Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 28, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | International Seaways, Inc. | ||
Entity Central Index Key | 1,679,049 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 29,202,714 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 92,001 | $ 308,858 |
Voyage receivables, including unbilled of $61,416 and $71,200 | 66,918 | 74,951 |
Other receivables | 5,302 | 4,464 |
Inventories | 1,338 | 3,396 |
Prepaid expenses and other current assets | 5,350 | 5,067 |
Total Current Assets | 170,909 | 396,736 |
Restricted cash - non current | 8,989 | |
Vessels and other property, less accumulated depreciation | 1,100,050 | 1,240,411 |
Deferred drydock expenditures, net | 30,557 | 37,075 |
Total Vessels, Deferred Drydock and Other Property | 1,130,607 | 1,277,486 |
Investments in and advances to affiliated companies | 358,681 | 344,891 |
Other assets | 2,324 | 1,848 |
Total Assets | 1,662,521 | 2,029,950 |
Current Liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 38,237 | 30,783 |
Payable to OSG | 683 | 11,350 |
Current installments of long-term debt | 6,183 | 6,284 |
Total Current Liabilities | 45,103 | 48,417 |
Long-term debt | 433,468 | 588,938 |
Other liabilities | 4,438 | 8,809 |
Total Liabilities | 483,009 | 646,164 |
Commitments and contingencies | ||
Equity: | ||
Common stock - 100,000,000 no par value shares authorized; 29,189,454 shares issued and outstanding | 29,825 | 29,825 |
Paid-in additional capital | 1,276,411 | 1,325,504 |
(Accumulated deficit)/retained earnings | (74,457) | 92,581 |
Stockholders' equity before accumulated other comprehensive loss | 1,231,779 | 1,447,910 |
Accumulated other comprehensive loss | (52,267) | (64,124) |
Total Equity | 1,179,512 | 1,383,786 |
Total Liabilities and Equity | $ 1,662,521 | $ 2,029,950 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position Parenthetical [Abstract] | ||
Unbilled contracts receivable (in dollars) | $ 61,416 | $ 71,200 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares, issued | 29,189,454 | 29,189,454 |
Common stock, shares, outstanding | 29,189,454 | 29,189,454 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shipping Revenues: | |||
Pool revenues, including $37,481 in 2016, $45,372 in 2015 and $85,967 in received from companies accounted for by the equity method | $ 246,196 | $ 360,218 | $ 180,813 |
Time and bareboat charter revenues | 95,484 | 52,092 | 44,846 |
Voyage charter revenues | 56,639 | 85,324 | 291,359 |
Shipping revenues | 398,319 | 497,634 | 517,018 |
Operating Expenses: | |||
Voyage expenses | 13,274 | 21,844 | 170,031 |
Vessel expenses | 141,944 | 143,925 | 133,772 |
Charter hire expenses | 37,411 | 36,802 | 60,955 |
Depreciation and amortization | 79,885 | 81,653 | 84,931 |
General and administrative | 31,618 | 41,516 | 52,597 |
Severance costs | 16,666 | ||
Separation and transition costs | 9,043 | ||
Technical management transition costs | 39 | 3,417 | |
Loss/(gain) on disposal of vessels and other property, including impairments | 79,203 | (4,459) | (9,955) |
Total Operating Expenses | 392,378 | 321,320 | 512,414 |
Income from Vessel Operations | 5,941 | 176,314 | 4,604 |
Equity in Income of Affiliated Companies | 16,849 | 45,559 | 37,872 |
Operating Income | 22,790 | 221,873 | 42,476 |
Other (Expense)/Income | (966) | 66 | (45) |
Income before Interest Expense, Reorganization Items and Income Taxes | 21,824 | 221,939 | 42,431 |
Interest Expense | (39,476) | (42,970) | (56,258) |
Income/(Loss) before Reorganization Items and Income Taxes | (17,652) | 178,969 | (13,827) |
Reorganization items, net | (131) | (5,659) | (104,528) |
Income/(Loss) before Income Taxes | (17,783) | 173,310 | (118,355) |
Income Tax Provision | (440) | (140) | (744) |
Net Income/(Loss) | $ (18,223) | $ 173,170 | $ (119,099) |
Weighted Average Number of Common Shares Outstanding: | |||
Basic and Diluted (in shares) | 29,157,992 | 29,157,387 | 29,157,387 |
Per Share Amounts: | |||
Basic and Diluted net income (in dollars per share) | $ (0.62) | $ 5.94 | $ (4.08) |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | |||
Pool revenues, received from companies accounted for by the equity method | $ 37,481 | $ 45,372 | $ 85,967 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net (loss)/income | $ (18,223) | $ 173,170 | $ (119,099) |
Other Comprehensive Income/(Loss), net of tax: | |||
Net change in unrealized losses on cash flow hedges | 13,129 | 7,910 | (2,093) |
Foreign currency translation adjustment | 42 | (13) | 87 |
Defined benefit pension and other postretirement benefit plans: | |||
Net change in unrecognized prior service costs | 294 | 118 | 232 |
Net change in unrecognized actuarial losses | (1,608) | 2,234 | (4,974) |
Other Comprehensive Income/(Loss) | 11,857 | 10,249 | (6,748) |
Comprehensive Income/(Loss) | $ (6,366) | $ 183,419 | $ (125,847) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | |||
Net (loss)/income | $ (18,223) | $ 173,170 | $ (119,099) |
Items included in net (loss)/income not affecting cash flows: | |||
Depreciation and amortization | 79,885 | 81,653 | 84,931 |
Loss on write-down of vessels and other fixed assets | 79,242 | ||
Amortization of debt discount and other deferred financing costs | 6,643 | 5,835 | 2,009 |
Deferred financing costs write-off | 5,097 | ||
Direct and allocated stock compensation, non-cash | 2,841 | 2,811 | 571 |
Deferred income tax benefit | (10) | ||
Undistributed earnings of affiliated companies | (17,816) | (38,666) | (32,549) |
Allocated reorganization items, non-cash | 131 | 5,659 | 87,197 |
Other - net | 517 | (41) | 106 |
Items included in net income/(loss) related to investing and financing activities: | |||
Gain on disposal of vessels and other property, net | (39) | (4,459) | (9,955) |
Allocated general and administrative expenses recorded as capital contributions | 1,146 | 954 | 3,359 |
Discount on repurchase of debt | (3,755) | ||
Payments for drydocking | (9,258) | (20,728) | (12,078) |
Bankruptcy claim payments | (285,322) | ||
Deferred financing costs paid for loan modification | (8,273) | (5,545) | |
Changes in operating assets and liabilities: | |||
Decrease in receivables | 8,033 | 13,398 | 39,392 |
(Decrease)/increase in cost sharing reimbursement payable to OSG | (10,667) | 5,733 | (21,262) |
Net change in inventory, prepaid expenses and other current assets, accounts payable, accrued expenses and other current and long-term liabilities | 1,264 | 2,965 | 9,415 |
Net cash provided by/(used in) operating activities | 116,768 | 222,739 | (253,295) |
Cash Flows from Investing Activities: | |||
Decrease/(increase) in restricted cash | 8,989 | 61,104 | (70,093) |
Expenditures for vessels and vessel improvements | (1,988) | (964) | (21,454) |
Proceeds from disposal of vessels and other property | 17,058 | 78,426 | |
Expenditures for other property | (907) | ||
Investments in and advances to affiliated companies | (987) | (153) | |
Repayments of advances from affiliated companies | 18,500 | 37,500 | 29,722 |
Other - net | (382) | (240) | |
Net cash provided by investing activities | 23,607 | 114,163 | 16,361 |
Cash Flows from Financing Activities: | |||
Issuance of debt, net of issuance and deferred financing costs | 605,561 | ||
Payments on debt, including adequate protection payments | (90,065) | (6,284) | (317,411) |
Extinguishment of debt | (65,167) | ||
Net change in investment of OSG | (53,225) | ||
Dividend payments to OSG | (202,000) | (200,000) | |
Contributions by OSG | 6,306 | ||
Net cash (used in)/provided by financing activities | (357,232) | (206,284) | 241,231 |
Net (decrease)/increase in cash and cash equivalents | (216,857) | 130,618 | 4,297 |
Cash and cash equivalents at beginning of year | 308,858 | 178,240 | 173,943 |
Cash and cash equivalents at end of year | $ 92,001 | $ 308,858 | $ 178,240 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Paid-in Additional Capital [Member] | Retained Earnings / (Accumulated deficit) [Member] | Accumulated Other Comprehensive Loss [Member] | Parent Company [Member] | Total |
Balance at Dec. 31, 2013 | $ (67,625) | $ 1,036,467 | $ 968,842 | |||
Net (Loss)/Income | (119,987) | (119,987) | ||||
Other comprehensive income (loss) | (984) | (984) | ||||
Net change in investment of Former Parent | 507,068 | 507,068 | ||||
Reclassification of net investment of Former | $ 29,825 | $ 1,393,723 | (1,423,548) | |||
Balance at Jul. 31, 2014 | 29,825 | 1,393,723 | (68,609) | 1,354,939 | ||
Balance at Dec. 31, 2013 | (67,625) | $ 1,036,467 | 968,842 | |||
Net (Loss)/Income | (119,099) | |||||
Other comprehensive income (loss) | (6,748) | |||||
Balance at Dec. 31, 2014 | 29,825 | 1,434,603 | $ 888 | (74,373) | 1,390,943 | |
Balance at Jul. 31, 2014 | 29,825 | 1,393,723 | (68,609) | 1,354,939 | ||
Net (Loss)/Income | 888 | 888 | ||||
Other comprehensive income (loss) | (5,764) | (5,764) | ||||
Capital contribution of Former Parent, net | 40,880 | 40,880 | ||||
Balance at Dec. 31, 2014 | 29,825 | 1,434,603 | 888 | (74,373) | 1,390,943 | |
Net (Loss)/Income | 173,170 | 173,170 | ||||
Other comprehensive income (loss) | 10,249 | 10,249 | ||||
Capital contribution of Former Parent, net | 9,424 | 9,424 | ||||
Dividends | (118,523) | (81,477) | (200,000) | |||
Balance at Dec. 31, 2015 | 29,825 | 1,325,504 | 92,581 | (64,124) | 1,383,786 | |
Net (Loss)/Income | (18,223) | (18,223) | ||||
Other comprehensive income (loss) | 11,857 | 11,857 | ||||
Capital contribution of Former Parent, net | 3,797 | 3,797 | ||||
Dividends | (53,185) | (148,815) | (202,000) | |||
Amortization of restricted stock awards | 40 | 40 | ||||
Amortization of restricted stock units | 184 | 184 | ||||
Compensation relating to stock options | 71 | 71 | ||||
Balance at Dec. 31, 2016 | $ 29,825 | $ 1,276,411 | $ (74,457) | $ (52,267) | $ 1,179,512 |
BASIS OF PRESENTATION AND DESCR
BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | NOTE 1 — DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION: Spin-Off from Overseas Shipholding Group, Inc . On November 30, 2016 (the “Distribution Date”), International Seaways, Inc. (“INSW”), a Marshall Islands corporation, and its wholly owned subsidiaries (the “Company” or “INSW”, or “we” or “us” or “our”), became a public entity as a result of its spin-off (the “Distribution”) from Overseas Shipholding Group, Inc. (“OSG”), a publicly traded company incorporated in Delaware (United States). The spin-off separated OSG and INSW into two distinct businesses with separate management. OSG retained the U.S. Flag business and INSW holds entities and other assets and liabilities that formed OSG’s former International Flag business. On November 30, 2016, we amended and restated our articles of incorporation (“Amended and Restated Articles of Incorporation”). In accordance with the Amended and Restated Articles of Incorporation, immediately prior to the distribution, as described in the following paragraph, the Company effected a stock split of its 102.21 issued and outstanding shares of common stock, which were all owned by OSG, to allow for a prorata dividend of such shares to the holders of OSG common stock and warrants. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) ASC 260, Earnings Per Share , the Company adjusted the computations of basic and diluted earnings per share retroactively for all periods presented to reflect that change in its capital structure. Following the distribution our authorized capital stock consisted of 100,000,000 shares of common stock without par value and 10,000,000 shares of preferred stock without par value. The spin-off transaction was in the form of a pro rata dividend of 100 % of the common stock of INSW to holders of OSG common stock and warrants. Effective as of 5:00 p.m., New York time, on the Distribution Date (the “Effective Time”), our common stock was distributed, on a pro rata basis, to OSG’s stockholders and warrant holders of record as of 5:00 p.m., New York time, on November 18, 2016 (the “Record Date”). On the Distribution Date, each holder of OSG common stock received 0.3333 shares of our common stock for every share of OSG common stock held on the Record Date. Each holder of OSG warrants received 0.3333 shares of our common stock for every one share of OSG common stock they would have received if they exercised their warrants immediately prior to the Distribution (or 0.063327 INSW shares per warrant), treating such warrants on an as-exercised basis without deduction for the exercise price of such warrants. Fractional shares of our common stock were not distributed in the spin-off. Holders of OSG common stock and warrants received cash in lieu of fractional shares of our common stock. Our common stock began “regular-way” trading on the New York Stock Exchange on December 1, 2016, under the symbol “INSW.” The spin-off was completed pursuant to a separation and distribution agreement (the “Separation and Distribution Agreement”) and several other agreements with OSG related to the spin-off, including a transition services agreement (the “Transition Services Agreement”) and an employee matters agreement (the “Employee Matters Agreement”) dated November 30, 2016. These agreements govern the relationship between us and OSG following the spin-off and provide for the allocation of various assets, liabilities, rights and obligations. These agreements also include arrangements for transition services to be provided by OSG to the Company and by the Company to OSG. See Note 13, “Related Parties,” for additional discussion of the significant agreements with OSG. Reorganization On August 5, 2014, OSG and its subsidiaries, including INSW and certain of its subsidiaries (together with OSG, the “Debtors”), emerged from bankruptcy under Chapter 11 of Title 11 of the U.S. Code (the “Bankruptcy Code”). See Note 2, “Chapter 11 Filing and Emergence from Bankruptcy,” for further detail relating to OSG’s and INSW’s voluntary petitions for reorganization and subsequent emergence from bankruptcy. In conjunction with the plan of reorganization, OSG and INSW completed a series of capital contributions and distributions that resulted in all the entities that comprised the International Flag operations being owned by and being under the direct control of INSW upon emergence from bankruptcy (the “Emergence”). As INSW is the legal parent upon Emergence, the common stock and capital structure presented in these financial statements subsequent to Emergence is that of INSW. Nature of the Business The Company is engaged primarily in the ocean transportation of crude oil and petroleum products in the international market. The Company’s business is currently organized into two reportable segments: International Crude Tankers and International Product Carriers. The crude oil fleet is comprised of most major crude oil vessel classes. The products fleet transports refined petroleum product cargoes from refineries to consuming markets characterized by both long and short-haul routes. Through joint venture partnerships, the Company operates four liquefied natural gas (“LNG”) carriers and two Floating Storage and Offloading (“FSO”) service vessels. As of December 31, 2016, the Company’s operating fleet consisted of 55 vessels, 48 of which were owned (including four LNG carriers and two FSO service vessels in which the Company has joint venture ownership interests), with the remaining vessels chartered-in. Vessels chartered-in may be bareboat charters or time charters. Under either a bareboat charter or time charter, a customer pays a fixed daily or monthly rate for a fixed period of time for use of the vessel. Under a bareboat charter, the customer pays all costs of operating the vessel, including voyage expenses, such as fuel, canal tolls and port charges, and vessel expenses such as crew costs, vessel stores and supplies, lubricating oils, maintenance and repair, insurance and communications associated with operating the vessel. Under a time charter, the customer pays all voyage expenses and the shipowner pays all vessel expenses. The Company’s operating fleet list excludes vessels chartered-in where the duration of the charter was one year or less at inception. The Marshall Islands is the principal flag of registry of the Company’s vessels. Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. For the eleven-month period ended November 30, 2016 and the years ended December 31, 2015 and 2014, the accompanying consolidated financial statements include the assets, liabilities, revenues and expenses of the individual entities that comprise the Company carved out from the historical results of operations, cost basis of the assets and liabilities and cash flows of OSG for these entities using both specific identification and allocation consistent with prior periods. For the eleven month period ended November 30, 2016 and the years ended December 31, 2015 and 2014, the Company functioned as part of the larger group of companies controlled by OSG, and accordingly, OSG performed certain corporate overhead functions for the Company. Therefore, certain costs related to the Company have been allocated from OSG. These allocated costs are primarily related to corporate administrative expenses, reorganization costs and employee related costs, including pensions and other benefits for corporate and shared employees, for the following functional groups: information technology, legal services, accounting and finance services, human resources, marketing and contract support, customer support, treasury and cash management, facility and other corporate and infrastructural services. The costs associated with these services and support functions have been allocated to the Company primarily based on either the proportion of time spent by employees within the above functions on tasks related to or for the benefit of the Company’s entities or the proportion of ship operating days of the Company. Ship operating days are defined as the total number of days vessels are owned or chartered in during a period. A portion of this cost allocation was offset by costs for certain corporate functions held within the Company (including information technology functions) that have historically provided services to OSG and non-INSW subsidiaries of OSG. The net costs allocated for these functions are included in general and administrative expenses, technical management and transition costs, severance costs and reorganization items, net within the consolidated financial statements. The tax provisions for the Company have been provided using a separate tax return methodology. Management believes the assumptions and allocations are reasonable. The expenses and cost allocations have been determined on a basis considered to be a reasonable reflection of the utilization of services provided to or the benefit received by the Company during the periods relative to the total costs incurred by OSG. However, the amounts recorded may not be representative of the amounts that would have been incurred had the Company been an entity that operated independently of OSG. Consequently, these consolidated financial statements may not be indicative of the Company’s future performance and do not necessarily reflect what its consolidated results of operations, financial position and cash flows would have been had the Company operated as a separate entity apart from OSG during the eleven-month period ended November 30, 2016 and the years ended December 31, 2015 and 2014. Following our spin-off from OSG, we now perform functions previously performed by OSG using internal resources and purchased services, some of which are being provided by OSG during a transitional period pursuant to the Transition Services Agreement. All intercompany balances and transactions within the Company have been eliminated. Investments in 50% or less owned affiliated companies, in which the Company exercises significant influence, are accounted for by the equity method. Dollar amounts, except per share amounts are in thousands. |
CHAPTER 11 FILING AND EMERGENCE
CHAPTER 11 FILING AND EMERGENCE FROM BANKRUPTCY | 12 Months Ended |
Dec. 31, 2016 | |
Chapter 11 Filing and Emergence from Bankruptcy [Abstract] | |
Chapter 11 Filing and Emergence from Bankruptcy | NOTE 2 — CHAPTER 11 FILING AND EMERGENCE FROM BANKRUPTCY: Chapter 11 Filing On November 14, 2012 (the “Petition Date”), OSG and 180 of its subsidiaries including INSW Debtor entities, filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). On March 7, 2014 , the Debtors filed a plan of reorganization supported by certain of the lenders under OSG’s $1,500,000 credit agreement, dated as of February 9, 2006 (the “Lender Plan”). On April 18, 2014, the Debtors received a proposal for an alternative plan of reorganization from certain holders of existing equity interests of OSG, which the Debtors determined to be more favorable to the Debtors’ creditors and equity interest holders than the Lender Plan (the “Equity Proposal”). Accordingly, the Debtors filed with the Bankruptcy Court a plan of reorganization that effectuated the terms of the Equity Proposal (as subsequently amended, the “Equity Plan”). The Bankruptcy Court confirmed the Equity Plan by order entered on July 18, 2014 (the “Confirmation Order”). On August 5, 2014 (the “Effective Date”), the Equity Plan became effective and OSG, including INSW Debtor entities, emerged from bankruptcy. On February 10, 2017, pursuant to a final decree and order of the Bankruptcy Court, OSG’s one remaining case, as the Parent Company, was closed. Summary of Emergence from Bankruptcy The financial restructuring was accomplished through exit financing and by using the proceeds from an OSG shareholder rights offering and OSG supplemental equity offering, and cash on hand to reduce outstanding indebtedness. Below is a summary of the significant events affecting INSW’s capital structure as a result of the Equity Plan becoming effective. Exit Financing and Entry into Credit Facilities On the Effective Date, to support the Equity Plan, the Company entered into a secured term loan facility of $628,375 (the “INSW Term Loan”) and a revolving loan facility of $50,000 (the “INSW Revolver Facility” and, together with the INSW Term Loan, the “INSW Exit Financing Facilities” or the “INSW Facilities”), among OSG, INSW, OIN Delaware LLC, the sole member of which is INSW, certain INSW subsidiaries, Jefferies Finance LLC, as Administrative Agent, and other lenders party thereto, both secured by a first lien on substantially all of the International Flag assets of the Company and its subsidiaries that, collectively, and together with funds provided by OSG, provided the funding necessary to satisfy the Equity Plan’s cash payment obligations, the expenses associated with closing the INSW Exit Financing Facilities and working capital to fund the Company’s operations after emergence from bankruptcy. On August 5, 2014, the available amounts under the INSW Term Loan were drawn in full. As of December 31, 2016, no amounts had been drawn under the INSW Revolver Facility. For additional information regarding the INSW Exit Financing Facilit ies see Note 9, “Debt,” to the consolidated financial statements. Management believes the implementation of the Equity Plan, closing on the INSW Exit Financing Facilities, reducing INSW’s activities in certain non-core areas and disposing of underperforming assets, has allowed the Company to generate sufficient cash to support its operations since emergence and will continue to do so over the next twelve months. Financial Reporting The Company prepared its consolidated financial statements in accordance with Accounting Standards Codification (“ASC”) 852, Reorganizations, and on a going-concern basis, which assumes continuity of operations, realization of assets and liabilities in the ordinary course. ASC 852 requires that financial statements for periods subsequent to the filing of the Chapter 11 cases distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, all transactions (including but not limited to, all professional fees and other expenses, realized gains and losses, and provisions for losses) directly associated with the reorganization and restructuring of the business are reported separately as reorganization items in the consolidated statements of operations. Upon OSG’s emergence from Chapter 11 bankruptcy proceedings on August 5, 2014, OSG was not required to apply fresh start accounting based on the provisions of ASC 852 since holders of OSG’s outstanding common shares immediately before confirmation of the Equity Plan received more than 50% of OSG’s outstanding common shares upon emergence. Accordingly, a new reporting entity was not created for accounting purposes. All of the OSG subsidiaries that comprise the INSW carve out group were directly or indirectly wholly owned by OSG immediately before confirmation of the Equity Plan and immediately after confirmation of the Equity Plan. Reorganization Items, net Reorganization items, net represent amounts incurred subsequent to the Petition Date as a direct result of the filing of the Chapter 11 cases and are comprised of the following: For the year ended December 31, 2016 2015 2014 Allocated trustee fees $ 74 $ 147 $ 1,929 Allocated professional fees (3,220) 5,422 81,381 Provision for and expenses incurred on rejected executory contracts including post-petition interest - - 6,419 Provision for post-petition interest on debt facilities - - 10,095 2004 Stock Incentive Plan - - 1,374 Other claim adjustments 3,277 90 3,330 $ 131 $ 5,659 $ 104,528 The table above reflects the recovery of previously allocated professional fees associated with a litigation matter that OSG subsequently settled for an amount in excess of its related out-of-pocket expenses. Cash paid for reorganization items was $0 , $0 , and $303,739 for the years ended December 31, 2016 , 2015 and 2014 , respectively. For the years ended December 31, 2016 , 2015 and 201 4 , the allocation of non-cash reorganization expenses of $131 , $5,659 and $87,197 , respectively, were recorded as capital contributions from OSG. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: 1. Cash and cash equivalents — Interest-bearing deposits that are highly liquid investments and have a maturity of three months or less when purchased are included in cash and cash equivalents. Legally restricted cash as of December 31, 2015 of $8,989 , relating to the INSW Facilities, is included in the non-current assets section of the consolidated balance sheets. The INSW Facilities stipulate that if annual aggregate cash proceeds of INSW asset sales exceed $5,000 , cash proceeds from each such sale were required to be reinvested in vessels within twelve months of such sale or used to prepay the principal balance outstanding of the INSW Term Loan. Activity relating to restricted cash is reflected in investing activities in the consolidated statements of cash flow. See Note 9, “Debt,” for a further discussion of the INSW Term Loan. 2. Concentration of Credit Risk — Financial instruments that potentially subject the Company to concentrations of credit risk are voyage receivables due from charterers and pools in which the Company participates. With respect to voyage receivables, the Company limits its credit risk by performing ongoing credit evaluations. Voyage receivables reflected in the consolidated balance sheets as of December 31, 2016 and 2015 are net of an allowance for doubtful accounts of $70 and $415 , respectively. The provisions for doubtful accounts for the years ended December 31, 2016, 2015 and 2014 were not material. During the three years ended December 31, 2016, the Company did not have any individual customers who accounted for 10% or more of its revenues apart from the pools in which it participates. The pools in which the Company participates accounted for 90% and 82% of consolidated voyage receivables at December 31, 2016 and 2015. 3. Inventories —Inventories, which consists principally of fuel, are stated at cost determined on a first-in, first-out basis. 4. Vessels, vessel lives, deferred drydocking expenditures and other property —Vessels are recorded at cost and are depreciated to their estimated salvage value on the straight-line basis over the lives of the vessels, which are generally 25 years. Each vessel’s salvage value is equal to the product of its lightweight tonnage and an estimated scrap rate of $300 per ton. Other property, including leasehold improvements, are recorded at cost and amortized on a straight-line basis over the shorter of the terms of the leases or the estimated useful lives of the assets, which range from three to seven years. Interest costs are capitalized to vessels during the period that vessels are under construction, however, no interest was capitalized during 2016, 2015 or 2014. Expenditures incurred during a drydocking are deferred and amortized on the straight-line basis over the period until the next scheduled drydocking, generally two and a half to five years. The Company only includes in deferred drydocking costs those direct costs that are incurred as part of the drydocking to meet regulatory requirements, or are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. The carrying value of each of the Company’s vessels represents its original cost at the time it was delivered or purchased less depreciation calculated using estimated useful lives from the date such vessel was originally delivered from the shipyard. A vessel’s carrying value is reduced to its new cost basis (i.e., its current fair value) if a vessel impairment charge is recorded. 5. Impairment of long-lived assets —The carrying amounts of long-lived assets held and used by the Company are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. In such instances, an impairment charge would be recognized if the estimate of the undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than the asset’s carrying amount. This assessment is made at the individual vessel level since separately identifiable cash flow information for each vessel is available. The impairment charge, if any, would be measured as the amount by which the carrying amount of a vessel exceeded its fair value. If using an income approach in determining the fair value of a vessel, the Company will consider the discounted cash flows resulting from highest and best use of the vessel asset from a market-participant’s perspective. Alternatively, if using a market approach, the Company will obtain third party appraisals of the estimated fair value of the vessel. A long lived asset impairment charge results in a new cost basis being established for the relevant long lived asset. See Note 6, “Vessels,” for further discussion on the impairment tests performed on certain of our vessels during the three years ended December 31, 2016. 6. Deferred finance charges —Finance charges incurred in the arrangement and /or amendments resulting in the modification of debt are deferred and amortized to interest expense on either an effective interest method or straight-line basis over the life of the related debt. Unamortized deferred finance charges of $ 1,691 and $1,741 relating to the INSW Revolver Facility are included in other assets in the consolidated balance sheets as of December 31, 2016 and 2015, respectively. Unamortized deferred finance charges of $19,827 and $22,866 relating to the INSW Term Loan (as defined in Note 9, “Debt”) are included in long-term debt (reflecting the adoption of ASU No. 2015-03) on the consolidated balance sheets as of December 31, 2016 and 2015. Interest expense relating to the amortization of deferred financing costs amounted to $6,449 in 2016 , $ 5,625 in 2015 and $1,928 in 2014 . 7. Revenue and expense recognition —Revenues from time charters and bareboat charters are accounted for as operating leases and are thus recognized ratably over the rental periods of such charters, as service is performed. Voyage revenues and expenses are recognized ratably over the estimated length of each voyage, calculated on a discharge-to-discharge basis and, therefore, are allocated between reporting periods based on the relative transit time in each period. The impact of recognizing voyage expenses ratably over the length of each voyage is not materially different on a quarterly and annual basis from a method of recognizing such costs as incurred. The Company does not begin recognizing voyage revenue until a charter has been agreed to by both the Company and the customer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Under voyage charters, expenses such as fuel, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time and bareboat charters, such voyage costs are paid by the Company’s customers. For the Company’s vessels operating in pools, revenues and voyage expenses are pooled and allocated to each pool’s participants on a time charter equivalent (“TCE”) basis in accordance with an agreed-upon formula. Such TCE revenues are reported as pool revenues in the accompanying consolidated statement of operations. For the pools in which the Company participates, management monitors, among other things, the relative proportion of the Company’s vessels operating in each of the pools to the total number of vessels in each of the respective pools, and assesses whether or not the Company’s participation interest in each of the pools is sufficiently significant so as to determine that the Company has effective control of the pool. Management determined that as of June 30, 2013, it had effective control of one of the pools in which the Company participated. Such pool was not a legal entity but operated under a contractual agreement. Therefore, effective July 1, 2013 and through to June 30, 2014, when the Company exited this pool, the Company’s allocated TCE revenues for such pool were reported on a gross basis as voyage charter revenues and voyage expenses in the consolidated statement of operations. The impact of this method of presenting earnings for this pool for the year ended December 31, 2014 was an increase in both voyage charter revenues and voyage expenses of $40,454 . 8. Derivatives —ASC 815, Derivatives and Hedging , requires the Company to recognize all derivatives on the balance sheet at fair value. Derivatives that are not effective hedges must be adjusted to fair value through earnings. If the derivative is an effective hedge, depending on the nature of the hedge, a change in the fair value of the derivative is either offset against the change in fair value of the hedged item (fair value hedge), or recognized in other comprehensive income/(loss) and reclassified into earnings in the same period or periods during which the hedge transaction affects earnings (cash flow hedge). The ineffective portion (that is, the change in fair value of the derivative that does not offset the change in fair value of the hedged item) of an effective hedge and the full amount of the change in fair value of derivative instruments that do not qualify for hedge accounting are immediately recognized in earnings. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to forecasted transactions. The Company also formally assesses (both at the hedge's inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively, as discussed below. The Company discontinues hedge accounting prospectively when (1) it determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item such as forecasted transactions; (2) the derivative expires or is sold, terminated, or exercised; (3) it is no longer probable that the forecasted transaction will occur; or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate or desired. When the Company discontinues hedge accounting because it is no longer probable that the forecasted transaction will occur in the originally expected period, the gain or loss on the derivative remains in accumulated other comprehensive loss and is reclassified into earnings when the forecasted transaction affects earnings. However, if it is probable that a forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter, the gains and losses that were accumulated in other comprehensive loss will be recognized immediately in earnings. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings, unless it is designated in a new hedging relationship. During the three years ended December 31, 2016, no ineffectiveness gains or losses were recorded in earnings relative to interest rate caps entered into by the Company or its subsidiaries that qualified for hedge accounting. Any gain or loss realized upon the early termination of an interest rate cap is recognized as an adjustment of interest expense over the shorter of the remaining term of the cap or the hedged debt. See Note 10, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” for additional disclosures on the Company’s interest rate caps and other financial instruments. 9. Income taxes — Substantially all of the companies included in the Company’s consolidated financial statements were excluded from the OSG consolidated group for U.S. income tax purposes for the eleven month period ended November 30, 2016 and the years ended December 31, 2015 and 2014 . T he Company’s financial statements have been prepared on the basis that OSG was responsible for all U.S. taxes for periods prior to December 1, 2016. Prior to December 1, 2016, the Company had not operated as an independent stand-alone entity. However, for the purposes of these consolidated financial statements the Company has calculated income taxes as if it had filed relevant income tax returns on a stand-alone basis. T he Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes in the period such determination is made. Uncertain tax positions are recorded in accordance with ASC 740, Income Taxes, on the basis of a two-step process whereby (1) the Company first determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. 10. Valuation of equity method investments — When events and circumstances warrant, investments accounted for under the equity method of accounting are evaluated for impairment. An impairment charge is recorded whenever a decline in fair value of an investment below its carrying amount is determined to be other-than-temporary. Impairment charges related to equity method investments are record ed in equity in i ncome of a ffiliated c ompanies in the accompanying consolidated statements of operations . See Note 7, “Equity Method Investments,” for further discussion of the impairment tests performed on certain of our equity method investments during the year ended December 31, 2016. 11. Use of estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts of assets, liabilities, equity, revenues and expenses reported in the financial statements and accompanying notes. The most significant estimates relate to the depreciation of vessels and other property, amortization of drydocking costs, estimates used in assessing the recoverability of goodwill, equity method investments, intangible and other long-lived assets, liabilities incurred relating to pension benefits, and income taxes. Actual results could differ from those estimates. 12. Recently Adopted Accounting Standards — In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASC 205), which explicitly requires management to assess an entity’s ability to continue as a going concern and disclose going concern uncertainties in connection with each annual and interim period. The new standard requires management to assess if there is substantial doubt about an entity’s ability to continue to meet its obligations within one year after the reporting date based upon management’s consideration of relevant conditions that are known (and reasonably knowable) at the issuance date. The new standard defines substantial doubt and provides example indicators. Disclosures will be required if conditions give rise to substantial doubt. However, management will need to assess if its plans will alleviate substantial doubt to determine the specific disclosures. The new standard is effective for all entities in the first annual period ending after December 15, 2016. The adoption of this accounting standard did not have any impact on the Company’s consolidated financial statements. 13. Recently Issued Accounting Standards — In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (ASC 715), which requires that an employer classify and report the service cost component in the same line item or items in the statement of operations as other compensation costs arising from services rendered by the pertinent employees during the period and disclose by line item in the statement of operations, the amount of net benefit cost that is included in the statement of operations. The other components of net benefit cost would be presented in the statement operations separately from the service cost component and outside the subtotal of income from operations. The standard will be effective for interim and annual periods beginning after December 31, 2017 and early adoption is permitted. The guidance requires application using a retrospective transition method. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (ASC 230): Restricted Cash , which requires that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard will be effective for annual periods beginning after December 31, 2017 and interim periods within that reporting period. Management does not expect the adoption of this accounting standard to have a material impact on the Company’s consolidated statements of cash flows. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (ASC 230), which amends the guidance in ASC 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the ASU is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic with respect to (1) debt prepayment or debt extinguishment costs; (2) settlement of zero-coupon debt; (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from the settlement of corporate-owned life insurance policies; (6) distributions received from equity method investees; (7) beneficial interests in securitization transactions; and (8) separately identifiable cash flows and application of the predominance principle. The standard will be effective for interim and annual periods beginning after December 31, 2017 and early adoption is permitted. The guidance requires application using a retrospective transition method. Management is currently reviewing the impact of the adoption of this accounting standard on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (ASC 718), which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification in the statement of cash flows. The standard will be effective for annual periods beginning after December 31, 2016 and interim periods within that reporting period. Management does not expect the adoption of this accounting standard to have any impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. Management is analyzing the impact of the adoption of this guidance on the Company’s consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. Management expects that the Company could recognize increases in reported amounts for property, plant and equipment and related lease liabilities upon adoption of the new standard. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606), a standard that will supersede virtually all of the existing revenue recognition guidance in U.S. GAAP. The standard establishes a five-step model that will apply to revenue earned from a contract with a customer. The standard’s requirements will also apply to the sale of some non-financial assets that are not part of an entity’s ordinary activities (e.g., sales of property or plant and equipment). Extensive disclosures will be required, including disaggregation of total revenue, information about performance obligations, changes in contract asset and liability account balances between periods and key judgments and estimates. The FASB has recently issued several amendments to the standard, including clarification of the accounting for licenses of intellectual property and identifying performance obligations. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The new standard will be effective for us beginning January 1, 2018. We currently anticipate adopting the standard using the cumulative catch-up transition method , however, as our evaluation progresses we may ultimately elect the alternative approach. We are undertaking a comprehensive approach to assess the impact of the guidance on our business by reviewing our current accounting policies and practices to identify any potential differences that may result from applying the new requirements to our consolidated financial statements. We are also consulting with other shipping companies on business assumptions, processes, systems and controls to determine revenue recognition and disclosure under the new standard. We continue to make progress on our review of the standard. Our initial assessment may change as we continue to refine these assumptions. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2016 | |
Earnings per Common Share [Abstract] | |
Earnings per Common Share | NOTE 4 — EARNINGS PER COMMON SHARE: Basic earnings per common share is computed by dividing earnings, after the deduction of dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units not classified as participating securities. 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. As discussed in Note 1, “Description of Business and Basis of Presentation,” the Company effected a stock split on its 102.21 issued and outstanding shares of common stock, which were all owned by OSG, to allow for a pro rata dividend of such shares to the holders of OSG common stock and warrants. In accordance with ASC 260, Earnings Per Share , the Company adjusted the computations of basic and diluted earnings per share retroactively for all periods presented to reflect that change in its capital structure. The table below shows the effect of the stock split on the calculation of per share amounts previously reported: Year ended December 31, 2015 December 31, 2014 Increase in weighted average number of shares outstanding used to calculate basic and diluted net income/(loss) per share amounts 29,157,285 29,157,285 Change in net income/(loss) per share - basic and diluted $ (1,694,250.98) $ 1,165,234.16 There were 1,489 , 0 and 0 weighted average shares of unvested restricted common stock shares considered to be participating securities for the years ended December 31, 2016, 2015 and 2014, respectively. Such participating securities are allocated a portion of income , but not losses under the two-class method . Accordingly, no allocation was made to the participating securities under the two-class method for the year ended December 31, 2016. As of December 31, 2016, there were 60,238 shares of restricted stock units and 127,559 stock options outstanding and considered to be potentially dilutive securities. The components of the calculation of basic and diluted earnings per share are as follows: For the year ended December 31, 2016 2015 2014 Net (loss)/income $ (18,223) $ 173,170 $ (119,099) Weighted average common shares outstanding: Common stock - basic 29,157,992 - - 29,157,387 - - 29,157,387 Common stock - diluted 29,157,992 - - 29,157,387 - - 29,157,387 Reconciliations of the numerator of the basic and diluted earnings per share computations are as follows: For the year ended December 31, 2016 2015 2014 Net (loss)/income allocated to: Common Stockholders $ (18,223) $ 173,170 $ (119,099) Participating securities - - - $ (18,223) $ 173,170 $ (119,099) There were no dilutive equity awards ou tstanding as of December 31, 2016, 2015 or 2014. Awards of 11,153 shares of common stock were not included in the computation of diluted earnings per share for 2016 because inclusion of these awards would be anti-dilutive. |
BUSINESS AND SEGMENT REPORTING
BUSINESS AND SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2016 | |
Business and Segment Reporting [Abstract] | |
Business and Segment Reporting | NOTE 5 — BUSINESS AND SEGMENT REPORTING: The Company is engaged primarily in the ocean transportation of crude oil and petroleum products in the international market through the ownership and operation of a diversified fleet of vessels. The shipping industry has many distinct market segments based, in large part, on the size and design configuration of vessels required and, in some cases, on the flag of registry. Rates in each market segment are determined by a variety of factors affecting the supply and demand for vessels to move cargoes in the trades for which they are suited. Tankers are not bound to specific ports or schedules and therefore can respond to market opportunities by moving between trades and geographical areas. The Company charters its vessels to commercial shippers and foreign governments and governmental agencies primarily on voyage charters and on time charters. The Company has two reportable segments: International Crude Tankers and International Product Carriers. Adjusted income/(loss) from vessel operations for segment reporting is defined as income/(loss) from vessel operations before general and administrative expenses, severance costs, separation and transition costs, technical management transition costs, and gain/(loss) on disposal of vessels, including impairment charges. The accounting policies followed by the reportable segments are the same as those followed in the preparation of the Company’s consolidated financial statements. Information about the Company’s reportable segments as of and for each of the years in the three-year period ended December 31, 2016 follows: Crude Product Tankers Carriers Other Totals 2016 Shipping revenues $ 271,764 $ 126,555 $ - $ 398,319 Time charter equivalent revenues 258,171 126,314 560 385,045 Depreciation and amortization 52,395 26,696 794 79,885 Gain/(loss) on disposal of vessels and other property, including impairments (7,585) (71,456) (162) (79,203) Adjusted income from vessel operations 111,768 13,327 710 125,805 Equity in income of affiliated companies 5,584 - 11,265 16,849 Investments in and advances to affiliated companies at December 31, 2016 266,470 15,296 76,915 358,681 Adjusted total assets at December 31, 2016 1,066,184 422,579 76,915 1,565,678 Expenditures for vessels and vessel improvements 691 1,297 - 1,988 Payments for drydockings 7,636 1,622 - 9,258 2015 Shipping revenues 324,703 172,931 - 497,634 Time charter equivalent revenues 304,182 171,608 - 475,790 Depreciation and amortization 51,347 28,763 1,543 81,653 Gain/(loss) on disposal of vessels and other property (31) 3,231 1,259 4,459 Adjusted income/(loss) from vessel operations 157,840 56,746 (1,176) 213,410 Equity in income of affiliated companies 34,371 - 11,188 45,559 Investments in and advances to affiliated companies at December 31, 2015 276,839 13,793 54,259 344,891 Adjusted total assets at December 31, 2015 1,148,361 505,353 43,340 1,697,054 Expenditures for vessels and vessel improvements 91 873 - 964 Payments for drydockings 13,842 6,886 - 20,728 2014 Shipping revenues 363,331 153,665 22 517,018 Time charter equivalent revenues 228,296 118,669 22 346,987 Depreciation and amortization 56,280 26,893 1,758 84,931 Gain/(loss) on disposal of vessels and other property 9,978 (44) 21 9,955 Adjusted income/(loss) from vessel operations 65,462 3,386 (1,519) 67,329 Equity in income of affiliated companies 30,837 - 7,035 37,872 Investments in and advances to affiliated companies at December 31, 2014 277,815 11,334 42,286 331,435 Adjusted total assets at December 31, 2014 1,191,490 551,569 25,368 1,768,427 Expenditures for vessels and vessel improvements 1,437 20,017 - 21,454 Payments for drydockings 5,286 6,792 - 12,078 The joint venture with four LNG Carriers is included in Other. The joint venture with two floating storage and offloading service vessels is included in the International Crude Tankers Segment. Reconciliations of time charter equivalent revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow: For the year ended December 31, 2016 2015 2014 Time charter equivalent revenues $ 385,045 $ 475,790 $ 346,987 Add: Voyage expenses 13,274 21,844 170,031 Shipping revenues $ 398,319 $ 497,634 $ 517,018 Consistent with general practice in the shipping industry, the Company uses time charter equivalent revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliations of adjusted income from vessel operations of the segments to income/(loss) before income taxes, as reported in the consolidated statements of operations follow: For the year ended December 31, 2016 2015 2014 Total adjusted income from vessel operations of all segments $ 125,805 $ 213,410 $ 67,329 General and administrative expenses (31,618) (41,516) (52,597) Severance costs - - (16,666) Separation and transition costs (9,043) - - Technical management transition costs - (39) (3,417) Gain/(loss) on disposal of vessels and other property, including impairments (79,203) 4,459 9,955 Consolidated income from vessel operations 5,941 176,314 4,604 Equity in income of affiliated companies 16,849 45,559 37,872 Other income/(expense) (966) 66 (45) Interest expense (39,476) (42,970) (56,258) Reorganization items, net (131) (5,659) (104,528) Income/(loss) before income taxes $ (17,783) $ 173,310 $ (118,355) Reconciliations of total assets of the segments to amounts included in the consolidated balance sheets follow: At December 31, 2016 2015 Total adjusted assets of all segments $ 1,565,678 $ 1,697,054 Corporate unrestricted cash and cash equivalents 92,001 308,858 Corporate restricted cash - 8,989 Other unallocated amounts 4,842 15,049 Consolidated total assets $ 1,662,521 $ 2,029,950 Certain additional information about the Company’s operations for each of the years in the three year period ended December 31, 2016 follows: Crude Product Consolidated Tankers Carriers Other 2016 Total vessels, deferred drydock and other property at December 31, 2016 $ 1,130,607 $ 753,028 $ 377,095 $ 484 2015 Total vessels, deferred drydock and other property at December 31, 2015 $ 1,277,486 $ 804,514 $ 472,675 $ 297 2014 Total vessels, deferred drydock and other property at December 31, 2014 $ 1,345,863 $ 837,950 $ 499,822 $ 8,091 |
VESSELS, DEFERRED DRYDOCK AND O
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY | 12 Months Ended |
Dec. 31, 2016 | |
Vessels, Deferred Drydock and Other Property [Abstract] | |
Vessels, Deferred Drydock and Other Property | NOTE 6 — VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY: Vessels and other property consist of the following: As of 2016 2015 Vessels, at cost $ 1,478,940 $ 1,642,891 Accumulated depreciation (381,449) (404,957) Vessels, net 1,097,491 1,237,934 Other property, at cost 8,680 8,126 Accumulated depreciation and amortization (6,121) (5,649) Other property, net 2,559 2,477 Total Vessels and other property $ 1,100,050 $ 1,240,411 All except one of the Company’s vessels are pledged as collateral under the INSW Facilities (see Note 9, “Debt”). The aggregate carrying value of the 41 vessels pledged as collateral under the INSW Facilities at December 31, 2016 was $1,092,072 . A breakdown of the carrying value of the Company’s vessels by reportable segment and fleet as of December 31, 2016 and 2015 follows: As of December 31, 2016 Net Average Number of Accumulated Carrying Vessel Age Owned Cost Depreciation Value (by dwt) Vessels International Flag Crude Tankers VLCC (includes ULCC) $ 681,891 $ (235,159) $ 446,732 12.1 9 Aframax 247,863 (66,943) 180,920 11.6 7 Panamax 121,810 (18,506) 103,304 14.3 8 Total International Flag Crude Tankers 1,051,564 (320,608) 730,956 (1) 12.3 24 International Flag Product Carriers LR2 73,681 (6,601) 67,080 2.4 1 LR1 106,176 (8,474) 97,702 8.1 4 MR 247,519 (45,766) 201,753 11.2 13 Total International Flag Product Carriers 427,376 (60,841) 366,535 (2) 9.3 18 Fleet Total $ 1,478,940 $ (381,449) $ 1,097,491 11.7 42 (1) Includes one ULCC, eight VLCCs, seven Aframaxes and seven Panamaxes with an aggregate carrying value of $722,883 , which the Company believes exceeds their aggregate market values (estimated by taking an average of two third party vessel appraisals) of approximately $556,625 by $166,258 . (2) Includes one LR2, four LR1s and five MRs with an aggregate carrying value of $306,450 , which the Company believes exceeds their aggregate market values (estimated by taking an average of two third party vessel appraisals) of approximately $228,125 , by $78,325 . As of December 31, 2015 Net Average Number of Accumulated Carrying Vessel Age Owned Cost Depreciation Value (by dwt) Vessels International Flag Crude Tankers VLCC (includes ULCC) $ 681,834 $ (211,153) $ 470,681 11.1 9 Aframax 270,246 (76,597) 193,649 10.6 7 Panamax 128,613 (14,113) 114,500 13.3 8 Total International Flag Crude Tankers 1,080,693 (301,863) 778,830 11.3 24 International Flag Product Carriers LR2 73,681 (3,896) 69,785 1.4 1 LR1 197,137 (47,182) 149,955 7.1 4 MR 291,380 (52,016) 239,364 10.2 13 Total International Flag Product Carriers 562,198 (103,094) 459,104 8.1 18 Fleet Total $ 1,642,891 $ (404,957) $ 1,237,934 10.7 42 Vessel activity, excluding construction in progress, for the three years ended December 31, 2016 is summarized as follows: Accumulated Net Book Vessel Cost Depreciation Value Balance at January 1, 2014 $ 1,641,573 $ (280,774) $ 1,360,799 Purchases and vessel additions 13,623 - Transfers from Construction in Progress 62,475 - Disposals (69,556) 4,809 Depreciation - (65,610) Balance at December 31, 2014 1,648,115 (341,575) 1,306,540 Purchases and vessel additions 1,531 - Disposals (6,755) 1,003 Depreciation - (64,385) Balance at December 31, 2015 1,642,891 (404,957) 1,237,934 Purchases and vessel additions 2,127 - Depreciation - (63,328) Impairment (166,078) 86,836 Balance at December 31, 2016 $ 1,478,940 $ (381,449) $ 1,097,491 The total of purchases and vessel additions will differ from expenditures for vessels as shown in the consolidated statements of cash flows because of expenditures for vessels remaining under construction at the beginning and end of each respective period and the timing of when payments were made and the timing of actual payments. Vessel Impairments The Company has been monitoring the industry wide decline in vessel valuations during 2016 and specifically from June 30, 2016 to September 30, 2016, and September 30, 2016 to December 31, 2016, as well as the decline in forecasted near term charter rates, and concluded that the declines in vessel valuations and in forecasted near term charter rates constituted impairment trigger events for 28 vessels as of September 30, 2016 and 24 vessels as of December 31, 2016. In developing estimates of undiscounted future cash flows for performing Step 1 of the impairment tests, the Company made assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, drydocking requirements, residual value and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future expectations. The estimated daily time charter equivalent rates used for unfixed days were based on a combination of (i) internally forecasted rates that are consistent with forecasts provided to the Company’s senior management and Board of Directors, and (ii) the trailing 12-year historical average rates, based on monthly average rates published by a third party maritime research service. The internally forecasted rates were based on management’s evaluation of current economic data and trends in the shipping and oil and gas industries. Management used the published 12-year historical average rates in its assumptions because it is management’s belief that the 12-year period captures an even distribution of strong and weak charter rate periods, which results in the use of an average mid-cycle rate that is more in line with management’s forecast of a return to mid-cycle charter rate levels in the medium term. Recognizing that the transportation of crude oil and petroleum products is cyclical and subject to significant volatility based on factors beyond the Company’s control, management believes the use of estimates based on the combination of internally forecasted rates and 12-year historical average rates calculated as of the reporting date to be reasonable. Estimated outflows for operating expenses and drydocking requirements are based on historical and budgeted costs and are adjusted for assumed inflation. Utilization is based on historical levels achieved and estimates of residual value are consistent with the pattern of scrap rates used in management’s evaluation of salvage value. In estimating the fair value of the vessels for the purposes of Step 2 of the September 30, 2016 impairment tests, the Company developed fair value estimates that utilized a market approach which considered an average of two vessel appraisals. Based on the tests performed, impairment charges totaling $49,640 were recorded on two LR1s, an Aframax and a Panamax to write-down their carrying values to their estimated fair values at September 30, 2016. In estimating the fair values of the vessels for the purposes of Step 2 of the December 31, 2016 impairment tests, the Company considered the market and income approaches by using a combination of third party appraisals and discounted cash flow models prepared by the Company. In preparing the discounted cash flow models, the Company used a methodology consistent with that described above, and discounted the cash flows using its current estimate of INSW’s weighted average cost of capital. Based on the tests performed, impairment charges aggregating $29,602 were recorded on one Panamax and seven MRs to write-down their carrying values to their estimated fair values at December 31, 2016. During its quarterly evaluations as to whether or not events or circumstances existing during 2015 resulted in a triggering event for impairment testing of its fleet, Management gave consideration to average TCE rates earned by its vessels versus INSW’s 2015 budget, near term rate forecasts, significant changes in third party valuation appraisals of vessels, and plans or intentions that materially affect how the international fleet will be used in the next 12 months (including disposals). Management concluded there was no triggering event for impairment testing. Management also gave consideration as to whether events or changes in circumstances had occurred since December 2014 that could indicate that the carrying amounts of the vessels in its fleet may not be recoverable as of December 31, 2015. INSW concluded that no such events or changes in circumstances had occurred to warrant a change in the assumptions utilized in the December 2014 impairment tests of its fleet. At December 31, 2014, m anagement gave consideration to average TCE rates earned by INSW’s vessels versus INSW’s 2014 budget, near term rate forecasts, and significant changes in third party valuation appraisals of vessels. Management noted a decline in valuations for certain of its MRs and determined that four such vessels (built between 2009 and 2011) having market valuations below their carrying values at December 31, 2014 should be tested for impairment. Based on tests performed, it was determined that the vessels would generate undiscounted cash flows in excess of their December 31, 2014 carrying values over the remainder of their useful lives. Management also gave consideration as to whether other events or changes in circumstances had occurred since December 31, 2013 that could indicate that the carrying amounts of the remaining vessels in its International Flag fleet may not be recoverable as of December 31, 2014. Management concluded that no such events had occurred to warrant a change in the assumptions from those utilized in the December 31, 2013 test. Vessel Deliveries There were no vessels acquired during the years ended December 31, 2016 and 2015. The Company completed construction and took delivery of an LR2, which is a coated Aframax , during the year ended December 31, 2014. Vessel Sales There were no vessels sold during the year ended December 31, 2016. During the year ended December 31, 2015, the Company sold a 1998-built MR and recognized a gain of $3,236 on the sale of this vessel. For the year ended December 31, 2014, the Company recognized a gain on disposal of vessels of $9,955 , including a gain of $10,325 relating to the sale of five International Flag Crude Tankers (two VLCCs, a Panamax and two Aframaxes which had been employed in Lightering operations). Drydocking activity for the three years ended December 31, 2016 is summarized as follows: For the year ended December 31, 2016 2015 2014 Balance at January 1 $ 37,075 $ 29,325 $ 36,053 Additions 8,822 22,981 12,078 Sub-total 45,897 52,306 48,131 Drydock amortization (15,340) (15,231) (16,441) Amounts recognized upon sale/redelivery of vessels and non-cash adjustments - - (2,365) Balance at December 31 $ 30,557 $ 37,075 $ 29,325 |
EQUITY METHOD INVESTMENTS
EQUITY METHOD INVESTMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments [Abstract] | |
Equity Method Investments | NOTE 7 — EQUITY METHOD INVESTMENTS: Investments in affiliated companies include joint ventures accounted for using the equity method. As of December 31, 2016, the Company had an approximate 50% interest in three joint ventures. One joint venture operates four LNG carriers (the “LNG Joint Venture”). The other two joint ventures converted two ULCCs to Floating Storage and Offloading Service vessels (collectively the “FSO Joint Venture”). FSO Joint Venture Maersk Oil Qatar AS awarded two service contracts to the FSO Joint Venture between INSW and Euronav NV to provide two vessels, the FSO Asia and the FSO Africa, to perform FSO services in the Al Shaheen Field off the shore of Qatar. The Company has a 50% interest in this joint venture. The joint venture financed the purchase of the vessels from each of Euronav NV and INSW and their conversion costs through partner loans and a long-term bank financing, which is secured by, among other things, the service contracts and the FSOs themselves. Approximately $75,343 and $104,200 was outstanding under the bank financing facility as of December 31, 2016 and December 31, 2015, respectively, with the outstanding amount of this facility being subject to acceleration, in whole or in part, on termination of one or both of such service contracts. In connection with the secured bank financing, the partners severally issued 50% guarantees. As of December 31, 2016 and 2015, the carrying value of the Company’s guaranty in the accompanying consolidated balance sheet was $0 . The charters under which the Company’s FSO Joint Venture vessels currently operate expire between July and September 2017. In December 2016 the FSO Joint Venture received a letter of award from the future operator of the Al Shaheen oil field for a five-year service contract relating to the two FSO service vessels, commencing at the expiry of their existing contracts. This award is subject to the successful negotiation and documentation of the services contracts, which is subject to the resolution of substantive business terms and conditions. The joint venture entered into floating-to-fixed interest rate swaps with major financial institutions. These agreements have maturity dates ranging from July to September 2017. The interest rate swaps, covering notional amounts aggregating $145,432 and $201,346 as of December 31, 2016 and 2015, respectively, pay fixed rates of approximately 3.9% and receive floating rates based on LIBOR. All of the interest rate swaps were being accounted for as cash flow hedges through December 31, 2009. As a result of the delays in the completion of conversion and commencement of the service contract for the FSO Africa, in the first quarter of 2010 the joint venture concluded that it was no longer probable that the forecasted transaction applicable to the FSO Africa swaps would occur. Accordingly, as a result of the de-designation of the FSO Africa swaps, all changes in the market value of the swaps have been recognized in the joint venture’s statement of operations since the first quarter of 2010. The Company’s share of amounts recognized in equity in income from affiliated companies for the years ended December 31, 2016, 2015 and 2014 were losses of $133 , $435 and $470 , respectively. As of December 31, 2016 and 2015, the joint venture had a liability of $2,236 and $7,203 , respectively, for the fair value of the swaps associated with the FSO Africa and FSO Asia. The Company’s share of the effective portion of such amounts, aggregating $111 and $1,334 at December 31, 2016 and 2015, respectively, is included in accumulated other comprehensive loss in the accompanying balance sheet and is associated with the FSO Asia swaps only, since the swaps associated with the FSO Africa have been de-designated and deemed to be ineffective. LNG Joint Venture In November 2004, the Company formed a joint venture with Qatar Gas Transport Company Limited (Nakilat) (“QGTC”) whereby companies in which OSG holds a 49.9% interest ordered four 216,200 cbm LNG Carriers. Upon delivery in late 2007 and early 2008, these vessels commenced 25 -year time charters to Qatar Liquefied Gas Company Limited (2) (‘‘LNG Charterer’’). QGTC subsequently contributed its ownership interests in the joint venture to its wholly owned subsidiary, Nakilat Marine Services Ltd. The aggregate construction cost for such newbuildings was financed by the joint venture through long-term bank financing that is nonrecourse to the partners and partner contributions. Approximately $638,827 and $678,132 was outstanding under this secured facility as of December 31, 2016 and 2015, respectively. The joint venture has entered into floating-to-fixed interest rate swaps with a group of major financial institutions pursuant to which it pays fixed rates of approximately 4.9% and receives a floating rate based on LIBOR. The interest rate swap agreements have maturity dates ranging from July to November 2022 and cover notional amounts aggregating $617,636 and $656,400 at December 31, 2016 and 2015, respectively. These swaps are being accounted for as cash flow hedges. As of December 31, 2016 and 2015, the joint venture recorded a liability of $80,458 and $103,262 , respectively, for the fair value of these swaps. The Company’s share of the effective portion of the fair value of these swaps, $40,076 and $51,467 at December 31, 2016 and 2015, respectively, is included in accumulated other comprehensive loss in the accompanying consolidated balance sheets. Impairment of Equity Method Investments In December 2016, evidence of an other-than-temporary decline in the fair value of the Company’s investments in its FSO Joint Venture below its carrying value was identified by the Company. Specifically, management concluded that the lower charter rate expected over the duration of the recently awarded five-year service contracts commencing in the third quarter of 2017 was negative evidence indicating that the excess of the carrying value of the Company’s investment in these joint ventures over their fair value was other-than-temporary as of December 31, 2016. As the Company determined that other-than-temporary impairments existed in relation to its investments in the FSO Joint Venture, impairment charges aggregating $30,475 were recorded to write down the investments to their estimated fair values as of December 31, 2016. In estimating the fair value of the Company’s investments in the FSO Joint Ventures as of December 31, 2016, the Company utilized an income approach by preparing discounted cash flow models since there is a lack of comparable market transactions for the specially built assets held by the FSO Joint Venture. In preparing the discounted cash flow models, the Company used a methodology largely consistent with the methodology and assumptions detailed in Note 6, “Vessels, Deferred Drydock and Other Property” above with the exception being that as the assets owned by the joint ventures serve under specific service contracts, the estimated charter rates for periods after the expiry of the existing contracts are based upon management’s internally forecasted rates. The cash flows were discounted using the current estimated weighted average cost of capital for each joint venture, which approximated 9.5% and took into consideration country risk, entity size and uncertainty with respect to the cash flows for periods beyond the current charter expiries. Guarantees As of December 31, 2016 and 2015, the affiliated companies in which the Company held an equity interest had total bank debt outstanding of $714,170 and $782,333 , respectively, of which $638,827 and $678,132 , respectively, was nonrecourse to the Company. Currently, the FSO Joint Venture is party to a number of contracts to which INSW serves as guarantor. As of December 31, 2016, the maximum potential amount of future principal payments (undiscounted) that INSW could be required to make relating to equity method investees secured bank debt and interest rate swaps was $38,789 and the carrying amount of the liability related to this guarantee was $0 . See Note 13, “Related Parties,” for additional information relating to guarantees. See Note 10, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” and Note 15, “Accumulated Other Comprehensive Loss,” for additional disclosures relating to the FSO and LNG joint venture interest rate swap agreements. Financial information for the equity method investees that were significant for the year ended December 31, 2016, adjusted for basis and accounting policy differences, is as follows: For the year ended December 31, 2016 FSO Asia FSO Africa LNG Others Total Shipping revenues $ 65,389 $ 65,515 $ 116,547 $ - $ 247,451 Ship operating expenses (29,290) (29,029) (56,195) - (114,514) Income from vessel operations 36,099 36,486 60,352 - 132,937 Other income 106 15 709 - 830 Interest expense (4,948) (403) (37,660) - (43,011) Net income 31,257 36,098 23,401 - 90,756 Percentage of ownership in equity investees 50.0% 50.0% 49.9% Equity in income/(loss) of affiliated companies, before consolidating and reconciling adjustments $ 15,629 $ 18,049 $ 11,677 $ (28) $ 45,327 Impairment of equity method investments (15,977) (14,498) - - (30,475) Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture 1,202 1,207 - - 2,409 Amortization of interest capitalized during vessel construction - - (419) - (419) Other - - 7 - 7 Equity in income/(loss) of affiliated companies $ 854 $ 4,758 $ 11,265 $ (28) $ 16,849 For the year ended December 31, 2015 FSO Asia FSO Africa LNG Others Total Shipping revenues $ 65,097 $ 65,528 $ 114,819 $ - $ 245,444 Ship operating expenses (29,467) (29,937) (54,235) - (113,639) Income from vessel operations 35,630 35,591 60,584 - 131,805 Other income 38 9 2,311 - 2,358 Interest expense (6,348) (1,221) (39,650) - (47,219) Net income 29,320 34,379 23,245 - 86,944 Percentage of ownership in equity investees 50.0% 50.0% 49.9% Equity in income/(loss) of affiliated companies, before consolidating and reconciling adjustments $ 14,660 $ 17,190 $ 11,599 $ 113 $ 43,562 Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture 1,202 1,207 - - 2,409 Amortization of interest capitalized during vessel construction - - (419) - (419) Other - - 8 (1) 7 Equity in income/(loss) of affiliated companies $ 15,862 $ 18,397 $ 11,188 $ 112 $ 45,559 For the year ended December 31, 2014 FSO Asia FSO Africa LNG Others Total Shipping revenues $ 64,330 $ 64,611 $ 112,300 $ - $ 241,241 Ship operating expenses (30,172) (32,158) (55,837) - (118,167) Income from vessel operations 34,158 32,453 56,463 - 123,074 Other income 88 23 94 - 205 Interest expense (7,699) (2,019) (41,622) - (51,340) Net income 26,547 30,457 14,935 - 71,939 Percentage of ownership in equity investees 50.0% 50.0% 49.9% Equity in income/(loss) of affiliated companies, before consolidating and reconciling adjustments $ 13,273 $ 15,228 $ 7,453 $ (79) $ 35,875 Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture 1,202 1,207 - - 2,409 Amortization of interest capitalized during vessel construction - - (419) - (419) Other - - 1 6 7 Equity in income/(loss) of affiliated companies $ 14,475 $ 16,435 $ 7,035 $ (73) $ 37,872 The tables below present the financial position for the equity method investees that were significant in 2016 and a reconciliation of the Company’ s share of the joint ventures’ total equity to the investments in and advances to affiliates line on the consolidated balance sheet s as of December 31, 2016 and 2015: As of December 31, 2016 FSO Asia FSO Africa LNG Other (1) Total Cash and cash equivalents $ 23,013 $ 26,928 $ 25,844 $ - $ 75,785 Restricted cash, current portion 13,578 - 13,160 - 26,738 Trade receivables 10,891 10,955 853 - 22,699 Other receivables 407 331 54 - 792 Inventory - - 2,517 - 2,517 Total current assets 47,889 38,214 42,428 - 128,531 Restricted cash, long term portion - - 47,879 - 47,879 Trade receivables 9,824 9,005 - - 18,829 Vessels less accumulated depreciation 309,821 315,295 759,127 - 1,384,243 Deferred drydock expenditures, net - - 2,593 - 2,593 Total Assets $ 367,534 $ 362,514 $ 852,027 $ - $ 1,582,075 Accounts payable and accrued expenses $ 1,557 $ 804 $ 6,103 $ - $ 8,464 Current portion of long term debt 75,208 - 41,699 - 116,907 Current portion of derivative liability 969 1,268 22,545 - 24,782 Total current liabilities 77,734 2,072 70,347 - 150,153 Long-term debt - - 590,985 - 590,985 Long-term derivative liability - - 57,912 - 57,912 Advances from shareholders (2) 131,794 275,231 - - 407,025 Total Liabilities 209,528 277,303 719,244 - 1,206,075 Equity 158,006 85,211 132,783 - 376,000 Total Liabilities and Equity $ 367,534 $ 362,514 $ 852,027 $ - $ 1,582,075 Percentage of ownership in equity investees 50.0% 50.0% 49.9% INSW Share of affiliate's equity, before consolidating and reconciling adjustments $ 79,003 $ 42,606 $ 66,259 $ - $ 187,868 Impairment of equity method investments (15,977) (14,498) - - (30,475) Advances from shareholders 65,897 137,616 - - 203,513 Unamortized deferred gain on 2009 sale of TI Africa to FSO Africa, net (18,089) (18,496) - - (36,585) Unamortized interest capitalized during vessel construction - - 10,693 10,693 Other - - (37) 23,704 23,667 Investments in and advances to affiliated companies $ 110,834 $ 147,228 $ 76,915 $ 23,704 $ 358,681 (1) Primarily relates to working capital deposits that the Company maintains with the commercial pools in which it participates. (2) Such advances are unsecured, interest free and not repayable within one year . As of December 31, 2015 FSO Asia FSO Africa LNG Other (1) Total Cash and cash equivalents $ 16,413 $ 880 $ 14,031 $ - $ 31,324 Restricted cash, current portion 14,052 - 13,370 - 27,422 Trade receivables 10,817 10,881 655 - 22,353 Other receivables 466 391 203 - 1,060 Inventory - - 2,148 - 2,148 Total current assets 41,748 12,152 30,407 - 84,307 Restricted cash, long term portion - - 46,199 - 46,199 Trade receivables 7,847 6,895 - - 14,742 Vessels less accumulated depreciation 328,719 334,247 785,523 - 1,448,489 Deferred drydock expenditures, net - - 6,266 - 6,266 Total Assets $ 378,314 $ 353,294 $ 868,395 $ - $ 1,600,003 Liabilities and equity Current liabilities: Accounts payable and accrued expenses $ 1,731 $ 797 $ 7,634 $ - $ 10,162 Amounts due to related companies 247 366 - - 613 Current portion of long term debt 28,616 - 39,305 - 67,921 Current portion of derivative liability 2,556 2,541 26,307 - 31,404 Total current liabilities 33,150 3,704 73,246 - 110,100 Long-term debt 75,208 - 631,655 - 706,863 Long-term derivative liability 861 1,246 76,955 - 79,062 Advances from shareholders (2) 144,794 299,231 - - 444,025 Total Liabilities 254,013 304,181 781,856 - 1,340,050 Equity 124,301 49,113 86,539 - 259,953 Total Liabilities and Equity $ 378,314 $ 353,294 $ 868,395 $ - $ 1,600,003 Percentage of ownership in equity investees 50.0% 50.0% 49.9% INSW Share of affiliate's equity, before consolidating and reconciling adjustments $ 62,151 $ 24,557 $ 43,183 $ - $ 129,891 Advances from shareholders 72,397 149,616 - - 222,013 Unamortized deferred gain on 2009 sale of TI Africa to FSO Africa, net (19,292) (19,703) - - (38,995) Unamortized interest capitalized during vessel construction - - 11,112 - 11,112 Other - - (36) 20,906 20,870 Investments in and advances to affiliated companies $ 115,256 $ 154,470 $ 54,259 $ 20,906 $ 344,891 (1) Primarily relates to working capital deposits that the Company maintains with the commercial pools in which it participates. (2) Such advances are unsecured, interest free and not repayable within one year . The tables below present the cash flows for the equity method investees that were significant in 2016 for each of the three years ended December 31, 2016: Statements of cash flows of FSO Asia for the year ended December 31, 2016 2015 2014 Net cash provided by operating activities $ 47,984 $ 63,813 $ 41,795 Cash flows from investing activities: Change in restricted cash 474 (35) (29) Decrease in amounts due from related companies - - 30,000 Net cash provided by/(used in) investing activities 474 (35) 29,971 Cash flows from financing activities: Repayment of bank loan (28,858) (27,446) (26,103) Repayment of advances from shareholders (13,000) (37,000) (60,000) Net cash used in financing activities (41,858) (64,446) (86,103) Net increase/(decrease) in cash and cash equivalents 6,600 (668) (14,337) Cash and cash equivalents at beginning of year 16,413 17,081 31,418 Cash and cash equivalents at end of year $ 23,013 $ 16,413 $ 17,081 Statements of cash flows of FSO Africa for the year ended December 31, 2016 2015 2014 Net cash provided by operating activities $ 50,048 $ 48,131 $ 38,224 Cash flow from investing activities: Change in restricted cash - 13,080 (24) Net cash provided by/(used in) investing activities - 13,080 (24) Cash flows from financing activities: Decrease in amounts due to related companies - (17,520) (30,000) Repayment of bank loan - (13,750) (25,000) Repayment of advances from shareholders (24,000) (38,000) - Net cash used in financing activities (24,000) (69,270) (55,000) Net increase/(decrease) in cash and cash equivalents 26,048 (8,059) (16,800) Cash and cash equivalents at beginning of year 880 8,939 25,739 Cash and cash equivalents at end of year $ 26,928 $ 880 $ 8,939 Statements of cash flows of LNG Joint Venture for the year ended December 31, 2016 2015 2014 Net cash provided by operating activities $ 52,587 $ 56,012 $ 45,287 Cash flow from investing activities: Change in restricted cash (1,469) (1,927) (1,469) Net cash used in investing activities (1,469) (1,927) (1,469) Cash flows from financing activities: Repayment of bank loan (39,305) (37,246) (35,198) Cash dividends paid - (12,000) (10,000) Net cash used in financing activities (39,305) (49,246) (45,198) Net increase/(decrease) in cash and cash equivalents 11,813 4,839 (1,380) Cash and cash equivalents at beginning of year 14,031 9,192 10,572 Cash and cash equivalents at end of year $ 25,844 $ 14,031 $ 9,192 |
VARIABLE INTEREST ENTITIES ("VI
VARIABLE INTEREST ENTITIES ("VIEs") | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entities ("VIEs") [Abstract] | |
Variable Interest Entities ("VIEs") | NOTE 8 —VARIABLE INTEREST ENTITIES (“VIEs”): At December 31, 2016, the Company participates in six commercial pools and three joint ventures. Commercial pools operate a large number of vessels as an integrated transportation system, which offers customers greater flexibility and a higher level of service while achieving scheduling efficiencies. Participants in the commercial pools contribute one or more vessels and generally provide an initial contribution towards the working capital of the pool at the time they enter their vessels. The pools finance their operations primarily through the earnings that they generate. INSW enters into joint ventures to take advantage of commercial opportunities. INSW entities have entered into joint ventures with different partners (see Note 7, “Equity Method Investments”). In each joint venture, the INSW entities have the same relative rights and obligations and financial risks and rewards as its partners. INSW evaluated all nine arrangements to determine if they were variable interest entities (“VIEs”). INSW determined that one of the pools and two of the joint ventures met the criteria of a VIE and, therefore, INSW reviewed its participation in these VIEs to determine if it was the primary beneficiary of any of them. INSW reviewed the legal documents that govern the creation and management of the VIEs described above and also analyzed its involvement to determine if INSW was a primary beneficiary in any of these VIEs. A VIE for which INSW is determined to be the primary beneficiary is required to be consolidated in its financial statements. The formation agreements for the commercial pool state that the board of the pool has decision making power over their significant decisions. In addition, all such decisions must be approved unanimously by the board. Since INSW shares power to make all significant economic decisions that affect the pool and does not control a majority of the board, INSW is not considered a primary beneficiary of the pool. The FSO joint venture s described in Note 7, “Equity Method Investments,” w ere determined to be VIE s . The formation agreements of the joint venture s state that all significant decisions must be approved by the majority of the board. As a result, INSW shares power to make all significant economic decisions that affect this joint venture and does not control a majority of the board and is not considered a primary beneficiary. Accordingly, INSW accounts for th ese investment s under the equity method of accounting. The joint ventures ’ formation agreements require INSW and its joint venture partner to provide financial support as needed. INSW has provided and will continue to provide such support as described in Note 7, “Equity Method Investments.” The following table presents the carrying amounts of assets and liabilities in the consolidated balance sheets related to the VIEs described above as of December 31, 2016 and 2015: Consolidated Balance Sheet as of December 31, 2016 2015 Investments in Affiliated Companies $ 261,403 $ 271,618 In accordance with accounting guidance, the Company evaluated its maximum exposure to loss related to these VIEs by assuming a complete loss of the Company’s investment in and advances to these VIEs and that it would incur an obligation to repay the full amount of the VIE’s outstanding secured debt and swap liabilities. The table below compares the Company’s liability in the consolidated balance sheet to the maximum exposure to loss at December 31, 2016: Consolidated Balance Sheet Maximum Exposure to Loss Other Liabilities $ - $ 300,200 In addition, as of December 31, 2016, the Company had approximately $9,985 of trade receivables from pools that were determined to be VIEs. These trade receivables, which are included in voyage receivables in the accompanying consolidated balance sheet, have been excluded from the above tables and the calculation of INSW’s maximum exposure to loss. The Company does not record the maximum exposure to loss as a liability because it does not believe that such a loss is probable of occurring as of December 31, 2016. Further, the joint venture debt is secured by the joint venture’s FSOs. Therefore, the Company’s exposure to loss under its several guarantee would first be reduced by the fair value of such FSOs. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2016 | |
