Revenue Recognition

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note 3 - Revenue Recognition

Disaggregated Revenue

The Company has disaggregated revenue from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Consequently, the disaggregation below is based on contract type. Since the terms within these contract types are generally standard in nature, the Company does not believe that further disaggregation would result in increased insight into the economic factors impacting revenue and cash flows.

OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS

The following table shows the Company’s shipping revenues disaggregated by nature of the charter arrangement for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
	2021		2020
Time and bareboat charter revenues	$	63,788	$	78,150
Voyage charter revenues(1)		7,037		11,468
Contracts of affreightment revenues		10,448		11,241
Total shipping revenues	$	81,273	$	100,859

(1) Voyage charter revenues include revenue related to short-term time charter contracts was $2,864 and $11,319 for the three months ended March 31, 2021 and 2020, respectively.

Voyage Receivables

As of March 31, 2021 and December 31, 2020, contract balances from contracts with customers consisted of voyage receivables of $8,458 and $9,351, respectively, net of reserve for doubtful accounts for voyage charters and lightering contracts.

Contracts of Affreightment

At March 31, 2021, the Company did not have deferred revenue related to the Company's contracts of affreightment (“COAs”).

Costs to Fulfill a Contract

At March 31, 2021, the costs related to voyages that were not yet completed were not material.

Transaction Price Allocated to the Remaining Performance Obligations

As of March 31, 2021, the Company expects to recognize revenue of approximately $16,519 for the remainder of 2021 under COAs. This estimated amount relates to the fixed consideration of contractual minimums within the contracts based on the Company’s estimate of future services.

OVERSEAS SHIPHOLDING GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS