International Seaways (INSW) 10-Q6 Nov 202020 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2020	Nov. 03, 2020
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Entity Registrant Name	INTERNATIONAL SEAWAYS, INC.
Entity Incorporation, State or Country Code	1T
Entity File Number	1-37836-1
Entity Tax Identification Number	98-0467117
Entity Address, Address Line One	600 Third Avenue
Entity Address, Address Line Two	39th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10016
City Area Code	212
Local Phone Number	578-1600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,984,807
Entity Central Index Key	0001679049
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Amendment Flag	false
Common Stock [Member]
Title of 12(b) Security	Common Stock (no par value)
Trading Symbol	INSW
Security Exchange Name	NYSE
8.5% Senior Notes [Member]
Title of 12(b) Security	8.5% Senior Notes due 2023
Trading Symbol	INSW - PA
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 137,340	$ 89,671
Voyage receivables, net of allowance for credit losses of $46 and $1,245 including unbilled of $67,089 and $74,355	71,431	83,845
Other receivables	4,702	3,938
Inventories	1,400	3,896
Prepaid expenses and other current assets	5,372	5,994
Total Current Assets	220,245	187,344
Restricted cash	16,314	60,572
Vessels and other property, less accumulated depreciation of $317,249 and $364,868	1,262,469	1,292,516
Deferred drydock expenditures, net	28,785	23,125
Operating lease right-of-use assets	24,013	33,718
Investments in and advances to affiliated companies	156,589	153,292
Long-term derivative asset	973	0
Other assets	2,925	2,934
Total Assets	1,712,313	1,753,501
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	27,355	27,554
Current portion of operating lease liabilities	9,949	12,958
Current installments of long-term debt	61,483	70,350
Current portion of derivative liability	4,035	3,614
Total Current Liabilities	102,822	114,476
Long-term operating lease liabilities	11,593	17,953
Long-term debt	489,194	590,745
Long-term derivative liability	6,200	6,545
Other liabilities	15,986	1,489
Total Liabilities	625,795	731,208
Commitments and contingencies
Equity:
Capital - 100,000,000 no par value shares authorized; 27,984,807 and 29,274,452 shares issued and outstanding	1,280,811	1,313,178
Accumulated deficit	(158,957)	(270,315)
Stockholders Equity Subtotal	1,121,854	1,042,863
Accumulated other comprehensive loss	(35,336)	(20,570)
Total Equity	1,086,518	1,022,293
Total Liabilities and Equity	$ 1,712,313	$ 1,753,501

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]
Unbilled voyage receivable (in dollars)	$ 67,089	$ 74,355
Voyage receivables, allowance for credit losses	46	1,245
Vessels and other property, accumulated depreciation	$ 317,249	$ 364,868
Common stock, shares authorized	100,000,000	100,000,000
Common stock, no par value	$ 0	$ 0
Common stock, shares, issued	27,984,807	29,274,452
Common stock, shares, outstanding	27,984,807	29,274,452

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Shipping Revenues:
Shipping revenues	$ 99,883	$ 71,278	$ 364,945	$ 242,162
Operating Expenses:
Voyage expenses	5,851	5,470	15,893	19,838
Vessel expenses	31,501	30,350	94,739	91,634
Charter hire expenses	6,442	14,381	24,213	44,599
Depreciation and amortization	19,014	18,961	56,161	56,708
General and administrative	7,422	6,449	21,550	19,519
Provision for credit losses, net	(13)	(18)	(80)	1,259
Third-party debt modification fees	0	0	232	30
Loss/(gain) on disposal of vessels and other property, including impairments	12,834	(1,472)	14,164	28
Total operating expenses	83,051	74,121	226,872	233,615
Income/(loss) from vessel operations	16,832	(2,843)	138,073	8,547
Equity in income of affiliated companies	5,356	8,474	15,672	24,559
Operating income	22,188	5,631	153,745	33,106
Other (expense)/income	(208)	284	(13,497)	2,159
Income before interest expense and income taxes	21,980	5,915	140,248	35,265
Interest expense	(7,999)	(17,010)	(28,889)	(51,986)
Income/(loss) before income taxes	13,981	(11,095)	111,359	(16,721)
Income tax provision	0	0	(1)	0
Net income/(loss)	$ 13,981	$ (11,095)	$ 111,358	$ (16,721)
Weighted Average Number of Common Shares Outstanding:
Basic	27,932,928	29,249,233	28,517,037	29,217,188
Diluted	28,026,005	29,249,233	28,665,961	29,217,188
Per Share Amounts:
Basic net income/(loss) per share	$ 0.50	$ (0.38)	$ 3.90	$ (0.57)
Diluted net income/(loss) per share	$ 0.50	$ (0.38)	$ 3.88	$ (0.57)
Pool Revenue Leases [Member]
Shipping Revenues:
Shipping revenues	$ 49,217	$ 46,278	$ 250,485	$ 158,628
Time and Bareboat Charter Leases [Member]
Shipping Revenues:
Shipping revenues	31,294	7,638	66,553	19,699
Voyage Charter Leases [Member]
Shipping Revenues:
Shipping revenues	$ 19,372	$ 17,362	$ 47,907	$ 63,835

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Pool revenues, received from companies accounted for by the equity method	$ 36,977	$ 30,224	$ 178,934	$ 98,115

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income/(loss)	$ 13,981	$ (11,095)	$ 111,358	$ (16,721)
Other comprehensive income/(loss), net of tax:
Net change in unrealized losses on cash flow hedges	1,119	(3,469)	(15,049)	(13,850)
Defined benefit pension and other postretirement benefit plans:
Net change in unrecognized prior service costs	(46)	35	34	39
Net change in unrecognized actuarial losses	(328)	232	249	256
Other comprehensive income/(loss), net of tax	745	(3,202)	(14,766)	(13,555)
Comprehensive income/(loss)	$ 14,726	$ (14,297)	$ 96,592	$ (30,276)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities:
Net income/(loss)	$ 111,358	$ (16,721)
Items included in net income not affecting cash flows:
Depreciation and amortization	56,161	56,708
Loss on write-down of vessels and other assets	17,136	0
Amortization of debt discount and other deferred financing costs	2,338	5,373
Deferred financing costs write-off	13,073	343
Stock compensation, non-cash	3,993	2,912
Earnings of affiliated companies	(15,566)	(24,945)
Change in fair value of interest rate collar recorded through earnings	1,271	0
Other - net	904	538
Items included in net income related to investing and financing activities:
(Gain)/loss on disposal of vessels and other property, net	(2,972)	28
Loss on extinguishment of debt	1,195	100
Cash distributions from affiliated companies	8,500	10,214
Payments for drydocking	(15,825)	(13,539)
Insurance claims proceeds related to vessel operations	4,706	967
Changes in operating assets and liabilities:
Decrease in receivables	12,414	19,165
Increase/(decrease) in deferred revenue	1,622	(25)
Net change in inventories, prepaid expenses and other current assets and accounts payable, accrued expense, and other current and long-term liabilities	(1,517)	2,238
Net cash provided by operating activities	198,791	43,356
Cash Flows from Investing Activities:
Expenditures for vessels and vessel improvements	(46,449)	(9,797)
Proceeds from disposal of vessels and other property	13,564	15,762
Expenditures for other property	(493)	(406)
Investments in and advances to affiliated companies, net	2,347	2,104
Repayments of advances from affiliated companies	0	4,836
Net cash (used in)/provided by investing activities	(31,031)	12,499
Cash Flows from Financing Activities:
Issuance of debt, net of issuance and deferred financing costs	362,989	0
Extinguishment of debt	(422,699)	(10,000)
Premium and fees on extinguishment of debt	(163)	(100)
Payments on debt	(66,636)	(38,531)
Payments on derivatives containing other-than-insignificant financing element	(1,331)	0
Cash dividends paid	(5,091)	0
Repurchases of common stock	(29,997)	0
Cash paid to tax authority upon vesting of stock-based compensation	(1,272)	(369)
Other - net	(149)	(277)
Net cash used in financing activities	(164,349)	(49,277)
Net increase in cash, cash equivalents and restricted cash	3,411	6,578
Cash, cash equivalents and restricted cash at beginning of year	150,243	117,644
Cash, cash equivalents and restricted cash at end of period	$ 153,654	$ 124,222

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Stock [Member]Restricted Stock [Member]	Common Stock [Member]Restricted Stock Units (RSUs) [Member]	Common Stock [Member]	Retained Earnings / (Accumulated deficit) [Member]Restricted Stock [Member]	Retained Earnings / (Accumulated deficit) [Member]Restricted Stock Units (RSUs) [Member]	Retained Earnings / (Accumulated deficit) [Member]	Accumulated Other Comprehensive Loss [Member]Restricted Stock [Member]	Accumulated Other Comprehensive Loss [Member]Restricted Stock Units (RSUs) [Member]	Accumulated Other Comprehensive Loss [Member]	Restricted Stock [Member]	Restricted Stock Units (RSUs) [Member]	Total
Balance, beginning at Dec. 31, 2018			$ 1,309,269			$ (269,485)			$ (29,929)			$ 1,009,855
Net income/(loss)			0			(16,721)			0			(16,721)
Other comprehensive (loss) income			0			0			(13,555)			(13,555)
Forfeitures of vested restricted stock awards			(369)			0			0			(369)
Compensation relating to restricted stock units or restricted stock awards	$ 667			$ 0			$ 0			$ 667
Compensation relating to stock option awards		$ 1,462	783		$ 0	0		$ 0	0		$ 1,462	783
Balance, ending at Sep. 30, 2019			1,311,812			(286,206)			(43,484)			982,122
Balance, beginning at Jun. 30, 2019			1,310,731			(275,111)			(40,282)			995,338
Net income/(loss)			0			(11,095)			0			(11,095)
Other comprehensive (loss) income			0			0			(3,202)			(3,202)
Forfeitures of vested restricted stock awards			(10)			0			0			(10)
Compensation relating to restricted stock units or restricted stock awards	233	579		0	0		0	0		233	579
Compensation relating to stock option awards			279			0			0			279
Balance, ending at Sep. 30, 2019			1,311,812			(286,206)			(43,484)			982,122
Balance, beginning at Dec. 31, 2019			1,313,178			(270,315)			(20,570)			1,022,293
Net income/(loss)			0			111,358			0			111,358
Other comprehensive (loss) income			0			0			(14,766)			(14,766)
Dividends declared and paid			(5,091)			0			0			(5,091)
Forfeitures of vested restricted stock awards			(1,272)			0			0			(1,272)
Compensation relating to restricted stock units or restricted stock awards			793			0			0			793
Compensation relating to stock option awards	711	2,489		0	0		0	0		711	2,489
Repurchase of common stock			(29,997)			0			0			(29,997)
Balance, ending at Sep. 30, 2020			1,280,811			(158,957)			(35,336)			1,086,518
Balance, beginning at Jun. 30, 2020			1,281,072			(172,938)			(36,081)			1,072,053
Net income/(loss)			0			13,981			0			13,981
Other comprehensive (loss) income			0			0			745			745
Dividends declared and paid			(1,679)			0			0			(1,679)
Forfeitures of vested restricted stock awards			(72)			0			0			(72)
Compensation relating to restricted stock units or restricted stock awards	$ 305	$ 900		$ 0	$ 0		$ 0	$ 0		$ 305	$ 900
Compensation relating to stock option awards			285			0			0			285
Repurchase of common stock			0			0			0			0
Balance, ending at Sep. 30, 2020			$ 1,280,811			$ (158,957)			$ (35,336)			$ 1,086,518

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2020
BASIS OF PRESENTATION [Abstract]
BASIS OF PRESENTATION	Note 1 — Basis of Presentation: The accompanying unaudited condensed consolidated financial statements include the accounts of International Seaways, Inc. (“INSW”), a Marshall Islands corporation, and its wholly owned subsidiaries. The Company owns and operates a fleet of 39 oceangoing vessels, including three vessels that have been chartered-in under operating leases for durations exceeding one year at inception and two vessels in which the Company has interests through its joint ventures, engaged primarily in the transportation of crude oil and refined petroleum products in the International Flag trade through its wholly owned subsidiaries. Subsequent to September 30, 2020, the Company entered into memoranda of agreements for the sales of a 2002-built VLCC, a 2003-built VLCC, and a 2001-built Aframax (see Note 5, “Vessels”). Unless the context indicates otherwise, references to “INSW”, the “Company”, “we”, “us” or “our”, refer to International Seaways, Inc. and its subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by generally accepted accounting principles in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the results have been included. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. All intercompany balances and transactions within INSW have been eliminated. Investments in 50% or less owned affiliated companies, in which INSW exercises significant influence, are accounted for by the equity method.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2020
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	Note 2 — Significant Accounting Policies: For a description of all of the Company’s material accounting policies, see Note 2, “Summary of Significant Accounting Policies,” to the Company’s consolidated financial statements as of and for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K. The following is a summary of any changes or updates to the Company’s critical accounting policies for the current period: Cash, cash equivalents and Restricted cash — Concentration of Credit Risk — Leases Revenue from Contracts with Customers With respect to non-operating lease receivables, the Company recognizes as an allowance its estimate of expected credit losses in accordance with ASC 326, Financial Instruments – Credit losses The allowance for credit losses is recognized as an allowance or contra-asset and reflects our best estimate of probable losses inherent in the voyage receivables balance. Provisions for credit losses associated with voyage receivables are included in provision for credit losses on the condensed consolidated statements of operations. Activity for allowance for credit losses is summarized as follows: (Dollars in thousands) Allowance for Credit Losses - Balance at January 1, 2018 $ — Provision for expected credit losses — Balance at December 31, 2018 — Provision for expected credit losses 1,245 Balance at December 31, 2019 1,245 Provision for expected credit losses 49 Write-offs charged against the allowance (1,119) Recoveries of amounts previously written off (129) Balance at September 30, 2020 $ 46 We are also exposed to credit losses from off-balance sheet exposures related to guarantees of joint venture debt. See Note 6, “Equity Method Investments,” for more information on these off-balance sheet exposures. During the three and nine months ended September 30, 2020 and 2019, 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 in aggregate for 92% and 88% of consolidated voyage receivables at September 30, 2020 and December 31, 2019, respectively. Deferred finance charges — Recently Adopted Accounting Standards Financial Instruments – Credit losses timely recognition of such losses. Credit impairment will be recognized as an allowance or contra-asset rather than as a direct write-down of the amortized cost basis of a financial asset. However, the carrying amount of a financial asset that is deemed uncollectible will be written off in a manner consistent with existing standards. In addition, for guarantees in the scope of ASC 326, entities must measure the expected credit losses arising from the contingent aspect under the CECL model in addition to recognizing the liability for the noncontingent aspect of the guarantee under ASC 460, Guarantees Financial Instruments – Credit losses In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement Recently Issued Accounting Standards On May 20, 2020, the SEC issued a final rule that amends the financial statement requirements for acquisitions and dispositions of businesses. Among other changes, the final rule modifies the significance tests and disclosure requirements for (i) acquired or to be acquired businesses, (ii) real estate operations, (iii) pro forma financial information and (iv) equity method investees. Key amendments in the final rule will (i) change the investment test to use the aggregate worldwide market value of common equity of the registrant when a registrant is evaluating businesses for significance ; and (ii) change the income test to use the lower measure of significance based on (1) income from continuing operations before taxes or (2) revenue. The new rule requires the use of absolute values of five years income instead of zeros for loss years. However, the amendments also limit the use of income averaging to situations in which the revenue test is not applicable (i.e., either the registrant or the acquiree did not have material revenue in each of the two most recently completed fiscal years). Because we do have material revenue in the past two years, we can’t use five year averaging. The final rule is applicable for a registrant’s fiscal year beginning after December 31, 2020 and early application is permitted. our joint ventures accounted for using the equity method. The Company is in the process of evaluating the impact of changes to the income significance test. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform disregard the requirement that individual hedged transactions must share the same risk exposure for hedges of portfolios of forecasted transactions that reference a rate affected by reference rate reform. Relief provided by this ASU is optional and expires December 31, 2022. The Company has determined that its primary exposure to LIBOR is in relation to its floating rate debt facilities and the interest rate derivatives to which it is a party. Through a review of the Company’s debt agreements and interest rate derivative contracts the Company believes there are adequate provisions within such agreements that provide guidance on how the Company and its counterparties under such agreements will address what happens when LIBOR is no longer available. Based on information available today, the Company’s current view is that the Secured Overnight Financing Rate (“SOFR”) will be the alternative reference rate that the Company’s LIBOR-based agreements will transition to as the 2021 sunset date draws closer. In August 2018, the FASB issued ASU 2018-14, Defined Benefit Plans

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
EARNINGS PER COMMON SHARE	Sep. 30, 2020
EARNINGS PER COMMON SHARE [Abstract]
EARNINGS PER COMMON SHARE	Note 3 — 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 Weighted average shares of unvested restricted common stock considered to be participating securities totaled 51,561 and 47,269 for the three and nine months ended September 30, 2020, respectively, and 51,107 and 46,972 for the three and nine months ended September 30, 2019, respectively. Such participating securities are allocated a portion of income, but not losses under the two-class method. As of September 30, 2020, there were 317,834 shares of restricted stock units and 670,624 stock options outstanding and considered to be potentially dilutive securities. The components of the calculation of basic earnings per share and diluted earnings per share are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Net income/(loss) $ 13,981 $ (11,095) $ 111,358 $ (16,721) Weighted average common shares outstanding: Basic 27,932,928 29,249,233 28,517,037 29,217,188 Diluted 28,026,005 29,249,233 28,665,961 29,217,188 Reconciliations of the numerator of the basic and diluted earnings per share computations are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Net income/(loss) allocated to: Common Stockholders $ 13,955 $ (11,095) $ 111,176 $ (16,721) Participating securities 26 — 182 — $ 13,981 $ (11,095) $ 111,358 $ (16,721) For the three and nine months ended September 30, 2020 earnings per share calculations, there were 93,077 and 148,924 dilutive equity awards outstanding, respectively. For the three and nine months ended September 30, 2019 earnings per share calculations, there were no dilutive equity awards outstanding. Awards of 989,269 and 924,562 for the three and nine months ended September 30, 2020, respectively, and 753,373 and 686,606 for the three and nine months ended September 30, 2019, respectively, were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive.