Debt [Abstract] | |
Debt | NOTE 9 —DEBT: Debt consists of the following: As of December 31, 2016 2015 INSW Term Loan, due 2019, net of unamortized discount and deferred finance costs of $20,311 and $23,727 $ 439,651 $ 595,222 Less current portion (6,183) (6,284) Long-term portion $ 433,468 $ 588,938 INSW Facilities Capitalized terms used hereafter have the meaning given in these consolidated financial statements or in the respective transaction documents referred to below, including subsequent amendments thereto. As discussed in Note 2, “Chapter 11 Filing and Emergence from Bankruptcy,” the INSW Facilities include the INSW Term Loan and INSW Revolver Facility — a secured term loan facility of $628,375 and a revolving loan facility of $50,000 . As of December 31, 2016, no amounts had been drawn under the INSW Revolving Facility. The INSW Facilities, as amended by the a mendment s discussed below, provide that the borrowers thereunder may request an increase of the term loan and revolving loan commitments by an amount which may not exceed, collectively, the greater of (i) $75,000 and an additional amount, if, after giving effect to the increase of such additional amount, on a Pro Forma Basis, INSW is in compliance with a stated ratio for the Test Period most recently ended for which financial statements have been delivered to the Administrative Agent, provided that among other terms and conditions, (a) no Default shall have occurred and be continuing or would occur after giving effect to such commitment increase and (b) immediately after giving effect to such increase, INSW shall be in compliance with the Loan to Value Test. However, no Lender is obligated to increase the amount of their loan commitment thereunder, and the borrowers thereunder may not obtain more than a $200,000 increase in the aggregate of Incremental Term Loans and Incremental Revolving Commitments. Interest on the INSW Facilities is calculated, at the Company’s option, based upon (i) an alternate base rate (“ABR”) plus the applicable margin or (ii) Adjusted LIBOR plus the applicable margin. ABR is defined as the highest of (i) the Base Rate ( i.e. , the prime rate published in The Wall Street Journal ), (ii) the Federal Funds Effective Rate plus 0.50% , (iii) the one-month Adjusted LIBOR Rate plus 1.00% and (iv) 2.00% per annum. The INSW Revolver Facility provides for quarterly payment of commitment fees at a rate of 0.50% of the average daily unused amount of each lender’s Revolving Commitments. The applicable margins and floor interest rates for each INSW Exit Financing Facility is as follows: Facility INSW Term Loan INSW Revolver Facility Rate ABR LIBOR ABR LIBOR Floor 2.00% 1.00% 2.00% 1.00% Applicable Margin 3.75% 4.75% 3.50% 4.50% The INSW Term Loan amortizes in equal quarterly installments in aggregate annual amounts equal to 1.00% of the original principal amount of the loan, adjusted for optional and mandatory pre-payments. Each of the INSW Facilities stipulates if annual aggregate net cash proceeds of asset sales exceed $5,000 , net cash proceeds from each such sale are required to be reinvested in fixed or capital assets within twelve months of such sale or be used to prepay the principal balance outstanding of the respective facility. The INSW Term Loan is subject to additional mandatory annual prepayments in an aggregate principal amount of up to 50% of Excess Cash Flow. As set forth in the INSW Facilities loan agreements, the INSW Facilities contain certain restrict ions relating to new borrowings and the movement of funds between INSW subsidiaries that are Restricted Subsidiaries and INSW; in addition, prior to the Fourth INSW Credit Agreement Amendment, the movement of funds between the borrowers and OSG (as the former parent of INSW) was restricted. INSW’s ability to receive cash dividends, loans or advances from its subsidiaries that are Restricted Subsidiaries is restricted (and OSG’s ability to receive cash dividends, loans or advances from INSW was restricted prior to the Fourth INSW Credit Agreement Amendment ) . The Available Amount for cash dividends permitted under the INSW Term Loan was $30,200 as of December 31, 2016, after INSW’s dividend distributions to OSG of $102,000 during the year ended December 31, 2016. Management expects that the Available Amount will increase to $70,236 by the end of the first quarter of 2017, after the required reports are filed with the banks. The INSW Facilities have a covenant to maintain the aggregate Fair Market Value (as defined in the loan agreement for the INSW Facilities) of the Collateral Vessels at greater than or equal to $500,000 at the end of each fiscal quarter. The Company had substantial headroom under this covenant at December 31, 2016. The INSW Term Loan matures on August 5, 2019 and the INSW Revolver Facility matures on February 5, 2019 . The maturity dates for the INSW Facilities are subject to acceleration upon the occurrence of certain events, as defined in the loan agreement. During the years ended December 31, 2016 and 2015, the Company paid deferred financing fees of $8,273 and $5,545 in connection with amendments to the INSW Facilities described above. Such fees were capitalized as deferred finance charges. (See Note 3 , “Significant Accounting Policies,” for additional information relating to deferred financing charges). During the year ended December 31, 2014, the Company paid issuance and deferred financing fees aggregating $1,153 and $26,616 , respectively, for the INSW Facilities. Issuance costs incurred by the Exit Facilities lenders (“Exit Facilities Lenders”), or on behalf of the Exit Facilities Lenders, have been treated as a reduction of the debt proceeds. As of December 31, 2016, the aggregate annual principal payments required to be made on the INSW Term Loan are as follows: Year Amount 2017 $ 6,183 2018 6,183 2019 447,596 Aggregate principal payments required $ 459,962 The following table summarizes interest expense, including amortization of issuance and deferred financing costs, commitment, administrative and other fees, recognized during the years ended December 31, 2016, 2015 and 2014 with respect to the Company’s debt facilities: Debt facility 2016 2015 2014 Contractual Interest Contractual Interest Contractual Interest Reorganization Expense Total Expense INSW Facilities, due 2019 $ 38,442 $ 42,688 $ 17,085 $ - $ 17,085 Co-borrower obligation under the unsecured revolving credit facility (1) - - 11,155 - 11,155 Floating rate secured term loans, due through 2023 (1) - - 20,460 10,083 30,543 Total INSW Facilities interest expense $ 38,442 $ 42,688 $ 48,700 $ 10,083 $ 58,783 (1) The Company repaid the principal outstanding of $217,000 for the co -borrower obligation under the unsecured revolving credit f acility and the Company and OSG repaid principal outstanding amounts of $110,000 and $468,687 , respectively, for the floating rate secured term loans (collectively, the pre-reorganized INSW loan facilities) on the Effective Date. The amounts recognized during the year ended December 31, 2014 reflect contractual interest expense (including default interest, as applicable) and reorganization items relating to default interest and changes in estimates of allowed claims, as applicable, pursuant to the Equity Plan. The following table summarizes interest paid, excluding deferred financing fees paid, capitalized interest and amounts paid under the related party loan agreements (See Note 13, “Related Parties”), during the years ended December 31, 2016, 2015 and 2014 with respect to the Company’s debt facilities: Debt facility 2016 2015 2014 INSW Facilities, due 2019 $ 33,039 $ 36,368 $ 9,239 Co-borrower obligation under the unsecured revolving credit facility - - 11,496 Floating rate secured term loans, due through 2023 (1) - - 10,314 Total debt related interest expense paid (2) $ 33,039 $ 36,368 $ 31,049 (1) Additionally, OSG paid approximately $838 of interest for the year ended December 31, 2014 relating to its guarantee of the floating rate secured loans, which was deemed a capital contribution for financial reporting purposes. (2) For the year ended December 31, 2014, excludes contractual interest the Company paid of $7,453 and $117 relating to the rejected charters (See Note 16, "Leases") and other obligations, respectively. Debt Modifications, Repurchases and Extinguishments On June 3, 2015, the Company entered into the first amendment to the INSW Facilities. The amendment to the INSW Facilities among other things, provided for the following, subject to certain conditions described therein: (i) it permitted the Company to pay a cash dividend of up to $200,000 to OSG no later than June 30, 2015; (ii) it permitted the Company to retain net cash proceeds of up to $78,000 from the sales of certain assets that occurred prior to June 3, 2015; and (iii) it altered the periods during which Excess Cash Flow (as defined in the loan agreement for the INSW Facilities) must be used to prepay the outstanding balance of the INSW Facilities, from an annual period beginning January 1, 2015 to a six-month period beginning July 1, 2015 and annual periods thereafter. On July 18, 2016, the Company entered into a second amendment (the “Second INSW Credit Agreement Amendment”) to the INSW Facilities. The Second INSW Credit Agreement Amendment, among other things, amended the conditions under which the INSW Facilities permitted OSG to spin off INSW. In particular, the Second INSW Credit Agreement Amendment permitted the distribution of OSG’s equity interests in INSW to OSG’s shareholders in conjunction with the transfer of substantially all of INSW’s assets (subject to certain exceptions) to a new wholly-owned subsidiary of INSW, subject to the satisfaction of other conditions set forth in the INSW Facilities and the Second INSW Credit Agreement Amendment. On September 20, 2016, the Company entered into a third amendment (the “Third INSW Credit Agreement Amendment”) to the INSW Facilities. The Third INSW Credit Agreement Amendment, among other things, (i) permitted INSW to dividend up to an aggregate amount of $100,000 to OSG prior to October 14, 2016; (ii) reduced the maximum amount of Incremental Term Loans and Incremental Revolving Loans (as defined in the INSW Facilities) the Borrowers may obtain under the INSW Facilities to $200,000 and altered certain conditions for providing such loans; (iii) increased the amount of certain investments the Company and its subsidiaries may make under the INSW Facilities; and (iv) required the Company to prepay outstanding Initial Term Loans in an aggregate principal amount equal to $75,000 substantially simultaneously with the effective date of the Third INSW Credit Agreement Amendment. The dividend distribution of $100,000 to OSG and the $75,000 prepayment of the outstanding principal balance of the INSW Term Loan were completed as of September 30, 2016. On November 30, 2016, the Company entered into a fourth amendment (the “Fourth INSW Credit Agreement Amendment”) to the INSW Facilities primarily to reflect the spin-off of the Company from OSG. The Fourth INSW Credit Agreement Amendment, among other things, (i) removed OSG as guarantor of and party under the facility; (ii) replaced restrictions on the movement of funds to OSG with limitations on the use of the Available Amount to pay dividends to shareholders ; (iii) restricted payments of dividends from INSW’s subsidiaries to INSW; and (iv ) added or modified certain definitions. During the year ended December 31, 2016, the Company made repurchases of the INSW Term Loan in the open market of $68,922 and mandatory principal prepayments of $83,832 . The net loss of $1,342 realized on these transactions for the year ended December 31, 2016 is included in other (expense)/income in the consolidated statement of operations. The net loss reflects a $5,097 write-off of unamortized original issue discount and deferred financing costs associated with the principal reductions, which were treated as partial extinguishments. Third party legal and consulting fees (aggregating $225 ) incurred by the Company in relation to the open market repurchases and INSW Term Loan amendments are included in general and administrative expenses in the consolidated statement of operations for the year ended December 31, 2016. Management determined that no prepayment is required for the INSW Term Loan as of December 31, 2016. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures | NOTE 10 — FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES: The following methods and assumptions were used to estimate the fair value of each class of financial instrument. Cash and cash equivalents and restricted cash— The carrying amounts reported in the consolidated balance sheets for interest-bearing deposits approximate their fair value. Debt— The fair values of the Company’s debt is estimated based on quoted market prices. Interest rate swaps and caps— The fair values of interest rate swaps and caps are the estimated amounts that the Company would receive or pay to terminate the swaps or caps at the reporting date, which include adjustments for the counterparty or the Company’s credit risk, as appropriate, after taking into consideration any underlying collateral securing the swap or cap agreements. ASC 820, Fair Value Measurements and Disclosures , relating to fair value measurements, defines fair value and established 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 developed based on the best information available 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, essentially an exit price. 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—Inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The estimated fair values of the Company’s financial instruments, other than derivatives that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, at December 31, 2016 and 2015, are as follows: Fair Value Level 1 Level 2 December 31, 2016: Cash $ 92,001 $ 92,001 $ - INSW Term Loan (447,888) - (447,888) December 31, 2015: Cash (1) $ 317,847 $ 317,847 $ - INSW Term Loan (601,928) - (601,928) (1) Includes non-current restricted cash aggregating $8,989 at December 31, 2015. Derivatives The Company manages its exposure to interest rate volatility risks by using derivative instruments. Interest Rate Risk The Company uses interest rate caps and swaps for the management of interest rate risk exposure. As of December 31, 2016 and 2015, the Company was party to an interest rate cap agreement (“Interest Rate Cap”) with a start date of February 15, 2015 with major financial institutions covering a notional amount of $400,000 to limit the floating interest rate exposure associated with the INSW Term Loan. The interest rate cap was designated and qualified as a cash flow hedge. This agreement contains no leverage features. The Interest Rate Cap has a Cap Rate of 2.5% through the termination date of February 5, 2017 . Tabular disclosure of derivatives location D erivatives are recorded in the balance sheet on a net basis by counterparty when a legal right of offset exists. The following tables present information with respect to the fair values of derivatives reflected in the December 31, 2016 and 2015 balance sheets on a gross basis by transaction: Fair Values of Derivative Instruments: Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Location Amount Location Amount December 31, 2016: Derivatives designated as hedging instruments: Interest rate cap: Current portion Other assets $ - Other liabilities $ - Total derivatives designated as hedging instruments $ - $ - December 31, 2015: Derivatives designated as hedging instruments: Interest rate cap: Long-term portion Other assets $ 2 Other liabilities $ - Total derivatives designated as hedging instruments $ 2 $ - The following tables present information with respect to gains and losses on derivative positions reflected in the consolidated statements of operations or in the consolidated statements of other comprehensive income/(loss). The effect of cash flow hedging relationships recognized in other comprehensive income/(loss) excluding amounts reclassified from accumulated other comprehensive loss (effective portion), including hedges of equity method investees, for the years ended December 31, 2016, 2015 and 2014 follows: For the year ended December 31, 2016 2015 2014 Interest rate swaps $ (3,050) $ (9,721) $ (21,487) Interest rate cap (2) (472) (172) Total $ (3,052) $ (10,193) $ (21,659) The effect of cash flow hedging relationships on the consolidated statements of operations is presented excluding hedges of equity method investees. The Company’s interest rate cap agreements had no effect on the consolidated statement of operations for the year ended December 31, 2014. The effect of the Company’s cash flow hedging relationships on the consolidated statement of operations for the years ended December 31, 2016 and 2015 is shown below: Statement of Operations Effective Portion of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss Ineffective Portion Amount of Amount of Location Gain/(Loss) Location Gain/(Loss) For the year ended December 31, 2016: Interest rate cap Interest expense $ (517) Interest expense $ - Total $ (517) $ - For the year ended December 31, 2015: Interest rate cap Interest expense $ (2) Interest expense $ - Total $ (2) $ - See Note 7, “Equity Method Investments,” for additional information relating to derivatives held by the Company’s equity method investees and Note 15, “Accumulated Other Comprehensive Loss,” for disclosures relating to the impact of derivative instruments on accumulated other comprehensive loss. Fair Value Hierarchy The following table presents the fair values, which are pre-tax, for assets and liabilities measured on a recurring basis (excluding investments in affiliated companies): Fair Value Level 2 Assets/(Liabilities) at December 31, 2016 Derivative Assets (interest rate cap) $ - $ - (1) Assets/(Liabilities) at December 31, 2015 Derivative Assets (interest rate cap) $ 2 $ 2 (1) (1) For the interest rate cap, fair value is derived using valuation models that utilize the income valuation approach. These valuation models take into account contract terms such as maturity, as well as other inputs such as interest rate yield curves and creditworthiness of the counterparty and the Company. The following table summarizes the fair values of assets for which an impairment charge was recognized for the year ended December 31, 2016: Impairment Description Fair Value Level 2 Level 3 Charges International Crude Tankers - Vessels held and used (1) (2) $ 38,828 $ 28,875 $ 9,953 $ (7,786) International Product Carriers - Vessels held and used (1) (2) $ 89,557 $ 40,000 $ 49,557 $ (71,456) International Crude Tankers - Equity method investments (3) $ 258,061 $ - $ 258,061 $ (30,475) (1) Aggregate pre-tax impairment charges of $49,640 related to two vessels in each of the International Crude Tanker and International Product Carriers segments and $29,602 related to one vessel in the International Crude Tanker segment and seven vessels in the International Product Carriers segment were recorded during the three-month periods ended September 30, 2016 and December 31, 2016, respectively. (2) Fair value measurements aggregating $59,510 at December 31, 2016 used to determine the impairment for eight vessels were based on the income approach, which utilized cash flow projections consistent with the most recent projections of the Company and a discount rate equivalent to INSW's weighted average cost of capital. Because the Company uses its own cash flow projections, the cash flow projections are considered to be Level 3. The fair value measurements of $68,875 at September 30, 2016 used to determine impairment for four vessels were based upon a market approach, which considered the expected sales prices of vessels obtained from vessel appraisals. Because sales of vessels occur somewhat infrequently the expected sales prices are considered to be Level 2. (3) Aggregate pre-tax impairment charges of $30,475 related to the Company’s investments in the FSO joint ventures, which are accounted for using the equity method, were recorded during the three-month period ended December 31, 2016. The fair value measurement of $258,061 at December 31, 2016 used to determine the amount of the impairment was based on the income approach, which utilized cash flow projections consistent with the most recent projections of the Company, and a discount rate equivalent to a market participant's weighted average cost of capital. Because the Company uses its own cash flow projections, the cash flow projections are considered to be Level 3. |
ACCOUNTS PAYABLE, ACCRUED EXPEN
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | NOTE 11 — ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES: At December 31, 2016 2015 Accounts payable $ 2,866 $ 3,371 Payroll and benefits 5,672 2,154 Interest 4,042 5,636 Due to owners on chartered in vessels 856 2,141 Accrued drydock and repairs 1,608 2,127 Bunkers and lubricants 2,787 820 Charter revenues received in advance 6,725 1,227 Insurance 2,650 1,517 Accrued vessel expenses 6,804 9,086 Accrued general and administrative expenses 2,644 1,107 Other 1,583 1,597 Total accounts payable, accrued expense and other current liabilities $ 38,237 $ 30,783 |
TAXES
TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Taxes [Abstract] | |
Taxes | NOTE 12 —TAXES: Income taxes are provided using the asset and liability method, such that income taxes are recorded based on amounts refundable or payable in the current year and include the results of any differences in the basis of assets and liabilities between U.S. GAAP and tax reporting. Income taxes are calculated on a separate return basis and t here has been no allocation of income taxes from OSG . The Company derives substantially all of its gross income from the use and operation of vessels in international commerce. The Company’s entities that own and operate vessels are primarily domiciled in the Marshall Islands, which does not impose income tax on shipping operations. The Company also has or had subsidiaries in various jurisdictions that performed administrative, commercial or technical management functions. These subsidiaries are subject to income taxes based on the services performed in countries in which those particular offices are located and, accordingly, current and deferred income taxes are recorded. INSW also had entities in Greece that were exclusively engaged in management of INSW vessels and were statutorily exempt from Greek income tax on their shipping income. Under current U.S. tax laws, INSW was a control led foreign corporation (“CFC”) for 2016 since OSG wa s a U.S. shareholder of INSW. INSW, including its subsidiaries, which are disregarded entities for U.S. Federal income tax purposes, is exempt from taxation on its U.S. source shipping income under Section 883 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and U.S. Treasury Department regulations. Under Section 883 of the Code and U.S. Treasury Department regulations, INSW qualifie d for this exemption so long as, for more than half of the days in its taxable year, it wa s a CFC and more than 50 percent of the total value of its stock wa s owned by OSG or certain other U.S. persons. Beginning in 2017, t o the extent INSW is unable to qualify for exemption from tax under Section 883, INSW will be subject to U.S. federal taxation of 4% of its U.S. source shipping income on a gross basis without the benefit of deductions. Shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the U.S. will be considered to be 50% derived from sources within the U.S. Shipping income attributable to transportation that both begins and ends in the U.S. will be considered to be 100% derived from sources within the U.S. INSW does not engage in transportation that gives rise to 100% U.S. source income. Shipping income attributable to transportation exclusively between non-U.S. ports will be considered to be 100% derived from sources outside the U.S. Shipping income derived from sources outside the U.S. will not be subject to any U.S. federal income tax. INSW’s vessels operate in various parts of the world, including to or from U.S. ports. There can be no assurance that INSW will continue to qualify for the Section 883 exemption. A substantial portion of income earned by INSW is not subject to income tax, and no deferred taxes are provided on the temporary differences between the tax and financial statement basis of the underlying assets and liabilities for those subsidiaries not subject to income tax in their respective countries of incorporation. The Marshall Islands and Greece impose tonnage taxes, which are assessed on the tonnage of certain of the Company’s vessels. These tonnage taxes are included in vessel expenses in the accompanying consolidated statements of operations. The components of the income tax provisions follow: For the year ended December 31, 2016 2015 2014 Current $ 440 $ 140 $ 754 Deferred - - (10) Total provision for income taxes $ 440 $ 140 $ 744 During the year ended December 31, 2014, OSG made certain payments in connection with its Emergence, aggregating $477,835 , in its capacity as guarantor of the obligations of subsidiaries of INSW with respect to two term loans. For income tax purposes, INSW presented these payments as cancellation of indebtedness income. The differences between income taxes expected at the Marshall Islands statutory income tax rate of zero percent and the reported income tax provisions are summarized as follows: For the year ended December 31, 2016 2015 2014 Marshall Islands statutory income tax rate - % - % - % Change in valuation allowance 25.29 % - % 0.04 % Liquidation of subsidiaries (29.53) % - % - % Income subject to tax in other jurisdictions 1.76 % 0.08 % 0.59 % Effective income tax rate (2.48) % 0.08 % 0.63 % The significant components of the Company’s deferred tax liabilities and assets follow: As of December 31, 2016 2015 Deferred tax assets: Net operating loss carryforwards 1,711 6,714 Excess of tax over book basis of depreciable assets 548 666 Pensions 3,147 2,519 Other - 5 Total deferred tax assets 5,406 9,904 Less: Valuation allowance (5,406) (9,904) Deferred tax assets, net - - Net noncurrent deferred tax assets/(liabilities) $ - $ - As of December 31, 2016 and 2015, the Company had net operating loss carryforwards of $42,001 and $66,499 , respectively. Of the net operating losses as of December 31, 2016, $4,558 have an indefinite life and $37,443 expire between 2018 and 2023 . The Company believes that it is more likely than not that the benefit from its net operating loss carryforwards and certain other deferred tax assets will not be realized and has maintained a valuation allowance of $5,406 and $9,904 , respectively, as of December 31, 2016 and 2015. If or when recognized, the tax benefits related to any reversal of the valuation allowance on deferred tax assets will be accounted for as a reduction of income tax expense in the period such reversal occurs. During 2016, the Company decreased its valuation allowance by $4,498 primarily as a result of the liquidation of certain subsidiaries . The following is tabular rollforward of the Company’s unrecognized tax benefits (excluding interest and penalties): 2016 2015 Balance of unrecognized tax benefits as of January 1, $ 40 $ 170 Increases for positions taken in prior years 115 - Decreases for positions taken in prior years - (130) Changes due to currency translations (2) - Balance of unrecognized tax benefits as of December 31, $ 153 $ 40 The Company records interest on unrecognized tax benefits in its provision for income taxes. Accrued interest is included in other current liabilities in the consolidated balance sheets. As of December 31, 2016 and 2015, the Company has recognized a total liability for interest of $33 and $22 , respectively. INSW has recorded the unrecognized tax benefits in other current liabilities in the consolidated balance sheets. If recognized, all of the December 31, 2016 balance of unrecognized tax benefits would affect the effective tax rate. Management believes that it is reasonably possible that a decrease of up to $94 in unrecognized tax benefits related to issues currently under examination by the taxing authorities will be settled during 2017 . |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2016 | |
RELATED PARTIES [Abstract] | |
RELATED PARTIES | NOTE 13 —RELATED PARTIES: The following tables show certain related party transactions between INSW and OSG: For the year ended December 31, 2016 2015 2014 Corporate overhead allocations from OSG General and administrative $ 21,486 $ 36,792 $ 39,570 Depreciation 517 730 1,022 Technical management transition costs - - 21 Separation and transition costs 6,569 - 670 Reorganization items, net 131 5,659 86,179 Total corporate overhead allocations from OSG $ 28,703 $ 43,181 $ 127,462 The outstanding amounts related to the transactions between INSW and OSG were as follows: As of December 31, 2016 2015 Payable to OSG $ 683 $ 11,350 Payables to OSG as of December 31, 2016 are primarily in relation to the spin-related agreements described below. Transition Services Agreement and Other Spin-off Related Activity INSW entered into a separation and distribution agreement (the “Separation and Distribution Agreement”) with OSG, which among other things, (i) governs the transfer of assets and liabilities between both entities, (ii) terminates all intercompany arrangements between INSW and OSG except for specified agreements and arrangements, (iii) contains terms and conditions that generally require INSW and OSG to use commercially reasonable efforts to consummate the transactions contemplated by the Separation and Distribution Agreement and the ancillary agreements, (iv) releases certain claims between the parties and their affiliates, successors and assigns, (v) contains mutual indemnification provisions and (vi) allocates expenses of the spin-off between the parties. Spin-off related costs incurred by INSW pursuant to the Separation and Distribution Agreement aggregated $9,043 . Approximately $3,337 of these costs represented INSW’s allocated share of severance costs for certain individuals that departed OSG in conjunction with the spin-off of INSW. While comparable costs are not expected in 2017, both parties will perform a true up of final separation costs which may result in additional costs being incurred by INSW in 2017. INSW and OSG also entered into a transition services agreement (the “TSA” or “Transition Services Agreement”) pursuant to which both parties agreed to provide each other with specified services for a limited time to help ensure an orderly transition following the Distribution. The Transition Services Agreement specifies the calculation of the costs for these services. Pursuant to the terms of the agreement, OSG will provide certain administrative services, including administrative support services related to benefit plans, human resources and legal services, for a transitional period after the spin-off. Similarly, INSW has agreed to provide certain limited transition services to OSG, including services relating to accounting activities and information and data provision services. The Transition Services Agreement will terminate 30 days after the expiration or termination of all of the services provided thereunder, which are generally provided for a maximum period of three to six months. INSW expects to earn fees totaling $79 for services provided to OSG pursuant to the terms of the Transition Services Agreement over the six-month term of the TSA. Approximately $27 of such fees were earned as of December 31, 2016. OSG also expects to incur fees totaling $156 during the term of the TSA for services received from OSG. Approximately $31 of such fees were incurred as of December 31, 2016. INSW and OSG also entered into an employee matters agreement (the “Employee Matters Agreement”), which addresses the allocation and treatment of assets and liabilities relating to employees and compensation and benefit plans and programs in which INSW employees participated, including equity incentive plans. The Employee Matters Agreement also governs the transfer of employees between OSG and INSW in connection with the Distribution, and set forth certain obligations for reimbursements and indemnities between OSG and INSW. Corporate Overhead Allocations from OSG During the periods presented, the Company benefited from certain corporate functions provided by OSG. In addition, certain entities within INSW incurred similar costs in respect of corporate functions that provided services to non-INSW subsidiaries of OSG. An allocation of these corporate expenses, including legal costs related to certain litigation undertaken by OSG, has been reflected in the consolidated financial statements in general and administrative expenses, depreciation and amortization and reorganization items, net. Income earned directly by OSG is not subject to allocation because it is not directly related to the INSW business. Reorganization items, net for the year ended December 31, 2016, includes a credit for the recovery of costs allocated to INSW in prior years related to certain litigation undertaken by OSG that was settled by OSG in February 2016. Guarantees The FSO Joint Venture is a party to a number of contracts: (a) the FSO Joint Venture is the borrower pursuant to a loan agreement, as amended and restated, with OSG and Euronav, each as guarantors, certain other parties thereto and ING Bank N.V. as agent and security trustee (the ‘‘Loan Agreement’’); (b) the FSO Joint Venture is an obligor pursuant to a guarantee facility agreement, by and among, the FSO Joint Venture, those banks and financial institutions listed therein, Nordea Bank Finland PLC, as issuing bank, Nordea Bank Norge ASA as agent and ING Bank N.V. as Security Trustee (the ‘‘Guarantee Facility’’); and (c) the FSO Joint Venture is party to two service contracts with Maersk Oil Qatar AS (the ‘‘MOQ Service Contracts’’). In connection with the Distribution on November 30, 2016, INSW now guarantees the obligations of the FSO Joint Venture pursuant to the Loan Agreement and the Guarantee Facility (together, the ‘‘ING and Nordea Guarantees’’) and guarantees the obligations of the FSO Joint Venture pursuant to the MOQ Service Contracts (the ‘‘MOQ Guarantee’’), together with the ING and Nordea Guarantees, the ‘‘INSW FSO Guarantees’’). OSG continues to guarantee the obligations of the FSO Joint Venture pursuant to the Loan Agreement and the Guarantee Facility (together, the ‘‘OSG FSO Guarantees’’). As of December 31, 2016, the maximum potential amount of future principal payments (undiscounted) that OSG could be required to make relating to such equity method investees secured bank debt and interest rate swaps was $38,789 and the carrying amount of the liability related to this guarantee was $0 . INSW entered into a guarantee arrangement in connection with the spin-off in favor of Qatar Liquefied Gas Company Limited (2) (‘‘LNG Charterer’’) and relating to certain LNG Tanker Time Charter Party Agreements with the LNG Charterer and each of Overseas LNG H1 Corporation, Overseas LNG H2 Corporation, Overseas LNG S1 Corporation and Overseas LNG S2 Corporation (such agreements, the ‘‘LNG Charter Party A greements’’, and such guarantee, the ‘‘LNG Performance Guarantee’’). OSG continues to provide a guarantee in favor of the LNG Charterer relating to the LNG Charter Party Agreements (such guarantees, the ‘ ‘OSG LNG Performance Guarantee ’’ and collectively, with the OSG FSO Guarantees the ‘‘Continuing OSG Guarantees’’). In connection with the Continuing OSG Guarantees, INSW will pay a $125 fee per year to OSG, which is subject to escalation after 2017 and will be terminated if OSG ceases to provide the OSG LNG Performance Guarantee. INSW will indemnify OSG for liabilities arising from the Continuing OSG Guarantees pursuant to the terms of the Separation and Distribution Agreement. In addition, INSW will pay QGTC an annual fee of $100 until such time that QGTC ceases to provide a guarantee in favor of the LNG charterer relating to performance under the LNG Charter Party Agreements. Capital Contributions from OSG and Dividends Paid to OSG For the year ended December 31, 2016, the Company recorded capital contributions from OSG of $3,797 comprised of allocated reorganization items, net of $131 , non-cash expense relating to stock compensation benefits of $2,520 and certain allocated general and administrative costs of $1,146 . For the year ended December 31, 2015, the Company recorded capital contributions from OSG of $9,424 , comprised of allocated reorganizations items, net of $5,659 , non-cash expense relating to stock compensation benefits of $2,811 , certain allocated general and administrative expenses of $954. For additional information relating to stock compensation benefits see Note 14, “Capital Stock and Stock Compensation.” During the years ended December 31, 2016 and 2015, INSW made dividend distributions to OSG totaling $202,000 (or $6.93 per share) and $200,000 (or $6.86 per share), respectively. Sales and purchases of vessels Prior to commencement of the Chapter 11 cases INSW intended to purchase the Product Carrier Victory from OSG. The legal transfer of the Victory did not however occur prior to the Petition Date and thereafter required Bankruptcy Court approval. Even though the Victory was not legally transferred prior to December 31, 2012, the vessel’s cost structure and activities are similar to the operations of the other MRs in INSW’s fleet and, therefore, the Victory was included within the carve-out group on a combined basis at historical cost, net of accumulated depreciation, of $24,687 , effective November 14, 2012. INSW purchased the Victory from OSG on June 30, 2014. As the Victory had been included in INSW’s financial statements on a combined basis prior to the purchase of the vessel, and is included on a consolidated basis subsequent to the purchase of the vessel, the purchase of the Victory is excluded from vessel deliveries in Note 6, “Vessels, Deferred Drydock and Other Property” for the year ended December 31, 2014. At Emergence, Maremar Tanker LLC’s intercompany receivable balances were written off and treated as a non-cash capital distribution to OSG of $23,213 . Additionally, for the year ended December 31, 2014, INSW recorded a $124 charge to write off the remaining net assets of Maremar Tanker LLC. Related Party Loans and Emergence from Bankruptcy INSW was a co-borrower under an unsecured revolving credit facility and borrowings thereunder were effectuated through two related party loan agreements with OSG. At Emergence, INSW repaid the outstanding principal of $217,000 and unpaid accrued interest relating to its co-borrower obligation under the unsecured revolving credit facility. Also certain INSW entities were parties to two term loans, secured by vessels in INSW’s fleet, for which OSG was a guarantor. OSG made certain payments in connection with its Emergence, aggregating $477,835 , in its capacity as guarantor of the obligations of subsidiaries of INSW with respect to these two term loans, which for financial reporting purposes are deemed to be capital contributions. Supplemental cash flow information for the year ended December 31, 2014 associated with the aforementioned OSG guarantor obligation payments and deemed capital contributions were non-cash financing activities. In accordance with the Equity Plan, on Emergence all amounts then due between OSG and INSW and its subsidiaries were deemed uncollectible and considered settled through deemed capital contributions by OSG aggregating $154,220 . Supplemental cash flow information for the year ended December 31, 2014 associated with such deemed capital contributions were non-cash financing activities. Concurrent with OSG’s Emergence and as part of the plan of reorganization, INSW made a $53,225 cash distribution to OSG. Post Emergence, OSG reimbursed INSW for certain compensation related expenses aggregating $6,306 , which for financial reporting purposes are deemed to be capital contributions. |
CAPITAL STOCK AND STOCK COMPENS
CAPITAL STOCK AND STOCK COMPENSATION | 12 Months Ended |
Dec. 31, 2016 | |
Capital Stock and Stock Compensation [Abstract] | |
