Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 08, 2021 | Jun. 30, 2020 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 385,512,676 | ||
Entity Common Stock, Shares Outstanding | 28,014,877 | ||
Entity Central Index Key | 0001679049 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Amendment Flag | false | ||
ICFR Auditor Attestation Flag | true | ||
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 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 199,390 | $ 89,671 |
Voyage receivables, net of allowance for credit losses of $55 and $1,245, including unbilled of $38,430 and $74,355 | 43,362 | 83,845 |
Other receivables | 4,479 | 3,938 |
Inventories | 3,601 | 3,896 |
Prepaid expenses and other current assets | 6,002 | 5,994 |
Total Current Assets | 256,834 | 187,344 |
Restricted cash | 16,287 | 60,572 |
Vessels and other property, less accumulated depreciation | 1,108,214 | 1,292,516 |
Deferred drydock expenditures, net | 36,334 | 23,125 |
Operating lease right-of-use assets | 21,588 | 33,718 |
Investments in and advances to affiliated companies | 141,924 | 153,292 |
Long-term derivative asset | 2,129 | |
Other assets | 3,229 | 2,934 |
Total Assets | 1,586,539 | 1,753,501 |
Current Liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 34,425 | 27,554 |
Current portion of operating lease liabilities | 8,867 | 12,958 |
Current installments of long-term debt | 61,483 | 70,350 |
Current portion of derivative liability | 4,121 | 3,614 |
Total Current Liabilities | 108,896 | 114,476 |
Long-term operating lease liabilities | 10,253 | 17,953 |
Long-term debt | 474,332 | 590,745 |
Long-term derivative liability | 6,155 | 6,545 |
Other liabilities | 14,861 | 1,489 |
Total Liabilities | 614,497 | 731,208 |
Commitments and contingencies | ||
Equity: | ||
Capital - 100,000,000 no par value shares authorized; 28,014,877 and 29,274,452 shares issued and outstanding | 1,280,501 | 1,313,178 |
Accumulated deficit | (275,846) | (270,315) |
Stockholders Equity Subtotal | 1,004,655 | 1,042,863 |
Accumulated other comprehensive loss | (32,613) | (20,570) |
Total Equity | 972,042 | 1,022,293 |
Total Liabilities and Equity | $ 1,586,539 | $ 1,753,501 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Unbilled voyage receivable (in dollars) | $ 38,430 | $ 74,355 |
Voyage receivables, allowance for credit losses | $ 55 | $ 1,245 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares, issued | 28,014,877 | 29,274,452 |
Common stock, shares, outstanding | 28,014,877 | 29,274,452 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shipping Revenues: | |||
Shipping revenues | $ 421,648 | $ 366,184 | $ 270,361 |
Operating Expenses: | |||
Voyage expenses | 19,643 | 26,265 | 27,261 |
Vessel expenses | 128,373 | 123,205 | 135,003 |
Charter hire expenses | 30,114 | 57,512 | 44,910 |
Depreciation and amortization | 74,343 | 75,653 | 72,428 |
General and administrative | 29,047 | 26,798 | 24,304 |
Provision for credit losses, net | (71) | 1,245 | |
Third-party debt modification fees | 232 | 30 | 1,306 |
Loss on disposal of vessels and other property, including impairments | 100,087 | 308 | 19,680 |
Total operating expenses | 381,768 | 311,016 | 324,892 |
Income/(loss) from vessel operations | 39,880 | 55,168 | (54,531) |
Equity in income of affiliated companies | 4,119 | 11,213 | 29,432 |
Operating income/(loss) | 43,999 | 66,381 | (25,099) |
Other expense | (12,817) | (943) | (3,715) |
Income/(loss) before interest expense and income taxes | 31,182 | 65,438 | (28,814) |
Interest expense | (36,712) | (66,267) | (60,231) |
Loss before income taxes | (5,530) | (829) | (89,045) |
Income tax (provision)/benefit | (1) | (1) | 105 |
Net loss | $ (5,531) | $ (830) | $ (88,940) |
Weighted Average Number of Common Shares Outstanding: | |||
Basic and diluted | 28,372,375 | 29,225,483 | 29,136,634 |
Per Share Amounts: | |||
Basic and Diluted net income/(loss) per share | $ (0.20) | $ (0.03) | $ (3.05) |
Pool Revenue Leases [Member] | |||
Shipping Revenues: | |||
Shipping revenues | $ 272,980 | $ 254,055 | $ 177,206 |
Time and Bareboat Charter Leases [Member] | |||
Shipping Revenues: | |||
Shipping revenues | 88,719 | 27,625 | 25,961 |
Voyage Charter Leases [Member] | |||
Shipping Revenues: | |||
Shipping revenues | $ 59,949 | $ 84,504 | $ 67,194 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | |||
Pool revenues, received from companies accounted for by the equity method | $ 194,258 | $ 165,583 | $ 94,441 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net loss | $ (5,531) | $ (830) | $ (88,940) |
Other Comprehensive (Loss)/Income, net of tax: | |||
Net change in unrealized losses on cash flow hedges | (12,366) | 9,788 | 7,469 |
Defined benefit pension and other postretirement benefit plans: | |||
Net change in unrecognized prior service costs | 46 | 32 | (13) |
Net change in unrecognized actuarial losses | 277 | (461) | 3,022 |
Other Comprehensive (Loss)/Income, net of tax | (12,043) | 9,359 | 10,478 |
Comprehensive (Loss)/Income | $ (17,574) | $ 8,529 | $ (78,462) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities: | |||
Net loss | $ (5,531) | $ (830) | $ (88,940) |
Items included in net loss not affecting cash flows: | |||
Depreciation and amortization | 74,343 | 75,653 | 72,428 |
Loss on write-down of vessels and other assets | 103,022 | 19,037 | |
Amortization of debt discount and other deferred financing costs | 2,898 | 6,920 | 6,212 |
Deferred financing costs write-off | 13,073 | 3,558 | 2,400 |
Stock compensation | 5,631 | 4,278 | 3,162 |
Earnings of affiliated companies | (4,013) | (30,266) | (29,201) |
Release other comprehensive loss upon sale of investment in affiliated companies | 21,615 | ||
Change in fair value of interest rate collar recorded through earnings | 1,271 | (923) | |
Other - net | 1,747 | 1,461 | 448 |
Items included in net income related to investing and financing activities: | |||
(Gain)/loss on disposal of vessels and other assets, net | (2,935) | 308 | 643 |
Gain on sale of investment in affiliated companies | (3,033) | ||
Loss on extinguishment of debt | 1,197 | 1,100 | 1,295 |
Cash distributions from affiliated companies | 4,644 | 13,855 | 43,622 |
Payments for drydocking | (25,642) | (19,546) | (4,520) |
Insurance claims proceeds related to vessel operations | 5,238 | 2,179 | 5,436 |
Changes in operating assets and liabilities: | |||
Decrease/(increase) in receivables | 40,483 | 10,778 | (36,436) |
Increase/(decrease) in deferred revenue | 2,995 | (25) | (893) |
Net change in inventories, prepaid expenses and other current assets and accounts payable, accrued expense, and other current and long-term liabilities | (2,281) | 404 | (7,173) |
Net cash provided by/(used in) operating activities | 216,140 | 87,486 | (12,480) |
Cash Flows from Investing Activities: | |||
Expenditures for vessels and vessel improvements | (50,049) | (36,607) | (148,946) |
Proceeds from disposal of vessels and other property | 73,121 | 15,767 | 169,292 |
Expenditures for other property | (507) | (574) | (1,096) |
Proceeds from sale of investment in affiliated companies | 122,755 | ||
Investments in and advances to affiliated companies, net | 2,347 | 2,338 | 3,679 |
Repayments of advances from affiliated companies | 7,456 | 4,195 | 100,780 |
Net cash provided by investing activities | 32,368 | 107,874 | 123,709 |
Cash Flows from Financing Activities: | |||
Issuance of debt, net of issuance and deferred financing costs | 362,989 | (100) | 70,120 |
Extinguishment of debt | (422,699) | (110,000) | (62,069) |
Premium and fees on extinguishment of debt | (205) | (2,092) | |
Payments on debt | (82,007) | (49,911) | (71,610) |
Cash payments on derivatives containing other-than-insignificant financing element | (2,681) | ||
Cash dividends paid | (6,770) | ||
Repurchases of common stock | (29,997) | ||
Cash paid to tax authority upon vesting of stock-based compensation | (1,541) | (369) | (410) |
Other - net | (163) | (289) | (222) |
Net cash used in by financing activities | (183,074) | (162,761) | (64,191) |
Net increase in cash, cash equivalents and restricted cash | 65,434 | 32,599 | 47,038 |
Cash, cash equivalents and restricted cash at beginning of year | 150,243 | 117,644 | 70,606 |
Cash, cash equivalents and restricted cash at end of year | $ 215,677 | $ 150,243 | $ 117,644 |
CONSOLIDATED STATEMENTS OF CHAN
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] | Accumulated Other Comprehensive Loss [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | Total |
Balance, beginning at Dec. 31, 2017 | $ 1,306,606 | $ (180,545) | $ (40,407) | $ 1,085,654 | ||||
Net loss | (88,940) | (88,940) | ||||||
Other comprehensive income | 10,478 | 10,478 | ||||||
Forfeitures of vested restricted stock awards | (499) | (499) | ||||||
Compensation relating to restricted stock units or restricted stock awards | $ 860 | $ 1,412 | $ 860 | $ 1,412 | ||||
Compensation relating to stock option awards | 890 | 890 | ||||||
Balance, ending at Dec. 31, 2018 | 1,309,269 | (269,485) | (29,929) | 1,009,855 | ||||
Net loss | (830) | (830) | ||||||
Other comprehensive income | 9,359 | 9,359 | ||||||
Forfeitures of vested restricted stock awards | (369) | (369) | ||||||
Compensation relating to restricted stock units or restricted stock awards | 899 | 2,317 | 899 | 2,317 | ||||
Compensation relating to stock option awards | 1,062 | 1,062 | ||||||
Balance, ending at Dec. 31, 2019 | 1,313,178 | (270,315) | (20,570) | 1,022,293 | ||||
Net loss | (5,531) | (5,531) | ||||||
Other comprehensive income | (12,043) | (12,043) | ||||||
Dividends declared and paid | (6,770) | (6,770) | ||||||
Forfeitures of vested restricted stock awards | (1,541) | (1,541) | ||||||
Compensation relating to restricted stock units or restricted stock awards | $ 918 | $ 3,639 | $ 918 | $ 3,639 | ||||
Compensation relating to stock option awards | 1,074 | 1,074 | ||||||
Repurchase of common stock | (29,997) | (29,997) | ||||||
Balance, ending at Dec. 31, 2020 | $ 1,280,501 | $ (275,846) | $ (32,613) | $ 972,042 |
DESCRIPTION OF BUSINESS AND BAS
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2020 | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION [Abstract] | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | NOTE 1 — DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION: Nature of the Business International Seaways, Inc. (“INSW”), a Marshall Islands corporation, and its wholly owned subsidiaries (the “Company” or “INSW,” or “we” or “us” or “our”) are engaged primarily in the ocean transportation of crude oil and petroleum products in international markets. The Marshall Islands is the principal flag of registry of the Company’s vessels. The Company’s business is currently organized into two reportable segments: Crude Tankers and Product Carriers. The crude oil fleet is comprised of most major crude oil vessel classes. The products fleet transports refined petroleum product cargoes from refineries to consuming markets characterized by both long and short-haul routes. As of December 31, 2020, the Company’s operating fleet consisted of 36 vessels, 33 of which were owned (including two Floating Storage and Offloading (“FSO”) service vessels in which the Company has joint venture ownership interests), with the remaining vessels chartered-in. The Company’s operating fleet list excludes vessels chartered-in where the duration of the charter was one year or less at inception. Vessels chartered-in may be bareboat charters or time charters. Under either a bareboat charter or time charter, a customer pays a fixed daily or monthly rate for a fixed period of time for use of the vessel. Under a bareboat charter, the customer pays all costs of operating the vessel, including voyage expenses, such as fuel, canal tolls and port charges, and vessel expenses such as crew costs, vessel stores and supplies, lubricating oils, maintenance and repair, insurance and communications associated with operating the vessel. Under a time charter, the customer pays all voyage expenses and the shipowner pays all vessel expenses. Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions within the Company have been eliminated. Investments in 50% or less owned affiliated companies, in which the Company exercises significant influence, are accounted for by the equity method. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: 1. Cash and cash equivalents — 2. 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 of the counterparty, and their business strategy. We manage our non-operating lease receivable portfolios using delinquency as a key credit quality indicator. The Company performs the following steps in estimating expected losses: (i) gather historical losses over 5 years; (ii) assume outstanding billed amounts over 180 days as additional expected losses; and (iii) make forward-looking adjustments to the expected losses to reflect future economic conditions by comparing credit default swap rates of significant customers over time. In addition, the Company performs individual assessments for customers that do not share risk characteristics with other customers (for example a customer under bankruptcy or a customer with known disputes or collectability issues). 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 consolidated statements of operations. Activity for allowance for credit losses is summarized as follows: (Dollars in thousands) Allowance for Credit Losses - Voyage Receivables 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 58 Write-offs charged against the allowance (1,119) Recoveries of amounts previously written off (129) Balance at December 31, 2020 $ 55 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 year ended December 31, 2020, 2019 and 2018, 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 88% of consolidated voyage receivables at December 31, 2020 and December 31, 2019, respectively. 3. Inventories 4. Vessels, vessel lives, deferred drydocking expenditures and other property Interest costs are capitalized to vessels during the period that vessels are under construction. No interest was capitalized during the three years ended December 31, 2020, since the Company had no vessels under construction during this period. Other property, including leasehold improvements, are recorded at cost and amortized on a straight-line basis over the shorter of the terms of the leases or the estimated useful lives of the assets, which range from three Expenditures incurred during a drydocking are deferred and amortized on the straight-line basis over the period until the next scheduled drydocking, which is generally two 5. Impairment of long-lived assets 6. Deferred finance charges Finance charges, excluding original issue discount, incurred in the arrangement and/or amendments resulting in the modification of debt are deferred and amortized to interest expense on either an effective interest method or straight-line basis over the life of the related debt Interest expense relating to the amortization of deferred financing costs amounted to $2.8 million in 2020, $4.8 million in 2019 and $3.9 million in 2018. 7. Revenue and expense recognition Under ASC 842, lease revenue for fixed lease payments is 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. Initial direct costs are expensed over the lease term on the same basis as lease revenue. The Company has elected the lessor practical expedient to aggregate non-lease components with the associated lease components and to account for the combined components as required by the practical expedient since its primary revenue streams described above meet the conditions required to adopt the practical expedient. Furthermore, the Company has performed a qualitative analysis of each of its primary revenue contract types to determine whether the lease component or the non-lease component is the predominant component of the contract. The Company concluded that the lease component is the predominant component for all of its primary revenue contract types, as the lessee would ascribe more value to the control and use of the underlying vessel rather than to the technical services to operate the vessel which is an add-on service to the lessee. Revenues from time charters are accounted for as fixed rate operating leases with an embedded technical management service component and are recognized ratably over the rental periods of such charters. Bareboat charters are also accounted for as fixed rate operating leases and the associated revenue is recognized ratably over the rental periods of such charters. Voyage charters contain a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. Voyage charter revenues and expenses are recognized ratably over the estimated length of each voyage. For a voyage charter which contains a lease component, revenue and expenses are recognized based on a lease commencement-to-discharge basis and the lease commencement date is the latter of discharge of the previous cargo or voyage charter contract signing. For voyage charters that do not have a lease component, revenue and expenses are recognized based on a load-to-discharge basis. Accordingly, voyage expenses incurred during a vessel’s positioning voyage to a load port in order to serve a customer under a voyage charter not containing a lease are considered costs to fulfill a contract and are deferred and recognized ratably over the load-to-discharge portion of the contract. Under voyage charters, expenses such as fuel, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time and bareboat charters, such voyage costs are paid by the Company’s customers. For the Company’s vessels operating in pools, revenues and voyage expenses are pooled and allocated to each pool’s participants on a time charter equivalent (“TCE”) basis in accordance with an agreed-upon formula. Accordingly, the Company accounts for its agreements with commercial pools as variable rate operating leases. For the pools in which the Company participates, management monitors, among other things, the relative proportion of the Company’s vessels operating in each of the pools to the total number of vessels in each of the respective pools and assesses whether or not the Company’s participation interest in each of the pools is sufficiently significant so as to determine that the Company has effective control of the pool. Demurrage earned during a voyage charter represents variable consideration. The Company estimates demurrage at contract inception using either the expected value or most likely amount approaches. Such estimate is reviewed and updated over the term of the voyage charter contract. The Company recognizes revenues from services in accordance with the provisions of ASC 606. The standard provides a unified model to determine how revenue is recognized. In doing so, the Company makes judgments including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation. Revenues are recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As the Company’s performance obligations are services which are received and consumed by its customers as it performs such services, revenues are recognized over time proportionate to the days elapsed since the service commencement compared to the total days anticipated to complete the service. The minimum duration of services is less than one year for each of the Company’s current contracts. 8. Leases — The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and long-term operating lease liabilities in the Company’s consolidated balance sheets. The Company does not have finance leases. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The operating lease ROU asset also includes any prepaid lease payments made and excludes accrued lease payments and lease incentives. Our lease terms take into consideration options to extend or terminate the lease, or purchase the underlying asset when it is reasonably certain that we will exercise such options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company makes significant judgements and assumptions to estimate its incremental borrowing rate that a lessee would have to pay to borrow on a 100% collateralized basis over a term similar to the lease term and in an amount equal to the lease payments in a similar economic environment. The Company performs the following steps in estimating its incremental borrowing rate: (i) gather observable debt yields of the Company’s recently issued debt facilities; and (ii) make adjustments to the yields of the actual debt facilities to reflect changes in collateral level, terms, the risk-free interest rate, and credit ratings. In addition, the Company performs sensitivity analyses to evaluate the impact of selected discount rates on the estimated lease liability. The Company makes significant judgements and assumptions to separate the lease component from the non-lease component of its time chartered-in vessels. For purposes of determining the standalone selling price of the vessel lease and technical management service components of the Company’s time charters, the Company concluded that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping market conditions, the duration of such charters, and the age of the vessel. The Company believes that the standalone transaction price attributable to the technical management service component is more readily determinable than the price of the lease component and, accordingly, the price of the service component is estimated using observable data (such as fees charged by third-party technical managers) and the residual transaction price is attributed to the vessel lease component. 9. Derivatives — Derivatives and Hedging The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to forecasted transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively, as discussed below. The Company discontinues hedge accounting prospectively when: (1) it determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item such as forecasted transactions; (2) the derivative expires or is sold, terminated, or exercised; (3) it is no longer probable that the forecasted transaction will occur; or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate or desired. When the Company discontinues hedge accounting because it is no longer probable that the forecasted transaction will occur in the originally expected period, the gain or loss on the derivative remains in accumulated other comprehensive income/(loss) and is reclassified into earnings when the forecasted transaction affects earnings. However, if it is probable that a forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter, the gains and losses that were accumulated in other comprehensive gain/(loss) will be recognized immediately in earnings. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the consolidated balance sheets, recognizing changes in the fair value in current-period earnings, unless it is designated in a new hedging relationship. Any gain or loss realized upon the early termination of an interest rate cap, collar or swaps is recognized as an adjustment of interest expense over the shorter of the remaining term of the derivative instruments or the hedged debt. See Note 9, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” for additional disclosures on the Company’s interest rate cap, collar and swaps and other financial instruments. 10. Fair value measurements — Fair Value Measurement fair value of assets and liabilities should include consideration of non-performance risk, which for the liabilities described below includes the Company's own credit risk. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market: Level 1 - Quoted prices in active markets for identical assets or liabilities. Our Level 1 non-derivative assets and liabilities primarily include cash and cash equivalents and the 8.50% Senior Notes. Level 2 - Quoted prices for similar assets and liabilities in active markets or model-based valuation techniques for which all significant inputs are observable in the market (where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit spreads, etc.). Our Level 2 non-derivative liabilities primarily include the Core Term Loan Facility and Sinosure Credit Facility. Our Level 2 derivative assets and liabilities primarily include our interest rate caps, collars, and swaps. Level 3 - Inputs that are unobservable (for example cash flow modeling inputs based on assumptions). 11. Income taxes — Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes in the period such determination is made. Uncertain tax positions are recorded in accordance with ASC 740, Income Taxes, 12. Valuation of equity method investments — 13. Use of estimates 14. Recently adopted accounting standards — Financial Instruments – Credit Losses 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 2018-14, Defined Benefit Plans In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement year ended December 31, 2020. 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. The Company adopted this final rule to take advantage of the revenue test in evaluating the significance of our joint ventures accounted for using the equity method. 15. Recently issued accounting standards — Reference Rate Reform which provides relief for companies preparing for discontinuation of interest rates such as LIBOR. A contract modification is eligible to apply the optional relief to account for the modifications as a continuation of the existing contracts without additional analysis and consider embedded features to be clearly and closely related to the host contract without reassessment, if all of the following criteria are met: (i) contract references a rate that will be discontinued; (ii) modified terms directly replace (or have potential to replace) this reference rate; and (iii) changes to any other terms that change (or have potential to change) amount and timing of cash flows must be related to replacement of the reference rate. In addition, this guidance provides relief from certain hedge accounting requirements. Hedge accounting may continue uninterrupted when critical terms change due to reference rate reform. For cash flow hedges, entities can (i) disregard potential discontinuation of a referenced interest rate when assessing whether a hedged forecasted interest payment is probable; (ii) continue hedge accounting upon a change in the hedged risk as long as the hedge is still highly effective; (iii) assess effectiveness of the hedge relationship in ways that essentially disregards a potential mismatch in the variable rate indices between the hedging instrument and the hedged item; and (iv) 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 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, There were 48,229, 48,014 and 42,449 weighted average shares of unvested restricted common stock shares considered to be participating securities for the years ended December 31, 2020, 2019 and 2018, respectively. Such participating securities are allocated a portion of income, but not losses under the two-class method. As of December 31, 2020, there were 233,833 shares of restricted stock units and 670,624 stock options outstanding considered to be potentially dilutive securities. Reconciliations of the numerator of the basic and diluted earnings per share computations are as follows: (Dollars in thousands) 2020 2019 2018 Net loss allocated to: Common Stockholders $ (5,544) $ (830) $ (88,940) Participating securities 13 — — $ (5,531) $ (830) $ (88,940) There were no dilutive equity awards outstanding for the years ended December 31, 2020, 2019 and 2018. Awards of 962,205, 746,616 and 523,544 for the years ended December 31, 2020, 2019 and 2018, 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 | 12 Months Ended |
Dec. 31, 2020 | |
BUSINESS AND SEGMENT REPORTING [Abstract] | |
BUSINESS AND SEGMENT REPORTING | NOTE 4 — BUSINESS AND SEGMENT REPORTING: The Company is engaged primarily in the ocean transportation of crude oil and petroleum products in the international market through the ownership and operation of a diversified fleet of vessels. The shipping industry has many distinct market segments based, in large part, on the size and design configuration of vessels required and, in some cases, on the flag of registry. Rates in each market segment are determined by a variety of factors affecting the supply and demand for vessels to move cargoes in the trades for which they are suited. Tankers are not bound to specific ports or schedules and therefore can respond to market opportunities by moving between trades and geographical areas. The Company charters its vessels to commercial shippers and foreign governments and governmental agencies primarily on voyage charters and on time charters. The Company has two reportable segments: Crude Tankers and Product Carriers. The joint ventures with two floating storage and offloading service vessels are included in the Crude Tankers Segment. 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 reporting is defined as income/(loss) from vessel operations before general and administrative expenses, provision for credit losses, Information about the Company’s reportable segments as of and for each of the years in the three-year period ended December 31, 2020 follows: Crude Product (Dollars in thousands) Tankers Carriers Other Totals 2020 Shipping revenues $ 334,765 $ 86,883 $ — $ 421,648 Time charter equivalent revenues 318,588 83,417 — 402,005 Depreciation and amortization 57,980 16,269 94 74,343 Loss on disposal of vessels and other property, including impairments 44,330 55,757 — 100,087 Adjusted income/(loss) from vessel operations 144,451 24,818 (94) 169,175 Equity in income of affiliated companies 4,119 — — 4,119 Investments in and advances to affiliated companies at December 31, 2020 134,439 7,485 — 141,924 Adjusted total assets at December 31, 2020 1,112,342 253,990 — 1,366,332 Expenditures for vessels and vessel improvements 27,858 22,191 — 50,049 Payments for drydocking 20,313 5,329 — 25,642 2019 Shipping revenues $ 285,356 $ 80,828 $ — $ 366,184 Time charter equivalent revenues 259,517 80,402 — 339,919 Depreciation and amortization 59,387 16,152 114 75,653 Loss on disposal of vessels and other property 82 226 — 308 Adjusted income/(loss) from vessel operations 71,344 12,319 (114) 83,549 Equity in income/(loss) of affiliated companies 19,383 — (8,170) 11,213 Investments in and advances to affiliated companies at December 31, 2019 143,095 10,197 — 153,292 Adjusted total assets at December 31, 2019 1,284,631 313,063 — 1,597,694 Expenditures for vessels and vessel improvements 33,384 3,223 — 36,607 Payments for drydocking 16,997 2,549 — 19,546 2018 Shipping revenues $ 202,396 $ 67,965 $ — $ 270,361 Time charter equivalent revenues 175,524 67,576 — 243,100 Depreciation and amortization 54,431 17,862 135 72,428 Loss/(gain) on disposal of vessels and other property, including impairments 22,992 (3,312) — 19,680 Adjusted income/(loss) from vessel operations 2,194 (12,002) 567 (9,241) Equity in income of affiliated companies 19,582 — 9,850 29,432 Investments in and advances to affiliated companies at December 31, 2018 143,789 12,321 112,212 268,322 Adjusted total assets at December 31, 2018 1,285,433 328,792 112,212 1,726,437 Expenditures for vessels and vessel improvements 146,322 2,624 — 148,946 Payments for drydocking 4,121 399 — 4,520 Reconciliations of time charter equivalent revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow: (Dollars in thousands) 2020 2019 2018 Time charter equivalent revenues $ 402,005 $ 339,919 $ 243,100 Add: Voyage expenses 19,643 26,265 27,261 Shipping revenues $ 421,648 $ 366,184 $ 270,361 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/(loss) from vessel operations of the segments to income/(loss) before income taxes, as reported in the consolidated statements of operations follow: (Dollars in thousands) 2020 2019 2018 Total adjusted income/(loss) from vessel operations of all segments $ 169,175 $ 83,549 $ (9,241) General and administrative expenses (29,047) (26,798) (24,304) Provision for credit losses, net 71 (1,245) — Third-party debt modification fees (232) (30) (1,306) Loss on disposal of vessels and other property, including impairments (100,087) (308) (19,680) Consolidated income/(loss) from vessel operations 39,880 55,168 (54,531) Equity in income of affiliated companies 4,119 11,213 29,432 Other expense (12,817) (943) (3,715) Interest expense (36,712) (66,267) (60,231) Income/(loss) before income taxes $ (5,530) $ (829) $ (89,045) Reconciliations of adjusted total assets of the segments to amounts included in the consolidated balance sheets follow: (Dollars in thousands) December 31, 2020 December 31, 2019 Adjusted total assets of all segments $ 1,366,332 $ 1,597,694 Corporate unrestricted cash and cash equivalents 199,390 89,671 Restricted cash 16,287 60,572 Other unallocated amounts 4,530 5,564 Consolidated total assets $ 1,586,539 $ 1,753,501 Certain additional information about the Company’s operations for each of the years in the three year period ended December 31, 2020 follows: Crude Product (Dollars in thousands) Tankers Carriers Other Consolidated Total vessels, deferred drydock and other property at December 31, 2020 $ 919,974 $ 224,507 $ 67 $ 1,144,548 Total vessels, deferred drydock and other property at December 31, 2019 1,051,848 263,651 142 1,315,641 Total vessels, deferred drydock and other property at December 31, 2018 1,057,994 289,317 257 1,347,568 |