BUSINESS AND SEGMENT REPORTING

BUSINESS AND SEGMENT REPORTING	9 Months Ended
BUSINESS AND SEGMENT REPORTING	Sep. 30, 2020
BUSINESS AND SEGMENT REPORTING [Abstract]
BUSINESS AND SEGMENT REPORTING	Note 4 — Business and Segment Reporting: The Company has two reportable segments: Crude Tankers and Product Carriers. The Company’s investments in and equity in income of the joint ventures with two floating storage and offloading service vessels are included in the Crude Tankers Segment. The Company’s investments in and equity in income of the joint venture with four LNG Carriers, which was sold in October 2019, was included in Other. Adjusted income/(loss) from vessel operations for segment purposes is defined as income/(loss) from vessel operations before general and administrative expenses, provision for credit losses, third-party debt modification fees, and gain/(loss) on disposal of vessels and other property, including impairments. The accounting policies followed by the reportable segments are the same as those followed in the preparation of the Company’s condensed consolidated financial statements. Information about the Company’s reportable segments as of and for the three and nine months ended September 30, 2020 and 2019 follows: Crude Product (Dollars in thousands) Tankers Carriers Other Totals Three months ended September 30, 2020: Shipping revenues $ 83,636 $ 16,247 $ — $ 99,883 Time charter equivalent revenues 79,799 14,233 — 94,032 Depreciation and amortization 14,864 4,127 23 19,014 Loss on disposal of vessels and other property, including impairments 12,834 — — 12,834 Adjusted income/(loss) from vessel operations 35,967 1,131 (23) 37,075 Equity in income of affiliated companies 5,356 — — 5,356 Investments in and advances to affiliated companies at September 30, 2020 149,293 7,296 — 156,589 Adjusted total assets at September 30, 2020 1,241,979 311,796 — 1,553,775 Three months ended September 30, 2019: Shipping revenues $ 54,869 $ 16,409 $ — $ 71,278 Time charter equivalent revenues 49,446 16,362 — 65,808 Depreciation and amortization 15,079 3,856 26 18,961 Loss/(gain) on disposal of vessels and other property 12 (1,484) — (1,472) Adjusted income/(loss) from vessel operations 2,722 (579) (27) 2,116 Equity in income of affiliated companies 5,031 — 3,443 8,474 Investments in and advances to affiliated companies at September 30, 2019 140,307 10,933 120,415 271,655 Adjusted total assets at September 30, 2019 1,273,363 306,039 120,415 1,699,817 Crude Product (Dollars in thousands) Tankers Carriers Other Totals Nine months ended September 30, 2020: Shipping revenues $ 287,720 $ 77,225 $ — $ 364,945 Time charter equivalent revenues 274,543 74,509 — 349,052 Depreciation and amortization 43,841 12,250 70 56,161 Loss on disposal of vessels and other property, including impairments 14,164 — — 14,164 Adjusted income/(loss) from vessel operations 142,791 31,218 (70) 173,939 Equity in income of affiliated companies 15,672 — — 15,672 Expenditures for vessels and vessel improvements 26,217 20,232 — 46,449 Payments for drydockings 15,295 530 — 15,825 Nine months ended September 30, 2019: Shipping revenues $ 186,715 $ 55,447 $ — $ 242,162 Time charter equivalent revenues 167,016 55,308 — 222,324 Depreciation and amortization 44,351 12,268 89 56,708 Loss on disposal of vessels and other property 28 — — 28 Adjusted income/(loss) from vessel operations 25,136 4,357 (110) 29,383 Equity in income of affiliated companies 14,404 — 10,155 24,559 Expenditures for vessels and vessel improvements 9,096 701 — 9,797 Payments for drydockings 11,945 1,594 — 13,539 Reconciliations of time charter equivalent (“TCE”) revenues of the segments to shipping revenues as reported in the condensed statements of operations follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Time charter equivalent revenues $ 94,032 $ 65,808 $ 349,052 $ 222,324 Add: Voyage expenses 5,851 5,470 15,893 19,838 Shipping revenues $ 99,883 $ 71,278 $ 364,945 $ 242,162 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 condensed consolidated statements of operations follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Total adjusted income from vessel operations of all segments $ 37,075 $ 2,116 $ 173,939 $ 29,383 General and administrative expenses (7,422) (6,449) (21,550) (19,519) Provision for credit losses, net 13 18 80 (1,259) Third-party debt modification fees — — (232) (30) (Loss)/gain on disposal of vessels and other property, including impairments (12,834) 1,472 (14,164) (28) Consolidated income/(loss) from vessel operations 16,832 (2,843) 138,073 8,547 Equity in income of affiliated companies 5,356 8,474 15,672 24,559 Other (expense)/income (208) 284 (13,497) 2,159 Interest expense (7,999) (17,010) (28,889) (51,986) Income/(loss) before income taxes $ 13,981 $ (11,095) $ 111,359 $ (16,721) Reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets follow: (Dollars in thousands) September 30, 2020 September 30, 2019 Adjusted total assets of all segments $ 1,553,775 $ 1,699,817 Corporate unrestricted cash and cash equivalents 137,340 68,383 Restricted cash 16,314 55,839 Other unallocated amounts 4,884 4,510 Consolidated total assets $ 1,712,313 $ 1,828,549

VESSELS

VESSELS	9 Months Ended
VESSELS	Sep. 30, 2020
VESSELS [Abstract]
VESSELS	Note 5 — Vessels: Vessel Impairments During the nine months ended September 30, 2020, the Company gave consideration on a quarterly basis as to whether events or changes in circumstances had occurred since December 31, 2019 that could indicate that the carrying amounts of the vessels in the Company’s fleet may not be recoverable. Factors considered included declines in valuations for vessels of certain sizes and ages, any negative changes in forecasted near term charter rates, and an increase in the likelihood that the Company will sell certain of its vessels before the end of their estimated useful lives in conjunction with the Company’s fleet renewal program. In addition, the economic impacts of the novel coronavirus (COVID-19) did not have immediate material negative impacts on the markets for our vessels and there was a very strong rate environment for our fleets for fixtures concluded during the latter portion of the first quarter of 2020 into the second quarter of 2020, which was principally due to temporary increases in oil production and a growth in demand for floating storage. Commencing towards the end of the second quarter of 2020, however, as the worldwide impacts of COVID-19 began to moderate, and reductions in oil production were implemented effectively and oil demand increased, the demand for floating storage started to decline as onshore and offshore oil inventories were drawn down, which negatively impacted the demand for oil tankers. The extent to which this will continue to negatively impact the tanker rate environment will depend on the timing, magnitude and regions of oil demand recoveries. The Company concluded that (i) the increased likelihood of disposal prior to the end of their respective useful lives constituted impairment triggering events as of June 30, 2020 for a 2002-built and a 2003-built VLCC and (ii) the memoranda of agreements entered into during October 2020 for the sales of these two older VLCCs constituted further impairment triggering events for them as of September 30, 2020 In developing estimates of undiscounted future cash flows for performing Step 1 of the impairment tests as of June 30, 2020, the Company utilized weighted probabilities assigned to possible outcome for each of the two vessels for which impairment triggering events were determined to exist. As the Company was considering selling the two VLCCs as a part of its fleet renewal program, 25% probabilities were assigned to the possibility that the two VLCCs would be sold prior to the end of their respective useful lives. The carrying value for one of the two VLCCs was estimated to be unrecoverable in the Step 1 test. In estimating the fair value of the vessel for the purposes of Step 2 of the impairment test, the Company developed fair value estimates that utilized a market approach which considered an average of two vessel appraisals obtained from third-party valuation specialists. Based on the tests performed, an impairment charge totaling $5.5 million was recorded on the 2002-built VLCC to write-down its carrying value to its estimated fair value at June 30, 2020. Interest and activity in the sale and purchase market for older VLCCs increased significantly subsequent to June 30, 2020 and the Company entered into memoranda of agreements for the sale of the two VLCCs in early October 2020. Accordingly, a 100% probability was attributed to the two VLCCs being sold before the end of their useful lives in developing estimates of undiscounted future cash flows for performing Step 1 of the impairment tests as of September 30, 2020. The carrying values for the two VLCCs were estimated to be unrecoverable in the Step 1 test. In estimating the fair values of the vessels for the purposes of Step 2 of the impairment test, the Company considered the market approach by using the sales prices per the memoranda of agreements. Based on the tests performed, an impairment charge totaling $11.7 million was recorded on the two VLCCs to write-down their carrying values to their estimated fair values at September 30, 2020. Vessel Acquisitions and Deliveries In December 2019, the Company entered into a memorandum of agreement for the acquisition of a 2009-built LR1 for a purchase price of $18.8 million, which was delivered during the first quarter of 2020. Disposal/Sales of Vessel and Other Property During the fourth quarter of 2019, the Company entered into memoranda of agreements to sell a 2002-built Aframax and a 2001-built Aframax. The 2002-built Aframax was delivered to its buyer in January 2020. The memorandum of agreement for the sale of the 2001-built Aframax was cancelled by the buyer in June 2020. The Company recognized an aggregate gain of approximately $4.1 million on these transactions, which included the recognition of a non-refundable deposit of $1.4 million paid to the Company in March 2020 pursuant to an amendment to the memorandum of agreement for the sale of the 2001-built Aframax that extended the delivery window for the vessel at the request of the buyer, prior to the June cancellation of the sale. In October 2020, for delivery to buyers between November 2020 and January 2021. The Company also recognized an aggregate loss of approximately $1.2 million during the three and nine months ended September 30, 2020 related to the termination of the purchase and installation contracts for ballast water treatment systems on three of the Company’s Panamaxes. The contracts were terminated as a result of the Company being granted an extension by the United States Coast Guard on the requirement to install ballast water treatment systems on these three Panamaxes until 2022.

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS	9 Months Ended
EQUITY METHOD INVESTMENTS	Sep. 30, 2020
EQUITY METHOD INVESTMENTS [Abstract]
EQUITY METHOD INVESTMENTS	Note 6 — Equity Method Investments: Investments in affiliated companies include joint ventures accounted for using the equity method. As of September 30, 2020, the Company had a 50% interest in two joint ventures - TI Africa Limited (“TI Africa”) and TI Asia Limited (“TI Asia”), which operate two Floating Storage and Offloading Service vessels that were converted from two ULCCs (collectively the “FSO Joint Venture”). In October 2020, the FSO Joint Venture signed a 10-year extension on each of the existing service contracts with North Oil Company (“NOC”), relating to the two FSO service vessels. Such extensions shall commence in direct continuation of the existing contracts, which were originally scheduled to expire during the third quarter of 2022. The charter rates during the extension period, although lower than the charter rates that are currently in effect, provide relative certainty with respect to cash flows over the remaining economic lives of FSO service vessels. The FSO Joint Venture is a party to a number of contracts: (a) the FSO Joint Venture is an obligor pursuant to a guarantee facility agreement dated as of July 14, 2017, by and among, the FSO Joint Venture, ING Belgium NV/SA, as issuing bank, and Euronav and INSW, as guarantors (the ‘‘Guarantee Facility’’); (b) the FSO Joint Venture is party to two service contracts with NOC (the ‘‘NOC Service Contracts’’) and (c) the FSO Joint Venture is a borrower under a $220 million secured credit facility by and among TI Africa and TI Asia, as joint and several borrowers, ABN AMRO Bank N.V. and ING Belgium SA/NV, as Lenders, Mandated Lead Arrangers and Swap Banks, and ING Bank N.V., as Agent and as Security Trustee. INSW severally guarantees the obligations of the FSO Joint Venture pursuant to the Guarantee Facility. The FSO Joint Venture drew down on a $220 million credit facility in April 2018. The Company provided a guarantee for the $110 million FSO Term Loan portion of the facility, which amortizes over the remaining terms of the NOC Service Contracts, which expire in July 2022 and September 2022. INSW’s guarantee of the FSO Term Loan has financial covenants that provide (i) INSW’s Liquid Assets shall not be less than the higher of $50 million and 5% of Total Indebtedness of INSW, (ii) INSW shall have Cash of at least $30 million and (iii) INSW shall be in compliance with the Loan to Value Test (as such capitalized terms are defined in the Company guarantee). As of September 30, 2020, the maximum aggregate potential amount of future payments (undiscounted) that INSW could be required to make in relation to its equity method investees secured bank debt and interest rate swap obligations was $52.9 million and the carrying value of the Company’s guaranty in the accompanying condensed consolidated balance sheets was $0.1 million. Investments in and advances to affiliated companies as reflected in the accompanying condensed consolidated balance sheet as of September 30, 2020 consisted of: FSO Joint Venture of $143.8 million and Other of $12.8 million, which primarily relates to working capital deposits that the Company maintains for commercial pools in which it participates. A condensed summary of the results of operations of the joint ventures, which included an approximate 50% interest in a joint venture that operated four LNG carriers in the 2019 period, follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Shipping revenues $ 26,392 $ 58,210 $ 78,535 $ 163,995 Ship operating expenses (14,333) (32,003) (42,814) (86,330) Income from vessel operations 12,059 26,207 35,721 77,665 Other (expense)/income (18) 462 22 1,358 Interest expense (1,570) (9,816) (5,165) (30,205) Income tax provision (955) (882) (2,822) (2,551) Net income $ 9,516 $ 15,971 $ 27,756 $ 46,267

VARIABLE INTEREST ENTITIES (VIE

VARIABLE INTEREST ENTITIES (VIEs)	9 Months Ended
VARIABLE INTEREST ENTITIES (VIEs)	Sep. 30, 2020
VARIABLE INTEREST ENTITIES (VIEs) [Abstract]
VARIABLE INTEREST ENTITIES (VIEs)	Note 7 — Variable Interest Entities (“VIEs”): As of September 30, 2020, the Company participates in five commercial pools and two joint ventures. Two of the pools and the two FSO joint ventures were determined to be VIEs. The Company is not considered a primary beneficiary of either the pools or the joint ventures. The following table presents the carrying amounts of assets and liabilities in the condensed consolidated balance sheet related to the VIEs as of September 30, 2020: (Dollars in thousands) Condensed Investments in Affiliated Companies $ 149,682 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 these VIEs. The table below compares the Company’s liability in the condensed consolidated balance sheet to the maximum exposure to loss at September 30, 2020: (Dollars in thousands) Condensed Maximum Exposure to Other Liabilities $ 82 $ 202,604 In addition, as of September 30, 2020, the Company had approximately $14.9 million of trade receivables from the two pools that were determined to be VIEs. These trade receivables, which are included in voyage receivables in the accompanying condensed 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 September 30, 2020.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES	Note 8 — Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures: 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, are as follows: (Dollars in thousands) Fair Value Level 1 Level 2 September 30, 2020: Cash and cash equivalents (1) $ 153,654 $ 153,654 $ — Core Term Loan Facility (281,048) — (281,048) Sinosure Credit Facility (252,021) — (252,021) 8.5% Senior Notes (25,500) (25,500) — December 31, 2019: Cash and cash equivalents (1) $ 150,243 $ 150,243 $ — 2017 Term Loan Facility (333,177) — (333,177) ABN Term Loan Facility (23,248) — (23,248) Sinosure Credit Facility (269,705) — (269,705) 8.5% Senior Notes (26,120) (26,120) — 10.75% Subordinated Notes (32,649) — (32,649) (1) Includes non-current restricted cash of $16.3 million and $60.6 million at September 30, 2020 and December 31, 2019, respectively. Derivatives The Company uses interest rate caps, collars and swaps for the management of interest rate risk exposure associated with changes in LIBOR interest rate payments due on its credit facilities. During April 2020, the Company entered into an interest rate swap agreement with a major financial institution covering a notional amount of $25 of the month LIBOR floating rate to a fixed rate of 0.50% through the maturity date of January 23, 2025, effective June 30, 2020. The interest rate swap agreement, which contains no leverage features, is designated and qualifies as a cash flow hedge. The Company is also party to a floating-to-fixed interest rate swap agreement with a major financial institution covering the balance outstanding under the Sinosure Credit Facility that effectively converts the Company’s interest rate exposure under the Sinosure Credit Facility from a floating rate based on three-month LIBOR to a fixed rate of 2.76% through the termination date of March 21, 2025. The interest rate swap agreement is designated and qualifies as a cash flow hedge and contains no leverage features. In July 2020, the Company extended the maturity date of the interest rate swap from March 21, 2025 to December 21, 2027 and reduced the fixed three-month LIBOR rate from 2.76% to 2.35%, effective June 21, 2020. The new interest rate swap agreement does not in its entirety meet the definition of a derivative instrument because of its off market fixed rate at inception and is deemed to be a hybrid instrument with a financing component and an embedded at-the-market derivative. Such embedded derivative is bifurcated and accounted for separately in the same manner as our other derivatives. The financing component is recorded in current and noncurrent other liabilities on the consolidated balance sheet at amortized cost. Due to an other-than-insignificant financing element on a portion of such hybrid instrument, the cash flows associated with this hybrid instrument are classified as financing activities in the consolidated statement of cash flows. Derivatives are recorded on a net basis by counterparty when a legal right of offset exists. The Company had the following amounts recorded on a gross basis by transaction in the accompanying unaudited condensed consolidated balance sheets related to the Company’s use of derivatives as of September 30, 2020 and December 31, 2019: (Dollars in thousands) Long-term derivative Current portion of derivative liability Long-term derivative Accounts payable, accrued expenses and other current liabilities Other September 30, 2020: Derivatives designated as cash flow hedges: Interest rate swaps $ 973 $ (4,035) $ (6,200) $ — $ — Other-than-insignificant financing element of derivatives: Interest rate swaps (1) — — — (3,013) (14,788) Total $ 973 $ (4,035) $ (6,200) $ (3,013) $ (14,788) December 31, 2019: Derivatives designated as cash flow hedges: Interest rate swaps $ — $ (2,384) $ (5,968) $ — $ — Derivatives not designated as cash flow hedges: Interest rate collar — (1,230) (577) — — Total $ — $ (3,614) $ (6,545) $ — $ — (1) Represents the financing element of the hybrid instrument discussed above, which is recorded at amortized cost. The following tables present information with respect to gains and losses on derivative positions reflected in the condensed consolidated statements of operations or in the condensed consolidated statements of comprehensive income. The effect of cash flow hedging relationships recognized in other comprehensive income/(loss) excluding amounts reclassified from accumulated other comprehensive loss, including hedges of equity method investees, for the three and nine months ended September 30, 2020 and 2019 follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Derivatives designated as cash flow hedges: Interest rate swaps $ (1,126) $ (2,796) $ (20,075) $ (15,722) Interest rate cap/collar — (2,786) — (3,795) Other-than-insignificant financing element of derivatives: Interest rate swaps (883) — (883) — Total other comprehensive loss $ (2,009) $ (5,582) $ (20,958) $ (19,517) The effect of cash flow hedging relationships on the condensed consolidated statement of operations is presented excluding hedges of equity method investees. The effect of the Company’s cash flow hedging relationships on the condensed consolidated statement of operations for the three and nine months ended September 30, 2020 and 2019 follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Derivatives designated as cash flow hedges: Interest rate swaps $ 1,055 $ 480 $ 3,367 $ 838 Interest rate cap/collar — — — 99 Derivatives not designated as cash flow hedges: Interest rate collar — — 1,352 — Other-than-insignificant financing element of derivatives: Interest rate swaps 1,698 — 1,698 — Total interest expense $ 2,753 $ 480 $ 6,417 $ 937 See Note 12, “Accumulated Other Comprehensive Loss,” for disclosures relating to the impact of derivative instruments on accumulated other comprehensive loss. 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): (Dollars in thousands) Fair Value Level 1 Level 2 Assets/(Liabilities) at September 30, 2020: Derivative Assets (interest rate swaps) $ 973 $ — $ 973 (1) Derivative Liabilities (interest rate swaps) (10,235) — (10,235) (1) Assets/(Liabilities) at December 31, 2019: Derivative Assets (interest rate swaps and collar) $ — $ — $ — (1) Derivative Liabilities (interest rate swaps and collar) (10,159) — (10,159) (1) (1) For interest rate caps, swaps and collars, fair values are 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 nine months ended September 30, 2020: (Dollars in thousands) Fair Value Level 2 Total Impairment Assets: Crude Tankers - Vessels held for use (1)(2) $ 80,910 $ 80,910 $ (17,136) (1) Pre-tax impairment charges of $5.5 million related to one VLCC tanker and $11.7 million related to two VLCC tankers in the Crude Tankers segment were recorded during the three-month periods ended June 30, 2020 and September 30, 2020, respectively. (2) The fair value measurement of $30.4 million that was used to determine the impairment for one VLCC at June 30, 2020 and the fair value measurement of $50.5 million that was used to determine the impairment for two VLCCs at September 30, 2020 were based upon a market approach, which considered the expected sales price of the vessel obtained from vessel appraisals and executed memoranda of agreements for the sale of each of the vessels as discussed in Note 5, “Vessels.” As sales of vessels occur somewhat infrequently, the expected sales price is considered to be Level 2.