Capital Stock and Stock Compensation | NOTE 14 — CAPITAL STOCK AND STOCK COMPENSATION: The Company accounts for stock compensation expense in accordance with the fair value based method required by ASC 718, Compensation – Stock Compensation . Such fair value based method requires share based payment transactions to be measured based on the fair value of the equity instruments issued. In connection with the spin-off, effective November 18, 2016 INSW adopted, and OSG as its sole stockholder approved, incentive compensation plans (the “Incentive Plans” as further described below) in order to facilitate the grant of equity and cash incentives to directors, employees, including executive officers and consultants of the Company and certain of its affiliates and to enable the Company and certain of its affiliates to obtain and retain the services of these individuals, which is essential to our long-term success. INSW reserved 2,000,000 shares for issuance under its management incentive plan and 400,000 shares for issuance under its non-employee director incentive compensation plan. OSG maintains or maintained various stock-based compensation arrangements (the “OSG Incentive Plans” and the “OSG 2004 Stock Incentive Plan” ), under which it provided awards to certain employees of INSW of restricted common stock, restricted stock units, performance restricted stock units and stock options to purchase shares of OSG. Because INSW provided employee services in consideration for the participation of INSW’s employees in these plans, a share-based compensation expense for the awards granted to INSW’s employees has been reflected in the consolidated statement of operations. Furthermore, the restricted stock, restricted stock unit and stock option grants also relate to directors or individuals that are considered to be employees of OSG. Compensation expense relating to such grants is a component of general and administrative expense on OSG’s consolidated statement of operations and as a result for periods prior to our spin-off from OSG was subject to the cost allocation procedures described in Note 1, “Description of the Business and Basis of Presentation,” and Note 13, “Related Parties.” In addition to the incentive compensation expense described below, Note 2, “Chapter 11 Filing and Emergence from Bankruptcy,” reorganization items, net reflects a charge of $1,374 for the year ended December 31, 2014 relating to the allocation of compensation cost relating to the cancellation of unvested awards under the OSG 2004 Stock Incentive Plan in conjunction with the Bankruptcy proceedings. Each OSG restricted stock unit and performance restricted stock unit that was unvested and outstanding immediately prior to the Effective Time (see Note 1, “Description of the Business and Basis of Presentation”) and held by an INSW Group Employee (as defined by the Employee Matters Agreement) was converted as of the Effective Time into an INSW restricted stock unit or INSW performance restricted stock unit, respectively. Each OSG stock option to purchase shares of OSG that was outstanding immediately prior to the Effective Time and held by an INSW Group Employee was converted as of the Effective Time into an INSW stock option. The OSG Incentive Plans contained anti-dilution provisions whereby in the event of any change in the capitalization of OSG, the number and type of securities underlying outstanding share based payment awards were to be adjusted, as appropriate, in order to prevent dilution or enlargement of rights. The impact of these provisions resulted in a modification of all outstanding share based payment awards held by INSW Group Employees upon the spinoff transaction. As the fair value of the INSW restricted stock unit or INSW performance restricted stock unit awards and the INSW stock option awards immediately after the spinoff transaction increased when compared to the fair value of the equivalent OSG awards held by INSW Group Employees immediately prior to the spinoff transactions, incremental compensation costs of approximately $427 will be recognized by INSW over the remaining vesting period of such awards as a result of the spinoff modifications. Information regarding share-based compensation awards granted by INSW follows: Director Compensation — Restricted Common Stock INSW awarded a total of 32,067 restricted INSW common stock shares during the year ended December 31, 2016 to its non-employee directors. The weighted average fair value of INSW’s stock on the measurement date of such awards was $13.72 per share. Such restricted shares awards vest in full on the earlier of the next annual meeting of the stockholders or June 8, 2017, subject to each director continuing to provide services to INSW through such date. The restricted share awards granted may not be transferred, pledged, assigned or otherwise encumbered prior to vesting. Prior to the vesting date, a holder of restricted share awards has all the rights of a shareholder of INSW, including the right to vote such shares and the right to receive dividends paid with respect to such shares at the same time as common shareholders generally. Management Compensation Capitalized terms that follow are defined herein or in the Employee Matters Agreement. (i) Restricted Stock Units As of the Effective Time, INSW converted each time-based OSG restricted stock unit (“OSG RSU”) that was unvested and outstanding immediately prior to the Effective Time and that was held by an INSW Group Employee into an INSW restricted stock unit (each such award, an “INSW RSU”), with the number of restricted stock units subject to each such INSW RSU to be set at a number equal to the product of (A) the number of restricted stock units subject to the corresponding OSG RSU immediately prior to the Effective Time multiplied by (B) the quotient (“INSW Stock Ratio”) obtained by dividing the volume weighted average per share price of OSG Common Stock for the 20 Trading Days ending on the Distribution Date (the “OSG Pre-Distribution Stock Value”) by the volume weighted average per share price of INSW common stock for the 20 Trading Days following the Distribution Date (the “INSW Stock Value”), with any fractional restricted stock unit rounded down to the nearest whole restricted stock unit. Each INSW RSU will otherwise be subject to the same terms and conditions after the Effective Time as were applicable to such OSG RSU prior to the Effective Time (except as otherwise provided in the Employee Matters Agreement). The aforementioned conversion resulted in the issuance of 76,585 time-based INSW RSUs to INSW Group Employees to replace non-vested time-based OSG RSUs previously awarded by OSG. The INSW grant date fair value of these awards was $15.00 per INSW RSU. Each INSW RSU represents a contingent right to receive one share of INSW common stock upon vesting. Each INSW RSU will vest in accordance with the terms and conditions of the corresponding OSG RSU award which were scheduled to vest in equal installments on each of the first three anniversaries of the corresponding OSG award date. Settlement of vested INSW RSUs may be in either shares of common stock or cash, as determined by the Human Resources and Compensation Committee in its discretion, and shall occur as soon as practicable after the vesting date. INSW converted each OSG Performance Based Unit (“OSG PBU”) held by an INSW Group Employee that was unvested and outstanding immediately prior to the Effective Time into an INSW performance based unit (each such award, an “INSW PBU”), with the number of performance based units subject to each such INSW PBU to be set at a number equal to the product of (A) the number of performance based units subject to the corresponding OSG PBU immediately prior to the Effective Time multiplied by (B) the INSW Stock Ratio, with any fractional performance based unit rounded down to the nearest whole performance based unit. Each INSW PBU will otherwise be subject to the same terms and conditions after the Effective Time as were applicable to such OSG PBU prior to the Effective Time (except as otherwise provided in the Employee Matters Agreement). Applicable performance metrics are to be adjusted accordingly as determined by INSW’s Human Resources and Compensation Committee. The aforementioned conversion resulted in the issuance of 33,709 INSW PBUs to INSW Group Employees to replace non-vested OSG PBUs awarded by OSG. Of this amount, 24,953 INSW PBUs represent a contingent right to receive INSW RSUs based upon the covered employees being continuously employed through December 31, 2018 and shall vest as follows: (i) one -third of the target RSUs shall vest on December 31, 2018, subject to INSW’s three-year earnings per share (“EPS”) performance in the three-year EPS performance period relative to a compounded annual growth rate (the “EPS Target”) set forth in the award agreements; (ii) one -third of the target RSUs shall vest on December 31, 2018, subject to INSW’s return on invested capital (“ROIC”) performance in the three-year ROIC performance period relative to a target rate (the “ROIC Target”) set forth in the award agreements; and (iii) one -third of the target RSUs will be subject to INSW’s three-year total shareholder return (“TSR”) performance relative to that of a performance peer group over a three-year TSR performance period (“TSR Target”). Vesting is subject in each case to INSW’s Human Resources and Compensation Committee’s (“Compensation Committee”) certification of achievement of the performance measures and targets no later than March 31, 2019. The EPS Target and ROIC Target are performance conditions which, as of December 31, 2016, INSW management believes, are not yet considered probable of being achieved. Accordingly, for financial reporting purposes, no compensation costs will be recognized for the portion of these awards relating to performance conditions until it becomes probable that the performance conditions will be achieved. The grant date fair value of the TSR based performance awards, which has a market condition, was determined to be $15.00 per INSW PBU. Each of the remaining 8,756 INSW PBUs represents a contingent right to receive INSW RSUs based upon certain performance related goals being met and INSW Group Employees being continuously employed through December 31, 2016. Such awards replaced the March 30, 2016 OSG award of the 2016 tranche of OSG PBU awards made on October 12, 2015 to INSW Group Employees and vested on December 31, 2016, subject to the Human Resources and Compensation Committee’s certification of achievement of the performance measures and targets no later than March 31, 2017. Settlement of the vested INSW PBUs may be in either shares of common stock or cash, as determined by the Human Resources and Compensation Committee in its discretion, and shall occur as soon as practicable after the vesting date. (ii) Stock Options INSW converted each vested and unvested OSG Option outstanding immediately prior to the Effective Time and held by an INSW Group Employee into an INSW option to purchase INSW stock (each such option, an “INSW Spin Option”) subject to the same terms and conditions (including with respect to vesting and expirations) after the Effective Time as were applicable to the corresponding OSG stock option immediately prior to the Effective Time except as otherwise provided in the Employee Matters Agreement provided: · the per-share exercise price of each such INSW Spin Option shall be equal to the product of (A) the per-share exercise price of the corresponding OSG Option immediately prior to the Effective Time multiplied by (B) the quotient (“INSW Price Ratio”) obtained by dividing the INSW Stock Value by the OSG Pre-Distribution Stock Value, rounded up to the nearest whole hundredth of a cent; and · the number of shares of INSW Stock subject to each such INSW Spin Option shall be equal to the product of (A) the number of shares of OSG Common Stock subject to the corresponding OSG Option immediately prior to the Effective Time multiplied by (B) the INSW Stock Ratio, with any fractional share rounded down to the nearest whole share. As a result, 127,559 INSW Spin Options, with exercise prices ranging from $19.04 to $30.93 per share, were issued to INSW Group Employees to replace stock options previously awarded by OSG. Stock options may not be transferred, pledged, assigned or otherwise encumbered prior to vesting. The INSW Spin Options will vest in equal installments on each of the first three anniversaries of the corresponding OSG stock option award date. The INSW Spin Options will expire on the business day immediately preceding the ten th anniversary of the OSG award date. If a stock option grantee’s employment is terminated for cause (as defined in the applicable grant agreement), stock options (whether then vested or exercisable or not) will lapse and will not be exercisable. If a stock option grantee’s employment is terminated for reasons other than cause, the option recipient may exercise the vested portion of the stock option but only within such period of time ending on the earlier to occur of (i) the 90th day ending after the option recipient’s employment terminated and (ii) the expiration of the options, provided that if the Optionee’s employment terminates for death or disability the vested portion of the option may be exercised until the earlier of (i) the first anniversary of employment termination and (ii) the expiration date of the options. The fair value of the INSW Spin Options were estimated using the Black-Scholes option pricing model with inputs including the INSW Stock Value, the INSW exercise price and the following weighted average assumptions for the converted OSG Option originally granted in 2016, 2015 and 2014: risk free interest rates of 2.18% , 1.79% and 1.79% , respectively, dividend yields of 0.0% , expected stock price volatility factor of .40 , and expected lives at inception of five years, four years and four years, respectively. The weighted average grant-date fair value of INSW Spin Options relating to the corresponding OSG stock options originally granted in 2016, 2015 and 2014 were $4.55 , $2.26 and $1.86 , respectively . Compensation expense is recognized over the vesting period applicable to each grant, using the straight-line method. Direct and allocated compensation expense with respect to restricted common stock and restricted stock units outstanding for the years ended December 31, 2016, 2015 and 2014 was $2,157 , $2,380 and $497 , respectively. The allocated compensation expense has been recorded as a capital contribution from OSG as such amount will not be settled in cash. Activity with respect to restricted common stock and restricted stock units under INSW compensation plans is summarized as follows: Common Stock Nonvested Shares Outstanding at December 31, 2015 - INSW RSUs issued to replace OSG RSUs 110,294 Granted 32,067 Vested ( $19.04 per share) (25,103) Forfeited - Nonvested Shares Outstanding at December 31, 2016 117,258 Activity with respect to stock options under INSW compensation plans is summarized as follows: Common Stock Options Outstanding at December 31, 2015 - INSW Spin Options issued to replace OSG options 127,559 Forfeited - Exercised - Options Outstanding at December 31, 2016 127,559 Options Exercisable at December 31, 2016 26,601 The weighted average remaining contractual life of the INSW outstanding stock options at December 31, 2016 was 8.76 years. The range of exercise prices of the INSW stock options outstanding at December 31, 2016 was between $19.04 and $30.93 per share. The weighted average exercise price of the INSW stock options outstanding at December 31, 2016 was $23.61 . No ne of the stock options which vested during 2016 were “in-the-money.” Direct and allocated compensation expense relating to stock options recorded by INSW for the years ended December 31, 2016, 2015 and 2014 was $684 , $431 and $56 , respectively. The allocated compensation expense has been recorded as a capital contribution from OSG as such amount will not be settled in cash. As of December 31, 2016, there was $2,645 of unrecognized compensation cost related to INSW nonvested share-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 1.46 years. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 15 —ACCUMULATED OTHER COMPREHENSIVE LOSS: The components of accumulated other comprehensive loss, net of related taxes, in the consolidated balance sheets follow: At December 31, 2016 2015 Unrealized losses on derivative instruments $ (40,317) $ (53,446) Items not yet recognized as a component of net periodic benefit cost (pension plans) (11,950) (10,636) Foreign currency translation adjustment - (42) $ (52,267) $ (64,124) The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, for the three years ended December 31, 2016. Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost (pension plans) Foreign currency translation adjustment Total Balance at December 31, 2015 $ (53,446) $ (10,636) $ (42) $ (64,124) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (3,052) (2,364) 42 (5,374) Amounts reclassified from accumulated other comprehensive loss 16,181 1,050 - 17,231 Total change in accumulated other comprehensive loss 13,129 (1,314) 42 11,857 Balance at December 31, 2016 $ (40,317) $ (11,950) $ - $ (52,267) Balance at December 31, 2014 $ (61,356) $ (12,988) $ (29) $ (74,373) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (10,193) 1,870 (13) (8,336) Amounts reclassified from accumulated other comprehensive loss 18,103 482 - 18,585 Total change in accumulated other comprehensive loss 7,910 2,352 (13) 10,249 Balance at December 31, 2015 $ (53,446) $ (10,636) $ (42) $ (64,124) Balance at December 31, 2013 $ (59,263) $ (8,246) $ (116) $ (67,625) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (21,659) (5,069) 87 (26,641) Amounts reclassified from accumulated other comprehensive loss 19,566 327 - 19,893 Total change in accumulated other comprehensive loss (2,093) (4,742) 87 (6,748) Balance at December 31, 2014 $ (61,356) $ (12,988) $ (29) $ (74,373) The following table presents information with respect to amounts reclassified out of accumulated other comprehensive loss for the three years ended December 31, 2016. Years Ended December 31, Accumulated Other Comprehensive Loss Component 2016 2015 2014 Statement of Operations Line Item Unrealized losses on cash flow hedges: Interest rate swaps entered into by the Company's Equity in income of equity method joint venture investees $ (15,664) $ (18,101) $ (19,566) affiliated companies Interest rate caps entered into by the Company's subsidiaries (517) (2) - Interest expense Items not yet recognized as a component of net periodic benefit cost (pension plans): Net periodic benefit costs associated with pension and postretirement benefit plans for General and shore-based employees (1,050) (482) (335) administrative expenses (17,231) (18,585) (19,901) Total before tax - - 8 Tax benefit (1) $ (17,231) $ (18,585) $ (19,893) Total net of tax (1) The tax benefit relates to the net periodic benefit costs of the Company's pension plans. The following amounts are included in accumulated other comprehensive loss at December 31, 2016, which have not yet been recognized in net periodic cost: unrecognized prior service costs of $1,403 ( $1,068 net of tax) and unrecognized actuarial losses of $12,173 ($ 10,882 net of tax). The prior service costs and actuarial loss es included in accumulated other comprehensive loss and expected to be recognized in net pe riodic cost during 2017 are losses of $64 (gross and net of tax) and $421 (gross and net of tax), respectively. At December 31, 2016 , the Company expects that it will reclassify $12,499 (gr oss and net of tax) of net losses on derivative instruments from accumulated other comprehensive loss to earnings during the next twelve months due to the payment of variable rate interest associated with floating rate debt of INSW’s FSO and LNG equity method investees and the interest rate cap held by the Company. See Note 7, “Equity Method Investments,” for additional information relating to derivatives held by the Company’s equity method investees and Note 10, “Fair Value of Financial Instruments, Derivatives and Fair Value,” for additional disclosures relating to derivative instruments. The income tax expense/(benefit) allocated to each component of other comprehensive loss follows: Tax expense / (benefit) on items not yet recognized as a component of net periodic benefit cost For the year ended December 31, 2016 Current period change excluding amounts reclassified from accumulated other comprehensive loss $ - Amounts reclassified from accumulated other comprehensive loss - Total change in accumulated other comprehensive loss $ - For the year ended December 31, 2015 Current period change excluding amounts reclassified from accumulated other comprehensive loss $ - Amounts reclassified from accumulated other comprehensive loss - Total change in accumulated other comprehensive loss $ - For the year ended December 31, 2014 Current period change excluding amounts reclassified from accumulated other comprehensive loss $ - Amounts reclassified from accumulated other comprehensive loss 8 Total change in accumulated other comprehensive loss $ 8 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases | NOTE 16 — LEASES: 1. Charters-in: Between December 31, 2012 and April 2013, the Bankruptcy Court issued orders approving INSW debtor entities rejection of leases on 25 chartered-in International Flag vessels. INSW debtor entities entered into new lease agreements at lower rates on eight of the chartered-in vessels (seven MRs and one Aframax), which lease agreements were assumed as amended pursuant to orders of the Bankruptcy Court, at lower rates. One Suezmax and one MR were redelivered to owners in December 2012 and an additional fifteen vessels (11 MRs, two Panamax Product Carriers, one Suezmax and one Aframax), were redelivered during the four months ended April 30, 2013. The Company’s policy is to calculate estimates for lease termination costs related to the rejected charters using a market participant’s discount rate. Effective August 5, 2014, the Company emerged from bankruptcy and during the month of August, allowed claims related to the rejected or amended vessel charters described above were settled. These settlements resulted in interest expense charges of $7,453 for post-petition contractual interest and reorganization item charges of $6,419 for post-petition interest required by the Equity Plan, for the year ended December 31, 2014. See Note 2, “Chapter 11 Filing and Emergence from Bankruptcy,” for additional information. As of December 31, 2016, the Company had commitments to charter-in seven vessels. All of the charter-ins are accounted for as operating leases, of which three are bareboat charters and four are time charters. Lease expense relating to charters-in is included in charter hire expenses in the consolidated statements of operations. The future minimum commitments and related number of operating days under these operating leases are as follows: Bareboat Charters-in: At December 31, 2016 Amount Operating Days 2017 $ 7,016 1,063 2018 1,841 279 Net minimum lease payments $ 8,857 1,342 Time Charters-in: At December 31, 2016 Amount Operating Days 2017 $ 15,440 1,488 Net minimum lease payments $ 15,440 1,488 The future minimum commitments for time charters-in exclude amounts with respect to vessels chartered-in where the duration of the charter was one year or less at inception but includes amounts with respect to workboats employed in Crude Tankers Lightering business. Time charters-in commitments have been reduced to reflect estimated days that the vessels will not be available for employment due to drydock because the Company does not pay time charter hire when time chartered-in vessels are not available for use. Certain of the charters in the above tables also provide the Company with renewal and purchase options. 2. Charters-out: The future minimum revenues, before reduction for brokerage commissions, expected to be received on noncancelable time charters and the related revenue days (revenue days represent calendar days, less days that vessels are not available for employment due to repairs, drydock or lay-up) are as follows: At December 31, 2016 Amount Revenue Days 2017 $ 30,718 1,504 2018 913 166 Future minimum revenues $ 31,631 1,670 Future minimum revenues do not include (i) the Company’s share of time charters entered into by the pools in which it participates, (ii) the Company’s share of time charters entered into by the joint ventures, which the Company accounts for under the equity method. Revenues from a time charter are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future. 3. Office space: In connection with the spin-off, on November 17, 2016, OSG assigned to the Company its interest in the lease agreement the Company’s New York headquarters. The future minimum commitments under all lease obligations for office space are as follows: At December 31, Amount 2017 $ 1,088 2018 998 2019 998 2020 998 2021 665 Net minimum lease payments $ 4,747 |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2016 | |
Pension and Other Postretirement Benefit Plans [Abstract] | |
Pension and Other Postretirement Benefit Plans | NOTE 17 —PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS: Pension plans The Company has obligations outstanding under a defined benefit pension plan in the UK. The plan provides defined benefits based on years of service and final average salary. The plan was closed to new entrants and accrual from December 2007. The Company has provided a guarantee to the trustees of the OSG Ship Management (UK) Ltd. Retirement Benefits Plan (the “Scheme”) in the amount of the unfunded deficiency calculated on a solvency basis, if the principal employer fails to make the required periodic contributions to the Scheme. Information with respect to the Scheme for which INSW uses a December 31 measurement date, is as follows: Pension Benefits At December 31, 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 29,899 $ 34,138 Cost of benefits earned (service cost) - - Interest cost on benefit obligation 932 1,164 Actuarial losses/(gains) 5,525 (2,387) Benefits paid (603) (1,501) Settlements (1,579) - Foreign exchange gains (4,934) (1,515) Benefit obligation at year end 29,240 29,899 Change in plan assets: Fair value of plan assets at beginning of year 21,090 22,205 Actual return on plan assets 2,503 175 Employer contributions 7,605 1,161 Benefits paid (603) (1,501) Settlements (1,775) - Foreign exchange losses (3,354) (950) Fair value of plan assets at year end 25,466 21,090 Unfunded status at December 31 $ (3,774) $ (8,809) The unfunded benefit obligation for the pension plan is included in other liabilities in the consolidated balance sheets. Information for the defined benefit pension plan with accumulated benefit obligations in excess of plan assets follows: At December 31, 2016 2015 Projected benefit obligation $ 29,240 $ 29,899 Accumulated benefit obligation 29,240 29,899 Fair value of plan assets 25,466 21,090 Pension benefits For the year ended December 31, 2016 2015 2014 Components of expense: Cost of benefits earned $ - $ - $ 532 Interest cost on benefit obligation 886 1,164 1,333 Expected return on plan assets (951) (1,159) (1,573) Amortization of prior-service costs 67 79 87 Recognized net actuarial loss 343 403 230 Recognized settlement loss 640 - - Net periodic benefit cost $ 985 $ 487 $ 609 The weighted-average assumptions used to determine benefit obligations follow: Pension benefits At December 31, 2016 2015 Discount rate 2.60% 3.80% The selection of a single discount rate for the defined benefit plan was derived from bond yield curves, which the Company believed as of such dates to be appropriate for the plan, reflecting the length of the liabilities and the yields obtainable on investment grade bonds. The assumption for a long-term rate of return on assets was based on a weighted average of rates of return on the investment sectors in which the assets are invested. The weighted-average assumptions used to determine net periodic benefit costs follow: Pension benefits For the year ended December 31, 2016 2015 2014 Discount rate 3.80% 3.55% 4.50% Expected (long-term) return on plan assets 5.62% 5.35% 7.29% Rate of future compensation increases - - - Expected benefit payments are as follows: Pension benefits 2017 $ 1,015 2018 773 2019 785 2020 798 2021 1,025 Years 2022-2026 5,926 $ 10,322 The fair values of the Company’s pension plan assets at December 31, 2016, by asset category are as follows: Description Fair Value Level 1 Level 2 (1) Cash and cash equivalents $ 8,303 $ 8,303 $ - Equity securities: International companies 15,166 - 15,166 Government debt securities 1,997 - 1,997 Total $ 25,466 $ 8,303 $ 17,163 (1) Quoted prices for the equity and debt securities are not available from an active market source since such investments are index funds. Therefore, the mid-price, which is a price calculated based on the mid-point between the buying and the selling prices of the index funds assets, was used as such mid-prices are considered to be quoted prices for similar assets. Management has historically maintained a targeted allocation of between 86% and 90% of the Scheme assets in an equity fund index and between 10% and 14% in an over 15-year Gilt index fund. The Company contributed $7,605 , $1,161 and $4,519 to the UK Scheme in 2016, 2015 and 2014, respectively. The Company expects that its contribution to the UK Scheme in 2017 will be approximately $719 . Defined Contribution Plans The Company has defined contribution plans covering all eligible shore-based employees. Contributions are limited to amounts allowable for income tax purposes and include employer matching contributions to the plans. All contributions to the plans are at the discretion of the Company. The contributions to the plan during the three years ended December 31, 2016 were not material. The expenses directly attributable to INSW’s employees for these defined contribution plans for each of the years ended December 31, 2016, 2015 and 2014 were not material. |
SEVERANCE COSTS
SEVERANCE COSTS | 12 Months Ended |
Dec. 31, 2016 | |
Severance Costs [Abstract] | |
Severance Costs | NOTE 18 —SEVERANCE COSTS: Severance Severance related costs are recognized over the period commencing on the date on which the affected employees are notified and ending on the date when required services are completed. Costs Associated with Exit or Disposal Activities On January 13, 2014, OSG announced that certain of its subsidiaries, all of which are subsidiaries of INSW, that own or charter-in 33 International Flag vessels (which was subsequently increased to 46 vessels) intended to outsource certain management services, including, but not limited to, the technical management, certain aspects of commercial management and crew management to V. Ships UK Limited (“V.Ships”). Charges relating to employee transition and termination benefits and similar transition and termination costs (“Outsourcing RIF”) and set-up, wind-down and transitions costs (“Transition Costs”) are included separately in the consolidated statement of operations. Outsourcing RIF severance costs of $16,666 incurred for the year ended December 31, 2014 included $3,428 and $7,651 relating to the International Crude Tankers and International Product Carriers business segments, respectively, with the balance relating to corporate offices. INSW did not incur any additional Outsourcing RIF costs during the 2016 or 2015. Transition Costs of $39 and $3,417 were incurred for the years ended December 31, 2015 and 2014. The Transition costs for 2014 included $1,672 and $1,260 relating to the International Crude Tankers and International Product Carriers business segments, respectively, with the balance relating to corporate offices. In conjunction with the aforementioned, on January 7, 2014, the then current Board of Directors of OSG (the “Predecessor Board”) and the Compensation Committee of the Predecessor Board approved a transitional incentive program for certain non-executive employees (the “Transition NEIP”), which was subsequently approved by the Bankruptcy Court on February 3, 2014. In order to achieve the restructuring described above, OSG required the commitment of the employees whose responsibilities would ultimately be outsourced or rendered unnecessary by virtue of the outsourcing (the “Transitional Employees”). The Transition NEIP, a component of the employee transition and termination benefits and similar transition and termination costs described above, was a broad based plan intended to offer compensation incentives to substantially all of the non-executive Transitional Employees (the “Eligible Employees”) upon the achievement of specific objectives (“Objectives”) related to the operations and restructuring of INSW’s operations. For Eligible Employees, the annualized target awards ranged from 25% to 75% of base salary. The total cost of the incentive payments under the Transition NEIP for INSW employees for the year ended December 31, 2014 was approximately $3,228 . Refer to Note 13, “Related Parties,” for additional information relating to severance costs allocated from OSG. |
2015 AND 2014 QUARTERLY RESULTS
2015 AND 2014 QUARTERLY RESULTS OF OPERATIONS | 12 Months Ended |
Dec. 31, 2016 | |
2016 AND 2015 QUARTERLY RESULTS OF OPERATIONS [Abstract] | |
2015 AND 2014 QUARTERLY RESULTS OF OPERATIONS | NOTE 19 — 2016 AND 2015 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED): Selected Financial Data for the Quarter Ended March 31, June 30, Sept. 30, Dec. 31, 2016 Shipping revenues $ 128,676 $ 103,062 $ 80,771 $ 85,810 Gain/(loss) on disposal of vessels and other property, including impairments 171 - (49,640) (29,734) Income/(loss) from vessel operations 53,129 29,079 (47,758) (28,509) Interest expense (10,742) (9,690) (9,519) (9,525) Reorganization items, net 4,471 (520) (3,849) (233) Income tax benefit/(provision) (4) (173) 20 (283) Net income/(loss) (1) 59,890 30,506 (50,862) (57,757) Basic and Diluted net income/(loss) per share $ 2.05 $ 1.05 $ (1.74) $ (1.98) (1) As discussed in Note 7, "Equity Method Investments," the Company recorded impairment charges of $30,475 in the fourth quarter related to its investment in the FSO Joint Venture. Selected Financial Data for the Quarter Ended March 31, June 30, Sept. 30, Dec. 31, 2015 Shipping revenues $ 117,450 $ 124,093 $ 131,121 $ 124,970 Gain/(loss) on disposal of vessels and other property, including impairments 1,166 - 3,238 55 Income/(loss) from vessel operations 36,045 47,676 52,982 39,611 Interest expense (10,420) (10,566) (11,050) (10,934) Reorganization items, net (2,368) (1,187) (953) (1,151) Income tax benefit/(provision) 236 (95) (27) (254) Net income/(loss) 35,941 47,690 51,933 37,606 Basic and Diluted net income/(loss) per share $ 1.23 $ 1.64 $ 1.78 $ 1.29 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
Contingencies [Abstract] | |
Contingencies | NOTE 20 — CONTINGENCIES: INSW’s policy for recording legal costs related to contingencies is to expense such legal costs as incurred. Multi-Employer Plans The Merchant Navy Officers Pension Fund (“MNOPF”) is a multi-employer defined benefit pension plan covering British crew members that served as officers on board INSW’s vessels (as well as vessels of other owners). The trustees of the plan have indicated that, under the terms of the High Court ruling in 2005, which established the liability of past employers to fund the deficit on the Post 1978 section of MNOPF, calls for further contributions may be required if additional actuarial deficits arise or if other employers liable for contributions are not able to pay their share in the future. As the amount of any such assessment cannot currently be reasonably estimated, no reserves have been recorded for this contingency in INSW’s consolidated financial statements as of December 31 , 2016. The next deficit valuation is due March 31, 2018. The Merchant Navy Ratings Pension Fund (“MNRPF”) is a multi-employer defined benefit pension plan covering British crew members that served as ratings (seamen) on board INSW’s vessels (as well as vessels of other owners) more than 20 years ago. During 2014 the trustees of the MNRPF sought court approval for a new deficit reduction regime for participating employers. Participating employers include current employers, historic employers that have made voluntary contributions, and historic employers such as OSG that have made no deficit contributions. The trustees received court approval of the new deficit reduction regime in February 2015 and INSW received an assessment of $1,487 which was recorded in June 2015, of which £700 ( $1,074 ) was paid in October 2015 and the balance was paid on October 25, 2016. Calls for further contributions may be required if additional actuarial deficits arise or if other employers liable for contributions are unable to pay their share in the future. As the amount of any such assessment cannot be reasonably estimated, no reserves for this contingency have been recorded in INSW’s consolidated financial statements as of December 31 , 2016. The next deficit valuation is due March 31, 201 7 . Legal Proceedings Arising in the Ordinary Course of Business 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, wrongful death, collision or other casualty and to claims arising under charter parties and other contract disputes . A substantial majority of such personal injury, wrongful death, collision or other casualty claims against the Company are covered by insurance (subject to deductibles not material in amount). Each of the claims involves an amount which, in the opinion of management, should not be material to the Company’s financial position, results of operations and cash flows. |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
Cash and cash equivalents | 1. Cash and cash equivalents — Interest-bearing deposits that are highly liquid investments and have a maturity of three months or less when purchased are included in cash and cash equivalents. Legally restricted cash as of December 31, 2015 of $8,989 , relating to the INSW Facilities, is included in the non-current assets section of the consolidated balance sheets. The INSW Facilities stipulate that if annual aggregate cash proceeds of INSW asset sales exceed $5,000 , cash proceeds from each such sale were required to be reinvested in vessels within twelve months of such sale or used to prepay the principal balance outstanding of the INSW Term Loan. Activity relating to restricted cash is reflected in investing activities in the consolidated statements of cash flow. See Note 9, “Debt,” for a further discussion of the INSW Term Loan. |
Concentration of Credit Risk | 2. Concentration of Credit Risk — Financial instruments that potentially subject the Company to concentrations of credit risk are voyage receivables due from charterers and pools in which the Company participates. With respect to voyage receivables, the Company limits its credit risk by performing ongoing credit evaluations. Voyage receivables reflected in the consolidated balance sheets as of December 31, 2016 and 2015 are net of an allowance for doubtful accounts of $70 and $415 , respectively. The provisions for doubtful accounts for the years ended December 31, 2016, 2015 and 2014 were not material. During the three years ended December 31, 2016, the Company did not have any individual customers who accounted for 10% or more of its revenues apart from the pools in which it participates. The pools in which the Company participates accounted for 90% and 82% of consolidated voyage receivables at December 31, 2016 and 2015. |
Inventories | Inventories —Inventories, which consists principally of fuel, are stated at cost determined on a first-in, first-out basis. |
Vessels, vessel lives, deferred drydocking expenditures and other property | 4. Vessels, vessel lives, deferred drydocking expenditures and other property —Vessels are recorded at cost and are depreciated to their estimated salvage value on the straight-line basis over the lives of the vessels, which are generally 25 years. Each vessel’s salvage value is equal to the product of its lightweight tonnage and an estimated scrap rate of $300 per ton. Other property, including leasehold improvements, are recorded at cost and amortized on a straight-line basis over the shorter of the terms of the leases or the estimated useful lives of the assets, which range from three to seven years. Interest costs are capitalized to vessels during the period that vessels are under construction, however, no interest was capitalized during 2016, 2015 or 2014. Expenditures incurred during a drydocking are deferred and amortized on the straight-line basis over the period until the next scheduled drydocking, generally two and a half to five years. The Company only includes in deferred drydocking costs those direct costs that are incurred as part of the drydocking to meet regulatory requirements, or are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. The carrying value of each of the Company’s vessels represents its original cost at the time it was delivered or purchased less depreciation calculated using estimated useful lives from the date such vessel was originally delivered from the shipyard. A vessel’s carrying value is reduced to its new cost basis (i.e., its current fair value) if a vessel impairment charge is recorded. |
Impairment of long-lived assets | Impairment of long-lived assets —The carrying amounts of long-lived assets held and used by the Company are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. In such instances, an impairment charge would be recognized if the estimate of the undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than the asset’s carrying amount. This assessment is made at the individual vessel level since separately identifiable cash flow information for each vessel is available. The impairment charge, if any, would be measured as the amount by which the carrying amount of a vessel exceeded its fair value. If using an income approach in determining the fair value of a vessel, the Company will consider the discounted cash flows resulting from highest and best use of the vessel asset from a market-participant’s perspective. Alternatively, if using a market approach, the Company will obtain third party appraisals of the estimated fair value of the vessel. A long lived asset impairment charge results in a new cost basis being established for the relevant long lived asset. See Note 6, “Vessels,” for further discussion on the impairment tests performed on certain of our vessels during the three years ended December 31, 2016. |
Deferred finance charges | 6. Deferred finance charges —Finance charges incurred in the arrangement and /or amendments resulting in the modification of debt are deferred and amortized to interest expense on either an effective interest method or straight-line basis over the life of the related debt. Unamortized deferred finance charges of $ 1,691 and $1,741 relating to the INSW Revolver Facility are included in other assets in the consolidated balance sheets as of December 31, 2016 and 2015, respectively. Unamortized deferred finance charges of $19,827 and $22,866 relating to the INSW Term Loan (as defined in Note 9, “Debt”) are included in long-term debt (reflecting the adoption of ASU No. 2015-03) on the consolidated balance sheets as of December 31, 2016 and 2015. Interest expense relating to the amortization of deferred financing costs amounted to $6,449 in 2016 , $ 5,625 in 2015 and $1,928 in 2014 . |
