment security to be held to maturity | |
| — | | |
| 14,803 | |
Other assets | |
| 27,188 | | |
| 25,945 | |
Total Assets | |
$ | 1,081,172 | | |
$ | 1,139,063 | |
LIABILITIES AND EQUITY | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable, accrued expenses and other current liabilities | |
$ | 49,061 | | |
$ | 54,906 | |
Current portion of operating lease liabilities | |
| 67,320 | | |
| 63,288 | |
Current portion of finance lease liabilities | |
| — | | |
| 4,000 | |
Current installments of long-term debt | |
| 43,183 | | |
| 23,733 | |
Total Current Liabilities | |
| 159,564 | | |
| 145,927 | |
Reserve for uncertain tax positions | |
| 212 | | |
| 175 | |
Noncurrent operating lease liabilities | |
| 127,266 | | |
| 149,960 | |
Noncurrent finance lease liabilities | |
| — | | |
| 16,456 | |
Long-term debt | |
| 363,327 | | |
| 399,630 | |
Deferred income taxes, net | |
| 79,263 | | |
| 70,233 | |
Other liabilities | |
| 8,893 | | |
| 16,997 | |
Total Liabilities | |
| 738,525 | | |
| 799,378 | |
Equity: | |
| | | |
| | |
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 89,496,512 and 88,297,439 shares issued; 72,322,453 and 78,297,439 shares outstanding) | |
| 895 | | |
| 883 | |
Paid-in additional capital | |
| 587,447 | | |
| 597,455 | |
Accumulated deficit | |
| (190,989 | ) | |
| (233,023 | ) |
Treasury stock, 17,174,059 and 10,000,000 shares, at cost | |
| (57,540 | ) | |
| (29,040 | ) |
Stockholder’s Equity Subtotal | |
| 339,813 | | |
| 336,275 | |
Accumulated other comprehensive income | |
| 2,834 | | |
| 3,410 | |
Total Equity | |
| 342,647 | | |
| 339,685 | |
Total Liabilities and Equity | |
$ | 1,081,172 | | |
$ | 1,139,063 | |
See
notes to condensed consolidated financial statements.
OVERSEAS
SHIPHOLDING GROUP, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
DOLLARS
IN THOUSANDS, EXCEPT PER SHARE AMOUNTS
(UNAUDITED)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Shipping Revenues: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Time and bareboat charter revenues | |
$ | 93,224 | | |
$ | 92,730 | | |
$ | 264,621 | | |
$ | 232,934 | |
Voyage charter revenues | |
| 22,211 | | |
| 30,329 | | |
| 71,230 | | |
| 112,108 | |
Total shipping revenues | |
| 115,435 | | |
| 123,059 | | |
| 335,851 | | |
| 345,042 | |
Operating Expenses: | |
| | | |
| | | |
| | | |
| | |
Voyage expenses | |
| 6,858 | | |
| 7,997 | | |
| 22,413 | | |
| 32,813 | |
Vessel expenses | |
| 39,969 | | |
| 45,430 | | |
| 123,337 | | |
| 130,380 | |
Charter hire expenses | |
| 16,233 | | |
| 22,743 | | |
| 47,988 | | |
| 67,089 | |
Depreciation and amortization | |
| 17,003 | | |
| 17,902 | | |
| 49,500 | | |
| 51,058 | |
General and administrative | |
| 7,173 | | |
| 6,556 | | |
| 21,614 | | |
| 20,929 | |
Total operating expenses | |
| 87,236 | | |
| 100,628 | | |
| 264,852 | | |
| 302,269 | |
Operating income | |
| 28,199 | | |
| 22,431 | | |
| 70,999 | | |
| 42,773 | |
Other income, net | |
| 1,643 | | |
| 568 | | |
| 4,184 | | |
| 649 | |
Income before interest expense and income taxes | |
| 29,842 | | |
| 22,999 | | |
| 75,183 | | |
| 43,422 | |
Interest expense | |
| (7,779 | ) | |
| (8,229 | ) | |
| (24,019 | ) | |
| (24,869 | ) |
Net income | |
$ | 17,592 | | |
$ | 13,248 | | |
$ | 42,033 | | |
$ | 16,479 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average Number of Common Shares Outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic - Class A | |
| 78,263,667 | | |
| 88,174,640 | | |
| 80,544,607 | | |
| 87,579,624 | |
Diluted - Class A | |
| 80,700,618 | | |
| 90,349,567 | | |
| 83,233,332 | | |
| 89,211,983 | |
Per Share Amounts: | |
| | | |
| | | |
| | | |
| | |
Basic net income - Class A | |
$ | 0.22 | | |
$ | 0.15 | | |
$ | 0.52 | | |
$ | 0.19 | |
Diluted net income - Class A | |
$ | 0.22 | | |
$ | 0.15 | | |
$ | 0.51 | | |
$ | 0.18 | |
See
notes to condensed consolidated financial statements.
OVERSEAS
SHIPHOLDING GROUP, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
DOLLARS
IN THOUSANDS
(UNAUDITED)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net income | |
$ | 17,592 | | |
$ | 13,248 | | |
$ | 42,033 | | |
$ | 16,479 | |
Other comprehensive loss, net of tax: | |
| | | |
| | | |
| | | |
| | |
Defined benefit pension and other postretirement benefit plans: | |
| | | |
| | | |
| | | |
| | |
Net change in unrecognized prior service costs | |
| (181 | ) | |
| (180 | ) | |
| (542 | ) | |
| (541 | ) |
Net change in unrecognized actuarial losses | |
| (11 | ) | |
| — | | |
| (34 | ) | |
| — | |
Other comprehensive loss | |
| (192 | ) | |
| (180 | ) | |
| (576 | ) | |
| (541 | ) |
Comprehensive income | |
$ | 17,400 | | |
$ | 13,068 | | |
$ | 41,457 | | |
$ | 15,938 | |
See
notes to condensed consolidated financial statements.
OVERSEAS
SHIPHOLDING GROUP, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
DOLLARS
IN THOUSANDS
(UNAUDITED)
| |
2023 | | |
2022 | |
| |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Cash Flows from Operating Activities: | |
| | | |
| | |
Net income | |
$ | 42,033 | | |
$ | 16,479 | |
Items included in net income not affecting cash flows: | |
| | | |
| | |
Depreciation and amortization | |
| 49,500 | | |
| 51,058 | |
Amortization of debt discount and other deferred financing costs | |
| 855 | | |
| 840 | |
Compensation relating to restricted stock awards and stock option grants | |
| 2,556 | | |
| 3,237 | |
Deferred income tax expense | |
| 9,068 | | |
| 1,998 | |
Interest on finance lease liabilities | |
| 917 | | |
| 1,228 | |
Non-cash operating lease expense | |
| 48,970 | | |
| 67,769 | |
Payments for drydocking | |
| (12,862 | ) | |
| (13,896 | ) |
Operating lease liabilities | |
| (50,257 | ) | |
| (69,368 | ) |
Changes in operating assets and liabilities, net | |
| (7,730 | ) | |
| (18,166 | ) |
Net cash provided by operating activities | |
| 83,050 | | |
| 41,179 | |
Cash Flows from Investing Activities: | |
| | | |
| | |
Expenditures for vessels and vessel improvements | |
| (2,593 | ) | |
| (4,519 | ) |
Purchase of investment security to be held to maturity | |
| — | | |
| (14,794 | ) |
Net cash used in investing activities | |
| (2,593 | ) | |
| (19,313 | ) |
Cash Flows from Financing Activities: | |
| | | |
| | |
Payments on debt | |
| (17,522 | ) | |
| (16,530 | ) |
Tax withholding on share-based awards | |
| (1,168 | ) | |
| (496 | ) |
Payments on principal portion of finance lease liabilities | |
| (2,964 | ) | |
| (3,124 | ) |
Deferred financing costs paid for debt amendments | |
| (53 | ) | |
| (261 | ) |
Purchases of treasury stock and Class A warrants | |
| (39,884 | ) | |
| (11,026 | ) |
Net cash used in financing activities | |
| (61,591 | ) | |
| (31,437 | ) |
Net increase/(decrease) in cash and cash equivalents | |
| 18,866 | | |
| (9,571 | ) |
Cash and cash equivalents at beginning of period | |
| 78,732 | | |
| 83,253 | |
Cash and cash equivalents at end of period | |
$ | 97,598 | | |
$ | 73,682 | |
See
notes to condensed consolidated financial statements.
OVERSEAS
SHIPHOLDING GROUP, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
DOLLARS
IN THOUSANDS
(UNAUDITED)
| |
Common
Stock (1) | | |
Paid-in
Additional Capital (2) | | |
Accumulated Deficit | | |
Treasury Stock | | |
Accumulated
Other Comprehensive Income (3) | | |
Total | |
Balance at December 31, 2021 | |
$ | 872 | | |
$ | 594,386 | | |
$ | (259,587 | ) | |
$ | — | | |
$ | 2,943 | | |
$ | 338,614 | |
Net loss | |
| — | | |
| — | | |
| (509 | ) | |
| — | | |
| — | | |
| (509 | ) |
Other comprehensive loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (180 | ) | |
| (180 | ) |
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | |
| 5 | | |
| (375 | ) | |
| — | | |
| — | | |
| — | | |
| (370 | ) |
Compensation related to Class A restricted stock awards | |
| — | | |
| 656 | | |
| — | | |
| — | | |
| — | | |
| 656 | |
Balance at March 31, 2022 | |
| 877 | | |
| 594,667 | | |
| (260,096 | ) | |
| — | | |
| 2,763 | | |
| 338,211 | |
Net income | |
| — | | |
| — | | |
| 3,740 | | |
| — | | |
| — | | |
| 3,740 | |
Other comprehensive loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (181 | ) | |
| (181 | ) |
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | |
| 3 | | |
| (3 | ) | |
| — | | |
| — | | |
| — | | |
| — | |
Compensation related to Class A restricted stock awards | |
| — | | |
| 1,735 | | |
| — | | |
| — | | |
| — | | |
| 1,735 | |
Purchases under the stock repurchase program | |
| — | | |
| — | | |
| — | | |
| (310 | ) | |
| — | | |
| (310 | ) |
Balance at June 30, 2022 | |
| 880 | | |
| 596,399 | | |
| (256,356 | ) | |
| (310 | ) | |
| 2,582 | | |
| 343,195 | |
Net income | |
| — | | |
| — | | |
| 13,248 | | |
| — | | |
| — | | |
| 13,248 | |
Other comprehensive loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (180 | ) | |
| (180 | ) |
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | |
| 3 | | |
| (128 | ) | |
| — | | |
| — | | |
| — | | |
| (125 | ) |
Compensation related to Class A restricted stock awards | |
| — | | |
| 846 | | |
| — | | |
| — | | |
| — | | |
| 846 | |
Purchases under the stock repurchase program | |
| — | | |
| — | | |
| — | | |
| (10,716 | ) | |
| — | | |
| (10,716 | ) |
Balance at September 30, 2022 | |
$ | 883 | | |
$ | 597,117 | | |
$ | (243,108 | ) | |
$ | (11,026 | ) | |
$ | 2,402 | | |
$ | 346,268 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at December 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 March 31, 2023 | |
| 892 | | |
| 597,078 | | |
| (220,884 | ) | |
| (30,902 | ) | |
| 3,218 | | |
| 349,402 | |
Net income | |
| — | | |
| — | | |
| 12,303 | | |
| — | | |
| — | | |
| 12,303 | |
Other comprehensive loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (192 | ) | |
| (192 | ) |
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | |
| 3 | | |
| (3 | ) | |
| — | | |
| — | | |
| — | | |
| — | |
Compensation related to Class A restricted stock awards | |
| — | | |
| 862 | | |
| — | | |
| — | | |
| — | | |
| 862 | |
Conversion of Class A warrants to Class A common stock | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Purchases of treasury stock | |
| — | | |
| — | | |
| — | | |
| (7,985 | ) | |
| — | | |
| (7,985 | ) |
Balance at June 30, 2023 | |
| 895 | | |
| 597,937 | | |
| (208,581 | ) | |
| (38,887 | ) | |
| 3,026 | | |
| 354,390 | |
Net income | |
| — | | |
| — | | |
| 17,592 | | |
| — | | |
| — | | |
| 17,592 | |
Other comprehensive loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| (192 | ) | |
| (192 | ) |
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Compensation related to Class A restricted stock awards | |
| — | | |
| 894 | | |
| — | | |
| — | | |
| — | | |
| 894 | |
Conversion of Class A warrants to Class A common stock | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Purchases of treasury stock | |
| — | | |
| — | | |
| — | | |
| (18,653 | ) | |
| — | | |
| (18,653 | ) |
Purchase of Class A warrants | |
| — | | |
| (11,384 | ) | |
| — | | |
| — | | |
| — | | |
| (11,384 | ) |
Balance at September 30, 2023 | |
$ | 895 | | |
$ | 587,447 | | |
$ | (190,989 | ) | |
$ | (57,540 | ) | |
$ | 2,834 | | |
$ | 342,647 | |
See
notes to condensed consolidated financial statements.
OVERSEAS
SHIPHOLDING GROUP, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
DOLLARS
IN THOUSANDS, EXCEPT PER SHARE AMOUNTS
Note
1 — Basis of Presentation
The
accompanying unaudited condensed consolidated financial statements include the accounts of Overseas Shipholding Group, Inc., a Delaware
corporation (the “Parent Company”), and its wholly owned subsidiaries (collectively, the “Company” or “OSG”,
“we”, “us” or “our”). The Company owns and operates a fleet of oceangoing vessels engaged primarily
in the transportation of crude oil and refined petroleum products in the U.S. Flag trade.
These
financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required
by generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair statement of the results have been included. Operating results
for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year
ending December 31, 2023 or for any other period.
The
condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but
does not include all of the information and notes required by GAAP for complete financial statements. For further information, refer
to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2022 (the “Form 10-K”).
Note
2 — Recently Issued Accounting Standards
In
November 2019, the Financial Accounting Standards Board issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326),
Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which allows a two-bucket approach for determining the
effective dates of these accounting standards. Under this approach, the buckets would be defined as follows:
Bucket
1— All public business entities (“PBEs”) that are SEC filers (as defined in GAAP), excluding smaller reporting companies
(“SRCs”) (as defined by the Securities and Exchange Commission (“SEC”). This standard became effective January
1, 2020.
Bucket
2— All other entities, including SRCs, other PBEs that are not SEC filers, private companies, not-for-profit organizations, and
employee benefit plans. This standard became effective January 1, 2023.
At
June 30, 2019, the evaluation date for purposes of determining the applicability of the Bucket 2 credit losses standard, the Company
met the SEC definition of a smaller reporting company. The Company adopted that standard on January 1, 2023. The adoption of the standard
did not have a material impact on the Company’s consolidated financial statements.