VESSELS, DEFERRED DRYDOCK AND O
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY | 12 Months Ended |
Dec. 31, 2020 | |
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY [Abstract] | |
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY | NOTE 5 — VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY: Vessels and other property, excluding vessel held for sale, consist of the following: (Dollars in thousands) December 31, 2020 December 31, 2019 Vessels, at cost $ 1,287,688 $ 1,650,670 Accumulated depreciation (182,148) (361,088) Vessels, net 1,105,540 1,289,582 Other property, at cost 6,610 6,714 Accumulated depreciation and amortization (3,936) (3,780) Other property, net 2,674 2,934 Total Vessels and other property $ 1,108,214 $ 1,292,516 Twenty of the Company’s owned vessels are pledged as collateral under either the Core Term Loan Facility or Sinosure Credit Facility (see Note 8, “Debt”). The aggregate carrying value of the 14 vessels pledged as collateral under the Core Term Loan Facility, and the six vessels pledged as collateral under Sinosure Credit Facility was $551.3 million and $429.5 million, respectively. A breakdown of the carrying value of the Company’s owned vessels by reportable segment and fleet as of December 31, 2020 and 2019 follows: Net Average Number of Accumulated Carrying Vessel Age Owned As of December 31, 2020 (Dollars in thousands) Cost Depreciation Value (by dwt) Vessels Crude Tankers VLCC $ 839,542 $ (131,862) $ 707,680 7.9 11 Suezmax 117,338 (14,099) 103,239 3.4 2 Aframax (1) 32,395 (1,378) 31,017 7.5 1 Panamax 57,992 (8,111) 49,881 18.2 7 Total Crude Tankers 1,047,267 (155,450) 891,817 (2) 8.8 21 Product Carriers LR2 73,710 (17,419) 56,291 6.4 1 LR1 96,838 (9,279) 87,559 11.9 5 MR 69,873 — 69,873 10.0 4 Total Product Carriers 240,421 (26,698) 213,723 (3) 10.5 10 Fleet Total $ 1,287,688 $ (182,148) $ 1,105,540 9.0 31 (1) Net carrying value includes assets capitalized on two bareboat chartered-in Aframaxes. (2) Includes 10 VLCCs and one Panamax with an aggregate carrying value of $695.3 million, which the Company believes exceeds their aggregate market values (estimated by taking an average of two third party vessel appraisals) of approximately $584.0 million by $111.3 million. (3) Includes one LR2 and three LR1s with an aggregate carrying value of $106.3 million, which the Company believes exceeds their aggregate market values (estimated by taking an average of two third party vessel appraisals) of approximately $75.6 million by $30.7 million. Net Average Number of Accumulated Carrying Vessel Age Owned As of December 31, 2019 (Dollars in thousands) Cost Depreciation Value (by dwt) Vessels Crude Tankers VLCC $ 1,028,760 $ (236,217) $ 792,543 8.6 13 Suezmax 117,338 (10,007) 107,331 2.4 2 Aframax 96,038 (19,659) 76,379 14.1 3 Panamax 59,181 (5,223) 53,958 17.2 7 Total Crude Tankers 1,301,317 (271,106) 1,030,211 9.4 25 Product Carriers LR2 73,681 (14,714) 58,967 5.4 1 LR1 108,251 (22,420) 85,831 11.0 4 MR 167,421 (52,848) 114,573 9.0 4 Total Product Carriers 349,353 (89,982) 259,371 9.3 9 Fleet Total $ 1,650,670 $ (361,088) $ 1,289,582 9.4 34 Vessel activity for the three years ended December 31, 2020 is summarized as follows: (Dollars in thousands) Vessel Cost Accumulated Depreciation Net Book Value Balance at January 1, 2018 $ 1,404,360 $ (302,087) $ 1,102,273 Purchases and vessel additions 459,608 — Disposals (176,300) 16,097 Depreciation — (56,711) Impairment (58,021) 40,816 Balance at December 31, 2018 1,629,647 (301,885) 1,327,762 Purchases and vessel additions 38,138 — Disposals (17,115) 1,105 Depreciation — (60,308) Balance at December 31, 2019 1,650,670 (361,088) 1,289,582 Purchases and vessel additions 48,436 — Disposals (70,353) 2,763 Depreciation — (61,866) Impairment (341,065) 238,043 Balance at December 31, 2020 $ 1,287,688 $ (182,148) $ 1,105,540 The total of purchases and vessel additions will differ from expenditures for vessels as shown in the consolidated statements of cash flows because of the timing of when payments were made. Vessel Impairments During the year ended December 31, 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 from the latter part of the second quarter of 2020, principally as the result of the impact of the COVID-19 pandemic, oil production declined and consequently so did the need for floating storage. This development negatively impacted the demand for oil tankers during the second half of 2020. The extent to which the current COVID-19 related market conditions will continue to negatively impact the tanker rate environment will depend on the extent to which oil demand is met from excess crude inventories that were built up during the period of oil demand destruction, the timing and magnitude of oil demand recoveries in the various parts of the world and the levels of oil production during such periods September 30, 2020; and (iii) 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 outcomes 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 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. In developing estimates of undiscounted future cash flows for performing Step 1 of the impairment tests as of December 31, 2020, the Company utilized weighted probabilities assigned to possible outcomes for the vessels that the Company was considering to sell or recycle before the end of their respective useful lives. The Company made assumptions about future performance, with significant assumptions being related to charter rates, operating expenses, utilization, drydocking and capital expenditure requirements, residual value and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future expectations. The estimated daily time charter equivalent rates used for unfixed days were based on a combination of (i) rates as forecasted by third party analysts, and (ii) the trailing 12-year historical average rates, based on monthly average rates published by a third party maritime research service. Management used the published 12-year historical average rates in its assumptions because it is management’s belief that the 12-year period captures an even distribution of strong and weak charter rate periods, which results in the use of an average mid-cycle rate that is in line with management’s forecast of a return to mid-cycle charter rate levels in the medium term. Recognizing that the transportation of crude oil and petroleum products is cyclical and subject to significant volatility based on factors beyond the Company’s control, management believes the use of estimates based on the combination of internally forecasted rates and 12-year historical average rates calculated as of the reporting date to be reasonable. Estimated outflows for operating expenses and capital expenditures and drydocking requirements are based on historical and budgeted costs and are adjusted for assumed inflation. Utilization was based on historical levels achieved and estimates of a residual value for recyclings are based upon published 12-year historical data or the pattern of scrap steel prices used in management’s evaluation of salvage value for purposes of recording depreciation. 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, the Company recorded impairment charges totaling $85.9 million on its one remaining older VLCC, one Aframax, two LR1s, and its four MRs to write-down their carrying values to their estimated fair values at December 31, 2020. The Company gave consideration as to whether events or changes in circumstances had occurred since December 31, 2018 that could indicate that the carrying amounts of the vessels in the Company’s fleet may not be recoverable as of December 31, 2019 and concluded that During the year ended December 31, 2018, the Company gave consideration on a quarterly basis as to whether events or changes in circumstances had occurred since December 31, 2017 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 during 2018 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. The Company concluded that the increased likelihood of disposal prior to the end of their respective useful lives constituted impairment triggering events for one Panamax and two Aframaxes that were being actively marketed for sale as of June 30, 2018; one VLCC that was held-for-sale as of September 30, 2018; and one MR that had an increased likelihood of disposal prior to the end of its useful life as of December 31, 2018. In developing estimates of undiscounted future cash flows for performing Step 1 of the impairment tests as of June 30, 2018, the Company utilized weighted probabilities assigned to possible outcomes for each of the three vessels for which impairment trigger events were determined to exist. The Company entered into a memorandum of agreement for the sale of the Panamax vessel in early July 2018. Accordingly, a 100% probability was attributed to the vessel being sold before the end of its useful life. As the Company was considering selling the other two vessels as a part of its fleet renewal program, 50% probabilities were assigned to the possibility that the two Aframax vessels would be sold prior to the end of their respective useful lives. In estimating the fair value of the vessels for the purposes of Step 2 of the impairment tests, the Company considered the market approach by using the sales price per the memorandum of agreement. Based on the tests performed, the sum of the undiscounted cash flows for each of the two Aframax vessels was more than its carrying value as of June 30, 2018 and the sum of the undiscounted cash flows for the Panamax vessel was less than its carrying value as of June 30, 2018. Accordingly, an impairment charge totaling $0.9 million was recorded for the Panamax vessel to write-down its carrying value to its estimated fair value at June 30, 2018. Held-for-sale impairment charges aggregating $16.4 million were recorded during the third quarter of 2018 including (i) a charge of $14.2 million to write the value of the VLCC held-for-sale at September 30, 2018 down to its estimated fair value; (ii) a charge of $0.4 million for estimated costs to sell the vessel; and (iii) a charge of $1.8 million for the write-off of other assets associated with the operations of the vessel. The amount of the charge to write down the vessel to its fair value was determined using the market approach by utilizing the sales price per the memorandum of agreement. In developing estimates of undiscounted future cash flows for performing Step 1 of the impairment test as of December 31, 2018, the Company utilized weighted probabilities assigned to possible outcomes for the MR for which an impairment triggering event was determined to exist. As the Company was considering selling the MR as a part of its fleet renewal program, a 50% probability was assigned to the possibility that the vessel would be sold prior to the end of its useful life. In estimating the fair value of the vessel for the purposes of Step 2 of the impairment test, the Company considered the market approach by utilizing a combination of third party appraisals and recently executed vessel sale transactions. Based on the tests performed, the sum of the undiscounted cash flows for the vessel was less than its carrying value as of December 31, 2018. Accordingly, an impairment charge totaling $1.7 million was recorded to write-down the vessel’s carrying value to its estimated fair value at December 31, 2018. 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. On June 14, 2018, the Company completed its acquisition of six 300,000 DWT VLCCs including one 2015-built and five 2016-built. The Company purchased the outstanding shares of Gener8 Maritime Subsidiary VII, Inc., which has been renamed Seaways Subsidiary VII, Inc., a corporation incorporated under the laws of the Marshall Islands and the sole owner of six limited liability companies each of which holds title to a VLCC tanker. The acquisition was completed pursuant to the terms of the Stock Purchase and Sale Agreement dated as of April 18, 2018, by and among Seaways Holding Corporation, a corporation incorporated under the laws of the Marshall Islands and a wholly-owned subsidiary of the Company, Euronav NV (“Euronav”), a corporation incorporated and existing under the laws of the Kingdom of Belgium, and Euronav MI II Inc. (as successor to Euronav MI Inc.), a corporation incorporated under the laws of the Marshall Islands and a wholly-owned subsidiary of Euronav. In accordance with ASC 2017-01, Business Combinations (Topic 805), this acquisition did not constitute the acquisition of a business, and therefore was accounted for as an asset acquisition. The purchase price for the acquisition was $434.0 million, inclusive of assumed debt secured by the six vessels (see Note 8, “Debt”). On June 14, 2018, the Company paid to Euronav cash consideration of approximately $120.0 million, with the difference reflecting assumed debt and accrued interest thereon through the acquisition date. An additional $20.9 million was paid to Euronav in October 2018 for the other assets and liabilities of Gener8 Maritime Subsidiary VII, Inc. that were acquired in the transaction. Disposal/Sales of Vessel and Other Property During 2020, the Company recognized a net aggregate gain of $4.5 million on disposal of a 2002-built Aframax, a 2001-built Aframax, a 2003-built VLCC, and a 2002-built VLCC. The Company also recognized an aggregate loss of approximately $1.6 million during 2020 related to the termination of the purchase and installation contracts for ballast water treatment systems on five 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 Panamaxes until 2022. During 2019, the Company recognized a net aggregate loss of $0.3 million on disposal of two 2004-built MRs. During 2018, the Company recognized a net aggregate gain on disposal of vessels and other property of $0.6 million, primarily relating to (i) the sale of a 2002-built MR which was held-for-sale as of December 31, 2017; (ii) the sale of three 2004-built MRs, a 1998-built MR, a 2000-built VLCC, a 2001-built VLCC, two 2001-built Aframaxes, and a 2002-built Panamax; (iii) the sale and leaseback of two 2009-built Aframaxes, and (iv) the sale of a 2003-built ULCC in conjunction with the acquisition of the six VLCCs discussed above. Drydocking activity for the three years ended December 31, 2020 is summarized as follows: (Dollars in thousands) 2020 2019 2018 Balance at January 1 $ 23,125 $ 16,773 $ 30,528 Additions 27,835 21,086 5,616 Sub-total 50,960 37,859 36,144 Drydock amortization (11,780) (14,685) (15,084) Amount charged to loss on disposal of vessels (2,846) (49) (4,287) Balance at December 31 $ 36,334 $ 23,125 $ 16,773 The total additions above will differ from payments for drydocking as shown in the consolidated statements of cash flows because of the timing of when payments were made. |
EQUITY METHOD INVESTMENTS
EQUITY METHOD INVESTMENTS | 12 Months Ended |
Dec. 31, 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. FSO Joint Venture As of December 31, 2020, the Company had a 50% interest in two joint ventures with Euronav NV. The two joint ventures converted two ULCCs to Floating Storage and Offloading Service vessels (collectively the “FSO Joint Venture”). In May 2017, the FSO Joint Venture signed two five-year service contracts with North Oil Company (“NOC”), the operator of the Al Shaheen oil field, off the coast of Qatar, relating to the two FSO service vessels. The shareholders of NOC are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited. In October 2020, the FSO Joint Venture signed a 10-year extension on each of the existing service contracts with 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 FSO Joint Venture financed the purchase of the two ULCCs from each of Euronav NV and INSW and their conversion costs through partner loans and a long-term bank financing which was paid off in July 2017. On March 29, 2018, the FSO Joint Venture executed an agreement on a $220 million secured credit facility (the “FSO Loan Agreement”). The FSO Loan Agreement is 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. The FSO Loan Agreement provides for (i) a term loan of $110 million (the “FSO Term Loan”), which is repayable in scheduled quarterly installments over the course of the two service contracts in effect for the FSO Asia and FSO Africa with North Oil Company, maturing in July 2022 and September 2022, respectively; and (ii) a revolving credit facility of $110 million (the “FSO Revolver”), which revolving credit commitment reduces quarterly over the course of the foregoing two service contracts. INSW provided a guarantee for the $110 million FSO Term Loan portion of the facility and Euronav provided a guarantee for the $110 million FSO Revolver. The FSO Joint Venture drew down and distributed the entire $110 million of proceeds of the FSO Term Loan on April 26, 2018 to INSW, which used the proceeds for general corporate purposes, including to fund partially the purchase of six VLCCs in June 2018 (See Note 5, “Vessels, Deferred Drydock and Other Property”). The FSO Joint Venture also borrowed the entire $110 million available under the FSO Revolver and distributed the proceeds on April 26, 2018 to Euronav. The FSO Term Loan and the FSO Revolver are secured by, among other things, a first preferred vessel mortgage on the FSO Africa and FSO Asia, an assignment of the service contracts for the FSO Africa and FSO Asia and the aforementioned guarantees of the FSO Term Loan by INSW and the guarantee of the FSO Revolver by Euronav. The FSO Loan Agreement has a financial covenant that the Debt Service Cover Ratio (as defined in the agreement) shall be equal to or greater than 1.10 to 1.00. Approximately $45.2 million and $69.6 million was outstanding under each of the FSO Term Loan and the FSO Revolver, respectively, as of December 31, 2020 and 2019, respectively. The FSO Joint Venture has agreed to pay a commitment fee (“FSO Commitment Fee”) of 0.7% on any undrawn amount under the FSO Revolver. INSW has agreed to pay Euronav through July 2021 for the FSO Asia and September 2021 for the FSO Africa, an amount equal to the first 0.3% of the 0.7% FSO Commitment Fee and, to the extent the FSO Revolver is fully drawn, to pay Euronav an amount equal to the first 0.3% of the amount of loan interest payable under the FSO Revolver. Interest payable on the FSO Term Loan and on the FSO Revolver is based on three month, six month or twelve month LIBOR, as selected by the FSO Joint Venture, plus a 2.00% margin. The FSO Joint Venture has entered into swap transactions, which fix the interest rate on the FSO Loan Agreement at a blended rate of approximately 4.858% per annum, effective as of June 29, 2018. The interest rate swap covers a notional amount of $90.4 million and $139.2 million as of December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, the FSO Joint Venture had a liability of $2.4 million, respectively, for the fair value of the swaps associated with the FSO Joint Venture. The Company’s share of the effective portion of such amounts, aggregating a loss of $1.2 million at December 31, 2020 and 2019, respectively, is included in accumulated other comprehensive loss in the accompanying consolidated balance sheets. 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’’). INSW severally guarantees the obligations of the FSO Joint Venture pursuant to the Guarantee Facility. The Guarantee Facility will expire at the commencement of the 10-year 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 is in compliance with the Loan to Value Test (as such capitalized terms are defined in the Company guarantee). As of December 31, 2020 the maximum aggregate potential amount of future principal payments (undiscounted) relating to the FSO Joint Venture’s secured bank debt and interest rate swap obligations that INSW could be required to make was $46.4 million, and the carrying value of the Company’s guaranty of such FSO Joint Venture obligations in the accompanying consolidated balance sheet as of December 31, 2020 was $44 thousand. LNG Joint Venture In November 2004, the Company formed a joint venture with Qatar Gas Transport Company Limited (Nakilat) (“QGTC”) whereby companies in which the Company held a 49.9% interest ordered four 216,200 cbm LNG Carriers. Upon delivery in late 2007 and early 2008, these vessels commenced 25-year On October 7, 2019, the Company sold its 49.9% ownership interest in the LNG Joint Venture to Nakilat pursuant to a share purchase agreement. The purchase price for the transaction was $123.0 million, excluding fees and expenses. The share purchase agreement contained specified representations, warranties, covenants and indemnification provisions of the parties customary for transactions of this type. In addition, in connection with the transaction, various other agreements governing the LNG Joint Venture and the LNG Joint Venture’s relationships with its counterparties were also amended to reflect the change in ownership and related matters. The Company recorded a cash gain on the sale of $3.0 million and reclassified the Company’s share of the unrealized losses associated with the interest rate swaps held by the LNG Joint Venture of $21.6 million into earnings from accumulated other comprehensive loss. Impairment of Equity Method Investments Management gave consideration as to whether events or changes in circumstances had occurred since December 31, 2017, 2018, and 2019 respectively, that could indicate that the carrying amounts of its investments in the FSO Joint Venture and LNG Joint Venture were not recoverable as of December 31, 2018, 2019, and 2020, respectively. Management concluded that no such events or changes in circumstances had occurred during the years ended December 31, 2018, 2019 and 2020. Financial Information of Significant Equity Method Investments Investments in and advances to affiliated companies as reflected in the accompanying consolidated balance sheet as of December 31, 2020 consisted of: FSO Joint Venture of $128.8 million and Other of $13.1 million (which primarily relates to working capital deposits that the Company maintains for commercial pools in which it participates). Financial information for the equity method investees that were significant for the three years ended December 31, 2020, including the results of the LNG Joint Venture prior to the sale on October 7, 2019, adjusted for basis and accounting policy differences, is as follows: (Dollars in thousands) 2020 2019 2018 Shipping revenues $ 105,053 $ 193,446 $ 209,571 Ship operating expenses (58,858) (103,499) (112,541) Income from vessel operations 46,195 89,947 97,030 Other income 22 1,459 1,494 Interest expense (6,571) (32,752) (40,676) Income tax provision (36,404) (3,399) (3,433) Net income $ 3,242 $ 55,255 $ 54,415 Percentage of ownership in equity investees 50.0% 49.9% - 50.0% 49.9% - 50.0% Equity in income of affiliated companies, before consolidating and reconciling adjustments $ 1,621 $ 27,606 $ 27,187 Gain on sale of investments in affiliated companies — 3,033 — Release other comprehensive loss upon sale of investment in affiliated companies — (21,615) — Amortization of deferred gain on 2009 sale of TI Africa to FSO Joint Venture 2,385 2,395 2,395 Amortization of interest capitalized during construction of LNG vessels — (320) (419) Other 113 114 269 Equity in income of affiliated companies $ 4,119 $ 11,213 $ 29,432 The increase in the income tax provision in the above table principally reflects a $32.8 million noncash deferred tax provision recorded by the FSO Joint Venture in the fourth quarter of 2020, which was related to the execution of 10-year The tables below present the financial position for the equity method investees and a reconciliation of the Company’s share of the joint ventures’ total equity to the investments in and advances to affiliates line on the consolidated balance sheets as of December 31, 2020 and 2019: (Dollars in thousands) December 31, 2020 December 31, 2019 Current assets $ 20,154 $ 20,808 Vessels, net 490,093 523,802 Total assets $ 510,247 $ 544,610 Current liabilities $ 59,567 $ 53,774 Long-term debt and other non-current liabilities 111,263 143,673 Equity 339,417 347,163 Total liabilities and equity $ 510,247 $ 544,610 Percentage of ownership in equity investees 50.0% 50.0% INSW share of affiliate's equity, before consolidating and reconciling adjustments $ 169,708 $ 173,581 2016 impairment of equity method investments in FSO Joint Venture (30,475) (30,475) Advances from shareholders of FSO Joint Venture (1) 16,665 23,216 Unamortized deferred gain on 2009 sale of TI Africa to FSO Joint Venture, net (27,156) (29,503) INSW guarantee for FSO Term Loan 44 264 Other (2) 13,138 16,209 Investments in and advances to affiliated companies $ 141,924 $ 153,292 (1) Such advances are unsecured, interest free and not repayable within one year. (2) Primarily relates to working capital deposits that the Company maintains with the commercial pools in which it participates. See Note 9, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” and Note 13, “Accumulated Other Comprehensive Loss,” for additional disclosures relating to the FSO and LNG joint venture interest rate swap agreements. |
VARIABLE INTEREST ENTITIES (VIE
VARIABLE INTEREST ENTITIES (VIEs) | 12 Months Ended |
Dec. 31, 2020 | |
VARIABLE INTEREST ENTITIES (VIEs) [Abstract] | |
VARIABLE INTEREST ENTITIES (VIEs) | NOTE 7 —VARIABLE INTEREST ENTITIES (“VIEs”): At December 31, 2020, the Company participates in five commercial pools and two joint ventures. Commercial pools operate a large number of vessels as an integrated transportation system, which offers customers greater flexibility and a higher level of service while achieving scheduling efficiencies. Participants in the commercial pools contribute one or more vessels and generally provide an initial contribution towards the working capital of the pool at the time they enter their vessels. The pools finance their operations primarily through the earnings that they generate. INSW enters into joint ventures to take advantage of commercial opportunities. In each joint venture, INSW has the same relative rights and obligations and financial risks and rewards as its partners. INSW evaluated all seven arrangements to determine if they were variable interest entities (“VIEs”). INSW determined that one of the pools and the two joint ventures met the criteria of a VIE and, therefore, INSW reviewed its participation in these VIEs to determine if it was the primary beneficiary of any of them. INSW reviewed the legal documents that govern the creation and management of the VIEs described above and also analyzed its involvement to determine if INSW was a primary beneficiary in any of these VIEs. A VIE for which INSW is determined to be the primary beneficiary is required to be consolidated in its financial statements. The formation agreements for the commercial pool state that the board of the pool has decision making power over their significant decisions. In addition, all such decisions must be approved unanimously by the board. Since INSW shares power to make all significant economic decisions that affect the pool and does not control a majority of the board, INSW is not considered a primary beneficiary of the pool. The two FSO joint ventures described in Note 6, “Equity Method Investments,” were determined to be VIEs. The formation agreements of the joint ventures state that all significant decisions must be approved by the majority of the board. As a result, INSW shares power to make all significant economic decisions that affect this joint venture and does not control a majority of the board and is not considered a primary beneficiary. Accordingly, INSW accounts for these investments under the equity method of accounting. The FSO joint ventures’ formation agreements require INSW and its joint venture partner to provide financial support as needed. INSW has provided and will continue to provide such support as described in Note 6, “Equity Method Investments.” The following table presents the carrying amounts of assets and liabilities in the consolidated balance sheets related to the VIEs described above as of December 31, 2020 and 2019: (Dollars in thousands) 2020 2019 Investments in Affiliated Companies $ 132,902 $ 140,915 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 and the Company’s potential obligations under its guarantee of the FSO Term Loan and associated interest rate swap. The table below compares the Company’s liability in the consolidated balance sheet to the maximum exposure to loss at December 31, 2020: (Dollars in thousands) Consolidated Balance Sheet Maximum Exposure to Loss Other Liabilities $ 44 $ 179,291 In addition, as of December 31, 2020, the Company had approximately $6.7 million of trade receivables from the pool that was determined to be a VIE. These trade receivables, which are included in voyage receivables in the accompanying consolidated balance sheet, have been excluded from the above tables and the calculation of INSW’s maximum exposure to loss. The Company does not record the maximum exposure to loss as a liability because it does not believe that such a loss is probable of occurring as of December 31, 2020. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2020 | |
DEBT [Abstract] | |
DEBT | NOTE 8 —DEBT: Debt consists of the following: (Dollars in thousands) December 31, 2020 December 31, 2019 Core Term Loan Facility, due 2025, net of unamortized deferred finance costs of $4,145 $ 267,427 $ — Sinosure Credit Facility, due 2027-2028, net of unamortized deferred finance costs of $1,884 and $2,262 244,243 267,443 8.5% Senior Notes, due 2023, net of unamortized deferred finance costs of $855 and $1,142 24,145 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 — 26,847 535,815 661,095 Less current portion (61,483) (70,350) Long-term portion $ 474,332 $ 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 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 affilates, 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 was 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 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. The Core Term Loan Facility amortizes in 19 quarterly installments of approximately $9.5 million commencing June 30, 2020 and matures on January 23, 2025, with a balloon payment of approximately $120 million due at maturity. The Core Revolving Facility also matures on January 23, 2025. The Transition Term Loan Facility was scheduled to amortize in 10 quarterly installments of $5 million commencing March 31, 2020 through June 30, 2022. The maturity dates for the 2020 Debt Facilities are subject to acceleration upon the occurrence of certain events (as described in the Credit Agreement). On March 4, 2020, the $20 million outstanding balance under the Core Revolving Facility was repaid in full using available cash on hand and 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. Interest on the Core Term Loan Facility and the Core Revolving Facility (together, the “Core Facilities”) is calculated based upon LIBOR plus the Applicable Core Margin (each as defined in the Credit Agreement). The initial Applicable Core Margin of 2.60%, will be adjusted down or up by 0.20% based on the Company’s total leverage ratio, with a leverage ratio of less than 4.0:1 reducing the Applicable Core Margin to 2.40% and a leverage ratio of 6.0:1 or greater increasing the Applicable Core Margin to 2.80%. Borrowings under the Transition Term Loan Facility bore interest at LIBOR plus 3.50%. The Core Facilities also include a sustainability-linked pricing mechanism. The adjustment in pricing will be linked to the carbon efficiency of the INSW fleet as it relates to reductions in CO2 emissions year-over-year, such that it aligns with the International Maritime Organization’s 50% industry reduction target in GHG emissions by 2050. This key performance indicator is to be calculated in a manner consistent with the de-carbonization trajectory outlined in the Poseidon Principles, the global framework by which financial institutions can assess the climate alignment of their ship finance portfolios relative to established de-carbonization trajectories. The Company will be required to deliver a sustainability certificate commencing with the year ending December 31, 2021. If the fleet sustainability score in respect of the relevant year is lower than the fleet sustainability score for the prior year, the Applicable Core Margin will be decreased by 0.025% per annum, while if the score is higher than that of the previous year, the Applicable Core Margin will be increased by that same amount (but in no case will any such adjustment result in the Applicable Core Margin being increased or decreased from the otherwise-applicable Applicable Core Margin by more than 0.025% per annum in the aggregate). Sinosure Credit Facility In June 2018, as part of the acquisition of six VLCCs, the Company financed the acquisition price of 1 2/3% The Company paid to Euronav cash consideration of approximately $120.0 million, with the difference reflecting assumed debt and accrued interest thereon through the closing date. Supplemental cash flow information for the year ended December 31, 2018 associated with the aforementioned non-cash assumption of debt in relation to the acquisition of six VLCCs aggregating $311.0 million were non-cash investing activities and financing activities. 8.5% Senior Notes On May 31, 2018, the Company completed a registered public offering of $25 million aggregate principal amount of its 8.5% senior unsecured notes due 2023 (the “8.5% Senior Notes”), which resulted in aggregate net proceeds to the Company of approximately $23.5 million, after deducting commissions and estimated expenses. The Company used the net proceeds to fund the acquisition of 6 VLCCs described above, to repay a portion of its then outstanding 2017 Term Loan Facility and for general corporate purposes. The Company issued the Notes under an indenture dated as of May 31, 2018 (the “Base Indenture”), between the Company and The Bank of New York Mellon, as trustee (the “Trustee”), as supplemented by a supplemental indenture dated as of May 31, 2018 (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and the Trustee. The Notes will mature on June 30, 2023 and bear interest at a rate of 8.50% per annum. Interest on the Notes is payable in arrears on March 30, June 30, September 30 and December 30 of each year. The terms of the Indenture, among other things, limit the Company’s ability to merge, consolidate or sell assets. The Company may redeem the Notes at its option, in whole or in part, at any time on or after June 30, 2020 at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the redemption date. In addition, if the Company undergoes a Change of Control (as defined in the Indenture) the Company may be required to repurchase all of the Notes at a purchase price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest (including additional interest, if any), to, but excluding, the repurchase date. Debt Covenants The Company was in compliance with the financial and non-financial covenants under all of its debt facilities as of December 31, 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., $1,500 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. While the Company was in compliance with all of its debt covenants as of December 31, 2020, the currently forecasted decline in average daily TCE rates across all vessel classes during 2021 could cause the Company to breach the Interest Coverage Ratio covenant under the Core Term Loan Facility and the Sinosure Credit Facility at the end of the third quarter of 2021. If the Company breaches such covenant and is unable to remedy the relevant breach or obtain a waiver, the Company’s lenders could accelerate its debt and the lenders under the 2020 Debt Facilities and the Sinosure Credit Facility could foreclose on the 20 vessels pledged by the Company. In addition to obtaining a waiver from its lenders or deploying some of its vessels on time charters at rates above the currently forecasted spot rates in order to increase the Company’s Consolidated EBITDA, the Company has a number of actions it can independently take to avoid a potential covenant breach. Such possible actions include reducing interest expense by paying off the Company’s outstanding interest rate swaps during the first quarter of 2021. Interest Expense The following table summarizes 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, recognized during the years ended December 31, 2020, 2019 and 2018 with respect to the Company’s debt facilities: (Dollars in thousands) 2020 2019 2018 Core Term Loan Facility, due 2025 $ 13,542 $ — $ — Transition Term Loan Facility 1,518 — — Core Revolving Facility 660 — — 2017 Term Loan Facility 3,628 41,483 45,601 2017 Revolver Facility 63 848 475 ABN Term Loan Facility 107 1,716 1,024 Sinosure Credit Facility, due 2027 - 2028 13,684 14,903 8,350 8.5% Senior Notes, due 2023 2,417 2,390 1,396 10.75% Subordinated Notes 276 3,642 2,032 Total debt related interest expense $ 35,895 $ 64,982 $ 58,878 The following table summarizes interest paid, excluding deferred financing fees paid, during the years ended December 31, 2020, 2019 and 2018 with respect to the Company’s debt facilities: (Dollars in thousands) 2020 2019 2018 Core Term Loan Facility, due 2025 $ 12,024 $ — $ — Transition Term Loan Facility 1,183 — — Core Revolving Facility 471 — — 2017 Term Loan Facility 2,011 36,236 42,825 2017 Revolver Facility 53 710 442 ABN Term Loan Facility 156 1,504 795 Sinosure Credit Facility, due 2027 - 2028 12,199 14,200 7,225 8.5% Senior Notes, due 2023 2,130 2,130 1,250 10.75% Subordinated Notes 359 3,021 1,591 Total debt related interest expense paid $ 30,586 $ 57,801 $ 54,128 Debt Modifications, Repurchases and Extinguishments During the year ended December 31, 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 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 repurchases and extinguishment of the Company’s debt facilities, the Company recognized aggregate net losses of $14.3 million during the year ended December 31, 2020, which are included in other expense in the accompanying consolidated statement of operations. The net losses reflect (i) prepayment fees of $1.0 million related to the 10.75% Subordinated Notes and a write-off of $12.5 million of unamortized original issue discount and deferred financing costs associated with the payoff of the 2017 Term Loan, ABN Term Loan Facility, and the 10.75% Subordinated Notes, which were treated as extinguishments during the first quarter of 2020, and (ii) prepayment fees of $0.2 million and a write-off of $0.6 million of unamortized deferred financing costs associated with the payoff of the Transition Term Loan Facility in August 2020, which was treated as an extinguishment. I n connection with the $10 and the $100 prepayment of the in July 2019 and October 2019, respectively, which were treated as a partial extinguishments, the Company recognized aggregate net losses of included in other expense in the consolidated statement of operations. The net losses reflect a 1% prepayment fee of $1.1 and a write-off of $3.6 of unamortized original issue discount and deferred financing costs. During the year ended December 31, 2018, the Company incurred debt issuance and amendment costs aggregating $14.6 million in connection with the ABN Term Loan Facility, Sinosure Credit Facility, 8.5% Senior Notes, 10.75% Subordinated Notes (and the subsequent amendment thereto), and the 2017 Debt Facilities Second Amendment. (See Note 2, “Significant Accounting Policies,” for additional information relating to deferred financing charges). Debt issuance and amendment fees paid to all lenders and third-party fees associated with the ABN Term Loan Facility, Sinosure Credit Facility, 8.5% Senior Notes, and 10.75% Subordinated Notes totaled $7.7 million, of which $7.6 million were capitalized as deferred finance charges and $0.1 million was expensed and is included in third-party debt modification fees in the consolidated statement of operations. Debt amendment fees paid to lenders and third-party fees associated with the 2017 Debt Facilities Second Amendment totaled $6.9 million, of which $4.4 million were capitalized as deferred finance charges. The remaining $2.5 million was expensed, of which $1.2 million is included in third-party debt modification fees in the consolidated statement of operations and $1.3 million of debt extinguishment costs are included in other expense in the consolidated statement of operations. In addition, aggregate net losses of $2.4 million for the year ended December 31, 2018 recognized on the repurchases of the Company’s debt facilities, is included in other expense in the consolidated statement of operations. The net loss reflects a write-off of unamortized original issue discount and deferred financing costs associated with the principal prepayment of $60 million made in connection with the 2017 Debt Facilities Second Amendment and the repurchase of $2.1 million of the 10.75% Subordinated Notes, which were treated as partial extinguishments. Debt issuance and amendment costs incurred and capitalized as deferred finance charges have been treated as a reduction of debt on the consolidated balance sheets. As of December 31, 2020, the aggregate annual principal payments required to be made on the Company’s debt facilities are as follows: (Dollars in thousands) Amount 2021 $ 61,483 2022 61,483 2023 86,484 2024 61,483 2025 143,532 Thereafter 128,233 Aggregate principal payments required $ 542,698 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES | 12 Months Ended |
Dec. 31, 2020 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES | NOTE 9 — 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, at December 31, 2020 and 2019 are as follows: (Dollars in thousands) Fair Value Level 1 Level 2 December 31, 2020: Cash and cash equivalents (1) $ 215,677 $ 215,677 $ — Core Term Loan Facility (271,571) — (271,571) Sinosure Credit Facility (246,127) — (246,127) 8.5% Senior Notes (25,697) (25,697) — 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 December 31, 2020 and 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. T ● Balance of 2019 through December 31, 2020: cap rate of 1.98%, floor rate of 1.98%; and ● December 31, 2020 through December 31, 2022: cap rate of 2.26%, floor rate of 1.25%. The Company determined that as of September 30, 2019 remained so classified until the forecasted interest accrual transactions either affect earnings or become not probable of occurring. In connection with its entry into the Core Term Loan Facility (see Note 8, “Debt”) on January 28, 2020, the Company, in a cashless transaction, converted the $350 million notional into an amortizing $250 million notional pay-fixed, receive-three-month LIBOR interest rate swap subject to a 0% floor. The term of the new hedging arrangement was extended to coincide with the maturity of the Core Term Loan Facility of January 23, 2025 at a fixed rate of 1.97% . The interest rate swap agreement has been re-designated and qualifies as a cash flow hedge and contains no leverage features. Changes in the fair value of the prior to the re-designation on January 28, 2020 recorded through earnings during the first quarter of 2020 totaled a loss of $1.3 million. On April 16, 2020, the Company entered into an interest rate swap agreement with a major financial institution covering a notional amount of $25 million of the Core Term Loan Facility that effectively converts the Company’s interest rate exposure from a three-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 was 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 from a floating rate based on three-month LIBOR to a fixed rate of 2.99% through the termination date of March 21, 2022. The interest rate swap agreement was designated and qualified as a cash flow hedge and contained no leverage features. In May 2019, the Company extended the maturity date of the interest rate swap from March 21, 2022 to March 21, 2025 and reduced the fixed three-month rate from 2.99% to 2.76%, effective March 21, 2019. 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 the Company’s 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. Tabular disclosure of derivatives location 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 consolidated balance sheets related to the Company’s use of derivatives as of Fair Values of Derivative Instruments: (Dollars in thousands) Long-term derivative Current portion of derivative liability Long-term derivative Accounts payable, accrued expenses and other current liabilities Other December 31, 2020: Derivatives designated as cash flow hedges: Interest rate swaps $ 2,129 $ (4,121) $ (6,155) $ — $ — Other-than-insignificant financing element of derivatives: Interest rate swaps (1) — — — (2,979) (14,051) Total $ 2,129 $ (4,121) $ (6,155) $ (2,979) $ (14,051) 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 consolidated statements of operations or in the consolidated statements of other comprehensive loss. The effect of cash flow hedging relationships recognized in other comprehensive loss excluding amounts reclassified from accumulated other comprehensive loss, including hedges of equity method investees, for the three years ended December 31, 2020 follows: (Dollars in thousands) 2020 2019 2018 Derivatives designated as hedging instruments: Interest rate swaps $ (20,123) $ (15,221) $ (1,948) Interest rate cap/collar — (3,905) 261 Other-than-insignificant financing element of derivatives: Interest rate swaps (1,380) — — Total other comprehensive loss $ (21,503) $ (19,126) $ (1,687) The effect of cash flow hedging relationships on the consolidated statements of operations is presented excluding hedges of equity method investees. The effect of the Company’s cash flow hedging relationships on the consolidated statement of operations for the three years ended December 31, 2020 is shown below: (Dollars in thousands) 2020 2019 2018 Derivatives designated as hedging instruments: Interest rate swaps $ 4,571 $ 1,467 $ 471 Interest rate cap/collar — 99 21 Derivatives not designated as hedging instruments: Interest rate collar 1,352 (65) — Other-than-insignificant financing element of derivatives: Interest rate swaps 3,376 — — Total interest expense $ 9,299 $ 1,501 $ 492 See Note 6, “Equity Method Investments,” for additional information relating to derivatives held by the Company’s equity method investees and Note 13, “Accumulated Other Comprehensive Loss,” for disclosures relating to the impact of derivative instruments on accumulated other comprehensive loss. Fair Value Hierarchy The following table presents the fair values, which are pre-tax, for assets and liabilities measured on a recurring basis (excluding investments in affiliated companies): (Dollars in thousands) Fair Value Level 2 (1) Assets/(Liabilities) at December 31, 2020: Derivative Assets (interest rate swaps) $ 2,129 $ 2,129 Derivative Liabilities (interest rate swaps) (10,276) (10,276) Assets/(Liabilities) at December 31, 2019: Derivative Assets (interest rate swaps and collar) $ — $ — Derivative Liabilities (interest rate swaps and collar) (10,159) (10,159) (1) For the interest rate cap, collar and swaps, 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 year ended December 31, 2020: Impairment (Dollars in thousands) Fair Value Level 2 Charges Assets: Crude Tankers - Vessels held for use (1)(2) $ 134,035 $ 134,035 $ (47,265) Product Carriers - Vessels held for use (1)(2) $ 113,250 $ 113,250 $ (55,757) (1) Pre-tax impairment charges of $5.5 million related to one VLCC tanker, $11.7 million related to two VLCC tankers, and $30.1 million related to one VLCC tanker and one Aframax in the Crude Tankers segment were recorded during the three-month periods ended June 30, 2020, September 30, 2020, and December 31, 2020, respectively . Pre-tax impairment charges of $55.7 million related to two LR1s and four MRs in the Product Carriers segment were recorded during the three-month period ended December 31, 2020. (2) The fair value measurement of $30.4 million that was used to determine the impairment for one VLCC at June 30, 2020, the fair value measurement of $50.5 million that was used to determine the impairment for two VLCCs at September 30, 2020, and the fair value measurement of $53.1 millon that was used to determine the impairment for one VLCC and one Aframax, and $113.3 million that was used to determine the impairment of two LR1s and four MRs at December 31, 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. |
ACCOUNTS PAYABLE, ACCRUED EXPEN
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | NOTE 10 — ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES: (Dollars in thousands) December 31, 2020 December 31, 2019 Accounts payable $ 2,609 $ 4,988 Payroll and benefits 6,293 5,585 Interest 370 594 Other-than-insignificant financing element of derivatives 2,979 — Due to owners on chartered in vessels 787 1,108 Accrued drydock, repairs and vessel betterment costs 6,247 3,150 Bunkers and lubricants 656 538 Charter revenues received in advance 3,060 272 Insurance 493 539 Accrued vessel expenses 8,779 8,003 Accrued general and administrative expenses 940 1,052 Other 1,212 1,725 Total accounts payable, accrued expense and other current liabilities $ 34,425 $ 27,554 |
TAXES
TAXES | 12 Months Ended |
Dec. 31, 2020 | |
TAXES [Abstract] | |
TAXES | NOTE 11 —TAXES: Income taxes are provided using the asset and liability method, such that income taxes are recorded based on amounts refundable or payable in the current year and include the results of any differences in the basis of assets and liabilities between U.S. GAAP and tax reporting. The Company derives substantially all of its gross income from the use and operation of vessels in international commerce. The Company’s entities that own and operate vessels are primarily domiciled in the Marshall Islands, which does not impose income tax on shipping operations. The Company also has or had subsidiaries in various jurisdictions that performed administrative, commercial or technical management functions. These subsidiaries are subject to income taxes based on the services performed in countries in which those particular offices are located and, accordingly, current and deferred income taxes are recorded. INSW, including its subsidiaries, which are disregarded entities for U.S. Federal income tax purposes, is exempt from taxation on its U.S. source shipping income under Section 883 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and U.S. Treasury Department regulations. INSW qualified for this exemption because its common shares were treated as primarily and regularly traded on an established securities market in the United States or another qualified country and for more than half of the days in the taxable year ended December 31, 2020, less than 50 percent of the total vote and value of the Company’s stock was held by one or more shareholders who each owned 5% or more of the vote and value of the Company’s stock. Beginning in 2021, to the extent INSW is unable to qualify for exemption from tax under Section 883, INSW will be subject to U.S. federal taxation of 4% of its U.S. source shipping income on a gross basis without the benefit of deductions. Shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the U.S. will be considered to be 50% derived from sources within the U.S. Shipping income attributable to transportation that both begins and ends in the U.S. will be considered to be 100% derived from sources within the U.S. INSW does not engage in transportation that gives rise to 100% U.S. source income. Shipping income attributable to transportation exclusively between non-U.S. ports will be considered to be 100% derived from sources outside the U.S. Shipping income derived from sources outside the U.S. will not be subject to any U.S. federal income tax. INSW’s vessels operate in various parts of the world, including to or from U.S. ports. There can be no assurance that INSW will continue to qualify for the Section 883 exemption. A substantial portion of income earned by INSW is not subject to income tax, and no deferred taxes are provided on the temporary differences between the tax and financial statement basis of the underlying assets and liabilities for those subsidiaries not subject to income tax in their respective countries of incorporation. The Marshall Islands impose tonnage taxes, which are assessed on the tonnage of certain of the Company’s vessels. These tonnage taxes are included in vessel expenses in the accompanying consolidated statements of operations. The components of the income tax (provision)/benefit follow: (Dollars in thousands) 2020 2019 2018 Current $ (1) $ (1) $ 105 Deferred — — — Income tax (provision)/benefit $ (1) $ (1) $ 105 The differences between income taxes expected at the Marshall Islands statutory income tax rate of zero percent and the reported income tax (provisions)/benefits are summarized as follows: 2020 2019 2018 Change in valuation allowance 0.66 % 0.66 % (0.66) % Income subject to tax in other jurisdictions (0.65) % (0.83) % 0.54 % Effective income tax rate 0.01 % (0.17) % (0.12) % The significant components of the Company’s deferred tax liabilities and assets follow: (Dollars in thousands) December 31, 2020 December 31, 2019 Deferred tax assets: Net operating loss carryforwards $ 2,173 $ 1,836 Excess of tax over book basis of depreciable assets 612 548 Pensions 1,950 1,797 Total deferred tax assets 4,735 4,181 Less: Valuation allowance (4,735) (4,181) Deferred tax assets, net — — Net noncurrent deferred tax assets/(liabilities) $ — $ — As of December 31, 2020 and 2019, the Company had net operating loss carryforwards of $11.4 million and $10.8 million, respectively. The net operating loss carryforward of $11.4 million as of December 31, 2020 has an indefinite life. The Company believes that it is more likely than not that the benefit from its net operating loss carryforwards and certain other deferred tax assets will not be realized and has maintained a valuation allowance of $4.7 million and $4.2 million, respectively, as of December 31, 2020 and 2019. If or when recognized, the tax benefits related to any reversal of the valuation allowance on deferred tax assets will be accounted for as a reduction of income tax expense in the period such reversal occurs. During 2020, the Company increased its valuation allowance by $0.5 million primarily as a result of changes in net operating loss carryforwards and the unfunded benefit obligation related to defined benefit pension plan in the United Kingdom. Unrecognized tax benefits (excluding interest and penalties) of $7 thousand as of December 31, 2020 and 2019, are included in other current liabilities in the consolidated balance sheets. The Company records interest on unrecognized tax benefits in its provision for income taxes. Accrued interest is included in other current liabilities in the consolidated balance sheets. As of December 31, 2020 and 2019, the Company has recognized a total liability for interest of $7 thousand and $5 thousand, respectively. |
CAPITAL STOCK AND STOCK COMPENS
CAPITAL STOCK AND STOCK COMPENSATION | 12 Months Ended |
Dec. 31, 2020 | |
CAPITAL STOCK AND STOCK COMPENSATION [Abstract] | |
CAPITAL STOCK AND STOCK COMPENSATION | NOTE 12 — CAPITAL STOCK AND STOCK COMPENSATION: The Company accounts for stock compensation expense in accordance with the fair value based method required by ASC 718, Compensation – Stock Compensation Effective November 18, 2016, INSW adopted, incentive compensation plans (the “Incentive Plans” as further described below) in order to facilitate the grant of equity and cash incentives to directors, employees, including executive officers and consultants of the Company and certain of its affiliates and to enable the Company and certain of its affiliates to obtain and retain the services of these individuals, which is essential to our long-term success. INSW reserved 2,000,000 shares for issuance under its management incentive plan and 400,000 shares for issuance under its non-employee director incentive compensation plan. Effective June 22, 2020, INSW adopted new Incentive 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. Information regarding share-based compensation awards granted by INSW follows: Director Compensation — Restricted Common Stock INSW awarded a total of 57,317, 51,107 and 47,501 restricted common stock shares during the years ended December 31, 2020, 2019 and 2018, respectively, to its non-employee directors. The weighted average fair value of INSW’s stock on the measurement date of such awards was $16.05 (2020), $18.00 (2019) and $18.82 (2018) per share. Such restricted shares awards vest in full on the earlier of the next annual meeting of the stockholders or anniversary date, subject to each director continuing to provide services to INSW through such date. The restricted share awards granted may not be transferred, pledged, assigned or otherwise encumbered prior to vesting. Prior to the vesting date, a holder of restricted share awards has all the rights of a shareholder of INSW, including the right to vote such shares and the right to receive dividends paid with respect to such shares at the same time as common shareholders generally. 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. In addition, 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 (i) Restricted Stock Units During the years ended December 31, 2020, 2019 and 2018, the Company awarded 58,258, 63,998 and 55,536 time-based restricted stock units (“RSUs”) to certain of its employees, including senior officers, respectively. The average grant date fair value of these awards was $21.93 (2020), $17.21 (2019) and $17.46 (2018) 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. In addition, in July 2019, the Company granted 26,451 time-based RSUs to its employees. The weighted average grant date fair value of these awards was $19.00 per RSU. Each award of RSUs will vest in equal installments on each of the first two anniversaries of the grant date. Also, in December 2019, the Company granted 44,466 time-based RSUs to certain employees, . The weighted average grant date fair value of these awards was $27.66 per RSU. Each award of RSUs vested on the first anniversary of the grant date. RSUs may not be transferred, pledged, assigned or otherwise encumbered until they are settled. Settlement of vested RSUs may be in either shares of common stock or cash, as determined at the discretion of the Human Resources and Compensation Committee, and shall occur as soon as practicable after the vesting date. If the RSUs are settled in shares of common stock, following the settlement of such shares, the grantee will be the record owner of the shares of common stock and will have all the rights of a shareholder of the Company, including the right to vote such shares and the right to receive dividends paid with respect to such shares of common stock. RSUs which have not become vested as of the date of a grantee’s termination from the Company will be forfeited without the payment of any consideration, unless otherwise provided for. During the years ended December 31, 2020, 2019 and 2018, the Company awarded 58,258 , 63,994 and 55,534 , respectively, performance-based RSUs to its senior officers. The weighted average grant date fair value of the awards with performance conditions was determined to be $17.83 (2020), $17.21 (2019), and $17.46 (2018) per RSU. The weighted average grant date fair value of the TSR (as defined below) based performance awards, which have a market condition, was estimated using a Monte Carlo probability model and determined to be $17.59 (2020), $16.68 (2019) and $18.87 (2018) per RSU. 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-half of the target RSUs shall vest on the third fiscal year end date following the grant date, subject to INSW’s return on invested capital (“ROIC”) performance in the three-year ROIC performance period relative to a target rate (the “ROIC Target”) set forth in the award agreements; and (ii) one-half of the target RSUs shall vest on the third fiscal year end date following the grant date, subject to INSW’s three-year total shareholder return (“TSR”) performance relative to that of a performance peer group over a three-year performance period (“TSR Target”). Vesting is subject in each case to the Human Resources and Compensation Committee of the Company’s Board of Directors’ certification of achievement of the performance measures and targets no later than March 15 th of the year following the vesting date. In addition, in April 2019 and 2018 , the Company awarded an executive officer 11,882 performance-based restricted stock units, respectively, representing the second and third tranches of the award originally made on February 14, 2017. The grant date fair value of the performance award was determined to be $17.21 (2019) and $17.46 (2018) per RSU. Each performance stock unit represents a contingent right to receive RSUs based upon certain performance related goals being met and the covered employees being continuously employed through the end of the period over which the performance goals are measured. , respectively, was subject to INSW’s ROIC performance for the year ended December 31, 2019 and 2018, respectively, relative to a target rate set forth in the award agreement. Settlement of the vested INSW performance-based RSUs may be in either shares of common stock or cash, as determined by the Human Resources and Compensation Committee in its discretion, and shall occur as soon as practicable after the vesting date. (ii) Stock Options During the years ended December 31, 2020, 2019 and 2018, the Company awarded to certain senior officers an aggregate of 131,992, 137,847 and 124,955 stock options, respectively. Each stock option represents an option to purchase one share of INSW common stock for an exercise price of $21.93 , period of time ending on the earlier to occur of (i) the 90 Dividends On February 26, 2020 , May 20, 2020 , August 4, 2020 , and October 28, 2020 , respectively, 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, September 23, 2020, and December 23, 2020, respectively, to stockholders of record as of March 17, 2020 , June 8, 2020 , September 9, 2020 , and December 8, 2020 , respectively. The Company’s Board of Directors declared a regular quarterly cash dividend of $0.06 per share of common stock on February 23, 2021 . The dividend will be paid on March 26, 2021 to shareholders of record at the close of business on March 11, 2021 . Share Repurchases In connection with the settlement of vested restricted stock units, the Company repurchased 75,894, 21,589 and 28,002 shares of common stock during the years ended December 31, 2020, 2019 and 2018 at an average cost of $20.31, $17.07 and $17.81 per share, respectively (based on the market prices on the dates of vesting), from employees, including certain members of management to cover withholding taxes. On March 5, 2019 24-month ending March 5, 2021 During the first half of 2020, the Company repurchased and retired 1,417,292 shares of its common stock in open-market purchases, at an average price of $21.16 per share, for a total cost of $30.0 million. On August 4, 2020, the Company’s Board of Directors authorized the renewal of the share repurchase program in the amount of $30.0 million for another 24-month period ending August 4, 2022 . Subsequently, on October 28, 2020, the Company’s Board of Directors authorized an increase in the share repurchase program from $30.0 million to $50.0 million. No shares were acquired under repurchase programs during the second half of 2020 nor Activity with respect to restricted common stock and restricted stock units under INSW compensation plans is summarized as follows: Common Stock Nonvested Shares Outstanding at December 31, 2017 174,177 Granted (2) 173,573 Forfeitures (3) (19,995) Vested ($18.62 - $24.05 per share) (1) (97,554) Nonvested Shares Outstanding at December 31, 2018 230,201 Granted (2) 270,096 Forfeitures (3) (20,570) Vested ($17.46- $29.61 per share) (1) (126,863) Nonvested Shares Outstanding at December 31, 2019 352,864 Granted (2) 182,142 Forfeitures (3) — Vested ($17.21- $27.66 per share) (1) (229,123) Nonvested Shares Outstanding at December 31, 2020 305,883 (1) Includes 71,513 (2020), 21,529 (2019) and 21,752 (2018) shares of common stock sold back to the Company by employees to cover withholding taxes in the year of vesting or during the first quarter of the subsequent year. (2) Includes 8,309 , 8,198 and 3,120 incremental performance restricted stock units earned as a result of above target achievement of market condition at December 31, 2020, 2019 and 2018, respectively. (3) Represents restricted stock units forfeited because performance targets were not achieved as of the measurement date. Activity with respect to stock options under INSW compensation plans is summarized as follows: Common Stock Options Outstanding at December 31, 2017 275,830 Granted 124,955 Exercised — Options Outstanding at December 31, 2018 400,785 Granted 137,847 Exercised — Options Outstanding at December 31, 2019 538,632 Granted 131,992 Exercised — Options Outstanding at December 31, 2020 670,624 Options Exercisable at December 31, 2020 405,082 The weighted average remaining contractual life of the outstanding and exercisable stock options at December 31, 2020 was 7.15 years and 6.20 years, respectively. The range of exercise prices of the stock options outstanding and exercisable at December 31, 2020 was between $17.21 and $30.93 per share, respectively. The weighted average exercise price of the stock options outstanding and exercisable at December 31, 2020 was $19.78 and $19.90, respectively. The aggregate intrinsic value of the INSW stock options outstanding and exercisable at December 31, 2020 was nil, respectively. Compensation expense is recognized over the vesting period applicable to each grant, using the straight-line method. Compensation expense with respect to restricted common stock and restricted stock units outstanding for the years ended December 31, 2020, 2019 and 2018 was $4.6 million, $3.2 million and $2.3 million, respectively. Compensation expense relating to stock options for the years ended December 31, 2020, 2019 and 2018 was $1.1 million, $1.1 million and $0.9 million, respectively. As of December 31, 2020, there was $4.8 million of unrecognized compensation cost related to INSW nonvested share-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 1.65 years. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2020 | |
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | NOTE 13 —ACCUMULATED OTHER COMPREHENSIVE LOSS: The components of accumulated other comprehensive loss, net of related taxes, in the consolidated balance sheets follow: (Dollars in thousands) December 31, 2020 December 31, 2019 Unrealized losses on derivative instruments $ (24,098) $ (11,732) Items not yet recognized as a component of net periodic benefit cost (pension plans) (8,515) (8,838) $ (32,613) $ (20,570) The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, for the three years ended December 31, 2020. (Dollars in thousands) Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost (pension plans) Total Balance at December 31, 2017 $ (28,989) $ (11,418) $ (40,407) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (1,687) 1,107 (580) Amounts reclassified from accumulated other comprehensive loss 9,156 1,902 11,058 Balance at December 31, 2018 (21,520) (8,409) (29,929) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (19,126) (818) (19,944) Amounts reclassified from accumulated other comprehensive loss 28,914 389 29,303 Balance at December 31, 2019 (11,732) $ (8,838) (20,570) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (21,503) (61) (21,564) Amounts reclassified from accumulated other comprehensive loss 9,137 384 9,521 Balance at December 31, 2020 $ (24,098) $ (8,515) $ (32,613) The following table presents information with respect to amounts reclassified out of accumulated other comprehensive loss for the three years ended December 31, 2020. (Dollars in thousands) 2020 2019 2018 Statement of Operations Reclassifications of losses on cash flow hedges: Interest rate swaps entered into by the Company's equity method Equity in income of joint venture investees $ 1,109 $ 26,490 $ 8,664 affiliated companies Interest rate swaps entered into by the Company's subsidiaries 4,571 1,467 471 Interest expense Interest rate cap/collar entered into by the Company's subsidiaries — 99 21 Interest expense Reclassifications of losses on derivatives subsequent to discontinuation of hedge accounting Interest rate collar entered into by the Company's subsidiaries 81 858 — Interest expense Reclassifications of losses on other-than-insignificant financing element of derivatives: Interest rate swaps entered into by the Company's subsidiaries 3,376 — — Interest expense Items not yet recognized as a component of net periodic benefit cost (pension plans): Net periodic benefit costs associated with pension and postretirement benefit plans 384 389 1,902 Other expense Total before and net of tax $ 9,521 $ 29,303 $ 11,058 The following amounts are included in accumulated other comprehensive loss at December 31, 2020, which have not yet been recognized in net periodic cost: unrecognized prior service costs of $1.4 million ($1.0 million net of tax) and unrecognized actuarial losses of $8.9 million ($7.5 million net of tax). At December 31, 2020, the Company expects that it will reclassify $9.6 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 collar and swaps held by the Company. See Note 6, “Equity Method Investments,” for additional information relating to derivatives held by the Company’s equity method investees and Note 9, “Fair Value of Financial Instruments, Derivatives and Fair Value,” for additional disclosures relating to derivative instruments. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2020 | |
REVENUE [Abstract] | |
REVENUE | NOTE 14 — 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 December 31, 2020, the Company is a party to time charter out contracts with customers on six Panamaxes (including one which was delivered to the charterer in early January 2021), one LR2, and two VLCCs with expiry dates ranging from February 2021 to March 2023. Upon their expiry in February 2021, the Company extended the time charters on two Panamaxes for an additional three months through May 2021. The Company is also a party to a one-year profit share agreement, which expires in 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 consolidated statements of operations. 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. See Note 2, “Significant Accounting Policies,” for additional detail on the Company’s accounting policies regarding service revenue recognition and costs to obtain or fulfill a contract. 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 years ended December 31, 2020, 2019 and 2018: Crude Product (Dollars in thousands) Tankers Carriers Other Totals 2020 Revenues from leases Pool revenues $ 198,316 $ 74,664 $ — $ 272,980 Time and bareboat charter revenues 87,783 936 — 88,719 Voyage charter revenues from non-variable lease payments (1) 19,016 10,456 — 29,472 Voyage charter revenues from variable lease payments 1,180 827 — 2,007 Revenues from services Voyage charter revenues Service revenue from voyage charters 472 — — 472 Lightering services 27,998 — — 27,998 Total shipping revenues $ 334,765 $ 86,883 $ — $ 421,648 2019 Revenues from leases Pool revenues $ 173,751 $ 80,304 $ — $ 254,055 Time and bareboat charter revenues 27,535 90 — 27,625 Voyage charter revenues from non-variable lease payments (1) 29,786 434 — 30,220 Voyage charter revenues from variable lease payments 2,574 — — 2,574 Revenues from services Voyage charter revenues Lightering services 51,710 — — 51,710 Total shipping revenues $ 285,356 $ 80,828 $ — $ 366,184 2018 Revenues from leases Pool revenues $ 111,214 $ 65,992 $ — $ 177,206 Time and bareboat charter revenues 24,088 1,873 — 25,961 Voyage charter revenues from non-variable lease payments (1) 20,682 100 — 20,782 Voyage charter revenues from variable lease payments 1,346 — — 1,346 Revenues from services Voyage charter revenues Lightering services 45,066 — — 45,066 Total shipping revenues $ 202,396 $ 67,965 $ — $ 270,361 (1) Includes $4.4 million, $0.3 million and $2.3 million of loss of hire insurance proceeds received during the years ended December 31, 2020, 2019 and 2018, respectively. All such proceeds were associated with vessels in our Crude Tankers segment except for the 2019 proceeds which was associated with a vessel in the Product Carriers segment. 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 December 31, 2020 2,148 166 — 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. Positive/(negative) adjustments to revenues from performance obligations satisfied in previous periods recognized during the years ended December 31, 2020 and 2019 were $47 thousand and ($493) thousand, respectively. 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 December 31, 2020, there were no unamortized deferred costs of obtaining or fulfilling a contract. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2020 | |
LEASES [Abstract] | |
LEASES | NOTE 15 — 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 years ended December 31, 2020 and 2019 for the lease component of these leases are as follows: (Dollars in thousands) 2020 2019 Operating lease cost Vessel assets Charter hire expenses $ 11,666 $ 15,089 Office and other space General and administrative 1,044 996 Voyage expenses 168 168 Short-term lease cost Vessel assets (1) Charter hire expenses 4,585 10,769 Office and other space General and administrative 29 116 Voyage expenses — 52 Vessel expenses — 8 Total lease cost $ 17,492 $ 27,198 (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 $1.2 million and $10.6 million for the years ended December 31, 2020 and 2019, respectively, including both lease and non-lease components. Supplemental cash flow information related to leases was as follows: (Dollars in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 12,878 $ 16,178 Supplemental balance sheet information related to leases was as follows: (Dollars in thousands) December 31, 2020 December 31, 2019 Operating lease right-of-use assets $ 21,588 $ 33,718 Current portion of operating lease liabilities $ (8,867) $ (12,958) Long-term operating lease liabilities (10,253) (17,953) Total operating lease liabilities $ (19,120) $ (30,911) Weighted average remaining lease term - operating leases 2.75 years 3.24 years Weighted average discount rate - operating leases 7.21% 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 December 31, 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 December 31, 2020, the Company has determined that the purchase options are not 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 December 31, 2020 are as follows Bareboat Charters-in (Dollars in thousands) Amount Operating Days 2021 $ 6,278 730 2022 6,278 730 2023 4,532 556 Total lease payments 17,088 2,016 less imputed interest (1,608) Total operating lease liabilities $ 15,480 Time Charters-in (Dollars in thousands) Amount Operating Days 2021 $ 2,170 408 Total lease payments (lease component only) 2,170 408 less imputed interest (43) Total operating lease liabilities $ 2,127 2. Office and other space: The Company has operating leases for office 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 December 31, 2020 are as follows: (Dollars in thousands) Amount 2021 $ 936 2022 273 2023 229 2024 178 Total lease payments 1,616 less imputed interest (103) Total operating lease liabilities $ 1,513 Contracts under which the Company is a Lessor See Note 14, “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 six Panamaxes, one LR2 and two VLCCs and the related revenue days as of December 31, 2020 are as follows: (Dollars in thousands) Amount Revenue Days 2021 $ 28,856 1,053 2022 16,425 365 2023 3,195 71 Future minimum revenues $ 48,476 1,489 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. |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2020 | |
Pension and Other Postretirement Benefit Plans [Abstract] | |
Pension and Other Postretirement Benefit Plans | NOTE 16 —PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS: Pension plans The Company has obligations outstanding under a defined benefit pension plan in the U.K. The plan provides defined benefits based on years of service and final average salary. The plan was closed to new entrants and accrual from June 2014. The Company has provided a guarantee to the trustees of the OSG Ship Management (UK) Ltd. Retirement Benefits Plan (the “Scheme”) in the amount of the unfunded deficiency calculated on a solvency basis, if the principal employer fails to make the required periodic contributions to the Scheme. Information with respect to the Scheme for which INSW uses a December 31 measurement date, is as follows: (Dollars in thousands) December 31, 2020 December 31, 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 27,481 $ 23,814 Interest cost on benefit obligation 525 657 Actuarial losses 2,202 2,761 Benefits paid (875) (820) Foreign exchange losses 943 1,069 Benefit obligation at year end 30,276 27,481 Change in plan assets: Fair value of plan assets at beginning of year 26,994 22,785 Actual return on plan assets 3,427 3,341 Employer contributions 664 639 Benefits paid (875) (820) Foreign exchange gains 1,009 1,049 Fair value of plan assets at year end 31,219 26,994 Funded/(unfunded) status at December 31 $ 943 $ (487) The funded or unfunded benefit obligation for the pension plan is included in other assets or other liabilities, respectively, in the accompanying consolidated balance sheets. Information for net periodic benefit costs for the years ended December 31, 2020, 2019 and 2018 follows: (Dollars in thousands) 2020 2019 2018 Components of expense: Interest cost on benefit obligation $ 525 $ 657 $ 707 Expected return on plan assets (1,018) (1,017) (1,029) Amortization of prior-service costs 75 74 71 Recognized net actuarial loss 310 315 388 Recognized settlement loss — — 1,442 Net periodic benefit cost $ (108) $ 29 $ 1,579 Unrecognized actuarial losses are amortized over a period of 19 years, which at the time selected, represented the term to retirement of the youngest member of the Scheme. The weighted-average assumptions used to determine benefit obligations follow: December 31, 2020 December 31, 2019 Discount rate 1.20% 2.00% The selection of a single discount rate for the defined benefit plan was derived from bond yield curves, which the Company believed as of such dates to be appropriate for the plan, reflecting the length of the liabilities and the yields obtainable on investment grade bonds. The assumption for a long-term rate of return on assets was based on a weighted average of rates of return on the investment sectors in which the assets are invested. The weighted-average assumptions used to determine net periodic benefit costs follow: 2020 2019 2018 Discount rate 2.00% 2.80% 2.40% Expected (long-term) return on plan assets 3.89% 4.46% 3.85% Rate of future compensation increases - - - Expected benefit payments are as follows: (Dollars in thousands) Pension benefits 2021 $ 865 2022 866 2023 895 2024 1,022 2025 1,126 Years 2026-2030 5,452 $ 10,226 The fair values of the Company’s pension plan assets at December 31, 2020, by asset category are as follows: (Dollars in thousands) Fair Value Level 1 Level 2 (1) Cash and cash equivalents $ 757 $ 757 $ — Managed funds 30,462 — 30,462 Total $ 31,219 $ 757 $ 30,462 (1) Quoted prices for the managed funds are not available from an active market source since such investments are pooled investment funds. The unitized pooled investment vehicles have been valued at the latest available bid price or single price provided by the pooled investment manager. Shares in other pooled arrangements have been valued at the latest available net asset value, determined in accordance with fair value principles, provided by the pooled investment manager. A target allocation of 80% is maintained with return seeking assets, with the balance of 20% invested in liability driven investments to target a 100% match to interest rate risks by asset value (mainly government bonds). The Company contributed $0.7 million, $0.6 million and $0 to the Scheme in 2020, 2019 and 2018, respectively. The Company expects that its contribution to the Scheme in 2021 will be approximately $0.7 million. Defined Contribution Plans The Company has defined contribution plans covering all eligible shore-based employees in the U.K. and U.S. Contributions are limited to amounts allowable for income tax purposes and include employer matching contributions to the plans. All contributions to the plans are at the discretion of the Company or as mandated by statutory laws. The employer matching contributions to the plans during each of the three years ended December 31, 2020 were $0.4 million. |
OTHER EXPENSE
OTHER EXPENSE | 12 Months Ended |
Dec. 31, 2020 | |
OTHER EXPENSE [Abstract] | |
OTHER EXPENSE | NOTE 17 — OTHER EXPENSE: (Dollars in thousands) 2020 2019 2018 Investment income - interest $ 558 $ 2,520 $ 1,300 Net actuarial gain/(loss) on defined benefit pension plan 633 628 (902) Write-off of deferred financing costs (13,073) (3,558) (2,400) Loss on extinguishment of debt (1,197) (1,100) (1,295) Other 262 567 (418) $ (12,817) $ (943) $ (3,715) Refer to Note 8, “Debt,” for additional information relating to write-off of deferred financing costs and loss on extinguishment of debt. |
2020 AND 2019 QUARTERLY RESULTS
2020 AND 2019 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | 12 Months Ended |
Dec. 31, 2020 | |
2020 AND 2019 QUARTERLY RESULTS OF OPERATIONS [Abstract] | |
2020 AND 2019 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | NOTE 18 — 2020 AND 2019 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED): Selected Financial Data for the Quarter Ended March 31, June 30, Sept. 30, Dec. 31, 2020 Shipping revenues $ 125,337 $ 139,725 $ 99,883 $ 56,703 Gain/(loss) on disposal of vessels and other property, including impairments (1) 2,804 (4,134) (12,834) (85,923) Income/(loss) from vessel operations 53,349 67,892 16,832 (98,193) Equity in income of affiliated companies (1) 5,111 5,205 5,356 (11,553) Interest expense (12,009) (8,881) (7,999) (7,823) Income tax provision — (1) — — Net income/(loss) 33,019 64,358 13,981 (116,889) Basic and diluted net income/(loss) per share $ 1.13 $ 2.26 $ 0.50 $ (4.18) (1) Refer to Note 5, “Vessels, Deferred Drydock and Other Property” and Note 6, “Equity Method Investments,” respectively, for further information on a $85.9 million impairment charge recorded during the fourth quarter of 2020 and the Company’s $16.4 million share of a non-cash deferred tax provision recorded by the FSO Joint Venture during the fourth quarter of 2020. Selected Financial Data for the Quarter Ended March 31, June 30, Sept. 30, Dec. 31, 2019 Shipping revenues $ 101,874 $ 69,010 $ 71,278 $ 124,022 Gain/(loss) on disposal of vessels and other property 48 (1,548) 1,472 (280) Income/(loss) from vessel operations 19,324 (7,934) (2,843) 46,621 Equity in income of affiliated companies 8,070 8,015 8,474 (13,346) Interest expense (17,533) (17,443) (17,010) (14,281) Income tax provision — — — (1) Net income/(loss) 10,897 (16,523) (11,095) 15,891 Basic and diluted net income/(loss) per share $ 0.37 $ (0.57) $ (0.38) $ 0.54 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
CONTINGENCIES [Abstract] | |
CONTINGENCIES | NOTE 19 — 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 be reasonably estimated, no reserves have been recorded for this contingency in INSW’s consolidated financial statements as of December 31, 2020. The next deficit valuation will be 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 December 31, 2020. The next deficit valuation is as of March 31, 2020 with an actuarial valuation to be issued by June 30, 2021. Galveston In late September 2017, an industrial accident at a dock facility in Galveston, Texas resulted in fatalities to two temporary employees of a subsidiary of the Company, following which several legal matters ensued. First, the Occupational Safety and Health Administration and local law enforcement conducted accident investigations. These have not, to date, resulted in citations or other adverse enforcement actions being issued to and/or taken against the subsidiary. Second, two wrongful death lawsuits relating to the accident were filed in state court in Texas (Harris County District Court) in September 2017, identifying the subsidiary as one of several defendants; these lawsuits were subsequently settled in October 2017 as to most of the original defendants other than the subsidiary. In January 2018, the case was removed to federal district court in Houston, Texas (Southern District); after various court proceedings, the district court dismissed the remaining claims against the subsidiary with prejudice in May 2020. Third, several of the 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 them arising from the incident, including settlement amounts and defense costs. Following a series of proceedings that took place in 2017 and 2018 in federal and state courts in Texas and the U.S. Fifth Circuit Court of Appeals, in early 2019 the T&T Defendants settled their claims with the subsidiary and its insurers. Pursuant to the terms of that settlement, all litigation concerning these claims was dismissed with prejudice. Finally, in February 2018, the subsidiary and its insurers settled three “bystander” claims made by crew members aboard a nearby vessel that was under charter to the subsidiary for alleged emotional and other personal injuries. The subsidiary subsequently initiated an arbitration against the bystanders’ employer seeking recovery of the settlement payment. In August 2019, the arbitration panel issued a decision that provided for a partial recovery of costs, which was subsequently 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 20 — SUBSEQUENT EVENTS: On March 11, 2021, the Company entered into agreements to construct three dual-fuel LNG VLCCs at Daewoo Shipbuilding and Marine Engineering’s shipyard, subject to certain conditions customary to similar transactions. The VLCCs will be able to burn LNG in their power plant, which will significantly reduce greenhouse gas emissions. Upon delivery to the Company in 2023, the vessels will be employed on seven-year time charter contracts with oil major – Shell. The total construction cost for the vessels will be approximately $290 million, which will be paid for through a combination of long-term financing and available liquidity. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Cash, cash equivalents and Restricted cash | 1. Cash and cash equivalents — |
Concentration of Credit Risk | 2. 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 of the counterparty, and their business strategy. We manage our non-operating lease receivable portfolios using delinquency as a key credit quality indicator. The Company performs the following steps in estimating expected losses: (i) gather historical losses over 5 years; (ii) assume outstanding billed amounts over 180 days as additional expected losses; and (iii) make forward-looking adjustments to the expected losses to reflect future economic conditions by comparing credit default swap rates of significant customers over time. In addition, the Company performs individual assessments for customers that do not share risk characteristics with other customers (for example a customer under bankruptcy or a customer with known disputes or collectability issues). 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 consolidated statements of operations. Activity for allowance for credit losses is summarized as follows: (Dollars in thousands) Allowance for Credit Losses - Voyage Receivables 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 58 Write-offs charged against the allowance (1,119) Recoveries of amounts previously written off (129) Balance at December 31, 2020 $ 55 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 year ended December 31, 2020, 2019 and 2018, 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 88% of consolidated voyage receivables at December 31, 2020 and December 31, 2019, respectively. |
Inventories | 3. Inventories |
Vessels, vessel lives, deferred drydocking expenditures and other property | 4. Vessels, vessel lives, deferred drydocking expenditures and other property Interest costs are capitalized to vessels during the period that vessels are under construction. No interest was capitalized during the three years ended December 31, 2020, since the Company had no vessels under construction during this period. Other property, including leasehold improvements, are recorded at cost and amortized on a straight-line basis over the shorter of the terms of the leases or the estimated useful lives of the assets, which range from three Expenditures incurred during a drydocking are deferred and amortized on the straight-line basis over the period until the next scheduled drydocking, which is generally two |
Impairment of long-lived assets | 5. Impairment of long-lived assets |
Deferred finance charges | 6. Deferred finance charges Finance charges, excluding original issue discount, incurred in the arrangement and/or amendments resulting in the modification of debt are deferred and amortized to interest expense on either an effective interest method or straight-line basis over the life of the related debt Interest expense relating to the amortization of deferred financing costs amounted to $2.8 million in 2020, $4.8 million in 2019 and $3.9 million in 2018. |
Revenue and expense recognition | 7. Revenue and expense recognition Under ASC 842, lease revenue for fixed lease payments is 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. Initial direct costs are expensed over the lease term on the same basis as lease revenue. The Company has elected the lessor practical expedient to aggregate non-lease components with the associated lease components and to account for the combined components as required by the practical expedient since its primary revenue streams described above meet the conditions required to adopt the practical expedient. Furthermore, the Company has performed a qualitative analysis of each of its primary revenue contract types to determine whether the lease component or the non-lease component is the predominant component of the contract. The Company concluded that the lease component is the predominant component for all of its primary revenue contract types, as the lessee would ascribe more value to the control and use of the underlying vessel rather than to the technical services to operate the vessel which is an add-on service to the lessee. Revenues from time charters are accounted for as fixed rate operating leases with an embedded technical management service component and are recognized ratably over the rental periods of such charters. Bareboat charters are also accounted for as fixed rate operating leases and the associated revenue is recognized ratably over the rental periods of such charters. Voyage charters contain a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. Voyage charter revenues and expenses are recognized ratably over the estimated length of each voyage. For a voyage charter which contains a lease component, revenue and expenses are recognized based on a lease commencement-to-discharge basis and the lease commencement date is the latter of discharge of the previous cargo or voyage charter contract signing. For voyage charters that do not have a lease component, revenue and expenses are recognized based on a load-to-discharge basis. Accordingly, voyage expenses incurred during a vessel’s positioning voyage to a load port in order to serve a customer under a voyage charter not containing a lease are considered costs to fulfill a contract and are deferred and recognized ratably over the load-to-discharge portion of the contract. Under voyage charters, expenses such as fuel, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time and bareboat charters, such voyage costs are paid by the Company’s customers. For the Company’s vessels operating in pools, revenues and voyage expenses are pooled and allocated to each pool’s participants on a time charter equivalent (“TCE”) basis in accordance with an agreed-upon formula. Accordingly, the Company accounts for its agreements with commercial pools as variable rate operating leases. For the pools in which the Company participates, management monitors, among other things, the relative proportion of the Company’s vessels operating in each of the pools to the total number of vessels in each of the respective pools and assesses whether or not the Company’s participation interest in each of the pools is sufficiently significant so as to determine that the Company has effective control of the pool. Demurrage earned during a voyage charter represents variable consideration. The Company estimates demurrage at contract inception using either the expected value or most likely amount approaches. Such estimate is reviewed and updated over the term of the voyage charter contract. The Company recognizes revenues from services in accordance with the provisions of ASC 606. The standard provides a unified model to determine how revenue is recognized. In doing so, the Company makes judgments including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation. Revenues are recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As the Company’s performance obligations are services which are received and consumed by its customers as it performs such services, revenues are recognized over time proportionate to the days elapsed since the service commencement compared to the total days anticipated to complete the service. The minimum duration of services is less than one year for each of the Company’s current contracts. |
Leases | 8. Leases — The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and long-term operating lease liabilities in the Company’s consolidated balance sheets. The Company does not have finance leases. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The operating lease ROU asset also includes any prepaid lease payments made and excludes accrued lease payments and lease incentives. Our lease terms take into consideration options to extend or terminate the lease, or purchase the underlying asset when it is reasonably certain that we will exercise such options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company makes significant judgements and assumptions to estimate its incremental borrowing rate that a lessee would have to pay to borrow on a 100% collateralized basis over a term similar to the lease term and in an amount equal to the lease payments in a similar economic environment. The Company performs the following steps in estimating its incremental borrowing rate: (i) gather observable debt yields of the Company’s recently issued debt facilities; and (ii) make adjustments to the yields of the actual debt facilities to reflect changes in collateral level, terms, the risk-free interest rate, and credit ratings. In addition, the Company performs sensitivity analyses to evaluate the impact of selected discount rates on the estimated lease liability. The Company makes significant judgements and assumptions to separate the lease component from the non-lease component of its time chartered-in vessels. For purposes of determining the standalone selling price of the vessel lease and technical management service components of the Company’s time charters, the Company concluded that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping market conditions, the duration of such charters, and the age of the vessel. The Company believes that the standalone transaction price attributable to the technical management service component is more readily determinable than the price of the lease component and, accordingly, the price of the service component is estimated using observable data (such as fees charged by third-party technical managers) and the residual transaction price is attributed to the vessel lease component. |
Derivatives | 9. Derivatives — Derivatives and Hedging The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to forecasted transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively, as discussed below. The Company discontinues hedge accounting prospectively when: (1) it determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item such as forecasted transactions; (2) the derivative expires or is sold, terminated, or exercised; (3) it is no longer probable that the forecasted transaction will occur; or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate or desired. When the Company discontinues hedge accounting because it is no longer probable that the forecasted transaction will occur in the originally expected period, the gain or loss on the derivative remains in accumulated other comprehensive income/(loss) and is reclassified into earnings when the forecasted transaction affects earnings. However, if it is probable that a forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter, the gains and losses that were accumulated in other comprehensive gain/(loss) will be recognized immediately in earnings. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the consolidated balance sheets, recognizing changes in the fair value in current-period earnings, unless it is designated in a new hedging relationship. Any gain or loss realized upon the early termination of an interest rate cap, collar or swaps is recognized as an adjustment of interest expense over the shorter of the remaining term of the derivative instruments or the hedged debt. See Note 9, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” for additional disclosures on the Company’s interest rate cap, collar and swaps and other financial instruments. |
Fair value measurements | 10. Fair value measurements — Fair Value Measurement fair value of assets and liabilities should include consideration of non-performance risk, which for the liabilities described below includes the Company's own credit risk. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market: Level 1 - Quoted prices in active markets for identical assets or liabilities. Our Level 1 non-derivative assets and liabilities primarily include cash and cash equivalents and the 8.50% Senior Notes. Level 2 - Quoted prices for similar assets and liabilities in active markets or model-based valuation techniques for which all significant inputs are observable in the market (where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit spreads, etc.). Our Level 2 non-derivative liabilities primarily include the Core Term Loan Facility and Sinosure Credit Facility. Our Level 2 derivative assets and liabilities primarily include our interest rate caps, collars, and swaps. Level 3 - Inputs that are unobservable (for example cash flow modeling inputs based on assumptions). |
Income taxes | 11. Income taxes — Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes in the period such determination is made. Uncertain tax positions are recorded in accordance with ASC 740, Income Taxes, |
Valuation of equity method investments | 12. Valuation of equity method investments — |
Use of estimates | 13. Use of estimates |
