Note 15 — Other Operating Expenses: Other operating expenses consist of the following expenses: | | | | | | | | | Three months ended March 31, | (Dollars in thousands) | | | 2026 | | | 2025 | Consulting fees associated with settlement of pension plan obligations(1) | | $ | 138 | | $ | 95 | Total other operating expenses | | $ | 138 | | $ | 95 |
| (1) | In September 2024, the Trustee of the OSG Ship Management (UK) Ltd. Retirement Benefits Plan (the “Plan”) purchased an insurance contract tailored to match the full value of future Plan benefits payable from the Plan. The Company is responsible for costs associated with the standard review of the underlying data of the Plan in preparation for the complete transfer of the |
| | Company’s pension benefit obligation and related risks and rewards to the insurance company, which is expected to occur during calendar year 2027. |
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