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 and nine
months ended September 30, 2023 and 2022:
Schedule of Disaggregation of Revenue
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Time and bareboat charter revenues | |
$ | 93,224 | | |
$ | 92,730 | | |
$ | 264,621 | | |
$ | 232,934 | |
Voyage charter revenues (1) | |
| 8,421 | | |
| 17,665 | | |
| 28,864 | | |
| 73,036 | |
Contracts of affreightment (“COA”) revenues | |
| 13,790 | | |
| 12,664 | | |
| 42,366 | | |
| 39,072 | |
Total shipping revenues | |
$ | 115,435 | | |
$ | 123,059 | | |
$ | 335,851 | | |
$ | 345,042 | |
(1) |
. For the three and nine months
ended September 30, 2022, voyage charter revenues include revenue related to short-term time charter contracts of $11,406
and $28,004,
respectively. |
Voyage
Receivables
As
of September 30, 2023 and December 31, 2022, contract balances from contracts with customers consisted of voyage receivables of $9,317
and $9,258, respectively, net of reserves for credit losses for voyage charters and lightering contracts, which were not material.
OVERSEAS
SHIPHOLDING GROUP, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
DOLLARS
IN THOUSANDS, EXCEPT PER SHARE AMOUNTS
Transaction
Price Allocated to the Remaining Performance Obligations
As
of September 30, 2023, the Company expects to recognize revenue of approximately $11,779 for the remainder of 2023, $47,578 for 2024
and $14,608 for 2025 under COAs. These estimated amounts relate to the fixed consideration of contractual minimums within the contracts
based on the Company’s estimate of future services.
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 per share to be nominal, warrant proceeds are ignored, and the
shares issuable upon exercises of Class A warrants are included in the calculation of basic weighted average common shares outstanding
for all periods.
The
computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted
stock units. Participating securities are defined by ASC 260, Earnings Per Share, as unvested share-based payment awards that
contain non-forfeitable rights to dividends or dividend equivalents and are included in the computation of earnings per share pursuant
to the two-class method.
Class
A
As
of September 30, 2023, there were 3,180,728 shares of Class A common stock issuable under outstanding restricted stock units and 1,478,756
shares of Class A common stock issuable under outstanding options, both of which are considered to be potentially dilutive securities.
As of September 30, 2022, there were 3,677,942 shares of Class A common stock issuable under outstanding restricted stock units and 1,478,756
shares of Class A common stock issuable under outstanding options, both of which are considered to be potentially dilutive securities.
The
components of the calculation of basic earnings per share and diluted earnings per share are as follows:
Schedule of Earnings Per Share
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net income | |
$ | 17,592 | | |
$ | 13,248 | | |
$ | 42,033 | | |
$ | 16,479 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Class A common stock - basic | |
| 78,263,667 | | |
| 88,174,640 | | |
| 80,544,607 | | |
| 87,579,624 | |
Class A common stock - diluted | |
| 80,700,618 | | |
| 90,349,567 | | |
| 83,233,332 | | |
| 89,211,983 | |
For
the three and nine months ended September 30, 2023, there were dilutive equity awards outstanding covering 2,436,951 and 2,688,725 shares,
respectively. Awards of 297,818 and 322,510 shares (related to stock options), respectively, were not included in the computation of diluted earnings
per share because inclusion of these awards would be anti-dilutive for the three and nine months ended September 30, 2023. For the three
and nine months ended September 30, 2022, there were dilutive equity awards outstanding covering 2,174,927 and 1,632,359 shares, respectively.
Awards of 371,893 and 609,956 shares (related to restricted stock units and stock options), respectively, were not included in the computation of diluted
earnings per share because inclusion of these awards would be anti-dilutive for the three and nine months ended September 30, 2022.
OVERSEAS
SHIPHOLDING GROUP, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
DOLLARS
IN THOUSANDS, EXCEPT PER SHARE AMOUNTS
Note
5 — Investment in Security to be Held to Maturity
In
July 2022, the Company purchased a $15,000 U.S. Treasury Note for $14,794, with a maturity date of August 15, 2024. The U.S. Treasury
Note is classified as investment in security to be held to maturity and is carried at amortized cost on the condensed consolidated balance
sheets, as the Company has the intent and ability to hold until maturity. The amortized cost, gross unrealized loss and fair value of
the U.S. Treasury Note at September 30, 2023 and December 31, 2022 was as follows:
Schedule
of Fair Value of U.S. Treasury Note
September 30, 2023 | |
Amortized
Cost | | |
Gross Unrealized
Loss | | |
Fair Value | |
U.S. Treasury Note | |
$ | 14,900 | | |
$ | (298 | ) | |
$ | 14,602 | |
| |
$ | 14,900 | | |
$ | (298 | ) | |
$ | 14,602 | |
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 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 September 30, 2023, the Company determined
that the unrealized loss on the U.S. Treasury Note was primarily due to increases in interest rates. Therefore, there was no OTTI loss
recognized during the three and nine months ended September 30, 2023 or three months ended December 31, 2022.
Note
6 — Fair Value Measurements and Fair Value Disclosures
The
following methods and assumptions are used to estimate the fair value of each class of financial instrument:
Cash
and cash equivalents and restricted cash— The carrying amounts reported in the condensed consolidated balance sheet for interest-bearing
deposits approximate fair value. Investments in trading securities consist of equity securities and were measured using quoted market
prices at the reporting date.
U.S.
Treasury Note — The fair value of the U.S. Treasury Note is based on a quoted market price in an active market.
Debt—
The fair values of the publicly traded and non-public debt held by the Company are estimated based on similar instruments.
ASC
820, Fair Value Measurements and Disclosures, relating to fair value measurements, defines fair value and establishes a framework
for measuring fair value. The ASC 820 fair value hierarchy distinguishes between market participant assumptions developed based on market
data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant
assumptions, based on the available information deemed best in the circumstances. ASC 820 defines fair value as the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. In addition, the fair value of assets and liabilities should include consideration of non-performance risk, which for the liabilities
described below includes the Company’s own credit risk.
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 | |
September 30, 2023: | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
$ | 97,598 | | |
$ | 97,598 | | |
$ | — | |
U.S. Treasury Note | |
| 14,900 | | |
| 14,602 | | |
| — | |
Total | |
$ | 112,498 | | |
$ | 112,200 | | |
$ | — | |
Liabilities | |
| | | |
| | | |
| | |
Term loan, due 2024, net | |
$ | 19,291 | | |
$ | — | | |
$ | 18,596 | |
Alaska tankers term loan, due 2025, net | |
| 21,413 | | |
| — | | |
| 20,030 | |
OSG 204 LLC term loan, due 2025, net | |
| 24,032 | | |
| — | | |
| 22,735 | |
OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net | |
| 42,721 | | |
| — | | |
| 38,444 | |
Term loan, due 2028, net | |
| 298,663 | | |
| — | | |
| 280,111 | |
Unsecured senior notes, net | |
| 390 | | |
| — | | |
| 387 | |
Total | |
$ | 406,510 | | |
$ | — | | |
$ | 380,303 | |
| |
Carrying | | |
Fair Value | |
| |
Value | | |
Level 1 | | |
Level 2 | |
December 31, 2022: | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
$ | 78,732 | | |
$ | 78,732 | | |
$ | — | |
U.S. Treasury Note | |
| 14,803 | | |
| 14,475 | | |
| — | |
Total | |
$ | 93,535 | | |
$ | 93,207 | | |
$ | — | |
Liabilities | |
| | | |
| | | |
| | |
Term loan, due 2024, net | |
$ | 20,330 | | |
$ | — | | |
$ | 19,296 | |
Alaska tankers term loan, due 2025, net | |
| 25,289 | | |
| — | | |
| 23,195 | |
OSG 204 LLC term loan, due 2025, net | |
| 25,006 | | |
| — | | |
| 23,448 | |
OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net | |
| 44,342 | | |
| — | | |
| 40,331 | |
Term loan, due 2028, net | |
| 308,006 | | |
| — | | |
| 295,320 | |
Unsecured senior notes, net | |
| 390 | | |
| — | | |
| 385 | |
Total | |
$ | 423,363 | | |
$ | — | | |
$ | 401,975 | |
Nonfinancial
Instruments that are Measured at Fair Value on a Nonrecurring Basis
Vessel
and Intangible Assets Impairments
During
the third quarter of 2023, the Company considered whether events or changes in circumstances had occurred since December 31, 2022 that
could indicate whether the carrying amounts of the vessels, including operating right-of-use assets, in the Company’s fleet, and
whether the carrying value of the Company’s intangible assets, may not be recoverable as of September 30, 2023. The Company concluded
that no such events or changes in circumstances had occurred.
Note
7 — Taxes
For
the three months ended September 30, 2023 and 2022, the Company recorded income tax expense of $4,471
and $1,522,
respectively, which represented effective tax rates of 20.3%
and 10.3%,
respectively. The increase in the effective tax rate for the three months ended September 30, 2023 compared to the three months
ended September 30, 2022 was primarily due to the tonnage tax exclusion. For the nine months ended September 30, 2023 and 2022, the
Company recorded income tax expense of $9,131
and $2,074,
respectively, which represented effective tax rates of 17.9%
and 11.2%,
respectively. The increase in the effective tax rate for the nine months ended September 30, 2023 compared to the nine months ended
September 30, 2022 was primarily due to the tonnage tax exclusion. The effective tax rate for the nine months ended September 30,
2023 was less than the statutory rate due to a favorable Louisiana law change and the tonnage tax exclusion. The effective tax rate
for the nine months ended September 30, 2022 was less than the statutory rate due to the tonnage tax exclusion.
OVERSEAS
SHIPHOLDING GROUP, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
DOLLARS
IN THOUSANDS, EXCEPT PER SHARE AMOUNTS
Note
8 — Capital Stock and Stock Compensation
Share
and Warrant Repurchases
In
September 2023, the Company purchased 13,851,382
warrants for the Company’s common stock from entities managed by Cyrus Capital Partners, L.P. (“Cyrus”), a major
stockholder of the Company, for total consideration of $11,384.
The warrants purchased, which were exercisable for 2,631,763
shares of the Company’s Class A common stock and represented all of the warrants held by
Cyrus, were cancelled subsequent to the purchase. At September 30, 2023, the Company had 4,519,504 warrants outstanding convertible into 858,706 shares.
On
March 17, 2023, the Company’s Board of Directors (the “Board”) authorized a program (the “program”) to
purchase up to $10,000 of the Company’s common stock. In June 2023, the Board authorized the repurchase of an additional $10,000
of common stock, raising the total value of the program to $20,000. Under the program, the Company may repurchase shares from time to
time in open market transactions or in privately negotiated transactions.
In
August 2023, the Company purchased 3,788,639 shares of the Company’s common stock from entities managed by Cyrus at a price of
$4.05 per share for total consideration of $15,344. Including these transactions, for the three and
nine months ended September 30, 2023, the Company repurchased 4,580,921 and 7,174,059 shares, respectively, for $18,653 and $28,499,
respectively, at an average price of $4.07 and $3.97 per share, respectively. At September 30, 2023, the Company had a remaining authorization under the program of $6,844 for share repurchases.
Warrant
Conversions
During
the nine months ended September 30, 2023 and 2022, the Company issued 128,943 and 11,179 shares of Class A common stock, respectively,
as a result of the exercise of 680,892 and 59,124 Class A warrants, respectively.
Stock
Compensation
The
Company accounts for stock compensation expense in accordance with the fair value-based method required by ASC 718, Compensation –
Stock Compensation. This method requires share-based payment transactions to be measured based on the fair value of the equity instruments
issued.
Director
Compensation — Restricted Stock Units
On
June 15, 2023 and June 1, 2022, the Company awarded 195,800 and 305,000 time-based RSUs, respectively, to its non-employee
directors. The grant date fair values of these awards were $3.83 and $2.09 per RSU, respectively. Each RSU represents a contingent
right to receive one share of Class A common stock upon vesting. These RSUs vest in full on the first anniversary of the grant date,
subject to each director continuing to provide services to the Company through such date.
Management
Compensation — Restricted Stock Units
During
the nine months ended September 30, 2023 and 2022, the Company granted RSUs to its employees, including senior officers, covering 584,922
and 718,360 shares, respectively. The grant date fair values of these awards were $2.90 and $2.09 per RSU, respectively. Each RSU represents
a contingent right to receive one share of Class A common stock upon vesting. Each award vests in approximately equal installments on
each of the first three anniversaries of the grant date.
During
the nine months ended September 30, 2023 and 2022, the Company awarded performance-based RSUs to its senior officers covering 416,832
and 518,600 shares, respectively (which amounts may be increased up to a maximum of 625,248 and 777,900 shares, respectively, based upon
performance). Each performance-based RSU represents a contingent right to receive RSUs based upon continuous employment, subject to the
achievement of performance metrics through the end of a three-year performance period. The grant date fair values of the awards, which
are subject to performance conditions, were determined to be $2.90 and $2.09 per RSU, respectively.
During
the nine months ended September 30, 2022, the Company awarded RSUs to its senior officers covering 576,981 shares. The grant date fair
value of these awards was $2.09. Each award of RSUs vest as follows: 20% vests on the first anniversary of the grant date, 30% vests
on the second anniversary of the grant date, and 50% vests on the third anniversary of the grant date. Each RSU represents a contingent
right to receive one share of Class A common stock upon vesting.
During
the nine months ended September 30, 2023 and 2022, in connection with the vesting of restricted stock units (“RSUs”), the
Company withheld 333,085 and 179,040 shares of Class A common stock, respectively, at an average price of $3.51 and $2.07 per share (based
on the market prices on the dates of vesting), respectively, from certain members of management to cover withholding taxes.
OVERSEAS
SHIPHOLDING GROUP, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
DOLLARS
IN THOUSANDS, EXCEPT PER SHARE AMOUNTS
Note
9 — Accumulated Other Comprehensive Income
The
components of accumulated other comprehensive income, net of related taxes, in the condensed consolidated balance sheets follow:
Schedule
of Components of Accumulated Other Comprehensive Loss
As of | |
September 30, 2023 | | |
December 31, 2022 | |
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) | |
$ | 2,834 | | |
$ | 3,410 | |
Accumulated other comprehensive income | |
$ | 2,834 | | |
$ | 3,410 | |
The
following tables present the changes in the balances of each component of accumulated other comprehensive income, net of related taxes,
during the three and nine months ended September 30, 2023 and 2022:
Schedule
of Changes in Balances of Component of Accumulated Other Comprehensive Loss
| |
Items not
yet recognized
as a component
of net periodic
benefit cost (pension and other postretirement plans) | |
| |
| |
Balance as of June 30, 2023 | |
$ | 3,026 | |
Current period change, excluding amounts reclassified from accumulated other comprehensive income | |
| — | |
Amounts reclassified from accumulated other comprehensive income | |
| (192 | ) |
Total change in accumulated other comprehensive income | |
| (192 | ) |
Balance as of September 30, 2023 | |
$ | 2,834 | |
| |
| | |
Balance as of June 30, 2022 | |
$ | 2,582 | |
Current period change, excluding amounts reclassified from accumulated other comprehensive loss | |
| — | |
Amounts reclassified from accumulated other comprehensive income | |
| (180 | ) |
Total change in accumulated other comprehensive income | |
| (180 | ) |
Balance as of September 30, 2022 | |
$ | 2,402 | |
| |
Items not
yet recognized
as a component
of net periodic
benefit cost
(pension and other
postretirement plans) | |
| |
| |
Balance as of December 31, 2022 | |
$ | 3,410 | |
Current period change, excluding amounts reclassified from accumulated other comprehensive income | |
| — | |
Amounts reclassified from accumulated other comprehensive income | |
| (576 | ) |
Total change in accumulated other comprehensive income | |
| (576 | ) |
Balance as of September 30, 2023 | |
$ | 2,834 | |
| |
| | |
Balance as of December 31, 2021 | |
$ | 2,943 | |
Current period change, excluding amounts reclassified from accumulated other comprehensive loss | |
| — | |
Amounts reclassified from accumulated other comprehensive income | |
| (541 | ) |
Total change in accumulated other comprehensive income | |
| (541 | ) |
Balance as of September 30, 2022 | |
$ | 2,402 | |
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.
OVERSEAS
SHIPHOLDING GROUP, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
DOLLARS
IN THOUSANDS, EXCEPT PER SHARE AMOUNTS
Note
10 — Leases
In
October 2023, the Company entered into new bareboat charter agreements in respect of the seven vessels comprising OSG’s
Veteran Class products tanker fleet, all of which are now indirectly owned by a private fund (the “MP Fund”) managed by
Maritime Partners, LLC. The economic terms of the bareboat charters remain the same as the previous bareboat charters. Prior to
their recent acquisition by a Jones Act qualified subsidiary of the MP Fund, these seven vessels were previously owned indirectly by
AMSC ASA (“AMSC”). The previous charters with AMSC for two of the seven chartered-in vessels contained a deferred
payment obligation (“DPO”), which was $6,514
at September 30, 2023, related to charter hire expense incurred by the Company in prior years and was payable to AMSC in future
periods. As part of the new agreements, the Company prepaid, at a discount, $5,602
to the MP Fund, representing all of its remaining outstanding DPO.
In
August 2023, the Company extended its lease on the Overseas Key West for an additional lease term of two months to April 2029.
Upon reassessment, the lease is accounted for as an operating lease. It was previously accounted for as a finance lease. The future minimum
commitments under the lease are $1,550 for 2023, $4,172 for 2024, $4,161 for 2025, $4,161 for 2026, $4,161 for 2027, and $5,449 thereafter.
For the nine months ended September 30, 2023, the non-cash activity for obtaining an operating right-of-use asset and liability was not
material as a result of the lease extension.
In
March 2023, the
Company extended its lease on the Alaskan Frontier for an additional lease term of three years, to March 2026.
The lease is accounted for as an operating lease. The future minimum commitments under the lease are $92
for the remainder of 2023, $366
in 2024, $365
in 2025, and $71
in 2026. For the nine months ended September
30, 2023, the Company had non-cash operating activity of approximately $1,000
for obtaining an operating right-of-use asset
and liability as a result of the lease extension. Subsequently, the Company entered into an agreement with BP Oil Shipping Company, USA,
in October 2023, to purchase the Alaskan Frontier for $20,000. The purchase is expected
to be completed in November 2023. OSG intends to reactivate the 1.3-million-barrel capacity tanker which has been in cold layup in Malaysia
since 2019. OSG plans to make investments in the vessel for it to begin commercial trade by the fourth quarter of 2024.
Charters-out
The
Company is the lessor under its time charter contracts. Total time charter revenue for the three and nine months ended September 30,
2023 was equal to income from lease payments of $90,801 and $262,087, respectively, plus straight-line adjustments of $2,423 and $2,534,
respectively. For the three and nine months ended September 30, 2022, total time charter revenue was equal to income from lease payments
of $92,539 and $232,360, respectively, plus straight-line adjustments of $191 and $574, respectively.
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.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FORWARD-LOOKING
STATEMENTS
This
Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include, among others, statements about our beliefs, plans, objectives, goals, expectations,
estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors,
many of which are beyond our control. The words “may,” “could,” “should,” “would,” “believe,”
“anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,”
“goal,” and similar expressions are intended to identify forward-looking statements.
All
forward-looking statements, by their nature, are subject to risks and uncertainties. Our actual future results may differ materially
from those set forth in our forward-looking statements. Please see the section titled “Forward-Looking Statements” and Item
1A. Risk Factors of our Form 10-K. Other factors besides those listed in our Form 10-K and in our quarterly reports also could adversely
affect our results, and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties.
The following highlights some of these risk factors:
| ● | the
inability to attract or retain qualified mariners, as a result of labor shortages, competition
to hire mariners, and other influences
on the labor pool and associated costs; |
| ● | volatility
in supply and demand in the crude oil and refined product markets worldwide or in the specialized
markets in which the Company currently trades, which could also affect the nature and severity
of certain factors listed below; |
| ● | uncertain
economic, political and governmental conditions in the United States or abroad, and conditions in the oil and natural gas industry,
such as the Russia/Ukraine war, recent developments in the Middle East, other geopolitical developments, or otherwise; |
| ● | increasing
operating costs, unexpected drydock costs, and/or increasing capital expenses as a result
of supply chain limitations, lack of availability of materials and of qualified contractors
and technical experts, the consolidation of suppliers, and inflation; |
| ● | challenges
associated with compliance with complex environmental laws and regulations, including those
relating to the emission of greenhouse gases and ballast water treatment, and corresponding
increases in expenses; |
| ● | work
stoppages or other labor disruptions by the unionized employees of the Company or other companies
in related industries, or the impact of any potential liabilities resulting from withdrawal
from participation in multiemployer plans; |
| ● | public
health threats, such as the COVID-19 pandemic, which can impact the Company in many ways,
including increasing operating costs to protect the health and safety of the Company’s
crew members and others in the industry; |
| ● | the
inability to clear oil majors’ risk assessment processes; |
| ● | the
effect of the Company’s indebtedness on its ability to finance operations, pursue desirable
business operations and successfully run its business in the future or to generate sufficient
cash to service its indebtedness and to comply with debt covenants, allowing it to maintain
capital availability; |
| ● | the
highly cyclical nature of OSG’s industry and significant fluctuations in the market
value of our vessels; |
| ● | the
Company’s ability to renew its time charters when they expire or to enter into new
time charters, to replace its operating leases on favorable terms, or to compete effectively
for charters; |
| ● | the
loss of or reduction in business with any one of our large customers, changes in credit risk
with respect to the Company’s counterparties on contracts, or the failure of counterparties
to meet their obligations; |
| ● | the
Company’s compliance with 46 U.S.C. sections 50501 and 55101 (commonly known as the
“Jones Act”) and heightened exposure to Jones Act market fluctuations, as well
as stockholder citizenship requirements imposed on us by the Jones Act, which result in restrictions
on foreign ownership of the Company’s common stock; |
| ● | limitations
on U.S. coastwise trade, the waiver, modification or repeal of the Jones Act limitations,
or changes in international trade agreements; and |
| ● | the
Company’s ability to use its net operating loss carryforwards. |
The
Company assumes no obligation to update or revise any forward-looking statements, except as may be required by law. Forward-looking statements
in this Quarterly Report on Form 10-Q and written and oral forward-looking statements attributable to the Company or its representatives
after the date of this Quarterly Report on Form 10-Q are qualified in their entirety by the cautionary statement contained in this paragraph
and in other reports filed by the Company with the SEC.
Business
Overview
OSG
is a publicly traded company providing liquid bulk and energy transportation services for crude oil and petroleum products in the U.S.
Flag markets. In January 2023, the Overseas Sun Coast was converted to U.S. Flag status, joining the rest of OSG’s U.S.
Flag fleet. OSG’s U.S. Flag fleet consists of Suezmax crude oil tankers doing business in Alaska, conventional and lightering ATBs,
shuttle and conventional MR tankers, and non-Jones Act MR tankers that participate in the U.S. Tanker Security Program (“TSP”) or are on time charter to the U.S. Military Sealift Command.
In October 2023, the Company entered into an agreement with BP Oil Shipping Company, USA to purchase the Alaskan Frontier. The
purchase is expected to be completed in November 2023. OSG intends to reactivate the 1.3-million-barrel capacity tanker which has been
in cold layup in Malaysia since 2019. OSG plans to make significant investments in the vessel for it to begin commercial trade by the
fourth quarter of 2024. OSG is committed to setting high standards of excellence for its quality, safety and environmental programs.
OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL.
Our revenues are derived predominantly from time charter agreements for specific periods of time at fixed daily amounts. We also charter-out
vessels for specific voyages where we typically earn freight revenue at spot market rates.
The
following is a discussion and analysis of our financial condition and results of operations for the three and nine months ended September
30, 2023 and 2022. This Quarterly Report on Form 10-Q includes industry data and forecasts that we have prepared based in part on information
obtained from industry publications and surveys. Third-party industry publications, surveys and forecasts generally state that the information
contained therein has been obtained from sources believed to be reliable. In addition, certain statements regarding our market position
in this report are based on information derived from internal market studies and research reports. Unless we state otherwise, statements
about the Company’s relative competitive position in this report are based on management’s beliefs, internal studies and
management’s knowledge of industry trends.
All
dollar amounts are in thousands, except daily dollar amounts and per share amounts.
Operations
and Oil Tanker Markets
Our
revenues are highly sensitive to patterns of supply and demand for vessels of the size and design configurations owned and operated by
us and the trades in which those vessels operate. Rates for the transportation of crude oil and refined petroleum products are determined
by market forces such as the supply and demand for oil, the distance that cargoes must be transported, and the number of vessels expected
to be available at the time cargoes need to be transported. In the Jones Act trades within which the substantial majority of our vessels
operate, demand factors for transportation are affected almost exclusively by supply and distribution decisions of oil producers, refiners
and distributors based in the United States. Further, the demand for U.S. domestic oil shipments is significantly affected by the state
of the U.S. and global economies, the level of imports into the U.S. from OPEC and other foreign producers, oil production in the United
States, and the relative price differentials of U.S. produced crude oil and refined petroleum products as compared with comparable products
sourced from or destined for foreign markets, including the cost of transportation on international flag vessels to or from those markets.
The number of vessels is affected by newbuilding deliveries and by the removal of existing vessels from service, principally through
storage, layup, deletions, or conversions. Our revenues are also affected by the mix of charters between spot (voyage charters which
include short-term time charters) and long-term (time or bareboat charters).
The
Russia/Ukraine conflict has resulted in economic sanctions against Russia, including the banning or limitation of oil imports from Russia
by certain countries and self-sanctioning by many oil companies and traders. In December 2022, the EU banned waterborne crude oil imports
from Russia and the G7 nations implemented a price cap limiting the global price paid for Russian oil. Some countries have taken advantage
of the current availability of Russian crude oil sold at a discount to world prices. These circumstances have resulted in the redirection
of oil (crude and refined product) trade flows, which are apt to continue, reflecting the needs of countries that were large consumers
of Russian oil to obtain other supply sources. Although the United States was not a major importer of Russian oil, it is impacted by
these global events. Crude and refined products that were previously imported into the United States from non-Russian sources may not
be available in prior quantities. Another potential impact is more movement from domestic producing locations via pipeline and marine
assets, which would increase vessel demand. An increase in demand could result in higher utilization levels and potentially higher rates
for Jones Act vessels.
Renewable
diesel produces less carbon dioxide and nitrogen oxide than conventional diesel. As it is chemically identical to regular diesel, it
can be used on its own or blended with conventional diesel. Production of renewable diesel increased in 2022 and is expected to grow
significantly by 2025 as governments implement policies to encourage further growth of this fuel, including California’s Low Carbon
Fuel Standard. The U.S. Gulf Coast currently produces a significant proportion of U.S renewable diesel, and California has been a large
consumer of renewable diesel. Marine transportation provides the most cost-effective solution to move finished product to the West Coast.
The length of the trip to California creates a significant increase in ton mile demand, creating a large new market for Jones Act shipping.
Having
our vessels committed on time charters is a fundamental objective of our chartering strategy. We seek to have a majority of available
vessel operating days covered with time charters or contracts of affreightment, but if such charters are not remunerative, or prove unachievable
under certain market conditions, some of our vessels may operate in the spot market, which is more volatile and less predictable. Because
shipping revenues and voyage expenses are significantly affected by the mix between voyage charters and time charters, we manage our
vessels based on TCE revenues and rates, which are non-GAAP measures.
Continued
lack of available tonnage throughout the third quarter of 2023 contributed to minimal spot activity for Jones Act tankers and ATBs. Charterers
are increasing the duration of some new time charter contracts to secure tonnage for multi-year periods. There are few vessels available
in the spot market and total spot activity was 11 spot fixtures in the third quarter of 2023. For the 11 spot fixtures, two were performed
by tankers and the others were performed by ATBs.
Our
vessels were employed for 100% of available days during the third quarter of 2023, with a total of 1,590 available days (excluding 57
days for vessels that were off-hire due to drydock requirements) seeing no vessels idle without employment. Industry-wide, there were
no firm Jones Act vessel orders as of September 30, 2023.
Delaware
Bay lightering volumes averaged 61,000 b/d in the third quarter of 2023 compared with 65,000 b/d in the third quarter of 2022. We have
contract minimums with our refinery customers that compensate us for barrels not lightered below minimum amounts.
Critical
Accounting Policies
The
Company’s consolidated financial statements are prepared in accordance with GAAP, which requires the Company to make estimates
in the application of its accounting policies based on the best assumptions, judgments and opinions of management. There have been no
changes to the Company’s critical accounting estimates disclosed in Note 2, “Summary of Significant Accounting Policies,”
to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for 2022.
Results
of Vessel Operations
In December 2022 we redelivered three conventional tankers leased from American Shipping Company. The reduction in
the number of vessels we operated in 2023 were the primary reasons for decreases in our revenues in 2023 compared to the comparable periods
in 2022. There were additional items that impacted our revenues both positively and negatively which are described below.
During
the three months ended September 30, 2023, shipping revenues decreased by $7,624, or 6.2%, compared to the same period in 2022. In addition to the changes in the number of vessels we operate, there was an 8-day increase in drydock days and a decrease in Delaware Bay lightering volumes. The decrease was partially
offset by an increase in average daily rates earned by our fleet and one full Government of Israel voyage and one partial Government
of Israel voyage that began during the third quarter of 2023 and overlapped into the fourth quarter compared to two partial Government
of Israel voyages in the third quarter of 2022.
For
the nine months ended September 30, 2023, shipping revenues decreased by $9,191, or 2.7%, compared to the nine months ended
September 30, 2022. In addition to the changes in the number of vessels we operate, there were fewer Military Sealift Command (“MSC”) voyages during the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022,
which were longer international voyages. The decrease in shipping revenues was partially offset by a 337-day decrease in layup days.
We had no vessels in layup during the nine months ended September 30, 2023. During the first quarter of 2022, we had two vessels in
layup for the full quarter and two additional vessels that came out of layup in January 2022 and late February 2022. Our remaining
two vessels in layup returned to service in May 2022. Additionally, the decrease was partially offset by (a) an increase in average
daily rates earned by our fleet, (b) an increase in Delaware Bay lightering volumes, (c) a 5-day decrease in drydock days and (d) an
8-day decrease in repair days.