Recently adopted / issued accounting standards | 14. Recently adopted accounting standards — Financial Instruments – Credit Losses 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 2018-14, Defined Benefit Plans In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement year ended December 31, 2020. 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. The Company adopted this final rule to take advantage of the revenue test in evaluating the significance of our joint ventures accounted for using the equity method. 15. Recently issued accounting standards — Reference Rate Reform which provides relief for companies preparing for discontinuation of interest rates such as LIBOR. A contract modification is eligible to apply the optional relief to account for the modifications as a continuation of the existing contracts without additional analysis and consider embedded features to be clearly and closely related to the host contract without reassessment, if all of the following criteria are met: (i) contract references a rate that will be discontinued; (ii) modified terms directly replace (or have potential to replace) this reference rate; and (iii) changes to any other terms that change (or have potential to change) amount and timing of cash flows must be related to replacement of the reference rate. In addition, this guidance provides relief from certain hedge accounting requirements. Hedge accounting may continue uninterrupted when critical terms change due to reference rate reform. For cash flow hedges, entities can (i) disregard potential discontinuation of a referenced interest rate when assessing whether a hedged forecasted interest payment is probable; (ii) continue hedge accounting upon a change in the hedged risk as long as the hedge is still highly effective; (iii) assess effectiveness of the hedge relationship in ways that essentially disregards a potential mismatch in the variable rate indices between the hedging instrument and the hedged item; and (iv) 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform |
CONTINGENCIES (Policy)
CONTINGENCIES (Policy) | 12 Months Ended |
Dec. 31, 2020 | |
CONTINGENCIES [Abstract] | |
Legal costs | INSW’s policy for recording legal costs related to contingencies is to expense such legal costs as incurred. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Activity for allowance for credit losses | (Dollars in thousands) Allowance for Credit Losses - Voyage Receivables 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 58 Write-offs charged against the allowance (1,119) Recoveries of amounts previously written off (129) Balance at December 31, 2020 $ 55 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
EARNINGS PER COMMON SHARE [Abstract] | |
Components of Calculation of Earnings Per Share | Reconciliations of the numerator of the basic and diluted earnings per share computations are as follows: (Dollars in thousands) 2020 2019 2018 Net loss allocated to: Common Stockholders $ (5,544) $ (830) $ (88,940) Participating securities 13 — — $ (5,531) $ (830) $ (88,940) |
BUSINESS AND SEGMENT REPORTING
BUSINESS AND SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
BUSINESS AND SEGMENT REPORTING [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Information about the Company’s reportable segments as of and for each of the years in the three-year period ended December 31, 2020 follows: Crude Product (Dollars in thousands) Tankers Carriers Other Totals 2020 Shipping revenues $ 334,765 $ 86,883 $ — $ 421,648 Time charter equivalent revenues 318,588 83,417 — 402,005 Depreciation and amortization 57,980 16,269 94 74,343 Loss on disposal of vessels and other property, including impairments 44,330 55,757 — 100,087 Adjusted income/(loss) from vessel operations 144,451 24,818 (94) 169,175 Equity in income of affiliated companies 4,119 — — 4,119 Investments in and advances to affiliated companies at December 31, 2020 134,439 7,485 — 141,924 Adjusted total assets at December 31, 2020 1,112,342 253,990 — 1,366,332 Expenditures for vessels and vessel improvements 27,858 22,191 — 50,049 Payments for drydocking 20,313 5,329 — 25,642 2019 Shipping revenues $ 285,356 $ 80,828 $ — $ 366,184 Time charter equivalent revenues 259,517 80,402 — 339,919 Depreciation and amortization 59,387 16,152 114 75,653 Loss on disposal of vessels and other property 82 226 — 308 Adjusted income/(loss) from vessel operations 71,344 12,319 (114) 83,549 Equity in income/(loss) of affiliated companies 19,383 — (8,170) 11,213 Investments in and advances to affiliated companies at December 31, 2019 143,095 10,197 — 153,292 Adjusted total assets at December 31, 2019 1,284,631 313,063 — 1,597,694 Expenditures for vessels and vessel improvements 33,384 3,223 — 36,607 Payments for drydocking 16,997 2,549 — 19,546 2018 Shipping revenues $ 202,396 $ 67,965 $ — $ 270,361 Time charter equivalent revenues 175,524 67,576 — 243,100 Depreciation and amortization 54,431 17,862 135 72,428 Loss/(gain) on disposal of vessels and other property, including impairments 22,992 (3,312) — 19,680 Adjusted income/(loss) from vessel operations 2,194 (12,002) 567 (9,241) Equity in income of affiliated companies 19,582 — 9,850 29,432 Investments in and advances to affiliated companies at December 31, 2018 143,789 12,321 112,212 268,322 Adjusted total assets at December 31, 2018 1,285,433 328,792 112,212 1,726,437 Expenditures for vessels and vessel improvements 146,322 2,624 — 148,946 Payments for drydocking 4,121 399 — 4,520 |
Reconciliation of Revenue from Segments to Consolidated | Reconciliations of time charter equivalent revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow: (Dollars in thousands) 2020 2019 2018 Time charter equivalent revenues $ 402,005 $ 339,919 $ 243,100 Add: Voyage expenses 19,643 26,265 27,261 Shipping revenues $ 421,648 $ 366,184 $ 270,361 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Reconciliations of adjusted income/(loss) from vessel operations of the segments to income/(loss) before income taxes, as reported in the consolidated statements of operations follow: (Dollars in thousands) 2020 2019 2018 Total adjusted income/(loss) from vessel operations of all segments $ 169,175 $ 83,549 $ (9,241) General and administrative expenses (29,047) (26,798) (24,304) Provision for credit losses, net 71 (1,245) — Third-party debt modification fees (232) (30) (1,306) Loss on disposal of vessels and other property, including impairments (100,087) (308) (19,680) Consolidated income/(loss) from vessel operations 39,880 55,168 (54,531) Equity in income of affiliated companies 4,119 11,213 29,432 Other expense (12,817) (943) (3,715) Interest expense (36,712) (66,267) (60,231) Income/(loss) before income taxes $ (5,530) $ (829) $ (89,045) |
Reconciliation of Assets from Segment to Consolidated | Reconciliations of adjusted total assets of the segments to amounts included in the consolidated balance sheets follow: (Dollars in thousands) December 31, 2020 December 31, 2019 Adjusted total assets of all segments $ 1,366,332 $ 1,597,694 Corporate unrestricted cash and cash equivalents 199,390 89,671 Restricted cash 16,287 60,572 Other unallocated amounts 4,530 5,564 Consolidated total assets $ 1,586,539 $ 1,753,501 |
Long Lived Assets Deployment by Segment | Certain additional information about the Company’s operations for each of the years in the three year period ended December 31, 2020 follows: Crude Product (Dollars in thousands) Tankers Carriers Other Consolidated Total vessels, deferred drydock and other property at December 31, 2020 $ 919,974 $ 224,507 $ 67 $ 1,144,548 Total vessels, deferred drydock and other property at December 31, 2019 1,051,848 263,651 142 1,315,641 Total vessels, deferred drydock and other property at December 31, 2018 1,057,994 289,317 257 1,347,568 |
VESSELS, DEFERRED DRYDOCK AND_2
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |
Schedule of Property | Vessels and other property, excluding vessel held for sale, consist of the following: (Dollars in thousands) December 31, 2020 December 31, 2019 Vessels, at cost $ 1,287,688 $ 1,650,670 Accumulated depreciation (182,148) (361,088) Vessels, net 1,105,540 1,289,582 Other property, at cost 6,610 6,714 Accumulated depreciation and amortization (3,936) (3,780) Other property, net 2,674 2,934 Total Vessels and other property $ 1,108,214 $ 1,292,516 |
Schedule of Property Plant and Equipment by Segment | Net Average Number of Accumulated Carrying Vessel Age Owned As of December 31, 2020 (Dollars in thousands) Cost Depreciation Value (by dwt) Vessels Crude Tankers VLCC $ 839,542 $ (131,862) $ 707,680 7.9 11 Suezmax 117,338 (14,099) 103,239 3.4 2 Aframax (1) 32,395 (1,378) 31,017 7.5 1 Panamax 57,992 (8,111) 49,881 18.2 7 Total Crude Tankers 1,047,267 (155,450) 891,817 (2) 8.8 21 Product Carriers LR2 73,710 (17,419) 56,291 6.4 1 LR1 96,838 (9,279) 87,559 11.9 5 MR 69,873 — 69,873 10.0 4 Total Product Carriers 240,421 (26,698) 213,723 (3) 10.5 10 Fleet Total $ 1,287,688 $ (182,148) $ 1,105,540 9.0 31 (1) Net carrying value includes assets capitalized on two bareboat chartered-in Aframaxes. (2) Includes 10 VLCCs and one Panamax with an aggregate carrying value of $695.3 million, which the Company believes exceeds their aggregate market values (estimated by taking an average of two third party vessel appraisals) of approximately $584.0 million by $111.3 million. (3) Includes one LR2 and three LR1s with an aggregate carrying value of $106.3 million, which the Company believes exceeds their aggregate market values (estimated by taking an average of two third party vessel appraisals) of approximately $75.6 million by $30.7 million. Net Average Number of Accumulated Carrying Vessel Age Owned As of December 31, 2019 (Dollars in thousands) Cost Depreciation Value (by dwt) Vessels Crude Tankers VLCC $ 1,028,760 $ (236,217) $ 792,543 8.6 13 Suezmax 117,338 (10,007) 107,331 2.4 2 Aframax 96,038 (19,659) 76,379 14.1 3 Panamax 59,181 (5,223) 53,958 17.2 7 Total Crude Tankers 1,301,317 (271,106) 1,030,211 9.4 25 Product Carriers LR2 73,681 (14,714) 58,967 5.4 1 LR1 108,251 (22,420) 85,831 11.0 4 MR 167,421 (52,848) 114,573 9.0 4 Total Product Carriers 349,353 (89,982) 259,371 9.3 9 Fleet Total $ 1,650,670 $ (361,088) $ 1,289,582 9.4 34 |
Vessel/Fleet [Member] | |
Property, Plant and Equipment [Line Items] | |
Schedule of Property Plant and Equipment by Segment | Vessel activity for the three years ended December 31, 2020 is summarized as follows: (Dollars in thousands) Vessel Cost Accumulated Depreciation Net Book Value Balance at January 1, 2018 $ 1,404,360 $ (302,087) $ 1,102,273 Purchases and vessel additions 459,608 — Disposals (176,300) 16,097 Depreciation — (56,711) Impairment (58,021) 40,816 Balance at December 31, 2018 1,629,647 (301,885) 1,327,762 Purchases and vessel additions 38,138 — Disposals (17,115) 1,105 Depreciation — (60,308) Balance at December 31, 2019 1,650,670 (361,088) 1,289,582 Purchases and vessel additions 48,436 — Disposals (70,353) 2,763 Depreciation — (61,866) Impairment (341,065) 238,043 Balance at December 31, 2020 $ 1,287,688 $ (182,148) $ 1,105,540 |
Drydock [Member] | |
Property, Plant and Equipment [Line Items] | |
Schedule of Property | Drydocking activity for the three years ended December 31, 2020 is summarized as follows: (Dollars in thousands) 2020 2019 2018 Balance at January 1 $ 23,125 $ 16,773 $ 30,528 Additions 27,835 21,086 5,616 Sub-total 50,960 37,859 36,144 Drydock amortization (11,780) (14,685) (15,084) Amount charged to loss on disposal of vessels (2,846) (49) (4,287) Balance at December 31 $ 36,334 $ 23,125 $ 16,773 |
EQUITY METHOD INVESTMENTS (Tabl
EQUITY METHOD INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
EQUITY METHOD INVESTMENTS [Abstract] | |
Results of Operations of Equity Method Investments | Financial information for the equity method investees that were significant for the three years ended December 31, 2020, including the results of the LNG Joint Venture prior to the sale on October 7, 2019, adjusted for basis and accounting policy differences, is as follows: (Dollars in thousands) 2020 2019 2018 Shipping revenues $ 105,053 $ 193,446 $ 209,571 Ship operating expenses (58,858) (103,499) (112,541) Income from vessel operations 46,195 89,947 97,030 Other income 22 1,459 1,494 Interest expense (6,571) (32,752) (40,676) Income tax provision (36,404) (3,399) (3,433) Net income $ 3,242 $ 55,255 $ 54,415 Percentage of ownership in equity investees 50.0% 49.9% - 50.0% 49.9% - 50.0% Equity in income of affiliated companies, before consolidating and reconciling adjustments $ 1,621 $ 27,606 $ 27,187 Gain on sale of investments in affiliated companies — 3,033 — Release other comprehensive loss upon sale of investment in affiliated companies — (21,615) — Amortization of deferred gain on 2009 sale of TI Africa to FSO Joint Venture 2,385 2,395 2,395 Amortization of interest capitalized during construction of LNG vessels — (320) (419) Other 113 114 269 Equity in income of affiliated companies $ 4,119 $ 11,213 $ 29,432 |
Equity Method Investments Summarized Balance Sheet Information | (Dollars in thousands) December 31, 2020 December 31, 2019 Current assets $ 20,154 $ 20,808 Vessels, net 490,093 523,802 Total assets $ 510,247 $ 544,610 Current liabilities $ 59,567 $ 53,774 Long-term debt and other non-current liabilities 111,263 143,673 Equity 339,417 347,163 Total liabilities and equity $ 510,247 $ 544,610 Percentage of ownership in equity investees 50.0% 50.0% INSW share of affiliate's equity, before consolidating and reconciling adjustments $ 169,708 $ 173,581 2016 impairment of equity method investments in FSO Joint Venture (30,475) (30,475) Advances from shareholders of FSO Joint Venture (1) 16,665 23,216 Unamortized deferred gain on 2009 sale of TI Africa to FSO Joint Venture, net (27,156) (29,503) INSW guarantee for FSO Term Loan 44 264 Other (2) 13,138 16,209 Investments in and advances to affiliated companies $ 141,924 $ 153,292 (1) Such advances are unsecured, interest free and not repayable within one year. (2) Primarily relates to working capital deposits that the Company maintains with the commercial pools in which it participates. |
VARIABLE INTEREST ENTITIES (V_2
VARIABLE INTEREST ENTITIES (VIEs)) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
VARIABLE INTEREST ENTITIES (VIEs) [Abstract] | |
Schedule of Variable Interest Entities | The following table presents the carrying amounts of assets and liabilities in the consolidated balance sheets related to the VIEs described above as of December 31, 2020 and 2019: (Dollars in thousands) 2020 2019 Investments in Affiliated Companies $ 132,902 $ 140,915 |
Schedule of Variable Interest Entities Liability in Condensed Consolidated Balance Sheet to Maximum Exposure to Loss | 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 and the Company’s potential obligations under its guarantee of the FSO Term Loan and associated interest rate swap. The table below compares the Company’s liability in the consolidated balance sheet to the maximum exposure to loss at December 31, 2020: (Dollars in thousands) Consolidated Balance Sheet Maximum Exposure to Loss Other Liabilities $ 44 $ 179,291 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
DEBT [Abstract] | |
Schedule of Long-term Debt Instruments | (Dollars in thousands) December 31, 2020 December 31, 2019 Core Term Loan Facility, due 2025, net of unamortized deferred finance costs of $4,145 $ 267,427 $ — Sinosure Credit Facility, due 2027-2028, net of unamortized deferred finance costs of $1,884 and $2,262 244,243 267,443 8.5% Senior Notes, due 2023, net of unamortized deferred finance costs of $855 and $1,142 24,145 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 — 26,847 535,815 661,095 Less current portion (61,483) (70,350) Long-term portion $ 474,332 $ 590,745 |
Contractual Obligation, Fiscal Year Maturity Schedule | As of December 31, 2020, the aggregate annual principal payments required to be made on the Company’s debt facilities are as follows: (Dollars in thousands) Amount 2021 $ 61,483 2022 61,483 2023 86,484 2024 61,483 2025 143,532 Thereafter 128,233 Aggregate principal payments required $ 542,698 |
Schedule of Interest Paid | The following table summarizes 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, recognized during the years ended December 31, 2020, 2019 and 2018 with respect to the Company’s debt facilities: (Dollars in thousands) 2020 2019 2018 Core Term Loan Facility, due 2025 $ 13,542 $ — $ — Transition Term Loan Facility 1,518 — — Core Revolving Facility 660 — — 2017 Term Loan Facility 3,628 41,483 45,601 2017 Revolver Facility 63 848 475 ABN Term Loan Facility 107 1,716 1,024 Sinosure Credit Facility, due 2027 - 2028 13,684 14,903 8,350 8.5% Senior Notes, due 2023 2,417 2,390 1,396 10.75% Subordinated Notes 276 3,642 2,032 Total debt related interest expense $ 35,895 $ 64,982 $ 58,878 The following table summarizes interest paid, excluding deferred financing fees paid, during the years ended December 31, 2020, 2019 and 2018 with respect to the Company’s debt facilities: (Dollars in thousands) 2020 2019 2018 Core Term Loan Facility, due 2025 $ 12,024 $ — $ — Transition Term Loan Facility 1,183 — — Core Revolving Facility 471 — — 2017 Term Loan Facility 2,011 36,236 42,825 2017 Revolver Facility 53 710 442 ABN Term Loan Facility 156 1,504 795 Sinosure Credit Facility, due 2027 - 2028 12,199 14,200 7,225 8.5% Senior Notes, due 2023 2,130 2,130 1,250 10.75% Subordinated Notes 359 3,021 1,591 Total debt related interest expense paid $ 30,586 $ 57,801 $ 54,128 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES [Abstract] | |
Fair Value, by Balance Sheet Grouping | (Dollars in thousands) Fair Value Level 1 Level 2 December 31, 2020: Cash and cash equivalents (1) $ 215,677 $ 215,677 $ — Core Term Loan Facility (271,571) — (271,571) Sinosure Credit Facility (246,127) — (246,127) 8.5% Senior Notes (25,697) (25,697) — 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 December 31, 2020 and 2019, respectively. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | 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 consolidated balance sheets related to the Company’s use of derivatives as of Fair Values of Derivative Instruments: (Dollars in thousands) Long-term derivative Current portion of derivative liability Long-term derivative Accounts payable, accrued expenses and other current liabilities Other December 31, 2020: Derivatives designated as cash flow hedges: Interest rate swaps $ 2,129 $ (4,121) $ (6,155) $ — $ — Other-than-insignificant financing element of derivatives: Interest rate swaps (1) — — — (2,979) (14,051) Total $ 2,129 $ (4,121) $ (6,155) $ (2,979) $ (14,051) 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 loss excluding amounts reclassified from accumulated other comprehensive loss, including hedges of equity method investees, for the three years ended December 31, 2020 follows: (Dollars in thousands) 2020 2019 2018 Derivatives designated as hedging instruments: Interest rate swaps $ (20,123) $ (15,221) $ (1,948) Interest rate cap/collar — (3,905) 261 Other-than-insignificant financing element of derivatives: Interest rate swaps (1,380) — — Total other comprehensive loss $ (21,503) $ (19,126) $ (1,687) The effect of cash flow hedging relationships on the consolidated statements of operations is presented excluding hedges of equity method investees. The effect of the Company’s cash flow hedging relationships on the consolidated statement of operations for the three years ended December 31, 2020 is shown below: (Dollars in thousands) 2020 2019 2018 Derivatives designated as hedging instruments: Interest rate swaps $ 4,571 $ 1,467 $ 471 Interest rate cap/collar — 99 21 Derivatives not designated as hedging instruments: Interest rate collar 1,352 (65) — Other-than-insignificant financing element of derivatives: Interest rate swaps 3,376 — — Total interest expense $ 9,299 $ 1,501 $ 492 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | (Dollars in thousands) Fair Value Level 2 (1) Assets/(Liabilities) at December 31, 2020: Derivative Assets (interest rate swaps) $ 2,129 $ 2,129 Derivative Liabilities (interest rate swaps) (10,276) (10,276) Assets/(Liabilities) at December 31, 2019: Derivative Assets (interest rate swaps and collar) $ — $ — Derivative Liabilities (interest rate swaps and collar) (10,159) (10,159) (1) For the interest rate cap, collar and swaps, 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 | Impairment (Dollars in thousands) Fair Value Level 2 Charges Assets: Crude Tankers - Vessels held for use (1)(2) $ 134,035 $ 134,035 $ (47,265) Product Carriers - Vessels held for use (1)(2) $ 113,250 $ 113,250 $ (55,757) (1) Pre-tax impairment charges of $5.5 million related to one VLCC tanker, $11.7 million related to two VLCC tankers, and $30.1 million related to one VLCC tanker and one Aframax in the Crude Tankers segment were recorded during the three-month periods ended June 30, 2020, September 30, 2020, and December 31, 2020, respectively . Pre-tax impairment charges of $55.7 million related to two LR1s and four MRs in the Product Carriers segment were recorded during the three-month period ended December 31, 2020. (2) The fair value measurement of $30.4 million that was used to determine the impairment for one VLCC at June 30, 2020, the fair value measurement of $50.5 million that was used to determine the impairment for two VLCCs at September 30, 2020, and the fair value measurement of $53.1 millon that was used to determine the impairment for one VLCC and one Aframax, and $113.3 million that was used to determine the impairment of two LR1s and four MRs at December 31, 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. |
ACCOUNTS PAYABLE, ACCRUED EXP_2
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | |
Schedule of Accounts Payable, Accrued Expenses and Other Current Liabilities | (Dollars in thousands) December 31, 2020 December 31, 2019 Accounts payable $ 2,609 $ 4,988 Payroll and benefits 6,293 5,585 Interest 370 594 Other-than-insignificant financing element of derivatives 2,979 — Due to owners on chartered in vessels 787 1,108 Accrued drydock, repairs and vessel betterment costs 6,247 3,150 Bunkers and lubricants 656 538 Charter revenues received in advance 3,060 272 Insurance 493 539 Accrued vessel expenses 8,779 8,003 Accrued general and administrative expenses 940 1,052 Other 1,212 1,725 Total accounts payable, accrued expense and other current liabilities $ 34,425 $ 27,554 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
TAXES [Abstract] | |
Components of Income Tax (Provisions) and Benefits | (Dollars in thousands) 2020 2019 2018 Current $ (1) $ (1) $ 105 Deferred — — — Income tax (provision)/benefit $ (1) $ (1) $ 105 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 2018 Change in valuation allowance 0.66 % 0.66 % (0.66) % Income subject to tax in other jurisdictions (0.65) % (0.83) % 0.54 % Effective income tax rate 0.01 % (0.17) % (0.12) % |
Components of Deferred Tax Liabilities and Assets | The significant components of the Company’s deferred tax liabilities and assets follow: (Dollars in thousands) December 31, 2020 December 31, 2019 Deferred tax assets: Net operating loss carryforwards $ 2,173 $ 1,836 Excess of tax over book basis of depreciable assets 612 548 Pensions 1,950 1,797 Total deferred tax assets 4,735 4,181 Less: Valuation allowance (4,735) (4,181) Deferred tax assets, net — — Net noncurrent deferred tax assets/(liabilities) $ — $ — |
CAPITAL STOCK AND STOCK COMPE_2
CAPITAL STOCK AND STOCK COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
CAPITAL STOCK AND STOCK COMPENSATION [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Common Stock Nonvested Shares Outstanding at December 31, 2017 174,177 Granted (2) 173,573 Forfeitures (3) (19,995) Vested ($18.62 - $24.05 per share) (1) (97,554) Nonvested Shares Outstanding at December 31, 2018 230,201 Granted (2) 270,096 Forfeitures (3) (20,570) Vested ($17.46- $29.61 per share) (1) (126,863) Nonvested Shares Outstanding at December 31, 2019 352,864 Granted (2) 182,142 Forfeitures (3) — Vested ($17.21- $27.66 per share) (1) (229,123) Nonvested Shares Outstanding at December 31, 2020 305,883 (1) Includes 71,513 (2020), 21,529 (2019) and 21,752 (2018) shares of common stock sold back to the Company by employees to cover withholding taxes in the year of vesting or during the first quarter of the subsequent year. (2) Includes 8,309 , 8,198 and 3,120 incremental performance restricted stock units earned as a result of above target achievement of market condition at December 31, 2020, 2019 and 2018, respectively. (3) Represents restricted stock units forfeited because performance targets were not achieved as of the measurement date. |
Schedule of Share-based Compensation, Stock Options, Activity | Activity with respect to stock options under INSW compensation plans is summarized as follows: Common Stock Options Outstanding at December 31, 2017 275,830 Granted 124,955 Exercised — Options Outstanding at December 31, 2018 400,785 Granted 137,847 Exercised — Options Outstanding at December 31, 2019 538,632 Granted 131,992 Exercised — Options Outstanding at December 31, 2020 670,624 Options Exercisable at December 31, 2020 405,082 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 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 consolidated balance sheets follow: (Dollars in thousands) December 31, 2020 December 31, 2019 Unrealized losses on derivative instruments $ (24,098) $ (11,732) Items not yet recognized as a component of net periodic benefit cost (pension plans) (8,515) (8,838) $ (32,613) $ (20,570) The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, for the three years ended December 31, 2020. (Dollars in thousands) Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost (pension plans) Total Balance at December 31, 2017 $ (28,989) $ (11,418) $ (40,407) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (1,687) 1,107 (580) Amounts reclassified from accumulated other comprehensive loss 9,156 1,902 11,058 Balance at December 31, 2018 (21,520) (8,409) (29,929) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (19,126) (818) (19,944) Amounts reclassified from accumulated other comprehensive loss 28,914 389 29,303 Balance at December 31, 2019 (11,732) $ (8,838) (20,570) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (21,503) (61) (21,564) Amounts reclassified from accumulated other comprehensive loss 9,137 384 9,521 Balance at December 31, 2020 $ (24,098) $ (8,515) $ (32,613) |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | The following table presents information with respect to amounts reclassified out of accumulated other comprehensive loss for the three years ended December 31, 2020. (Dollars in thousands) 2020 2019 2018 Statement of Operations Reclassifications of losses on cash flow hedges: Interest rate swaps entered into by the Company's equity method Equity in income of joint venture investees $ 1,109 $ 26,490 $ 8,664 affiliated companies Interest rate swaps entered into by the Company's subsidiaries 4,571 1,467 471 Interest expense Interest rate cap/collar entered into by the Company's subsidiaries — 99 21 Interest expense Reclassifications of losses on derivatives subsequent to discontinuation of hedge accounting Interest rate collar entered into by the Company's subsidiaries 81 858 — Interest expense Reclassifications of losses on other-than-insignificant financing element of derivatives: Interest rate swaps entered into by the Company's subsidiaries 3,376 — — Interest expense Items not yet recognized as a component of net periodic benefit cost (pension plans): Net periodic benefit costs associated with pension and postretirement benefit plans 384 389 1,902 Other expense Total before and net of tax $ 9,521 $ 29,303 $ 11,058 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2020, 2019 and 2018: Crude Product (Dollars in thousands) Tankers Carriers Other Totals 2020 Revenues from leases Pool revenues $ 198,316 $ 74,664 $ — $ 272,980 Time and bareboat charter revenues 87,783 936 — 88,719 Voyage charter revenues from non-variable lease payments (1) 19,016 10,456 — 29,472 Voyage charter revenues from variable lease payments 1,180 827 — 2,007 Revenues from services Voyage charter revenues Service revenue from voyage charters 472 — — 472 Lightering services 27,998 — — 27,998 Total shipping revenues $ 334,765 $ 86,883 $ — $ 421,648 2019 Revenues from leases Pool revenues $ 173,751 $ 80,304 $ — $ 254,055 Time and bareboat charter revenues 27,535 90 — 27,625 Voyage charter revenues from non-variable lease payments (1) 29,786 434 — 30,220 Voyage charter revenues from variable lease payments 2,574 — — 2,574 Revenues from services Voyage charter revenues Lightering services 51,710 — — 51,710 Total shipping revenues $ 285,356 $ 80,828 $ — $ 366,184 2018 Revenues from leases Pool revenues $ 111,214 $ 65,992 $ — $ 177,206 Time and bareboat charter revenues 24,088 1,873 — 25,961 Voyage charter revenues from non-variable lease payments (1) 20,682 100 — 20,782 Voyage charter revenues from variable lease payments 1,346 — — 1,346 Revenues from services Voyage charter revenues Lightering services 45,066 — — 45,066 Total shipping revenues $ 202,396 $ 67,965 $ — $ 270,361 (1) Includes $4.4 million, $0.3 million and $2.3 million of loss of hire insurance proceeds received during the years ended December 31, 2020, 2019 and 2018, respectively. All such proceeds were associated with vessels in our Crude Tankers segment except for the 2019 proceeds which was associated with a vessel in the Product Carriers segment. |
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 December 31, 2020 2,148 166 — |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Lease [Abstract] | |
Schedule of lease cost | (Dollars in thousands) 2020 2019 Operating lease cost Vessel assets Charter hire expenses $ 11,666 $ 15,089 Office and other space General and administrative 1,044 996 Voyage expenses 168 168 Short-term lease cost Vessel assets (1) Charter hire expenses 4,585 10,769 Office and other space General and administrative 29 116 Voyage expenses — 52 Vessel expenses — 8 Total lease cost $ 17,492 $ 27,198 (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 $1.2 million and $10.6 million for the years ended December 31, 2020 and 2019, respectively, including both lease and non-lease components. |
Supplemental lease information | Supplemental cash flow information related to leases was as follows: (Dollars in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 12,878 $ 16,178 Supplemental balance sheet information related to leases was as follows: (Dollars in thousands) December 31, 2020 December 31, 2019 Operating lease right-of-use assets $ 21,588 $ 33,718 Current portion of operating lease liabilities $ (8,867) $ (12,958) Long-term operating lease liabilities (10,253) (17,953) Total operating lease liabilities $ (19,120) $ (30,911) Weighted average remaining lease term - operating leases 2.75 years 3.24 years Weighted average discount rate - operating leases 7.21% 7.16% |
Schedule of lease maturity receivables | (Dollars in thousands) Amount Revenue Days 2021 $ 28,856 1,053 2022 16,425 365 2023 3,195 71 Future minimum revenues $ 48,476 1,489 |
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 December 31, 2020 are as follows: (Dollars in thousands) Amount 2021 $ 936 2022 273 2023 229 2024 178 Total lease payments 1,616 less imputed interest (103) Total operating lease liabilities $ 1,513 |
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 December 31, 2020 are as follows Bareboat Charters-in (Dollars in thousands) Amount Operating Days 2021 $ 6,278 730 2022 6,278 730 2023 4,532 556 Total lease payments 17,088 2,016 less imputed interest (1,608) Total operating lease liabilities $ 15,480 |
Time Charters-In [Member] | |
Lease [Abstract] | |
Schedule of lease maturity payments | Time Charters-in (Dollars in thousands) Amount Operating Days 2021 $ 2,170 408 Total lease payments (lease component only) 2,170 408 less imputed interest (43) Total operating lease liabilities $ 2,127 |
PENSION AND OTHER POSTRETIREM_2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Pension and Other Postretirement Benefit Plans [Abstract] | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Information with respect to the Scheme for which INSW uses a December 31 measurement date, is as follows: (Dollars in thousands) December 31, 2020 December 31, 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 27,481 $ 23,814 Interest cost on benefit obligation 525 657 Actuarial losses 2,202 2,761 Benefits paid (875) (820) Foreign exchange losses 943 1,069 Benefit obligation at year end 30,276 27,481 Change in plan assets: Fair value of plan assets at beginning of year 26,994 22,785 Actual return on plan assets 3,427 3,341 Employer contributions 664 639 Benefits paid (875) (820) Foreign exchange gains 1,009 1,049 Fair value of plan assets at year end 31,219 26,994 Funded/(unfunded) status at December 31 $ 943 $ (487) |
Schedule of Net Benefit Costs | (Dollars in thousands) 2020 2019 2018 Components of expense: Interest cost on benefit obligation $ 525 $ 657 $ 707 Expected return on plan assets (1,018) (1,017) (1,029) Amortization of prior-service costs 75 74 71 Recognized net actuarial loss 310 315 388 Recognized settlement loss — — 1,442 Net periodic benefit cost $ (108) $ 29 $ 1,579 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | The weighted-average assumptions used to determine benefit obligations follow: December 31, 2020 December 31, 2019 Discount rate 1.20% 2.00% |
Schedule of Assumptions Used | The weighted-average assumptions used to determine net periodic benefit costs follow: 2020 2019 2018 Discount rate 2.00% 2.80% 2.40% Expected (long-term) return on plan assets 3.89% 4.46% 3.85% Rate of future compensation increases - - - |
Schedule of Expected Benefit Payments | Expected benefit payments are as follows: (Dollars in thousands) Pension benefits 2021 $ 865 2022 866 2023 895 2024 1,022 2025 1,126 Years 2026-2030 5,452 $ 10,226 |
Schedule of Changes in Fair Value of Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2020, by asset category are as follows: (Dollars in thousands) Fair Value Level 1 Level 2 (1) Cash and cash equivalents $ 757 $ 757 $ — Managed funds 30,462 — 30,462 Total $ 31,219 $ 757 $ 30,462 (1) Quoted prices for the managed funds are not available from an active market source since such investments are pooled investment funds. The unitized pooled investment vehicles have been valued at the latest available bid price or single price provided by the pooled investment manager. Shares in other pooled arrangements have been valued at the latest available net asset value, determined in accordance with fair value principles, provided by the pooled investment manager. |
OTHER EXPENSE (Tables)
OTHER EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
OTHER EXPENSE [Abstract] | |
Schedule of Other Nonoperating Expense | (Dollars in thousands) 2020 2019 2018 Investment income - interest $ 558 $ 2,520 $ 1,300 Net actuarial gain/(loss) on defined benefit pension plan 633 628 (902) Write-off of deferred financing costs (13,073) (3,558) (2,400) Loss on extinguishment of debt (1,197) (1,100) (1,295) Other 262 567 (418) $ (12,817) $ (943) $ (3,715) |
2020 AND 2019 QUARTERLY RESUL_2
2020 AND 2019 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Table) | 12 Months Ended |
Dec. 31, 2020 | |
2020 AND 2019 QUARTERLY RESULTS OF OPERATIONS [Abstract] | |
Schedule of Quarterly Financial Information | Selected Financial Data for the Quarter Ended March 31, June 30, Sept. 30, Dec. 31, 2020 Shipping revenues $ 125,337 $ 139,725 $ 99,883 $ 56,703 Gain/(loss) on disposal of vessels and other property, including impairments (1) 2,804 (4,134) (12,834) (85,923) Income/(loss) from vessel operations 53,349 67,892 16,832 (98,193) Equity in income of affiliated companies (1) 5,111 5,205 5,356 (11,553) Interest expense (12,009) (8,881) (7,999) (7,823) Income tax provision — (1) — — Net income/(loss) 33,019 64,358 13,981 (116,889) Basic and diluted net income/(loss) per share $ 1.13 $ 2.26 $ 0.50 $ (4.18) (1) Refer to Note 5, “Vessels, Deferred Drydock and Other Property” and Note 6, “Equity Method Investments,” respectively, for further information on a $85.9 million impairment charge recorded during the fourth quarter of 2020 and the Company’s $16.4 million share of a non-cash deferred tax provision recorded by the FSO Joint Venture during the fourth quarter of 2020. Selected Financial Data for the Quarter Ended March 31, June 30, Sept. 30, Dec. 31, 2019 Shipping revenues $ 101,874 $ 69,010 $ 71,278 $ 124,022 Gain/(loss) on disposal of vessels and other property 48 (1,548) 1,472 (280) Income/(loss) from vessel operations 19,324 (7,934) (2,843) 46,621 Equity in income of affiliated companies 8,070 8,015 8,474 (13,346) Interest expense (17,533) (17,443) (17,010) (14,281) Income tax provision — — — (1) Net income/(loss) 10,897 (16,523) (11,095) 15,891 Basic and diluted net income/(loss) per share $ 0.37 $ (0.57) $ (0.38) $ 0.54 |
DESCRIPTION OF BUSINESS AND B_2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Narrative) (Details) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2020property | Dec. 31, 2020segmentproperty | |
Property, Plant and Equipment [Line Items] | ||
Number of vessels in fleet | 36 | 36 |
Number of vessels owned (including joint ventures) | 33 | 33 |
Number of reportable segments | segment | 2 | |
Number of vessels marketed to be sold | 2 | |
FSO Joint Venture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of vessels owned (including joint ventures) | 2 | 2 |
SUMMARY SIGNIFICANT ACCOUNTING
SUMMARY SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)$ / item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for doubtful accounts receivable | $ 55 | $ 1,245 | |
Provision for credit losses, net | (71) | 1,245 | |
Amortization of financing costs | 2,800 | 4,800 | $ 3,900 |
Defined benefit plan, interest cost | 525 | 657 | 707 |
Restricted cash and cash equivalents, noncurrent | $ 16,287 | 60,572 | |
Debt instrument, interest rate, stated percentage | 10.75% | ||
Repayments of advances from affiliated companies | $ 7,456 | 4,195 | 100,780 |
Proceeds from Insurance Settlement, Operating Activities | $ 5,238 | 2,179 | 5,436 |
Credit losses outstanding additional period | 180 days | ||
Credit losses historical period | 5 years | ||
Collateralized basis percentage benchmark used in determining borrowing rate | 100.00% | ||
Vessel/Fleet [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 25 years | ||
Property, plant and equipment salvage, value per ton | $ / item | 300 | ||
Interest costs capitalized | $ 0 | $ 0 | $ 0 |
Other Property [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Other Property [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Drydock [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Amortization period for deferred costs | 2 years 6 months | ||
Drydock [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Amortization period for deferred costs | 5 years | ||
Accounts Receivable [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 88.00% | ||
INSW Facilities [Member] | Revolving Credit Facility [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred finance costs, gross | $ 300 | ||
2017 Term Loan Facility, Sinosure Credit Facility, ABN Term Loan Facility, 8.5% Senior Notes and 10.75% Subordinated Notes [Member] | Term Loan [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred finance costs, gross | $ 16,300 | ||
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 | $ 6,900 | ||
10.75% Subordinated Notes [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Debt instrument, interest rate, stated percentage | 10.75% | 10.75% | |
8.5% Senior Notes [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | |
2020 Debt Facilities [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred finance costs, gross | $ 7,300 | ||
Core Revolving Facility [Member] | Term Loan [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred finance costs, gross | 800 | ||
Core Revolving Facility [Member] | Revolving Credit Facility [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred finance costs, gross | $ 800 |
SUMMARY SIGNIFICANT ACCOUNTIN_2
SUMMARY SIGNIFICANT ACCOUNTING POLICIES (Activity for allowance for credit losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||
Balance Beginning | $ 1,245 | |
Provision for expected credit losses | 58 | $ 1,245 |
Write-offs charged against the allowance | (1,119) | |
Recoveries of amounts previously written off | (129) | |
Balance Ending | $ 55 | $ 1,245 |
EARNINGS PER COMMON SHARE (Narr
EARNINGS PER COMMON SHARE (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 962,205 | 746,616 | 523,544 |
Dilutive awards | 0 | 0 | 0 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Participating securities allocated a portion of income | 48,229 | 48,014 | 42,449 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 233,833 | ||
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 670,624 |
EARNINGS PER COMMON SHARE (Reco
EARNINGS PER COMMON SHARE (Reconciliation of Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
EARNINGS PER COMMON SHARE [Abstract] | |||||||||||
Common Stockholders | $ (5,544) | $ (830) | $ (88,940) | ||||||||
Participating securities | 13 | ||||||||||
Net loss | $ (116,889) | $ 13,981 | $ 64,358 | $ 33,019 | $ 15,891 | $ (11,095) | $ (16,523) | $ 10,897 | $ (5,531) | $ (830) | $ (88,940) |
BUSINESS AND SEGMENT REPORTIN_2
BUSINESS AND SEGMENT REPORTING (Reportable Segments Information) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | segment | 2 | ||||||||||
Revenues, services | $ 421,648 | $ 366,184 | $ 270,361 | ||||||||
Depreciation and amortization | 74,343 | 75,653 | 72,428 | ||||||||
Loss/(gain) on disposal of vessels and other property, including impairments | $ 85,923 | $ 12,834 | $ 4,134 | $ (2,804) | $ 280 | $ (1,472) | $ 1,548 | $ (48) | 100,087 | 308 | 19,680 |
Adjusted income/(loss) from vessel operations | 169,175 | 83,549 | (9,241) | ||||||||
Equity in income/(loss) of affiliated companies | (11,553) | $ 5,356 | $ 5,205 | $ 5,111 | (13,346) | $ 8,474 | $ 8,015 | $ 8,070 | 4,119 | 11,213 | 29,432 |
Investments in and advances to affiliated companies | 141,924 | 153,292 | 141,924 | 153,292 | 268,322 | ||||||
Adjusted total assets | 1,366,332 | 1,597,694 | 1,366,332 | 1,597,694 | 1,726,437 | ||||||
Expenditures for vessels and vessel improvements | 50,049 | 36,607 | 148,946 | ||||||||
Payments for drydocking | 25,642 | 19,546 | 4,520 | ||||||||
Time Charter Equivalent Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, services | 402,005 | 339,919 | 243,100 | ||||||||
International Crude Tankers Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, services | 334,765 | 285,356 | 202,396 | ||||||||
Depreciation and amortization | 57,980 | 59,387 | 54,431 | ||||||||
Loss/(gain) on disposal of vessels and other property, including impairments | 44,330 | 82 | 22,992 | ||||||||
Adjusted income/(loss) from vessel operations | 144,451 | 71,344 | 2,194 | ||||||||
Equity in income/(loss) of affiliated companies | 4,119 | 19,383 | 19,582 | ||||||||
Investments in and advances to affiliated companies | 134,439 | 143,095 | 134,439 | 143,095 | 143,789 | ||||||
Adjusted total assets | 1,112,342 | 1,284,631 | 1,112,342 | 1,284,631 | 1,285,433 | ||||||
Expenditures for vessels and vessel improvements | 27,858 | 33,384 | 146,322 | ||||||||
Payments for drydocking | 20,313 | 16,997 | 4,121 | ||||||||
International Crude Tankers Segment [Member] | Time Charter Equivalent Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, services | 318,588 | 259,517 | 175,524 | ||||||||
International Product Carriers Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, services | 86,883 | 80,828 | 67,965 | ||||||||
Depreciation and amortization | 16,269 | 16,152 | 17,862 | ||||||||
Loss/(gain) on disposal of vessels and other property, including impairments | 55,757 | 226 | (3,312) | ||||||||
Adjusted income/(loss) from vessel operations | 24,818 | 12,319 | (12,002) | ||||||||
Investments in and advances to affiliated companies | 7,485 | 10,197 | 7,485 | 10,197 | 12,321 | ||||||
Adjusted total assets | $ 253,990 | $ 313,063 | 253,990 | 313,063 | 328,792 | ||||||
Expenditures for vessels and vessel improvements | 22,191 | 3,223 | 2,624 | ||||||||
Payments for drydocking | 5,329 | 2,549 | 399 | ||||||||
International Product Carriers Segment [Member] | Time Charter Equivalent Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, services | 83,417 | 80,402 | 67,576 | ||||||||
Other Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 94 | 114 | 135 | ||||||||
Adjusted income/(loss) from vessel operations | $ (94) | (114) | 567 | ||||||||
Equity in income/(loss) of affiliated companies | $ (8,170) | 9,850 | |||||||||
Investments in and advances to affiliated companies | 112,212 | ||||||||||
Adjusted total assets | $ 112,212 |
BUSINESS AND SEGMENT REPORTIN_3
BUSINESS AND SEGMENT REPORTING (Reconciliation of Time Charter Revenue to Shipping Revenues) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues, services | $ 421,648 | $ 366,184 | $ 270,361 |
Add: Voyage expenses | 19,643 | 26,265 | 27,261 |
Time Charter Equivalent Services [Member] | |||
Revenues, services | $ 402,005 | $ 339,919 | $ 243,100 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total adjusted income/(loss) from vessel operations of all segments | $ 169,175 | $ 83,549 | $ (9,241) | ||||||||
General and administrative expenses | (29,047) | (26,798) | (24,304) | ||||||||
Provision for credit losses | 71 | (1,245) | |||||||||
Third-party debt modification fees | (232) | (30) | (1,306) | ||||||||
Loss on disposal of vessels and other property, including impairments | $ (85,923) | $ (12,834) | $ (4,134) | $ 2,804 | $ (280) | $ 1,472 | $ (1,548) | $ 48 | (100,087) | (308) | (19,680) |
Consolidated income/(loss) from vessel operations | (98,193) | 16,832 | 67,892 | 53,349 | 46,621 | (2,843) | (7,934) | 19,324 | 39,880 | 55,168 | (54,531) |
Equity in income/(loss) of affiliated companies | (11,553) | 5,356 | 5,205 | 5,111 | (13,346) | 8,474 | 8,015 | 8,070 | 4,119 | 11,213 | 29,432 |
Other income/(expense) | (12,817) | (943) | (3,715) | ||||||||
Interest expense | $ (7,823) | $ (7,999) | $ (8,881) | $ (12,009) | $ (14,281) | $ (17,010) | $ (17,443) | $ (17,533) | (36,712) | (66,267) | (60,231) |
Loss before income taxes | (5,530) | (829) | (89,045) | ||||||||
Vessel Operations [Member] | |||||||||||
Total adjusted income/(loss) from vessel operations of all segments | 169,175 | 83,549 | (9,241) | ||||||||
General and administrative expenses | (29,047) | (26,798) | (24,304) | ||||||||
Provision for credit losses | 71 | (1,245) | |||||||||
Third-party debt modification fees | (232) | (30) | (1,306) | ||||||||
Loss on disposal of vessels and other property, including impairments | (100,087) | (308) | (19,680) | ||||||||
Consolidated income/(loss) from vessel operations | 39,880 | 55,168 | (54,531) | ||||||||
Equity in income/(loss) of affiliated companies | 4,119 | 11,213 | 29,432 | ||||||||
Other income/(expense) | (12,817) | (943) | (3,715) | ||||||||
Interest expense | (36,712) | (66,267) | (60,231) | ||||||||
Loss before income taxes | $ (5,530) | $ (829) | $ (89,045) |
BUSINESS AND SEGMENT REPORTIN_5
BUSINESS AND SEGMENT REPORTING (Reconciliation of Assets of Segments to Consolidated Amounts) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | |||
Adjusted total assets | $ 1,366,332 | $ 1,597,694 | $ 1,726,437 |
Cash and cash equivalents | 199,390 | 89,671 | |
Restricted cash | 16,287 | 60,572 | |
Other unallocated amounts | 4,530 | 5,564 | |
Total assets | $ 1,586,539 | $ 1,753,501 | |
Other Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted total assets | $ 112,212 |
BUSINESS AND SEGMENT REPORTIN_6
BUSINESS AND SEGMENT REPORTING (Additional Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | |||
Vessels Deferred Dry Dock and Other Property | $ 1,144,548 | $ 1,315,641 | $ 1,347,568 |
International Crude Tankers Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Vessels Deferred Dry Dock and Other Property | 919,974 | 1,051,848 | 1,057,994 |
International Product Carriers Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Vessels Deferred Dry Dock and Other Property | 224,507 | 263,651 | 289,317 |
Other Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Vessels Deferred Dry Dock and Other Property | $ 67 | $ 142 | $ 257 |
VESSELS, DEFERRED DRYDOCK AND_3
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Narrative) (Details) | Jun. 14, 2018USD ($)company | Jun. 14, 2018USD ($) | Oct. 31, 2020USD ($) | Oct. 31, 2020property | Oct. 31, 2020 | Jul. 31, 2018property | Jun. 30, 2018USD ($)property | Dec. 31, 2020USD ($)property | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2018USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)property | Oct. 31, 2018USD ($) |
Property, Plant and Equipment [Line Items] | |||||||||||||||
Impairment of long-lived assets to be disposed of | $ 16,400,000 | ||||||||||||||
Impairment of long-lived assets held-for-use | $ 85,900,000 | $ 103,022,000 | $ 19,037,000 | ||||||||||||
Gain (loss) on disposition of property | 2,935,000 | $ (308,000) | $ (643,000) | ||||||||||||
Payable associated with acquisition of assets | $ 20,900,000 | ||||||||||||||
Number of vessels marketed to be sold | property | 2 | ||||||||||||||
Number of vessels with impairment triggering events | property | 3 | ||||||||||||||
Loss on contract termination | $ 1,600,000 | ||||||||||||||
Number of vessels used as collateral on debt | property | 20 | ||||||||||||||
Vessel/Fleet [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Impairment of long-lived assets to be disposed of | $ 341,065,000 | $ 58,021,000 | |||||||||||||
Very Large Crude Carrier [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Impairment of long-lived assets to be disposed of | $ 14,200,000 | ||||||||||||||
Number of vessels with impairment triggering events | property | 1 | 1 | 1 | ||||||||||||
2 VLCCs to be sold [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Impairment of long-lived assets held-for-use | $ 11,700,000 | ||||||||||||||
Number of vessels marketed to be sold | 2 | 2 | 2 | ||||||||||||
Number of vessels with impairment triggering events | property | 2 | 2 | |||||||||||||
Probability percentage of property being sold | 100.00% | 25.00% | |||||||||||||
1 of 2 VLCCs to be sold [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Impairment of long-lived assets to be disposed of | $ 5,500,000 | ||||||||||||||
1 VLCC with Unrecoverable Carrying Value [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of vessels marketed to be sold | property | 1 | ||||||||||||||
Very Large Crude Carrier Cost To Sell [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Impairment of long-lived assets to be disposed of | $ 400,000 | ||||||||||||||
Very Large Crude Carrier Operational Costs [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Impairment of long-lived assets to be disposed of | $ 1,800,000 | ||||||||||||||
1-MR Vessel [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Impairment of long-lived assets to be disposed of | $ 1,700,000 | ||||||||||||||
Number of vessels with impairment triggering events | property | 1 | ||||||||||||||
Probability percentage of property being sold | 50.00% | ||||||||||||||
6 VLCC [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Payments to acquire equipment | $ 120,000,000 | $ 120,000,000 | |||||||||||||
Purchase agreement, purchase amount | 434,000,000 | 434,000,000 | |||||||||||||
Number of vessels acquired | $ 6 | ||||||||||||||
Number of businesses acquired | company | 6 | ||||||||||||||
One 2015 Built VLCC [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of vessels acquired | $ 1 | ||||||||||||||
Five 2015 Built VLCC [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of vessels acquired | 5 | ||||||||||||||
Certain Vessels Sold [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Gain (loss) on disposition of property | (300,000) | $ 600,000 | |||||||||||||
1 Panamax Vessel [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Impairment of long-lived assets to be disposed of | $ 900,000 | ||||||||||||||
Number of vessels with impairment triggering events | property | 1 | ||||||||||||||
Probability percentage of property being sold | 100.00% | ||||||||||||||
LR1 Vessel [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Purchase agreement, purchase amount | 18,800,000 | ||||||||||||||
Number of vessels with impairment triggering events | property | 2 | 2 | |||||||||||||
2 Aframaxes | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of vessels marketed to be sold | property | 2 | ||||||||||||||
Number of vessels with impairment triggering events | property | 2 | 2 | |||||||||||||
Probability percentage of property being sold | 50.00% | ||||||||||||||
1 VLCC and 1 MR Vessel | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of vessels marketed to be sold | property | 2 | ||||||||||||||
2 Aframaxes and 2 VLCC Vessels | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Gain (loss) on disposition of property | $ 4,500,000 | ||||||||||||||
MR Vessels | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of vessels with impairment triggering events | property | 4 | 4 | |||||||||||||
1 VLCC, 2 LR1s and 4 MR Vessels | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Impairment of long-lived assets held-for-use | $ 85,900,000 | ||||||||||||||
Aframaxes [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Number of vessels with impairment triggering events | property | 1 | 1 | |||||||||||||
Sinosure Credit Facility [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Debt instrument, collateral amount | $ 429,500,000 | ||||||||||||||
Number of vessels used as collateral on debt | property | 6 | ||||||||||||||
Sinosure Credit Facility [Member] | 6 VLCC [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Purchase agreement, purchase amount | 434,000,000 | $ 434,000,000 | |||||||||||||
Number of vessels acquired | $ 6 | ||||||||||||||
Core Term Loan Facility [Member] | Term Loan [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Debt instrument, collateral amount | $ 551,300,000 | $ 551,300,000 | |||||||||||||
Number of vessels used as collateral on debt | property | 14 |
VESSELS, DEFERRED DRYDOCK AND_4
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Vessels and Other Property) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Net, Total | $ 1,108,214 | $ 1,292,516 | ||
Vessel/Fleet and Other Property [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Net, Total | 1,108,214 | 1,292,516 | ||
Vessel/Fleet [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | 1,287,688 | 1,650,670 | $ 1,629,647 | $ 1,404,360 |
Accumulated Depreciation | (182,148) | (361,088) | (301,885) | (302,087) |
Property, Plant and Equipment, Net, Total | 1,105,540 | 1,289,582 | $ 1,327,762 | $ 1,102,273 |
Other Property [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | 6,610 | 6,714 | ||
Accumulated Depreciation | (3,936) | (3,780) | ||
Property, Plant and Equipment, Net, Total | $ 2,674 | $ 2,934 |
VESSELS, DEFERRED DRYDOCK AND_5
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Breakdown of Vessel Carrying Value) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Net Carrying Value | $ 1,108,214 | $ 1,292,516 | ||
Vessel/Fleet [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | 1,287,688 | 1,650,670 | $ 1,629,647 | $ 1,404,360 |
Accumulated Depreciation | (182,148) | (361,088) | (301,885) | (302,087) |
Net Carrying Value | $ 1,105,540 | $ 1,289,582 | $ 1,327,762 | $ 1,102,273 |
Average Vessel Age | 9 years | 9 years 4 months 24 days | ||
Number of owned vessels | item | 31 | 34 | ||
International Crude Tankers Segment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | $ 1,047,267 | $ 1,301,317 | ||
Accumulated Depreciation | (155,450) | (271,106) | ||
Net Carrying Value | $ 891,817 | $ 1,030,211 | ||
Average Vessel Age | 8 years 9 months 18 days | 9 years 4 months 24 days | ||
Number of owned vessels | item | 21 | 25 | ||
Property, plant and equipment, fair value | $ 134,035 | |||
International Crude Tankers Segment [Member] | VLCCs (included ULCC) [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | 839,542 | $ 1,028,760 | ||
Accumulated Depreciation | (131,862) | (236,217) | ||
Net Carrying Value | $ 707,680 | $ 792,543 | ||
Average Vessel Age | 7 years 10 months 24 days | 8 years 7 months 6 days | ||
Number of owned vessels | item | 11 | 13 | ||
International Crude Tankers Segment [Member] | Aframaxes [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | $ 32,395 | $ 96,038 | ||
Accumulated Depreciation | (1,378) | (19,659) | ||
Net Carrying Value | $ 31,017 | $ 76,379 | ||
Average Vessel Age | 7 years 6 months | 14 years 1 month 6 days | ||
Number of owned vessels | item | 1 | 3 | ||
International Crude Tankers Segment [Member] | Suzemax [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | $ 117,338 | $ 117,338 | ||
Accumulated Depreciation | (14,099) | (10,007) | ||
Net Carrying Value | $ 103,239 | $ 107,331 | ||
Average Vessel Age | 3 years 4 months 24 days | 2 years 4 months 24 days | ||
Number of owned vessels | item | 2 | 2 | ||
International Crude Tankers Segment [Member] | Panamaxes [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | $ 57,992 | $ 59,181 | ||
Accumulated Depreciation | (8,111) | (5,223) | ||
Net Carrying Value | $ 49,881 | $ 53,958 | ||
Average Vessel Age | 18 years 2 months 12 days | 17 years 2 months 12 days | ||
Number of owned vessels | item | 7 | 7 | ||
International Crude Tankers Segment [Member] | 10 VLCC and 1 Panamax Vessel | ||||
Property, Plant and Equipment [Line Items] | ||||
Net Carrying Value | $ 695,300 | |||
Property, plant and equipment, fair value | 584,000 | |||
Pledged collateral market value over carrying value difference | 111,300 | |||
International Product Carriers Segment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | 240,421 | $ 349,353 | ||
Accumulated Depreciation | (26,698) | (89,982) | ||
Net Carrying Value | $ 213,723 | $ 259,371 | ||
Average Vessel Age | 10 years 6 months | 9 years 3 months 18 days | ||
Number of owned vessels | item | 10 | 9 | ||
Property, plant and equipment, fair value | $ 113,250 | |||
International Product Carriers Segment [Member] | MR Vessel [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | 69,873 | $ 167,421 | ||
Accumulated Depreciation | (52,848) | |||
Net Carrying Value | $ 69,873 | $ 114,573 | ||
Average Vessel Age | 10 years | 9 years | ||
Number of owned vessels | item | 4 | 4 | ||
International Product Carriers Segment [Member] | LR1 Vessel [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | $ 96,838 | $ 108,251 | ||
Accumulated Depreciation | (9,279) | (22,420) | ||
Net Carrying Value | $ 87,559 | $ 85,831 | ||
Average Vessel Age | 11 years 10 months 24 days | 11 years | ||
Number of owned vessels | item | 5 | 4 | ||
International Product Carriers Segment [Member] | LR2 Vessel [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | $ 73,710 | $ 73,681 | ||
Accumulated Depreciation | (17,419) | (14,714) | ||
Net Carrying Value | $ 56,291 | $ 58,967 | ||
Average Vessel Age | 6 years 4 months 24 days | 5 years 4 months 24 days | ||
Number of owned vessels | item | 1 | 1 | ||
International Product Carriers Segment [Member] | 1 LR2 and 3 LR1s Vessels | ||||
Property, Plant and Equipment [Line Items] | ||||
Net Carrying Value | $ 106,300 | |||
Property, plant and equipment, fair value | 75,600 | |||
Pledged collateral market value over carrying value difference | $ 30,700 |
VESSELS, DEFERRED DRYDOCK AND_6
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Vessel Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Vessel Cost | ||||
Impairment | $ (16,400) | |||
Net Book Value | ||||
Property, Plant and Equipment, Net, Beginning Balance | $ 1,292,516 | |||
Property, Plant and Equipment, Net, Ending Balance | 1,108,214 | $ 1,292,516 | ||
Vessel/Fleet [Member] | ||||
Vessel Cost | ||||
Beginning Balance | 1,650,670 | 1,629,647 | $ 1,404,360 | |
Purchases and vessel additions | 48,436 | 38,138 | 459,608 | |
Disposals | (70,353) | (17,115) | (176,300) | |
Impairment | (341,065) | (58,021) | ||
Ending Balance | 1,287,688 | 1,650,670 | 1,629,647 | |
Accumulated Depreciation | ||||
Beginning Balance | (361,088) | (301,885) | (302,087) | |
Disposals | 2,763 | 1,105 | 16,097 | |
Depreciation | (61,866) | (60,308) | (56,711) | |
Impairment | 238,043 | 40,816 | ||
Ending Balance | (182,148) | (361,088) | (301,885) | |
Net Book Value | ||||
Property, Plant and Equipment, Net, Beginning Balance | 1,289,582 | 1,327,762 | 1,102,273 | |
Property, Plant and Equipment, Net, Ending Balance | $ 1,105,540 | $ 1,289,582 | $ 1,327,762 |
VESSELS, DEFERRED DRYDOCK AND_7
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Drydocking Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY [Abstract] | |||
Beginning Balance | $ 23,125 | $ 16,773 | $ 30,528 |
Additions | 27,835 | 21,086 | 5,616 |
Sub-total | 50,960 | 37,859 | 36,144 |
Drydock amortization | (11,780) | (14,685) | (15,084) |
Amount charged to loss/gain on sale of vessels | (2,846) | (49) | (4,287) |
Ending Balance | $ 36,334 | $ 23,125 | $ 16,773 |
EQUITY METHOD INVESTMENTS (Narr
EQUITY METHOD INVESTMENTS (Narrative) (Details) | Oct. 07, 2019USD ($) | Apr. 26, 2018USD ($) | Mar. 29, 2018USD ($) | Oct. 31, 2020 | Apr. 30, 2018USD ($) | May 31, 2017contractproperty | Nov. 30, 2004m³ | Dec. 31, 2020USD ($)item | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)itemcontract | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 16, 2020USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Number of joint ventures | item | 2 | 2 | |||||||||||||||||
Derivative, fixed interest rate | 0.50% | ||||||||||||||||||
Derivative, notional amount | $ 25,000,000 | ||||||||||||||||||
Accumulated other comprehensive gain (loss) | $ 32,613,000 | $ 20,570,000 | $ 32,613,000 | $ 20,570,000 | |||||||||||||||
Income (loss) from equity method investments | (11,553,000) | $ 5,356,000 | $ 5,205,000 | $ 5,111,000 | (13,346,000) | $ 8,474,000 | $ 8,015,000 | $ 8,070,000 | 4,119,000 | 11,213,000 | $ 29,432,000 | ||||||||
Investments in and advances to affiliated companies | 141,924,000 | 153,292,000 | $ 141,924,000 | 153,292,000 | |||||||||||||||
Gain on sale of equity method investment | 3,033,000 | ||||||||||||||||||
Release other comprehensive loss upon sale of investment in affiliated companies | (21,615,000) | ||||||||||||||||||
Number of arrangements reviewed for variable interest entity consideration | item | 7 | ||||||||||||||||||
Income tax expense (benefit) | 1,000 | $ 1,000 | 1,000 | $ (105,000) | |||||||||||||||
FSO Term Loan [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Long-term debt | 45,200,000 | 69,600,000 | 45,200,000 | 69,600,000 | |||||||||||||||
Secured Debt [Member] | Financial Guarantee [Member] | FSO Revolver [Member] | Revolver Facility [Member] | Euro NV [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 110,000,000 | $ 110,000,000 | |||||||||||||||||
LNG and FSO Joint Ventures [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||||||||||||||||
Number of joint ventures | 2 | 2 | |||||||||||||||||
LNG Joint Venture [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Equity method investment, ownership percentage | 49.90% | ||||||||||||||||||
Proceeds from divestiture of interest in joint venture | $ 123,000,000 | ||||||||||||||||||
Gain on sale of equity method investment | 3,000,000 | ||||||||||||||||||
Release other comprehensive loss upon sale of investment in affiliated companies | $ 21,600,000 | ||||||||||||||||||
LNG Joint Venture [Member] | Liquid Natural Gas Carrier Vessel [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Equity method investment, ownership percentage | 49.90% | ||||||||||||||||||
Storage volume, per carrier | m³ | 216,200 | ||||||||||||||||||
Initial term of contract | 25 years | ||||||||||||||||||
FSO Joint Venture [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Investments in and advances to affiliated companies | $ 128,800,000 | $ 128,800,000 | |||||||||||||||||
Number of contracts related to joint venture | contract | 2 | 2 | |||||||||||||||||
Number of vessels operated by joint venture | property | 2 | ||||||||||||||||||
Contract service duration | 5 years | ||||||||||||||||||
Contract extension duration | 10 years | 10 years | |||||||||||||||||
Income tax expense (benefit) | 16,400,000 | $ 32,800,000 | |||||||||||||||||
Guarantee facility extension period | 10 years | ||||||||||||||||||
FSO Joint Venture [Member] | FSO Term Loan [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Guarantor obligations, maximum exposure, undiscounted | 46,400,000 | $ 46,400,000 | |||||||||||||||||
Guarantor obligations, current carrying value | 44,000 | 44,000 | |||||||||||||||||
Minimum liquidity level, threshold amount | $ 50,000,000 | ||||||||||||||||||
Debt instrument covenant percentage of liquid assets to total indebtedness | 5 | ||||||||||||||||||
Minimum cash, threshold amount, debt instrument covenant | $ 30,000,000 | ||||||||||||||||||
FSO Joint Venture [Member] | Interest Rate Swap [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Derivative, notional amount | 90,400,000 | 139,200,000 | 90,400,000 | 139,200,000 | |||||||||||||||
Derivative, fair value, asset (liability) | 2,400,000 | 2,400,000 | $ 2,400,000 | 2,400,000 | |||||||||||||||
Accumulated other comprehensive gain (loss) | $ 1,200,000 | $ 1,200,000 | |||||||||||||||||
FSO Joint Venture [Member] | Secured Debt [Member] | Revolver Facility [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.00% | ||||||||||||||||||
FSO Joint Venture [Member] | Secured Debt [Member] | FSO Term Loan [Member] | Medium-term Notes [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 110,000,000 | ||||||||||||||||||
FSO Joint Venture [Member] | Secured Debt [Member] | FSO Revolver [Member] | Revolving Credit Agreement [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 110,000,000 | ||||||||||||||||||
Proceeds from long-term lines of credit | $ 110,000,000 | ||||||||||||||||||
Debt instrument, description of variable rate basis | based on three month, six month or twelve month LIBOR | ||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.70% | ||||||||||||||||||
Line of credit facility, commitment fee percentage paid to affiliate | 0.30% | ||||||||||||||||||
FSO Joint Venture [Member] | Secured Debt [Member] | Financial Guarantee [Member] | FSO Term Loan [Member] | Medium-term Notes [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 110,000,000 | $ 110,000,000 | |||||||||||||||||
Proceeds from long-term lines of credit | $ 110,000,000 | ||||||||||||||||||
FSO Joint Venture [Member] | Secured Debt [Member] | FSO Loan Agreement [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 220,000,000 | ||||||||||||||||||
Debt instrument covenant debt service cover ratio | 1.10 | ||||||||||||||||||
FSO Joint Venture [Member] | Secured Debt [Member] | Interest Rate Swap [Member] | Medium-term Notes [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Derivative, fixed interest rate | 4.858% | 4.858% | |||||||||||||||||
Other Equity Method Investments [Member] | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Investments in and advances to affiliated companies | $ 13,100,000 | $ 13,100,000 |
EQUITY METHOD INVESTMENTS (Resu
EQUITY METHOD INVESTMENTS (Results of Operations of Equity Method Investments) (Details) - USD ($) $ in Thousands | Oct. 07, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2004 |
Shipping revenues | $ 56,703 | $ 99,883 | $ 139,725 | $ 125,337 | $ 124,022 | $ 71,278 | $ 69,010 | $ 101,874 | $ 421,648 | $ 366,184 | $ 270,361 | ||
Income/(loss) from vessel operations | (98,193) | 16,832 | 67,892 | 53,349 | 46,621 | (2,843) | (7,934) | 19,324 | 39,880 | 55,168 | (54,531) | ||
Other income/(expense) | (12,817) | (943) | (3,715) | ||||||||||
Interest expense | (7,823) | (7,999) | (8,881) | (12,009) | (14,281) | (17,010) | (17,443) | (17,533) | (36,712) | (66,267) | (60,231) | ||
Income tax (provision)/benefit | (1) | (1) | (1) | 105 | |||||||||
Net loss | (116,889) | 13,981 | 64,358 | 33,019 | 15,891 | (11,095) | (16,523) | 10,897 | (5,531) | (830) | (88,940) | ||
Gain on sale of equity method investment | 3,033 | ||||||||||||
Release other comprehensive loss upon sale of investment in affiliated companies | (21,615) | ||||||||||||
Equity in income of affiliated companies | $ (11,553) | $ 5,356 | $ 5,205 | $ 5,111 | $ (13,346) | $ 8,474 | $ 8,015 | $ 8,070 | 4,119 | 11,213 | 29,432 | ||
Equity Method Investments [Member] | |||||||||||||
Shipping revenues | 105,053 | 193,446 | 209,571 | ||||||||||
Ship operating expenses | 58,858 | 103,499 | 112,541 | ||||||||||
Income/(loss) from vessel operations | 46,195 | 89,947 | 97,030 | ||||||||||
Other income/(expense) | 22 | 1,459 | 1,494 | ||||||||||
Interest expense | (6,571) | (32,752) | (40,676) | ||||||||||
Income tax (provision)/benefit | (36,404) | (3,399) | (3,433) | ||||||||||
Net loss | $ 3,242 | $ 55,255 | 54,415 | ||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | 50.00% | |||||||||
Equity in net income of affiliated companies, before consolidating and reconciling adjustments | $ 1,621 | $ 27,606 | 27,187 | ||||||||||
Gain on sale of equity method investment | 0 | 3,033 | 0 | ||||||||||
Release other comprehensive loss upon sale of investment in affiliated companies | 0 | (21,615) | 0 | ||||||||||
Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture | 2,385 | 2,395 | 2,395 | ||||||||||
Amortization of interest capitalized during vessel construction | 0 | (320) | (419) | ||||||||||
Other | 113 | 114 | 269 | ||||||||||
Equity in income of affiliated companies | $ 4,119 | $ 11,213 | $ 29,432 | ||||||||||
Minimum [Member] | Equity Method Investments [Member] | |||||||||||||
Equity method investment, ownership percentage | 49.90% | 49.90% | 49.90% | ||||||||||
Maximum [Member] | Equity Method Investments [Member] | |||||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||
LNG Joint Venture [Member] | |||||||||||||
Equity method investment, ownership percentage | 49.90% | ||||||||||||
Gain on sale of equity method investment | $ 3,000 | ||||||||||||
Release other comprehensive loss upon sale of investment in affiliated companies | $ 21,600 | ||||||||||||
LNG Joint Venture [Member] | Liquid Natural Gas Carrier Vessel [Member] | |||||||||||||
Equity method investment, ownership percentage | 49.90% |
EQUITY METHOD INVESTMENTS (Equi
EQUITY METHOD INVESTMENTS (Equity Method Investments Balance Sheet Schedule) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 07, 2019 | |
Current assets | $ 256,834 | $ 187,344 | ||
Net Carrying Value | 1,108,214 | 1,292,516 | ||
Total Assets | 1,586,539 | 1,753,501 | ||
Current liabilities | 108,896 | 114,476 | ||
Long-term debt and other non-current liabilities | 614,497 | 731,208 | ||
Total Liabilities and Equity | 1,586,539 | 1,753,501 | ||
Other | 262 | 567 | $ (418) | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | 141,924 | 153,292 | ||
Equity Method Investments [Member] | ||||
Current assets | 20,154 | 20,808 | ||
Net Carrying Value | 490,093 | 523,802 | ||
Total Assets | 510,247 | 544,610 | ||
Current liabilities | 59,567 | 53,774 | ||
Long-term debt and other non-current liabilities | 111,263 | 143,673 | ||
Equity | 339,417 | 347,163 | ||
Total Liabilities and Equity | $ 510,247 | $ 544,610 | ||
Percentage of ownership in equity investees | 50.00% | 50.00% | ||
INSW share of affiliate's equity, before consolidating and reconciling adjustments | $ 169,708 | $ 173,581 | ||
Advances from shareholders of FSO Joint Venture | 16,665 | 23,216 | ||
Unamortized deferred gain on 2009 sale of TI Africa to FSO Africa, net | (27,156) | (29,503) | ||
INSW guarantee for FSO Term Loan | 44 | 264 | ||
Other | 13,138 | 16,209 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | 141,924 | 153,292 | ||
LNG Joint Venture [Member] | ||||
Percentage of ownership in equity investees | 49.90% | |||
FSO Joint Venture [Member] | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | 128,800 | |||
FSO Joint Venture [Member] | Equity Method Investments [Member] | ||||
Impairment of equity method investments | (30,475) | $ (30,475) | ||
Other Equity Method Investments [Member] | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 13,100 |
VARIABLE INTEREST ENTITIES (V_3
VARIABLE INTEREST ENTITIES (VIEs) (Narrative) (Details) | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) |
Variable Interest Entity [Line Items] | ||
Number of commercial pools | 5 | |
Number of joint ventures | 2 | |
Accounts receivable, net, current | $ | $ 43,362,000 | $ 83,845,000 |
LNG and FSO Joint Ventures [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of joint ventures | $ | 2 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of commercial pools | 1 | |
Number of joint ventures | 2 | |
Accounts receivable, net, current | $ | $ 6,700,000 |
VARIABLE INTEREST ENTITIES (V_4
VARIABLE INTEREST ENTITIES (VIEs)) (Balance Sheet Carrying Amounts Related to VIEs) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | |||
Investments in Affiliated Companies | $ 141,924 | $ 153,292 | $ 268,322 |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Investments in Affiliated Companies | $ 132,902 | $ 140,915 |
VARIABLE INTEREST ENTITIES (V_5
VARIABLE INTEREST ENTITIES (VIEs) (Comparison of Liability to Maximum Exposure to Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Other Liabilities | $ 14,861 | $ 1,489 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Other Liabilities | 44 | |
Maximum Exposure to Loss | $ 179,291 |
DEBT (Schedule of Long-term Deb
DEBT (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Jun. 14, 2018 | May 31, 2018 | |
Debt Instrument [Line Items] | ||||||
Less current portion | $ (61,483) | $ (70,350) | ||||
Long-term portion | $ 474,332 | 590,745 | ||||
Debt instrument, interest rate, stated percentage | 10.75% | |||||
2017 Debt Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 535,815 | 661,095 | ||||
Less current portion | (61,483) | (70,350) | ||||
Long-term portion | 474,332 | 590,745 | ||||
INSW Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 542,698 | |||||
Sinosure Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 244,243 | 267,443 | $ 310,900 | |||
Unamortized discount and deferred finance costs | $ 1,884 | $ 2,262 | ||||
8.5% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | ||||
10.75% Subordinated Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 10.75% | 10.75% | ||||
Term Loan [Member] | 2017 Debt Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 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 | 22,638 | |||||
Unamortized discount and deferred finance costs | 610 | |||||
Term Loan [Member] | Core Term Loan Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 267,427 | |||||
Unamortized discount and deferred finance costs | 4,145 | |||||
Senior Notes [Member] | 8.5% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 24,145 | 23,858 | ||||
Unamortized discount and deferred finance costs | $ 855 | $ 1,142 | ||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | |
Debt instrument, maturity date | Jun. 30, 2023 | |||||
Subordinated Debt [Member] | 10.75% Subordinated Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 26,847 | |||||
Unamortized discount and deferred finance costs | $ 1,084 | |||||
Debt instrument, interest rate, stated percentage | 10.75% | 10.75% | 10.75% | 10.75% |
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 ($)installment | Jan. 23, 2020USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019 | Dec. 31, 2018USD ($) | Jun. 30, 2018 |
Debt Instrument [Line Items] | |||||||||||
Debt instrument, interest rate, stated percentage | 10.75% | ||||||||||
2020 Debt Facilities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Threshold leverage ratio | 0.60% | ||||||||||
Debt instrument, covenant compliance | The Company was in compliance with the financial and non-financial covenants under all of its debt facilities as of December 31, 2020. | ||||||||||
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] | 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] | |||||||||||
Applicable core margin | 2.60% | ||||||||||
Adjustments to applicable margin | 0.025% | ||||||||||
Adjustment threshold to applicable margin | 0.025% | ||||||||||
Number of vessels in fleet used as collateral | property | 14 | ||||||||||
Core Term Loan Facility and Core Revolving Facility [Member] | Leverage Ratio Less Than 4.0 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Applicable core margin | 2.40% | ||||||||||
Threshold leverage ratio | 4.00% | ||||||||||
Decrease in applicable core margin | 0.20% | ||||||||||
Core Term Loan Facility and Core Revolving Facility [Member] | Leverage Ratio 6.0 Or Greater [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Applicable core margin | 2.80% | ||||||||||
Threshold leverage ratio | 6.00% | ||||||||||
Core Term Loan Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of installments | installment | 19 | ||||||||||
Periodic payment amount | $ 9.5 | ||||||||||
Frequency of payment | quarterly | ||||||||||
Balloon payment | $ 120 | ||||||||||
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 | ||||||||||
Repayments of debt | $ 20 | ||||||||||
Core Revolving Facility [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | 40 | $ 40 | |||||||||
Amount drawn | $ 20 | ||||||||||
Transition Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 3.50% | ||||||||||
Transition Facility [Member] | Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 50 | ||||||||||
Repayments of debt | $ 40 | ||||||||||
Period after which interest rate can be increased | 18 months | ||||||||||
Number of installments | installment | 10 | ||||||||||
Periodic payment amount | $ 5 | ||||||||||
Frequency of payment | quarterly | ||||||||||
Number of vessels in fleet used as collateral | property | 12 | ||||||||||
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% | |||||||||
10.75% Subordinated Notes [Member] | Subordinated Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repurchase of debt | $ 2.1 | ||||||||||
Debt instrument, interest rate, stated percentage | 10.75% | 10.75% | 10.75% | 10.75% |
DEBT (Sinosure Credit Facility)
DEBT (Sinosure Credit Facility) (Narrative) (Details) | Jun. 14, 2018USD ($) | Jun. 14, 2018USD ($) | Dec. 31, 2020USD ($)loan | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) |
6 VLCC [Member] | |||||
Debt Instrument [Line Items] | |||||
Purchase agreement, purchase amount | $ 434,000,000 | $ 434,000,000 | |||
Payments to acquire equipment | 120,000,000 | 120,000,000 | |||
Number of vessels acquired | $ 6 | ||||
Debt instrument, term | 144 months | ||||
Noncash or part noncash acquisition, debt assumed | $ 311,000,000 | ||||
Sinosure Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 310,900,000 | 310,900,000 | $ 244,243,000 | $ 267,443,000 | |
Debt instrument, basis spread on variable rate | 2.00% | ||||
Debt instrument, maturity date, description | Each of the loans under the Sinosure Credit Facility will mature 144 months after its initial utilization date. | ||||
Debt instrument quarterly amortization payment percentage | 1.66% | ||||
Number of loans | loan | 6 | ||||
Sinosure Credit Facility [Member] | 6 VLCC [Member] | |||||
Debt Instrument [Line Items] | |||||
Purchase agreement, purchase amount | 434,000,000 | $ 434,000,000 | |||
Number of vessels acquired | $ 6 |
DEBT (Debt Covenants) (Narrativ
DEBT (Debt Covenants) (Narrative) (Details) $ in Thousands | Jan. 28, 2020USD ($) | Dec. 31, 2020USD ($) | Jul. 01, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | May 31, 2018 |
Debt instrument, interest rate, stated percentage | 10.75% | ||||||||
2020 Debt Facilities [Member] | |||||||||
Debt instrument, covenant compliance | The Company was in compliance with the financial and non-financial covenants under all of its debt facilities as of December 31, 2020. | ||||||||
Minimum liquidity level, threshold amount | $ 50,000 | ||||||||
Minimum liquidity level, threshold percentage of debt | 5.00% | ||||||||
Threshold leverage ratio | 0.60% | ||||||||
2020 Debt Facilities [Member] | Period From January 28, 2020 [Member] | |||||||||
Threshold ratio of consolidated EBITDA to consolidated cash interest expense | 2.25 | ||||||||
2020 Debt Facilities [Member] | Period Thereafter June 30, 2020 [Member] | |||||||||
Threshold ratio of consolidated EBITDA to consolidated cash interest expense | 2.50 | ||||||||
Core Term Loan Facility and Core Revolving Facility [Member] | |||||||||
Debt Instrument Covenant, Fair Market Value of the Core Collateral Vessels, Threshold Percentage Of Outstanding Principal Amount | 135.00% | ||||||||
Transition Facility [Member] | |||||||||
Debt Instrument Covenant, Fair Market Value of the Core Collateral Vessels, Threshold Percentage Of Outstanding Principal Amount | 175.00% | ||||||||
Sinosure Credit Facility [Member] | |||||||||
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 instrument interest expense coverage ratio | 2.50 | 2.25 | 2 | ||||||
8.5% Senior Notes [Member] | |||||||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | |||||||
Senior Notes [Member] | 8.5% Senior Notes [Member] | |||||||||
Debt instrument covenant limitation on total borrowings percentage of total assets | 70.00% | ||||||||
Debt instrument covenant net worth | $ 600,000 | ||||||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% |
DEBT (Senior and Subordinated N
DEBT (Senior and Subordinated Notes) (Narrative) (Details) - USD ($) $ in Thousands | May 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 10.75% | ||||
Recapitalization costs | $ 232 | $ 30 | $ 1,306 | ||
Extinguishment of debt | 422,699 | 110,000 | 62,069 | ||
Vessel Operations [Member] | |||||
Debt Instrument [Line Items] | |||||
Recapitalization costs | $ 232 | $ 30 | $ 1,306 | ||
8.5% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | |||
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, face amount | $ 25,000 | ||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% |
Debt instrument, maturity date, description | notes due 2023 | ||||
Proceeds from issuance of senior long-term debt | $ 23,500 | ||||
Debt instrument, redemption price, percentage | 100.00% | ||||
Debt instrument, maturity date | Jun. 30, 2023 | ||||
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% | |
Scenario, Plan [Member] | Senior Notes [Member] | 8.5% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, redemption price, percentage | 101.00% |
DEBT (Schedule of Interest Expe
DEBT (Schedule of Interest Expense and Interest Paid) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | May 31, 2018 | |
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 10.75% | ||||
INSW Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest expense, debt | $ 35,895 | $ 64,982 | $ 58,878 | ||
Interest paid, net | $ 30,586 | $ 57,801 | 54,128 | ||
8.5% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | |||
10.75% Subordinated Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 10.75% | 10.75% | |||
Core Revolving Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest expense, debt | $ 660 | $ 0 | 0 | ||
Term Loan [Member] | Debt Facilities 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest expense, debt | 3,628 | 41,483 | 45,601 | ||
Interest paid, net | 2,011 | 36,236 | 42,825 | ||
Term Loan [Member] | ABN Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest expense, debt | 107 | 1,716 | 1,024 | ||
Interest paid, net | 156 | 1,504 | 795 | ||
Term Loan [Member] | Core Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest expense, debt | 13,542 | 0 | 0 | ||
Interest paid, net | 12,024 | ||||
Term Loan [Member] | Transition Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest expense, debt | 1,518 | 0 | 0 | ||
Interest paid, net | 1,183 | ||||
Revolver Facility [Member] | Debt Facilities 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest expense, debt | 63 | 848 | 475 | ||
Interest paid, net | 53 | 710 | 442 | ||
Revolver Facility [Member] | Core Revolving Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest paid, net | 471 | ||||
Senior Notes [Member] | 8.5% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest expense, debt | 2,417 | 2,390 | 1,396 | ||
Interest paid, net | $ 2,130 | $ 2,130 | $ 1,250 | ||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% |
Subordinated Debt [Member] | 10.75% Subordinated Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest expense, debt | $ 276 | $ 3,642 | $ 2,032 | ||
Interest paid, net | $ 359 | $ 3,021 | $ 1,591 | ||
Debt instrument, interest rate, stated percentage | 10.75% | 10.75% | 10.75% | 10.75% | |
Revolving Credit Facility [Member] | Sinosure Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest expense, debt | $ 13,684 | $ 14,903 | $ 8,350 | ||
Interest paid, net | $ 12,199 | $ 14,200 | $ 7,225 |
DEBT (Debt Modification, Repurc
DEBT (Debt Modification, Repurchases and Extinguishment) (Narrative) (Details) - USD ($) $ in Thousands | Oct. 08, 2019 | Oct. 31, 2019 | Jul. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 28, 2020 | Jan. 23, 2020 | Jun. 30, 2018 | May 31, 2018 |
Debt Instrument [Line Items] | ||||||||||
Write off of deferred debt issuance cost | $ 13,073 | $ 3,558 | $ 2,400 | |||||||
Gain (loss) on repurchase of debt instrument | (1,197) | (1,100) | (1,295) | |||||||
Gain (Loss) on extinguishment of debt | (1,197) | (1,100) | (1,295) | |||||||
Other income/(expense) | $ (12,817) | (943) | (3,715) | |||||||
Debt instrument, interest rate, stated percentage | 10.75% | |||||||||
(Gains) losses on repurchase and extinguishment of debt | $ 14,300 | |||||||||
ABN Term Loan Facility and Sinosure Credit Facility and 8.50% Senior Notes and 10.75% Subordinated Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Related Commitment Fees and Debt Issuance Costs | 7,700 | |||||||||
Deferred finance costs, gross | 7,600 | |||||||||
Payments of Debt Issuance Costs | 100 | |||||||||
ABN Term Loan Facility and Sinosure Credit Facility and 8.50% Senior Notes and 10.75% and 2017 Debt Facilities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Related Commitment Fees and Debt Issuance Costs | 14,600 | |||||||||
2017 Debt Facilities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gains (losses) on restructuring of debt | 2,400 | |||||||||
2017 Second Amendment Debt Facilities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments on debt | 60,000 | |||||||||
Deferred finance costs, gross | 4,400 | |||||||||
Payments of Debt Issuance Costs | 6,900 | |||||||||
2017 Second Amendment Debt Facilities Deemed Extinguishment of Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments of Debt Issuance Costs | 1,300 | |||||||||
2017 Second Amendment Debt Facilities Remaining [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments of Debt Issuance Costs | 2,500 | |||||||||
2017 Second Amendment Debt Facilities Third Party Fees [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments of Debt Issuance Costs | 1,200 | |||||||||
INSW Facilities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Expense | 35,895 | 64,982 | 58,878 | |||||||
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] | ||||||||||
Interest Expense | 660 | $ 0 | 0 | |||||||
Core Term Loan Facility and Transition Term Loan Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Deferred finance costs, gross | 6,500 | |||||||||
Core Term Loan Facility And Transition Term Loan Facility Remaining Deferred Costs [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Deferred finance costs, gross | 6,300 | |||||||||
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, interest rate, stated percentage | 10.75% | 10.75% | ||||||||
8.5% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | ||||||||
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 | 40,000 | ||||||||
Long-term line of credit | $ 20,000 | |||||||||
Deferred finance costs, gross | $ 800 | |||||||||
Secured Debt [Member] | 2020 Debt Facilities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 390,000 | |||||||||
Term Loan [Member] | 2017 Debt Facilities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments on debt | $ (100,000) | $ 100,000 | $ 10,000 | |||||||
Write off of deferred debt issuance cost | 3,600 | |||||||||
Gain (Loss) on extinguishment of debt | (4,700) | |||||||||
Debt instrument prepayment percentage | 1.00% | |||||||||
Debt instrument prepayment fee amount | 1,100 | |||||||||
Term Loan [Member] | Core Term Loan Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Expense | $ 13,542 | 0 | 0 | |||||||
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 | |||||||||
Term Loan [Member] | Transition Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Expense | 1,518 | 0 | 0 | |||||||
Line of credit facility, maximum borrowing capacity | $ 50,000 | |||||||||
Write off of deferred debt issuance cost | 600 | |||||||||
Debt instrument prepayment fee amount | 200 | |||||||||
Senior Notes [Member] | 8.5% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Expense | $ 2,417 | $ 2,390 | $ 1,396 | |||||||
Debt instrument, face amount | $ 25,000 | |||||||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% | |||||
Subordinated Debt [Member] | 10.75% Subordinated Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Expense | $ 276 | $ 3,642 | $ 2,032 | |||||||
Debt instrument, repurchase amount | $ 2,100 | |||||||||
Debt instrument prepayment fee amount | $ 1,000 | |||||||||
Debt instrument, interest rate, stated percentage | 10.75% | 10.75% | 10.75% | 10.75% |
DEBT (Contractual Obligation, F
DEBT (Contractual Obligation, Fiscal Year Maturity Schedule Table 1) (Details) - INSW Facilities [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Schedule Of Long Term Debt Maturities Repayments Of Principal Line Items | |
2021 | $ 61,483 |
2022 | 61,483 |
2023 | 86,484 |
2024 | 61,483 |
2025 | 143,532 |
Thereafter | 128,233 |
Long-term Debt, Total | $ 542,698 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Narrative) (Details) - USD ($) $ in Thousands | Apr. 16, 2020 | Jan. 28, 2020 | Oct. 08, 2019 | Jul. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | May 31, 2019 | Apr. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 27, 2020 |
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||||||||
Derivative, notional amount | $ 25,000 | |||||||||||||
Derivative, fixed interest rate | 0.50% | |||||||||||||
Derivative, maturity date | Jan. 23, 2025 | |||||||||||||
Debt instrument, interest rate, stated percentage | 10.75% | |||||||||||||
Extinguishment of debt | $ 422,699 | $ 110,000 | $ 62,069 | |||||||||||
Change in fair value of interest rate collar recorded through earnings | $ (1,271) | 923 | ||||||||||||
Reclassification from AOCI to Earnings | 500 | |||||||||||||
Interest Rate Cap/Collar [Member] | ||||||||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||||||||
Derivative, notional amount | $ 250,000 | $ 350,000 | $ 350,000 | $ 350,000 | ||||||||||
Derivative, cap interest rate | 2.605% | 2.605% | ||||||||||||
Derivative, fixed interest rate | 1.97% | |||||||||||||
Derivative, maturity date | Jan. 23, 2025 | Dec. 31, 2020 | ||||||||||||
Average floor rate | 0.00% | |||||||||||||
Change in fair value of interest rate collar recorded through earnings | $ (1,300) | $ 900 | ||||||||||||
Current Period Through December 31 2020 [Member] | ||||||||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||||||||
Average cap rate | 1.98% | |||||||||||||
Average floor rate | 1.98% | |||||||||||||
December 31, 2020 Through December 31, 2022 [Member] | ||||||||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||||||||
Average cap rate | 2.26% | |||||||||||||
Average floor rate | 1.25% | |||||||||||||
Sinosure Credit Facility [Member] | ||||||||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||||||||
Derivative, fixed interest rate | 2.35% | 2.76% | 2.99% | |||||||||||
Derivative, maturity date | Dec. 21, 2027 | Mar. 21, 2025 | Mar. 21, 2022 | |||||||||||
2017 Debt Facilities [Member] | Term Loan [Member] | ||||||||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||||||||
Payments on debt | $ (100,000) | $ 100,000 | $ 10,000 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Other Than Derivatives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | May 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Restricted cash | $ 16,287 | $ 60,572 | |||
Debt instrument, interest rate, stated percentage | 10.75% | ||||
Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and cash equivalents | $ 215,677 | 150,243 | |||
Sinosure Credit Facility [Member] | Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans Payable, Fair Value Disclosure | $ (246,127) | $ (269,705) | |||
8.5% Senior Notes [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | |||
8.5% Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Notes Payable, Fair Value Disclosure | $ (26,120) | ||||
10.75% Subordinated Notes [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 10.75% | 10.75% | |||
Term Loan [Member] | INSW Facilities [Member] | Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans Payable, Fair Value Disclosure | $ (271,571) | $ (333,177) | |||
Term Loan [Member] | ABN Term Loan Facility [Member] | Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans Payable, Fair Value Disclosure | $ (23,248) | ||||
Senior Notes [Member] | 8.5% Senior Notes [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | 8.50% | 8.50% | 8.50% |
Debt instrument, maturity date | Jun. 30, 2023 | ||||
Senior Notes [Member] | 8.5% Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Notes Payable, Fair Value Disclosure | $ (25,697) | ||||
Subordinated Debt [Member] | 10.75% Subordinated Notes [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 10.75% | 10.75% | 10.75% | 10.75% | |
Subordinated Debt [Member] | 10.75% Subordinated Notes [Member] | Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Notes Payable, Fair Value Disclosure | $ (32,649) | ||||
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and cash equivalents | $ 215,677 | 150,243 | |||
Fair Value, Inputs, Level 1 [Member] | 8.5% Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Notes Payable, Fair Value Disclosure | (26,120) | ||||
Fair Value, Inputs, Level 1 [Member] | Senior Notes [Member] | 8.5% Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Notes Payable, Fair Value Disclosure | (25,697) | ||||
Fair Value, Inputs, Level 2 [Member] | Sinosure Credit Facility [Member] | Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans Payable, Fair Value Disclosure | (246,127) | (269,705) | |||
Fair Value, Inputs, Level 2 [Member] | Term Loan [Member] | INSW Facilities [Member] | Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans Payable, Fair Value Disclosure | $ (271,571) | (333,177) | |||
Fair Value, Inputs, Level 2 [Member] | Term Loan [Member] | ABN Term Loan Facility [Member] | Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Loans Payable, Fair Value Disclosure | (23,248) | ||||
Fair Value, Inputs, Level 2 [Member] | Subordinated Debt [Member] | 10.75% Subordinated Notes [Member] | Estimate of Fair Value Measurement [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 | Dec. 31, 2020 | Dec. 31, 2019 |
Non Current Portion of Derivative Asset [Member] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 2,129 | $ 0 |
Current Portion of Derivative Liability [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | (4,121) | (3,614) |
Non Current Portion of Derivative Liability [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | (6,155) | (6,545) |
Accounts Payable, Accrued Liabilities And Other Current Liabilities [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | (2,979) | 0 |
Other Liabilities [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | (14,051) | 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 | (2,979) | |
Interest Rate Swap [Member] | Other Liabilities [Member] | Hybrid Instrument [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | (14,051) | |
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 | |
Cash Flow Hedging [Member] | 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 | 2,129 | 0 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Current Portion of Derivative Liability [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | (4,121) | (2,384) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Non Current Portion of Derivative Liability [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | (6,155) | (5,968) |
Cash Flow Hedging [Member] | 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 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | $ 0 | $ 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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flow Hedging [Member] | |||
Total other comprehensive loss | $ (21,503) | $ (19,126) | $ (1,687) |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Cap/Collar [Member] | |||
Total other comprehensive loss | 0 | (3,905) | 261 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||
Total other comprehensive loss | (20,123) | (15,221) | (1,948) |
Hybrid Instrument [Member] | Interest Rate Swap [Member] | |||
Total other comprehensive loss | $ (1,380) | $ 0 | $ 0 |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | $ (9,521) | $ (29,303) | $ (11,058) |
Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | 9,299 | 1,501 | 492 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Cap/Collar [Member] | |||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | 0 | 99 | 21 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | 4,571 | 1,467 | 471 |
Cash Flow Hedging [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Cap/Collar [Member] | |||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | 1,352 | (65) | 0 |
Hybrid Instrument [Member] | Interest Rate Swap [Member] | |||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | $ 3,376 | $ 0 | $ 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) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 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 2 [Member] | ||
Derivative Asset | 0 | |
Derivative liability | $ (10,159) | |
Interest Rate Swap [Member] | ||
Derivative Asset | $ 2,129 | |
Derivative liability | (10,276) | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Asset | 2,129 | |
Derivative liability | $ (10,276) |
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) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2020USD ($) | Oct. 31, 2020property | Dec. 31, 2020USD ($)property | Sep. 30, 2020USD ($)property | Jun. 30, 2020USD ($)property | Sep. 30, 2018USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2018USD ($)property | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impairment | $ (16,400,000) | |||||||
Number of vessels marketed to be sold | property | 2 | |||||||
Number of vessels with impairment triggering events | property | 3 | |||||||
International Crude Tankers Segment [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Property, plant and equipment, fair value | $ 134,035,000 | $ 134,035,000 | ||||||
Vessels held for use, Impairment Charges | (47,265,000) | |||||||
International Crude Tankers Segment [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 | 134,035,000 | 134,035,000 | ||||||
International Product Carriers Segment [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Property, plant and equipment, fair value | 113,250,000 | 113,250,000 | ||||||
Vessels held for use, Impairment Charges | (55,757,000) | |||||||
International Product Carriers Segment [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 | 113,250,000 | 113,250,000 | ||||||
Vessel/Fleet [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impairment | (341,065,000) | $ (58,021,000) | ||||||
4 MRs Vessels | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Property, plant and equipment, fair value | 113,300,000 | $ 113,300,000 | ||||||
2 LR1s and 4 MRs | International Product Carriers Segment [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Vessels held for use, Impairment Charges | $ 55,700,000 | |||||||
Very Large Crude Carrier [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impairment | $ (14,200,000) | |||||||
Number of vessels with impairment triggering events | property | 1 | 1 | 1 | |||||
2 VLCCs to be sold [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Number of vessels marketed to be sold | 2 | 2 | 2 | |||||
Number of vessels with impairment triggering events | property | 2 | 2 | ||||||
1 of 2 VLCCs to be sold [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impairment | $ (5,500,000) | |||||||