DEBT

DEBT	9 Months Ended
DEBT	Sep. 30, 2020
DEBT [Abstract]
DEBT	Note 9 — Debt: Debt consists of the following: September 30, December 31, (Dollars in thousands) 2020 2019 Core Term Loan Facility, due 2025, net of unamortized deferred finance costs of $4,486 $ 276,562 $ — Sinosure Credit Facility, due 2027-2028, net of unamortized deferred finance costs of $1,976 and $2,262 250,045 267,443 8.5% Senior Notes, due 2023, net of unamortized deferred finance costs of $930 and $1,142 24,070 23,858 2017 Term Loan Facility, due 2022, net of unamortized discount and deferred finance costs of $11,211 — 320,309 ABN Term Loan Facility, due 2023, net of unamortized deferred finance costs of $610 — 22,638 10.75% Subordinated Notes, due 2023, net of unamortized deferred finance costs of $1,084 — 26,847 550,677 661,095 Less current portion (61,483) (70,350) Long-term portion $ 489,194 $ 590,745 On January 28, 2020, except for the Sinosure Credit Facility and the 8.5% Senior Notes, the principal outstanding as of December 31, 2019 on all of the Company’s other debt facilities reflected in the above table were paid off or repurchased and the underlying credit agreements or Indentures were terminated or discharged in accordance with their respective terms in conjunction with the Company closing on the 2020 Debt Facilities, described below. Capitalized terms used hereafter have the meaning given in these condensed consolidated financial statements or in the respective transaction documents referred to below, including subsequent amendments thereto. 2020 Debt Facilities On January 23, 2020, International Seaways, Inc., International Seaways Operating Corporation (the “Borrower”) and certain of their subsidiaries entered into a credit agreement (the “Credit Agreement”) comprising $390 million of secured debt facilities (the “2020 Debt Facilities”) with Nordea Bank Abp, New York Branch (“Nordea”), ABN AMRO Capital USA LLC (“ABN”), Crédit Agricole Corporate & Investment Bank, DNB Capital LLC and Skandinaviska Enskilda Banken AB (PUBL), or their respective affiliates, as mandated lead arrangers and bookrunners, and BNP Paribas and Danish Ship Finance A/S, as lead arrangers. Nordea is acting as administrative agent, collateral agent and security trustee under the Credit Agreement, and ABN is acting as sustainability coordinator. The 2020 Debt Facilities consist of (i) a five-year senior secured term loan facility in an aggregate principal amount of $300 million (the “Core Term Loan Facility”); (ii) a five-year revolving credit facility in an aggregate principal amount of $40 million (the “Core Revolving Facility”); and (iii) a senior secured term loan credit facility with a maturity date of June 30, 2022 in an aggregate principal amount of $50 million (the “Transition Term Loan Facility”). The Core Term Loan Facility contains an uncommitted accordion feature whereby, for a period of up to 18 months following the closing date, the amount of the loan thereunder may be increased up to an additional $100 million for the acquisition of Additional Vessels, subject to certain conditions. The Core Term Loan Facility and the Core Revolving Facility are secured by a first lien on 14 of the Company’s vessels built in 2009 or later (the “Core Collateral Vessels”), along with their earnings, insurances and certain other assets, while the Transition Term Loan Facility is secured by a first lien on 12 of the Company’s vessels built in 2006 or earlier (the “Transition Collateral Vessels”), along with their earnings, insurances and certain other assets. In addition, both facilities are secured by liens on the collateral relating to the other 2020 Debt Facilities, as well as certain additional assets of the Borrower. On January 28, 2020, the available amounts under the Core Term Loan Facility and the Transition Term Loan Facility were drawn in full, and $20 million of the $40 million available under the Core Revolving Facility was also drawn. Those proceeds, together with available cash, were used to (i) repay the $331.5 million outstanding principal balance under the 2017 Debt Facilities, (ii) repay the $23.2 million outstanding principal balance under the ABN Term Loan Facility, (iii) repurchase the $27.9 million outstanding principal amount of the Company’s 10.75% Subordinated Notes due 2023 issued pursuant to an indenture dated June 13, 2018 with GLAS Trust Company LLC, as trustee, as amended, and (iv) pay certain expenses related to the refinancing, including certain structuring and arrangement fees, commitment, legal and administrative fees. On March 4, 2020, the $20 million outstanding balance under the Core Revolving Facility was repaid in full using available cash on hand. On August 10, 2020, the $40 million outstanding principal balance under the Transition Term Loan Facility was repaid in full using available cash on hand. On March 12, 2020, the Company entered into a Side Letter agreement with the 2020 Debt Facilities lenders relating to the mortgage for the Seaways Mulan, a 2002-built VLCC that has been held by the Indonesian authorities since February 8, 2020 pending the completion of their investigation of a claim that the master had illegally anchored in Indonesian territorial waters while awaiting orders for its next voyage. The mortgage requires the vessel owner to secure the release of a vessel that has been arrested or taken into custody under color of legal authority within 30 days of the initial detention of such vessel and grants the vessel owner an additional 30 days thereafter to cure the non-release of the vessel before being considered to be in default under the terms of the Credit Agreement. If the vessel’s status was not cured or waived by April 8, 2020, the Company would be in default under the terms of the Credit Agreement. Accordingly, pursuant to the terms of the Side Letter agreement, the Lenders granted the Company an additional 60 days from the initial date to secure the release of the Seaways Mulan from arrest by the Indonesian authorities by May 8, 2020 after which the Company would have an additional 30 days (i.e., through June 7, 2020) to cure the non-release of the vessel before being considered to be in default under the terms of the Credit Agreement. On May 15, 2020, the Lenders updated the Side Letter and granted the Company an additional 60 days from May 8, 2020 to secure the release of the Seaways Mulan from arrest by the Indonesian authorities by July 8, 2020 after which the Company would have an additional 30 days (i.e., through August 7, 2020) to cure the non-release of the vessel before being considered to be in default under the terms of the Credit Agreement. The Seaways Mulan was released and allowed to sail out of Indonesian territorial waters on June 9, 2020 and was ultimately redelivered back to the Tankers International Pool on June 28, 2020. On April 27, 2020, the Company entered into a first amendment (the “First Amendment”) of the 2020 Debt Facilities. The First Amendment, among other things, (i) corrects the definition of “Adjusted LIBOR Rate” to reflect the zero percent LIBOR floor previously agreed among the parties; (ii) clarifies the definition of “Permitted Charter” by noting that the time period specified therein does not include any specified or actual redelivery period extending past the initial charter term, and (iii) permits electronic execution of documents relating to the Credit Agreement. Debt Covenants The Company was in compliance with the financial covenants under all of its debt facilities as of September 30, 2020. The 2020 Debt Facilities contain customary representations, warranties, restrictions and covenants applicable to the Company, the Borrower and the subsidiary guarantors (and in certain cases, other subsidiaries), including financial covenants that require the Company (i) to maintain a minimum liquidity level of the greater of $50 million and 5% of the Company’s Consolidated Indebtedness; (ii) to ensure the Company’s and its consolidated subsidiaries’ Maximum Leverage Ratio will not exceed 0.60 to 1.00 at any time; (iii) to ensure that Current Assets exceeds Current Liabilities (which is defined to exclude the current potion of Consolidated Indebtedness); (iv) to ensure the aggregate Fair Market Value of the Core Collateral Vessels will not be less than 135% of the aggregate outstanding principal amount of the Core Term Loans and Revolving Loans and the aggregate Fair Market Value of the Transition Collateral Vessels will not be less than 175% of the aggregate outstanding principal amount of the Transition Term Loans, respectively; and (v) to ensure the ratio of Consolidated EBITDA to Consolidated Cash Interest Expense will not be lower than (A) 2.25:1.00, for the period ending on June 30, 2020 and (B) 2.50:1.00 at all times thereafter. Under the Sinosure Credit Facility, the Obligors (as defined in the Sinosure Credit Facility) are required to comply with various collateral maintenance and financial covenants, including with respect to: (i) minimum security coverage, which shall not be less than 135% of the aggregate loan principal outstanding under the Sinosure Credit Facility. Any non-compliance with the minimum security coverage shall not constitute an event of default so long as within thirty days of such non-compliance, Seaways Subsidiary VII, Inc. has either provided additional collateral or prepaid a portion of the outstanding loan balance to cure such non-compliance ; (ii) maximum consolidated leverage ratio, which shall not be greater than 0.60 to 1.00 on any testing date; (iii) minimum consolidated liquidity, under which unrestricted consolidated cash and cash equivalents shall be no less than $25 million at any time and total consolidated cash and cash equivalents (including cash restricted under the Sinosure Credit Facility) shall not be less than the greater of $50 million or 5.0% of Total Indebtedness (as defined in the Sinosure Credit Facility) or $9 million (i.e., $1.5 million per each VLCC securing the Sinosure Credit Facility); and (iv) interest expense coverage ratio, which for Seaways Holding Corporation, shall not be less than 2.00 to 1.00 during the period commencing on July 1, 2018 through June 30, 2019 and will be calculated on a trailing six, nine and twelve-month basis from December 31, 2018, March 31, 2019 and June 30, 2019, respectively. For the Company, the interest expense coverage ratio shall not be less than 2.25 to 1.00 for the period commencing on July 1, 2019 through June 30, 2020 and no less than 2.50 to 1.00 for the period commencing on July 1, 2020 and thereafter and shall be calculated on a trailing twelve-month basis. No event of default under this covenant will occur if the failure to comply is capable of remedy and is remedied within thirty days of the Facility Agent giving notice to the Company or (if earlier) any Obligor becoming aware of the failure to comply, and (i) if such action is being taken with respect to a Test Date falling on or prior to December 31, 2020, then such remedy shall be in the form of cash and cash equivalents being (or having been) deposited by Seaways Holding Corporation to a restricted Minimum Liquidity Account within the thirty day period mentioned above in the manner and in the amounts required to remedy such breach as tested at the Seaways Holding Corporation level and (ii) if such action is being taken with respect to a Test Date falling on or after January 1, 2021, then any such remedy and the form of the same shall be considered and determined by the lenders under the Sinosure Credit Facility in their absolute discretion . The 8.5% Senior Notes Indenture contains certain restrictive covenants, including covenants that, subject to certain exceptions and qualifications, restrict our ability to make certain payments if a default under the Indenture has occurred and is continuing or will result therefrom and require us to limit the amount of debt we incur, maintain a certain minimum net worth and provide certain reports. The Indenture also provides for certain customary events of default (subject, in certain cases, to receipt of notice of default and/or customary grace or cure periods). Pursuant to the limitation on borrowings covenant, the Company shall not permit Total Borrowings (as defined in the Indenture) to equal or exceed 70% of Total Assets (as defined in the Indenture). The Company shall also ensure that Net Worth (defined as Total Assets, less Intangible assets and Total Borrowings, as defined in the Indenture) exceeds $600 million pursuant to the Minimum Net Worth covenant. The Company’s credit facilities also require it to comply with a number of covenants, including the delivery of quarterly and annual financial statements, budgets and annual projections; maintaining required insurances; compliance with laws (including environmental); compliance with the Employee Retirement Income Security Act of 1974 ("ERISA"); maintenance of flag and class of the collateral vessels; restrictions on consolidations, mergers or sales of assets; limitations on liens; limitations on issuance of certain equity interests; limitations on transactions with affiliates; and other customary covenants and related provisions. Interest Expense Total interest expense, including amortization of issuance and deferred financing costs (for additional information related to deferred financing costs see Note 2, “Significant Accounting Policies”), commitment, administrative and other fees for all of the Company’s debt facilities for the three and nine months ended September 30, 2020 was $7.8 million and $28.4 million, respectively, and for the three and nine months ended September 30, 2019 was $16.7 million and $51.1 million, respectively. Interest paid for the Company’s debt facilities for the three and nine months ended September 30, 2020 was $6.8 million and $24.1 million respectively, and for the three and nine months ended September 30, 2019 was Debt Modifications, Repurchases and Extinguishments During the first quarter of 2020, the Company incurred debt issuance costs aggregating $7.3 million in connection with 2020 Debt Facilities. Issuance costs paid to lenders and third-party fees associated with the Core Revolving Facility aggregating $0.8 million were capitalized as deferred finance charges. Issuance costs paid to lenders and third-party fees associated with Core Term Loan Facility and Transition Term Loan Facility totaled $6.5 million, of which $6.3 million were capitalized as deferred finance charges and $0.2 million associated with third-party fees paid that were deemed to be a modification were expensed and are included in third-party debt modification fees in the accompanying condensed consolidated statement of operations. Issuance costs incurred and capitalized as deferred finance charges have been treated as a reduction of debt proceeds. In connection with the Company recognized aggregate net losses of The net losses reflect (i) prepayment fees of $0.2 million and a write-off of $0.6 million of unamortized deferred financing costs in August 2020, which was treated as an extinguishment.

TAXES

TAXES	9 Months Ended
TAXES	Sep. 30, 2020
TAXES [Abstract]
TAXES	Note 10 — Taxes: 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 do not impose income tax on shipping operations. The Company also has or had subsidiaries in various jurisdictions that perform administrative, commercial or technical management functions. These subsidiaries are subject to income tax based on the services performed in countries in which their offices are located; current and deferred income taxes are recorded accordingly. A substantial portion of income earned by the Company is not subject to income tax. With respect to subsidiaries not subject to income tax in their respective countries of incorporation, no deferred taxes are provided for the temporary differences in the bases of the underlying assets and liabilities for tax and accounting purposes. The Company qualifies for an exemption from U.S. federal income taxes under Section 883 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and U.S. Treasury Department regulations for the 2020 calendar year, as less than 50 percent of the total value of the Company’s stock was held by one or more shareholders who own 5% or more of the Company’s stock for more than half of the days of 2020. The Marshall Islands 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 condensed consolidated statements of operations.

CAPITAL STOCK AND STOCK COMPENS

CAPITAL STOCK AND STOCK COMPENSATION	9 Months Ended
CAPITAL STOCK AND STOCK COMPENSATION	Sep. 30, 2020
CAPITAL STOCK AND STOCK COMPENSATION [Abstract]
CAPITAL STOCK AND STOCK COMPENSATION	Note 11 — Capital Stock and Stock Compensation: The Company accounts for stock-based compensation expense in accordance with the fair value method required by ASC 718, Compensation – Stock Compensation Effective June 22, 2020, INSW adopted new incentive compensation plans and reserved an additional 1,400,000 shares for issuance under its management incentive plan and 400,000 shares for issuance under its non-employee director incentive compensation plan 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. Director Compensation - Restricted Common Stock The Company awarded a total of 57,317 restricted common stock shares during the nine months ended September 30, 2020 to its non-employee directors. The weighted average fair value of INSW’s stock on the measurement date of such awards was $16.05 per share. Such restricted share awards vest in full on the earlier of the next annual meeting of the stockholders or June 26, 2021, 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 otherwise 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. On July 8, 2020, Mr. Gregory A. Wright resigned from the Board. Mr. Wright’s resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. In connection with his resignation, a total of 6,230 shares previously granted to Mr. Wright (valued at approximately $0.1 million) vested in full on July 8, 2020. Also, in consideration of the Company’s and the Board’s ability to seek advice from him following his resignation through the end of the second quarter of 2021, the Company paid Mr. Wright approximately $0.1 million in July 2020. Management Compensation - Restricted Stock Units and Stock Options During the nine months ended September 30, 2020, the Company granted 58,258 time-based restricted stock units (“RSUs”) to certain senior officers. The weighted average grant date fair value of these awards was $21.93 per RSU. Each RSU represents a contingent right to receive one share of INSW common stock upon vesting. Each award of RSUs will vest in equal installments on each of the first three anniversaries of the grant date. During the nine months ended September 30, 2020, the Company awarded 58,258 performance-based RSUs to certain of its senior officers. Each performance stock unit represents a contingent right to receive RSUs based upon the covered employees being continuously employed through the end of the period over which the performance goals are measured and shall vest as follows: (i) one During the nine months ended September 30, 2020, the Company awarded to certain of its senior officers an aggregate of 131,992 stock options. Each stock option represents an option to purchase one share of INSW common stock for an exercise price of $21.93 per share. Each stock option will vest in equal installments on each of the first three anniversaries of the award date. The weighted average grant date fair value of the options was $9.68 per option. The fair value of the options was estimated using the Black-Scholes option pricing model with inputs that include the INSW stock price, the INSW exercise price and the following weighted average assumptions: risk free interest rates of 0.44%, dividend yields of 1.02%, expected stock price volatility factor of .52, and expected lives at inception of six years. Stock options may not be transferred, pledged, assigned or otherwise encumbered prior to vesting. The stock options expire on the business day immediately preceding the tenth anniversary of the award date. If a stock option grantee’s employment is terminated for cause (as defined in the applicable Form of 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 (a) the first anniversary of employment termination and (b) the expiration date of the options. Dividends On February 26, 2020, May 20, 2020, and August 4, 2020, the Company’s Board of Directors declared regular quarterly cash dividends of $0.06 per share. Pursuant to these declarations, the Company made dividend payments totaling $1.7 million on each of March 30, 2020, June 22, 2020, and September 23, 2020, respectively, to stockholders of record as of March 17, 2020, June 8, 2020, and September 9, 2020, respectively. The Company’s Board of Directors declared a regular quarterly cash dividend of $0.06 per share of common stock on October 28, 2020. The dividend will be paid on December 23, 2020 to shareholders of record at the close of business on December 8, 2020. Share Repurchases In connection with the settlement of vested restricted stock units, the Company repurchased 4,544 and 61,498 shares of common stock during the three and nine months ended September 30, 2020, respectively, at an average cost of $15.97 and $20.69, respectively, per share (based on the market prices on the dates of vesting) from certain members of management to cover withholding taxes. Similarly, the Company repurchased 587 and 21,589 shares of common stock during the three and nine months ended September 30, 2019, respectively, at an average cost of $15.97 and $17.07, respectively, per share (based on the market prices on the dates of vesting) from certain members of management to cover withholding taxes. On March 5, 2019, the Company’s Board of Directors approved a resolution reauthorizing the Company’s $30 million million.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Sep. 30, 2020
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	Note 12 — Accumulated Other Comprehensive Loss: The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: September 30, December 31, (Dollars in thousands) 2020 2019 Unrealized losses on derivative instruments $ (26,781) $ (11,732) Items not yet recognized as a component of net periodic benefit cost (pension plans) (8,555) (8,838) $ (35,336) $ (20,570) The changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, during the three and nine months ended September 30, 2020 and 2019 follow: (Dollars in thousands) Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost Total Balance as of June 30, 2020 $ (27,900) $ (8,181) $ (36,081) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (2,009) (374) (2,383) Amounts reclassified from accumulated other comprehensive loss 3,128 — 3,128 Balance as of September 30, 2020 $ (26,781) $ (8,555) $ (35,336) Balance as of June 30, 2019 $ (31,901) $ (8,381) $ (40,282) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (5,582) 267 (5,315) Amounts reclassified from accumulated other comprehensive loss 2,113 — 2,113 Balance as of September 30, 2019 $ (35,370) $ (8,114) $ (43,484) (Dollars in thousands) Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost Total Balance as of December 31, 2019 $ (11,732) $ (8,838) $ (20,570) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (20,958) 283 (20,675) Amounts reclassified from accumulated other comprehensive loss 5,909 — 5,909 Balance as of September 30, 2020 $ (26,781) $ (8,555) $ (35,336) Balance as of December 31, 2018 $ (21,520) $ (8,409) $ (29,929) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (19,517) 295 (19,222) Amounts reclassified from accumulated other comprehensive loss 5,667 — 5,667 Balance as of September 30, 2019 $ (35,370) $ (8,114) $ (43,484) Amounts reclassified out of each component of accumulated other comprehensive loss follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Reclassifications of losses on cash flow hedges: Interest rate swaps entered into by the Company's equity method joint venture investees $ 375 $ 1,633 $ 763 $ 4,730 Interest rate swaps entered into by the Company's subsidiaries 1,055 480 3,367 838 Interest rate cap/collar entered into by the Company's subsidiaries — — — 99 Reclassifications of losses on derivatives subsequent to discontinuation of hedge accounting: Interest rate collar entered into by the Company's subsidiaries — — 81 — Reclassifications of losses on other-than-insignificant financing element of derivatives: Interest rate swaps entered into by the Company's subsidiaries 1,698 — 1,698 — $ 3,128 $ 2,113 $ 5,909 $ 5,667 At September 30, 2020, the Company expects that it will reclassify $9.9 million (gross 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 equity method investees and the interest rate swaps held by the Company. See Note 8, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” for additional disclosures relating to derivative instruments.