Reconciliation
of TCE revenues, a non-GAAP measure, to shipping revenues as reported in the consolidated statements of operations follows:
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Time charter equivalent revenues | |
$ | 108,577 | | |
$ | 115,062 | | |
$ | 313,438 | | |
$ | 312,229 | |
Add: Voyage expenses | |
| 6,858 | | |
| 7,997 | | |
| 22,413 | | |
| 32,813 | |
Shipping revenues | |
$ | 115,435 | | |
$ | 123,059 | | |
$ | 335,851 | | |
$ | 345,042 | |
The
following tables provide a breakdown of TCE rates achieved for the three and nine months ended September 30, 2023 and 2022 between spot
and fixed earnings and the related revenue days. Prior period amounts have been updated to conform to current period presentation.
| |
2023 | | |
2022 | |
Three months ended September 30, | |
Spot Earnings | | |
Fixed Earnings | | |
Spot Earnings | | |
Fixed Earnings | |
Jones Act Handysize Product Carriers: | |
| | | |
| | | |
| | | |
| | |
Average rate | |
$ | — | | |
$ | 67,694 | | |
$ | 38,296 | | |
$ | 60,923 | |
Revenue days | |
| — | | |
| 903 | | |
| 55 | | |
| 1,086 | |
Non-Jones Act Handysize Product Carriers: | |
| | | |
| | | |
| | | |
| | |
Average rate | |
$ | 43,834 | | |
$ | 68,875 | | |
$ | 47,779 | | |
$ | 38,911 | |
Revenue days | |
| 189 | | |
| 60 | | |
| 184 | | |
| 92 | |
ATBs: | |
| | | |
| | | |
| | | |
| | |
Average rate | |
$ | — | | |
$ | 44,354 | | |
$ | 41,117 | | |
$ | 35,590 | |
Revenue days | |
| — | | |
| 247 | | |
| 85 | | |
| 99 | |
Lightering: | |
| | | |
| | | |
| | | |
| | |
Average rate | |
$ | 89,255 | | |
$ | — | | |
$ | 71,086 | | |
$ | 46,906 | |
Revenue days | |
| 94 | | |
| — | | |
| 135 | | |
| 49 | |
Alaska (a): | |
| | | |
| | | |
| | | |
| | |
Average rate | |
$ | — | | |
$ | 61,016 | | |
$ | — | | |
$ | 60,438 | |
Revenue days | |
| — | | |
| 254 | | |
| — | | |
| 250 | |
| |
2023 | | |
2022 | |
Nine months ended September 30, | |
Spot Earnings | | |
Fixed Earnings | | |
Spot Earnings | | |
Fixed Earnings | |
Jones Act Handysize Product Carriers: | |
| | | |
| | | |
| | | |
| | |
Average rate | |
$ | 60,505 | | |
$ | 65,807 | | |
$ | 53,710 | | |
$ | 60,067 | |
Revenue days | |
| 40 | | |
| 2,658 | | |
| 585 | | |
| 2,574 | |
Non-Jones Act Handysize Product Carriers: | |
| | | |
| | | |
| | | |
| | |
Average rate | |
$ | 36,622 | | |
$ | 63,239 | | |
$ | 44,720 | | |
$ | 29,632 | |
Revenue days | |
| 677 | | |
| 74 | | |
| 546 | | |
| 273 | |
ATBs: | |
| | | |
| | | |
| | | |
| | |
Average rate | |
$ | — | | |
$ | 43,511 | | |
$ | 41,048 | | |
$ | 35,059 | |
Revenue days | |
| — | | |
| 737 | | |
| 85 | | |
| 458 | |
Lightering: | |
| | | |
| | | |
| | | |
| | |
Average rate | |
$ | 91,900 | | |
$ | — | | |
$ | 65,758 | | |
$ | 46,906 | |
Revenue days | |
| 275 | | |
| — | | |
| 363 | | |
| 49 | |
Alaska (a): | |
| | | |
| | | |
| | | |
| | |
Average rate | |
$ | — | | |
$ | 60,355 | | |
$ | — | | |
$ | 59,799 | |
Revenue days | |
| — | | |
| 797 | | |
| — | | |
| 785 | |
a)
Excludes one Alaska vessel currently in layup.
During
the third quarter of 2023, TCE revenues decreased by $6,485, or 5.6%, to $108,577 from $115,062 in the third quarter of 2022. The decrease
in TCE revenues was primarily driven by the decrease in shipping revenues explained above.
Voyage
expenses decreased by $1,139, or 14.2%, in the third quarter of 2023 to $6,858 compared to $7,997 in the third quarter of 2022, primarily
due to decreases in fuel expenses, as our vessels performed fewer voyage charters during the third quarter of 2023 compared to the third
quarter of 2022.
Vessel
expenses decreased by $5,461, or 12.0%, in the third quarter of 2023 to $39,969 compared to $45,430 in the third quarter of 2022, primarily
due to a decrease in crewing costs related to fewer vessels in our fleet, as we redelivered three conventional tankers leased from American
Shipping Company in December 2022.
Charter
hire expenses decreased by $6,510, or 28.6%, to $16,233 in 2023 from $22,743 in 2022. The decrease primarily resulted from the redelivery
of three conventional tankers leased from American Shipping Company in December 2022.
Depreciation
and amortization decreased by $899, or 5.0%, to $17,003 in the third quarter of 2023 compared to $17,902 in the third quarter of 2022.
The decrease primarily resulted from a decrease in amortization of drydock costs.
During
the nine months ended September 30, 2023, TCE revenues increased $1,209, or 0.4%, to $313,438 from $312,229 during the nine months ended
September 30, 2022. The increase primarily resulted from the decrease in shipping revenues explained above offset by the decrease in
voyage expenses explained below.
Voyage
expenses decreased by $10,400, or 31.7%, during the nine months ended September 30, 2023 to $22,413 compared to $32,813 during the nine
months ended September 30, 2022, primarily due to decreases in fuel and port expenses, as our vessels performed fewer voyage charters
during the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022.
Vessel
expenses decreased by $7,043, or 5.4%, for the nine months ended September 30, 2023 to $123,337 compared to $130,380 for the nine months
ended September 30, 2022, primarily due to a decrease in crewing costs related to fewer vessels in our fleet as we redelivered three
conventional tankers leased from American Shipping Company in December 2022.
Charter hire expenses decreased by $19,101, or 28.5%, to $47,988 for the nine months ended September 30, 2023 from
$67,089 for the nine months ended September 30, 2022. The decrease primarily resulted from the redelivery of three conventional tankers
leased from American Shipping Company in December 2022.
Depreciation
and amortization decreased by $1,558, or 3.1%, to $49,500 during the nine months ended September 30, 2023 compared to $51,058 during
the nine months ended September 30, 2022. The decrease primarily resulted from a decrease in amortization of drydock costs.
In
April 2023, three of our vessels were accepted into the TSP. The program is designed to ensure that militarily useful U.S. Flag tank
vessels are available to the U.S. Department of Defense in the event of war or national emergency. The initial program calls for 10 tankers
to participate. Under the TSP, participants receive an annual stipend designed to reduce vessel expenses to a level that will allow them
to compete for international business. We transferred the two non-Jones Act U.S. Flag Product Carriers participating in the U.S. Maritime
Security Program to the TSP and added the Overseas Sun Coast, which was converted to U.S. Flag status in January 2023, to
participate in the program. We expect to receive an annual stipend of $6,000 for each vessel under the TSP.
In
June 2023, the MSC awarded one of our vessels, the Overseas Mykonos, a time charter contract to provide ongoing fuel transportation
services to MSC in support of our nation’s defense. The time charter awarded is for a one-year base period with the MSC holding
additional option periods to extend the contract out to a maximum period of five- and one-half years. The Overseas Mykonos was
transferred out of the TSP and delivered to MSC in August 2023.
General
and Administrative Expenses
General
and administrative expenses increased by $617, or 9.4%, to $7,173 during the three months ended September 30, 2023 compared to $6,556
for the three months ended September 30, 2022. The increase was primarily driven by higher compensation and benefits costs related to an increase in headcount and higher compensation levels. Additionally,
general and administrative expenses increased primarily due to increased travel, training and legal expenses during the three months
ended September 30, 2023 compared to the same period in 2022.
For
the nine months ended September 30, 2023, general and administrative expenses increased by $685 or 3.3% at $21,614 compared to $20,929
for the nine months ended September 30, 2022. The increase was primarily driven by higher compensation and benefits costs related to an increase in headcount and higher compensation levels.
Other Income, Net
Other income, net was $1,643 and $4,184 for the three and nine months ended September 30, 2023, respectively, compared
with $568 and $649 for the three and nine months ended September 30, 2022, respectively. The increase in other income, net was primarily
due to investment income earned on our investment accounts at higher interest rates year over year.
Interest
Expense
Interest
expense was $7,779 and $24,019 for the three and nine months ended September 30, 2023, respectively, compared with $8,229 and $24,869
for the three and nine months ended September 30, 2022. The decrease in interest expense was primarily due to a lower average balance
of debt outstanding during the three and nine months ended September 30, 2023 compared to the same periods in 2022.
Income
Taxes
For
the three months ended September 30, 2023 and 2022, we recorded income tax expense of $4,471 and $1,522, respectively, which represented
effective tax rates of 20.3% and 10.3%, respectively. The increase in the effective tax rate for the three months ended September 30,
2023 compared to the three months ended September 30, 2022 was substantially due to the tonnage tax exclusion. For the nine months ended
September 30, 2023 and 2022, we recorded income tax expense of $9,131 and $2,074, respectively, which represented effective tax rates
of 17.9% and 11.2%, respectively. The increase in the effective tax rate for the nine months ended September 30, 2023 compared to the
nine months ended September 30, 2022 was substantially due to the tonnage tax exclusion. The effective tax rate for the nine months ended
September 30, 2023 was less than the statutory rate due to a favorable Louisiana law change and tonnage tax exclusion. The effective
tax rate for the nine months ended September 30, 2022 was less than the statutory rate due to the tonnage tax exclusion.
Liquidity
and Sources of Capital
Our
business is capital intensive. Our ability to successfully implement our strategy is dependent on the continued availability of capital
on attractive terms. In addition, our ability to successfully operate our business to meet near-term and long-term debt repayment obligations
is dependent on maintaining sufficient liquidity.
Liquidity
Working
capital at September 30, 2023 was approximately $(28,000) compared with approximately $(38,000) at December 31, 2022. Excluding the current
portion of operating and finance lease liabilities, working capital was approximately $38,936 at September 30, 2023 compared to $30,000
at December 31, 2022. The increase in working capital was primarily due to an increase in cash and cash equivalents, as the Company generated
cash flow from operations during the current year, and a decrease in accounts payable, accrued expenses and other current liabilities
as a result of timing of accounts payable payments made through September 30, 2023 compared to December 31, 2022. The increase in working
capital was partially offset by a decrease in receivables related to the timing of collections from our customers and an increase in
current installments of long-term debt as our term loan, due 2024, matures on September 30, 2024.
As
of September 30, 2023, we had total liquidity on a consolidated basis comprised of $97,598 of cash and cash equivalents. We manage our
cash in accordance with our intercompany cash management system. Our cash and cash equivalents, as well as our restricted cash balances,
generally exceed Federal Deposit Insurance Corporation insurance limits. We place our cash, cash equivalents and restricted cash in what
we believe to be credit-worthy financial institutions. In addition, certain of our money market accounts invest in U.S. Treasury securities
or other obligations issued or guaranteed by the U.S. government or its agencies.
As
of September 30, 2023, we had total debt outstanding (net of deferred financing costs) of $406,510 and a total debt to total capitalization
of 54.3%, compared to $423,363 and 55.5%, respectively, at December 31, 2022.
Sources,
Uses and Management of Capital
We
generate significant cash flows through our complementary mix of time charters, voyage charters and contracts of affreightment. Net cash
provided by operating activities during the nine months ended September 30, 2023 was $83,050. In addition to operating cash flows, our
other current potential sources of funds are proceeds from additional issuances of equity securities, additional borrowings, and proceeds
from the opportunistic sales of our vessels. In the past, we have also obtained funds from the issuance of long-term debt securities.
However, we can give no assurance as to whether or the terms on which we may be able to issue equity or debt securities, obtain additional
borrowings, or sell vessels.
We
use capital to fund working capital requirements, maintain the quality of our vessels, comply with U.S. and international shipping standards,
and repay our outstanding loan facilities. We also use capital to comply with environmental laws and regulations, and we expect that
the costs of such compliance will continue to increase; while it is not possible to determine the amounts of such costs for any future
period, we believe that they are likely to be substantial. We may also use cash generated by operations to finance capital expenditures
to modernize and grow our fleet.
In
October 2023, the Company entered into an agreement with BP Oil Shipping Company, USA to purchase the Alaskan Frontier, for
$20,000, which the Company had been leasing. The purchase is expected to be completed in November 2023. OSG intends to reactivate
the 1.3-million-barrel capacity tanker which has been in cold layup in Malaysia since 2019. OSG plans to make investments in the
vessel for it to begin commercial trade by the fourth quarter of 2024.
Additionally,
in October 2023, the Company entered into new bareboat charter agreements in respect of the seven vessels comprising OSG’s
Veteran Class products tanker fleet, all of which are now indirectly owned by a private fund (the “MP Fund”) managed by
Maritime Partners, LLC. The economic terms of the bareboat charters remain the same as the previous bareboat charters. Prior to
their recent acquisition by a Jones Act qualified subsidiary of the MP Fund, these seven vessels were owned indirectly by
AMSC ASA (“AMSC”). The previous charters with AMSC for two of the seven chartered-in vessels contained a deferred
payment obligation (“DPO”), which was $6,514 at September 20, 2023, related to charter hire expense incurred by the
Company in prior years and was payable to AMSC in future periods. As part of the new agreements, the Company prepaid, at a discount,
$5,602 to the MP Fund, representing all of its remaining outstanding DPO.
In
September 2023, we purchased, using available cash, 13,851,382 warrants for our common stock from entities managed by Cyrus for
total consideration of $11,384. The warrants purchased, which were exercisable for 2,631,763 shares of our Class A common stock and
represented all of the warrants held by Cyrus, were cancelled subsequent to the purchase.
In
August 2023, we purchased 3,788,639 shares of our common stock from entities managed by Cyrus at a price of $4.05 per share for total
consideration of $15,344. Including these transactions, for the three and nine months ended September
30, 2023, we used $18,652 and $28,499, respectively, of available cash to repurchase 4,580,921 and 7,174,059 shares, respectively, of
our common stock at an average price of $4.07 and $3.97 per share, respectively.
Item
3: Quantitative and Qualitative Disclosures about Market Risk
Not
applicable due to the Company’s status as a smaller reporting company.
Item
4: Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
As
of the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation was performed under the supervision and with the
participation of the Company’s management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer
(“CFO”), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined
in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on that evaluation, the Company’s management, including the CEO
and CFO, concluded that the Company’s current disclosure controls and procedures were effective as of September 30, 2023 to ensure
that information required to be disclosed by the Company in the reports the Company files or submits under the Exchange Act is (i) recorded,
processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms
and (ii) accumulated and communicated to the Company’s management, including the CEO and CFO, as appropriate to allow timely decisions
regarding required disclosure.
Changes
in Internal Control over Financial Reporting
There
were no changes in the Company’s internal control over financial reporting during the quarter ended September 30, 2023 that have
materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART
II – OTHER INFORMATION
Item
1. Legal Proceedings
We
are party to lawsuits and claims arising out of the normal course of business. In management’s opinion, there are no known pending
claims or litigation, the outcome of which would, individually or in the aggregate, have a material effect on our consolidated results
of operations, financial position, or cash flows.
Item
1A. Risk Factors
In
addition to the other information set forth in this Quarterly Report, you should carefully consider the factors discussed in Part I,
Item 1A. “Risk Factors” in our 2022 Form 10-K, and as may be updated in our subsequent quarterly reports. The risks described
in our 2022 Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently
deem to be immaterial also may materially adversely affect our business, financial condition or operating results. There have been no
material changes in our risk factors from those disclosed in our 2022 Form 10-K.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
On
March 17, 2023, the Company’s Board of Directors (the “Board”) authorized a program (the “program”) to
purchase up to $10,000 of the Company’s common stock. In June 2023, the Board authorized the repurchase of an additional $10,000
of common stock, raising the total value of the program to $20,000. Under the program, the Company may repurchase shares from time to
time in open market transactions or in privately negotiated transactions.
During
the three months ended September 30, 2023, purchases of our common stock under the program were as follows:
Period | |
Total
Number Shares of
Class A Purchased | | |
Average Price
Paid per Share of Class A | |
July 1, 2023 through July 31, 2023 | |
| 213,596 | | |
$ | 4.03 | |
August 1, 2023 through August 31, 2023 (1) | |
| 4,050,847 | | |
$ | 4.05 | |
September 1, 2023 through September 30, 2023 | |
| 316,478 | | |
$ | 4.32 | |
| |
| 4,580,921 | | |
$ | 4.07 | |
(1) |
In August 2023, the
Company purchased, using available cash, 3,788,639 shares of our common stock from entities managed by Cyrus at a price of $4.05 per
share for total consideration of $15,344. |
In
September 2023, the Company purchased, using available cash, 13,851,382 warrants for the Company’s common stock from entities managed by Cyrus for total
consideration of $11,384. The warrants purchased, which were exercisable for 2,631,763 shares of our Class A common stock and represented all of the warrants held by Cyrus, were cancelled subsequent to the purchase.
Item
3. Defaults upon senior securities
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other information
None.
Item
6. Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
OVERSEAS
SHIPHOLDING GROUP, INC. |
|
(Registrant) |
|
|
Date:
November 6, 2023 |
/s/
Samuel H. Norton |
|
Samuel
H. Norton |
|
Chief
Executive Officer |
|
|
Date:
November 6, 2023 |
/s/
Richard Trueblood |
|
Richard
Trueblood |
|
Chief
Financial Officer |
|
(Mr.
Trueblood is the Principal Financial Officer and has been duly authorized to sign on behalf of the Registrant) |
Exhibit
31.1
OVERSEAS
SHIPHOLDING GROUP, INC. AND SUBSIDIARIES
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT TO RULE 13a-14(a) AND 15d-14(a), AS AMENDED
I,
Samuel H. Norton, certify that:
| 1. | I
have reviewed this quarterly report on Form 10-Q of Overseas Shipholding Group, Inc. |
| | |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered
by this report; |
| | |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations
and cash flows of the Registrant as of, and for, the periods presented in this report; |
| | |
| 4. | The
Registrant’s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the Registrant and have: |
| a. | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
Registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this quarterly report is being prepared; |
| | |
| b. | Designed
such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| | |
| c. | Evaluated
the effectiveness of the Registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and |
| | |
| d. | Disclosed
in this report any change in the Registrant’s internal control over financial reporting
that occurred during the Registrant’s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the Registrant’s internal control
over financial reporting; and |
| 5. | The
Registrant’s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the Registrant’s auditors
and the audit committee of Registrant’s board of directors (or persons performing the
equivalent functions): |
| a. | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Registrant’s
ability to record, process, summarize and report financial information; and |
| | |
| b. | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant’s internal control over financial reporting. |
Date:
November 6, 2023 |
/s/
Samuel H. Norton |
|
Samuel
H. Norton |
|
Chief
Executive Officer |
Exhibit
31.2
OVERSEAS
SHIPHOLDING GROUP, INC. AND SUBSIDIARIES
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
PURSUANT TO RULE 13a-14(a) AND 15d-14(a), AS AMENDED
I,
Richard Trueblood, certify that:
| 1. | I
have reviewed this quarterly report on Form 10-Q of Overseas Shipholding Group, Inc. |
| | |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered
by this report; |
| | |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations
and cash flows of the Registrant as of, and for, the periods presented in this report; |
| | |
| 4. | The
Registrant’s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the Registrant and have: |
| a. | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
Registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this quarterly report is being prepared; |
| | |
| b. | Designed
such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| | |
| c. | Evaluated
the effectiveness of the Registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and |
| | |
| d. | Disclosed
in this report any change in the Registrant’s internal control over financial reporting
that occurred during the Registrant’s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the Registrant’s internal control
over financial reporting; and |
| 5. | The
Registrant’s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the Registrant’s auditors
and the audit committee of Registrant’s board of directors (or persons performing the
equivalent functions): |
| a. | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Registrant’s
ability to record, process, summarize and report financial information; and |
| | |
| b. | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant’s internal control over financial reporting. |
Date:
November 6, 2023 |
/s/
Richard Trueblood |
|
Richard
Trueblood |
|
Chief
Financial Officer |
Exhibit
32
OVERSEAS
SHIPHOLDING GROUP, INC. AND SUBSIDIARIES
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
AND
CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT 0F 2002
Each
of the undersigned, the Chief Executive Officer and the Chief Financial Officer of Overseas Shipholding Group, Inc. (the “Company”),
hereby certifies, to the best of his knowledge and belief, that the Form 10-Q of the Company for the quarterly period ended September
30, 2023 (the “Periodic Report”) accompanying this certification fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) and that the information contained in the Periodic Report fairly
presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods
presented in the Periodic Report. This certification is provided solely for purposes of complying with the provisions of Section 906
of the Sarbanes-Oxley Act and is not intended to be used for any other purpose.
Date:
November 6, 2023 |
/s/
Samuel H. Norton |
|
Samuel
H. Norton |
|
Chief
Executive Officer |
|
|
Date:
November 6, 2023 |
/s/
Richard Trueblood |
|
Richard
Trueblood |
|
Chief
Financial Officer |
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 02, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-06479
|
|
Entity Registrant Name |
OVERSEAS
SHIPHOLDING GROUP, INC.
|
|
Entity Central Index Key |
0000075208
|
|
Entity Tax Identification Number |
13-2637623
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
302
Knights Run Avenue
|
|
Entity Address, City or Town |
Tampa
|
|
Entity Address, State or Province |
FL
|
|
Entity Address, Postal Zip Code |
33602
|
|
City Area Code |
(813)
|
|
Local Phone Number |
209-0600
|
|
Title of 12(b) Security |
Class
A Common Stock (par value $0.01 per share)
|
|
Trading Symbol |
OSG
|
|
Security Exchange Name |
NYSE
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
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|
|
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|
|
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v3.23.3
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 97,598
|
$ 78,732
|
Investment security to be held to maturity |
14,900
|
|
Voyage receivables, including unbilled of $4,862 and $11,364, net of reserve for credit losses |
12,522
|
19,698
|
Income tax receivable |
696
|
1,914
|
Other receivables |
2,227
|
5,334
|
Inventories, prepaid expenses and other current assets |
3,237
|
2,668
|
Total Current Assets |
131,180
|
108,346
|
Vessels and other property, less accumulated depreciation |
679,399
|
726,179
|
Deferred drydock expenditures, net |
41,703
|
38,976
|
Total Vessels, Other Property and Deferred Drydock |
721,102
|
765,155
|
Intangible assets, less accumulated amortization |
14,567
|
18,017
|
Operating lease right-of-use assets, net |
187,135
|
206,797
|
Investment security to be held to maturity |
|
14,803
|
Other assets |
27,188
|
25,945
|
Total Assets |
1,081,172
|
1,139,063
|
Current Liabilities: |
|
|
Accounts payable, accrued expenses and other current liabilities |
49,061
|
54,906
|
Current portion of operating lease liabilities |
67,320
|
63,288
|
Current portion of finance lease liabilities |
|
4,000
|
Current installments of long-term debt |
43,183
|
23,733
|
Total Current Liabilities |
159,564
|
145,927
|
Reserve for uncertain tax positions |
212
|
175
|
Noncurrent operating lease liabilities |
127,266
|
149,960
|
Noncurrent finance lease liabilities |
|
16,456
|
Long-term debt |
363,327
|
399,630
|
Deferred income taxes, net |
79,263
|
70,233
|
Other liabilities |
8,893
|
16,997
|
Total Liabilities |
738,525
|
799,378
|
Equity: |
|
|
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 89,496,512 and 88,297,439 shares issued; 72,322,453 and 78,297,439 shares outstanding) |
895
|
883
|
Paid-in additional capital |
587,447
|
597,455
|
Accumulated deficit |
(190,989)
|
(233,023)
|
Treasury stock, 17,174,059 and 10,000,000 shares, at cost |
(57,540)
|
(29,040)
|
Stockholder’s Equity Subtotal |
339,813
|
336,275
|
Accumulated other comprehensive income |
2,834
|
3,410
|
Total Equity |
342,647
|
339,685
|
Total Liabilities and Equity |
$ 1,081,172
|
$ 1,139,063
|
X |
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v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Unbilled receivable |
$ 4,862
|
$ 11,364
|
Class A common stock, par value |
$ 0.01
|
$ 0.01
|
Class A common stock, shares authorized |
166,666,666
|
166,666,666
|
Class A common stock, shares issued |
89,496,512
|
88,297,439
|
Class A common stock, shares outstanding |
72,322,453
|
78,297,439
|
Treasury stock, shares |
17,174,059
|
10,000,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Shipping Revenues: |
|
|
|
|
Total shipping revenues |
$ 115,435
|
$ 123,059
|
$ 335,851
|
$ 345,042
|
Operating Expenses: |
|
|
|
|
Voyage expenses |
6,858
|
7,997
|
22,413
|
32,813
|
Vessel expenses |
39,969
|
45,430
|
123,337
|
130,380
|
Charter hire expenses |
16,233
|
22,743
|
47,988
|
67,089
|
Depreciation and amortization |
17,003
|
17,902
|
49,500
|
51,058
|
General and administrative |
7,173
|
6,556
|
21,614
|
20,929
|
Total operating expenses |
87,236
|
100,628
|
264,852
|
302,269
|
Operating income |
28,199
|
22,431
|
70,999
|
42,773
|
Other income, net |
1,643
|
568
|
4,184
|
649
|
Income before interest expense and income taxes |
29,842
|
22,999
|
75,183
|
43,422
|
Interest expense |
(7,779)
|
(8,229)
|
(24,019)
|
(24,869)
|
Income before income taxes |
22,063
|
14,770
|
51,164
|
18,553
|
Income tax expense |
(4,471)
|
(1,522)
|
(9,131)
|
(2,074)
|
Net income |
$ 17,592
|
$ 13,248
|
$ 42,033
|
$ 16,479
|
Weighted Average Number of Common Shares Outstanding: |
|
|
|
|
Basic - Class A |
78,263,667
|
88,174,640
|
80,544,607
|
87,579,624
|
Diluted - Class A |
80,700,618
|
90,349,567
|
83,233,332
|
89,211,983
|
Per Share Amounts: |
|
|
|
|
Basic net income - Class A |
$ 0.22
|
$ 0.15
|
$ 0.52
|
$ 0.19
|
Diluted net income - Class A |
$ 0.22
|
$ 0.15
|
$ 0.51
|
$ 0.18
|
Time and Bareboat Charter Revenues [Member] |
|
|
|
|
Shipping Revenues: |
|
|
|
|
Total shipping revenues |
$ 93,224
|
$ 92,730
|
$ 264,621
|
$ 232,934
|
Voyage Charter Revenues [Member] |
|
|
|
|
Shipping Revenues: |
|
|
|
|
Total shipping revenues |
$ 22,211
|
$ 30,329
|
$ 71,230
|
$ 112,108
|
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- DefinitionThe current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.