Revenue and expense recognition | 7. Revenue and expense recognition —Revenues from time charters and bareboat charters are accounted for as operating leases and are thus recognized ratably over the rental periods of such charters, as service is performed. Voyage revenues and expenses are recognized ratably over the estimated length of each voyage, calculated on a discharge-to-discharge basis and, therefore, are allocated between reporting periods based on the relative transit time in each period. The impact of recognizing voyage expenses ratably over the length of each voyage is not materially different on a quarterly and annual basis from a method of recognizing such costs as incurred. The Company does not begin recognizing voyage revenue until a charter has been agreed to by both the Company and the customer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Under voyage charters, expenses such as fuel, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time and bareboat charters, such voyage costs are paid by the Company’s customers. For the Company’s vessels operating in pools, revenues and voyage expenses are pooled and allocated to each pool’s participants on a time charter equivalent (“TCE”) basis in accordance with an agreed-upon formula. Such TCE revenues are reported as pool revenues in the accompanying consolidated statement of operations. For the pools in which the Company participates, management monitors, among other things, the relative proportion of the Company’s vessels operating in each of the pools to the total number of vessels in each of the respective pools, and assesses whether or not the Company’s participation interest in each of the pools is sufficiently significant so as to determine that the Company has effective control of the pool. Management determined that as of June 30, 2013, it had effective control of one of the pools in which the Company participated. Such pool was not a legal entity but operated under a contractual agreement. Therefore, effective July 1, 2013 and through to June 30, 2014, when the Company exited this pool, the Company’s allocated TCE revenues for such pool were reported on a gross basis as voyage charter revenues and voyage expenses in the consolidated statement of operations. The impact of this method of presenting earnings for this pool for the year ended December 31, 2014 was an increase in both voyage charter revenues and voyage expenses of $40,454 . |
Derivatives | 8. Derivatives —ASC 815, Derivatives and Hedging , requires the Company to recognize all derivatives on the balance sheet at fair value. Derivatives that are not effective hedges must be adjusted to fair value through earnings. If the derivative is an effective hedge, depending on the nature of the hedge, a change in the fair value of the derivative is either offset against the change in fair value of the hedged item (fair value hedge), or recognized in other comprehensive income/(loss) and reclassified into earnings in the same period or periods during which the hedge transaction affects earnings (cash flow hedge). The ineffective portion (that is, the change in fair value of the derivative that does not offset the change in fair value of the hedged item) of an effective hedge and the full amount of the change in fair value of derivative instruments that do not qualify for hedge accounting are immediately recognized in earnings. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to forecasted transactions. The Company also formally assesses (both at the hedge's inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively, as discussed below. The Company discontinues hedge accounting prospectively when (1) it determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item such as forecasted transactions; (2) the derivative expires or is sold, terminated, or exercised; (3) it is no longer probable that the forecasted transaction will occur; or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate or desired. When the Company discontinues hedge accounting because it is no longer probable that the forecasted transaction will occur in the originally expected period, the gain or loss on the derivative remains in accumulated other comprehensive loss and is reclassified into earnings when the forecasted transaction affects earnings. However, if it is probable that a forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter, the gains and losses that were accumulated in other comprehensive loss will be recognized immediately in earnings. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings, unless it is designated in a new hedging relationship. During the three years ended December 31, 2016, no ineffectiveness gains or losses were recorded in earnings relative to interest rate caps entered into by the Company or its subsidiaries that qualified for hedge accounting. Any gain or loss realized upon the early termination of an interest rate cap is recognized as an adjustment of interest expense over the shorter of the remaining term of the cap or the hedged debt. See Note 10, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” for additional disclosures on the Company’s interest rate caps and other financial instruments. |
Income taxes | 9. Income taxes — Substantially all of the companies included in the Company’s consolidated financial statements were excluded from the OSG consolidated group for U.S. income tax purposes for the eleven month period ended November 30, 2016 and the years ended December 31, 2015 and 2014 . T he Company’s financial statements have been prepared on the basis that OSG was responsible for all U.S. taxes for periods prior to December 1, 2016. Prior to December 1, 2016, the Company had not operated as an independent stand-alone entity. However, for the purposes of these consolidated financial statements the Company has calculated income taxes as if it had filed relevant income tax returns on a stand-alone basis. T he Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes in the period such determination is made. Uncertain tax positions are recorded in accordance with ASC 740, Income Taxes, on the basis of a two-step process whereby (1) the Company first determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. |
Valuation of equity method investments | Valuation of equity method investments — When events and circumstances warrant, investments accounted for under the equity method of accounting are evaluated for impairment. An impairment charge is recorded whenever a decline in fair value of an investment below its carrying amount is determined to be other-than-temporary. Impairment charges related to equity method investments are record ed in equity in i ncome of a ffiliated c ompanies in the accompanying consolidated statements of operations . See Note 7, “Equity Method Investments,” for further discussion of the impairment tests performed on certain of our equity method investments during the year ended December 31, 2016. |
Use of estimates | Use of estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts of assets, liabilities, equity, revenues and expenses reported in the financial statements and accompanying notes. The most significant estimates relate to the depreciation of vessels and other property, amortization of drydocking costs, estimates used in assessing the recoverability of goodwill, equity method investments, intangible and other long-lived assets, liabilities incurred relating to pension benefits, and income taxes. Actual results could differ from those estimates. |
Recently adopted / issued accounting standards | 12. Recently Adopted Accounting Standards — In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASC 205), which explicitly requires management to assess an entity’s ability to continue as a going concern and disclose going concern uncertainties in connection with each annual and interim period. The new standard requires management to assess if there is substantial doubt about an entity’s ability to continue to meet its obligations within one year after the reporting date based upon management’s consideration of relevant conditions that are known (and reasonably knowable) at the issuance date. The new standard defines substantial doubt and provides example indicators. Disclosures will be required if conditions give rise to substantial doubt. However, management will need to assess if its plans will alleviate substantial doubt to determine the specific disclosures. The new standard is effective for all entities in the first annual period ending after December 15, 2016. The adoption of this accounting standard did not have any impact on the Company’s consolidated financial statements. 13. Recently Issued Accounting Standards — In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (ASC 715), which requires that an employer classify and report the service cost component in the same line item or items in the statement of operations as other compensation costs arising from services rendered by the pertinent employees during the period and disclose by line item in the statement of operations, the amount of net benefit cost that is included in the statement of operations. The other components of net benefit cost would be presented in the statement operations separately from the service cost component and outside the subtotal of income from operations. The standard will be effective for interim and annual periods beginning after December 31, 2017 and early adoption is permitted. The guidance requires application using a retrospective transition method. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (ASC 230): Restricted Cash , which requires that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard will be effective for annual periods beginning after December 31, 2017 and interim periods within that reporting period. Management does not expect the adoption of this accounting standard to have a material impact on the Company’s consolidated statements of cash flows. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (ASC 230), which amends the guidance in ASC 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the ASU is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic with respect to (1) debt prepayment or debt extinguishment costs; (2) settlement of zero-coupon debt; (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from the settlement of corporate-owned life insurance policies; (6) distributions received from equity method investees; (7) beneficial interests in securitization transactions; and (8) separately identifiable cash flows and application of the predominance principle. The standard will be effective for interim and annual periods beginning after December 31, 2017 and early adoption is permitted. The guidance requires application using a retrospective transition method. Management is currently reviewing the impact of the adoption of this accounting standard on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (ASC 718), which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification in the statement of cash flows. The standard will be effective for annual periods beginning after December 31, 2016 and interim periods within that reporting period. Management does not expect the adoption of this accounting standard to have any impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. Management is analyzing the impact of the adoption of this guidance on the Company’s consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. Management expects that the Company could recognize increases in reported amounts for property, plant and equipment and related lease liabilities upon adoption of the new standard. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606), a standard that will supersede virtually all of the existing revenue recognition guidance in U.S. GAAP. The standard establishes a five-step model that will apply to revenue earned from a contract with a customer. The standard’s requirements will also apply to the sale of some non-financial assets that are not part of an entity’s ordinary activities (e.g., sales of property or plant and equipment). Extensive disclosures will be required, including disaggregation of total revenue, information about performance obligations, changes in contract asset and liability account balances between periods and key judgments and estimates. The FASB has recently issued several amendments to the standard, including clarification of the accounting for licenses of intellectual property and identifying performance obligations. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The new standard will be effective for us beginning January 1, 2018. We currently anticipate adopting the standard using the cumulative catch-up transition method , however, as our evaluation progresses we may ultimately elect the alternative approach. We are undertaking a comprehensive approach to assess the impact of the guidance on our business by reviewing our current accounting policies and practices to identify any potential differences that may result from applying the new requirements to our consolidated financial statements. We are also consulting with other shipping companies on business assumptions, processes, systems and controls to determine revenue recognition and disclosure under the new standard. We continue to make progress on our review of the standard. Our initial assessment may change as we continue to refine these assumptions. |
CHAPTER 11 FILING AND EMERGEN30
CHAPTER 11 FILING AND EMERGENCE FROM BANKRUPTCY (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Chapter 11 Filing Going Concern and Other Related Matters [Abstract] | |
Schedule of Reorganization Items Net | Reorganization items, net represent amounts incurred subsequent to the Petition Date as a direct result of the filing of the Chapter 11 cases and are comprised of the following: For the year ended December 31, 2016 2015 2014 Allocated trustee fees $ 74 $ 147 $ 1,929 Allocated professional fees (3,220) 5,422 81,381 Provision for and expenses incurred on rejected executory contracts including post-petition interest - - 6,419 Provision for post-petition interest on debt facilities - - 10,095 2004 Stock Incentive Plan - - 1,374 Other claim adjustments 3,277 90 3,330 $ 131 $ 5,659 $ 104,528 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings per Common Share [Abstract] | |
Schedule of Weighted Average Number of Shares | The table below shows the effect of the stock split on the calculation of per share amounts previously reported: Year ended December 31, 2015 December 31, 2014 Increase in weighted average number of shares outstanding used to calculate basic and diluted net income/(loss) per share amounts 29,157,285 29,157,285 Change in net income/(loss) per share - basic and diluted $ (1,694,250.98) $ 1,165,234.16 |
Components of Calculation of Earnings Per Share | The components of the calculation of basic and diluted earnings per share are as follows: For the year ended December 31, 2016 2015 2014 Net (loss)/income $ (18,223) $ 173,170 $ (119,099) Weighted average common shares outstanding: Common stock - basic 29,157,992 - - 29,157,387 - - 29,157,387 Common stock - diluted 29,157,992 - - 29,157,387 - - 29,157,387 Reconciliations of the numerator of the basic and diluted earnings per share computations are as follows: For the year ended December 31, 2016 2015 2014 Net (loss)/income allocated to: Common Stockholders $ (18,223) $ 173,170 $ (119,099) Participating securities - - - $ (18,223) $ 173,170 $ (119,099) |
BUSINESS AND SEGMENT REPORTING
BUSINESS AND SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business and Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Information about the Company’s reportable segments as of and for each of the years in the three-year period ended December 31, 2016 follows: Crude Product Tankers Carriers Other Totals 2016 Shipping revenues $ 271,764 $ 126,555 $ - $ 398,319 Time charter equivalent revenues 258,171 126,314 560 385,045 Depreciation and amortization 52,395 26,696 794 79,885 Gain/(loss) on disposal of vessels and other property, including impairments (7,585) (71,456) (162) (79,203) Adjusted income from vessel operations 111,768 13,327 710 125,805 Equity in income of affiliated companies 5,584 - 11,265 16,849 Investments in and advances to affiliated companies at December 31, 2016 266,470 15,296 76,915 358,681 Adjusted total assets at December 31, 2016 1,066,184 422,579 76,915 1,565,678 Expenditures for vessels and vessel improvements 691 1,297 - 1,988 Payments for drydockings 7,636 1,622 - 9,258 2015 Shipping revenues 324,703 172,931 - 497,634 Time charter equivalent revenues 304,182 171,608 - 475,790 Depreciation and amortization 51,347 28,763 1,543 81,653 Gain/(loss) on disposal of vessels and other property (31) 3,231 1,259 4,459 Adjusted income/(loss) from vessel operations 157,840 56,746 (1,176) 213,410 Equity in income of affiliated companies 34,371 - 11,188 45,559 Investments in and advances to affiliated companies at December 31, 2015 276,839 13,793 54,259 344,891 Adjusted total assets at December 31, 2015 1,148,361 505,353 43,340 1,697,054 Expenditures for vessels and vessel improvements 91 873 - 964 Payments for drydockings 13,842 6,886 - 20,728 2014 Shipping revenues 363,331 153,665 22 517,018 Time charter equivalent revenues 228,296 118,669 22 346,987 Depreciation and amortization 56,280 26,893 1,758 84,931 Gain/(loss) on disposal of vessels and other property 9,978 (44) 21 9,955 Adjusted income/(loss) from vessel operations 65,462 3,386 (1,519) 67,329 Equity in income of affiliated companies 30,837 - 7,035 37,872 Investments in and advances to affiliated companies at December 31, 2014 277,815 11,334 42,286 331,435 Adjusted total assets at December 31, 2014 1,191,490 551,569 25,368 1,768,427 Expenditures for vessels and vessel improvements 1,437 20,017 - 21,454 Payments for drydockings 5,286 6,792 - 12,078 |
Reconciliation of Revenue from Segments to Consolidated | Reconciliations of time charter equivalent revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow: For the year ended December 31, 2016 2015 2014 Time charter equivalent revenues $ 385,045 $ 475,790 $ 346,987 Add: Voyage expenses 13,274 21,844 170,031 Shipping revenues $ 398,319 $ 497,634 $ 517,018 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Reconciliations of adjusted income from vessel operations of the segments to income/(loss) before income taxes, as reported in the consolidated statements of operations follow: For the year ended December 31, 2016 2015 2014 Total adjusted income from vessel operations of all segments $ 125,805 $ 213,410 $ 67,329 General and administrative expenses (31,618) (41,516) (52,597) Severance costs - - (16,666) Separation and transition costs (9,043) - - Technical management transition costs - (39) (3,417) Gain/(loss) on disposal of vessels and other property, including impairments (79,203) 4,459 9,955 Consolidated income from vessel operations 5,941 176,314 4,604 Equity in income of affiliated companies 16,849 45,559 37,872 Other income/(expense) (966) 66 (45) Interest expense (39,476) (42,970) (56,258) Reorganization items, net (131) (5,659) (104,528) Income/(loss) before income taxes $ (17,783) $ 173,310 $ (118,355) |
Reconciliation of Assets from Segment to Consolidated | Reconciliations of total assets of the segments to amounts included in the consolidated balance sheets follow: At December 31, 2016 2015 Total adjusted assets of all segments $ 1,565,678 $ 1,697,054 Corporate unrestricted cash and cash equivalents 92,001 308,858 Corporate restricted cash - 8,989 Other unallocated amounts 4,842 15,049 Consolidated total assets $ 1,662,521 $ 2,029,950 |
Long Lived Assets Deployment by Segment | Certain additional information about the Company’s operations for each of the years in the three year period ended December 31, 2016 follows: Crude Product Consolidated Tankers Carriers Other 2016 Total vessels, deferred drydock and other property at December 31, 2016 $ 1,130,607 $ 753,028 $ 377,095 $ 484 2015 Total vessels, deferred drydock and other property at December 31, 2015 $ 1,277,486 $ 804,514 $ 472,675 $ 297 2014 Total vessels, deferred drydock and other property at December 31, 2014 $ 1,345,863 $ 837,950 $ 499,822 $ 8,091 |
VESSELS, DEFERRED DRYDOCK AND33
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |
Schedule of Property | Vessels and other property consist of the following: As of 2016 2015 Vessels, at cost $ 1,478,940 $ 1,642,891 Accumulated depreciation (381,449) (404,957) Vessels, net 1,097,491 1,237,934 Other property, at cost 8,680 8,126 Accumulated depreciation and amortization (6,121) (5,649) Other property, net 2,559 2,477 Total Vessels and other property $ 1,100,050 $ 1,240,411 Drydocking activity for the three years ended December 31, 2016 is summarized as follows: For the year ended December 31, 2016 2015 2014 Balance at January 1 $ 37,075 $ 29,325 $ 36,053 Additions 8,822 22,981 12,078 Sub-total 45,897 52,306 48,131 Drydock amortization (15,340) (15,231) (16,441) Amounts recognized upon sale/redelivery of vessels and non-cash adjustments - - (2,365) Balance at December 31 $ 30,557 $ 37,075 $ 29,325 |
Schedule of Property Plant and Equipment by Segment | All except one of the Company’s vessels are pledged as collateral under the INSW Facilities (see Note 9, “Debt”). The aggregate carrying value of the 41 vessels pledged as collateral under the INSW Facilities at December 31, 2016 was $1,092,072 . A breakdown of the carrying value of the Company’s vessels by reportable segment and fleet as of December 31, 2016 and 2015 follows: As of December 31, 2016 Net Average Number of Accumulated Carrying Vessel Age Owned Cost Depreciation Value (by dwt) Vessels International Flag Crude Tankers VLCC (includes ULCC) $ 681,891 $ (235,159) $ 446,732 12.1 9 Aframax 247,863 (66,943) 180,920 11.6 7 Panamax 121,810 (18,506) 103,304 14.3 8 Total International Flag Crude Tankers 1,051,564 (320,608) 730,956 (1) 12.3 24 International Flag Product Carriers LR2 73,681 (6,601) 67,080 2.4 1 LR1 106,176 (8,474) 97,702 8.1 4 MR 247,519 (45,766) 201,753 11.2 13 Total International Flag Product Carriers 427,376 (60,841) 366,535 (2) 9.3 18 Fleet Total $ 1,478,940 $ (381,449) $ 1,097,491 11.7 42 (1) Includes one ULCC, eight VLCCs, seven Aframaxes and seven Panamaxes with an aggregate carrying value of $722,883 , which the Company believes exceeds their aggregate market values (estimated by taking an average of two third party vessel appraisals) of approximately $556,625 by $166,258 . (2) Includes one LR2, four LR1s and five MRs with an aggregate carrying value of $306,450 , which the Company believes exceeds their aggregate market values (estimated by taking an average of two third party vessel appraisals) of approximately $228,125 , by $78,325 . As of December 31, 2015 Net Average Number of Accumulated Carrying Vessel Age Owned Cost Depreciation Value (by dwt) Vessels International Flag Crude Tankers VLCC (includes ULCC) $ 681,834 $ (211,153) $ 470,681 11.1 9 Aframax 270,246 (76,597) 193,649 10.6 7 Panamax 128,613 (14,113) 114,500 13.3 8 Total International Flag Crude Tankers 1,080,693 (301,863) 778,830 11.3 24 International Flag Product Carriers LR2 73,681 (3,896) 69,785 1.4 1 LR1 197,137 (47,182) 149,955 7.1 4 MR 291,380 (52,016) 239,364 10.2 13 Total International Flag Product Carriers 562,198 (103,094) 459,104 8.1 18 Fleet Total $ 1,642,891 $ (404,957) $ 1,237,934 10.7 42 |
Vessel/Fleet [Member] | |
Property, Plant and Equipment [Line Items] | |
Schedule of Property Plant and Equipment by Segment | Vessel activity, excluding construction in progress, for the three years ended December 31, 2016 is summarized as follows: Accumulated Net Book Vessel Cost Depreciation Value Balance at January 1, 2014 $ 1,641,573 $ (280,774) $ 1,360,799 Purchases and vessel additions 13,623 - Transfers from Construction in Progress 62,475 - Disposals (69,556) 4,809 Depreciation - (65,610) Balance at December 31, 2014 1,648,115 (341,575) 1,306,540 Purchases and vessel additions 1,531 - Disposals (6,755) 1,003 Depreciation - (64,385) Balance at December 31, 2015 1,642,891 (404,957) 1,237,934 Purchases and vessel additions 2,127 - Depreciation - (63,328) Impairment (166,078) 86,836 Balance at December 31, 2016 $ 1,478,940 $ (381,449) $ 1,097,491 |
EQUITY METHOD INVESTMENTS (Tabl
EQUITY METHOD INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments [Abstract] | |
Schedule of Equity Method Investments | Financial information for the equity method investees that were significant for the year ended December 31, 2016, adjusted for basis and accounting policy differences, is as follows: For the year ended December 31, 2016 FSO Asia FSO Africa LNG Others Total Shipping revenues $ 65,389 $ 65,515 $ 116,547 $ - $ 247,451 Ship operating expenses (29,290) (29,029) (56,195) - (114,514) Income from vessel operations 36,099 36,486 60,352 - 132,937 Other income 106 15 709 - 830 Interest expense (4,948) (403) (37,660) - (43,011) Net income 31,257 36,098 23,401 - 90,756 Percentage of ownership in equity investees 50.0% 50.0% 49.9% Equity in income/(loss) of affiliated companies, before consolidating and reconciling adjustments $ 15,629 $ 18,049 $ 11,677 $ (28) $ 45,327 Impairment of equity method investments (15,977) (14,498) - - (30,475) Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture 1,202 1,207 - - 2,409 Amortization of interest capitalized during vessel construction - - (419) - (419) Other - - 7 - 7 Equity in income/(loss) of affiliated companies $ 854 $ 4,758 $ 11,265 $ (28) $ 16,849 For the year ended December 31, 2015 FSO Asia FSO Africa LNG Others Total Shipping revenues $ 65,097 $ 65,528 $ 114,819 $ - $ 245,444 Ship operating expenses (29,467) (29,937) (54,235) - (113,639) Income from vessel operations 35,630 35,591 60,584 - 131,805 Other income 38 9 2,311 - 2,358 Interest expense (6,348) (1,221) (39,650) - (47,219) Net income 29,320 34,379 23,245 - 86,944 Percentage of ownership in equity investees 50.0% 50.0% 49.9% Equity in income/(loss) of affiliated companies, before consolidating and reconciling adjustments $ 14,660 $ 17,190 $ 11,599 $ 113 $ 43,562 Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture 1,202 1,207 - - 2,409 Amortization of interest capitalized during vessel construction - - (419) - (419) Other - - 8 (1) 7 Equity in income/(loss) of affiliated companies $ 15,862 $ 18,397 $ 11,188 $ 112 $ 45,559 For the year ended December 31, 2014 FSO Asia FSO Africa LNG Others Total Shipping revenues $ 64,330 $ 64,611 $ 112,300 $ - $ 241,241 Ship operating expenses (30,172) (32,158) (55,837) - (118,167) Income from vessel operations 34,158 32,453 56,463 - 123,074 Other income 88 23 94 - 205 Interest expense (7,699) (2,019) (41,622) - (51,340) Net income 26,547 30,457 14,935 - 71,939 Percentage of ownership in equity investees 50.0% 50.0% 49.9% Equity in income/(loss) of affiliated companies, before consolidating and reconciling adjustments $ 13,273 $ 15,228 $ 7,453 $ (79) $ 35,875 Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture 1,202 1,207 - - 2,409 Amortization of interest capitalized during vessel construction - - (419) - (419) Other - - 1 6 7 Equity in income/(loss) of affiliated companies $ 14,475 $ 16,435 $ 7,035 $ (73) $ 37,872 The tables below present the financial position for the equity method investees that were significant in 2016 and a reconciliation of the Company’ s share of the joint ventures’ total equity to the investments in and advances to affiliates line on the consolidated balance sheet s as of December 31, 2016 and 2015: As of December 31, 2016 FSO Asia FSO Africa LNG Other (1) Total Cash and cash equivalents $ 23,013 $ 26,928 $ 25,844 $ - $ 75,785 Restricted cash, current portion 13,578 - 13,160 - 26,738 Trade receivables 10,891 10,955 853 - 22,699 Other receivables 407 331 54 - 792 Inventory - - 2,517 - 2,517 Total current assets 47,889 38,214 42,428 - 128,531 Restricted cash, long term portion - - 47,879 - 47,879 Trade receivables 9,824 9,005 - - 18,829 Vessels less accumulated depreciation 309,821 315,295 759,127 - 1,384,243 Deferred drydock expenditures, net - - 2,593 - 2,593 Total Assets $ 367,534 $ 362,514 $ 852,027 $ - $ 1,582,075 Accounts payable and accrued expenses $ 1,557 $ 804 $ 6,103 $ - $ 8,464 Current portion of long term debt 75,208 - 41,699 - 116,907 Current portion of derivative liability 969 1,268 22,545 - 24,782 Total current liabilities 77,734 2,072 70,347 - 150,153 Long-term debt - - 590,985 - 590,985 Long-term derivative liability - - 57,912 - 57,912 Advances from shareholders (2) 131,794 275,231 - - 407,025 Total Liabilities 209,528 277,303 719,244 - 1,206,075 Equity 158,006 85,211 132,783 - 376,000 Total Liabilities and Equity $ 367,534 $ 362,514 $ 852,027 $ - $ 1,582,075 Percentage of ownership in equity investees 50.0% 50.0% 49.9% INSW Share of affiliate's equity, before consolidating and reconciling adjustments $ 79,003 $ 42,606 $ 66,259 $ - $ 187,868 Impairment of equity method investments (15,977) (14,498) - - (30,475) Advances from shareholders 65,897 137,616 - - 203,513 Unamortized deferred gain on 2009 sale of TI Africa to FSO Africa, net (18,089) (18,496) - - (36,585) Unamortized interest capitalized during vessel construction - - 10,693 10,693 Other - - (37) 23,704 23,667 Investments in and advances to affiliated companies $ 110,834 $ 147,228 $ 76,915 $ 23,704 $ 358,681 (1) Primarily relates to working capital deposits that the Company maintains with the commercial pools in which it participates. (2) Such advances are unsecured, interest free and not repayable within one year . As of December 31, 2015 FSO Asia FSO Africa LNG Other (1) Total Cash and cash equivalents $ 16,413 $ 880 $ 14,031 $ - $ 31,324 Restricted cash, current portion 14,052 - 13,370 - 27,422 Trade receivables 10,817 10,881 655 - 22,353 Other receivables 466 391 203 - 1,060 Inventory - - 2,148 - 2,148 Total current assets 41,748 12,152 30,407 - 84,307 Restricted cash, long term portion - - 46,199 - 46,199 Trade receivables 7,847 6,895 - - 14,742 Vessels less accumulated depreciation 328,719 334,247 785,523 - 1,448,489 Deferred drydock expenditures, net - - 6,266 - 6,266 Total Assets $ 378,314 $ 353,294 $ 868,395 $ - $ 1,600,003 Liabilities and equity Current liabilities: Accounts payable and accrued expenses $ 1,731 $ 797 $ 7,634 $ - $ 10,162 Amounts due to related companies 247 366 - - 613 Current portion of long term debt 28,616 - 39,305 - 67,921 Current portion of derivative liability 2,556 2,541 26,307 - 31,404 Total current liabilities 33,150 3,704 73,246 - 110,100 Long-term debt 75,208 - 631,655 - 706,863 Long-term derivative liability 861 1,246 76,955 - 79,062 Advances from shareholders (2) 144,794 299,231 - - 444,025 Total Liabilities 254,013 304,181 781,856 - 1,340,050 Equity 124,301 49,113 86,539 - 259,953 Total Liabilities and Equity $ 378,314 $ 353,294 $ 868,395 $ - $ 1,600,003 Percentage of ownership in equity investees 50.0% 50.0% 49.9% INSW Share of affiliate's equity, before consolidating and reconciling adjustments $ 62,151 $ 24,557 $ 43,183 $ - $ 129,891 Advances from shareholders 72,397 149,616 - - 222,013 Unamortized deferred gain on 2009 sale of TI Africa to FSO Africa, net (19,292) (19,703) - - (38,995) Unamortized interest capitalized during vessel construction - - 11,112 - 11,112 Other - - (36) 20,906 20,870 Investments in and advances to affiliated companies $ 115,256 $ 154,470 $ 54,259 $ 20,906 $ 344,891 (1) Primarily relates to working capital deposits that the Company maintains with the commercial pools in which it participates. (2) Such advances are unsecured, interest free and not repayable within one year . The tables below present the cash flows for the equity method investees that were significant in 2016 for each of the three years ended December 31, 2016: Statements of cash flows of FSO Asia for the year ended December 31, 2016 2015 2014 Net cash provided by operating activities $ 47,984 $ 63,813 $ 41,795 Cash flows from investing activities: Change in restricted cash 474 (35) (29) Decrease in amounts due from related companies - - 30,000 Net cash provided by/(used in) investing activities 474 (35) 29,971 Cash flows from financing activities: Repayment of bank loan (28,858) (27,446) (26,103) Repayment of advances from shareholders (13,000) (37,000) (60,000) Net cash used in financing activities (41,858) (64,446) (86,103) Net increase/(decrease) in cash and cash equivalents 6,600 (668) (14,337) Cash and cash equivalents at beginning of year 16,413 17,081 31,418 Cash and cash equivalents at end of year $ 23,013 $ 16,413 $ 17,081 |
VARIABLE INTEREST ENTITIES ("35
VARIABLE INTEREST ENTITIES ("VIEs") (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entities ("VIEs") [Abstract] | |
Schedule of Variable Interest Entities | The following table presents the carrying amounts of assets and liabilities in the consolidated balance sheets related to the VIEs described above as of December 31, 2016 and 2015: Consolidated Balance Sheet as of December 31, 2016 2015 Investments in Affiliated Companies $ 261,403 $ 271,618 |
Schedule of Variable Interest Entities Liability in Condensed Consolidated Balance Sheet to Maximum Exposure to Loss | The table below compares the Company’s liability in the consolidated balance sheet to the maximum exposure to loss at December 31, 2016: Consolidated Balance Sheet Maximum Exposure to Loss Other Liabilities $ - $ 300,200 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Applicable Margins and Floor Interest Rates Exit Financing Facility | The applicable margins and floor interest rates for each INSW Exit Financing Facility is as follows: Facility INSW Term Loan INSW Revolver Facility Rate ABR LIBOR ABR LIBOR Floor 2.00% 1.00% 2.00% 1.00% Applicable Margin 3.75% 4.75% 3.50% 4.50% |
Contractual Obligation, Fiscal Year Maturity Schedule | As of December 31, 2016, the aggregate annual principal payments required to be made on the INSW Term Loan are as follows: Year Amount 2017 $ 6,183 2018 6,183 2019 447,596 Aggregate principal payments required $ 459,962 The following table summarizes interest expense, including amortization of issuance and deferred financing costs, commitment, administrative and other fees, recognized during the years ended December 31, 2016, 2015 and 2014 with respect to the Company’s debt facilities: Debt facility 2016 2015 2014 Contractual Interest Contractual Interest Contractual Interest Reorganization Expense Total Expense INSW Facilities, due 2019 $ 38,442 $ 42,688 $ 17,085 $ - $ 17,085 Co-borrower obligation under the unsecured revolving credit facility (1) - - 11,155 - 11,155 Floating rate secured term loans, due through 2023 (1) - - 20,460 10,083 30,543 Total INSW Facilities interest expense $ 38,442 $ 42,688 $ 48,700 $ 10,083 $ 58,783 (1) The Company repaid the principal outstanding of $217,000 for the co -borrower obligation under the unsecured revolving credit f acility and the Company and OSG repaid principal outstanding amounts of $110,000 and $468,687 , respectively, for the floating rate secured term loans (collectively, the pre-reorganized INSW loan facilities) on the Effective Date. |
Schedule of Interest Paid | The following table summarizes interest paid, excluding deferred financing fees paid, capitalized interest and amounts paid under the related party loan agreements (See Note 13, “Related Parties”), during the years ended December 31, 2016, 2015 and 2014 with respect to the Company’s debt facilities: Debt facility 2016 2015 2014 INSW Facilities, due 2019 $ 33,039 $ 36,368 $ 9,239 Co-borrower obligation under the unsecured revolving credit facility - - 11,496 Floating rate secured term loans, due through 2023 (1) - - 10,314 Total debt related interest expense paid (2) $ 33,039 $ 36,368 $ 31,049 (1) Additionally, OSG paid approximately $838 of interest for the year ended December 31, 2014 relating to its guarantee of the floating rate secured loans, which was deemed a capital contribution for financial reporting purposes. (2) For the year ended December 31, 2014, excludes contractual interest the Company paid of $7,453 and $117 relating to the rejected charters (See Note 16, "Leases") and other obligations, respectively. |
Term Loan [Member] | |
Schedule of Long-term Debt Instruments | Debt consists of the following: As of December 31, 2016 2015 INSW Term Loan, due 2019, net of unamortized discount and deferred finance costs of $20,311 and $23,727 $ 439,651 $ 595,222 Less current portion (6,183) (6,284) Long-term portion $ 433,468 $ 588,938 |
FAIR VALUE OF FINANCIAL INSTR37
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The estimated fair values of the Company’s financial instruments, other than derivatives that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, at December 31, 2016 and 2015, are as follows: Fair Value Level 1 Level 2 December 31, 2016: Cash $ 92,001 $ 92,001 $ - INSW Term Loan (447,888) - (447,888) December 31, 2015: Cash (1) $ 317,847 $ 317,847 $ - INSW Term Loan (601,928) - (601,928) (1) Includes non-current restricted cash aggregating $8,989 at December 31, 2015. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables present information with respect to the fair values of derivatives reflected in the December 31, 2016 and 2015 balance sheets on a gross basis by transaction: Fair Values of Derivative Instruments: Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Location Amount Location Amount December 31, 2016: Derivatives designated as hedging instruments: Interest rate cap: Current portion Other assets $ - Other liabilities $ - Total derivatives designated as hedging instruments $ - $ - December 31, 2015: Derivatives designated as hedging instruments: Interest rate cap: Long-term portion Other assets $ 2 Other liabilities $ - Total derivatives designated as hedging instruments $ 2 $ - |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The effect of cash flow hedging relationships recognized in other comprehensive income/(loss) excluding amounts reclassified from accumulated other comprehensive loss (effective portion), including hedges of equity method investees, for the years ended December 31, 2016, 2015 and 2014 follows: For the year ended December 31, 2016 2015 2014 Interest rate swaps $ (3,050) $ (9,721) $ (21,487) Interest rate cap (2) (472) (172) Total $ (3,052) $ (10,193) $ (21,659) The effect of cash flow hedging relationships on the consolidated statements of operations is presented excluding hedges of equity method investees. The Company’s interest rate cap agreements had no effect on the consolidated statement of operations for the year ended December 31, 2014. The effect of the Company’s cash flow hedging relationships on the consolidated statement of operations for the years ended December 31, 2016 and 2015 is shown below: Statement of Operations Effective Portion of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss Ineffective Portion Amount of Amount of Location Gain/(Loss) Location Gain/(Loss) For the year ended December 31, 2016: Interest rate cap Interest expense $ (517) Interest expense $ - Total $ (517) $ - For the year ended December 31, 2015: Interest rate cap Interest expense $ (2) Interest expense $ - Total $ (2) $ - |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the fair values, which are pre-tax, for assets and liabilities measured on a recurring basis (excluding investments in affiliated companies): Fair Value Level 2 Assets/(Liabilities) at December 31, 2016 Derivative Assets (interest rate cap) $ - $ - (1) Assets/(Liabilities) at December 31, 2015 Derivative Assets (interest rate cap) $ 2 $ 2 (1) (1) For the interest rate cap, fair value is derived using valuation models that utilize the income valuation approach. These valuation models take into account contract terms such as maturity, as well as other inputs such as interest rate yield curves and creditworthiness of the counterparty and the Company. |
Fair Value Measurements, Nonrecurring | The following table summarizes the fair values of assets for which an impairment charge was recognized for the year ended December 31, 2016: Impairment Description Fair Value Level 2 Level 3 Charges International Crude Tankers - Vessels held and used (1) (2) $ 38,828 $ 28,875 $ 9,953 $ (7,786) International Product Carriers - Vessels held and used (1) (2) $ 89,557 $ 40,000 $ 49,557 $ (71,456) International Crude Tankers - Equity method investments (3) $ 258,061 $ - $ 258,061 $ (30,475) (1) Aggregate pre-tax impairment charges of $49,640 related to two vessels in each of the International Crude Tanker and International Product Carriers segments and $29,602 related to one vessel in the International Crude Tanker segment and seven vessels in the International Product Carriers segment were recorded during the three-month periods ended September 30, 2016 and December 31, 2016, respectively. (2) Fair value measurements aggregating $59,510 at December 31, 2016 used to determine the impairment for eight vessels were based on the income approach, which utilized cash flow projections consistent with the most recent projections of the Company and a discount rate equivalent to INSW's weighted average cost of capital. Because the Company uses its own cash flow projections, the cash flow projections are considered to be Level 3. The fair value measurements of $68,875 at September 30, 2016 used to determine impairment for four vessels were based upon a market approach, which considered the expected sales prices of vessels obtained from vessel appraisals. Because sales of vessels occur somewhat infrequently the expected sales prices are considered to be Level 2. (3) Aggregate pre-tax impairment charges of $30,475 related to the Company’s investments in the FSO joint ventures, which are accounted for using the equity method, were recorded during the three-month period ended December 31, 2016. The fair value measurement of $258,061 at December 31, 2016 used to determine the amount of the impairment was based on the income approach, which utilized cash flow projections consistent with the most recent projections of the Company, and a discount rate equivalent to a market participant's weighted average cost of capital. Because the Company uses its own cash flow projections, the cash flow projections are considered to be Level 3. |
ACCOUNTS PAYABLE, ACCRUED EXP38
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | |
Schedule of Accounts Payable, Accrued Expenses and Other Current Liabilities | At December 31, 2016 2015 Accounts payable $ 2,866 $ 3,371 Payroll and benefits 5,672 2,154 Interest 4,042 5,636 Due to owners on chartered in vessels 856 2,141 Accrued drydock and repairs 1,608 2,127 Bunkers and lubricants 2,787 820 Charter revenues received in advance 6,725 1,227 Insurance 2,650 1,517 Accrued vessel expenses 6,804 9,086 Accrued general and administrative expenses 2,644 1,107 Other 1,583 1,597 Total accounts payable, accrued expense and other current liabilities $ 38,237 $ 30,783 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Taxes [Abstract] | |