REVENUE

REVENUE	9 Months Ended
REVENUE	Sep. 30, 2020
REVENUE [Abstract]
REVENUE	Note 13 — Revenue: Revenue Recognition The majority of the Company's contracts for pool revenues, time and bareboat charter revenues, and voyage charter revenues are accounted for as lease revenue under ASC 842. The Company's contracts with pools are cancellable with up to 90 days' notice. As of September 30, 2020, the Company is a party to time charter out contracts with customers on one Panamax, one LR2, and four VLCCs with expiry dates ranging from November 2020 to March 2023. Two of five Panamaxes which were redelivered to the Company for scheduled drydocks during the third quarter, were delivered back to the charterer in October 2020 and the other three are expected to be delivered back to the charterer sometime during the fourth quarter of 2020. The Company is also a party to a one-year profit share agreement expiring March 2021 to participate in 25% of the profits and losses generated from a chartered-in MR commercially managed by a pool in which the Company participates. The Company’s share of earnings and charter hire expenses from this profit share agreement are included in voyage charter revenues and charter hire expenses, respectively, in the accompanying condensed consolidated statements of operations. The Company's contracts with customers for voyage charters are short term and vary in length based upon the duration of each voyage. Lease revenue for non-variable lease payments are recognized over the lease term on a straight-line basis and lease revenue for variable lease payments (e.g., demurrage) are recognized in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. Lightering services provided by the Company's Crude Tanker Lightering Business, and voyage charter contracts that do not meet the definition of a lease are accounted for as service revenues under ASC 606. In accordance with ASC 606, revenue is recognized when a customer obtains control of or consumes promised services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these services. The following table presents the Company’s revenues from leases accounted for under ASC 842 and revenues from services accounted for under ASC 606 for the three and nine months ended September 30, 2020 and 2019: Crude Product (Dollars in thousands) Tankers Carriers Other Totals Three months ended September 30, 2020: Revenues from leases Pool revenues $ 38,302 $ 10,915 $ — $ 49,217 Time and bareboat charter revenues 31,294 — — 31,294 Voyage charter revenues from non-variable lease payments 7,153 4,935 — 12,088 Voyage charter revenues from variable lease payments 4 397 — 401 Revenues from services Voyage charter revenues Lightering services 6,883 — — 6,883 Total shipping revenues $ 83,636 $ 16,247 $ — $ 99,883 Three months ended September 30, 2019: Revenues from leases Pool revenues $ 29,893 $ 16,385 $ — $ 46,278 Time and bareboat charter revenues 7,638 — — 7,638 Voyage charter revenues from non-variable lease payments 4,985 24 — 5,009 Voyage charter revenues from variable lease payments 365 — — 365 Revenues from services Voyage charter revenues Lightering services 11,988 — — 11,988 Total shipping revenues $ 54,869 $ 16,409 $ — $ 71,278 Crude Product (Dollars in thousands) Tankers Carriers Other Totals Nine months ended September 30, 2020: Revenues from leases Pool revenues $ 180,998 $ 69,487 $ — $ 250,485 Time and bareboat charter revenues 66,553 — — 66,553 Voyage charter revenues from non-variable lease payments 17,196 7,341 — 24,537 Voyage charter revenues from variable lease payments 1,174 397 — 1,571 Revenues from services Voyage charter revenues Lightering services 21,799 — — 21,799 Total shipping revenues $ 287,720 $ 77,225 $ — $ 364,945 Nine months ended September 30, 2019: Revenues from leases Pool revenues $ 103,643 $ 54,985 $ — $ 158,628 Time and bareboat charter revenues 19,609 90 — 19,699 Voyage charter revenues from non-variable lease payments 17,496 372 — 17,868 Voyage charter revenues from variable lease payments 1,555 — — 1,555 Revenues from services Voyage charter revenues Lightering services 44,412 — — 44,412 Total shipping revenues $ 186,715 $ 55,447 $ — $ 242,162 Contract Balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers, and significant changes in contract assets and liabilities balances, associated with revenue from services accounted for under ASC 606. Balances related to revenues from leases accounted for under ASC 842 are excluded from the table below. (Dollars in thousands) Voyage receivables - Billed receivables Contract assets (Unbilled voyage receivables) Contract liabilities (Deferred revenues and off hires) Opening balance as of January 1, 2020 $ 2,727 $ — $ — Closing balance as of September 30, 2020 2,328 123 — We receive payments from customers based on the distribution schedule established in our contracts. Contract assets relate to our conditional right to consideration for our completed performance under contracts and decrease when the right to consideration becomes unconditional or payments are received. Contract liabilities include payments received in advance of performance under contracts and are recognized when performance under the respective contract has been completed. Deferred revenues allocated to unsatisfied performance obligations will be recognized over time as the services are performed. Performance Obligations All of the Company’s performance obligations, and associated revenue, are generally transferred to customers over time. The expected duration of services is less than one year. Adjustments in revenues from performance obligations satisfied in previous periods recognized during the three and nine months ended September 30, 2020 were positive $32 thousand and positive $47 thousand, respectively, compared with nil and negative $481 thousand, respectively, during the three and nine months ended September 30, 2019. These adjustments to revenue were related to changes in estimates of performance obligations related to voyage charters. Costs to Obtain or Fulfill a Contract As of September 30, 2020, there were no

LEASES

LEASES	9 Months Ended
LEASES	Sep. 30, 2020
LEASES [Abstract]
LEASES	Note 14 — Leases: As permitted under ASC 842, the Company has elected not to apply the provisions of ASC 842 to short term leases, which include: (i) tanker vessels chartered-in where the duration of the charter was one year or less at inception; (ii) workboats employed in the Crude Tankers Lightering business which are cancellable upon 180 days' notice; and (iii) short term leases of office and other space. Contracts under which the Company is a Lessee The Company currently has two major categories of leases - chartered-in vessels and leased office and other space. The expenses recognized during the three and nine months ended September 30, 2020 and 2019 for the lease component of these leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Operating lease cost Vessel assets Charter hire expenses $ 2,478 $ 3,940 $ 9,183 $ 11,029 Office and other space General and administrative 265 249 771 747 Voyage expenses 42 42 126 126 Short-term lease cost Vessel assets (1) Charter hire expenses 832 2,976 3,758 7,922 Office and other space General and administrative — 29 29 87 Voyage expenses — — — 52 Vessel expenses — — — 8 Total lease cost $ 3,617 $ 7,236 $ 13,867 $ 19,971 (1) Excludes vessels spot chartered-in under operating leases and employed in the Crude Tankers Lightering business for periods of less than one month each, totaling $ 0.7 million and $ 1.0 million for the three and nine months ended September 30, 2020, respectively, compared with $1.8 million and $10.2 million for the three and nine months ended September 30, 2019, respectively, including both lease and non-lease components. Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, (Dollars in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 10,080 $ 11,827 Supplemental balance sheet information related to leases was as follows: (Dollars in thousands) September 30, 2020 December 31, 2019 Operating lease right-of-use assets $ 24,013 $ 33,718 Current portion of operating lease liabilities $ (9,949) $ (12,958) Long-term operating lease liabilities (11,593) (17,953) Total operating lease liabilities $ (21,542) $ (30,911) Weighted average remaining lease term - operating leases 2.92 years 3.24 years Weighted average discount rate - operating leases 7.20% 7.16% 1. Charters-in of vessel assets: During March 2020, two 2007-built MRs time chartered-in by the Company were arrested by a third party due to a legal dispute between said party and the ultimate owners of the vessels. As a result of the arrests, the entity that chartered these vessels to INSW was no longer able to perform its obligations under the time charter agreements and effectively terminated the time charter agreements. Accordingly, the Company derecognized lease liabilities and right of use assets associated with these agreements. As of September 30, 2020, INSW had commitments to charter in two Aframaxes, one LR1 and one workboat employed in the Crude Tankers Lightering business. All of the charters-in, of which the two Aframaxes are bareboat charters with expiry dates ranging from December 2023 to March 2024 and the others are time charters with expiry dates ranging from June 2021 to August 2021, are accounted for as operating leases. The Company’s bareboat charters contain purchase options commencing in the first quarter of 2021. As of September 30, 2020, the Company has determined that the purchase options are not yet reasonably certain of being exercised. Lease liabilities related to time charters-in vessels exclude estimated days that the vessels will not be available for employment due to drydock because the Company does not pay charter hire when time chartered-in vessels are not available for its use. Payments of lease liabilities and related number of operating days under these operating leases as of September 30, 2020 are as follows: Bareboat Charters-in: (Dollars in thousands) Amount Operating Days 2020 $ 1,582 184 2021 6,278 730 2022 6,278 730 2023 4,532 556 Total lease payments 18,670 2,200 less imputed interest (1,907) Total operating lease liabilities $ 16,763 Time Charters-in: (Dollars in thousands) Amount Operating Days 2020 $ 890 184 2021 2,170 408 Total lease payments (lease component only) 3,060 592 less imputed interest (85) Total operating lease liabilities $ 2,975 2. Office and other space: The Company has operating leases for offices and lightering workboat dock space. These leases have expiry dates ranging from August 2021 to December 2024. The lease for the workboat dock space contains renewal options executable by the Company for periods through December 2027. We have determined that the options through December 2024 are reasonably certain to be executed by the Company, and accordingly are included in the lease liability and right of use asset calculations for such lease. Payments of lease liabilities for office and other space as of September 30, 2020 are as follows: (Dollars in thousands) Amount 2020 $ 316 2021 936 2022 273 2023 229 2024 178 Total lease payments 1,932 less imputed interest (128) Total operating lease liabilities $ 1,804 Contracts under which the Company is a Lessor See Note 13, “Revenue,” for discussion on the Company’s revenues from operating leases accounted for under ASC 842. The future minimum revenues, before reduction for brokerage commissions, expected to be received on non-cancelable time charters for three Panamaxes, one LR2, and four VLCCs and the related revenue days as of September 30, 2020 are as follows: (Dollars in thousands) Amount Revenue Days 2020 $ 20,492 450 2021 25,395 723 2022 16,425 365 2023 3,195 71 Future minimum revenues $ 65,507 1,609 Future minimum revenues do not include (i) the Company’s share of time charters entered into by the pools in which it participates, and (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.

CONTINGENCIES

CONTINGENCIES	9 Months Ended
CONTINGENCIES	Sep. 30, 2020
CONTINGENCIES [Abstract]
CONTINGENCIES	Note 15 — 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 September 30, 2020. The next deficit valuation is as of March 31, 2021. 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. Participating employers include current employers, historic employers that have made voluntary contributions, and historic employers such as INSW that have made no deficit contributions. Calls for 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 have been recorded in INSW’s consolidated financial statements as of September 30, 2020. The next deficit valuation is as of March 31, 2020 with an actuarial valuation to be issued by June 30, 2021. Galveston Accident In late September 2017, an industrial accident at a dock facility in Galveston, Texas resulted in fatalities to two temporary employees (the “decedents”) of a subsidiary of the Company. In accordance with law, an investigation of the accident was conducted by the Occupational Safety and Health Administration and local law enforcement. The subsidiary cooperated in providing requested information to investigators, and to date, no citations or other adverse enforcement actions have been issued to and/or taken against the subsidiary. Additionally, two wrongful death lawsuits (the “lawsuits”) relating to the accident, each of which claims damages in excess of $25 million were filed in state court in Texas (Harris County District Court) and identified the subsidiary as one of several defendants. The lawsuits have been settled as to most of the original defendants, with the exception of the subsidiary, and the remaining disputes were removed to federal court in Houston, Texas (Southern District) in January 2018. The subsidiary has filed its answer to those complaints, generally denying the allegations and stating certain affirmative defenses. The subsidiary has filed a motion for summary judgment seeking dismissal of all claims being asserted against it in the lawsuits based on its position that it was the decedents’ borrowing employer, and therefore has tort immunity under the Longshore and Harbor Workers’ Compensation Act, 33 U.S.C. §§ 900-950. On May 14, 2020, the District Court dismissed the claims against the subsidiary with prejudice. Further, certain of the other original defendants in the wrongful death/personal injury actions (the “T&T Defendants”) made demands to the subsidiary and its insurers for contractual defense, indemnity and additional insured coverage for all claims being asserted against the T&T Defendants arising out of the incident, including all amounts paid by the T&T Defendants in settlement of those claims, as well as its costs of defense. The subsidiary and its excess insurers filed an action for declaratory judgment in federal court in Texas (Southern District) seeking judgment that they did not owe contractual indemnification obligations to the T&T Defendants. In July 2018 the federal court overseeing the declaratory judgment action issued an order dismissing the case on the basis that it lacked subject-matter jurisdiction to hear the dispute. This was not a decision on the merits of the underlying contractual dispute. The subsidiary and its excess insurers filed an appeal of that decision in the U.S. Fifth Circuit Court of Appeals. In the meantime, the T&T Defendants filed a new lawsuit in a Texas state court to assert their contractual claims against the subsidiary and its insurers, which the defendants then removed to federal court in Houston, Texas. In early 2019, a settlement of the T&T Defendants’ claims against the subsidiary and its insurers was reached, and funding of same has been issued by the subsidiary’s insurers. Pursuant to the terms of the settlement, all litigation concerning these claims has been dismissed with prejudice. Finally, in February 2018, the subsidiary and its insurers settled three “bystander” claims made by crewmembers aboard a vessel under charter to the subsidiary for alleged emotional and other personal injuries. The subsidiary has initiated arbitration in Houston, Texas against the employer of the bystanders to seek full recovery of this payment pursuant to indemnity provisions in the charter between the subsidiary and the employer. The arbitration panel issued its decision in August 2019, providing for the recovery of a portion of the indemnity payment and also for associated costs, which was paid for the benefit of the subsidiary’s insurers. Spin-Off Related Agreements On November 30, 2016, INSW was spun off from OSG as a separate publicly traded company. In connection with the spin-off, INSW and OSG entered into several agreements, including a separation and distribution agreement, an employee matters agreement and a transition services agreement. While most of the obligations under those agreements were subsequently fulfilled, certain provisions (including in particular mutual indemnification provisions under the separation and distribution agreement and the employee matters agreement) continue in force. 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.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2020
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Cash, cash equivalents and Restricted cash	Cash, cash equivalents and Restricted cash —
Concentration of Credit Risk	Concentration of Credit Risk — Leases Revenue from Contracts with Customers With respect to non-operating lease receivables, the Company recognizes as an allowance its estimate of expected credit losses in accordance with ASC 326, Financial Instruments – Credit losses The allowance for credit losses is recognized as an allowance or contra-asset and reflects our best estimate of probable losses inherent in the voyage receivables balance. Provisions for credit losses associated with voyage receivables are included in provision for credit losses on the condensed consolidated statements of operations. Activity for allowance for credit losses is summarized as follows: (Dollars in thousands) Allowance for Credit Losses - Balance at January 1, 2018 $ — Provision for expected credit losses — Balance at December 31, 2018 — Provision for expected credit losses 1,245 Balance at December 31, 2019 1,245 Provision for expected credit losses 49 Write-offs charged against the allowance (1,119) Recoveries of amounts previously written off (129) Balance at September 30, 2020 $ 46 We are also exposed to credit losses from off-balance sheet exposures related to guarantees of joint venture debt. See Note 6, “Equity Method Investments,” for more information on these off-balance sheet exposures. During the three and nine months ended September 30, 2020 and 2019, 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 in aggregate for 92% and 88% of consolidated voyage receivables at September 30, 2020 and December 31, 2019, respectively.
Deferred finance charges	Deferred finance charges —
Recently adopted / issued accounting standards	Recently Adopted Accounting Standards Financial Instruments – Credit losses timely recognition of such losses. Credit impairment will be recognized as an allowance or contra-asset rather than as a direct write-down of the amortized cost basis of a financial asset. However, the carrying amount of a financial asset that is deemed uncollectible will be written off in a manner consistent with existing standards. In addition, for guarantees in the scope of ASC 326, entities must measure the expected credit losses arising from the contingent aspect under the CECL model in addition to recognizing the liability for the noncontingent aspect of the guarantee under ASC 460, Guarantees Financial Instruments – Credit losses In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement Recently Issued Accounting Standards On May 20, 2020, the SEC issued a final rule that amends the financial statement requirements for acquisitions and dispositions of businesses. Among other changes, the final rule modifies the significance tests and disclosure requirements for (i) acquired or to be acquired businesses, (ii) real estate operations, (iii) pro forma financial information and (iv) equity method investees. Key amendments in the final rule will (i) change the investment test to use the aggregate worldwide market value of common equity of the registrant when a registrant is evaluating businesses for significance ; and (ii) change the income test to use the lower measure of significance based on (1) income from continuing operations before taxes or (2) revenue. The new rule requires the use of absolute values of five years income instead of zeros for loss years. However, the amendments also limit the use of income averaging to situations in which the revenue test is not applicable (i.e., either the registrant or the acquiree did not have material revenue in each of the two most recently completed fiscal years). Because we do have material revenue in the past two years, we can’t use five year averaging. The final rule is applicable for a registrant’s fiscal year beginning after December 31, 2020 and early application is permitted. our joint ventures accounted for using the equity method. The Company is in the process of evaluating the impact of changes to the income significance test. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform disregard the requirement that individual hedged transactions must share the same risk exposure for hedges of portfolios of forecasted transactions that reference a rate affected by reference rate reform. Relief provided by this ASU is optional and expires December 31, 2022. The Company has determined that its primary exposure to LIBOR is in relation to its floating rate debt facilities and the interest rate derivatives to which it is a party. Through a review of the Company’s debt agreements and interest rate derivative contracts the Company believes there are adequate provisions within such agreements that provide guidance on how the Company and its counterparties under such agreements will address what happens when LIBOR is no longer available. Based on information available today, the Company’s current view is that the Secured Overnight Financing Rate (“SOFR”) will be the alternative reference rate that the Company’s LIBOR-based agreements will transition to as the 2021 sunset date draws closer. In August 2018, the FASB issued ASU 2018-14, Defined Benefit Plans