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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net income |
$ 17,592
|
$ 13,248
|
$ 42,033
|
$ 16,479
|
Defined benefit pension and other postretirement benefit plans: |
|
|
|
|
Net change in unrecognized prior service costs |
(181)
|
(180)
|
(542)
|
(541)
|
Net change in unrecognized actuarial losses |
(11)
|
|
(34)
|
|
Other comprehensive loss |
(192)
|
(180)
|
(576)
|
(541)
|
Comprehensive income |
$ 17,400
|
$ 13,068
|
$ 41,457
|
$ 15,938
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash Flows from Operating Activities: |
|
|
Net income |
$ 42,033
|
$ 16,479
|
Items included in net income not affecting cash flows: |
|
|
Depreciation and amortization |
49,500
|
51,058
|
Amortization of debt discount and other deferred financing costs |
855
|
840
|
Compensation relating to restricted stock awards and stock option grants |
2,556
|
3,237
|
Deferred income tax expense |
9,068
|
1,998
|
Interest on finance lease liabilities |
917
|
1,228
|
Non-cash operating lease expense |
48,970
|
67,769
|
Payments for drydocking |
(12,862)
|
(13,896)
|
Operating lease liabilities |
(50,257)
|
(69,368)
|
Changes in operating assets and liabilities, net |
(7,730)
|
(18,166)
|
Net cash provided by operating activities |
83,050
|
41,179
|
Cash Flows from Investing Activities: |
|
|
Expenditures for vessels and vessel improvements |
(2,593)
|
(4,519)
|
Purchase of investment security to be held to maturity |
|
(14,794)
|
Net cash used in investing activities |
(2,593)
|
(19,313)
|
Cash Flows from Financing Activities: |
|
|
Payments on debt |
(17,522)
|
(16,530)
|
Tax withholding on share-based awards |
(1,168)
|
(496)
|
Payments on principal portion of finance lease liabilities |
(2,964)
|
(3,124)
|
Deferred financing costs paid for debt amendments |
(53)
|
(261)
|
Purchases of treasury stock and Class A warrants |
(39,884)
|
(11,026)
|
Net cash used in financing activities |
(61,591)
|
(31,437)
|
Net increase/(decrease) in cash and cash equivalents |
18,866
|
(9,571)
|
Cash and cash equivalents at beginning of period |
78,732
|
83,253
|
Cash and cash equivalents at end of period |
$ 97,598
|
$ 73,682
|
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v3.23.3
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands |
Common Stock [Member] |
[1] |
Additional Paid-in Capital [Member] |
[2] |
Retained Earnings [Member] |
Treasury Stock, Common [Member] |
AOCI Attributable to Parent [Member] |
[3] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 872
|
$ 594,386
|
$ (259,587)
|
|
$ 2,943
|
$ 338,614
|
Net income |
|
|
(509)
|
|
|
(509)
|
Other comprehensive loss |
|
|
|
|
(180)
|
(180)
|
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net |
5
|
(375)
|
|
|
|
(370)
|
Compensation related to Class A restricted stock awards |
|
656
|
|
|
|
656
|
Ending balance, value at Mar. 31, 2022 |
877
|
594,667
|
(260,096)
|
|
2,763
|
338,211
|
Beginning balance, value at Dec. 31, 2021 |
872
|
594,386
|
(259,587)
|
|
2,943
|
338,614
|
Net income |
|
|
|
|
|
16,479
|
Other comprehensive loss |
|
|
|
|
|
(541)
|
Ending balance, value at Sep. 30, 2022 |
883
|
597,117
|
(243,108)
|
(11,026)
|
2,402
|
346,268
|
Beginning balance, value at Mar. 31, 2022 |
877
|
594,667
|
(260,096)
|
|
2,763
|
338,211
|
Net income |
|
|
3,740
|
|
|
3,740
|
Other comprehensive loss |
|
|
|
|
(181)
|
(181)
|
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net |
3
|
(3)
|
|
|
|
|
Compensation related to Class A restricted stock awards |
|
1,735
|
|
|
|
1,735
|
Purchases under the stock repurchase program |
|
|
|
(310)
|
|
(310)
|
Ending balance, value at Jun. 30, 2022 |
880
|
596,399
|
(256,356)
|
(310)
|
2,582
|
343,195
|
Net income |
|
|
13,248
|
|
|
13,248
|
Other comprehensive loss |
|
|
|
|
(180)
|
(180)
|
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net |
3
|
(128)
|
|
|
|
(125)
|
Compensation related to Class A restricted stock awards |
|
846
|
|
|
|
846
|
Purchases under the stock repurchase program |
|
|
|
(10,716)
|
|
(10,716)
|
Ending balance, value at Sep. 30, 2022 |
883
|
597,117
|
(243,108)
|
(11,026)
|
2,402
|
346,268
|
Beginning balance, value 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)
|
Ending balance, value at Mar. 31, 2023 |
892
|
597,078
|
(220,884)
|
(30,902)
|
3,218
|
349,402
|
Beginning balance, value at Dec. 31, 2022 |
883
|
597,455
|
(233,023)
|
(29,040)
|
3,410
|
339,685
|
Net income |
|
|
|
|
|
42,033
|
Other comprehensive loss |
|
|
|
|
|
(576)
|
Purchases under the stock repurchase program |
|
|
|
|
|
(28,499)
|
Ending balance, value at Sep. 30, 2023 |
895
|
587,447
|
(190,989)
|
(57,540)
|
2,834
|
342,647
|
Beginning balance, value at Mar. 31, 2023 |
892
|
597,078
|
(220,884)
|
(30,902)
|
3,218
|
349,402
|
Net income |
|
|
12,303
|
|
|
12,303
|
Other comprehensive loss |
|
|
|
|
(192)
|
(192)
|
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net |
3
|
(3)
|
|
|
|
|
Compensation related to Class A restricted stock awards |
|
862
|
|
|
|
862
|
Conversion of Class A warrants to Class A common stock |
|
|
|
|
|
|
Purchases of treasury stock |
|
|
|
(7,985)
|
|
(7,985)
|
Ending balance, value at Jun. 30, 2023 |
895
|
597,937
|
(208,581)
|
(38,887)
|
3,026
|
354,390
|
Net income |
|
|
17,592
|
|
|
17,592
|
Other comprehensive loss |
|
|
|
|
(192)
|
(192)
|
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net |
|
|
|
|
|
|
Compensation related to Class A restricted stock awards |
|
894
|
|
|
|
894
|
Purchases under the stock repurchase program |
|
|
|
|
|
(18,653)
|
Conversion of Class A warrants to Class A common stock |
|
|
|
|
|
|
Purchases of treasury stock |
|
|
|
(18,653)
|
|
(18,653)
|
Purchase of Class A warrants |
|
(11,384)
|
|
|
|
(11,384)
|
Ending balance, value at Sep. 30, 2023 |
$ 895
|
$ 587,447
|
$ (190,989)
|
$ (57,540)
|
$ 2,834
|
$ 342,647
|
|
|
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v3.23.3
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Statement of Stockholders' Equity [Abstract] |
|
|
|
Class A common stock, par value |
$ 0.01
|
$ 0.01
|
$ 0.01
|
Class A common stock, shares authorized |
166,666,666
|
166,666,666
|
166,666,666
|
Class A common stock, shares issued |
89,496,512
|
88,297,439
|
88,297,439
|
Class A common stock, shares outstanding |
72,322,453
|
78,297,439
|
84,518,552
|
Class A warrants outstanding |
4,519,504
|
|
19,051,778
|
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v3.23.3
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to Parent |
$ 17,592
|
$ 12,303
|
$ 12,139
|
$ 13,248
|
$ 3,740
|
$ (509)
|
$ 42,033
|
$ 16,479
|
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v3.23.3
Basis of Presentation
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Note
1 — Basis of Presentation
The
accompanying unaudited condensed consolidated financial statements include the accounts of Overseas Shipholding Group, Inc., a Delaware
corporation (the “Parent Company”), and its wholly owned subsidiaries (collectively, the “Company” or “OSG”,
“we”, “us” or “our”). The Company owns and operates a fleet of oceangoing vessels engaged primarily
in the transportation of crude oil and refined petroleum products in the U.S. Flag trade.
These
financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required
by generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair statement of the results have been included. Operating results
for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year
ending December 31, 2023 or for any other period.
The
condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but
does not include all of the information and notes required by GAAP for complete financial statements. For further information, refer
to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2022 (the “Form 10-K”).
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v3.23.3
Recently Issued Accounting Standards
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Changes and Error Corrections [Abstract] |
|
Recently Issued Accounting Standards |
Note
2 — Recently Issued Accounting Standards
In
November 2019, the Financial Accounting Standards Board issued ASU 2019-10, Financial Instruments – Credit Losses (Topic 326),
Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which allows a two-bucket approach for determining the
effective dates of these accounting standards. Under this approach, the buckets would be defined as follows:
Bucket
1— All public business entities (“PBEs”) that are SEC filers (as defined in GAAP), excluding smaller reporting companies
(“SRCs”) (as defined by the Securities and Exchange Commission (“SEC”). This standard became effective January
1, 2020.
Bucket
2— All other entities, including SRCs, other PBEs that are not SEC filers, private companies, not-for-profit organizations, and
employee benefit plans. This standard became effective January 1, 2023.
At
June 30, 2019, the evaluation date for purposes of determining the applicability of the Bucket 2 credit losses standard, the Company
met the SEC definition of a smaller reporting company. The Company adopted that standard on January 1, 2023. The adoption of the standard
did not have a material impact on the Company’s consolidated financial statements.
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v3.23.3
Revenue Recognition
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue Recognition |
Note
3 - Revenue Recognition
Disaggregated
Revenue
The
Company has disaggregated revenue from contracts with customers into categories that depict how the nature, amount, timing and uncertainty
of revenue and cash flows are affected by economic factors. The disaggregation below is based on contract type. Since the
terms within these contract types are generally standard in nature, the Company does not believe that further disaggregation would result
in increased insight into the economic factors impacting revenue and cash flows.
The
following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the three and nine
months ended September 30, 2023 and 2022:
Schedule of Disaggregation of Revenue
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Time and bareboat charter revenues | |
$ | 93,224 | | |
$ | 92,730 | | |
$ | 264,621 | | |
$ | 232,934 | |
Voyage charter revenues (1) | |
| 8,421 | | |
| 17,665 | | |
| 28,864 | | |
| 73,036 | |
Contracts of affreightment (“COA”) revenues | |
| 13,790 | | |
| 12,664 | | |
| 42,366 | | |
| 39,072 | |
Total shipping revenues | |
$ | 115,435 | | |
$ | 123,059 | | |
$ | 335,851 | | |
$ | 345,042 | |
(1) |
For
the three months ended September 30, 2023, 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 nine months ended September 30,
2023, voyage charter revenues include $119 of revenue related to short-term time charter contracts. For the three and nine months
ended September 30, 2022, voyage charter revenues include revenue related to short-term time charter contracts of $11,406
and $28,004,
respectively. |
Voyage
Receivables
As
of September 30, 2023 and December 31, 2022, contract balances from contracts with customers consisted of voyage receivables of $9,317
and $9,258, respectively, net of reserves for credit losses for voyage charters and lightering contracts, which were not material.
OVERSEAS
SHIPHOLDING GROUP, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
DOLLARS
IN THOUSANDS, EXCEPT PER SHARE AMOUNTS
Transaction
Price Allocated to the Remaining Performance Obligations
As
of September 30, 2023, the Company expects to recognize revenue of approximately $11,779 for the remainder of 2023, $47,578 for 2024
and $14,608 for 2025 under COAs. These estimated amounts relate to the fixed consideration of contractual minimums within the contracts
based on the Company’s estimate of future services.
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v3.23.3
Earnings per Common Share
|
9 Months Ended |
Sep. 30, 2023 |
Per Share Amounts: |
|
Earnings per Common Share |
Note
4 — Earnings per Common Share
Basic
earnings per common share is computed by dividing earnings by the weighted average number of common shares outstanding during the period.
As management deems the exercise price for the Class A warrants of $0.01 per share to be nominal, warrant proceeds are ignored, and the
shares issuable upon exercises of Class A warrants are included in the calculation of basic weighted average common shares outstanding
for all periods.
The
computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted
stock units. Participating securities are defined by ASC 260, Earnings Per Share, as unvested share-based payment awards that
contain non-forfeitable rights to dividends or dividend equivalents and are included in the computation of earnings per share pursuant
to the two-class method.
Class
A
As
of September 30, 2023, there were 3,180,728 shares of Class A common stock issuable under outstanding restricted stock units and 1,478,756
shares of Class A common stock issuable under outstanding options, both of which are considered to be potentially dilutive securities.
As of September 30, 2022, there were 3,677,942 shares of Class A common stock issuable under outstanding restricted stock units and 1,478,756
shares of Class A common stock issuable under outstanding options, both of which are considered to be potentially dilutive securities.
The
components of the calculation of basic earnings per share and diluted earnings per share are as follows:
Schedule of Earnings Per Share
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net income | |
$ | 17,592 | | |
$ | 13,248 | | |
$ | 42,033 | | |
$ | 16,479 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Class A common stock - basic | |
| 78,263,667 | | |
| 88,174,640 | | |
| 80,544,607 | | |
| 87,579,624 | |
Class A common stock - diluted | |
| 80,700,618 | | |
| 90,349,567 | | |
| 83,233,332 | | |
| 89,211,983 | |
For
the three and nine months ended September 30, 2023, there were dilutive equity awards outstanding covering 2,436,951 and 2,688,725 shares,
respectively. Awards of 297,818 and 322,510 shares (related to stock options), respectively, were not included in the computation of diluted earnings
per share because inclusion of these awards would be anti-dilutive for the three and nine months ended September 30, 2023. For the three
and nine months ended September 30, 2022, there were dilutive equity awards outstanding covering 2,174,927 and 1,632,359 shares, respectively.
Awards of 371,893 and 609,956 shares (related to restricted stock units and stock options), respectively, were not included in the computation of diluted
earnings per share because inclusion of these awards would be anti-dilutive for the three and nine months ended September 30, 2022.
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- DefinitionThe entire disclosure for earnings per share.
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v3.23.3
Investment in Security to be Held to Maturity
|
9 Months Ended |
Sep. 30, 2023 |
Investments, Debt and Equity Securities [Abstract] |
|
Investment in Security to be Held to Maturity |
Note
5 — Investment in Security to be Held to Maturity
In
July 2022, the Company purchased a $15,000 U.S. Treasury Note for $14,794, with a maturity date of August 15, 2024. The U.S. Treasury
Note is classified as investment in security to be held to maturity and is carried at amortized cost on the condensed consolidated balance
sheets, as the Company has the intent and ability to hold until maturity. The amortized cost, gross unrealized loss and fair value of
the U.S. Treasury Note at September 30, 2023 and December 31, 2022 was as follows:
Schedule
of Fair Value of U.S. Treasury Note
September 30, 2023 | |
Amortized
Cost | | |
Gross Unrealized
Loss | | |
Fair Value | |
U.S. Treasury Note | |
$ | 14,900 | | |
$ | (298 | ) | |
$ | 14,602 | |
| |
$ | 14,900 | | |
$ | (298 | ) | |
$ | 14,602 | |
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 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 September 30, 2023, the Company determined
that the unrealized loss on the U.S. Treasury Note was primarily due to increases in interest rates. Therefore, there was no OTTI loss
recognized during the three and nine months ended September 30, 2023 or three months ended December 31, 2022.
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- DefinitionThe entire disclosure for investments in certain debt and equity securities.
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v3.23.3
Fair Value Measurements and Fair Value Disclosures
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements and Fair Value Disclosures |
Note
6 — Fair Value Measurements and Fair Value Disclosures
The
following methods and assumptions are used to estimate the fair value of each class of financial instrument:
Cash
and cash equivalents and restricted cash— The carrying amounts reported in the condensed consolidated balance sheet for interest-bearing
deposits approximate fair value. Investments in trading securities consist of equity securities and were measured using quoted market
prices at the reporting date.
U.S.
Treasury Note — The fair value of the U.S. Treasury Note is based on a quoted market price in an active market.
Debt—
The fair values of the publicly traded and non-public debt held by the Company are estimated based on similar instruments.
ASC
820, Fair Value Measurements and Disclosures, relating to fair value measurements, defines fair value and establishes a framework
for measuring fair value. The ASC 820 fair value hierarchy distinguishes between market participant assumptions developed based on market
data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant
assumptions, based on the available information deemed best in the circumstances. ASC 820 defines fair value as the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. In addition, the fair value of assets and liabilities should include consideration of non-performance risk, which for the liabilities
described below includes the Company’s own credit risk.
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 | |
September 30, 2023: | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
$ | 97,598 | | |
$ | 97,598 | | |
$ | — | |
U.S. Treasury Note | |
| 14,900 | | |
| 14,602 | | |
| — | |
Total | |
$ | 112,498 | | |
$ | 112,200 | | |
$ | — | |
Liabilities | |
| | | |
| | | |
| | |
Term loan, due 2024, net | |
$ | 19,291 | | |
$ | — | | |
$ | 18,596 | |
Alaska tankers term loan, due 2025, net | |
| 21,413 | | |
| — | | |
| 20,030 | |
OSG 204 LLC term loan, due 2025, net | |
| 24,032 | | |
| — | | |
| 22,735 | |
OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net | |
| 42,721 | | |
| — | | |
| 38,444 | |
Term loan, due 2028, net | |
| 298,663 | | |
| — | | |
| 280,111 | |
Unsecured senior notes, net | |
| 390 | | |
| — | | |
| 387 | |
Total | |
$ | 406,510 | | |
$ | — | | |
$ | 380,303 | |
| |
Carrying | | |
Fair Value | |
| |
Value | | |
Level 1 | | |
Level 2 | |
December 31, 2022: | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
$ | 78,732 | | |
$ | 78,732 | | |
$ | — | |
U.S. Treasury Note | |
| 14,803 | | |
| 14,475 | | |
| — | |
Total | |
$ | 93,535 | | |
$ | 93,207 | | |
$ | — | |
Liabilities | |
| | | |
| | | |
| | |
Term loan, due 2024, net | |
$ | 20,330 | | |
$ | — | | |
$ | 19,296 | |
Alaska tankers term loan, due 2025, net | |
| 25,289 | | |
| — | | |
| 23,195 | |
OSG 204 LLC term loan, due 2025, net | |
| 25,006 | | |
| — | | |
| 23,448 | |
OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net | |
| 44,342 | | |
| — | | |
| 40,331 | |
Term loan, due 2028, net | |
| 308,006 | | |
| — | | |
| 295,320 | |
Unsecured senior notes, net | |
| 390 | | |
| — | | |
| 385 | |
Total | |
$ | 423,363 | | |
$ | — | | |
$ | 401,975 | |
Nonfinancial
Instruments that are Measured at Fair Value on a Nonrecurring Basis
Vessel
and Intangible Assets Impairments
During
the third quarter of 2023, the Company considered whether events or changes in circumstances had occurred since December 31, 2022 that
could indicate whether the carrying amounts of the vessels, including operating right-of-use assets, in the Company’s fleet, and
whether the carrying value of the Company’s intangible assets, may not be recoverable as of September 30, 2023. The Company concluded
that no such events or changes in circumstances had occurred.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.3
Taxes
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Taxes |
Note
7 — Taxes
For
the three months ended September 30, 2023 and 2022, the Company recorded income tax expense of $4,471
and $1,522,
respectively, which represented effective tax rates of 20.3%
and 10.3%,
respectively. The increase in the effective tax rate for the three months ended September 30, 2023 compared to the three months
ended September 30, 2022 was primarily due to the tonnage tax exclusion. For the nine months ended September 30, 2023 and 2022, the
Company recorded income tax expense of $9,131
and $2,074,
respectively, which represented effective tax rates of 17.9%
and 11.2%,
respectively. The increase in the effective tax rate for the nine months ended September 30, 2023 compared to the nine months ended
September 30, 2022 was primarily due to the tonnage tax exclusion. The effective tax rate for the nine months ended September 30,
2023 was less than the statutory rate due to a favorable Louisiana law change and the tonnage tax exclusion. The effective tax rate
for the nine months ended September 30, 2022 was less than the statutory rate due to the tonnage tax exclusion.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
Capital Stock and Stock Compensation
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Capital Stock and Stock Compensation |
Note
8 — Capital Stock and Stock Compensation
Share
and Warrant Repurchases
In
September 2023, the Company purchased 13,851,382
warrants for the Company’s common stock from entities managed by Cyrus Capital Partners, L.P. (“Cyrus”), a major
stockholder of the Company, for total consideration of $11,384.
The warrants purchased, which were exercisable for 2,631,763
shares of the Company’s Class A common stock and represented all of the warrants held by
Cyrus, were cancelled subsequent to the purchase. At September 30, 2023, the Company had 4,519,504 warrants outstanding convertible into 858,706 shares.
On
March 17, 2023, the Company’s Board of Directors (the “Board”) authorized a program (the “program”) to
purchase up to $10,000 of the Company’s common stock. In June 2023, the Board authorized the repurchase of an additional $10,000
of common stock, raising the total value of the program to $20,000. Under the program, the Company may repurchase shares from time to
time in open market transactions or in privately negotiated transactions.
In
August 2023, the Company purchased 3,788,639 shares of the Company’s common stock from entities managed by Cyrus at a price of
$4.05 per share for total consideration of $15,344. Including these transactions, for the three and
nine months ended September 30, 2023, the Company repurchased 4,580,921 and 7,174,059 shares, respectively, for $18,653 and $28,499,
respectively, at an average price of $4.07 and $3.97 per share, respectively. At September 30, 2023, the Company had a remaining authorization under the program of $6,844 for share repurchases.
Warrant
Conversions
During
the nine months ended September 30, 2023 and 2022, the Company issued 128,943 and 11,179 shares of Class A common stock, respectively,
as a result of the exercise of 680,892 and 59,124 Class A warrants, respectively.
Stock
Compensation
The
Company accounts for stock compensation expense in accordance with the fair value-based method required by ASC 718, Compensation –
Stock Compensation. This method requires share-based payment transactions to be measured based on the fair value of the equity instruments
issued.
Director
Compensation — Restricted Stock Units
On
June 15, 2023 and June 1, 2022, the Company awarded 195,800 and 305,000 time-based RSUs, respectively, to its non-employee
directors. The grant date fair values of these awards were $3.83 and $2.09 per RSU, respectively. Each RSU represents a contingent
right to receive one share of Class A common stock upon vesting. These RSUs vest in full on the first anniversary of the grant date,
subject to each director continuing to provide services to the Company through such date.
Management
Compensation — Restricted Stock Units
During
the nine months ended September 30, 2023 and 2022, the Company granted RSUs to its employees, including senior officers, covering 584,922
and 718,360 shares, respectively. The grant date fair values of these awards were $2.90 and $2.09 per RSU, respectively. Each RSU represents
a contingent right to receive one share of Class A common stock upon vesting. Each award vests in approximately equal installments on
each of the first three anniversaries of the grant date.
During
the nine months ended September 30, 2023 and 2022, the Company awarded performance-based RSUs to its senior officers covering 416,832
and 518,600 shares, respectively (which amounts may be increased up to a maximum of 625,248 and 777,900 shares, respectively, based upon
performance). Each performance-based RSU represents a contingent right to receive RSUs based upon continuous employment, subject to the
achievement of performance metrics through the end of a three-year performance period. The grant date fair values of the awards, which
are subject to performance conditions, were determined to be $2.90 and $2.09 per RSU, respectively.
During
the nine months ended September 30, 2022, the Company awarded RSUs to its senior officers covering 576,981 shares. The grant date fair
value of these awards was $2.09. Each award of RSUs vest as follows: 20% vests on the first anniversary of the grant date, 30% vests
on the second anniversary of the grant date, and 50% vests on the third anniversary of the grant date. Each RSU represents a contingent
right to receive one share of Class A common stock upon vesting.
During
the nine months ended September 30, 2023 and 2022, in connection with the vesting of restricted stock units (“RSUs”), the
Company withheld 333,085 and 179,040 shares of Class A common stock, respectively, at an average price of $3.51 and $2.07 per share (based
on the market prices on the dates of vesting), respectively, from certain members of management to cover withholding taxes.
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v3.23.3
Accumulated Other Comprehensive Income
|
9 Months Ended |
Sep. 30, 2023 |
Accumulated Other Comprehensive Income |
|
Accumulated Other Comprehensive Income |
Note
9 — Accumulated Other Comprehensive Income
The
components of accumulated other comprehensive income, net of related taxes, in the condensed consolidated balance sheets follow:
Schedule
of Components of Accumulated Other Comprehensive Loss
As of | |
September 30, 2023 | | |
December 31, 2022 | |
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) | |
$ | 2,834 | | |
$ | 3,410 | |
Accumulated other comprehensive income | |
$ | 2,834 | | |
$ | 3,410 | |
The
following tables present the changes in the balances of each component of accumulated other comprehensive income, net of related taxes,
during the three and nine months ended September 30, 2023 and 2022:
Schedule
of Changes in Balances of Component of Accumulated Other Comprehensive Loss
| |
Items not
yet recognized
as a component
of net periodic
benefit cost (pension and other postretirement plans) | |
| |
| |
Balance as of June 30, 2023 | |
$ | 3,026 | |
Current period change, excluding amounts reclassified from accumulated other comprehensive income | |
| — | |
Amounts reclassified from accumulated other comprehensive income | |
| (192 | ) |
Total change in accumulated other comprehensive income | |
| (192 | ) |
Balance as of September 30, 2023 | |
$ | 2,834 | |
| |
| | |
Balance as of June 30, 2022 | |
$ | 2,582 | |
Current period change, excluding amounts reclassified from accumulated other comprehensive loss | |
| — | |
Amounts reclassified from accumulated other comprehensive income | |
| (180 | ) |
Total change in accumulated other comprehensive income | |
| (180 | ) |
Balance as of September 30, 2022 | |
$ | 2,402 | |
| |
Items not
yet recognized
as a component
of net periodic
benefit cost
(pension and other
postretirement plans) | |
| |
| |
Balance as of December 31, 2022 | |
$ | 3,410 | |
Current period change, excluding amounts reclassified from accumulated other comprehensive income | |
| — | |
Amounts reclassified from accumulated other comprehensive income | |
| (576 | ) |
Total change in accumulated other comprehensive income | |
| (576 | ) |
Balance as of September 30, 2023 | |
$ | 2,834 | |
| |
| | |
Balance as of December 31, 2021 | |
$ | 2,943 | |
Current period change, excluding amounts reclassified from accumulated other comprehensive loss | |
| — | |
Amounts reclassified from accumulated other comprehensive income | |
| (541 | ) |
Total change in accumulated other comprehensive income | |
| (541 | ) |
Balance as of September 30, 2022 | |
$ | 2,402 | |
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.
OVERSEAS
SHIPHOLDING GROUP, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
DOLLARS
IN THOUSANDS, EXCEPT PER SHARE AMOUNTS
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v3.23.3
Leases
|
9 Months Ended |
Sep. 30, 2023 |
Leases |
|
Leases |
Note
10 — Leases
In
October 2023, the Company entered into new bareboat charter agreements in respect of the seven vessels comprising OSG’s
Veteran Class products tanker fleet, all of which are now indirectly owned by a private fund (the “MP Fund”) managed by
Maritime Partners, LLC. The economic terms of the bareboat charters remain the same as the previous bareboat charters. Prior to
their recent acquisition by a Jones Act qualified subsidiary of the MP Fund, these seven vessels were previously owned indirectly by
AMSC ASA (“AMSC”). The previous charters with AMSC for two of the seven chartered-in vessels contained a deferred
payment obligation (“DPO”), which was $6,514
at September 30, 2023, related to charter hire expense incurred by the Company in prior years and was payable to AMSC in future
periods. As part of the new agreements, the Company prepaid, at a discount, $5,602
to the MP Fund, representing all of its remaining outstanding DPO.
In
August 2023, the Company extended its lease on the Overseas Key West for an additional lease term of two months to April 2029.
Upon reassessment, the lease is accounted for as an operating lease. It was previously accounted for as a finance lease. The future minimum
commitments under the lease are $1,550 for 2023, $4,172 for 2024, $4,161 for 2025, $4,161 for 2026, $4,161 for 2027, and $5,449 thereafter.
For the nine months ended September 30, 2023, the non-cash activity for obtaining an operating right-of-use asset and liability was not
material as a result of the lease extension.
In
March 2023, the
Company extended its lease on the Alaskan Frontier for an additional lease term of three years, to March 2026.
The lease is accounted for as an operating lease. The future minimum commitments under the lease are $92
for the remainder of 2023, $366
in 2024, $365
in 2025, and $71
in 2026. For the nine months ended September
30, 2023, the Company had non-cash operating activity of approximately $1,000
for obtaining an operating right-of-use asset
and liability as a result of the lease extension. Subsequently, the Company entered into an agreement with BP Oil Shipping Company, USA,
in October 2023, to purchase the Alaskan Frontier for $20,000. The purchase is expected
to be completed in November 2023. OSG intends to reactivate the 1.3-million-barrel capacity tanker which has been in cold layup in Malaysia
since 2019. OSG plans to make investments in the vessel for it to begin commercial trade by the fourth quarter of 2024.
Charters-out
The
Company is the lessor under its time charter contracts. Total time charter revenue for the three and nine months ended September 30,
2023 was equal to income from lease payments of $90,801 and $262,087, respectively, plus straight-line adjustments of $2,423 and $2,534,
respectively. For the three and nine months ended September 30, 2022, total time charter revenue was equal to income from lease payments
of $92,539 and $232,360, respectively, plus straight-line adjustments of $191 and $574, respectively.
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.23.3
Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Contingencies |
Note
11 — Contingencies
The
Company is a party, as plaintiff or defendant, to various suits in the ordinary course of business for monetary relief arising principally
from personal injuries (including exposure to asbestos and other toxic materials), wrongful death, collision or other casualty and to
claims arising under charter parties. A substantial majority of such personal injury, wrongful death, collision or other casualty claims
against the Company are covered by insurance (subject to deductibles not material in amount). In the opinion of management, none of these
claims, individually or in the aggregate, are expected to be material to the Company’s financial position, results of operations
and cash flows.
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v3.23.3
Revenue Recognition (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Disaggregation of Revenue |
The
following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the three and nine
months ended September 30, 2023 and 2022:
Schedule of Disaggregation of Revenue
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Time and bareboat charter revenues | |
$ | 93,224 | | |
$ | 92,730 | | |
$ | 264,621 | | |
$ | 232,934 | |
Voyage charter revenues (1) | |
| 8,421 | | |
| 17,665 | | |
| 28,864 | | |
| 73,036 | |
Contracts of affreightment (“COA”) revenues | |
| 13,790 | | |
| 12,664 | | |
| 42,366 | | |
| 39,072 | |
Total shipping revenues | |
$ | 115,435 | | |
$ | 123,059 | | |
$ | 335,851 | | |
$ | 345,042 | |
(1) |
For
the three months ended September 30, 2023, 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 nine months ended September 30,
2023, voyage charter revenues include $119 of revenue related to short-term time charter contracts. For the three and nine months
ended September 30, 2022, voyage charter revenues include revenue related to short-term time charter contracts of $11,406
and $28,004,
respectively. |
|
X |
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v3.23.3
Earnings per Common Share (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Per Share Amounts: |
|
Schedule of Earnings Per Share |
The
components of the calculation of basic earnings per share and diluted earnings per share are as follows:
Schedule of Earnings Per Share
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net income | |
$ | 17,592 | | |
$ | 13,248 | | |
$ | 42,033 | | |
$ | 16,479 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Class A common stock - basic | |
| 78,263,667 | | |
| 88,174,640 | | |
| 80,544,607 | | |
| 87,579,624 | |
Class A common stock - diluted | |
| 80,700,618 | | |
| 90,349,567 | | |
| 83,233,332 | | |
| 89,211,983 | |
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v3.23.3
Investment in Security to be Held to Maturity (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Investments, Debt and Equity Securities [Abstract] |
|
Schedule of Fair Value of U.S. Treasury Note |
Schedule
of Fair Value of U.S. Treasury Note
September 30, 2023 | |
Amortized
Cost | | |
Gross Unrealized
Loss | | |
Fair Value | |
U.S. Treasury Note | |
$ | 14,900 | | |
$ | (298 | ) | |
$ | 14,602 | |
| |
$ | 14,900 | | |
$ | (298 | ) | |
$ | 14,602 | |
December 31, 2022 | |
Amortized
Cost | | |
Gross Unrealized
Loss | | |
Fair Value | |
U.S. Treasury Note | |
$ | 14,803 | | |
$ | (328 | ) | |
$ | 14,475 | |
| |
$ | 14,803 | | |
$ | (328 | ) | |
$ | 14,475 | |
|
X |
- DefinitionTabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).