Components of Income Tax (Provisions) and Benefits | The components of the income tax provisions follow: For the year ended December 31, 2016 2015 2014 Current $ 440 $ 140 $ 754 Deferred - - (10) Total provision for income taxes $ 440 $ 140 $ 744 |
Reconcilation of Effective to Statutory Tax Rate | The differences between income taxes expected at the Marshall Islands statutory income tax rate of zero percent and the reported income tax provisions are summarized as follows: For the year ended December 31, 2016 2015 2014 Marshall Islands statutory income tax rate - % - % - % Change in valuation allowance 25.29 % - % 0.04 % Liquidation of subsidiaries (29.53) % - % - % Income subject to tax in other jurisdictions 1.76 % 0.08 % 0.59 % Effective income tax rate (2.48) % 0.08 % 0.63 % |
Components of Deferred Tax Liabilities and Assets | The significant components of the Company’s deferred tax liabilities and assets follow: As of December 31, 2016 2015 Deferred tax assets: Net operating loss carryforwards 1,711 6,714 Excess of tax over book basis of depreciable assets 548 666 Pensions 3,147 2,519 Other - 5 Total deferred tax assets 5,406 9,904 Less: Valuation allowance (5,406) (9,904) Deferred tax assets, net - - Net noncurrent deferred tax assets/(liabilities) $ - $ - |
Reconcilation of Amounts of Unrecognized Tax Benefits | The following is tabular rollforward of the Company’s unrecognized tax benefits (excluding interest and penalties): 2016 2015 Balance of unrecognized tax benefits as of January 1, $ 40 $ 170 Increases for positions taken in prior years 115 - Decreases for positions taken in prior years - (130) Changes due to currency translations (2) - Balance of unrecognized tax benefits as of December 31, $ 153 $ 40 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
RELATED PARTIES [Abstract] | |
Schedule of Related Party Transactions | The following tables show certain related party transactions between INSW and OSG: For the year ended December 31, 2016 2015 2014 Corporate overhead allocations from OSG General and administrative $ 21,486 $ 36,792 $ 39,570 Depreciation 517 730 1,022 Technical management transition costs - - 21 Separation and transition costs 6,569 - 670 Reorganization items, net 131 5,659 86,179 Total corporate overhead allocations from OSG $ 28,703 $ 43,181 $ 127,462 The outstanding amounts related to the transactions between INSW and OSG were as follows: As of December 31, 2016 2015 Payable to OSG $ 683 $ 11,350 |
CAPITAL STOCK AND STOCK COMPE41
CAPITAL STOCK AND STOCK COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Capital Stock and Stock Compensation [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Activity with respect to restricted common stock and restricted stock units under INSW compensation plans is summarized as follows: Common Stock Nonvested Shares Outstanding at December 31, 2015 - INSW RSUs issued to replace OSG RSUs 110,294 Granted 32,067 Vested ( $19.04 per share) (25,103) Forfeited - Nonvested Shares Outstanding at December 31, 2016 117,258 Activity with respect to stock options under INSW compensation plans is summarized as follows: |
Schedule of Share-based Compensation, Stock Options, Activity | Common Stock Options Outstanding at December 31, 2015 - INSW Spin Options issued to replace OSG options 127,559 Forfeited - Exercised - Options Outstanding at December 31, 2016 127,559 Options Exercisable at December 31, 2016 26,601 |
ACCUMULATED OTHER COMPREHENSI42
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss, net of related taxes, in the consolidated balance sheets follow: At December 31, 2016 2015 Unrealized losses on derivative instruments $ (40,317) $ (53,446) Items not yet recognized as a component of net periodic benefit cost (pension plans) (11,950) (10,636) Foreign currency translation adjustment - (42) $ (52,267) $ (64,124) The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, for the three years ended December 31, 2016. Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost (pension plans) Foreign currency translation adjustment Total Balance at December 31, 2015 $ (53,446) $ (10,636) $ (42) $ (64,124) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (3,052) (2,364) 42 (5,374) Amounts reclassified from accumulated other comprehensive loss 16,181 1,050 - 17,231 Total change in accumulated other comprehensive loss 13,129 (1,314) 42 11,857 Balance at December 31, 2016 $ (40,317) $ (11,950) $ - $ (52,267) Balance at December 31, 2014 $ (61,356) $ (12,988) $ (29) $ (74,373) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (10,193) 1,870 (13) (8,336) Amounts reclassified from accumulated other comprehensive loss 18,103 482 - 18,585 Total change in accumulated other comprehensive loss 7,910 2,352 (13) 10,249 Balance at December 31, 2015 $ (53,446) $ (10,636) $ (42) $ (64,124) Balance at December 31, 2013 $ (59,263) $ (8,246) $ (116) $ (67,625) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (21,659) (5,069) 87 (26,641) Amounts reclassified from accumulated other comprehensive loss 19,566 327 - 19,893 Total change in accumulated other comprehensive loss (2,093) (4,742) 87 (6,748) Balance at December 31, 2014 $ (61,356) $ (12,988) $ (29) $ (74,373) |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | The following table presents information with respect to amounts reclassified out of accumulated other comprehensive loss for the three years ended December 31, 2016. Years Ended December 31, Accumulated Other Comprehensive Loss Component 2016 2015 2014 Statement of Operations Line Item Unrealized losses on cash flow hedges: Interest rate swaps entered into by the Company's Equity in income of equity method joint venture investees $ (15,664) $ (18,101) $ (19,566) affiliated companies Interest rate caps entered into by the Company's subsidiaries (517) (2) - Interest expense Items not yet recognized as a component of net periodic benefit cost (pension plans): Net periodic benefit costs associated with pension and postretirement benefit plans for General and shore-based employees (1,050) (482) (335) administrative expenses (17,231) (18,585) (19,901) Total before tax - - 8 Tax benefit (1) $ (17,231) $ (18,585) $ (19,893) Total net of tax (1) The tax benefit relates to the net periodic benefit costs of the Company's pension plans. |
Comprehensive Income Tax Expenses (Benefits) | The income tax expense/(benefit) allocated to each component of other comprehensive loss follows: Tax expense / (benefit) on items not yet recognized as a component of net periodic benefit cost For the year ended December 31, 2016 Current period change excluding amounts reclassified from accumulated other comprehensive loss $ - Amounts reclassified from accumulated other comprehensive loss - Total change in accumulated other comprehensive loss $ - For the year ended December 31, 2015 Current period change excluding amounts reclassified from accumulated other comprehensive loss $ - Amounts reclassified from accumulated other comprehensive loss - Total change in accumulated other comprehensive loss $ - For the year ended December 31, 2014 Current period change excluding amounts reclassified from accumulated other comprehensive loss $ - Amounts reclassified from accumulated other comprehensive loss 8 Total change in accumulated other comprehensive loss $ 8 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Bareboat Charters-In [Member] | |
Lease [Abstract] | |
Operating Leases of Lessee Disclosure | The future minimum commitments and related number of operating days under these operating leases are as follows: Bareboat Charters-in: At December 31, 2016 Amount Operating Days 2017 $ 7,016 1,063 2018 1,841 279 Net minimum lease payments $ 8,857 1,342 |
Charters-Out [Member] | |
Lease [Abstract] | |
Operating Leases of Lessee Disclosure | The future minimum revenues, before reduction for brokerage commissions, expected to be received on noncancelable time charters and the related revenue days (revenue days represent calendar days, less days that vessels are not available for employment due to repairs, drydock or lay-up) are as follows: At December 31, 2016 Amount Revenue Days 2017 $ 30,718 1,504 2018 913 166 Future minimum revenues $ 31,631 1,670 |
Property Subject to Operating Lease [Member] | Time Charters-In [Member] | |
Lease [Abstract] | |
Schedule of Property Subject to or Available for Operating Lease | Time Charters-in: At December 31, 2016 Amount Operating Days 2017 $ 15,440 1,488 Net minimum lease payments $ 15,440 1,488 |
Property Subject to Operating Lease [Member] | Office Space [Member] | |
Lease [Abstract] | |
Schedule of Property Subject to or Available for Operating Lease | In connection with the spin-off, on November 17, 2016, OSG assigned to the Company its interest in the lease agreement the Company’s New York headquarters. The future minimum commitments under all lease obligations for office space are as follows: At December 31, Amount 2017 $ 1,088 2018 998 2019 998 2020 998 2021 665 Net minimum lease payments $ 4,747 |
PENSION AND OTHER POSTRETIREM44
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Pension and Other Postretirement Benefit Plans [Abstract] | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Information with respect to the Scheme for which INSW uses a December 31 measurement date, is as follows: Pension Benefits At December 31, 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 29,899 $ 34,138 Cost of benefits earned (service cost) - - Interest cost on benefit obligation 932 1,164 Actuarial losses/(gains) 5,525 (2,387) Benefits paid (603) (1,501) Settlements (1,579) - Foreign exchange gains (4,934) (1,515) Benefit obligation at year end 29,240 29,899 Change in plan assets: Fair value of plan assets at beginning of year 21,090 22,205 Actual return on plan assets 2,503 175 Employer contributions 7,605 1,161 Benefits paid (603) (1,501) Settlements (1,775) - Foreign exchange losses (3,354) (950) Fair value of plan assets at year end 25,466 21,090 Unfunded status at December 31 $ (3,774) $ (8,809) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Information for the defined benefit pension plan with accumulated benefit obligations in excess of plan assets follows: At December 31, 2016 2015 Projected benefit obligation $ 29,240 $ 29,899 Accumulated benefit obligation 29,240 29,899 Fair value of plan assets 25,466 21,090 |
Schedule of Net Benefit Costs | Pension benefits For the year ended December 31, 2016 2015 2014 Components of expense: Cost of benefits earned $ - $ - $ 532 Interest cost on benefit obligation 886 1,164 1,333 Expected return on plan assets (951) (1,159) (1,573) Amortization of prior-service costs 67 79 87 Recognized net actuarial loss 343 403 230 Recognized settlement loss 640 - - Net periodic benefit cost $ 985 $ 487 $ 609 |
Schedule of Expected Benefit Payments | Expected benefit payments are as follows: Pension benefits 2017 $ 1,015 2018 773 2019 785 2020 798 2021 1,025 Years 2022-2026 5,926 $ 10,322 |
Schedule of Changes in Fair Value of Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2016, by asset category are as follows: Description Fair Value Level 1 Level 2 (1) Cash and cash equivalents $ 8,303 $ 8,303 $ - Equity securities: International companies 15,166 - 15,166 Government debt securities 1,997 - 1,997 Total $ 25,466 $ 8,303 $ 17,163 (1) Quoted prices for the equity and debt securities are not available from an active market source since such investments are index funds. Therefore, the mid-price, which is a price calculated based on the mid-point between the buying and the selling prices of the index funds assets, was used as such mid-prices are considered to be quoted prices for similar assets. |
Schedule of Assumptions Used | The weighted-average assumptions used to determine benefit obligations follow: Pension benefits At December 31, 2016 2015 Discount rate 2.60% 3.80% The weighted-average assumptions used to determine net periodic benefit costs follow: Pension benefits For the year ended December 31, 2016 2015 2014 Discount rate 3.80% 3.55% 4.50% Expected (long-term) return on plan assets 5.62% 5.35% 7.29% Rate of future compensation increases - - - |
2015 AND 2014 QUARTERLY RESUL45
2015 AND 2014 QUARTERLY RESULTS OF OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
2016 AND 2015 QUARTERLY RESULTS OF OPERATIONS [Abstract] | |
Schedule of Quarterly Financial Information | Selected Financial Data for the Quarter Ended March 31, June 30, Sept. 30, Dec. 31, 2016 Shipping revenues $ 128,676 $ 103,062 $ 80,771 $ 85,810 Gain/(loss) on disposal of vessels and other property, including impairments 171 - (49,640) (29,734) Income/(loss) from vessel operations 53,129 29,079 (47,758) (28,509) Interest expense (10,742) (9,690) (9,519) (9,525) Reorganization items, net 4,471 (520) (3,849) (233) Income tax benefit/(provision) (4) (173) 20 (283) Net income/(loss) (1) 59,890 30,506 (50,862) (57,757) Basic and Diluted net income/(loss) per share $ 2.05 $ 1.05 $ (1.74) $ (1.98) (1) As discussed in Note 7, "Equity Method Investments," the Company recorded impairment charges of $30,475 in the fourth quarter related to its investment in the FSO Joint Venture. Selected Financial Data for the Quarter Ended March 31, June 30, Sept. 30, Dec. 31, 2015 Shipping revenues $ 117,450 $ 124,093 $ 131,121 $ 124,970 Gain/(loss) on disposal of vessels and other property, including impairments 1,166 - 3,238 55 Income/(loss) from vessel operations 36,045 47,676 52,982 39,611 Interest expense (10,420) (10,566) (11,050) (10,934) Reorganization items, net (2,368) (1,187) (953) (1,151) Income tax benefit/(provision) 236 (95) (27) (254) Net income/(loss) 35,941 47,690 51,933 37,606 Basic and Diluted net income/(loss) per share $ 1.23 $ 1.64 $ 1.78 $ 1.29 |
BASIS OF PRESENTATION AND DES46
BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS (Narrative) (Details) | Nov. 18, 2016shares | Dec. 31, 2016property$ / sharesshares | Nov. 30, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares |
Schedule of Equity Method Investments [Line Items] | ||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | |
Common stock, no par value | $ / shares | $ 0 | $ 0 | ||
Preferred stock, shares authorized | 10,000,000 | |||
Preferred stock, no par value | $ / shares | $ 0 | |||
Number of vessels in fleet | property | 55 | |||
Number of vessels owned (including joint ventures) | property | 48 | |||
Common stock, shares, issued | 29,189,454 | 102.21 | 29,189,454 | |
Common stock, shares, outstanding | 29,189,454 | 102.21 | 29,189,454 | |
Warrant [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Shares received pursuant to spinoff | 0.063327 | |||
OSG Inc. [Member] | Common Stock [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Shares received pursuant to spinoff | 0.3333 | |||
OSG Inc. [Member] | Warrant [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Shares received pursuant to spinoff | 0.3333 |
CHAPTER 11 FILING AND EMERGEN47
CHAPTER 11 FILING AND EMERGENCE FROM BANKRUPTCY (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016USD ($)item | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Aug. 05, 2014USD ($) | Feb. 09, 2006USD ($) | |
Chapter 11 Filing Going Concern and Other Related Matters [Line Items] | |||||||||||||
Reorganization items, total | $ 233,000 | $ 3,849,000 | $ 520,000 | $ (4,471,000) | $ 1,151,000 | $ 953,000 | $ 1,187,000 | $ 2,368,000 | $ 131,000 | $ 5,659,000 | $ 104,528,000 | ||
Reorganization items settled with cash | 0 | 0 | 303,739,000 | ||||||||||
Allocated reorganization items, non-cash | $ 131,000 | 5,659,000 | 87,197,000 | ||||||||||
Number of subsidiaries | item | 180 | 180 | |||||||||||
Lender Plan [Member] | |||||||||||||
Chapter 11 Filing Going Concern and Other Related Matters [Line Items] | |||||||||||||
Debt instrument, face amount | $ 1,500,000,000 | ||||||||||||
INSW Facilities [Member] | |||||||||||||
Chapter 11 Filing Going Concern and Other Related Matters [Line Items] | |||||||||||||
Reorganization items, total | $ 10,083,000 | ||||||||||||
Term Loan [Member] | INSW Facilities [Member] | |||||||||||||
Chapter 11 Filing Going Concern and Other Related Matters [Line Items] | |||||||||||||
Debt instrument, face amount | $ 628,375,000 | ||||||||||||
OSG Inc. [Member] | |||||||||||||
Chapter 11 Filing Going Concern and Other Related Matters [Line Items] | |||||||||||||
Bankruptcy proceedings, date petition for bankruptcy filed | Nov. 14, 2012 | ||||||||||||
Bankruptcy proceedings, court where petition was filed | U.S. Bankruptcy Court for the District of Delaware | ||||||||||||
Plan of reorganization, date plan is effective | Aug. 5, 2014 | ||||||||||||
Plan of reorganization, date plan filed | Mar. 7, 2014 | ||||||||||||
Reorganization items, total | $ 131,000 | $ 5,659,000 | |||||||||||
INSW Revolver Facility [Member] | INSW Facilities [Member] | |||||||||||||
Chapter 11 Filing Going Concern and Other Related Matters [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 |
CHAPTER 11 FILING AND EMERGEN48
CHAPTER 11 FILING AND EMERGENCE FROM BANKRUPTCY (Schedule of Reorganization Items, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Chapter 11 Filing Going Concern and Other Related Matters [Abstract] | |||||||||||
Allocated trustee fees | $ 74 | $ 147 | $ 1,929 | ||||||||
Allocated professional fees | (3,220) | 5,422 | 81,381 | ||||||||
Provision for and expenses incurred on rejected executory contracts including post-petition interest | 6,419 | ||||||||||
Provision for post-petition interest on debt facilities | 10,095 | ||||||||||
2004 Stock Incentive Plan | 1,374 | ||||||||||
Other claims adjustments | 3,277 | 90 | 3,330 | ||||||||
Reorganization Items, net | $ 233 | $ 3,849 | $ 520 | $ (4,471) | $ 1,151 | $ 953 | $ 1,187 | $ 2,368 | $ 131 | $ 5,659 | $ 104,528 |
SUMMARY OF SIGNIFICANT ACCOUN49
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | Jun. 03, 2015USD ($) | Dec. 31, 2016USD ($)$ / item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Summary Of Significant Accounting Policies [Line Items] | ||||
Allowance for doubtful accounts receivable | $ 70,000 | $ 415,000 | ||
Increase in voyage charter revenues | $ 40,454,000 | |||
Increase in voyage charter expenses | 40,454,000 | |||
Amortization of financing costs | 6,449,000 | 5,625,000 | 1,928,000 | |
Other assets | 2,324,000 | 1,848,000 | ||
Long-term debt | 433,468,000 | 588,938,000 | ||
INSW Facilities [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Restricted cash and cash equivalents | $ 8,989,000 | |||
Debt instrument, convenant threshold related to net cash proceeds from asset sales | $ 78,000,000 | $ 5,000,000 | ||
Accounts Receivable [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 90.00% | 82.00% | ||
INSW Revolver Facility [Member] | INSW Facilities [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Deferred finance costs, gross | $ 1,691,000 | $ 1,741,000 | ||
Term Loan [Member] | INSW Facilities [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Debt instrument, convenant threshold related to net cash proceeds from asset sales | 5,000,000 | |||
Deferred finance costs, gross | $ 19,827,000 | 22,866,000 | ||
Vessel/Fleet [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 25 years | |||
Property, plant and equipment salvage, value per ton | $ / item | 300 | |||
Interest costs capitalized | $ 0 | $ 0 | $ 0 | |
Other Property [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 3 years | |||
Other Property [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 7 years | |||
Drydock [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Amortization period for deferred costs | 2 years 6 months | |||
Drydock [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Amortization period for deferred costs | 5 years |
EARNINGS PER COMMON SHARE (Narr
EARNINGS PER COMMON SHARE (Narrative) (Details) - shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 11,153 | |||
Common stock, shares, issued | 29,189,454 | 29,189,454 | 102.21 | |
Common stock, shares, outstanding | 29,189,454 | 29,189,454 | 102.21 | |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities | 60,238 | |||
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities | 127,559 | |||
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Participaing securities allocated a portion of income | 1,489 | 0 | 0 |
EARNINGS PER COMMONS SHARE (Sch
EARNINGS PER COMMONS SHARE (Schedule of Weighted Average Number of Shares) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings per Common Share [Abstract] | ||
Increase in weighted average number of shares outstanding used to calculate basic and diluted net income/(loss) per share amounts | 29,157,285 | 29,157,285 |
Change in net income/(loss) per share - basic and diluted | $ (1,694,250.98) | $ 1,165,234.16 |
EARNINGS PER COMMON SHARE (Calc
EARNINGS PER COMMON SHARE (Calculation of EPS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earning Per Share [Line Items] | |||||||||||||||||
Common Stockholders | $ (18,223) | $ 173,170 | $ (119,099) | ||||||||||||||
Net (loss)/income | $ (57,757) | $ (50,862) | $ 30,506 | $ 59,890 | $ 37,606 | $ 51,933 | $ 47,690 | $ 35,941 | $ 888 | $ (119,987) | $ (18,223) | $ 173,170 | $ (119,099) | ||||
Weighted average common shares outstanding: | |||||||||||||||||
Basic | 29,157,992 | 29,157,387 | 29,157,387 | ||||||||||||||
Diluted | 29,157,992 | 29,157,387 | 29,157,387 | ||||||||||||||
Common stock - basic and diluted | 29,157,992 | 29,157,387 | 29,157,387 | ||||||||||||||
Parent Company [Member] | |||||||||||||||||
Earning Per Share [Line Items] | |||||||||||||||||
Net (loss)/income | $ (119,987) | ||||||||||||||||
[1] | As discussed in Note 7, "Equity Method Investments," the Company recorded impairment charges of $30,475 in the fourth quarter related to its investment in the FSO Joint Venture. |
BUSINESS AND SEGMENT REPORTIN53
BUSINESS AND SEGMENT REPORTING (Reportable Segments Information) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | segment | 2 | ||||||||||
Shipping revenues | $ 85,810 | $ 80,771 | $ 103,062 | $ 128,676 | $ 124,970 | $ 131,121 | $ 124,093 | $ 117,450 | $ 398,319 | $ 497,634 | $ 517,018 |
Time charter equivalent revenues | 385,045 | 475,790 | 346,987 | ||||||||
Depreciation and amortization | 79,885 | 81,653 | 84,931 | ||||||||
(Loss)/gain on disposal of vessels and other property, including impairments | (29,734) | $ (49,640) | $ 171 | 55 | $ 3,238 | $ 1,166 | (79,203) | 4,459 | 9,955 | ||
Income/(loss) from vessel operations | 125,805 | 213,410 | 67,329 | ||||||||
Equity in income of affiliated companies | 16,849 | 45,559 | 37,872 | ||||||||
Investments in and advances to affiliated companies | 358,681 | 344,891 | 358,681 | 344,891 | 331,435 | ||||||
Adjusted total assets | 1,565,678 | 1,697,054 | 1,565,678 | 1,697,054 | 1,768,427 | ||||||
Total assets | 1,662,521 | 2,029,950 | 1,662,521 | 2,029,950 | |||||||
Expenditures for vessels | 1,988 | 964 | 21,454 | ||||||||
Payments for drydockings | 9,258 | 20,728 | 12,078 | ||||||||
International Crude Tankers Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Shipping revenues | 271,764 | 324,703 | 363,331 | ||||||||
Time charter equivalent revenues | 258,171 | 304,182 | 228,296 | ||||||||
Depreciation and amortization | 52,395 | 51,347 | 56,280 | ||||||||
(Loss)/gain on disposal of vessels and other property, including impairments | (7,585) | (31) | 9,978 | ||||||||
Income/(loss) from vessel operations | 111,768 | 157,840 | 65,462 | ||||||||
Equity in income of affiliated companies | 5,584 | 34,371 | 30,837 | ||||||||
Investments in and advances to affiliated companies | 266,470 | 276,839 | 266,470 | 276,839 | 277,815 | ||||||
Adjusted total assets | 1,066,184 | 1,148,361 | 1,066,184 | 1,148,361 | 1,191,490 | ||||||
Expenditures for vessels | 691 | 91 | 1,437 | ||||||||
Payments for drydockings | 7,636 | 13,842 | 5,286 | ||||||||
International Product Carriers Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Shipping revenues | 126,555 | 172,931 | 153,665 | ||||||||
Time charter equivalent revenues | 126,314 | 171,608 | 118,669 | ||||||||
Depreciation and amortization | 26,696 | 28,763 | 26,893 | ||||||||
(Loss)/gain on disposal of vessels and other property, including impairments | (71,456) | 3,231 | (44) | ||||||||
Income/(loss) from vessel operations | 13,327 | 56,746 | 3,386 | ||||||||
Investments in and advances to affiliated companies | 15,296 | 13,793 | 15,296 | 13,793 | 11,334 | ||||||
Adjusted total assets | 422,579 | 505,353 | 422,579 | 505,353 | 551,569 | ||||||
Expenditures for vessels | 1,297 | 873 | 20,017 | ||||||||
Payments for drydockings | 1,622 | 6,886 | 6,792 | ||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Shipping revenues | 22 | ||||||||||
Time charter equivalent revenues | 560 | 22 | |||||||||
Depreciation and amortization | 794 | 1,543 | 1,758 | ||||||||
(Loss)/gain on disposal of vessels and other property, including impairments | (162) | 1,259 | 21 | ||||||||
Income/(loss) from vessel operations | 710 | (1,176) | (1,519) | ||||||||
Equity in income of affiliated companies | 11,265 | 11,188 | 7,035 | ||||||||
Investments in and advances to affiliated companies | 76,915 | 54,259 | 76,915 | 54,259 | 42,286 | ||||||
Adjusted total assets | $ 76,915 | $ 43,340 | $ 76,915 | $ 43,340 | $ 25,368 |
BUSINESS AND SEGMENT REPORTIN54
BUSINESS AND SEGMENT REPORTING (Reconciliation of Time Charter Revenue to Shipping Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business and Segment Reporting [Abstract] | |||||||||||
Time charter equivalent revenues | $ 385,045 | $ 475,790 | $ 346,987 | ||||||||
Add: Voyage expenses | 13,274 | 21,844 | 170,031 | ||||||||
Shipping revenues | $ 85,810 | $ 80,771 | $ 103,062 | $ 128,676 | $ 124,970 | $ 131,121 | $ 124,093 | $ 117,450 | $ 398,319 | $ 497,634 | $ 517,018 |
BUSINESS AND SEGMENT REPORTIN55
BUSINESS AND SEGMENT REPORTING (Reconciliation of Income from Vessel Operations to Loss Before Reorganization) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total income (loss) from vessel operations of all segments | $ 125,805 | $ 213,410 | $ 67,329 | ||||||||
General and administrative expenses | (31,618) | (41,516) | (52,597) | ||||||||
Severance costs | (16,666) | ||||||||||
Separation and transition costs | 9,043 | ||||||||||
Technical management transition costs | (39) | (3,417) | |||||||||
(Loss)/gain on disposal of vessels and other property, including impairments | $ (29,734) | $ (49,640) | $ 171 | $ 55 | $ 3,238 | $ 1,166 | (79,203) | 4,459 | 9,955 | ||
Consolidated income/(loss) from vessel operations | (28,509) | (47,758) | $ 29,079 | 53,129 | 39,611 | 52,982 | $ 47,676 | 36,045 | 5,941 | 176,314 | 4,604 |
Equity in income of affiliated companies | 16,849 | 45,559 | 37,872 | ||||||||
Interest expense | (9,525) | (9,519) | (9,690) | (10,742) | (10,934) | (11,050) | (10,566) | (10,420) | (39,476) | (42,970) | (56,258) |
Reorganization items, net | $ (233) | $ (3,849) | $ (520) | $ 4,471 | $ (1,151) | $ (953) | $ (1,187) | $ (2,368) | (131) | (5,659) | (104,528) |
Income/(Loss) before Income Taxes | (17,783) | 173,310 | (118,355) | ||||||||
Vessel Operations [Member] | |||||||||||
Total income (loss) from vessel operations of all segments | 125,805 | 213,410 | 67,329 | ||||||||
General and administrative expenses | (31,618) | (41,516) | (52,597) | ||||||||
Severance costs | (16,666) | ||||||||||
Separation and transition costs | 9,043 | ||||||||||
Technical management transition costs | (39) | (3,417) | |||||||||
(Loss)/gain on disposal of vessels and other property, including impairments | (79,203) | 4,459 | 9,955 | ||||||||
Consolidated income/(loss) from vessel operations | 5,941 | 176,314 | 4,604 | ||||||||
Equity in income of affiliated companies | 16,849 | 45,559 | 37,872 | ||||||||
Other expense | (966) | 66 | (45) | ||||||||
Interest expense | (39,476) | (42,970) | (56,258) | ||||||||
Reorganization items, net | (131) | (5,659) | (104,528) | ||||||||
Income/(Loss) before Income Taxes | $ (17,783) | $ 173,310 | $ (118,355) |
BUSINESS AND SEGMENT REPORTIN56
BUSINESS AND SEGMENT REPORTING (Reconcilation of Assets of Segments to Consolidated Amounts) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ||||
Adjusted total assets | $ 1,565,678 | $ 1,697,054 | $ 1,768,427 | |
Cash and cash equivalents | 92,001 | 308,858 | 178,240 | $ 173,943 |
Total assets | 1,662,521 | 2,029,950 | ||
Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restricted cash | 8,989 | |||
Unrestricted cash | 92,001 | 308,858 | ||
Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted total assets | 76,915 | 43,340 | $ 25,368 | |
Other unallocated amounts | 4,842 | 15,049 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted total assets | $ 1,565,678 | $ 1,697,054 |
BUSINESS AND SEGMENT REPORTIN57
BUSINESS AND SEGMENT REPORTING (Additional Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Vessels Deferred Dry Dock and Other Property | $ 1,130,607 | $ 1,277,486 | $ 1,345,863 |
International Crude Tankers Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Vessels Deferred Dry Dock and Other Property | 753,028 | 804,514 | 837,950 |
International Product Carriers Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Vessels Deferred Dry Dock and Other Property | 377,095 | 472,675 | 499,822 |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Vessels Deferred Dry Dock and Other Property | $ 484 | $ 297 | $ 8,091 |
VESSELS, DEFERRED DRYDOCK AND58
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Impairment of long-lived assets held-for-use | $ 79,242 | |||
Payments to acquire equipment | 1,988 | $ 964 | $ 21,454 | |
Gain (loss) on disposition of property | 39 | 4,459 | 9,955 | |
2 Long Range (LRs), 1 Aframax and 1 Panamax [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment of long-lived assets held-for-use | $ 49,640 | |||
One Medium Range Vessel [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain (loss) on disposition of property | $ 3,236 | |||
5 International Flag Crude Tankers, 2 (VLCC), 1 Panamax and 2 Aframax [Member]. | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain (loss) on disposition of property | $ 10,325 | |||
1 Panamax and 7 MRs Vessels [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment of long-lived assets held-for-use | 29,602 | |||
INSW Facilities [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Debt instrument, collateral amount | $ 1,092,072 |
VESSELS, DEFERRED DRYDOCK AND59
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Vessels and Other Property) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||||
Net Carrying Value | $ 1,100,050 | $ 1,240,411 | ||
Vessel/Fleet and Other Property [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Net Carrying Value | 1,100,050 | 1,240,411 | ||
Vessel/Fleet [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | 1,478,940 | 1,642,891 | $ 1,648,115 | $ 1,641,573 |
Accumulated Depreciation | (381,449) | (404,957) | (341,575) | (280,774) |
Net Carrying Value | 1,097,491 | 1,237,934 | $ 1,306,540 | $ 1,360,799 |
Other Property [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | 8,680 | 8,126 | ||
Accumulated Depreciation | (6,121) | (5,649) | ||
Net Carrying Value | $ 2,559 | $ 2,477 |
VESSELS, DEFERRED DRYDOCK AND60
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Breakdown of Vessel Carrying Value) (Details) $ in Thousands | Jan. 14, 2014property | Jan. 12, 2014property | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||
Net Carrying Value | $ 1,100,050 | $ 1,240,411 | |||||
Number of owned vessels | property | 46 | 33 | |||||
Vessel/Fleet [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Cost | 1,478,940 | 1,642,891 | $ 1,648,115 | $ 1,641,573 | |||
Accumulated Depreciation | (381,449) | (404,957) | (341,575) | (280,774) | |||
Net Carrying Value | $ 1,097,491 | $ 1,237,934 | $ 1,306,540 | $ 1,360,799 | |||
Average Vessel Age | 11 years 8 months 12 days | 10 years 8 months 12 days | |||||
Number of owned vessels | item | 42 | 42 | |||||
International Crude Tankers Segment [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Cost | $ 1,051,564 | $ 1,080,693 | |||||
Accumulated Depreciation | (320,608) | (301,863) | |||||
Net Carrying Value | $ 730,956 | [1] | $ 778,830 | ||||
Average Vessel Age | 12 years 3 months 18 days | 11 years 3 months 18 days | |||||
Number of owned vessels | item | 24 | 24 | |||||
International Crude Tankers Segment [Member] | VLCCs (included ULCC) [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Cost | $ 681,891 | $ 681,834 | |||||
Accumulated Depreciation | (235,159) | (211,153) | |||||
Net Carrying Value | $ 446,732 | $ 470,681 | |||||
Average Vessel Age | 12 years 1 month 6 days | 11 years 1 month 6 days | |||||
Number of owned vessels | item | 9 | 9 | |||||
International Crude Tankers Segment [Member] | Aframaxes (LR2) [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Cost | $ 247,863 | $ 270,246 | |||||
Accumulated Depreciation | (66,943) | (76,597) | |||||
Net Carrying Value | $ 180,920 | $ 193,649 | |||||
Average Vessel Age | 11 years 7 months 6 days | 10 years 7 months 6 days | |||||
Number of owned vessels | item | 7 | 7 | |||||
International Crude Tankers Segment [Member] | Panamaxes (LR1) [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Cost | $ 121,810 | $ 128,613 | |||||
Accumulated Depreciation | (18,506) | (14,113) | |||||
Net Carrying Value | $ 103,304 | $ 114,500 | |||||
Average Vessel Age | 14 years 3 months 18 days | 13 years 3 months 18 days | |||||
Number of owned vessels | item | 8 | 8 | |||||
International Crude Tankers Segment [Member] | 1 Ultra Large Crude Carriers (ULCC), 8 Very Large Crude Carriers (VLCC), 7 Aframaxes and 7 Panamaxes [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Net Carrying Value | $ 722,883 | ||||||
Property, plant and equipment, fair value | 556,625 | ||||||
Pledged collateral market value over carrying value difference | 166,258 | ||||||
International Product Carriers Segment [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Cost | 427,376 | $ 562,198 | |||||
Accumulated Depreciation | (60,841) | (103,094) | |||||
Net Carrying Value | $ 366,535 | [2] | $ 459,104 | ||||
Average Vessel Age | 9 years 3 months 18 days | 8 years 1 month 6 days | |||||
Number of owned vessels | item | 18 | 18 | |||||
International Product Carriers Segment [Member] | Aframaxes (LR2) [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Cost | $ 73,681 | $ 73,681 | |||||
Accumulated Depreciation | (6,601) | (3,896) | |||||
Net Carrying Value | $ 67,080 | $ 69,785 | |||||
Average Vessel Age | 2 years 4 months 24 days | 1 year 4 months 24 days | |||||
Number of owned vessels | item | 1 | 1 | |||||
International Product Carriers Segment [Member] | Panamaxes (LR1) [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Cost | $ 106,176 | $ 197,137 | |||||
Accumulated Depreciation | (8,474) | (47,182) | |||||
Net Carrying Value | $ 97,702 | $ 149,955 | |||||
Average Vessel Age | 8 years 1 month 6 days | 7 years 1 month 6 days | |||||
Number of owned vessels | item | 4 | 4 | |||||
International Product Carriers Segment [Member] | MR Vessel [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Cost | $ 247,519 | $ 291,380 | |||||
Accumulated Depreciation | (45,766) | (52,016) | |||||
Net Carrying Value | $ 201,753 | $ 239,364 | |||||
Average Vessel Age | 11 years 2 months 12 days | 10 years 2 months 12 days | |||||
Number of owned vessels | item | 13 | 13 | |||||
International Product Carriers Segment [Member] | 1 LR2, 4 LR1s and 5 MRs Vessels [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Net Carrying Value | $ 306,450 | ||||||
Property, plant and equipment, fair value | 228,125 | ||||||
Pledged collateral market value over carrying value difference | $ 78,325 | ||||||
[1] | Includes one ULCC, eight VLCCs, seven Aframaxes and seven Panamaxes with an aggregate carrying value of $722,883, which the Company believes exceeds their aggregate market values (estimated by taking an average of two third party vessel appraisals) of approximately $556,625 by $166,258. | ||||||
[2] | Includes one LR2, four LR1s and five MRs with an aggregate carrying value of $306,450, which the Company believes exceeds their aggregate market values (estimated by taking an average of two third party vessel appraisals) of approximately $228,125, by $78,325. |
VESSELS, DEFERRED DRYDOCK AND61
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Vessel Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Book Value | |||
Beginning Balance | $ 1,240,411 | ||
Ending Balance | 1,100,050 | $ 1,240,411 | |
Vessel/Fleet [Member] | |||
Vessel Cost | |||
Beginning Balance | 1,642,891 | 1,648,115 | $ 1,641,573 |
Purchases and vessel additions | 2,127 | 1,531 | 13,623 |
Transfers from construction in progress | 62,475 | ||
Disposals | (6,755) | (69,556) | |
Impairment | (166,078) | ||
Ending Balance | 1,478,940 | 1,642,891 | 1,648,115 |
Accumulated Depreciation | |||
Beginning Balance | (404,957) | (341,575) | (280,774) |
Disposals | 1,003 | 4,809 | |
Depreciation | (63,328) | (64,385) | (65,610) |
Impairment | 86,836 | ||
Ending Balance | (381,449) | (404,957) | (341,575) |
Net Book Value | |||
Beginning Balance | 1,237,934 | 1,306,540 | 1,360,799 |
Ending Balance | $ 1,097,491 | $ 1,237,934 | $ 1,306,540 |
VESSELS, DEFERRED DRYDOCK AND62
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Drydocking Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Vessels, Deferred Drydock and Other Property [Abstract] | |||
Beginning Balance | $ 37,075 | $ 29,325 | $ 36,053 |
Additions | 8,822 | 22,981 | 12,078 |
Sub-total | 45,897 | 52,306 | 48,131 |
Drydock amortization | (15,340) | (15,231) | (16,441) |
Amounts recognized upon sale/redelivery of vessels and non-cash adjustments | (2,365) | ||
Ending Balance | $ 30,557 | $ 37,075 | $ 29,325 |
EQUITY METHOD INVESTMENTS (Narr
EQUITY METHOD INVESTMENTS (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2004m³ | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | $ (2,000) | |||
Investments in and advances to affiliated companies | $ 358,681,000 | 344,891,000 | ||
Non-recourse debt | 638,827,000 | 678,132,000 | ||
Income (loss) from equity method investments | 16,849,000 | 45,559,000 | $ 37,872,000 | |
Equity Method Investments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Long-term debt | $ 714,170,000 | 782,333,000 | ||
FSO Africa [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
FSO Asia [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Liquid Natural Gas Carrier Vessel [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 49.90% | |||
Euronav Nv / FSO Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Line of credit facility, amount outstanding | $ 75,343,000 | 104,200,000 | ||
Other than temporary impairment - Equity method investment, Impairment Charges | 30,475,000 | |||
Euronav Nv / FSO Joint Venture [Member] | Interest Rate Swap [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Notional amount of interest rate cash flow hedge derivatives | $ 145,432,000 | $ 201,346,000 | ||
Derivative, fixed interest rate | 3.90% | 3.90% | ||
Euronav Nv / FSO Joint Venture [Member] | FSO Asia and FSO Africa [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Guarantor obligations, current carrying value | $ 0 | $ 0 | ||
Interest rate cash flow hedge liability at fair value | 2,236,000 | 7,203,000 | ||
Guarantor obligations, maximum exposure, undiscounted | 38,789,000 | |||
Euronav Nv / FSO Joint Venture [Member] | FSO Asia and FSO Africa [Member] | Interest Rate Swap [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | 111,000 | $ 1,334,000 | ||
Euronav Nv / FSO Joint Venture [Member] | FSO Africa [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||
Other than temporary impairment - Equity method investment, Impairment Charges | 14,498,000 | |||
Euronav Nv / FSO Joint Venture [Member] | FSO Africa [Member] | Interest Rate Swap [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Losses on discontinuation of interest rate cash flow hedge due to forecasted transaction probable of not occurring, net | 133,000 | $ 435,000 | $ 470,000 | |
Euronav Nv / FSO Joint Venture [Member] | FSO Asia [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||
Other than temporary impairment - Equity method investment, Impairment Charges | 15,977,000 | |||
Euronav Nv / FSO Joint Venture [Member] | Liquid Natural Gas Carrier Vessel [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 49.90% | |||
LNG Joint Venture [Member] | Liquid Natural Gas Carrier Vessel [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 49.90% | 49.90% | ||
Line of credit facility, amount outstanding | 638,827,000 | $ 678,132,000 | ||
Storage volume, per carrier | m³ | 216,200 | |||
Initial term of contract | 25 years | |||
LNG Joint Venture [Member] | Liquid Natural Gas Carrier Vessel [Member] | Interest Rate Swap [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Notional amount of interest rate cash flow hedge derivatives | $ 617,636,000 | $ 656,400,000 | ||
Derivative, fixed interest rate | 4.90% | 4.90% | ||
Interest rate cash flow hedge liability at fair value | $ 80,458,000 | $ 103,262,000 | ||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | $ 40,076,000 | $ 51,467,000 | ||
Term Loan [Member] | Euronav Nv / FSO Joint Venture [Member] | FSO Asia and FSO Africa [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Guarantor obligations, liquidation proceeds, percentage | 50.00% |
EQUITY METHOD INVESTMENTS (Equi
EQUITY METHOD INVESTMENTS (Equity Method Investments Income Schedule) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2004 | |
Equity in net income of affiliated companies, before consolidating and reconciling adjustments | $ 35,875 | |||
Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture | 2,409 | |||
Amortization of interest capitalized during vessel construction | (419) | |||
Other | 7 | |||
Net income | $ 45,559 | 37,872 | ||
Euronav NV FSO Joint Venture And LNG Joint Venture And Other Equity Method Invesments [Member] | ||||
Shipping revenues | $ 247,451 | 245,444 | 241,241 | |
Ship operating expenses | (114,514) | (113,639) | (118,167) | |
Income from vessel operations | 132,937 | 131,805 | 123,074 | |
Other income/(expense) | 830 | 2,358 | 205 | |
Interest expense | (43,011) | (47,219) | (51,340) | |
Net income | 90,756 | 86,944 | 71,939 | |
Euronav NV FSO Joint Venture And LNG Joint Venture And Other Equity Method Invesments [Member] | ||||
Equity in net income of affiliated companies, before consolidating and reconciling adjustments | 45,327 | 43,562 | ||
Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture | 2,409 | 2,409 | ||
Amortization of interest capitalized during vessel construction | (419) | (419) | ||
Other | 7 | 7 | ||