CONTINGENCIES (Policy)

CONTINGENCIES (Policy)	9 Months Ended
CONTINGENCIES (Policy)	Sep. 30, 2020
CONTINGENCIES [Abstract]
Legal costs	INSW’s policy for recording legal costs related to contingencies is to expense such legal costs as incurred.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Tables)	Sep. 30, 2020
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Activity for allowance for credit losses	(Dollars in thousands) Allowance for Credit Losses - Balance at January 1, 2018 $ — Provision for expected credit losses — Balance at December 31, 2018 — Provision for expected credit losses 1,245 Balance at December 31, 2019 1,245 Provision for expected credit losses 49 Write-offs charged against the allowance (1,119) Recoveries of amounts previously written off (129) Balance at September 30, 2020 $ 46

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
EARNINGS PER COMMON SHARE (Tables)	Sep. 30, 2020
EARNINGS PER COMMON SHARE [Abstract]
Components of Calculation of Earnings Per Share	The components of the calculation of basic earnings per share and diluted earnings per share are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Net income/(loss) $ 13,981 $ (11,095) $ 111,358 $ (16,721) Weighted average common shares outstanding: Basic 27,932,928 29,249,233 28,517,037 29,217,188 Diluted 28,026,005 29,249,233 28,665,961 29,217,188 Reconciliations of the numerator of the basic and diluted earnings per share computations are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Net income/(loss) allocated to: Common Stockholders $ 13,955 $ (11,095) $ 111,176 $ (16,721) Participating securities 26 — 182 — $ 13,981 $ (11,095) $ 111,358 $ (16,721)

BUSINESS AND SEGMENT REPORTING

BUSINESS AND SEGMENT REPORTING (Tables)	9 Months Ended
BUSINESS AND SEGMENT REPORTING (Tables)	Sep. 30, 2020
BUSINESS AND SEGMENT REPORTING [Abstract]
Schedule of Segment Reporting Information, by Segment	Information about the Company’s reportable segments as of and for the three and nine months ended September 30, 2020 and 2019 follows: Crude Product (Dollars in thousands) Tankers Carriers Other Totals Three months ended September 30, 2020: Shipping revenues $ 83,636 $ 16,247 $ — $ 99,883 Time charter equivalent revenues 79,799 14,233 — 94,032 Depreciation and amortization 14,864 4,127 23 19,014 Loss on disposal of vessels and other property, including impairments 12,834 — — 12,834 Adjusted income/(loss) from vessel operations 35,967 1,131 (23) 37,075 Equity in income of affiliated companies 5,356 — — 5,356 Investments in and advances to affiliated companies at September 30, 2020 149,293 7,296 — 156,589 Adjusted total assets at September 30, 2020 1,241,979 311,796 — 1,553,775 Three months ended September 30, 2019: Shipping revenues $ 54,869 $ 16,409 $ — $ 71,278 Time charter equivalent revenues 49,446 16,362 — 65,808 Depreciation and amortization 15,079 3,856 26 18,961 Loss/(gain) on disposal of vessels and other property 12 (1,484) — (1,472) Adjusted income/(loss) from vessel operations 2,722 (579) (27) 2,116 Equity in income of affiliated companies 5,031 — 3,443 8,474 Investments in and advances to affiliated companies at September 30, 2019 140,307 10,933 120,415 271,655 Adjusted total assets at September 30, 2019 1,273,363 306,039 120,415 1,699,817 Crude Product (Dollars in thousands) Tankers Carriers Other Totals Nine months ended September 30, 2020: Shipping revenues $ 287,720 $ 77,225 $ — $ 364,945 Time charter equivalent revenues 274,543 74,509 — 349,052 Depreciation and amortization 43,841 12,250 70 56,161 Loss on disposal of vessels and other property, including impairments 14,164 — — 14,164 Adjusted income/(loss) from vessel operations 142,791 31,218 (70) 173,939 Equity in income of affiliated companies 15,672 — — 15,672 Expenditures for vessels and vessel improvements 26,217 20,232 — 46,449 Payments for drydockings 15,295 530 — 15,825 Nine months ended September 30, 2019: Shipping revenues $ 186,715 $ 55,447 $ — $ 242,162 Time charter equivalent revenues 167,016 55,308 — 222,324 Depreciation and amortization 44,351 12,268 89 56,708 Loss on disposal of vessels and other property 28 — — 28 Adjusted income/(loss) from vessel operations 25,136 4,357 (110) 29,383 Equity in income of affiliated companies 14,404 — 10,155 24,559 Expenditures for vessels and vessel improvements 9,096 701 — 9,797 Payments for drydockings 11,945 1,594 — 13,539
Reconciliation of Revenue from Segments to Consolidated	Reconciliations of time charter equivalent (“TCE”) revenues of the segments to shipping revenues as reported in the condensed statements of operations follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Time charter equivalent revenues $ 94,032 $ 65,808 $ 349,052 $ 222,324 Add: Voyage expenses 5,851 5,470 15,893 19,838 Shipping revenues $ 99,883 $ 71,278 $ 364,945 $ 242,162
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 condensed consolidated statements of operations follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Total adjusted income from vessel operations of all segments $ 37,075 $ 2,116 $ 173,939 $ 29,383 General and administrative expenses (7,422) (6,449) (21,550) (19,519) Provision for credit losses, net 13 18 80 (1,259) Third-party debt modification fees — — (232) (30) (Loss)/gain on disposal of vessels and other property, including impairments (12,834) 1,472 (14,164) (28) Consolidated income/(loss) from vessel operations 16,832 (2,843) 138,073 8,547 Equity in income of affiliated companies 5,356 8,474 15,672 24,559 Other (expense)/income (208) 284 (13,497) 2,159 Interest expense (7,999) (17,010) (28,889) (51,986) Income/(loss) before income taxes $ 13,981 $ (11,095) $ 111,359 $ (16,721)
Reconciliation of Assets from Segment to Consolidated	Reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets follow: (Dollars in thousands) September 30, 2020 September 30, 2019 Adjusted total assets of all segments $ 1,553,775 $ 1,699,817 Corporate unrestricted cash and cash equivalents 137,340 68,383 Restricted cash 16,314 55,839 Other unallocated amounts 4,884 4,510 Consolidated total assets $ 1,712,313 $ 1,828,549

EQUITY METHOD INVESTMENTS (Tabl

EQUITY METHOD INVESTMENTS (Tables)	9 Months Ended
EQUITY METHOD INVESTMENTS (Tables)	Sep. 30, 2020
EQUITY METHOD INVESTMENTS [Abstract]
Results of Operations of Equity Method Investments	Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Shipping revenues $ 26,392 $ 58,210 $ 78,535 $ 163,995 Ship operating expenses (14,333) (32,003) (42,814) (86,330) Income from vessel operations 12,059 26,207 35,721 77,665 Other (expense)/income (18) 462 22 1,358 Interest expense (1,570) (9,816) (5,165) (30,205) Income tax provision (955) (882) (2,822) (2,551) Net income $ 9,516 $ 15,971 $ 27,756 $ 46,267

VARIABLE INTEREST ENTITIES (V_2

VARIABLE INTEREST ENTITIES (VIEs)) (Tables)	9 Months Ended
VARIABLE INTEREST ENTITIES (VIEs)) (Tables)	Sep. 30, 2020
VARIABLE INTEREST ENTITIES (VIEs) [Abstract]
Schedule of Variable Interest Entities	(Dollars in thousands) Condensed Investments in Affiliated Companies $ 149,682
Schedule of Variable Interest Entities Liability in Condensed Consolidated Balance Sheet to Maximum Exposure to Loss	(Dollars in thousands) Condensed Maximum Exposure to Other Liabilities $ 82 $ 202,604

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2020
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, are as follows: (Dollars in thousands) Fair Value Level 1 Level 2 September 30, 2020: Cash and cash equivalents (1) $ 153,654 $ 153,654 $ — Core Term Loan Facility (281,048) — (281,048) Sinosure Credit Facility (252,021) — (252,021) 8.5% Senior Notes (25,500) (25,500) — December 31, 2019: Cash and cash equivalents (1) $ 150,243 $ 150,243 $ — 2017 Term Loan Facility (333,177) — (333,177) ABN Term Loan Facility (23,248) — (23,248) Sinosure Credit Facility (269,705) — (269,705) 8.5% Senior Notes (26,120) (26,120) — 10.75% Subordinated Notes (32,649) — (32,649) (1) Includes non-current restricted cash of $16.3 million and $60.6 million at September 30, 2020 and December 31, 2019, respectively.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	(Dollars in thousands) Long-term derivative Current portion of derivative liability Long-term derivative Accounts payable, accrued expenses and other current liabilities Other September 30, 2020: Derivatives designated as cash flow hedges: Interest rate swaps $ 973 $ (4,035) $ (6,200) $ — $ — Other-than-insignificant financing element of derivatives: Interest rate swaps (1) — — — (3,013) (14,788) Total $ 973 $ (4,035) $ (6,200) $ (3,013) $ (14,788) December 31, 2019: Derivatives designated as cash flow hedges: Interest rate swaps $ — $ (2,384) $ (5,968) $ — $ — Derivatives not designated as cash flow hedges: Interest rate collar — (1,230) (577) — — Total $ — $ (3,614) $ (6,545) $ — $ — (1) Represents the financing element of the hybrid instrument discussed above, which is recorded at amortized cost.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Loss	The effect of cash flow hedging relationships recognized in other comprehensive income/(loss) excluding amounts reclassified from accumulated other comprehensive loss, including hedges of equity method investees, for the three and nine months ended September 30, 2020 and 2019 follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Derivatives designated as cash flow hedges: Interest rate swaps $ (1,126) $ (2,796) $ (20,075) $ (15,722) Interest rate cap/collar — (2,786) — (3,795) Other-than-insignificant financing element of derivatives: Interest rate swaps (883) — (883) — Total other comprehensive loss $ (2,009) $ (5,582) $ (20,958) $ (19,517) The effect of cash flow hedging relationships on the condensed consolidated statement of operations is presented excluding hedges of equity method investees. The effect of the Company’s cash flow hedging relationships on the condensed consolidated statement of operations for the three and nine months ended September 30, 2020 and 2019 follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Derivatives designated as cash flow hedges: Interest rate swaps $ 1,055 $ 480 $ 3,367 $ 838 Interest rate cap/collar — — — 99 Derivatives not designated as cash flow hedges: Interest rate collar — — 1,352 — Other-than-insignificant financing element of derivatives: Interest rate swaps 1,698 — 1,698 — Total interest expense $ 2,753 $ 480 $ 6,417 $ 937
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): (Dollars in thousands) Fair Value Level 1 Level 2 Assets/(Liabilities) at September 30, 2020: Derivative Assets (interest rate swaps) $ 973 $ — $ 973 (1) Derivative Liabilities (interest rate swaps) (10,235) — (10,235) (1) Assets/(Liabilities) at December 31, 2019: Derivative Assets (interest rate swaps and collar) $ — $ — $ — (1) Derivative Liabilities (interest rate swaps and collar) (10,159) — (10,159) (1) (1) For interest rate caps, swaps and collars, fair values are 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.
Schedule of Fair Value, Assets and Liabilities Measured on Nonrecurring Basis	The following table summarizes the fair values of assets for which an impairment charge was recognized for the nine months ended September 30, 2020: (Dollars in thousands) Fair Value Level 2 Total Impairment Assets: Crude Tankers - Vessels held for use (1)(2) $ 80,910 $ 80,910 $ (17,136) (1) Pre-tax impairment charges of $5.5 million related to one VLCC tanker and $11.7 million related to two VLCC tankers in the Crude Tankers segment were recorded during the three-month periods ended June 30, 2020 and September 30, 2020, respectively. (2) The fair value measurement of $30.4 million that was used to determine the impairment for one VLCC at June 30, 2020 and the fair value measurement of $50.5 million that was used to determine the impairment for two VLCCs at September 30, 2020 were based upon a market approach, which considered the expected sales price of the vessel obtained from vessel appraisals and executed memoranda of agreements for the sale of each of the vessels as discussed in Note 5, “Vessels.” As sales of vessels occur somewhat infrequently, the expected sales price is considered to be Level 2.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
DEBT (Tables)	Sep. 30, 2020
DEBT [Abstract]
Schedule of Long-term Debt Instruments	September 30, December 31, (Dollars in thousands) 2020 2019 Core Term Loan Facility, due 2025, net of unamortized deferred finance costs of $4,486 $ 276,562 $ — Sinosure Credit Facility, due 2027-2028, net of unamortized deferred finance costs of $1,976 and $2,262 250,045 267,443 8.5% Senior Notes, due 2023, net of unamortized deferred finance costs of $930 and $1,142 24,070 23,858 2017 Term Loan Facility, due 2022, net of unamortized discount and deferred finance costs of $11,211 — 320,309 ABN Term Loan Facility, due 2023, net of unamortized deferred finance costs of $610 — 22,638 10.75% Subordinated Notes, due 2023, net of unamortized deferred finance costs of $1,084 — 26,847 550,677 661,095 Less current portion (61,483) (70,350) Long-term portion $ 489,194 $ 590,745

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Sep. 30, 2020
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract]
Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: September 30, December 31, (Dollars in thousands) 2020 2019 Unrealized losses on derivative instruments $ (26,781) $ (11,732) Items not yet recognized as a component of net periodic benefit cost (pension plans) (8,555) (8,838) $ (35,336) $ (20,570) The changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, during the three and nine months ended September 30, 2020 and 2019 follow: (Dollars in thousands) Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost Total Balance as of June 30, 2020 $ (27,900) $ (8,181) $ (36,081) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (2,009) (374) (2,383) Amounts reclassified from accumulated other comprehensive loss 3,128 — 3,128 Balance as of September 30, 2020 $ (26,781) $ (8,555) $ (35,336) Balance as of June 30, 2019 $ (31,901) $ (8,381) $ (40,282) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (5,582) 267 (5,315) Amounts reclassified from accumulated other comprehensive loss 2,113 — 2,113 Balance as of September 30, 2019 $ (35,370) $ (8,114) $ (43,484) (Dollars in thousands) Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost Total Balance as of December 31, 2019 $ (11,732) $ (8,838) $ (20,570) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (20,958) 283 (20,675) Amounts reclassified from accumulated other comprehensive loss 5,909 — 5,909 Balance as of September 30, 2020 $ (26,781) $ (8,555) $ (35,336) Balance as of December 31, 2018 $ (21,520) $ (8,409) $ (29,929) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (19,517) 295 (19,222) Amounts reclassified from accumulated other comprehensive loss 5,667 — 5,667 Balance as of September 30, 2019 $ (35,370) $ (8,114) $ (43,484)
Reclassification Out of Accumulated Other Comprehensive Income (Loss)	Amounts reclassified out of each component of accumulated other comprehensive loss follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Reclassifications of losses on cash flow hedges: Interest rate swaps entered into by the Company's equity method joint venture investees $ 375 $ 1,633 $ 763 $ 4,730 Interest rate swaps entered into by the Company's subsidiaries 1,055 480 3,367 838 Interest rate cap/collar entered into by the Company's subsidiaries — — — 99 Reclassifications of losses on derivatives subsequent to discontinuation of hedge accounting: Interest rate collar entered into by the Company's subsidiaries — — 81 — Reclassifications of losses on other-than-insignificant financing element of derivatives: Interest rate swaps entered into by the Company's subsidiaries 1,698 — 1,698 — $ 3,128 $ 2,113 $ 5,909 $ 5,667

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
REVENUE (Tables)	Sep. 30, 2020
REVENUE [Abstract]
Schedule of Disaggregated Revenue	The following table presents the Company’s revenues from leases accounted for under ASC 842 and revenues from services accounted for under ASC 606 for the three and nine months ended September 30, 2020 and 2019: Crude Product (Dollars in thousands) Tankers Carriers Other Totals Three months ended September 30, 2020: Revenues from leases Pool revenues $ 38,302 $ 10,915 $ — $ 49,217 Time and bareboat charter revenues 31,294 — — 31,294 Voyage charter revenues from non-variable lease payments 7,153 4,935 — 12,088 Voyage charter revenues from variable lease payments 4 397 — 401 Revenues from services Voyage charter revenues Lightering services 6,883 — — 6,883 Total shipping revenues $ 83,636 $ 16,247 $ — $ 99,883 Three months ended September 30, 2019: Revenues from leases Pool revenues $ 29,893 $ 16,385 $ — $ 46,278 Time and bareboat charter revenues 7,638 — — 7,638 Voyage charter revenues from non-variable lease payments 4,985 24 — 5,009 Voyage charter revenues from variable lease payments 365 — — 365 Revenues from services Voyage charter revenues Lightering services 11,988 — — 11,988 Total shipping revenues $ 54,869 $ 16,409 $ — $ 71,278 Crude Product (Dollars in thousands) Tankers Carriers Other Totals Nine months ended September 30, 2020: Revenues from leases Pool revenues $ 180,998 $ 69,487 $ — $ 250,485 Time and bareboat charter revenues 66,553 — — 66,553 Voyage charter revenues from non-variable lease payments 17,196 7,341 — 24,537 Voyage charter revenues from variable lease payments 1,174 397 — 1,571 Revenues from services Voyage charter revenues Lightering services 21,799 — — 21,799 Total shipping revenues $ 287,720 $ 77,225 $ — $ 364,945 Nine months ended September 30, 2019: Revenues from leases Pool revenues $ 103,643 $ 54,985 $ — $ 158,628 Time and bareboat charter revenues 19,609 90 — 19,699 Voyage charter revenues from non-variable lease payments 17,496 372 — 17,868 Voyage charter revenues from variable lease payments 1,555 — — 1,555 Revenues from services Voyage charter revenues Lightering services 44,412 — — 44,412 Total shipping revenues $ 186,715 $ 55,447 $ — $ 242,162
Schedule of Contract Related Receivables, Assets and Liabilities with Customers	The following table provides information about receivables, contract assets and contract liabilities from contracts with customers, and significant changes in contract assets and liabilities balances, associated with revenue from services accounted for under ASC 606. Balances related to revenues from leases accounted for under ASC 842 are excluded from the table below. (Dollars in thousands) Voyage receivables - Billed receivables Contract assets (Unbilled voyage receivables) Contract liabilities (Deferred revenues and off hires) Opening balance as of January 1, 2020 $ 2,727 $ — $ — Closing balance as of September 30, 2020 2,328 123 —

LEASES (Tables)

LEASES (Tables)	9 Months Ended
LEASES (Tables)	Sep. 30, 2020
Lease [Abstract]
Schedule of lease cost	The Company currently has two major categories of leases - chartered-in vessels and leased office and other space. The expenses recognized during the three and nine months ended September 30, 2020 and 2019 for the lease component of these leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2020 2019 2020 2019 Operating lease cost Vessel assets Charter hire expenses $ 2,478 $ 3,940 $ 9,183 $ 11,029 Office and other space General and administrative 265 249 771 747 Voyage expenses 42 42 126 126 Short-term lease cost Vessel assets (1) Charter hire expenses 832 2,976 3,758 7,922 Office and other space General and administrative — 29 29 87 Voyage expenses — — — 52 Vessel expenses — — — 8 Total lease cost $ 3,617 $ 7,236 $ 13,867 $ 19,971 (1) Excludes vessels spot chartered-in under operating leases and employed in the Crude Tankers Lightering business for periods of less than one month each, totaling $ 0.7 million and $ 1.0 million for the three and nine months ended September 30, 2020, respectively, compared with $1.8 million and $10.2 million for the three and nine months ended September 30, 2019, respectively, including both lease and non-lease components.
Supplemental lease information	Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, (Dollars in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 10,080 $ 11,827 Supplemental balance sheet information related to leases was as follows: (Dollars in thousands) September 30, 2020 December 31, 2019 Operating lease right-of-use assets $ 24,013 $ 33,718 Current portion of operating lease liabilities $ (9,949) $ (12,958) Long-term operating lease liabilities (11,593) (17,953) Total operating lease liabilities $ (21,542) $ (30,911) Weighted average remaining lease term - operating leases 2.92 years 3.24 years Weighted average discount rate - operating leases 7.20% 7.16%
Schedule of lease maturity receivables	The future minimum revenues, before reduction for brokerage commissions, expected to be received on non-cancelable time charters for three Panamaxes, one LR2, and four VLCCs and the related revenue days as of September 30, 2020 are as follows: (Dollars in thousands) Amount Revenue Days 2020 $ 20,492 450 2021 25,395 723 2022 16,425 365 2023 3,195 71 Future minimum revenues $ 65,507 1,609
Office Space And Lightering Workboat Dock Space [Member]
Lease [Abstract]
Schedule of lease maturity payments	Payments of lease liabilities for office and other space as of September 30, 2020 are as follows: (Dollars in thousands) Amount 2020 $ 316 2021 936 2022 273 2023 229 2024 178 Total lease payments 1,932 less imputed interest (128) Total operating lease liabilities $ 1,804
Bareboat Charters-In [Member]
Lease [Abstract]
Schedule of lease maturity payments	Payments of lease liabilities and related number of operating days under these operating leases as of September 30, 2020 are as follows: Bareboat Charters-in: (Dollars in thousands) Amount Operating Days 2020 $ 1,582 184 2021 6,278 730 2022 6,278 730 2023 4,532 556 Total lease payments 18,670 2,200 less imputed interest (1,907) Total operating lease liabilities $ 16,763
Time Charters-In [Member]
Lease [Abstract]
Schedule of lease maturity payments	Time Charters-in: (Dollars in thousands) Amount Operating Days 2020 $ 890 184 2021 2,170 408 Total lease payments (lease component only) 3,060 592 less imputed interest (85) Total operating lease liabilities $ 2,975

BASIS OF PRESENTATION (Narrativ

BASIS OF PRESENTATION (Narrative) (Details)	1 Months Ended	9 Months Ended
BASIS OF PRESENTATION (Narrative) (Details)	Oct. 31, 2020property	Sep. 30, 2020propertysegment
Property, Plant and Equipment [Line Items]
Number of reportable segments \| segment		2
Number of vessels marketed to be sold		2
Subsequent Event [Member]
Property, Plant and Equipment [Line Items]
Number of vessels marketed to be sold	2
Vessel/Fleet [Member]
Property, Plant and Equipment [Line Items]
Number of vessels in fleet		39
Charter In Vessels [Member]
Property, Plant and Equipment [Line Items]
Number of vessels in fleet		3
Vessels with Interest In [Member]
Property, Plant and Equipment [Line Items]
Number of vessels in fleet		2

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Mar. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Restricted cash and cash equivalents, noncurrent	$ 16,314	$ 55,839	$ 16,314	$ 55,839	$ 60,572
Amortization of financing costs	$ 600	$ 1,300	$ 2,200	$ 3,700
Credit losses historical period			5 years
Credit losses outstanding additional period			180 days
10.75% Subordinated Notes [Member]
Summary Of Significant Accounting Policies [Line Items]
Debt instrument, interest rate, stated percentage	10.75%		10.75%
2020 Debt Facilities [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferred finance costs, gross						$ 7,300
Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage			92.00%		88.00%
Term Loan [Member] \| Core Term Loan Facility, Core Transition Facility, Sinosure Credit Facility and 8.5% Senior Notes [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferred finance costs, gross	$ 7,400		$ 7,400		$ 16,300
Term Loan [Member] \| Core Revolving Facility [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferred finance costs, gross	800		800
Revolving Credit Facility [Member] \| INSW Facilities [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferred finance costs, gross					$ 300
Revolving Credit Facility [Member] \| Core Revolving Facility [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferred finance costs, gross	$ 900		$ 900

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (Activity for allowance for credit losses) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Balance Beginning	$ 1,245	$ 0	$ 0
Provision for expected credit losses	49	1,245	0
Write-offs charged against the allowance	(1,119)
Recoveries of amounts previously written off	(129)
Balance Ending	$ 46	$ 1,245	$ 0

EARNINGS PER COMMON SHARE (Narr

EARNINGS PER COMMON SHARE (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
EARNINGS PER COMMON SHARE (Narrative) (Details) - shares	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive awards	93,077	0	148,924	0
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Participating securities allocated a portion of income	51,561		47,269
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities			317,834
Restricted Stock Units (RSUs) [Member] \| Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Participating securities allocated a portion of income		51,107		46,972
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities			670,624
Antidilutive securities excluded from computation of earnings per share, amount	989,269	753,373	924,562	686,606

EARNINGS PER COMMON SHARE (Comp

EARNINGS PER COMMON SHARE (Components of Calculation of Earnings Per Share) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
EARNINGS PER COMMON SHARE [Abstract]
Net income/(loss)	$ 13,981	$ (11,095)	$ 111,358	$ (16,721)
Weighted average common shares outstanding:
Basic	27,932,928	29,249,233	28,517,037	29,217,188
Diluted	28,026,005	29,249,233	28,665,961	29,217,188

EARNINGS PER COMMON SHARE (Reco

EARNINGS PER COMMON SHARE (Reconciliation of Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
EARNINGS PER COMMON SHARE [Abstract]
Common Stockholders	$ 13,955	$ (11,095)	$ 111,176	$ (16,721)
Participating securities	26	0	182	0
Net income/(loss)	$ 13,981	$ (11,095)	$ 111,358	$ (16,721)

BUSINESS AND SEGMENT REPORTIN_2

BUSINESS AND SEGMENT REPORTING (Reportable Segments Information) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)propertysegment	Sep. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			2
Revenues, services	$ 99,883	$ 71,278	$ 364,945	$ 242,162
Depreciation and amortization	19,014	18,961	56,161	56,708
Loss/(gain) on disposal of vessels and other property, including impairments	12,834	(1,472)	14,164	28
Adjusted income/(loss) from vessel operations	37,075	2,116	173,939	29,383
Equity in income/(loss) of affiliated companies	5,356	8,474	15,672	24,559
Investments in and advances to affiliated companies	156,589	271,655	156,589	271,655
Adjusted total assets	1,553,775	1,699,817	1,553,775	1,699,817
Expenditures for vessels and vessel improvements			46,449	9,797
Payments for drydockings			15,825	13,539
Time Charter Equivalent Services [Member]
Segment Reporting Information [Line Items]
Revenues, services	94,032	65,808	349,052	222,324
International Crude Tankers Segment [Member]
Segment Reporting Information [Line Items]
Revenues, services	83,636	54,869	287,720	186,715
Depreciation and amortization	14,864	15,079	43,841	44,351
Loss/(gain) on disposal of vessels and other property, including impairments	12,834	12	14,164	28
Adjusted income/(loss) from vessel operations	35,967	2,722	142,791	25,136
Equity in income/(loss) of affiliated companies	5,356	5,031	15,672	14,404
Investments in and advances to affiliated companies	149,293	140,307	149,293	140,307
Adjusted total assets	$ 1,241,979	1,273,363	1,241,979	1,273,363
Expenditures for vessels and vessel improvements			26,217	9,096
Payments for drydockings			$ 15,295	11,945
International Crude Tankers Segment [Member] \| Two Floating Storage and Offloading Vessels [Member]
Segment Reporting Information [Line Items]
Number of Vessels Operated by Joint Venture \| property	2		2
International Crude Tankers Segment [Member] \| Time Charter Equivalent Services [Member]
Segment Reporting Information [Line Items]
Revenues, services	$ 79,799	49,446	$ 274,543	167,016
International Product Carriers Segment [Member]
Segment Reporting Information [Line Items]
Revenues, services	16,247	16,409	77,225	55,447
Depreciation and amortization	4,127	3,856	12,250	12,268
Loss/(gain) on disposal of vessels and other property, including impairments	0	(1,484)
Adjusted income/(loss) from vessel operations	1,131	(579)	31,218	4,357
Equity in income/(loss) of affiliated companies	0	0
Investments in and advances to affiliated companies	7,296	10,933	7,296	10,933
Adjusted total assets	311,796	306,039	311,796	306,039
Expenditures for vessels and vessel improvements			20,232	701
Payments for drydockings			530	1,594
International Product Carriers Segment [Member] \| Time Charter Equivalent Services [Member]
Segment Reporting Information [Line Items]
Revenues, services	14,233	16,362	74,509	55,308
Other Segment [Member]
Segment Reporting Information [Line Items]
Revenues, services	0	0
Depreciation and amortization	23	26	70	89
Loss/(gain) on disposal of vessels and other property, including impairments	0	0
Adjusted income/(loss) from vessel operations	(23)	(27)	(70)	(110)
Equity in income/(loss) of affiliated companies	0	3,443		10,155
Investments in and advances to affiliated companies	0	120,415	0	120,415
Adjusted total assets	$ 0	120,415	$ 0	$ 120,415
Other Segment [Member] \| Four LNG Carriers [Member]
Segment Reporting Information [Line Items]
Number of Vessels Operated by Joint Venture \| property	4		4
Other Segment [Member] \| Time Charter Equivalent Services [Member]
Segment Reporting Information [Line Items]
Revenues, services	$ 0	$ 0

BUSINESS AND SEGMENT REPORTIN_3

BUSINESS AND SEGMENT REPORTING (Reconciliation of Time Charter Revenue to Shipping Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues, services	$ 99,883	$ 71,278	$ 364,945	$ 242,162
Add: Voyage expenses	5,851	5,470	15,893	19,838
Time Charter Equivalent Services [Member]
Revenues, services	$ 94,032	$ 65,808	$ 349,052	$ 222,324

BUSINESS AND SEGMENT REPORTIN_4

BUSINESS AND SEGMENT REPORTING (Reconciliation of Income/(Loss) from Vessel Operations to Loss Before Reorganization) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Total adjusted income from vessel operations of all segments	$ 37,075	$ 2,116	$ 173,939	$ 29,383
General and administrative expenses	(7,422)	(6,449)	(21,550)	(19,519)
Provision for credit losses	13	18	80	(1,259)
Third-party debt modification fees	0	0	(232)	(30)
Loss on disposal of vessels and other property, including impairments	(12,834)	1,472	(14,164)	(28)
Consolidated income/(loss) from vessel operations	16,832	(2,843)	138,073	8,547
Equity in income/(loss) of affiliated companies	5,356	8,474	15,672	24,559
Other (expense)/income	(208)	284	(13,497)	2,159
Interest expense	(7,999)	(17,010)	(28,889)	(51,986)
Income/(loss) before income taxes	13,981	(11,095)	111,359	(16,721)
Vessel Operations [Member]
Total adjusted income from vessel operations of all segments	37,075	2,116	173,939	29,383
General and administrative expenses	(7,422)	(6,449)	(21,550)	(19,519)
Provision for credit losses	13	18	80	(1,259)
Third-party debt modification fees	0	0	(232)	(30)
Loss on disposal of vessels and other property, including impairments	(12,834)	1,472	(14,164)	(28)
Consolidated income/(loss) from vessel operations	16,832	(2,843)	138,073	8,547
Equity in income/(loss) of affiliated companies	5,356	8,474	15,672	24,559
Other (expense)/income	(208)	284	(13,497)	2,159
Interest expense	(7,999)	(17,010)	(28,889)	(51,986)
Income/(loss) before income taxes	$ 13,981	$ (11,095)	$ 111,359	$ (16,721)

BUSINESS AND SEGMENT REPORTIN_5

BUSINESS AND SEGMENT REPORTING (Reconciliation of Assets of Segments to Consolidated Amounts) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Segment Reporting Information [Line Items]
Adjusted total assets	$ 1,553,775		$ 1,699,817
Cash and cash equivalents	137,340	$ 89,671	68,383
Restricted cash	16,314	60,572	55,839
Other unallocated amounts	4,884		4,510
Total assets	1,712,313	$ 1,753,501	1,828,549
Other Segment [Member]
Segment Reporting Information [Line Items]
Adjusted total assets	$ 0		$ 120,415

VESSELS (Narrative) (Details)

VESSELS (Narrative) (Details) $ in Thousands	1 Months Ended				3 Months Ended	9 Months Ended
VESSELS (Narrative) (Details) $ in Thousands	Oct. 31, 2020property	Sep. 30, 2020USD ($)property	Mar. 31, 2020USD ($)	Jan. 31, 2020USD ($)	Sep. 30, 2020USD ($)property	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Impairment of long-lived assets held-for-use						$ 17,136	$ 0
Proceeds from disposal of vessels and other property			$ 1,400			$ 13,564	$ 15,762
Number of vessels marketed to be sold \| property						2
Impairment of long-lived assets to be disposed of		$ (11,700)			$ 11,700
Loss on Contract Termination					$ 1,200	$ 1,200
LR1 Vessel [Member]
Purchase agreement, purchase amount								$ 18,800
Aframax 2002-built Sold [Member]
Net gain (loss) on disposal of vessel				$ 4,100
2 VLCCs to be sold [Member]
Number of vessels marketed to be sold \| property						2
Probability percentage of property being sold						25.00%
Number of vessels with impairment triggering events \| property		2			2	2
1 of 2 VLCCs to be sold [Member]
Impairment of long-lived assets held-for-use						$ 5,500
1 VLCC with Unrecoverable Carrying Value [Member]
Number of vessels marketed to be sold \| property						1
Subsequent Event [Member]
Number of vessels marketed to be sold \| property	2
Probability percentage of property being sold	100.00%

EQUITY METHOD INVESTMENTS (Narr

EQUITY METHOD INVESTMENTS (Narrative) (Details)	Mar. 29, 2018USD ($)	Apr. 30, 2018USD ($)	Sep. 30, 2020USD ($)contractitem	Oct. 31, 2020property	Dec. 31, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Number of joint ventures \| item			2
Investments in and advances to affiliated companies			$ 156,589,000		$ 153,292,000
Condensed summary of operations for joint ventures approximate interest, percentage			50.00%
Other Equity Method Investments [Member]
Schedule of Equity Method Investments [Line Items]
Investments in and advances to affiliated companies			$ 12,800,000
LNG Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Number of vessels operated by joint venture			4
FSO Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Number of contracts related to joint venture \| contract			2
Contract extension duration			10 years
FSO Joint Venture [Member] \| Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Number of vessels operated by joint venture \| property				2
FSO Joint Venture [Member] \| FSO Asia and FSO Africa [Member]
Schedule of Equity Method Investments [Line Items]
Investments in and advances to affiliated companies			$ 143,800,000
FSO Joint Venture [Member] \| Two Floating Storage and Offloading Vessels [Member]
Schedule of Equity Method Investments [Line Items]
Number of contracts related to joint venture \| contract			2
LNG Joint Venture, TI Africa and TI Asia Limited [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			50.00%
FSO Term Loan [Member] \| FSO Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Minimum liquidity level, threshold amount		$ 50,000,000
Minimum liquidity level, threshold percentage of debt		5.00%
Minimum cash, threshold amount, debt instrument covenant		$ 30,000,000
Guarantor obligations, maximum exposure, undiscounted			$ 52,900,000
Guarantor obligations, current carrying value			$ 100,000
Secured Debt [Member] \| FSO Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Line of credit facility, maximum borrowing capacity	$ 220,000,000
Proceeds from long-term lines of credit	$ 220,000,000
Financial Guarantee [Member] \| FSO Term Loan [Member] \| FSO Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from long-term lines of credit		$ 110,000,000

EQUITY METHOD INVESTMENTS (Resu

EQUITY METHOD INVESTMENTS (Results of Operations of Equity Method Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
EQUITY METHOD INVESTMENTS [Abstract]
Shipping revenues	$ 26,392	$ 58,210	$ 78,535	$ 163,995
Ship operating expenses	(14,333)	(32,003)	(42,814)	(86,330)
Income from vessel operations	12,059	26,207	35,721	77,665
Interest expense	(1,570)	(9,816)	(5,165)	(30,205)
Income tax (provision)/benefit	(955)	(882)	(2,822)	(2,551)
Net income	9,516	15,971	27,756	46,267
other	$ (18)	$ 462	$ 22	$ 1,358

VARIABLE INTEREST ENTITIES (V_3

VARIABLE INTEREST ENTITIES (VIEs) (Narrative) (Details) $ in Thousands	Sep. 30, 2020USD ($)item	Dec. 31, 2019USD ($)
Variable Interest Entity [Line Items]
Number of commercial pools	5
Number of joint ventures	2
Accounts receivable, net, current \| $	$ 71,431	$ 83,845
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of commercial pools	2
Number of joint ventures	2
Variable Interest Entity, Not Primary Beneficiary [Member] \| FSO Joint Venture [Member]
Variable Interest Entity [Line Items]
Number of commercial pools	2
Accounts receivable, net, current \| $	$ 14,900