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v3.23.3
Fair Value Measurements and Fair Value Disclosures (Tables)
|
9 Months Ended |
Sep. 30, 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, are as follows:
Schedule
of Financial
Instruments not Measured at Fair Value on a Recurring Basis
| |
Carrying | | |
Fair Value | |
| |
Value | | |
Level 1 | | |
Level 2 | |
September 30, 2023: | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
$ | 97,598 | | |
$ | 97,598 | | |
$ | — | |
U.S. Treasury Note | |
| 14,900 | | |
| 14,602 | | |
| — | |
Total | |
$ | 112,498 | | |
$ | 112,200 | | |
$ | — | |
Liabilities | |
| | | |
| | | |
| | |
Term loan, due 2024, net | |
$ | 19,291 | | |
$ | — | | |
$ | 18,596 | |
Alaska tankers term loan, due 2025, net | |
| 21,413 | | |
| — | | |
| 20,030 | |
OSG 204 LLC term loan, due 2025, net | |
| 24,032 | | |
| — | | |
| 22,735 | |
OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net | |
| 42,721 | | |
| — | | |
| 38,444 | |
Term loan, due 2028, net | |
| 298,663 | | |
| — | | |
| 280,111 | |
Unsecured senior notes, net | |
| 390 | | |
| — | | |
| 387 | |
Total | |
$ | 406,510 | | |
$ | — | | |
$ | 380,303 | |
| |
Carrying | | |
Fair Value | |
| |
Value | | |
Level 1 | | |
Level 2 | |
December 31, 2022: | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
$ | 78,732 | | |
$ | 78,732 | | |
$ | — | |
U.S. Treasury Note | |
| 14,803 | | |
| 14,475 | | |
| — | |
Total | |
$ | 93,535 | | |
$ | 93,207 | | |
$ | — | |
Liabilities | |
| | | |
| | | |
| | |
Term loan, due 2024, net | |
$ | 20,330 | | |
$ | — | | |
$ | 19,296 | |
Alaska tankers term loan, due 2025, net | |
| 25,289 | | |
| — | | |
| 23,195 | |
OSG 204 LLC term loan, due 2025, net | |
| 25,006 | | |
| — | | |
| 23,448 | |
OSG 205 LLC and OSG Courageous II LLC term loan, due 2027, net | |
| 44,342 | | |
| — | | |
| 40,331 | |
Term loan, due 2028, net | |
| 308,006 | | |
| — | | |
| 295,320 | |
Unsecured senior notes, net | |
| 390 | | |
| — | | |
| 385 | |
Total | |
$ | 423,363 | | |
$ | — | | |
$ | 401,975 | |
|
X |
- DefinitionTabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.
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v3.23.3
Accumulated Other Comprehensive Income (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accumulated Other Comprehensive Income |
|
Schedule of Components of Accumulated Other Comprehensive Loss |
The
components of accumulated other comprehensive income, net of related taxes, in the condensed consolidated balance sheets follow:
Schedule
of Components of Accumulated Other Comprehensive Loss
As of | |
September 30, 2023 | | |
December 31, 2022 | |
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement benefit plans) | |
$ | 2,834 | | |
$ | 3,410 | |
Accumulated other comprehensive income | |
$ | 2,834 | | |
$ | 3,410 | |
|
Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss |
The
following tables present the changes in the balances of each component of accumulated other comprehensive income, net of related taxes,
during the three and nine months ended September 30, 2023 and 2022:
Schedule
of Changes in Balances of Component of Accumulated Other Comprehensive Loss
| |
Items not
yet recognized
as a component
of net periodic
benefit cost (pension and other postretirement plans) | |
| |
| |
Balance as of June 30, 2023 | |
$ | 3,026 | |
Current period change, excluding amounts reclassified from accumulated other comprehensive income | |
| — | |
Amounts reclassified from accumulated other comprehensive income | |
| (192 | ) |
Total change in accumulated other comprehensive income | |
| (192 | ) |
Balance as of September 30, 2023 | |
$ | 2,834 | |
| |
| | |
Balance as of June 30, 2022 | |
$ | 2,582 | |
Current period change, excluding amounts reclassified from accumulated other comprehensive loss | |
| — | |
Amounts reclassified from accumulated other comprehensive income | |
| (180 | ) |
Total change in accumulated other comprehensive income | |
| (180 | ) |
Balance as of September 30, 2022 | |
$ | 2,402 | |
| |
Items not
yet recognized
as a component
of net periodic
benefit cost
(pension and other
postretirement plans) | |
| |
| |
Balance as of December 31, 2022 | |
$ | 3,410 | |
Current period change, excluding amounts reclassified from accumulated other comprehensive income | |
| — | |
Amounts reclassified from accumulated other comprehensive income | |
| (576 | ) |
Total change in accumulated other comprehensive income | |
| (576 | ) |
Balance as of September 30, 2023 | |
$ | 2,834 | |
| |
| | |
Balance as of December 31, 2021 | |
$ | 2,943 | |
Current period change, excluding amounts reclassified from accumulated other comprehensive loss | |
| — | |
Amounts reclassified from accumulated other comprehensive income | |
| (541 | ) |
Total change in accumulated other comprehensive income | |
| (541 | ) |
Balance as of September 30, 2022 | |
$ | 2,402 | |
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v3.23.3
Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Total shipping revenues |
|
$ 115,435
|
$ 123,059
|
$ 335,851
|
$ 345,042
|
Time and Bareboat Charter Revenues [Member] |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Total shipping revenues |
|
93,224
|
92,730
|
264,621
|
232,934
|
Voyage Charter Revenues [Member] |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Total shipping revenues |
[1] |
8,421
|
17,665
|
28,864
|
73,036
|
Contracts of Affreightment (COA) Revenues [Member] |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Total shipping revenues |
|
$ 13,790
|
$ 12,664
|
$ 42,366
|
$ 39,072
|
|
|
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v3.23.3
Schedule of Disaggregation of Revenue (Details) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue related to short term |
$ 115,435
|
$ 123,059
|
$ 335,851
|
$ 345,042
|
Short-term Time Charter Contracts [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue related to short term |
|
$ 11,406
|
$ 119
|
$ 28,004
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v3.23.3
Revenue Recognition (Details Narrative) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Voyage receivables |
$ 9,317
|
$ 9,258
|
2023 [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Revenue, remaining performance obligation, amount |
11,779
|
|
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
|
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v3.23.3
Schedule of Earnings Per Share (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Per Share Amounts: |
|
|
|
|
|
|
|
|
Net income |
$ 17,592
|
$ 12,303
|
$ 12,139
|
$ 13,248
|
$ 3,740
|
$ (509)
|
$ 42,033
|
$ 16,479
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
Class A common stock - basic |
78,263,667
|
|
|
88,174,640
|
|
|
80,544,607
|
87,579,624
|
Class A common stock - diluted |
80,700,618
|
|
|
90,349,567
|
|
|
83,233,332
|
89,211,983
|
X |
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v3.23.3
Earnings per Common Share (Details Narrative) - $ / shares
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] |
|
|
|
|
Dilutive equity awards outstanding |
2,436,951
|
2,174,927
|
2,688,725
|
1,632,359
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] |
|
|
|
|
Antidilutive securities |
297,818
|
|
322,510
|
|
Restricted Stock Units And Stock Options [Member] |
|
|
|
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] |
|
|
|
|
Antidilutive securities |
|
371,893
|
|
609,956
|
Common Class A [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] |
|
|
|
|
Potentially dilutive securities |
|
|
3,180,728
|
3,677,942
|
Common Class A [Member] | Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] |
|
|
|
|
Potentially dilutive securities |
|
|
1,478,756
|
1,478,756
|
Class A Warrants [Member] |
|
|
|
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] |
|
|
|
|
Warrant exercise price per share |
$ 0.01
|
|
$ 0.01
|
|
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v3.23.3
Schedule of Fair Value of U.S. Treasury Note (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Amortized Cost |
$ 14,900
|
$ 14,803
|
Gross unrealized Loss |
(298)
|
(328)
|
Fair value |
14,602
|
14,475
|
U.S. Treasury Note [Member] |
|
|
Amortized Cost |
14,900
|
14,803
|
Gross unrealized Loss |
(298)
|
(328)
|
Fair value |
$ 14,602
|
$ 14,475
|
X |
- DefinitionAmount, after allowance for credit loss, of investment in debt security measured at amortized cost (held-to-maturity).
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v3.23.3
Schedule of Financial Instruments not Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Reported Value Measurement [Member] |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Total assets |
$ 112,498
|
$ 93,535
|
Total liabilities |
406,510
|
423,363
|
Reported Value Measurement [Member] | Term Loan, Due 2024 [Member] |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Total liabilities |
19,291
|
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 |
21,413
|
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 |
24,032
|
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 |
42,721
|
44,342
|
Reported Value Measurement [Member] | Term Loan, Due 2028 [Member] |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Total liabilities |
298,663
|
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 |
97,598
|
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 |
112,200
|
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 |
380,303
|
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 |
18,596
|
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 |
20,030
|
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 |
22,735
|
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 |
38,444
|
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 |
280,111
|
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 |
387
|
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 |
97,598
|
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 |
14,602
|
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 |
|
|
X |
- DefinitionFair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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v3.23.3
v3.23.3
Capital Stock and Stock Compensation (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Jun. 15, 2023 |
Jun. 01, 2022 |
Sep. 30, 2023 |
Aug. 31, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Mar. 17, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock repurchased during period, shares |
|
|
|
|
|
|
4,580,921
|
|
|
7,174,059
|
|
|
Stock repurchased during period, value |
|
|
|
|
|
|
$ 18,653,000
|
$ 10,716,000
|
$ 310,000
|
$ 28,499,000
|
|
|
Number of warrants outstanding |
|
|
|
4,519,504
|
|
|
4,519,504
|
19,051,778
|
|
4,519,504
|
19,051,778
|
|
Stock repurchase authorized amount |
|
|
|
|
|
$ 20,000,000
|
|
|
|
|
|
|
Increase in stock repurchase authorized amount |
|
|
|
|
|
$ 10,000,000
|
|
|
|
|
|
|
Stock repurchase price per share |
|
|
|
|
|
|
$ 4.07
|
|
|
$ 3.97
|
|
|
Shares repurchased |
|
|
|
6,844
|
|
|
6,844
|
|
|
6,844
|
|
|
Non-employee Directors [Member] | Time-Based Restricted Stock Units (RSU) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares awarded |
|
195,800
|
305,000
|
|
|
|
|
|
|
|
|
|
Grant date fair value price per share |
|
$ 3.83
|
$ 2.09
|
|
|
|
|
|
|
|
|
|
Employees Including Senior Officers [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares awarded |
|
|
|
|
|
|
|
|
|
584,922
|
718,360
|
|
Grant date fair value price per share |
|
|
|
|
|
|
|
|
|
$ 2.90
|
$ 2.09
|
|
Senior Officers [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares awarded |
|
|
|
|
|
|
|
|
|
|
576,981
|
|
Grant date fair value price per share |
|
|
|
|
|
|
|
|
|
|
$ 2.09
|
|
Award vesting description |
|
|
|
|
|
|
|
|
|
|
20% vests on the first anniversary of the grant date, 30% vests
on the second anniversary of the grant date, and 50% vests on the third anniversary of the grant date
|
|
Senior Officers [Member] | Performance-Based Restricted Stock Units (RSU) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares awarded |
|
|
|
|
|
|
|
|
|
416,832
|
518,600
|
|
Grant date fair value price per share |
|
|
|
|
|
|
|
|
|
$ 2.90
|
$ 2.09
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock repurchase authorized amount |
|
|
|
|
|
|
|
|
|
|
|
$ 10,000,000
|
Maximum [Member] | Senior Officers [Member] | Performance-Based Restricted Stock Units (RSU) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Maximum number of shares awarded |
|
|
|
|
|
|
|
|
|
625,248
|
777,900
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued during warrant exercise |
|
|
|
|
|
|
|
|
|
$ 128,943
|
$ 11,179
|
|
Number of shares withheld |
|
|
|
|
|
|
|
|
|
333,085
|
179,040
|
|
Share price |
|
|
|
$ 3.51
|
|
|
$ 3.51
|
$ 2.07
|
|
$ 3.51
|
$ 2.07
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock repurchased during period, value |
[1] |
|
|
|
|
|
|
|
|
|
|
|
Class A Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of warrants exercised |
|
|
|
680,892
|
|
|
680,892
|
59,124
|
|
680,892
|
59,124
|
|
Cyrus Capital Partners, L.P. [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of warrants outstanding |
|
|
|
4,519,504
|
|
|
4,519,504
|
|
|
4,519,504
|
|
|
Number of shares converted |
|
|
|
858,706
|
|
|
|
|
|
|
|
|
Cyrus Capital Partners, L.P. [Member] | Common Class A [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of warrants exercised |
|
|
|
2,631,763
|
|
|
2,631,763
|
|
|
2,631,763
|
|
|
Cyrus Capital Partners, L.P. [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock repurchased during period, shares |
|
|
|
13,851,382
|
|
|
|
|
|
|
|
|
Stock repurchased during period, value |
|
|
|
$ 11,384,000
|
|
|
|
|
|
|
|
|
Cyrus Capital Partners, L.P. [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Stock repurchased during period, shares |
|
|
|
|
3,788,639
|
|
|
|
|
|
|
|
Stock repurchased during period, value |
|
|
|
|
$ 15,344,000
|
|
|
|
|
|
|
|
Stock repurchase price per share |
|
|
|
|
$ 4.05
|
|
|
|
|
|
|
|
|
|
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v3.23.3
Schedule of Changes in Balances of Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Beginning balance |
|
|
$ 3,410
|
|
Ending balance |
$ 2,834
|
|
2,834
|
|
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] |
|
|
|
|
Beginning balance |
3,026
|
$ 2,582
|
3,410
|
$ 2,943
|
Current period change, excluding amounts reclassified from accumulated other |
|
|
|
|
Amounts reclassified from accumulated other comprehensive income |
(192)
|
(180)
|
(576)
|
(541)
|
Total change in accumulated other comprehensive income |
(192)
|
(180)
|
(576)
|
(541)
|
Ending balance |
$ 2,834
|
$ 2,402
|
$ 2,834
|
$ 2,402
|
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v3.23.3
Leases (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
Oct. 31, 2023 |
Aug. 31, 2023 |
Mar. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Deferred payment obligation |
|
|
|
$ 6,514,000
|
|
$ 6,514,000
|
|
Time Charter Revenue [Member] |
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Income from lease payments |
|
|
|
90,801,000
|
$ 92,539,000
|
262,087,000
|
$ 232,360,000
|
Straight line rent adjustments |
|
|
|
2,423,000
|
$ 191,000
|
2,534,000
|
$ 574,000
|
Overseas Key West [Member] |
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Lease term description |
|
the Company extended its lease on the Overseas Key West for an additional lease term of two months to April 2029.
|
|
|
|
|
|
Future minimum commitments, Remainder of 2023 |
|
|
|
1,550,000
|
|
1,550,000
|
|
Future minimum commitments, 2024 |
|
|
|
4,172,000
|
|
4,172,000
|
|
Future minimum commitments, 2025 |
|
|
|
4,161,000
|
|
4,161,000
|
|
Future minimum commitments, 2026 |
|
|
|
4,161,000
|
|
4,161,000
|
|
Future minimum commitments, 2027 |
|
|
|
4,161,000
|
|
4,161,000
|
|
Future minimum commitments, thereafter |
|
|
|
5,449,000
|
|
5,449,000
|
|
Alaskan Frontier [Member] |
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Lease term description |
|
|
the
Company extended its lease on the Alaskan Frontier for an additional lease term of three years, to March 2026
|
|
|
|
|
Future minimum commitments, Remainder of 2023 |
|
|
|
92,000
|
|
92,000
|
|
Future minimum commitments, 2024 |
|
|
|
366,000
|
|
366,000
|
|
Future minimum commitments, 2025 |
|
|
|
365,000
|
|
365,000
|
|
Future minimum commitments, 2026 |
|
|
|
$ 71,000
|
|
71,000
|
|
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability |
|
|
|
|
|
$ 1,000,000
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Prepaid lease amount |
$ 5,602,000
|
|
|
|
|
|
|
Subsequent Event [Member] | Alaskan Frontier [Member] |
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
Purchase of asset |
$ 20,000
|
|
|
|
|
|
|
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Overseas Shipholding (PK) (USOTC:OGSRW)
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Overseas Shipholding (PK) (USOTC:OGSRW)
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