Net income | 16,849 | |||
Impairment of equity method investments | (30,475) | |||
Euronav NV FSO Joint Venture And LNG Joint Venture And Other Equity Method Invesments [Member] | Euronav NV FSO Joint Venture And LNG Joint Venture And Other Equity Method Invesments [Member] | ||||
Impairment of equity method investments | (30,475) | |||
Euronav Nv / FSO Joint Venture [Member] | ||||
Impairment of equity method investments | (30,475) | |||
Other Equity Method Investments [Member] | ||||
Equity in net income of affiliated companies, before consolidating and reconciling adjustments | (28) | 113 | (79) | |
Other | (1) | 6 | ||
Net income | $ (28) | 112 | $ (73) | |
FSO Asia and FSO Africa [Member] | Euronav Nv / FSO Joint Venture [Member] | ||||
Equity method investment, ownership percentage | 50.00% | |||
FSO Africa [Member] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Net income | $ 18,397 | |||
FSO Africa [Member] | Euronav Nv / FSO Joint Venture [Member] | ||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||
Equity in net income of affiliated companies, before consolidating and reconciling adjustments | $ 18,049 | $ 17,190 | $ 15,228 | |
Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture | 1,207 | 1,207 | 1,207 | |
Net income | 4,758 | $ 16,435 | ||
Impairment of equity method investments | $ (14,498) | |||
FSO Asia [Member] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Net income | $ 15,862 | |||
FSO Asia [Member] | Euronav Nv / FSO Joint Venture [Member] | ||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||
Equity in net income of affiliated companies, before consolidating and reconciling adjustments | $ 15,629 | $ 14,660 | $ 13,273 | |
Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture | 1,202 | 1,202 | 1,202 | |
Net income | 854 | $ 14,475 | ||
Impairment of equity method investments | $ (15,977) | |||
Liquid Natural Gas Carrier Vessel [Member] | ||||
Equity method investment, ownership percentage | 49.90% | |||
Net income | $ 11,188 | |||
Liquid Natural Gas Carrier Vessel [Member] | Euronav Nv / FSO Joint Venture [Member] | ||||
Equity method investment, ownership percentage | 49.90% | |||
Liquid Natural Gas Carrier Vessel [Member] | LNG Joint Venture [Member] | ||||
Equity method investment, ownership percentage | 49.90% | 49.90% | ||
Equity in net income of affiliated companies, before consolidating and reconciling adjustments | $ 11,677 | $ 11,599 | $ 7,453 | |
Amortization of interest capitalized during vessel construction | (419) | (419) | (419) | |
Other | 7 | $ 8 | 1 | |
Net income | $ 11,265 | $ 7,035 |
EQUITY METHOD INVESTMENTS (Eq65
EQUITY METHOD INVESTMENTS (Equity Method Investments Balance Sheet Schedule) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2004 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 358,681,000 | $ 344,891,000 | |||
Euronav NV FSO Joint Venture And LNG Joint Venture And Other Equity Method Invesments [Member] | |||||
Cash and cash equivalents | 75,785,000 | 31,324,000 | |||
Restricted cash, current portion | 26,738,000 | 27,422,000 | |||
Trade receivables, current | 22,699,000 | 22,353,000 | |||
Other receivable | 792,000 | 1,060,000 | |||
Inventory | 2,517,000 | 2,148,000 | |||
Current assets | 128,531,000 | 84,307,000 | |||
Restricted cash, long term portion | 47,879,000 | 46,199,000 | |||
Trade receivable, noncurrent | 18,829,000 | 14,742,000 | |||
Vessels less accumulated depreciation | 1,384,243,000 | 1,448,489,000 | |||
Deferred drydock expenditures, net | 2,593,000 | 6,266,000 | |||
Total assets | 1,582,075,000 | 1,600,003,000 | |||
Accounts payable and accrued expenses | 8,464,000 | 10,162,000 | |||
Amounts due to related companies | 613,000 | ||||
Current portion of long term debt | 116,907,000 | 67,921,000 | |||
Current portion of derviative liability | 24,782,000 | 31,404,000 | |||
Current liabilities | 150,153,000 | 110,100,000 | |||
Long-term debt | 590,985,000 | 706,863,000 | |||
Long-term derivative liability | 57,912,000 | 79,062,000 | |||
Loan from Shareholders | [1] | 407,025,000 | 444,025,000 | ||
Total Liabilities | 1,206,075,000 | 1,340,050,000 | |||
Equity | 376,000,000 | 259,953,000 | |||
Total liabilities and equity | $ 1,582,075,000 | 1,600,003,000 | |||
FSO Africa [Member] | |||||
Equity method investment, ownership percentage | 50.00% | ||||
FSO Asia [Member] | |||||
Equity method investment, ownership percentage | 50.00% | ||||
Liquid Natural Gas Carrier Vessel [Member] | |||||
Equity method investment, ownership percentage | 49.90% | ||||
Euronav NV FSO Joint Venture And LNG Joint Venture And Other Equity Method Invesments [Member] | |||||
Impairment of equity method investments | $ (30,475,000) | ||||
Euronav NV FSO Joint Venture And LNG Joint Venture And Other Equity Method Invesments [Member] | Euronav NV FSO Joint Venture And LNG Joint Venture And Other Equity Method Invesments [Member] | |||||
INSW Share of affiliate's equity, before consolidating and reconciling adjustments | 187,868,000 | 129,891,000 | |||
Impairment of equity method investments | (30,475,000) | ||||
Advances from shareholders | 203,513,000 | 222,013,000 | |||
Unamortized deferred gain on 2009 sale of TI Africa to FSO Africa, net | (36,585,000) | (38,995,000) | |||
Unamortized interest capitalized during vessel construction | 10,693,000 | 11,112,000 | |||
Other | 23,667,000 | 20,870,000 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | 358,681,000 | $ 344,891,000 | |||
Euronav Nv / FSO Joint Venture [Member] | |||||
Impairment of equity method investments | $ (30,475,000) | ||||
Euronav Nv / FSO Joint Venture [Member] | FSO Asia and FSO Africa [Member] | |||||
Equity method investment, ownership percentage | 50.00% | ||||
Euronav Nv / FSO Joint Venture [Member] | FSO Africa [Member] | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
Impairment of equity method investments | $ (14,498,000) | ||||
Euronav Nv / FSO Joint Venture [Member] | FSO Asia [Member] | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
Impairment of equity method investments | (15,977,000) | ||||
Euronav Nv / FSO Joint Venture [Member] | Liquid Natural Gas Carrier Vessel [Member] | |||||
Equity method investment, ownership percentage | 49.90% | ||||
LNG Joint Venture [Member] | Liquid Natural Gas Carrier Vessel [Member] | |||||
Equity method investment, ownership percentage | 49.90% | 49.90% | |||
Other Equity Method Investments [Member] | |||||
Other | [2] | 23,704,000 | $ 20,906,000 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | [2] | $ 23,704,000 | $ 20,906,000 | ||
[1] | Such advances are unsecured, interest free and not repayable within one year. | ||||
[2] | Primarily relates to working capital deposits that the Company maintains with the commercial pools in which it participates. |
EQUITY METHOD INVESTMENTS (Eq66
EQUITY METHOD INVESTMENTS (Equity Method Investments Cash Flow Schedule) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Euronav Nv / FSO Joint Venture [Member] | FSO Africa [Member] | |||
Net cash provided by operating activities | $ 50,048 | $ 48,131 | $ 38,224 |
Net cash provided by/(used in) investing activities | 13,080 | (24) | |
Repayment of bank loan | (13,750) | (25,000) | |
Repayment of advances from shareholders | (24,000) | (38,000) | |
Change in restricted cash | 13,080 | (24) | |
Decrease in amounts due to related companies | (17,520) | (30,000) | |
Net cash used in financing activities | (24,000) | (69,270) | (55,000) |
Net increase/(decrease) in cash and cash equivalents | 26,048 | (8,059) | (16,800) |
Cash and cash equivalents at beginning of year | 880 | 8,939 | 25,739 |
Cash and cash equivalents at end of year | 26,928 | 880 | 8,939 |
Euronav Nv / FSO Joint Venture [Member] | FSO Asia [Member] | |||
Net cash provided by operating activities | 47,984 | 63,813 | 41,795 |
Decrease in amounts due from related parties | 30,000 | ||
Net cash provided by/(used in) investing activities | 474 | (35) | 29,971 |
Repayment of bank loan | (28,858) | (27,446) | (26,103) |
Repayment of advances from shareholders | (13,000) | (37,000) | (60,000) |
Change in restricted cash | 474 | (35) | (29) |
Net cash used in financing activities | (41,858) | (64,446) | (86,103) |
Net increase/(decrease) in cash and cash equivalents | 6,600 | (668) | (14,337) |
Cash and cash equivalents at beginning of year | 16,413 | 17,081 | 31,418 |
Cash and cash equivalents at end of year | 23,013 | 16,413 | 17,081 |
LNG Joint Venture [Member] | Liquid Natural Gas Carrier Vessel [Member] | |||
Net cash provided by operating activities | 52,587 | 56,012 | 45,287 |
Net cash provided by/(used in) investing activities | (1,469) | (1,927) | (1,469) |
Repayment of bank loan | (39,305) | (37,246) | (35,198) |
Change in restricted cash | (1,469) | (1,927) | (1,469) |
Cash dividends paid | (12,000) | (10,000) | |
Net cash used in financing activities | (39,305) | (49,246) | (45,198) |
Net increase/(decrease) in cash and cash equivalents | 11,813 | 4,839 | (1,380) |
Cash and cash equivalents at beginning of year | 14,031 | 9,192 | 10,572 |
Cash and cash equivalents at end of year | $ 25,844 | $ 14,031 | $ 9,192 |
VARIABLE INTEREST ENTITIES ("67
VARIABLE INTEREST ENTITIES ("VIEs") (Narrative) (Details) $ in Thousands | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) |
Variable Interest Entity [Line Items] | ||
Number of commercial pools | item | 6 | |
Number of joint ventures | item | 3 | |
Accounts receivable, net, current | $ | $ 66,918 | $ 74,951 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Accounts receivable, net, current | $ | $ 9,985 |
VARIABLE INTEREST ENTITIES ("68
VARIABLE INTEREST ENTITIES ("VIEs") (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | |||
Investments in Affiliated Companies | $ 358,681 | $ 344,891 | $ 331,435 |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Investments in Affiliated Companies | $ 261,403 | $ 271,618 |
VARIABLE INTEREST ENTITIES ("69
VARIABLE INTEREST ENTITIES ("VIEs") (Schedule of Variable Interest Entities Liability in Condensed Consolidated Balance Sheet to Maximum Exposure to Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Other Liabilities | $ 4,438 | $ 8,809 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | $ 300,200 |
DEBT (Exit Financing Facilities
DEBT (Exit Financing Facilities) (Narrative) (Details) - USD ($) | Jun. 03, 2015 | Dec. 31, 2016 | Sep. 20, 2016 | Aug. 05, 2014 |
INSW Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 2.00% | |||
Debt instrument, commitment fee rate | 0.50% | |||
Debt instrument, convenant threshold related to net cash proceeds from asset sales | $ 78,000,000 | $ 5,000,000 | ||
Debt instrument, maximum amount of cash dividend | $ 200,000,000 | |||
INSW Facilities [Member] | 1-Month London Interbank Offered Rate LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.00% | |||
INSW Facilities [Member] | Federal Funds Effective Swap Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.50% | |||
Third Amended INSW Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, maximum amount related to increase in borrowings | $ 75,000,000 | $ 200,000,000 | ||
Debt instrument, maximum amount of cash dividend | $ 100,000,000 | |||
Incremental Term Loan and Incremental Revolving Commitments [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, maximum amount related to increase in borrowings | 200,000,000 | |||
INSW Revolver Facility [Member] | INSW Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | |||
Line of credit facility, current borrowing capacity | 0 | |||
Term Loan [Member] | INSW Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 628,375,000 | |||
Debt instrument, amortization, quarterly percentage of original principal amount | 1.00% | |||
Debt instrument, convenant threshold related to net cash proceeds from asset sales | $ 5,000,000 | |||
Debt instrument, additional mandatory prepayments, percentage | 50.00% |
DEBT (Debt Modifications, Repur
DEBT (Debt Modifications, Repurchases and Extinguishments) (Narrative) (Details) - USD ($) $ in Thousands | Sep. 20, 2016 | Jun. 03, 2015 | Sep. 30, 2016 | Nov. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2017 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||||||
Repayments of long-term debt | $ 75,000 | |||||||
Debt instrument, covenant related to base Available Amount | $ 30,200 | |||||||
Scenario, Forecast [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, covenant related to base Available Amount | $ 70,236 | |||||||
OSG Inc. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash dividends paid to parent company | $ 100,000 | $ 102,000 | ||||||
INSW Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maximum amount of cash dividend | $ 200,000 | |||||||
Debt instrument, convenant threshold related to net cash proceeds from asset sales | $ 78,000 | 5,000 | ||||||
Debt instrument, covenant requirement, threshold amount related to fair value of collateralized assets | 500,000 | |||||||
Payments of financing costs | 8,273 | $ 5,545 | ||||||
Payments of debt issuance costs | 1,153 | |||||||
Deferred financing costs | $ 26,616 | |||||||
Third Amended INSW Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maximum amount of cash dividend | $ 100,000 | |||||||
Debt instrument, maximum amount related to increase in borrowings | 200,000 | 75,000 | ||||||
Repayments of long-term debt | $ 75,000 | |||||||
Incremental Term Loan and Incremental Revolving Commitments [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maximum amount related to increase in borrowings | 200,000 | |||||||
Term Loan [Member] | INSW Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, convenant threshold related to net cash proceeds from asset sales | 5,000 | |||||||
Repayments of long-term debt | 83,832 | |||||||
Debt instrument, repurchase amount | 68,922 | |||||||
Loss on repurchase of debt | 1,342 | |||||||
Write off of deferred debt issuance cost | 5,097 | |||||||
G & A expenses, other, open market debt repurchase legal and consulting fees | $ 225 | |||||||
Debt instrument, maturity date | Aug. 5, 2019 | |||||||
INSW Revolver Facility [Member] | INSW Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maturity date | Feb. 5, 2019 |
DEBT (Schedule of Long-term Deb
DEBT (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Less current portion | $ (6,183) | $ (6,284) |
Long-term portion | 433,468 | 588,938 |
Term Loan [Member] | INSW Facilities [Member] | ||
Long-term debt | $ 459,962 | |
Debt instrument, maturity date | Aug. 5, 2019 | |
Term Loan [Member] | INSW Facilities, due 2019 [Member] | ||
Long-term debt | $ 439,651 | 595,222 |
Less current portion | (6,183) | (6,284) |
Long-term portion | 433,468 | 588,938 |
Unamortized discount and deferred finance costs | $ 20,311 | $ 23,727 |
DEBT (Schedule of Applicable Ma
DEBT (Schedule of Applicable Margins and Floor Interest Rates Exit Financing Facility) (Details) - INSW Facilities [Member] | 12 Months Ended |
Dec. 31, 2016 | |
INSW Revolver Facility [Member] | Base Rate [Member] | Floor [Member] | |
Debt instrument, basis spread on variable rate | 2.00% |
INSW Revolver Facility [Member] | Base Rate [Member] | Applicable Margin [Member] | |
Debt instrument, basis spread on variable rate | 3.50% |
INSW Revolver Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Floor [Member] | |
Debt instrument, basis spread on variable rate | 1.00% |
INSW Revolver Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Applicable Margin [Member] | |
Debt instrument, basis spread on variable rate | 4.50% |
Term Loan [Member] | Base Rate [Member] | Floor [Member] | |
Debt instrument, basis spread on variable rate | 2.00% |
Term Loan [Member] | Base Rate [Member] | Applicable Margin [Member] | |
Debt instrument, basis spread on variable rate | 3.75% |
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Floor [Member] | |
Debt instrument, basis spread on variable rate | 1.00% |
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Applicable Margin [Member] | |
Debt instrument, basis spread on variable rate | 4.75% |
DEBT (Contractual Obligation, F
DEBT (Contractual Obligation, Fiscal Year Maturity Schedule Table 1) (Details) - Term Loan [Member] - INSW Facilities [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Shedule Of Long Term Debt Maturities Repayments Of Principal [Line Items] | |
2,017 | $ 6,183 |
2,018 | 6,183 |
2,019 | 447,596 |
Long-term Debt | $ 459,962 |
DEBT (Contractual Obligation,75
DEBT (Contractual Obligation, Fiscal Year Maturity Schedule Table 2) (Details) - USD ($) $ in Thousands | Aug. 05, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reorganization expense | $ 233 | $ 3,849 | $ 520 | $ (4,471) | $ 1,151 | $ 953 | $ 1,187 | $ 2,368 | $ 131 | $ 5,659 | $ 104,528 | ||
Repayments of secured debt | 65,167 | ||||||||||||
INSW Facilities [Member] | |||||||||||||
Contractual interest (including default interest) | 38,442 | 42,688 | 48,700 | ||||||||||
Reorganization expense | 10,083 | ||||||||||||
Debtor Reorganization Items, Provision for Expected Allowed Claims | 58,783 | ||||||||||||
INSW Facilities, due 2019 [Member] | |||||||||||||
Contractual interest (including default interest) | 38,442 | 42,688 | 17,085 | ||||||||||
Debtor Reorganization Items, Provision for Expected Allowed Claims | 17,085 | ||||||||||||
Co-borrower Obligation Under the Unsecured Revolving Credit Facility [Member] | |||||||||||||
Contractual interest (including default interest) | [1] | 11,155 | |||||||||||
Debtor Reorganization Items, Provision for Expected Allowed Claims | [1] | 11,155 | |||||||||||
Floating Rate Secured Term Loans due through 2023 [Member] | |||||||||||||
Contractual interest (including default interest) | [1] | 20,460 | |||||||||||
Reorganization expense | [1] | 10,083 | |||||||||||
Debtor Reorganization Items, Provision for Expected Allowed Claims | [1] | $ 30,543 | |||||||||||
Co Borrower [Member] | INSW Revolver Facility [Member] | The Pre-reorganized INSW Loan Facilities [Member] | |||||||||||||
Repayments of long-term lines of credit | $ 217,000 | ||||||||||||
Co Borrower [Member] | Unsecured Revolving Credit Facility [Member] | The Pre-reorganized INSW Loan Facilities [Member] | |||||||||||||
Repayments of long-term lines of credit | 217,000 | ||||||||||||
OSG Inc. [Member] | |||||||||||||
Reorganization expense | $ 131 | $ 5,659 | |||||||||||
Secured Term Loans [Member] | The Pre-reorganized INSW Loan Facilities [Member] | |||||||||||||
Repayments of secured debt | 110,000 | ||||||||||||
Secured Term Loans [Member] | OSG Inc. [Member] | The Pre-reorganized INSW Loan Facilities [Member] | |||||||||||||
Repayments of secured debt | $ 468,687 | ||||||||||||
[1] | The Company repaid the principal outstanding of $217,000 for the co-borrower obligation under the unsecured revolving credit facility and the Company and OSG repaid principal outstanding amounts of $110,000 and $468,687, respectively, for the floating rate secured term loans (collectively, the pre-reorganized INSW loan facilities) on the Effective Date. |
DEBT (Schedule of Interest Paid
DEBT (Schedule of Interest Paid) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
OSG Inc. [Member] | ||||
Interest paid, net | $ 838 | |||
INSW Facilities [Member] | ||||
Interest paid, net | [1] | $ 33,039 | $ 36,368 | 31,049 |
INSW Facilities, due 2019 [Member] | ||||
Interest paid, net | $ 33,039 | $ 36,368 | 9,239 | |
Co-borrower Obligation Under the Unsecured Revolving Credit Facility [Member] | ||||
Interest paid, net | 11,496 | |||
Floating Rate Secured Term Loans due through 2023 [Member] | ||||
Interest paid, net | [2] | 10,314 | ||
Rejected Charter Leases Obligations [Member] | ||||
Interest paid, net | 7,453 | |||
Other Obligations [Member] | ||||
Interest paid, net | $ 117 | |||
[1] | For the year ended December 31, 2014, excludes contractual interest the Company paid of $7,453 and $117 relating to the rejected charters (See Note 16, "Leases") and other obligations, respectively. | |||
[2] | Additionally, OSG paid approximately $838 of interest for the year ended December 31, 2014 relating to its guarantee of the floating rate secured loans, which was deemed a capital contribution for financial reporting purposes. |
FAIR VALUE OF FINANCIAL INSTR77
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Narrative) (Details) - Interest Rate Cap [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Of Financial Instruments Derivatives And Fair Value Disclousres [Line Items] | ||
Derivative, notional amount | $ 400,000 | $ 400,000 |
Derivative, cap interest rate | 2.50% | 2.50% |
Derivative, maturity date | Feb. 5, 2017 |
FAIR VALUE OF FINANCIAL INSTR78
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Fair Value of Financial Instruments Other Than Derivatives) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 92,001 | $ 317,847 | [1] |
Restricted cash - non current | 8,989 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 92,001 | 317,847 | [1] |
Term Loan [Member] | INSW Facilities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans Payable, Fair Value Disclosure | (447,888) | (601,928) | |
Term Loan [Member] | INSW Facilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans Payable, Fair Value Disclosure | $ (447,888) | $ (601,928) | |
[1] | Includes non-current restricted cash aggregating $8,989 at December 31, 2015. |
FAIR VALUE OF FINANCIAL INSTR79
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Fair Value of Derivative Instruments) (Details) - Interest Rate Cap [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative Asset | $ 2 | |
Derivative Liability | ||
Other Assets [Member] | ||
Derivative Instruments in Hedges, Assets, at Fair Value | 2 | |
Other Liabilities [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value |
FAIR VALUE OF FINANCIAL INSTR80
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Effect of Cash Flow Hedging Relationships) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrealized losses on derivative instruments | $ (3,052) | $ (10,193) | $ (21,659) |
Interest Rate Cap [Member] | |||
Unrealized losses on derivative instruments | (2) | (472) | (172) |
Interest Rate Swap [Member] | |||
Unrealized losses on derivative instruments | $ (3,050) | $ (9,721) | $ (21,487) |
FAIR VALUE OF FINANCIAL INSTR81
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Effect of Cash Flow Hedging Relationships on Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | $ (2) | |
Ineffective Portion | ||
Interest Rate Cap [Member] | Interest Expense [Member] | ||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | (517) | (2) |
Ineffective Portion |
FAIR VALUE OF FINANCIAL INSTR82
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Fair Values of Assets and Liabilities Measured on Recurring Basis) (Details) - Interest Rate Cap [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative assets | $ 2 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Derivative assets | [1] | $ 2 | |
[1] | For the interest rate cap, fair value is derived using valuation models that utilize the income valuation approach. These valuation models take into account contract terms such as maturity, as well as other inputs such as interest rate yield curves and creditworthiness of the counterparty and the Company. |
FAIR VALUE OF FINANCIAL INSTR83
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Fair Value of Items Measured on Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Sep. 30, 2016 | ||
1 Vessel International Crude Tanker Segment and 7 Vessels International Product Carriers Segment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Vessels held for use, Impairment Charges | $ (29,602) | ||
International Crude Tankers Segment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Vessels held for use, Fair Value | [1],[2] | 38,828 | |
Vessels held for use, Impairment Charges | [1],[2] | (7,786) | |
Other than temporary impairment - Equity method investment | [3] | 258,061 | |
Impairment of equity method investments | [3] | (30,475) | |
International Crude Tankers Segment [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Vessels held for use, Fair Value | [1],[2] | 28,875 | |
International Crude Tankers Segment [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Vessels held for use, Fair Value | [1],[2] | 9,953 | |
Other than temporary impairment - Equity method investment | [3] | 258,061 | |
International Product Carriers Segment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Vessels held for use, Fair Value | [1],[2] | 89,557 | |
Vessels held for use, Impairment Charges | [1],[2] | (71,456) | |
International Product Carriers Segment [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Vessels held for use, Fair Value | [1],[2] | 40,000 | |
International Product Carriers Segment [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Vessels held for use, Fair Value | [1],[2] | 49,557 | |
Two Vessels [Member] | International Crude and Product Carriers Segments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Vessels held for use, Impairment Charges | (49,640) | ||
Four Vessels [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Vessels held for use, Fair Value | $ 68,875 | ||
Eight Vessels [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Vessels held for use, Fair Value | $ 59,510 | ||
[1] | Aggregate pre-tax impairment charges of $49,640 related to two vessels in each of the International Crude Tanker and International Product Carriers segments and $29,602 related to one vessel in the International Crude Tanker segment and seven vessels in the International Product Carriers segment were recorded during the three-month periods ended September 30, 2016 and December 31, 2016, respectively. | ||
[2] | Fair value measurements aggregating $59,510 at December 31, 2016 used to determine the impairment for eight vessels were based on the income approach, which utilized cash flow projections consistent with the most recent projections of the Company and a discount rate equivalent to INSW's weighted average cost of capital. Because the Company uses its own cash flow projections, the cash flow projections are considered to be Level 3. The fair value measurements of $68,875 at September 30, 2016 used to determine impairment for four vessels were based upon a market approach, which considered the expected sales prices of vessels obtained from vessel appraisals. Because sales of vessels occur somewhat infrequently the expected sales prices are considered to be Level 2. | ||
[3] | Aggregate pre-tax impairment charges of $30,475 related to the Company's investments in the FSO joint ventures, which are accounted for using the equity method, were recorded during the three-month period ended December 31, 2016. The fair value measurement of $258,061 at December 31, 2016 used to determine the amount of the impairment was based on the income approach, which utilized cash flow projections consistent with the most recent projections of the Company, and a discount rate equivalent to a market participant's weighted average cost of capital. Because the Company uses its own cash flow projections, the cash flow projections are considered to be Level 3. |
ACCOUNTS PAYABLE, ACCRUED EXP84
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Schedule of Accounts Payable, Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | ||
Accounts payable | $ 2,866 | $ 3,371 |
Payroll and benefits | 5,672 | 2,154 |
Interest | 4,042 | 5,636 |
Due to owners on chartered in vessels | 856 | 2,141 |
Accrued drydock and repair costs | 1,608 | 2,127 |
Bunkers and lubricants | 2,787 | 820 |
Charter revenues received in advance | 6,725 | 1,227 |
Insurance | 2,650 | 1,517 |
Accrued vessel expenses | 6,804 | 9,086 |
Accrued general and administrative expenses | 2,644 | 1,107 |
Other | 1,583 | 1,597 |
Total accounts payable, accrued expense and other current liabilities | $ 38,237 | $ 30,783 |
TAXES (Narrative) (Details)
TAXES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Percent of shipping income subject to U.S. federal taxation | 4.00% | ||
Operating loss carryforwards | $ 42,001 | $ 66,499 | |
Indefinite-lived net operating loss carryforwards | 4,558 | ||
Definite-lived net operating loss carryforwards | 37,443 | ||
Operating loss carryforwards, valuation allowance | 5,406 | 9,904 | |
Increase (decrease) in valuation allowance | (4,498) | ||
Unrecognized tax benefits, interest on income taxes accrued | 33 | $ 22 | |
Unrecognized tax benefits, decrease resulting from settlements with taxing authorities | $ 94 | ||
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards, expiration date | Jan. 1, 2018 | ||
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards, expiration date | Dec. 31, 2023 | ||
Secured Term Loans [Member] | OSG Inc. [Member] | |||
Income Tax Contingency [Line Items] | |||
Repayments of debt | $ 477,835 |
TAXES (Components of Income Tax
TAXES (Components of Income Tax (Provisions) and Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Taxes [Abstract] | |||||||||||
Current | $ 440 | $ 140 | $ 754 | ||||||||
Deferred | (10) | ||||||||||
Total provision for income taxes | $ 283 | $ (20) | $ 173 | $ 4 | $ 254 | $ 27 | $ 95 | $ (236) | $ 440 | $ 140 | $ 744 |
TAXES (Reconcilation of Effecti
TAXES (Reconcilation of Effective to Statutory Tax Rate) (Details) - Foreign Operations [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Adjustments due to: | |||
Liquidation of subsidiaries | (29.53%) | ||
MARSHALL ISLANDS [Member] | |||
Adjustments due to: | |||
Change in valuation allowance | 25.29% | 0.04% | |
Income subject to tax in other jurisdictions | 1.76% | 0.08% | 0.59% |
Effective tax rate | (2.48%) | 0.08% | 0.63% |
TAXES (Components of Deferred T
TAXES (Components of Deferred Tax Liabilities and Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 1,711 | $ 6,714 |
Excess of tax over book basis of depreciable assets | 548 | 666 |
Pensions | 3,147 | 2,519 |
Other | 5 | |
Total deferred tax assets | 5,406 | 9,904 |
Less: Valuation allowance | (5,406) | (9,904) |
Net deferred tax assets | ||
Net noncurrent deferred tax assets |
TAXES (Reconcilation of Amounts
TAXES (Reconcilation of Amounts of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Taxes [Abstract] | ||
Balance of unrecognized tax benefits as of January 1, | $ 40 | $ 170 |
Increases for positions taken in prior years | 115 | |
Decreases for positions taken in prior years | (130) | |
Changes due to currency translations | (2) | |
Balance of unrecognized tax benefits as of December 31, | $ 153 | $ 40 |
RELATED PARTIES (Narrative) (De
RELATED PARTIES (Narrative) (Details) - USD ($) | Aug. 07, 2014 | Aug. 05, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2017 | Dec. 31, 2013 | Nov. 14, 2012 |
Reorganization Items, net | $ 233,000 | $ 3,849,000 | $ 520,000 | $ (4,471,000) | $ 1,151,000 | $ 953,000 | $ 1,187,000 | $ 2,368,000 | $ 131,000 | $ 5,659,000 | $ 104,528,000 | |||||
Non-cash expense relating to stock compensation benefits | 2,841,000 | 2,811,000 | 571,000 | |||||||||||||
Net Carrying Value | 1,100,050,000 | 1,240,411,000 | 1,100,050,000 | 1,240,411,000 | ||||||||||||
Impairment of long-lived assets held-for-use | 79,242,000 | |||||||||||||||
Noncash capital transaction | 154,220,000 | |||||||||||||||
Capital contribution to former parent | $ 53,225,000 | |||||||||||||||
Reimbursed amount from related party | $ 6,306,000 | |||||||||||||||
Separation and transition costs | 9,043,000 | |||||||||||||||
Severance costs related to separation and transition costs | 3,337,000 | |||||||||||||||
Cash dividends paid to parent company by unconsolidated subsidiaries | $ 202,000,000 | $ 200,000,000 | ||||||||||||||
Dividends paid, per share | $ 6.93 | $ 6.86 | ||||||||||||||
Transition Services Agreement [Member] | ||||||||||||||||
Accounts receivable, related parties, current | 27,000 | $ 27,000 | ||||||||||||||
Accounts payable, related parties, current | 31,000 | 31,000 | ||||||||||||||
Transition Services Agreement [Member] | Scenario, Forecast [Member] | ||||||||||||||||
Receivable from (payable to) related party | $ 79,000 | |||||||||||||||
Vessel/Fleet [Member] | ||||||||||||||||
Net Carrying Value | 1,097,491,000 | 1,237,934,000 | 1,097,491,000 | $ 1,237,934,000 | 1,306,540,000 | $ 1,360,799,000 | ||||||||||
Product Carrier Victory Ship [Member] | ||||||||||||||||
Net Carrying Value | $ 24,687,000 | |||||||||||||||
Parent Company [Member] | Financial Guarantee [Member] | ||||||||||||||||
Repayments of debt | 477,835,000 | |||||||||||||||
Parent Company [Member] | Transition Services Agreement [Member] | Scenario, Forecast [Member] | ||||||||||||||||
Receivable from (payable to) related party | $ (156,000) | |||||||||||||||
Maremar Tanker Limitied Liability Company [Member] | Product Carrier Victory Ship [Member] | ||||||||||||||||
Non cash forgiveness of related party receivable applied to capital contributions | 23,213,000 | |||||||||||||||
Impairment of long-lived assets held-for-use | 124,000 | |||||||||||||||
OSG Inc. [Member] | ||||||||||||||||
Capital contribution from former parent | 3,797,000 | 9,424,000 | ||||||||||||||
Reorganization Items, net | 131,000 | 5,659,000 | ||||||||||||||
Non-cash expense relating to stock compensation benefits | 2,520,000 | 2,811,000 | ||||||||||||||
Allocated general and administrative expenses recorded as capital contributions | 1,146,000 | 954,000 | ||||||||||||||
Qatar Gas Transport Company Limited Nakilat Joint Venture [Member] | ||||||||||||||||
Guarantor obligation fee | 100,000 | |||||||||||||||
Secured Term Loans [Member] | OSG Inc. [Member] | ||||||||||||||||
Repayments of debt | $ 477,835,000 | |||||||||||||||
The Pre-reorganized INSW Loan Facilities [Member] | INSW Revolver Facility [Member] | Co Borrower [Member] | ||||||||||||||||
Repayments of long-term lines of credit | 217,000,000 | |||||||||||||||
The Pre-reorganized INSW Loan Facilities [Member] | Unsecured Revolving Credit Facility [Member] | Co Borrower [Member] | ||||||||||||||||
Repayments of long-term lines of credit | $ 217,000,000 | |||||||||||||||
Euronav Nv / FSO Joint Venture [Member] | FSO Asia and FSO Africa [Member] | ||||||||||||||||
Guarantor obligations, maximum exposure, undiscounted | 38,789,000 | 38,789,000 | ||||||||||||||
Guarantor obligations, current carrying value | 0 | $ 0 | 0 | $ 0 | ||||||||||||
LNG Joint Venture [Member] | ||||||||||||||||
Annual fee to related party | $ 125,000 | $ 125,000 |
RELATED PARTIES (Schedule of Re
RELATED PARTIES (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reorganization Items, net | $ 233 | $ 3,849 | $ 520 | $ (4,471) | $ 1,151 | $ 953 | $ 1,187 | $ 2,368 | $ 131 | $ 5,659 | $ 104,528 |
Due to the Former Parent and its subsidiaries for cost sharing reimbursements | $ 683 | $ 11,350 | 683 | 11,350 | |||||||
OSG Inc. [Member] | |||||||||||
General and administrative | 21,486 | 36,792 | 39,570 | ||||||||
Depreciation | 517 | 730 | 1,022 | ||||||||
Technical management transition costs | 21 | ||||||||||
Severance and relocation costs | 6,569 | 670 | |||||||||
Reorganization Items, net | 131 | 5,659 | 86,179 | ||||||||
Total corporate overhead allocations from the Former Parent | $ 28,703 | $ 43,181 | $ 127,462 |
CAPITAL STOCK AND STOCK COMPE92
CAPITAL STOCK AND STOCK COMPENSATION (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Reorganization Items, net | $ 233 | $ 3,849 | $ 520 | $ (4,471) | $ 1,151 | $ 953 | $ 1,187 | $ 2,368 | $ 131 | $ 5,659 | $ 104,528 |
Restricted stock or unit expense | $ 2,157 | $ 2,380 | $ 497 | ||||||||
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term | 8 years 9 months 4 days | ||||||||||
Vested or expected to vest, shares | 0 | 0 | 0 | 0 | 0 | ||||||
Stock options, compensation expense (income) | $ 684 | $ 431 | $ 56 | ||||||||
Share based compensation expense, unrecognized | $ 2,645 | $ 2,645 | |||||||||
Share based compensation expense, unrecognized, period | 1 year 5 months 16 days | ||||||||||
Employee Stock Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted, options | 127,559 | ||||||||||
Spin Off Options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based compensation, shares authorized under stock option plans, exercise price range, outstanding options, weighted average exercise price | $ 23.61 | $ 23.61 | |||||||||
Spin Off Options [Member] | Exercise Prices Ranging from $19.04 to $30.94 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Lower range, price | $ 19.04 | ||||||||||
Incentive Plans [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Incentive Plan stock option compensation costs to be recognized over remaining vesting period | $ 427 | $ 427 | |||||||||
Management Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares authorized, share plans | 2,000,000 | 2,000,000 | |||||||||
Management Plan [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted | 24,953 | ||||||||||
Management Plan [Member] | Time Based Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted | 76,585 | ||||||||||
Granted, per share | $ 15 | ||||||||||
Management Plan [Member] | Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted | 33,709 | ||||||||||
Granted, per share | $ 15 | ||||||||||
Management Plan [Member] | Performance Shares [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting percentage | 33.3333% | ||||||||||
Management Plan [Member] | Performance Shares [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting percentage | 33.3333% | ||||||||||
Management Plan [Member] | Performance Shares [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting percentage | 33.3333% | ||||||||||
Management Plan [Member] | Convertible into Restricted Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted | 8,756 | ||||||||||
Management Plan [Member] | Spin Off Options [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Fair value assumptions, method used | Black-Scholes option pricing model | ||||||||||
Fair value assumptions, risk free interest rate | 2.18% | 1.79% | 1.79% | ||||||||
Fair value assumptions, expected dividend rate | 0.00% | 0.00% | 0.00% | ||||||||
Fair value assumptions, expected volatility factor | 0.40% | 0.40% | 0.40% | ||||||||
Fair value assumptions, expected life | 5 years | 4 years | 4 years | ||||||||
Options, weighted average grant-date fair value | $ 4.55 | $ 2.26 | $ 1.86 | ||||||||
Vesting period | 3 years | ||||||||||
Awards, expiration | 10 years | ||||||||||
Management Plan [Member] | Spin Off Options [Member] | Exercise Prices Ranging from $19.04 to $30.94 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Lower range, price | $ 19.04 | ||||||||||
Upper range, price | $ 30.93 | ||||||||||
Stock issued during period, shares, new issues | 127,559 | ||||||||||
Director Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares authorized, share plans | 400,000 | 400,000 | |||||||||
Director Plan [Member] | Restricted Stock [Member] | Directors [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted | 32,067 | ||||||||||
Director Plan [Member] | Common Class A [Member] | Restricted Stock [Member] | Directors [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted, per share | $ 13.72 | ||||||||||
Stock Incentive Plan 2004 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Reorganization Items, net | $ 1,374 | ||||||||||
OSG Inc. [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Reorganization Items, net | $ 131 | $ 5,659 |
CAPITAL STOCK AND STOCK COMPE93
CAPITAL STOCK AND STOCK COMPENSATION (Restricted Stock Activity) (Details) - Restricted Common Stock and Restricted Stock Units [Member] | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
INSW RSUs issued to replace OSG RSUs | 110,294 |
Granted | 32,067 |
Vested | (25,103) |
Nonvested Shares Outstanding Ending Balance | 117,258 |
Vested, share price | $ / shares | $ 19.04 |
CAPITAL STOCK AND STOCK COMPE94
CAPITAL STOCK AND STOCK COMPENSATION (Stock Option Activity) (Details) - Employee Stock Option [Member] - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Outstanding Beginning Balance | ||
Granted | 127,559 | |
Forfeited | ||
Exercised | ||
Canelled | (127,559) | |
Options Outstanding Ending Balance | 127,559 | |
Options Exercisable | 26,601 |
ACCUMULATED OTHER COMPREHENSI95
ACCUMULATED OTHER COMPREHENSIVE LOSS (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Accumulated Other Comprehensive Loss [Abstract] | |
Unrecognized prior service credits | $ 1,403 |
Unrecognized prior service credits, net of tax | 1,068 |
Unrecognized actuarial losses | 12,173 |
Unrecognized actuarial losses, net of tax | 10,882 |
Prior service credit expected to be recognized, next fiscal year | 64 |
Actuarial losses expected to be recognized, next fiscal year | 421 |
Derivative instruments, gain (loss) reclassification from accumulated oci to income, estimated net amount to be transferred | $ 12,499 |
ACCUMULATED OTHER COMPREHENSI96
ACCUMULATED OTHER COMPREHENSIVE LOSS (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Loss [Abstract] | ||||
Unrealized losses on derivative instruments | $ (40,317) | $ (53,446) | $ (61,356) | $ (59,263) |
Items not yet recognized as a component of net periodic benefit cost (pension plans) | (11,950) | (10,636) | (12,988) | (8,246) |
Foreign currency translation adjustment | (42) | (29) | (116) | |
Accumulated other comprehensive loss | $ (52,267) | $ (64,124) | $ (74,373) | $ (67,625) |
ACCUMULATED OTHER COMPREHENSI97
ACCUMULATED OTHER COMPREHENSIVE LOSS (Changes in Components of AOCI, Net of Related Taxes) (Details) - USD ($) $ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Loss [Abstract] | |||||
Unrealized losses on cash flow hedges, Beginning Balance | $ (59,263) | $ (53,446) | $ (61,356) | $ (59,263) | |
Unrealized losses on cash flow hedges, Current period change excluding amounts reclassified from other comprehensive loss | (3,052) | (10,193) | (21,659) | ||
Unrealized losses on cash flow hedges, Amounts reclassified from accumulated other comprehensive loss | 16,181 | 18,103 | 19,566 | ||
Unrealized losses on cash flow hedges, Total change in accumulated other comprehensive loss | 13,129 | 7,910 | (2,093) | ||
Unrealized losses on cash flow hedges, Ending Balance | $ (61,356) | (40,317) | (53,446) | (61,356) | |
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans), Beginning Balance | (8,246) | (10,636) | (12,988) | (8,246) | |
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans), Current period change excluding amounts reclassified from other comprehensive loss | (2,364) | 1,870 | (5,069) | ||
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans), Amounts reclassified from accumulated other comprehensive loss | 1,050 | 482 | 327 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Total | (1,314) | 2,352 | (4,742) | ||
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans), Ending Balance | (12,988) | (11,950) | (10,636) | (12,988) | |
Foreign currency translation adjustment, Beginning Balance | (116) | (42) | (29) | (116) | |
Foreign currency translation adjustment, Current period change, excluding amounts reclassified from accumulated other comprehensive loss | 42 | (13) | 87 | ||
Foreign currency translation adjustment, Total change in accumulated other comprehensive loss | 42 | (13) | 87 | ||
Foreign currency translation adjustment, Ending Balance | (29) | (42) | (29) | ||
Beginning Balance | (67,625) | (64,124) | (74,373) | (67,625) | |
Current period change excluding amounts reclassified from other comprehensive loss | (5,374) | (8,336) | (26,641) | ||
Amounts reclassified from accumulated other comprehensive loss | 17,231 | 18,585 | 19,893 | ||
Total change in accumulated other comprehensive loss | (5,764) | $ (984) | 11,857 | 10,249 | (6,748) |
Ending Balance | $ (74,373) | $ (52,267) | $ (64,124) | $ (74,373) |
ACCUMULATED OTHER COMPREHENSI98
ACCUMULATED OTHER COMPREHENSIVE LOSS (Amounts Reclassified out of AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans): | |||
Other comprehensive income (loss), before tax | $ (17,231) | $ (18,585) | $ (19,901) |
Other comprehensive income (loss), tax expense (benefit) | 8 | ||
Total reclassification from AOCI | (17,231) | (18,585) | (19,893) |
Equity in Income of Affiliated Companies [Member] | Interest Rate Swap [Member] | |||
Unrealized losses on cash flow hedges: | |||
Unrealized gain (loss) on cash flow hedge instruments | (15,664) | (18,101) | (19,566) |
Interest Expense [Member] | Interest Rate Cap [Member] | |||
Unrealized losses on cash flow hedges: | |||
Unrealized gain (loss) on cash flow hedge instruments | (517) | (2) | |
General and Administrative Expense [Member] | |||
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans): | |||
Net periodic benefit costs associated with pension and postretirement benefit plans for shore-based employees | $ (1,050) | $ (482) | $ (335) |
ACCUMULATED OTHER COMPREHENSI99
ACCUMULATED OTHER COMPREHENSIVE LOSS (Income Tax Expense Allocated to Each Component of Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans), Current period change excluding amounts reclassified from other comprehensive loss | $ (2,364) | $ 1,870 | $ (5,069) |
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans), Amounts reclassified from accumulated other comprehensive loss | 1,050 | 482 | 327 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Total | $ (1,314) | $ 2,352 | (4,742) |
Tax (Expense)/ Benefit [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Items not yet recognized as a component of net periodic benefit cost (pension and other postretirement plans), Amounts reclassified from accumulated other comprehensive loss | 8 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Total | $ 8 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) $ in Thousands | Aug. 05, 2014USD ($) | Dec. 31, 2012property | Dec. 31, 2016USD ($)property | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Apr. 30, 2013property | Apr. 30, 2013property | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Leases [Line Items] | |||||||||||||||
Reorganization items, total | $ | $ 233 | $ 3,849 | $ 520 | $ (4,471) | $ 1,151 | $ 953 | $ 1,187 | $ 2,368 | $ 131 | $ 5,659 | $ 104,528 | ||||
Interest expense | $ | $ 9,525 | $ 9,519 | $ 9,690 | $ 10,742 | $ 10,934 | $ 11,050 | $ 10,566 | $ 10,420 | 39,476 | 42,970 | 56,258 | ||||
Operating leases, rent expense | $ | $ 37,411 | $ 36,802 | $ 60,955 | ||||||||||||
Contract Termination [Member] | |||||||||||||||
Leases [Line Items] | |||||||||||||||
Interest expense | $ | $ 7,453 | ||||||||||||||
Stock Compensation Plan [Member] | |||||||||||||||
Leases [Line Items] | |||||||||||||||
Reorganization items, total | $ | $ 6,419 | ||||||||||||||
7 Handysize Product Carriers and 1 Aframax [Member] | |||||||||||||||
Leases [Line Items] | |||||||||||||||
Number of vessels, new lease agreements | 8 | ||||||||||||||
Suezmax [Member] | |||||||||||||||
Leases [Line Items] | |||||||||||||||
Number of vessels, redelivered to owners | 1 | ||||||||||||||
Handysize Product Carrier [Member] | |||||||||||||||
Leases [Line Items] | |||||||||||||||
Number of vessels, redelivered to owners | 1 | ||||||||||||||
11 Handysize Product Carriers, 2 Panamax Product Carriers, 1 Suezmax and 1 Aframax [Member] | |||||||||||||||
Leases [Line Items] | |||||||||||||||
Number of vessels, redelivered to owners | 15 | ||||||||||||||
Charter-In [Member] | |||||||||||||||
Leases [Line Items] | |||||||||||||||
Number of vessels, rejected leases, Court approved | 25 | ||||||||||||||
Commitments to charter in vessels, Number of Units | 7 | 7 | |||||||||||||
Bareboat Charters-In [Member] | |||||||||||||||
Leases [Line Items] | |||||||||||||||
Commitments to charter in vessels, Number of Units | 3 | 3 | |||||||||||||
Time Charters-In [Member] | |||||||||||||||
Leases [Line Items] | |||||||||||||||
Commitments to charter in vessels, Number of Units | 4 | 4 |
LEASES (Bareboat and Time Chart
LEASES (Bareboat and Time Charters-In) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Bareboat Charters-In [Member] | |
Leases [Line Items] | |
2,017 | $ 7,016 |
2,018 | 1,841 |
Net minimum lease payments | $ 8,857 |
2017, operating days | 1063 days |
2018, operating days | 279 days |
Operating days, total | 1342 days |
Time Charters-In [Member] | |
Leases [Line Items] | |
2,017 | $ 15,440 |
Net minimum lease payments | $ 15,440 |
2017, operating days | 1488 days |
Operating days, total | 1488 days |
LEASES (Future Minimum Revenues
LEASES (Future Minimum Revenues on Charters-Out) (Details) - Charters-Out [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,017 | $ 30,718 |
2,018 | 913 |
Net minimum lease payments | $ 31,631 |
2017, revenue days | 1504 days |
2018, revenue days | 166 days |
Revenue Days | 1670 days |
LEASES (Future Minimum Lease Ob
LEASES (Future Minimum Lease Obligations for Office Space) (Details) - Office Space [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Leases [Line Items] | |
2,017 | $ 1,088 |
2,018 | 998 |
2,019 | 998 |
2,020 | 998 |
2,021 | 665 |
Net minimum lease payments | $ 4,747 |
PENSION AND OTHER POSTRETIRE104
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Narrative) (Details) - Scheme Plan [Member] - Foreign Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, contributions by employer | $ 7,605 | $ 1,161 | $ 4,519 | |
Scenario, Forecast [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, contributions by employer | $ 719 | |||
Equity Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, target plan asset allocations | 86.00% | 90.00% | ||
Fixed Income Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, target plan asset allocations | 10.00% | 14.00% |
PENSION AND OTHER POSTRETIRE105
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in benefit obligation: | |||
Cost of benefits earned (service cost) | $ 532 | ||
Interest cost on benefit obligation | $ 886 | $ 1,164 | 1,333 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | |||
Fair value of plan assets at year end | 25,466 | ||
Scheme Plan [Member] | Foreign Pension Plan [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 29,899 | 34,138 | |
Interest cost on benefit obligation | 932 | 1,164 | |
Actuarial (gains)/losses | 5,525 | (2,387) | |
Benefits paid | (603) | (1,501) | |
Settlements | (1,579) | ||
Foreign exchange losses/(gains) | (4,934) | (1,515) | |
Benefit obligation at year end | 29,240 | 29,899 | 34,138 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 21,090 | 22,205 | |
Actual return on plan assets | 2,503 | 175 | |
Employer contributions | 7,605 | 1,161 | 4,519 |
Benefits paid | (603) | (1,501) | |
Settlements | (1,775) | ||
Foreign exchange losses | (3,354) | (950) | |
Fair value of plan assets at year end | 25,466 | 21,090 | $ 22,205 |
Unfunded status at December 31 | $ (3,774) | $ (8,809) |
PENSION AND OTHER POSTRETIRE106
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Domestic Plans with Accumulated Benefit Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Pension and Other Postretirement Benefit Plans [Abstract] | ||
Projected benefit obligation | $ 29,240 | $ 29,899 |
Accumulated benefit obligation | 29,240 | 29,899 |
Fair value of plan assets | $ 25,466 | $ 21,090 |
PENSION AND OTHER POSTRETIRE107
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Components of Expense, Domestic Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components of expense: | |||
Defined benefit plan, service cost | $ 532 | ||
Defined benefit plan, interest cost | $ 886 | $ 1,164 | 1,333 |
Expected return on plan assets | (951) | (1,159) | (1,573) |
Amortization of prior-service costs | 67 | 79 | 87 |
Recognized net actuarial loss | 343 | 403 | 230 |
Recognized settlement loss | 640 | ||
Net periodic (benefit)/cost | $ 985 | $ 487 | $ 609 |
PENSION AND OTHER POSTRETIRE108
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Weighted-Average Assumptions Used to Determine Benefit Obligations) (Details) | Dec. 31, 2016 | Dec. 31, 2015 |
Pension and Other Postretirement Benefit Plans [Abstract] | ||
Discount rate | 2.60% | 3.80% |
PENSION AND OTHER POSTRETIRE109
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Assumptions Used to Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension and Other Postretirement Benefit Plans [Abstract] | |||
Discount rate | 3.80% | 3.55% | 4.50% |
Expected (long-term) return on plan assets | 5.62% | 5.35% | 7.29% |
Rate of future compensation increases |
PENSION AND OTHER POSTRETIRE110
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Pension and Other Postretirement Benefit Plans [Abstract] | |
2,017 | $ 1,015 |
2,018 | 773 |
2,019 | 785 |
2,020 | 798 |
2,021 | 1,025 |
Years 2022-2026 | 5,926 |
Defined Benefit Plan Expected Future Benefit Payments | $ 10,322 |
PENSION AND OTHER POSTRETIRE111
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Fair Values of Pension Plan Assets) (Details) $ in Thousands | Dec. 31, 2016USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, fair value of plan assets | $ 25,466 | |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, fair value of plan assets | 8,303 | |
International Companies [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, fair value of plan assets | 15,166 | |
Government Debt Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, fair value of plan assets | 1,997 | |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, fair value of plan assets | 8,303 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, fair value of plan assets | 8,303 | |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, fair value of plan assets | 17,163 | [1] |
Fair Value, Inputs, Level 2 [Member] | International Companies [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, fair value of plan assets | 15,166 | [1] |
Fair Value, Inputs, Level 2 [Member] | Government Debt Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, fair value of plan assets | $ 1,997 | [1] |
[1] | Quoted prices for the equity and debt securities are not available from an active market source since such investments are index funds. Therefore, the mid-price, which is a price calculated based on the mid-point between the buying and the selling prices of the index funds assets, was used as such mid-prices are considered to be quoted prices for similar assets. |
SEVERANCE COSTS (Narrative) (De
SEVERANCE COSTS (Narrative) (Details) $ in Thousands | Jan. 14, 2014property | Jan. 12, 2014property | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) |
Restructuring Cost and Reserve [Line Items] | |||||
Number of owned vessels | property | 46 | 33 | |||
Severance costs | $ 16,666 | ||||
Transition costs | $ 39 | 3,417 | |||
International Crude Tankers Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of owned vessels | item | 24 | 24 | |||
Severance costs | 3,428 | ||||
Transition costs | 1,672 | ||||
International Product Carriers Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of owned vessels | item | 18 | 18 | |||
Severance costs | $ 0 | $ 0 | 7,651 | ||
Transition costs | 1,260 | ||||
Non Executive Employees Incentive Program [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Target awards, amount | $ 3,228 | ||||
Non Executive Employees Incentive Program [Member] | Minimum [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Percentage of target awards | 25.00% | ||||
Non Executive Employees Incentive Program [Member] | Maximum [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Percentage of target awards | 75.00% |
2016 AND 2015 QUARTERLY RESULTS
2016 AND 2015 QUARTERLY RESULTS OF OPERATIONS (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Quarterly Financial Information [Line Items] | |||||||||||||||||
Shipping revenues | $ 85,810 | $ 80,771 | $ 103,062 | $ 128,676 | $ 124,970 | $ 131,121 | $ 124,093 | $ 117,450 | $ 398,319 | $ 497,634 | $ 517,018 | ||||||
Gain/(loss) on disposal of vessels, including impairments | (29,734) | (49,640) | 171 | 55 | 3,238 | 1,166 | (79,203) | 4,459 | 9,955 | ||||||||
Income/(loss) from vessel operations | (28,509) | (47,758) | 29,079 | 53,129 | 39,611 | 52,982 | 47,676 | 36,045 | 5,941 | 176,314 | 4,604 | ||||||
Interest expense | (9,525) | (9,519) | (9,690) | (10,742) | (10,934) | (11,050) | (10,566) | (10,420) | (39,476) | (42,970) | (56,258) | ||||||
Reorganization items, net | (233) | (3,849) | (520) | 4,471 | (1,151) | (953) | (1,187) | (2,368) | (131) | (5,659) | (104,528) | ||||||
Income Tax Provision | (283) | 20 | (173) | (4) | (254) | (27) | (95) | 236 | (440) | (140) | (744) | ||||||
Net (loss)/income | $ (57,757) | [1] | $ (50,862) | [1] | $ 30,506 | [1] | $ 59,890 | [1] | $ 37,606 | $ 51,933 | $ 47,690 | $ 35,941 | $ 888 | $ (119,987) | $ (18,223) | $ 173,170 | $ (119,099) |
Basic and Diluted net income (in dollars per share) | $ (1.98) | $ (1.74) | $ 1.05 | $ 2.05 | $ 1.29 | $ 1.78 | $ 1.64 | $ 1.23 | $ (0.62) | $ 5.94 | $ (4.08) | ||||||
Euronav NV FSO Joint Venture And LNG Joint Venture And Other Equity Method Invesments [Member] | |||||||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||||
Other than temporary impairment - Equity method investment, Impairment Charges | $ 30,475 | ||||||||||||||||
Euronav Nv / FSO Joint Venture [Member] | |||||||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||||||
Other than temporary impairment - Equity method investment, Impairment Charges | $ 30,475 | ||||||||||||||||
[1] | As discussed in Note 7, "Equity Method Investments," the Company recorded impairment charges of $30,475 in the fourth quarter related to its investment in the FSO Joint Venture. |
CONTINGENCIES (Narrative) (Deta
CONTINGENCIES (Narrative) (Details) £ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2015GBP (£) | Oct. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | |||||
Expected special cash dividends | $ 202,000 | $ 200,000 | |||
Merchant Navy Ratings Pension Fund [Member] | |||||
Loss Contingencies [Line Items] | |||||
Defined benefit plan, contributions by employer | £ 700 | $ 1,074 | $ 1,487 |
Uncategorized Items - cik000167
Label | Element | Value | |
Lng Joint Venture [Member] | Liquid Natural Gas Carrier Vessel [Member] | |||
Equity Method Investment Summarized Financial Information Accounts Payable And Accrued Expenses | insw_EquityMethodInvestmentSummarizedFinancialInformationAccountsPayableAndAccruedExpenses | $ 7,634,000 | |
Equity Method Investment Summarized Financial Information Accounts Payable And Accrued Expenses | insw_EquityMethodInvestmentSummarizedFinancialInformationAccountsPayableAndAccruedExpenses | 6,103,000 | |
Equity Method Investment Summarized Financial Information Trade Receivables Current | insw_EquityMethodInvestmentSummarizedFinancialInformationTradeReceivablesCurrent | 655,000 | |
Equity Method Investment Summarized Financial Information Trade Receivables Current | insw_EquityMethodInvestmentSummarizedFinancialInformationTradeReceivablesCurrent | 853,000 | |
Equity Method Investment, Summarized Financial Information, Assets | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets | 868,395,000 | |
Equity Method Investment, Summarized Financial Information, Assets | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets | 852,027,000 | |
Equity Method Investment Summarized Financial Information Long Term Debt Noncurrent | insw_EquityMethodInvestmentSummarizedFinancialInformationLongTermDebtNoncurrent | 631,655,000 | |
Equity Method Investment Summarized Financial Information Long Term Debt Noncurrent | insw_EquityMethodInvestmentSummarizedFinancialInformationLongTermDebtNoncurrent | 590,985,000 | |
Equity Method Investment, Summarized Financial Information, Current Assets | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets | 30,407,000 | |
Equity Method Investment, Summarized Financial Information, Current Assets | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets | 42,428,000 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss | 14,935,000 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss | 23,245,000 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss | 23,401,000 | |
Equity Method Investment Summarized Financial Information Operating Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingIncomeLoss | 56,463,000 | |
Equity Method Investment Summarized Financial Information Operating Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingIncomeLoss | 60,584,000 | |
Equity Method Investment Summarized Financial Information Operating Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingIncomeLoss | 60,352,000 | |
Equity Method Investment, Summarized Financial Information, Revenue | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue | 112,300,000 | |
Equity Method Investment, Summarized Financial Information, Revenue | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue | 114,819,000 | |
Equity Method Investment, Summarized Financial Information, Revenue | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue | 116,547,000 | |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity | 868,395,000 | |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity | 852,027,000 | |
Equity Method Investment Summarized Financial Information Cash And Cash Equivalents | insw_EquityMethodInvestmentSummarizedFinancialInformationCashAndCashEquivalents | 14,031,000 | |
Equity Method Investment Summarized Financial Information Cash And Cash Equivalents | insw_EquityMethodInvestmentSummarizedFinancialInformationCashAndCashEquivalents | 25,844,000 | |
Equity Method Investment Summarized Financial Information Assets Property Plant And Equipment Net | insw_EquityMethodInvestmentSummarizedFinancialInformationAssetsPropertyPlantAndEquipmentNet | 785,523,000 | |
Equity Method Investment Summarized Financial Information Assets Property Plant And Equipment Net | insw_EquityMethodInvestmentSummarizedFinancialInformationAssetsPropertyPlantAndEquipmentNet | 759,127,000 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities | 73,246,000 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities | 70,347,000 | |
Equity Method Investment Summarized Financial Information Other Receivables Current | insw_EquityMethodInvestmentSummarizedFinancialInformationOtherReceivablesCurrent | 203,000 | |
Equity Method Investment Summarized Financial Information Other Receivables Current | insw_EquityMethodInvestmentSummarizedFinancialInformationOtherReceivablesCurrent | 54,000 | |
Equity Method Investment Summarized Financial Information Operating Expenses | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingExpenses | 55,837,000 | |
Equity Method Investment Summarized Financial Information Operating Expenses | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingExpenses | 54,235,000 | |
Equity Method Investment Summarized Financial Information Operating Expenses | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingExpenses | 56,195,000 | |
Equity Method Investment Summarized Financial Information, Equity | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity | 86,539,000 | |
Equity Method Investment Summarized Financial Information, Equity | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity | 132,783,000 | |
Equity Method Investment Summarized Financial Information Derivative Liability Current | insw_EquityMethodInvestmentSummarizedFinancialInformationDerivativeLiabilityCurrent | 26,307,000 | |
Equity Method Investment Summarized Financial Information Derivative Liability Current | insw_EquityMethodInvestmentSummarizedFinancialInformationDerivativeLiabilityCurrent | 22,545,000 | |
Equity Method Investment Summarized Financial Information Assets Other Assets | insw_EquityMethodInvestmentSummarizedFinancialInformationAssetsOtherAssets | 6,266,000 | |
Equity Method Investment Summarized Financial Information Assets Other Assets | insw_EquityMethodInvestmentSummarizedFinancialInformationAssetsOtherAssets | 2,593,000 | |
Equity Method Investment Summarized Financial Information Restricted Cash Noncurrent | insw_EquityMethodInvestmentSummarizedFinancialInformationRestrictedCashNoncurrent | 46,199,000 | |
Equity Method Investment Summarized Financial Information Restricted Cash Noncurrent | insw_EquityMethodInvestmentSummarizedFinancialInformationRestrictedCashNoncurrent | 47,879,000 | |
Equity Method Investment Summarized Financial Information Derivative Liability Noncurrent | insw_EquityMethodInvestmentSummarizedFinancialInformationDerivativeLiabilityNoncurrent | 76,955,000 | |
Equity Method Investment Summarized Financial Information Derivative Liability Noncurrent | insw_EquityMethodInvestmentSummarizedFinancialInformationDerivativeLiabilityNoncurrent | 57,912,000 | |
Equity Method Investment Summarized Financial Information Restricted Cash Current | insw_EquityMethodInvestmentSummarizedFinancialInformationRestrictedCashCurrent | 13,370,000 | |
Equity Method Investment Summarized Financial Information Restricted Cash Current | insw_EquityMethodInvestmentSummarizedFinancialInformationRestrictedCashCurrent | 13,160,000 | |
Equity Method Investment Summarized Financial Information Long Term Debt Current | insw_EquityMethodInvestmentSummarizedFinancialInformationLongTermDebtCurrent | 39,305,000 | |
Equity Method Investment Summarized Financial Information Long Term Debt Current | insw_EquityMethodInvestmentSummarizedFinancialInformationLongTermDebtCurrent | 41,699,000 | |
Equity Method Investment Summarized Financial Information Inventory | insw_EquityMethodInvestmentSummarizedFinancialInformationInventory | 2,148,000 | |
Equity Method Investment Summarized Financial Information Inventory | insw_EquityMethodInvestmentSummarizedFinancialInformationInventory | 2,517,000 | |
Equity Method Investment Summarized Financial Information Interest Expense | insw_EquityMethodInvestmentSummarizedFinancialInformationInterestExpense | 41,622,000 | |
Equity Method Investment Summarized Financial Information Interest Expense | insw_EquityMethodInvestmentSummarizedFinancialInformationInterestExpense | 39,650,000 | |
Equity Method Investment Summarized Financial Information Interest Expense | insw_EquityMethodInvestmentSummarizedFinancialInformationInterestExpense | 37,660,000 | |
Equity Method Investment, Summarized Financial Information, Liabilities | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities | 781,856,000 | |
Equity Method Investment, Summarized Financial Information, Liabilities | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities | 719,244,000 | |
Equity Method Investment Summarized Financial Information Other Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOtherIncomeLoss | 94,000 | |
Equity Method Investment Summarized Financial Information Other Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOtherIncomeLoss | 2,311,000 | |
Equity Method Investment Summarized Financial Information Other Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOtherIncomeLoss | 709,000 | |
Euronav Nv Joint Venture [Member] | Floating Storage Off Loading Unit Asia [Member] | |||
Equity Method Investment Summarized Financial Information Accounts Payable And Accrued Expenses | insw_EquityMethodInvestmentSummarizedFinancialInformationAccountsPayableAndAccruedExpenses | 1,731,000 | |
Equity Method Investment Summarized Financial Information Accounts Payable And Accrued Expenses | insw_EquityMethodInvestmentSummarizedFinancialInformationAccountsPayableAndAccruedExpenses | 1,557,000 | |
Equity Method Investment Summarized Financial Information Trade Receivables Current | insw_EquityMethodInvestmentSummarizedFinancialInformationTradeReceivablesCurrent | 10,817,000 | |
Equity Method Investment Summarized Financial Information Trade Receivables Current | insw_EquityMethodInvestmentSummarizedFinancialInformationTradeReceivablesCurrent | 10,891,000 | |
Equity Method Investment Summarized Financial Information Due to Related Parties | insw_EquityMethodInvestmentSummarizedFinancialInformationDueToRelatedParties | 247,000 | |
Equity Method Investment, Summarized Financial Information, Assets | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets | 378,314,000 | |
Equity Method Investment, Summarized Financial Information, Assets | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets | 367,534,000 | |
Equity Method Investment Summarized Financial Information Long Term Debt Noncurrent | insw_EquityMethodInvestmentSummarizedFinancialInformationLongTermDebtNoncurrent | 75,208,000 | |
Equity Method Investment, Summarized Financial Information, Current Assets | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets | 41,748,000 | |
Equity Method Investment, Summarized Financial Information, Current Assets | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets | 47,889,000 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss | 26,547,000 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss | 29,320,000 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss | 31,257,000 | |
Equity Method Investment Summarized Financial Information Operating Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingIncomeLoss | 34,158,000 | |
Equity Method Investment Summarized Financial Information Operating Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingIncomeLoss | 35,630,000 | |
Equity Method Investment Summarized Financial Information Operating Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingIncomeLoss | 36,099,000 | |
Equity Method Investment, Summarized Financial Information, Revenue | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue | 64,330,000 | |
Equity Method Investment, Summarized Financial Information, Revenue | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue | 65,097,000 | |
Equity Method Investment, Summarized Financial Information, Revenue | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue | 65,389,000 | |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity | 378,314,000 | |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity | 367,534,000 | |
Equity Method Investment Summarized Financial Information Cash And Cash Equivalents | insw_EquityMethodInvestmentSummarizedFinancialInformationCashAndCashEquivalents | 16,413,000 | |
Equity Method Investment Summarized Financial Information Cash And Cash Equivalents | insw_EquityMethodInvestmentSummarizedFinancialInformationCashAndCashEquivalents | 23,013,000 | |
Equity Method Investment Summarized Financial Information Assets Property Plant And Equipment Net | insw_EquityMethodInvestmentSummarizedFinancialInformationAssetsPropertyPlantAndEquipmentNet | 328,719,000 | |
Equity Method Investment Summarized Financial Information Assets Property Plant And Equipment Net | insw_EquityMethodInvestmentSummarizedFinancialInformationAssetsPropertyPlantAndEquipmentNet | 309,821,000 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities | 33,150,000 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities | 77,734,000 | |
Equity Method Investment Summarized Financial Information Other Receivables Current | insw_EquityMethodInvestmentSummarizedFinancialInformationOtherReceivablesCurrent | 466,000 | |
Equity Method Investment Summarized Financial Information Other Receivables Current | insw_EquityMethodInvestmentSummarizedFinancialInformationOtherReceivablesCurrent | 407,000 | |
Equity Method Investment Summarized Financial Information Operating Expenses | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingExpenses | 30,172,000 | |
Equity Method Investment Summarized Financial Information Operating Expenses | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingExpenses | 29,467,000 | |
Equity Method Investment Summarized Financial Information Operating Expenses | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingExpenses | 29,290,000 | |
Equity Method Investment Summarized Financial Information, Equity | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity | 124,301,000 | |
Equity Method Investment Summarized Financial Information, Equity | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity | 158,006,000 | |
Equity Method Investment Summarized Financial Information Derivative Liability Current | insw_EquityMethodInvestmentSummarizedFinancialInformationDerivativeLiabilityCurrent | 2,556,000 | |
Equity Method Investment Summarized Financial Information Derivative Liability Current | insw_EquityMethodInvestmentSummarizedFinancialInformationDerivativeLiabilityCurrent | 969,000 | |
Loan from Shareholders | insw_LoanFromShareholders | 144,794,000 | [1] |
Loan from Shareholders | insw_LoanFromShareholders | 131,794,000 | [1] |
Equity Method Investment Summarized Financial Information Trade Receivables Noncurrent | insw_EquityMethodInvestmentSummarizedFinancialInformationTradeReceivablesNoncurrent | 7,847,000 | |
Equity Method Investment Summarized Financial Information Trade Receivables Noncurrent | insw_EquityMethodInvestmentSummarizedFinancialInformationTradeReceivablesNoncurrent | 9,824,000 | |
Equity Method Investment Summarized Financial Information Derivative Liability Noncurrent | insw_EquityMethodInvestmentSummarizedFinancialInformationDerivativeLiabilityNoncurrent | 861,000 | |
Equity Method Investment Summarized Financial Information Restricted Cash Current | insw_EquityMethodInvestmentSummarizedFinancialInformationRestrictedCashCurrent | 14,052,000 | |
Equity Method Investment Summarized Financial Information Restricted Cash Current | insw_EquityMethodInvestmentSummarizedFinancialInformationRestrictedCashCurrent | 13,578,000 | |
Equity Method Investment Summarized Financial Information Long Term Debt Current | insw_EquityMethodInvestmentSummarizedFinancialInformationLongTermDebtCurrent | 28,616,000 | |
Equity Method Investment Summarized Financial Information Long Term Debt Current | insw_EquityMethodInvestmentSummarizedFinancialInformationLongTermDebtCurrent | 75,208,000 | |
Equity Method Investment Summarized Financial Information Interest Expense | insw_EquityMethodInvestmentSummarizedFinancialInformationInterestExpense | 7,699,000 | |
Equity Method Investment Summarized Financial Information Interest Expense | insw_EquityMethodInvestmentSummarizedFinancialInformationInterestExpense | 6,348,000 | |
Equity Method Investment Summarized Financial Information Interest Expense | insw_EquityMethodInvestmentSummarizedFinancialInformationInterestExpense | 4,948,000 | |
Equity Method Investment, Summarized Financial Information, Liabilities | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities | 254,013,000 | |
Equity Method Investment, Summarized Financial Information, Liabilities | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities | 209,528,000 | |
Equity Method Investment Summarized Financial Information Other Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOtherIncomeLoss | 88,000 | |
Equity Method Investment Summarized Financial Information Other Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOtherIncomeLoss | 38,000 | |
Equity Method Investment Summarized Financial Information Other Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOtherIncomeLoss | 106,000 | |
Euronav Nv Joint Venture [Member] | Floating Storage Offloading Unit Africa [Member] | |||
Equity Method Investment Summarized Financial Information Accounts Payable And Accrued Expenses | insw_EquityMethodInvestmentSummarizedFinancialInformationAccountsPayableAndAccruedExpenses | 797,000 | |
Equity Method Investment Summarized Financial Information Accounts Payable And Accrued Expenses | insw_EquityMethodInvestmentSummarizedFinancialInformationAccountsPayableAndAccruedExpenses | 804,000 | |
Equity Method Investment Summarized Financial Information Trade Receivables Current | insw_EquityMethodInvestmentSummarizedFinancialInformationTradeReceivablesCurrent | 10,881,000 | |
Equity Method Investment Summarized Financial Information Trade Receivables Current | insw_EquityMethodInvestmentSummarizedFinancialInformationTradeReceivablesCurrent | 10,955,000 | |
Equity Method Investment Summarized Financial Information Due to Related Parties | insw_EquityMethodInvestmentSummarizedFinancialInformationDueToRelatedParties | 366,000 | |
Equity Method Investment, Summarized Financial Information, Assets | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets | 353,294,000 | |
Equity Method Investment, Summarized Financial Information, Assets | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets | 362,514,000 | |
Equity Method Investment, Summarized Financial Information, Current Assets | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets | 12,152,000 | |
Equity Method Investment, Summarized Financial Information, Current Assets | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets | 38,214,000 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss | 30,457,000 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss | 34,379,000 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss | 36,098,000 | |
Equity Method Investment Summarized Financial Information Operating Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingIncomeLoss | 32,453,000 | |
Equity Method Investment Summarized Financial Information Operating Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingIncomeLoss | 35,591,000 | |
Equity Method Investment Summarized Financial Information Operating Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingIncomeLoss | 36,486,000 | |
Equity Method Investment, Summarized Financial Information, Revenue | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue | 64,611,000 | |
Equity Method Investment, Summarized Financial Information, Revenue | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue | 65,528,000 | |
Equity Method Investment, Summarized Financial Information, Revenue | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue | 65,515,000 | |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity | 353,294,000 | |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity | 362,514,000 | |
Equity Method Investment Summarized Financial Information Cash And Cash Equivalents | insw_EquityMethodInvestmentSummarizedFinancialInformationCashAndCashEquivalents | 880,000 | |
Equity Method Investment Summarized Financial Information Cash And Cash Equivalents | insw_EquityMethodInvestmentSummarizedFinancialInformationCashAndCashEquivalents | 26,928,000 | |
Equity Method Investment Summarized Financial Information Assets Property Plant And Equipment Net | insw_EquityMethodInvestmentSummarizedFinancialInformationAssetsPropertyPlantAndEquipmentNet | 334,247,000 | |
Equity Method Investment Summarized Financial Information Assets Property Plant And Equipment Net | insw_EquityMethodInvestmentSummarizedFinancialInformationAssetsPropertyPlantAndEquipmentNet | 315,295,000 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities | 3,704,000 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities | 2,072,000 | |
Equity Method Investment Summarized Financial Information Other Receivables Current | insw_EquityMethodInvestmentSummarizedFinancialInformationOtherReceivablesCurrent | 391,000 | |
Equity Method Investment Summarized Financial Information Other Receivables Current | insw_EquityMethodInvestmentSummarizedFinancialInformationOtherReceivablesCurrent | 331,000 | |
Equity Method Investment Summarized Financial Information Operating Expenses | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingExpenses | 32,158,000 | |
Equity Method Investment Summarized Financial Information Operating Expenses | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingExpenses | 29,937,000 | |
Equity Method Investment Summarized Financial Information Operating Expenses | insw_EquityMethodInvestmentSummarizedFinancialInformationOperatingExpenses | 29,029,000 | |
Equity Method Investment Summarized Financial Information, Equity | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity | 49,113,000 | |
Equity Method Investment Summarized Financial Information, Equity | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity | 85,211,000 | |
Equity Method Investment Summarized Financial Information Derivative Liability Current | insw_EquityMethodInvestmentSummarizedFinancialInformationDerivativeLiabilityCurrent | 2,541,000 | |
Equity Method Investment Summarized Financial Information Derivative Liability Current | insw_EquityMethodInvestmentSummarizedFinancialInformationDerivativeLiabilityCurrent | 1,268,000 | |
Loan from Shareholders | insw_LoanFromShareholders | 299,231,000 | [1] |
Loan from Shareholders | insw_LoanFromShareholders | 275,231,000 | [1] |
Equity Method Investment Summarized Financial Information Trade Receivables Noncurrent | insw_EquityMethodInvestmentSummarizedFinancialInformationTradeReceivablesNoncurrent | 6,895,000 | |
Equity Method Investment Summarized Financial Information Trade Receivables Noncurrent | insw_EquityMethodInvestmentSummarizedFinancialInformationTradeReceivablesNoncurrent | 9,005,000 | |
Equity Method Investment Summarized Financial Information Derivative Liability Noncurrent | insw_EquityMethodInvestmentSummarizedFinancialInformationDerivativeLiabilityNoncurrent | 1,246,000 | |
Equity Method Investment Summarized Financial Information Interest Expense | insw_EquityMethodInvestmentSummarizedFinancialInformationInterestExpense | 2,019,000 | |
Equity Method Investment Summarized Financial Information Interest Expense | insw_EquityMethodInvestmentSummarizedFinancialInformationInterestExpense | 1,221,000 | |
Equity Method Investment Summarized Financial Information Interest Expense | insw_EquityMethodInvestmentSummarizedFinancialInformationInterestExpense | 403,000 | |
Equity Method Investment, Summarized Financial Information, Liabilities | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities | 304,181,000 | |
Equity Method Investment, Summarized Financial Information, Liabilities | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities | 277,303,000 | |
Equity Method Investment Summarized Financial Information Other Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOtherIncomeLoss | 23,000 | |
Equity Method Investment Summarized Financial Information Other Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOtherIncomeLoss | 9,000 | |
Equity Method Investment Summarized Financial Information Other Income Loss | insw_EquityMethodInvestmentSummarizedFinancialInformationOtherIncomeLoss | 15,000 | |
Lng Joint Venture [Member] | Lng Joint Venture [Member] | Liquid Natural Gas Carrier Vessel [Member] | |||
Noncontrolling Interest in Joint Ventures | us-gaap_MinorityInterestInJointVentures | 43,183,000 | |
Noncontrolling Interest in Joint Ventures | us-gaap_MinorityInterestInJointVentures | $ 66,259,000 | |
Equity method investment, ownership percentage | us-gaap_EquityMethodInvestmentOwnershipPercentage | 49.90% | |
Equity method investment, ownership percentage | us-gaap_EquityMethodInvestmentOwnershipPercentage | 49.90% | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures | $ 54,259,000 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures | 76,915,000 | |
Equity Method Investments Other Investments In From Affiliated Companies | insw_EquityMethodInvestmentsOtherInvestmentsInFromAffiliatedCompanies | (36,000) | |
Equity Method Investments Other Investments In From Affiliated Companies | insw_EquityMethodInvestmentsOtherInvestmentsInFromAffiliatedCompanies | (37,000) | |
Equity Method Investment Unamortized Interest Cost | insw_EquityMethodInvestmentUnamortizedInterestCost | 11,112,000 | |
Equity Method Investment Unamortized Interest Cost | insw_EquityMethodInvestmentUnamortizedInterestCost | 10,693,000 | |
Euronav Nv Joint Venture [Member] | Euronav Nv Joint Venture [Member] | Floating Storage Off Loading Unit Asia [Member] | |||
Unamortized Deferred Gain Of Investment | insw_UnamortizedDeferredGainOfInvestment | 19,292,000 | |
Unamortized Deferred Gain Of Investment | insw_UnamortizedDeferredGainOfInvestment | 18,089,000 | |
Equity Method Investment, Other than Temporary Impairment | us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment | 15,977,000 | |
Noncontrolling Interest in Joint Ventures | us-gaap_MinorityInterestInJointVentures | 62,151,000 | |
Noncontrolling Interest in Joint Ventures | us-gaap_MinorityInterestInJointVentures | 79,003,000 | |
Equity Method Investments Loan Income From Shareholders | insw_EquityMethodInvestmentsLoanIncomeFromShareholders | 72,397,000 | |
Equity Method Investments Loan Income From Shareholders | insw_EquityMethodInvestmentsLoanIncomeFromShareholders | $ 65,897,000 | |
Equity method investment, ownership percentage | us-gaap_EquityMethodInvestmentOwnershipPercentage | 50.00% | |
Equity method investment, ownership percentage | us-gaap_EquityMethodInvestmentOwnershipPercentage | 50.00% | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures | $ 115,256,000 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures | 110,834,000 | |
Euronav Nv Joint Venture [Member] | Euronav Nv Joint Venture [Member] | Floating Storage Offloading Unit Africa [Member] | |||
Unamortized Deferred Gain Of Investment | insw_UnamortizedDeferredGainOfInvestment | 19,703,000 | |
Unamortized Deferred Gain Of Investment | insw_UnamortizedDeferredGainOfInvestment | 18,496,000 | |
Equity Method Investment, Other than Temporary Impairment | us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment | 14,498,000 | |
Noncontrolling Interest in Joint Ventures | us-gaap_MinorityInterestInJointVentures | 24,557,000 | |
Noncontrolling Interest in Joint Ventures | us-gaap_MinorityInterestInJointVentures | 42,606,000 | |
Equity Method Investments Loan Income From Shareholders | insw_EquityMethodInvestmentsLoanIncomeFromShareholders | 149,616,000 | |
Equity Method Investments Loan Income From Shareholders | insw_EquityMethodInvestmentsLoanIncomeFromShareholders | $ 137,616,000 | |
Equity method investment, ownership percentage | us-gaap_EquityMethodInvestmentOwnershipPercentage | 50.00% | |
Equity method investment, ownership percentage | us-gaap_EquityMethodInvestmentOwnershipPercentage | 50.00% | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures | $ 154,470,000 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures | $ 147,228,000 | |
[1] | Such advances are unsecured, interest free and not repayable within one year. |