VARIABLE INTEREST ENTITIES (V_4

VARIABLE INTEREST ENTITIES (VIEs)) (Balance Sheet Carrying Amounts Related to VIEs) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Variable Interest Entity [Line Items]
Investments in Affiliated Companies	$ 156,589	$ 271,655
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Investments in Affiliated Companies	$ 149,682

VARIABLE INTEREST ENTITIES (V_5

VARIABLE INTEREST ENTITIES (VIEs) (Comparison of Liability to Maximum Exposure to Loss) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Other Liabilities	$ 15,986	$ 1,489
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Other Liabilities	82
Maximum Exposure to Loss	$ 202,604

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jan. 27, 2020	Sep. 30, 2020	Sep. 30, 2019	Jun. 21, 2020	Jun. 20, 2020	Apr. 30, 2020	Jan. 28, 2020
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items]
Derivative, notional amount						$ 25,000
Derivative, fixed interest rate						0.50%
Extinguishment of debt		$ 422,699	$ 10,000
Change in fair value of interest rate collar recorded through earnings		$ (1,271)	$ 0
Interest Rate Cap/Collar [Member]
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items]
Derivative, notional amount	$ 350,000
Change in fair value of interest rate collar recorded through earnings	$ 1,300
Interest Rate Swap [Member]
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items]
Derivative, notional amount							$ 250,000
Derivative, fixed interest rate							1.97%
Average floor rate							0.00%
Sinosure Credit Facility [Member] \| Interest Rate Swap [Member]
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items]
Derivative, fixed interest rate				2.35%	2.76%

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Other Than Derivatives) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2004
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 153,654	$ 150,243
Restricted cash	16,314	60,572	$ 55,839
Sinosure Credit Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, Fair Value Disclosure	$ (252,021)	(269,705)
10.75% Subordinated Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage	10.75%
Term Loan [Member] \| INSW Facilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, Fair Value Disclosure		(333,177)
Term Loan [Member] \| ABN Term Loan Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, Fair Value Disclosure		(23,248)
Term Loan [Member] \| Core Term Loan Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, Fair Value Disclosure	$ (281,048)
Senior Notes [Member] \| 8.5% Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure	$ (25,500)	$ (26,120)
Debt instrument, interest rate, stated percentage	8.50%	8.50%
Subordinated Debt [Member] \| 8.5% Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage	8.50%
Subordinated Debt [Member] \| 10.75% Subordinated Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure		$ (32,649)
Debt instrument, interest rate, stated percentage	10.75%	10.75%		10.75%
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 153,654	$ 150,243
Fair Value, Inputs, Level 1 [Member] \| Sinosure Credit Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] \| Term Loan [Member] \| INSW Facilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, Fair Value Disclosure		0
Fair Value, Inputs, Level 1 [Member] \| Term Loan [Member] \| ABN Term Loan Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, Fair Value Disclosure		0
Fair Value, Inputs, Level 1 [Member] \| Term Loan [Member] \| Core Term Loan Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, Fair Value Disclosure	0
Fair Value, Inputs, Level 1 [Member] \| Senior Notes [Member] \| 8.5% Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure	(25,500)	(26,120)
Fair Value, Inputs, Level 1 [Member] \| Subordinated Debt [Member] \| 10.75% Subordinated Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure		0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	0	0
Fair Value, Inputs, Level 2 [Member] \| Sinosure Credit Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, Fair Value Disclosure	(252,021)	(269,705)
Fair Value, Inputs, Level 2 [Member] \| Term Loan [Member] \| INSW Facilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, Fair Value Disclosure		(333,177)
Fair Value, Inputs, Level 2 [Member] \| Term Loan [Member] \| ABN Term Loan Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, Fair Value Disclosure		(23,248)
Fair Value, Inputs, Level 2 [Member] \| Term Loan [Member] \| Core Term Loan Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Payable, Fair Value Disclosure	(281,048)
Fair Value, Inputs, Level 2 [Member] \| Senior Notes [Member] \| 8.5% Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure	$ 0	0
Fair Value, Inputs, Level 2 [Member] \| Subordinated Debt [Member] \| 10.75% Subordinated Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure		$ (32,649)

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Non Current Portion of Derivative Asset [Member]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	$ 973	$ 0
Current Portion of Derivative Liability [Member]
Derivative Instruments in Hedges, Liabilities, at Fair Value	(4,035)	(3,614)
Non Current Portion of Derivative Liability [Member]
Derivative Instruments in Hedges, Liabilities, at Fair Value	(6,200)	(6,545)
Accounts Payable, Accrued Liabilities And Other Current Liabilities [Member]
Derivative Instruments in Hedges, Liabilities, at Fair Value	(3,013)	0
Other Liabilities [Member]
Derivative Instruments in Hedges, Liabilities, at Fair Value	(14,788)	0
Interest Rate Swap [Member] \| Non Current Portion of Derivative Asset [Member] \| Hybrid Instrument [Member]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	0
Interest Rate Swap [Member] \| Current Portion of Derivative Liability [Member] \| Hybrid Instrument [Member]
Derivative Instruments in Hedges, Liabilities, at Fair Value	0
Interest Rate Swap [Member] \| Non Current Portion of Derivative Liability [Member] \| Hybrid Instrument [Member]
Derivative Instruments in Hedges, Liabilities, at Fair Value	0
Interest Rate Swap [Member] \| Accounts Payable, Accrued Liabilities And Other Current Liabilities [Member] \| Hybrid Instrument [Member]
Derivative Instruments in Hedges, Liabilities, at Fair Value	(3,013)
Interest Rate Swap [Member] \| Other Liabilities [Member] \| Hybrid Instrument [Member]
Derivative Instruments in Hedges, Liabilities, at Fair Value	(14,788)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Non Current Portion of Derivative Asset [Member]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	973	0
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Current Portion of Derivative Liability [Member]
Derivative Instruments in Hedges, Liabilities, at Fair Value	(4,035)	(2,384)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Non Current Portion of Derivative Liability [Member]
Derivative Instruments in Hedges, Liabilities, at Fair Value	(6,200)	(5,968)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Accounts Payable, Accrued Liabilities And Other Current Liabilities [Member]
Derivative Instruments in Hedges, Liabilities, at Fair Value	0	0
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Other Liabilities [Member]
Derivative Instruments in Hedges, Liabilities, at Fair Value	$ 0	0
Not Designated as Hedging Instrument [Member] \| Interest Rate Cap/Collar [Member] \| Non Current Portion of Derivative Asset [Member]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		0
Not Designated as Hedging Instrument [Member] \| Interest Rate Cap/Collar [Member] \| Current Portion of Derivative Liability [Member]
Derivative Instruments in Hedges, Liabilities, at Fair Value		(1,230)
Not Designated as Hedging Instrument [Member] \| Interest Rate Cap/Collar [Member] \| Non Current Portion of Derivative Liability [Member]
Derivative Instruments in Hedges, Liabilities, at Fair Value		(577)
Not Designated as Hedging Instrument [Member] \| Interest Rate Cap/Collar [Member] \| Accounts Payable, Accrued Liabilities And Other Current Liabilities [Member]
Derivative Instruments in Hedges, Liabilities, at Fair Value		0
Not Designated as Hedging Instrument [Member] \| Interest Rate Cap/Collar [Member] \| Other Liabilities [Member]
Derivative Instruments in Hedges, Liabilities, at Fair Value		$ 0

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Effect of Cash Flow Hedging Relationships) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Designated as Hedging Instrument [Member]
Total other comprehensive loss	$ (2,009)	$ (5,582)	$ (20,958)	$ (19,517)
Designated as Hedging Instrument [Member] \| Interest Rate Cap/Collar [Member]
Total other comprehensive loss		(2,786)		(3,795)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Total other comprehensive loss	(1,126)	$ (2,796)	(20,075)	$ (15,722)
Hybrid Instrument [Member] \| Interest Rate Swap [Member]
Total other comprehensive loss	$ (883)		$ (883)

FAIR VALUE OF FINANCIAL INSTR_7

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	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	$ 3,128	$ 2,113	$ 5,909	$ 5,667
Interest Expense [Member]
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	2,753	480	6,417	937
Interest Rate Cap/Collar [Member] \| Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member]
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	0	0	0	99
Interest Rate Cap/Collar [Member] \| Cash Flow Hedging [Member] \| Not Designated as Hedging Instrument [Member]
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	0	0	1,352	0
Interest Rate Swap [Member] \| Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member]
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	1,055	480	3,367	838
Hybrid Instrument [Member] \| Interest Rate Cap/Collar [Member]
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	$ 1,698	$ 0	$ 1,698	$ 0

FAIR VALUE OF FINANCIAL INSTR_8

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Fair Values of Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Interest Rate Swaps and Collar [Member]
Derivative Asset		$ 0
Derivative liability		(10,159)
Interest Rate Swaps and Collar [Member] \| Fair Value, Inputs, Level 1 [Member]
Derivative Asset		0
Derivative liability		0
Interest Rate Swaps and Collar [Member] \| Fair Value, Inputs, Level 2 [Member]
Derivative Asset		0
Derivative liability		$ (10,159)
Interest Rate Swap [Member]
Derivative Asset	$ 973
Derivative liability	(10,235)
Interest Rate Swap [Member] \| Fair Value, Inputs, Level 1 [Member]
Derivative Asset	0
Derivative liability	0
Interest Rate Swap [Member] \| Fair Value, Inputs, Level 2 [Member]
Derivative Asset	973
Derivative liability	$ (10,235)

FAIR VALUE OF FINANCIAL INSTR_9

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Fair Value of Items Measured on Nonrecurring Basis) (Details) $ in Thousands	1 Months Ended			3 Months Ended	9 Months Ended
	Oct. 31, 2020property	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment		$ 11,700		$ (11,700)
Number of vessels marketed to be sold \| property					2
2 VLCCs to be sold [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, plant and equipment, fair value		50,500		50,500	$ 50,500
Number of vessels marketed to be sold \| property					2
1 of 2 VLCCs to be sold [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, plant and equipment, fair value		80,910	$ 30,400	80,910	$ 80,910
Vessels held for use, Impairment Charges			$ 5,500		(17,136)
1 of 2 VLCCs to be sold [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, plant and equipment, fair value		$ 80,910		$ 80,910	$ 80,910
Subsequent Event [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of vessels marketed to be sold \| property	2

DEBT (Narrative) (Details)

DEBT (Narrative) (Details)	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2004
10.75% Subordinated Notes [Member]
Debt instrument, interest rate, stated percentage	10.75%
Subordinated Debt [Member] \| 10.75% Subordinated Notes [Member]
Debt instrument, interest rate, stated percentage	10.75%	10.75%	10.75%
Subordinated Debt [Member] \| 8.5% Senior Notes [Member]
Debt instrument, interest rate, stated percentage	8.50%
Senior Notes [Member] \| 8.5% Senior Notes [Member]
Debt instrument, interest rate, stated percentage	8.50%	8.50%

DEBT (2020 Debt Facilities) (Na

DEBT (2020 Debt Facilities) (Narrative) (Details) $ in Millions	Aug. 10, 2020USD ($)	May 15, 2020	Mar. 12, 2020	Mar. 11, 2020	Mar. 04, 2020USD ($)	Jan. 28, 2020USD ($)	Jan. 23, 2020USD ($)	Sep. 30, 2020property	Dec. 31, 2019	Dec. 31, 2004
2020 Debt Facilities [Member]
Debt Instrument [Line Items]
Minimum liquidity level, threshold percentage of debt							5.00%
2020 Debt Facilities [Member] \| Vessel Seaways Mulan [Member]
Debt Instrument [Line Items]
Debt instrument covenants release of asset benchmark days				30 days
Debt instrument covenants release of asset, additional, benchmark days				30 days
2020 Debt Facilities [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Threshold leverage ratio							0.60%
2020 Debt Facilities [Member] \| Period From January 28, 2020 [Member]
Debt Instrument [Line Items]
Threshold ratio of consolidated EBITDA to consolidated cash interest expense							2.25
2020 Debt Facilities [Member] \| Period Thereafter June 30, 2020 [Member]
Debt Instrument [Line Items]
Threshold ratio of consolidated EBITDA to consolidated cash interest expense							2.50
2020 Debt Facilities [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 390
2020 Debt Facilities [Member] \| Side Letter Agreement [Member] \| Vessel Seaways Mulan [Member]
Debt Instrument [Line Items]
Debt instrument covenants release of asset benchmark days		60 days	60 days
Debt instrument covenants release of asset, additional, benchmark days		30 days	30 days
Core Term Loan Facility and Core Revolving Facility [Member]
Debt Instrument [Line Items]
Number of vessels in fleet used as collateral \| property								14
Core Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt Instrument Covenant, Fair Market Value of the Core Collateral Vessels, Threshold Percentage Of Outstanding Principal Amount							135.00%
Line Of Credit Accordion Amount							$ 100
Core Term Loan Facility [Member] \| Term Loan [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							300
Line of Credit Facility, Expiration Period								5 years
Core Revolving Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Expiration Period								5 years
Amount drawn						$ 20
Repayments of debt					$ 20
Core Revolving Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 40
Transition Facility [Member]
Debt Instrument [Line Items]
Period after which interest rate can be increased							18 months
Debt Instrument Covenant, Fair Market Value of the Core Collateral Vessels, Threshold Percentage Of Outstanding Principal Amount							175.00%
Number of vessels in fleet used as collateral \| property								12
Transition Facility [Member] \| Term Loan [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 50
Repayments of debt	$ 40
2017 Debt Facilities [Member]
Debt Instrument [Line Items]
Minimum liquidity level, threshold amount							$ 50
ABN Term Loan Facility [Member]
Debt Instrument [Line Items]
Repayments of debt						23.2
Jefferies Finance
Debt Instrument [Line Items]
Repayments of debt						331.5
10.75% Subordinated Notes [Member]
Debt Instrument [Line Items]
Repurchase of debt						$ 27.9
Debt instrument, interest rate, stated percentage								10.75%
10.75% Subordinated Notes [Member] \| Subordinated Debt [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								10.75%	10.75%	10.75%

DEBT (Sinosure Credit Facility)

DEBT (Sinosure Credit Facility) (Narrative) (Details) $ in Thousands	Sep. 30, 2020USD ($)	Jul. 31, 2020	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 550,677		$ 661,095
Debt instrument interest expense coverage ratio	2.25
Scenario, Plan [Member]
Debt Instrument [Line Items]
Debt instrument interest expense coverage ratio		2.50
Seaways Holding Company [Member]
Debt Instrument [Line Items]
Debt instrument interest expense coverage ratio	2
Sinosure Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt	$ 250,045		$ 267,443
Debt instrument covenant minimum security coverage percentage of aggregate loan principal	135.00%
Debt instrument maximum consolidated leverage ratio	0.60%
Debt instrument minimum consolidated liquidity unrestricted consolidated cash and cash equivalents	$ 25,000
Debt instrument minimum consolidated liquidity total consolidated cash and cash equivalents	$ 50,000
Debt instrument covenant percentage of total indebtedness	5.00%
Debt instrument property aggregate covenant	$ 9,000
Debt instrument per piece of property covenant	$ 1,500

DEBT (Schedule of Long-term Deb

DEBT (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2004
Debt Instrument [Line Items]
Long-term debt	$ 550,677	$ 661,095
Less current portion	(61,483)	(70,350)
Long-term portion	489,194	590,745
Sinosure Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt	250,045	267,443
Unamortized discount and deferred finance costs	$ 1,976	2,262
10.75% Subordinated Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	10.75%
Term Loan [Member] \| 2017 Debt Facilities [Member]
Debt Instrument [Line Items]
Long-term debt	$ 0	320,309
Unamortized discount and deferred finance costs		11,211
Term Loan [Member] \| ABN Term Loan Facility [Member]
Debt Instrument [Line Items]
Long-term debt	0	22,638
Unamortized discount and deferred finance costs		610
Term Loan [Member] \| Core Term Loan Facility [Member]
Debt Instrument [Line Items]
Long-term debt	276,562	0
Unamortized discount and deferred finance costs	4,486
Senior Notes [Member] \| 8.5% Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	24,070	23,858
Unamortized discount and deferred finance costs	$ 930	$ 1,142
Debt instrument, interest rate, stated percentage	8.50%	8.50%
Subordinated Debt [Member] \| 8.5% Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	8.50%
Subordinated Debt [Member] \| 10.75% Subordinated Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 26,847
Unamortized discount and deferred finance costs		$ 1,084
Debt instrument, interest rate, stated percentage	10.75%	10.75%	10.75%

DEBT (Senior and Subordinated N

DEBT (Senior and Subordinated Notes) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2004
Debt Instrument [Line Items]
Debt instrument covenant limitation on total borrowings percentage of total assets	70.00%		70.00%
Debt instrument covenant net worth	$ 600,000		$ 600,000
Recapitalization costs	0	$ 0	232	$ 30
Extinguishment of debt			422,699	10,000
Vessel Operations [Member]
Debt Instrument [Line Items]
Recapitalization costs	$ 0	$ 0	$ 232	$ 30
10.75% Subordinated Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	10.75%		10.75%
Senior Notes [Member] \| 8.5% Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	8.50%		8.50%		8.50%
Subordinated Debt [Member] \| 8.5% Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	8.50%		8.50%
Subordinated Debt [Member] \| 10.75% Subordinated Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	10.75%		10.75%		10.75%	10.75%

DEBT (Debt Modification, Repurc

DEBT (Debt Modification, Repurchases and Extinguishment) (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020	Jan. 28, 2020	Jan. 23, 2020	Dec. 31, 2019	Dec. 31, 2004
Debt Instrument [Line Items]
Interest Expense		$ 6,800	$ 17,900	$ 24,100	$ 44,200
Gain (Loss) on extinguishment of debt				(1,195)	(100)
Other (expense)/income		(208)	284	(13,497)	2,159
(Gains) losses on repurchase and extinguishment of debt		800		14,300
Amortization of Issuance, Deferred Financing Costs, Commitments, Administrative and Other Fees for Debt Facilities [Member]
Debt Instrument [Line Items]
Interest Expense		7,800	$ 16,700	28,400	$ 51,100
2017 Term Loan, ABN Term Loan Facility and 10.75% Subordinated Notes [Member]
Debt Instrument [Line Items]
Write off of deferred debt issuance cost		12,500
2020 Debt Facilities [Member]
Debt Instrument [Line Items]
Deferred finance costs, gross						$ 7,300
Core Revolving Facility [Member]
Debt Instrument [Line Items]
Long-term line of credit							$ 20,000
Transition Facility [Member]
Debt Instrument [Line Items]
Write off of deferred debt issuance cost	$ 600
Debt instrument prepayment fee amount	$ 200
Core Term Loan Facility and Transition Term Loan Facility [Member]
Debt Instrument [Line Items]
Deferred finance costs, gross		6,300		6,300
Payments of financing costs				6,500
Core Term Loan Facility and Transition Term Loan Facility Deemed Expensed [Member]
Debt Instrument [Line Items]
Deferred finance costs, gross						$ 200
10.75% Subordinated Notes [Member]
Debt Instrument [Line Items]
Debt instrument, repurchase amount							$ 27,900
Debt instrument prepayment fee amount		$ 1,000		$ 1,000
Debt instrument, interest rate, stated percentage		10.75%		10.75%
Revolving Credit Facility [Member] \| INSW Facilities [Member]
Debt Instrument [Line Items]
Deferred finance costs, gross									$ 300
Revolving Credit Facility [Member] \| Core Revolving Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 40,000
Deferred finance costs, gross		$ 900		$ 900
Secured Debt [Member] \| 2020 Debt Facilities [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								390,000
Term Loan [Member] \| Core Term Loan Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								300,000
Term Loan [Member] \| Core Revolving Facility [Member]
Debt Instrument [Line Items]
Deferred finance costs, gross		$ 800		$ 800
Term Loan [Member] \| Transition Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 50,000
Subordinated Debt [Member] \| 10.75% Subordinated Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		10.75%		10.75%					10.75%	10.75%

CAPITAL STOCK AND STOCK COMPE_2

CAPITAL STOCK AND STOCK COMPENSATION (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands

Oct. 28, 2020

Sep. 23, 2020

Aug. 04, 2020

Jul. 08, 2020

Jun. 22, 2020

May 20, 2020

Mar. 30, 2020

Feb. 26, 2020

Sep. 30, 2020

Sep. 30, 2019

Jun. 30, 2020

Sep. 30, 2020

Sep. 30, 2019

Mar. 05, 2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock repurchase program, authorized amount

$ 30,000

Purchase of treasury stock

$ 29,997

$ 0

Dividends payable, date declared

Aug. 4,
2020

May 20,
2020

Feb. 26,
2020

Dividends payable, amount per share

$ 0.06

Payments of dividends

$ 1,700

$ 5,091

$ 0

Dividends payable, date of record

Sep. 9,
2020

Jun. 8,
2020

Mar. 17,
2020

Stock Repurchased and Retired During Period, Value

$ 30,000

Stock Repurchased and Retired During Period, Shares

1,417,292

Stock repurchased per share amount

$ 21.16

Stock Repurchased During Period, Shares

Stock Repurchase Program Expiration Date

Mar. 5,
2021

Compensation liability, current

$ 100

Stock Repurchase Program, Period in Force

24 months

Subsequent Event [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock repurchase program, authorized amount

$ 50,000

Dividends payable, date declared

Oct. 28,
2020

Dividends payable, amount per share

$ 0.06

Dividends payable, date of record

Dec. 8,
2020

Directors [Member] | Share-based Payment Arrangement, Nonemployee [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted

57,317

Granted, per share

$ 16.05

Senior Officers [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted, options

131,992

Grant date, value, per share

9.68

Grants, options, per share

$ 21.93

Fair value assumptions, risk free interest rate

0.44%

Fair value assumptions, expected dividend rate

1.02%

Fair value assumptions, expected volatility factor

0.52%

Fair value assumptions, expected life

6 years

Share based arrangement fair value method used

Black-Scholes option pricing model

Share based arrangement exercisable option period, maximum

90 days

Restricted Stock Units (RSUs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares paid for tax withholding for share based compensation

4,544

587

61,498,000

21,589

Shares paid for tax withholding for share based compensation, per share amount

$ 15.97

$ 20.69

$ 17.07

Restricted Stock Units (RSUs) [Member] | Senior Officers [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted

58,258

Granted, per share

$ 21.93

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Other than options, vested

6,230

Other than options, vested fair value

$ 100

Share-based Compensation Award, Tranche One [Member] | Restricted Stock Units (RSUs) [Member] | Senior Officers [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted, per share

$ 17.83

Vesting percentage

50.00%

Return on investment capital performance period

3 years

Share-based Payment Arrangement, Tranche Two [Member] | Restricted Stock Units (RSUs) [Member] | Senior Officers [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted, per share

$ 17.59

Vesting percentage

1.00%

Total shareholder return performance period

3 years

Share-based Payment Arrangement, Tranche Three [Member] | Restricted Stock Units (RSUs) [Member] | Senior Officers [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total shareholder return peer group performance period

3 years

Management Incentive Compensation Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares authorized, share plans

1,400,000

Non-Employee Director Incentive Compensation Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares authorized, share plans

400,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract]
Derivative instruments, gain (loss) reclassification from accumulated oci to income, estimated net amount to be transferred	$ 9.9

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract]
Unrealized losses on derivative instruments	$ (26,781)	$ (11,732)
Items not yet recognized as a component of net periodic benefit cost (pension plans)	(8,555)	(8,838)
Accumulated other comprehensive loss	$ (35,336)	$ (20,570)

ACCUMULATED OTHER COMPREHENSI_5

ACCUMULATED OTHER COMPREHENSIVE LOSS (Changes in Components of AOCI, Net of Related Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Balance, beginning	$ 1,072,053	$ 995,338	$ 1,022,293	$ 1,009,855
Other comprehensive income/(loss), net of tax	745	(3,202)	(14,766)	(13,555)
Balance, ending	1,086,518	982,122	1,086,518	982,122
Accumulated Other Comprehensive Loss [Member]
Balance, beginning	(36,081)	(40,282)	(20,570)	(29,929)
Current period change, excluding amounts reclassified from accumulated other comprehensive loss	(2,383)	(5,315)	(20,675)	(19,222)
Amounts reclassified from accumulated other comprehensive loss	3,128	2,113	5,909	5,667
Other comprehensive income/(loss), net of tax	745	(3,202)	(14,766)	(13,555)
Balance, ending	(35,336)	(43,484)	(35,336)	(43,484)
Unrealized losses on cash flow hedges [Member]
Balance, beginning	(27,900)	(31,901)	(11,732)	(21,520)
Current period change, excluding amounts reclassified from accumulated other comprehensive loss	(2,009)	(5,582)	(20,958)	(19,517)
Amounts reclassified from accumulated other comprehensive loss	3,128	2,113	5,909	5,667
Balance, ending	(26,781)	(35,370)	(26,781)	(35,370)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance, beginning	(8,181)	(8,381)	(8,838)	(8,409)
Current period change, excluding amounts reclassified from accumulated other comprehensive loss	(374)	267	283	295
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Balance, ending	$ (8,555)	$ (8,114)	$ (8,555)	$ (8,114)

ACCUMULATED OTHER COMPREHENSI_6

ACCUMULATED OTHER COMPREHENSIVE LOSS (Amounts Reclassified out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Unrealized losses on available-for-sale securities:
Equity in income of affiliated companies	$ 13,981	$ (11,095)	$ 111,359	$ (16,721)
Income (loss) from equity method investments	5,356	8,474	15,672	24,559
Interest expense	7,999	17,010	28,889	51,986
Other (expense)/income	(208)	284	(13,497)	2,159
Total reclassified out of AOCL, before tax	3,128	2,113	5,909	5,667
Interest Rate Cap/Collar [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Unrealized losses on available-for-sale securities:
Interest expense	0	0	81	0
Interest Rate Cap/Collar [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member] \| Unrealized losses on cash flow hedges [Member]
Unrealized losses on available-for-sale securities:
Interest expense	0	0	0	99
Interest Rate Swap [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member] \| Unrealized losses on cash flow hedges [Member]
Unrealized losses on available-for-sale securities:
Equity in income of affiliated companies	375	1,633	763	4,730
Interest expense	1,055	480	3,367	838
Hybrid Instrument [Member] \| Interest Rate Cap/Collar [Member]
Unrealized losses on available-for-sale securities:
Total reclassified out of AOCL, before tax	1,698	0	1,698	0
Hybrid Instrument [Member] \| Interest Rate Swap [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Unrealized losses on available-for-sale securities:
Interest expense	$ 1,698	$ 0	$ 1,698	$ 0

REVENUE (Narrative) (Details)

REVENUE (Narrative) (Details)	1 Months Ended	3 Months Ended		9 Months Ended
REVENUE (Narrative) (Details)	Oct. 31, 2020property	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)property	Sep. 30, 2019USD ($)
Revenues, Total \| $		$ 99,883,000	$ 71,278,000	$ 364,945,000	$ 242,162,000
Contract with customer, performance obligation satisfied in previous period \| $		32,000	$ 0	47,000
Capitalized contract cost, gross \| $		$ 0		$ 0
Term of profit sharing arrangement				1 year
Profit Loss To Be Shared, Percentage		25
Lease cancellation period notice				90 days
Contract with customer adjustment to estimates of performance obligations decrease \| $					$ (481,000)
Panamaxes [Member]
Number of vessels party to contracts				1
Number of vessels scheduled for drydocking		5
Panamaxes [Member] \| Subsequent Event [Member]
Number of vessels redelivered for service	2
Panamaxes [Member] \| Scenario, Plan [Member]
Number of vessels redelivered for service		3
Very Large Crude Carrier [Member]
Number of vessels party to contracts				4
LR2 Vessel [Member]
Number of vessels party to contracts				1

REVENUE (Schedule of Disaggrega

REVENUE (Schedule of Disaggregated Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue, non lease	$ 99,883	$ 71,278	$ 364,945	$ 242,162
Shipping revenues	99,883	71,278	364,945	242,162
Lightering Services Component [Member]
Revenue, non lease	6,883	11,988	21,799	44,412
International Crude Tankers Segment [Member]
Revenue, non lease	83,636	54,869	287,720	186,715
Shipping revenues	83,636	54,869	287,720	186,715
International Crude Tankers Segment [Member] \| Lightering Services Component [Member]
Revenue, non lease	6,883	11,988	21,799	44,412
International Product Carriers Segment [Member]
Revenue, non lease	16,247	16,409	77,225	55,447
Shipping revenues	16,247	16,409	77,225	55,447
International Product Carriers Segment [Member] \| Lightering Services Component [Member]
Revenue, non lease	0	0	0	0
Other Segment [Member]
Revenue, non lease	0	0
Shipping revenues	0	0	0	0
Other Segment [Member] \| Lightering Services Component [Member]
Revenue, non lease	0	0	0	0
Pool Revenue Leases [Member]
Revenue, operating leases			250,485	158,628
Shipping revenues	49,217	46,278	250,485	158,628
Pool Revenue Leases [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	49,217	46,278
Pool Revenue Leases [Member] \| International Crude Tankers Segment [Member]
Revenue, operating leases			180,998	103,643
Pool Revenue Leases [Member] \| International Crude Tankers Segment [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	38,302	29,893
Pool Revenue Leases [Member] \| International Product Carriers Segment [Member]
Revenue, operating leases			69,487	54,985
Pool Revenue Leases [Member] \| International Product Carriers Segment [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	10,915	16,385
Pool Revenue Leases [Member] \| Other Segment [Member]
Revenue, operating leases			0	0
Pool Revenue Leases [Member] \| Other Segment [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	0	0
Voyage Charter Leases Non Variable Payments [Member]
Revenue, operating leases			24,537	17,868
Voyage Charter Leases Non Variable Payments [Member] \| Fixed-Price Contract [Member]
Revenue, lease non-variable	12,088	5,009
Voyage Charter Leases Non Variable Payments [Member] \| International Crude Tankers Segment [Member]
Revenue, operating leases			17,196	17,496
Voyage Charter Leases Non Variable Payments [Member] \| International Crude Tankers Segment [Member] \| Fixed-Price Contract [Member]
Revenue, lease non-variable	7,153	4,985
Voyage Charter Leases Non Variable Payments [Member] \| International Product Carriers Segment [Member]
Revenue, operating leases			7,341	372
Voyage Charter Leases Non Variable Payments [Member] \| International Product Carriers Segment [Member] \| Fixed-Price Contract [Member]
Revenue, lease non-variable	4,935	24
Voyage Charter Leases Non Variable Payments [Member] \| Other Segment [Member]
Revenue, operating leases			0	0
Voyage Charter Leases Non Variable Payments [Member] \| Other Segment [Member] \| Fixed-Price Contract [Member]
Revenue, lease non-variable	0	0
Voyage Charter Leases Variable Payments [Member]
Revenue, operating leases			1,571	1,555
Voyage Charter Leases Variable Payments [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	401	365
Voyage Charter Leases Variable Payments [Member] \| International Crude Tankers Segment [Member]
Revenue, operating leases			1,174	1,555
Voyage Charter Leases Variable Payments [Member] \| International Crude Tankers Segment [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	4	365
Voyage Charter Leases Variable Payments [Member] \| International Product Carriers Segment [Member]
Revenue, operating leases			397	0
Voyage Charter Leases Variable Payments [Member] \| International Product Carriers Segment [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	397	0
Voyage Charter Leases Variable Payments [Member] \| Other Segment [Member]
Revenue, operating leases			0	0
Voyage Charter Leases Variable Payments [Member] \| Other Segment [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	0	0
Time and Bareboat Charter Leases [Member]
Revenue, operating leases			66,553	19,699
Shipping revenues	31,294	7,638	66,553	19,699
Time and Bareboat Charter Leases [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	31,294	7,638
Time and Bareboat Charter Leases [Member] \| International Crude Tankers Segment [Member]
Revenue, operating leases			66,553	19,609
Time and Bareboat Charter Leases [Member] \| International Crude Tankers Segment [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	31,294	7,638
Time and Bareboat Charter Leases [Member] \| International Product Carriers Segment [Member]
Revenue, operating leases			0	90
Time and Bareboat Charter Leases [Member] \| International Product Carriers Segment [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	0	0
Time and Bareboat Charter Leases [Member] \| Other Segment [Member]
Revenue, operating leases			0	0
Time and Bareboat Charter Leases [Member] \| Other Segment [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	0	0
Voyage Charter Leases [Member]
Shipping revenues	$ 19,372	$ 17,362	$ 47,907	$ 63,835

REVENUE (Schedule of Contract R

REVENUE (Schedule of Contract Related Receivables, Assets and Liabilities with Customers) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
REVENUE [Abstract]
Voyage receivables - receivables	$ 2,328	$ 2,727
Contract asset (voyage receivables unbilled receivables)	123	0
Contract liability (deferred revenues)	$ 0	$ 0

LEASES (Narrative) (Details)

LEASES (Narrative) (Details)	1 Months Ended	9 Months Ended
LEASES (Narrative) (Details)	Mar. 31, 2020property	Sep. 30, 2020leaseproperty
Leases [Line Items]
Lessee operating lease cancellation period notice		180 days
Number of major categories of leases \| lease		2
Excluded vessels chartered period		1 month
Number of vessels seized in dispute	2
Aframaxes [Member]
Leases [Line Items]
Number of vessels chartered		2
LR1 Vessel [Member]
Leases [Line Items]
Number of vessels chartered		1
LR2 Vessel [Member]
Leases [Line Items]
Number of vessels chartered		1
Workboat Vessel [Member]
Leases [Line Items]
Number of vessels chartered		1
Panamaxes [Member]
Leases [Line Items]
Number of vessels chartered		3
Bareboat Charters-In [Member] \| Aframaxes [Member]
Leases [Line Items]
Number of vessels chartered		2
Time Charters-In [Member] \| Very Large Crude Carrier [Member]
Leases [Line Items]
Number of vessels chartered		4

LEASES (Schedule of lease cost)

LEASES (Schedule of lease cost) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating lease, cost	$ 6,442	$ 14,381	$ 24,213	$ 44,599
Total lease cost	3,617	7,236	13,867	19,971
Vessel/Fleet [Member] \| Charter Hire Expense [Member]
Operating lease, cost	2,478	3,940	9,183	11,029
Short-term lease, cost	832	2,976	3,758	7,922
Office Space [Member] \| General and Administrative Expense [Member]
Operating lease, cost	265	249	771	747
Short-term lease, cost	0	29	29	87
Office Space [Member] \| Voyage Expense [Member]
Operating lease, cost	42	42	126	126
Short-term lease, cost	0	0	0	52
Office Space [Member] \| Vessel Expense [Member]
Short-term lease, cost	0	0	0	8
Lightering Services Component [Member] \| Vessel/Fleet [Member]
Short-term lease, cost	$ 700	$ 1,800	$ 1,000	$ 10,200

LEASES (Supplemental lease info

LEASES (Supplemental lease information) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$ 10,080	$ 11,827
Operating Lease, Liability, Current	9,949		$ 12,958
Operating Lease, Liability, Noncurrent	11,593		17,953
Total operating lease liabilities	(21,542)		(30,911)
Operating Lease, Right-of-Use Asset	$ 24,013		$ 33,718
Operating Lease, Weighted Average Remaining Lease Term	2 years 11 months 1 day		3 years 2 months 27 days
Operating Lease, Weighted Average Discount Rate, Percent	7.20%		7.16%

LEASES (Bareboat and Time Chart

LEASES (Bareboat and Time Charters-In) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Leases [Line Items]
Total operating lease liabilities	$ 21,542	$ 30,911
Bareboat Charters-In [Member]
Leases [Line Items]
2020	1,582
2021	6,278
2022	6,278
2023	4,532
Total lease payments	18,670
less imputed interest	(1,907)
Total operating lease liabilities	$ 16,763
2020, operating days	184 days
2021, operating days	730 days
2022, operating days	730 days
2023, operating days	556 days
Operating days, total	2200 days
Time Charters-In [Member]
Leases [Line Items]
2020	$ 890
2021	2,170
Total lease payments	3,060
less imputed interest	(85)
Total operating lease liabilities	$ 2,975
2020, operating days	184 days
2021, operating days	408 days
Operating days, total	592 days

LEASES (Future Minimum Lease Ob

LEASES (Future Minimum Lease Obligations for Office Space) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Leases [Line Items]
Total operating lease liabilities	$ 21,542	$ 30,911
Office Space And Lightering Workboat Dock Space [Member]
Leases [Line Items]
2020	316
2021	936
2022	273
2023	229
2024	178
Total lease payments	1,932
less imputed interest	(128)
Total operating lease liabilities	$ 1,804

LEASES (Future Minimum Revenues

LEASES (Future Minimum Revenues on Charters-Out) (Details) - Charters-Out [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2020	$ 20,492
2021	25,395
2022	16,425
2023	3,195
Net minimum lease payments	$ 65,507
2020, revenue days	450 days
2021, revenue days	723 days
2022, revenue days	365 days
2023, revenue days	71 days
Revenue Days	1609 days

CONTINGENCIES (Narrative) (Deta

CONTINGENCIES (Narrative) (Details)	9 Months Ended
CONTINGENCIES (Narrative) (Details)	Sep. 30, 2020USD ($)
Galveston Accident [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 25,000,000
Merchant Navy Officers Pension Fund [Member]
Loss Contingencies [Line Items]
Multiemployer plans deficit amount for entity	0
Merchant Navy Ratings Pension Fund [Member]
Loss Contingencies [Line Items]
Multiemployer plans deficit amount for entity	$ 0
Multiemployer period of performance in the past	20 years