Very Large Crude Carrier Cost To Sell [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impairment | $ (400,000) | |||||||
Very Large Crude Carrier Operational Costs [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Impairment | $ (1,800,000) | |||||||
One VLCC | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Property, plant and equipment, fair value | $ 53,100,000 | $ 30,400,000 | $ 53,100,000 | |||||
Number of vessels with impairment triggering events | property | 1 | 1 | 1 | |||||
One VLCC | International Crude Tankers Segment [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Vessels held for use, Impairment Charges | $ (30,100,000) | $ (5,500,000) | ||||||
Number of vessels with impairment triggering events | property | 1 | 1 | 1 | |||||
2 VLCCs | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Property, plant and equipment, fair value | $ 50,500,000 | |||||||
Number of vessels with impairment triggering events | property | 2 | |||||||
2 VLCCs | International Crude Tankers Segment [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Vessels held for use, Impairment Charges | $ (11,700,000) | |||||||
Number of vessels with impairment triggering events | property | 2 | |||||||
LR1 Vessel [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Number of vessels with impairment triggering events | property | 2 | 2 | ||||||
LR1 Vessel [Member] | International Product Carriers Segment [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Number of vessels with impairment triggering events | property | 2 | 2 | ||||||
MR Vessel [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Number of vessels with impairment triggering events | property | 4 | 4 | ||||||
MR Vessel [Member] | International Product Carriers Segment [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Number of vessels with impairment triggering events | property | 4 | 4 | ||||||
Aframaxes [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Number of vessels with impairment triggering events | property | 1 | 1 | ||||||
Aframaxes [Member] | International Crude Tankers Segment [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Number of vessels with impairment triggering events | property | 1 | 1 |
ACCOUNTS PAYABLE, ACCRUED EXP_3
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Schedule of Accounts Payable, Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | ||
Accounts payable | $ 2,609 | $ 4,988 |
Payroll and benefits | 6,293 | 5,585 |
Interest | 370 | 594 |
Other-than-insignificant financing element of derivatives | 2,979 | 0 |
Due to owners on chartered in vessels | 787 | 1,108 |
Accrued drydock, repairs and vessel betterment costs | 6,247 | 3,150 |
Bunkers and lubricants | 656 | 538 |
Charter revenues received in advance | 3,060 | 272 |
Insurance | 493 | 539 |
Accrued vessel expenses | 8,779 | 8,003 |
Accrued general and administrative expenses | 940 | 1,052 |
Other | 1,212 | 1,725 |
Total accounts payable, accrued expense and other current liabilities | $ 34,425 | $ 27,554 |
TAXES (Narrative) (Details)
TAXES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
TAXES [Abstract] | ||
Percent of shipping income subject to U.S. federal taxation | 4.00% | |
Operating loss carryforwards | $ 11,400 | $ 10,800 |
Indefinite-lived net operating loss carryforwards | 11,400 | |
Operating loss carryforwards, valuation allowance | 4,700 | 4,200 |
Increase (decrease) in valuation allowance | 500 | |
Unrecognized tax benefits, interest on income taxes accrued | 7 | 5 |
Unrecognized tax benefits | $ 7 | $ 7 |
TAXES (Components of Income Tax
TAXES (Components of Income Tax (Provisions) and Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
TAXES [Abstract] | ||||
Current | $ (1) | $ (1) | $ 105 | |
Deferred | 0 | 0 | 0 | |
Income tax (provision)/benefit | $ (1) | $ (1) | $ (1) | $ 105 |
TAXES (Reconciliation of Effect
TAXES (Reconciliation of Effective to Statutory Tax Rate) (Details) - MARSHALL ISLANDS [Member] - Foreign Tax Authority [Member] | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Adjustments due to: | |||
Change in valuation allowance | 0.66% | 0.66% | (0.66%) |
Income subject to tax in other jurisdictions | (0.65%) | (0.83%) | 0.54% |
Effective tax rate | 0.01% | (0.17%) | (0.12%) |
TAXES (Components of Deferred T
TAXES (Components of Deferred Tax Liabilities and Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 2,173 | $ 1,836 |
Excess of tax over book basis of depreciable assets | 612 | 548 |
Pensions | 1,950 | 1,797 |
Total deferred tax assets | 4,735 | 4,181 |
Less: Valuation allowance | (4,735) | (4,181) |
Net deferred tax assets | ||
Net noncurrent deferred tax assets |
CAPITAL STOCK AND STOCK COMPE_3
CAPITAL STOCK AND STOCK COMPENSATION (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 23, 2021 | Dec. 23, 2020 | Oct. 28, 2020 | Sep. 23, 2020 | Aug. 04, 2020 | Jul. 08, 2020 | Jun. 22, 2020 | May 20, 2020 | Mar. 30, 2020 | Feb. 26, 2020 | Jul. 31, 2020 | Dec. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Apr. 30, 2018 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 05, 2019 | Nov. 18, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Restricted stock or unit expense | $ 4,600 | $ 3,200 | $ 2,300 | |||||||||||||||||||
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term | 7 years 1 month 24 days | |||||||||||||||||||||
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average remaining contractual term | 6 years 2 months 12 days | |||||||||||||||||||||
Stock options, compensation expense (income) | $ 1,100 | $ 1,100 | $ 900 | |||||||||||||||||||
Share based compensation expense, unrecognized | $ 4,800 | $ 4,800 | ||||||||||||||||||||
Share based compensation expense, unrecognized, period | 1 year 7 months 24 days | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 75,894 | 21,589 | 28,002 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 17.07 | $ 20.31 | $ 20.31 | $ 17.07 | $ 17.81 | |||||||||||||||||
Stock Repurchased and Retired During Period, Shares | 0 | 1,417,292 | 0 | 0 | ||||||||||||||||||
Stock Repurchased and Retired During Period, Value | $ 30,000 | |||||||||||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 21.16 | |||||||||||||||||||||
Stock repurchase program, authorized amount | $ 50,000 | $ 30,000 | $ 30,000 | |||||||||||||||||||
Stock repurchase program, period in force | 24 months | 24 months | ||||||||||||||||||||
Stock Repurchase Program Expiration Date | Aug. 4, 2022 | Mar. 5, 2021 | ||||||||||||||||||||
Compensation expense, deferred | $ 100 | |||||||||||||||||||||
Dividends payable, date declared | Oct. 28, 2020 | Aug. 4, 2020 | May 20, 2020 | Feb. 26, 2020 | ||||||||||||||||||
Dividends payable, amount per share | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | ||||||||||||||||||
Dividends payable, date of record | Dec. 8, 2020 | Sep. 9, 2020 | Jun. 8, 2020 | Mar. 17, 2020 | ||||||||||||||||||
Payments of dividends | $ 1,700 | $ 1,700 | $ 1,700 | $ 1,700 | $ 6,770 | |||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Dividends payable, date declared | Feb. 23, 2021 | |||||||||||||||||||||
Dividends payable, amount per share | $ 0.06 | |||||||||||||||||||||
Dividends payable, date of record | Mar. 11, 2021 | |||||||||||||||||||||
Certain Employees and Senior Officers [Member] | 2019 Award [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Grant date, value, per share | 21.93 | |||||||||||||||||||||
Senior Officers [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Share based arrangement exercisable option period, maximum | 90 days | |||||||||||||||||||||
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 | |||||||||||||||||||||
Time Based Restricted Stock [Member] | Certain Employees and Senior Officers [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Granted | 44,466 | 26,451 | ||||||||||||||||||||
Granted, per share | $ 27.66 | $ 19 | ||||||||||||||||||||
Performance Shares [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Granted | 58,258 | 63,994 | 55,534 | |||||||||||||||||||
Granted, per share | $ 17.83 | $ 17.21 | $ 17.46 | |||||||||||||||||||
Grant date, value, per share | 17.59 | 16.68 | 18.87 | |||||||||||||||||||
Share based arrangement fair value method used | Monte Carlo probability model | |||||||||||||||||||||
Performance Shares [Member] | Executive Officer [Member] | February 14, 2017 [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Payout Percentage | 72.00% | |||||||||||||||||||||
Share based award payout percentage of target achieved | 126.00% | |||||||||||||||||||||
Performance Shares [Member] | Executive Officer [Member] | Share-based Payment Arrangement, Tranche Two [Member] | February 14, 2017 [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Granted | 11,882 | |||||||||||||||||||||
Granted, per share | $ 17.46 | |||||||||||||||||||||
Performance Shares [Member] | Executive Officer [Member] | Share-based Payment Arrangement, Tranche Three [Member] | February 14, 2017 [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Granted | 11,882 | |||||||||||||||||||||
Grant date, value, per share | 17.21 | |||||||||||||||||||||
Performance Shares Based on Total Shareholder Return (TSR) [Member] | 2018 Awarded [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Payout Percentage | 100.00% | |||||||||||||||||||||
Performance Shares Based On Return On Invested Capital [Member] | 2018 Awarded [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Payout Percentage | 130.00% | |||||||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Granted, options | 131,992 | 137,847 | 124,955 | |||||||||||||||||||
Employee Stock Option [Member] | Certain Employees and Senior Officers [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Granted, options | 131,992 | 137,847 | 124,955 | |||||||||||||||||||
Grants, options, per share | $ 9.68 | $ 7.99 | $ 7.76 | |||||||||||||||||||
Employee Stock Option [Member] | Certain Employees and Senior Officers [Member] | 2018 Awarded [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Grant date, value, per share | 17.21 | |||||||||||||||||||||
Employee Stock Option [Member] | Certain Employees and Senior Officers [Member] | 2017 Award [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Grant date, value, per share | 17.46 | |||||||||||||||||||||
Spin Off Options [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Fair value assumptions, risk free interest rate | 0.44% | 2.36% | ||||||||||||||||||||
Spin Off Options Outstanding [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Share-based compensation, shares authorized under stock option plans, exercise price range, outstanding options, weighted average exercise price | $ 19.78 | $ 19.78 | ||||||||||||||||||||
Spin Off Options Exercisable [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Share-based compensation, shares authorized under stock option plans, exercise price range, outstanding options, weighted average exercise price | $ 19.90 | $ 19.90 | ||||||||||||||||||||
Management Incentive Compensation Plan [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Shares authorized, share plans | 2,000,000 | |||||||||||||||||||||
Shares authorized, share plans, additional | 1,400,000 | |||||||||||||||||||||
Management Incentive Compensation Plan [Member] | Time Based Restricted Stock [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Granted | 58,258 | 63,998 | 55,536 | |||||||||||||||||||
Granted, per share | $ 21.93 | $ 17.21 | $ 17.46 | |||||||||||||||||||
Management Incentive Compensation Plan [Member] | Spin Off Options [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Share based arrangement fair value method used | Black-Scholes option pricing model | |||||||||||||||||||||
Fair value assumptions, expected dividend rate | 1.02% | 0.00% | 0.00% | |||||||||||||||||||
Fair value assumptions, expected volatility factor | 0.52% | 0.46% | 0.42% | |||||||||||||||||||
Fair value assumptions, expected life | 6 years | 6 years | 6 years | |||||||||||||||||||
Management Incentive Compensation Plan [Member] | Spin Off Options [Member] | Maximum [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Fair value assumptions, risk free interest rate | 2.67% | |||||||||||||||||||||
Management Incentive Compensation Plan [Member] | Spin Off Options Outstanding [Member] | Exercise Prices Ranging from $17.21 to $30.93 [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Lower range, price | $ 17.21 | |||||||||||||||||||||
Upper range, price | $ 30.93 | |||||||||||||||||||||
Non-Employee Director Incentive Compensation Plan [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Shares authorized, share plans | 400,000 | |||||||||||||||||||||
Shares authorized, share plans, additional | 400,000 | |||||||||||||||||||||
Non-Employee Director Incentive Compensation Plan [Member] | Restricted Stock [Member] | Directors [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Granted | 57,317 | 51,107 | 47,501 | |||||||||||||||||||
Granted, per share | $ 16.05 | $ 18 | $ 18.82 |
CAPITAL STOCK AND STOCK COMPE_4
CAPITAL STOCK AND STOCK COMPENSATION (Restricted Stock Activity) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Common Stock and Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Nonvested Shares Outstanding Beginning Balance | 305,883 | 352,864 | 230,201 | 174,177 |
Granted | 182,142 | 270,096 | 173,573 | |
Forfeited | (20,570) | (19,995) | ||
Vested | (229,123) | (126,863) | (97,554) | |
Nonvested Shares Outstanding Ending Balance | 305,883 | 352,864 | 230,201 | |
Lower range, price | $ 17.21 | $ 17.46 | $ 18.62 | |
Upper range, price | $ 27.66 | $ 29.61 | $ 24.05 | |
Shares paid for tax withholding for share based compensation | 71,513 | 21,529 | 21,752 | |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 58,258 | 63,994 | 55,534 | |
Performance Shares Achieved [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 8,309 | 8,198 | 3,120 |
CAPITAL STOCK AND STOCK COMPE_5
CAPITAL STOCK AND STOCK COMPENSATION (Stock Option Activity) (Details) - Employee Stock Option [Member] - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding Beginning Balance | 538,632 | 400,785 | 275,830 |
Granted | 131,992 | 137,847 | 124,955 |
Exercised | |||
Options Outstanding Ending Balance | 670,624 | 538,632 | 400,785 |
Options Exercisable | 405,082 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | |
Unrecognized prior service credits | $ 1.4 |
Unrecognized prior service credits, net of tax | 1 |
Unrecognized actuarial losses | 8.9 |
Unrecognized actuarial losses, net of tax | 7.5 |
Derivative instruments, gain (loss) reclassification from accumulated oci to income, estimated net amount to be transferred | $ 9.6 |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE LOSS (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | ||
Unrealized losses on derivative instruments | $ (24,098) | $ (11,732) |
Items not yet recognized as a component of net periodic benefit cost (pension plans) | (8,515) | (8,838) |
Accumulated other comprehensive loss | $ (32,613) | $ (20,570) |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE LOSS (Changes in Components of AOCI, Net of Related Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance, beginning | $ 1,022,293 | $ 1,009,855 | $ 1,085,654 |
Other Comprehensive (Loss)/Income, net of tax | (12,043) | 9,359 | 10,478 |
Balance, ending | 972,042 | 1,022,293 | 1,009,855 |
Accumulated Other Comprehensive Loss [Member] | |||
Balance, beginning | (20,570) | (29,929) | (40,407) |
Current period change, excluding amounts reclassified from accumulated other comprehensive loss | (21,564) | (19,944) | (580) |
Amounts reclassified from accumulated other comprehensive loss | 9,521 | 29,303 | 11,058 |
Other Comprehensive (Loss)/Income, net of tax | (12,043) | 9,359 | 10,478 |
Balance, ending | (32,613) | (20,570) | (29,929) |
Unrealized losses on cash flow hedges [Member] | |||
Balance, beginning | (11,732) | (21,520) | (28,989) |
Current period change, excluding amounts reclassified from accumulated other comprehensive loss | (21,503) | (19,126) | (1,687) |
Amounts reclassified from accumulated other comprehensive loss | 9,137 | 28,914 | 9,156 |
Balance, ending | (24,098) | (11,732) | (21,520) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance, beginning | (8,838) | (8,409) | (11,418) |
Current period change, excluding amounts reclassified from accumulated other comprehensive loss | (61) | (818) | 1,107 |
Amounts reclassified from accumulated other comprehensive loss | 384 | 389 | 1,902 |
Balance, ending | $ (8,515) | $ (8,838) | $ (8,409) |
ACCUMULATED OTHER COMPREHENSI_6
ACCUMULATED OTHER COMPREHENSIVE LOSS (Amounts Reclassified out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unrealized losses on available-for-sale securities: | |||||||||||
Equity in income of affiliated companies | $ (5,530) | $ (829) | $ (89,045) | ||||||||
Income (loss) from equity method investments | $ (11,553) | $ 5,356 | $ 5,205 | $ 5,111 | $ (13,346) | $ 8,474 | $ 8,015 | $ 8,070 | 4,119 | 11,213 | 29,432 |
Interest expense | $ 7,823 | $ 7,999 | $ 8,881 | $ 12,009 | $ 14,281 | $ 17,010 | $ 17,443 | $ 17,533 | 36,712 | 66,267 | 60,231 |
Other income/(expense) | (12,817) | (943) | (3,715) | ||||||||
Total reclassified out of AOCL, before tax | (9,521) | (29,303) | (11,058) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized losses on cash flow hedges [Member] | |||||||||||
Unrealized losses on available-for-sale securities: | |||||||||||
Other income/(expense) | 384 | 389 | 1,902 | ||||||||
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: | |||||||||||
Income (loss) from equity method investments | (1,109) | (26,490) | (8,664) | ||||||||
Interest expense | 4,571 | 1,467 | 471 | ||||||||
Interest Rate Cap/Collar [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Unrealized losses on available-for-sale securities: | |||||||||||
Interest expense | 81 | 858 | 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 | 99 | 21 | ||||||||
Hybrid Instrument [Member] | Interest Rate Swap [Member] | |||||||||||
Unrealized losses on available-for-sale securities: | |||||||||||
Total reclassified out of AOCL, before tax | 3,376 | 0 | 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 | $ 3,376 | $ 0 | $ 0 |
REVENUE (Narrative) (Details)
REVENUE (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Revenues, Total | $ 56,703 | $ 99,883 | $ 139,725 | $ 125,337 | $ 124,022 | $ 71,278 | $ 69,010 | $ 101,874 | $ 421,648 | $ 366,184 | $ 270,361 |
Contract with customer, performance obligation satisfied in previous period | 47 | ||||||||||
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 | $ (493) | ||||||||||
Very Large Crude Carrier [Member] | |||||||||||
Number of vessels party to contracts | property | 2 | ||||||||||
LR2 Vessel [Member] | |||||||||||
Number of vessels party to contracts | property | 1 |
REVENUE (Schedule of Disaggrega
REVENUE (Schedule of Disaggregated Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, non lease | $ 421,648 | $ 366,184 | $ 270,361 | ||||||||
Shipping revenues | $ 56,703 | $ 99,883 | $ 139,725 | $ 125,337 | $ 124,022 | $ 71,278 | $ 69,010 | $ 101,874 | 421,648 | 366,184 | 270,361 |
International Crude Tankers Segment [Member] | |||||||||||
Revenue, non lease | 334,765 | 285,356 | 202,396 | ||||||||
Shipping revenues | 334,765 | 285,356 | 202,396 | ||||||||
International Product Carriers Segment [Member] | |||||||||||
Revenue, non lease | 86,883 | 80,828 | 67,965 | ||||||||
Shipping revenues | 86,883 | 80,828 | 67,965 | ||||||||
Other Segment [Member] | |||||||||||
Shipping revenues | 0 | 0 | 0 | ||||||||
Pool Revenue Leases [Member] | |||||||||||
Shipping revenues | 272,980 | 254,055 | 177,206 | ||||||||
Pool Revenue Leases [Member] | Fixed-Price Contract [Member] | |||||||||||
Revenue, operating leases | 272,980 | 254,055 | 177,206 | ||||||||
Pool Revenue Leases [Member] | International Crude Tankers Segment [Member] | Fixed-Price Contract [Member] | |||||||||||
Revenue, operating leases | 198,316 | 173,751 | 111,214 | ||||||||
Pool Revenue Leases [Member] | International Product Carriers Segment [Member] | Fixed-Price Contract [Member] | |||||||||||
Revenue, operating leases | 74,664 | 80,304 | 65,992 | ||||||||
Pool Revenue Leases [Member] | Other Segment [Member] | Fixed-Price Contract [Member] | |||||||||||
Revenue, operating leases | 0 | 0 | 0 | ||||||||
Voyage Charter Leases Non Variable Payments [Member] | Fixed-Price Contract [Member] | |||||||||||
Revenue, lease non-variable | 29,472 | 30,220 | 20,782 | ||||||||
Voyage Charter Leases Non Variable Payments [Member] | International Crude Tankers Segment [Member] | Fixed-Price Contract [Member] | |||||||||||
Revenue, lease non-variable | 19,016 | 29,786 | 20,682 | ||||||||
Loss of hire proceeds | 4,400 | 2,300 | |||||||||
Voyage Charter Leases Non Variable Payments [Member] | International Product Carriers Segment [Member] | Fixed-Price Contract [Member] | |||||||||||
Revenue, lease non-variable | 10,456 | 434 | 100 | ||||||||
Loss of hire proceeds | 300 | ||||||||||
Voyage Charter Leases Non Variable Payments [Member] | Other Segment [Member] | Fixed-Price Contract [Member] | |||||||||||
Revenue, lease non-variable | 0 | 0 | 0 | ||||||||
Voyage Charter Leases Variable Payments [Member] | Fixed-Price Contract [Member] | |||||||||||
Revenue, operating leases | 2,007 | 2,574 | 1,346 | ||||||||
Voyage Charter Leases Variable Payments [Member] | International Crude Tankers Segment [Member] | Fixed-Price Contract [Member] | |||||||||||
Revenue, operating leases | 1,180 | 2,574 | 1,346 | ||||||||
Voyage Charter Leases Variable Payments [Member] | International Product Carriers Segment [Member] | Fixed-Price Contract [Member] | |||||||||||
Revenue, operating leases | 827 | 0 | 0 | ||||||||
Voyage Charter Leases Variable Payments [Member] | Other Segment [Member] | Fixed-Price Contract [Member] | |||||||||||
Revenue, operating leases | 0 | 0 | 0 | ||||||||
Time and Bareboat Charter Leases [Member] | |||||||||||
Shipping revenues | 88,719 | 27,625 | 25,961 | ||||||||
Time and Bareboat Charter Leases [Member] | Fixed-Price Contract [Member] | |||||||||||
Revenue, operating leases | 88,719 | 27,625 | 25,961 | ||||||||
Time and Bareboat Charter Leases [Member] | International Crude Tankers Segment [Member] | Fixed-Price Contract [Member] | |||||||||||
Revenue, operating leases | 87,783 | 27,535 | 24,088 | ||||||||
Time and Bareboat Charter Leases [Member] | International Product Carriers Segment [Member] | Fixed-Price Contract [Member] | |||||||||||
Revenue, operating leases | 936 | 90 | 1,873 | ||||||||
Time and Bareboat Charter Leases [Member] | Other Segment [Member] | Fixed-Price Contract [Member] | |||||||||||
Revenue, operating leases | 0 | 0 | 0 | ||||||||
Voyage Charter Leases [Member] | |||||||||||
Revenue, non lease | 472 | ||||||||||
Shipping revenues | 59,949 | 84,504 | 67,194 | ||||||||
Voyage Charter Leases [Member] | Time-and-materials Contract [Member] | |||||||||||
Revenue, non lease | 45,066 | ||||||||||
Voyage Charter Leases [Member] | Lightering Services Component [Member] | |||||||||||
Revenue, non lease | 27,998 | 51,710 | |||||||||
Voyage Charter Leases [Member] | International Crude Tankers Segment [Member] | |||||||||||
Revenue, non lease | 472 | ||||||||||
Voyage Charter Leases [Member] | International Crude Tankers Segment [Member] | Time-and-materials Contract [Member] | |||||||||||
Revenue, non lease | 45,066 | ||||||||||
Voyage Charter Leases [Member] | International Crude Tankers Segment [Member] | Lightering Services Component [Member] | |||||||||||
Revenue, non lease | 27,998 | 51,710 | |||||||||
Voyage Charter Leases [Member] | International Product Carriers Segment [Member] | |||||||||||
Revenue, non lease | 0 | ||||||||||
Voyage Charter Leases [Member] | International Product Carriers Segment [Member] | Time-and-materials Contract [Member] | |||||||||||
Revenue, non lease | 0 | ||||||||||
Voyage Charter Leases [Member] | International Product Carriers Segment [Member] | Lightering Services Component [Member] | |||||||||||
Revenue, non lease | 0 | 0 | |||||||||
Voyage Charter Leases [Member] | Other Segment [Member] | |||||||||||
Revenue, non lease | 0 | ||||||||||
Voyage Charter Leases [Member] | Other Segment [Member] | Time-and-materials Contract [Member] | |||||||||||
Revenue, non lease | $ 0 | ||||||||||
Voyage Charter Leases [Member] | Other Segment [Member] | Lightering Services Component [Member] | |||||||||||
Revenue, non lease | $ 0 | $ 0 |
REVENUE (Schedule of Contract R
REVENUE (Schedule of Contract Related Receivables, Assets and Liabilities with Customers) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 |
REVENUE [Abstract] | ||
Voyage receivables - receivables | $ 2,148 | $ 2,727 |
Contract asset (voyage receivables unbilled receivables) | $ 166 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) - property | 1 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2020 | |
Leases [Line Items] | ||
Lessee operating lease cancellation period notice | 180 days | |
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 | |
Workboat Vessel [Member] | ||
Leases [Line Items] | ||
Number of vessels chartered | 1 | |
Bareboat Charters-In [Member] | Aframaxes [Member] | ||
Leases [Line Items] | ||
Number of vessels chartered | 2 |
LEASES (Schedule of lease cost)
LEASES (Schedule of lease cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating lease, cost | $ 30,114 | $ 57,512 | $ 44,910 |
Total lease cost | 17,492 | 27,198 | |
Vessel/Fleet [Member] | Charter Hire Expense [Member] | |||
Operating lease, cost | 11,666 | 15,089 | |
Short-term lease, cost | 4,585 | 10,769 | |
Office Space [Member] | General and Administrative Expense [Member] | |||
Operating lease, cost | 1,044 | 996 | |
Short-term lease, cost | 29 | 116 | |
Office Space [Member] | Voyage Expense [Member] | |||
Operating lease, cost | 168 | 168 | |
Short-term lease, cost | 52 | ||
Office Space [Member] | Vessel Expense [Member] | |||
Short-term lease, cost | 8 | ||
Lightering Services Component [Member] | Vessel/Fleet [Member] | |||
Short-term lease, cost | $ 1,200 | $ 10,600 |
LEASES (Supplemental lease info
LEASES (Supplemental lease information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows used for operating leases | $ 12,878 | $ 16,178 |
Operating Lease, Liability, Current | $ 8,867 | 12,958 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Operating Lease, Liability, Current | |
Operating Lease, Liability, Noncurrent | $ 10,253 | 17,953 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Operating Lease, Liability, Noncurrent | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Total operating lease liabilities | |
Total operating lease liabilities | $ (19,120) | (30,911) |
Operating Lease, Right-of-Use Asset | $ 21,588 | $ 33,718 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Operating Lease, Right-of-Use Asset | |
Operating Lease, Weighted Average Remaining Lease Term | 2 years 9 months | 3 years 2 months 26 days |
Operating Lease, Weighted Average Discount Rate, Percent | 7.21% | 7.16% |
LEASES (Bareboat and Time Chart
LEASES (Bareboat and Time Charters-In) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Line Items] | ||
Total operating lease liabilities | $ 19,120 | $ 30,911 |
Bareboat Charters-In [Member] | ||
Leases [Line Items] | ||
2021 | 6,278 | |
2022 | 6,278 | |
2023 | 4,532 | |
Total lease payments | 17,088 | |
less imputed interest | (1,608) | |
Total operating lease liabilities | $ 15,480 | |
2021, operating days | 730 days | |
2022, operating days | 730 days | |
2023, operating days | 556 days | |
Operating days, total | 2016 days | |
Time Charters-In [Member] | ||
Leases [Line Items] | ||
2021 | $ 2,170 | |
Total lease payments | 2,170 | |
less imputed interest | (43) | |
Total operating lease liabilities | $ 2,127 | |
2021, operating days | 408 days | |
Operating days, total | 408 days |
LEASES (Future Minimum Lease Ob
LEASES (Future Minimum Lease Obligations for Office Space) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Line Items] | ||
Total operating lease liabilities | $ 19,120 | $ 30,911 |
Office Space And Lightering Workboat Dock Space [Member] | ||
Leases [Line Items] | ||
2021 | 936 | |
2022 | 273 | |
2023 | 229 | |
2024 | 178 | |
Total lease payments | 1,616 | |
less imputed interest | (103) | |
Total operating lease liabilities | $ 1,513 |
LEASES (Future Minimum Revenues
LEASES (Future Minimum Revenues on Charters-Out) (Details) - Charters-Out [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2021 | $ 28,856 |
2022 | 16,425 |
2023 | 3,195 |
Net minimum lease payments | $ 48,476 |
2021, revenue days | 1053 days |
2022, revenue days | 365 days |
2023, revenue days | 71 days |
Revenue Days | 1489 days |
PENSION AND OTHER POSTRETIREM_3
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, target plan asset allocations | 100.00% | ||
Defined benefit plan unrecognized actuarial losses amortization period | 19 years | ||
Defined contribution plan, employer discretionary contribution amount | $ 400,000 | $ 400,000 | $ 400,000 |
Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, target plan asset allocations | 80.00% | ||
Fixed Income Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, target plan asset allocations | 20.00% | ||
Foreign Plan [Member] | Scheme Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined benefit plan, contributions by employer | $ 664,000 | $ 639,000 | $ 0 |
PENSION AND OTHER POSTRETIREM_4
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in benefit obligation: | |||
Interest cost on benefit obligation | $ 525,000 | $ 657,000 | $ 707,000 |
Change in plan assets: | |||
Fair value of plan assets at year end | 31,219,000 | ||
Foreign Plan [Member] | Scheme Plan [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 27,481,000 | 23,814,000 | |
Interest cost on benefit obligation | 525,000 | 657,000 | |
Actuarial losses | 2,202,000 | 2,761,000 | |
Benefits paid | (875,000) | (820,000) | |
Foreign exchange losses/(gains) | 943,000 | 1,069,000 | |
Benefit obligation at year end | 30,276,000 | 27,481,000 | 23,814,000 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 26,994,000 | 22,785,000 | |
Actual return on plan assets | 3,427,000 | 3,341,000 | |
Employer contributions | 664,000 | 639,000 | 0 |
Benefits paid | (875,000) | (820,000) | |
Foreign exchange gains/(losses) | 1,009,000 | 1,049,000 | |
Fair value of plan assets at year end | 31,219,000 | 26,994,000 | $ 22,785,000 |
Funded/(unfunded) status at December 31 | $ 943,000 | $ (487,000) |
PENSION AND OTHER POSTRETIREM_5
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Components of Expense, Domestic Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Components of expense: | |||
Defined benefit plan, interest cost | $ 525 | $ 657 | $ 707 |
Expected return on plan assets | (1,018) | (1,017) | (1,029) |
Amortization of prior-service costs | 75 | 74 | 71 |
Recognized net actuarial loss | 310 | 315 | 388 |
Recognized settlement loss | 1,442 | ||
Net periodic (benefit)/cost | $ (108) | $ 29 | $ 1,579 |
PENSION AND OTHER POSTRETIREM_6
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Weighted-Average Assumptions Used to Determine Benefit Obligations) (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Pension and Other Postretirement Benefit Plans [Abstract] | ||
Discount rate | 1.20% | 2.00% |
PENSION AND OTHER POSTRETIREM_7
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Assumptions Used to Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension and Other Postretirement Benefit Plans [Abstract] | |||
Discount rate | 2.00% | 2.80% | 2.40% |
Expected (long-term) return on plan assets | 3.89% | 4.46% | 3.85% |
Rate of future compensation increases |
PENSION AND OTHER POSTRETIREM_8
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Pension and Other Postretirement Benefit Plans [Abstract] | |
2021 | $ 865 |
2022 | 866 |
2023 | 895 |
2024 | 1,022 |
2025 | 1,126 |
Years 2026-2030 | 5,452 |
Defined Benefit Plan Expected Future Benefit Payments | $ 10,226 |
PENSION AND OTHER POSTRETIREM_9
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Fair Values of Pension Plan Assets) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined benefit plan, fair value of plan assets | $ 31,219 |
Cash and Cash Equivalents [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined benefit plan, fair value of plan assets | 757 |
Government Debt Securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined benefit plan, fair value of plan assets | 30,462 |
Fair Value, Inputs, Level 1 [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined benefit plan, fair value of plan assets | 757 |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined benefit plan, fair value of plan assets | 757 |
Fair Value, Inputs, Level 2 [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined benefit plan, fair value of plan assets | 30,462 |
Fair Value, Inputs, Level 2 [Member] | Government Debt Securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined benefit plan, fair value of plan assets | $ 30,462 |
OTHER EXPENSE (Schedule of Othe
OTHER EXPENSE (Schedule of Other Nonoperating Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investment income: | |||
Investment income - interest | $ 558 | $ 2,520 | $ 1,300 |
Net actuarial gain/(loss) on defined benefit pension plan | 633 | 628 | (902) |
Write off of deferred debt issuance cost | (13,073) | (3,558) | (2,400) |
Loss on extinguishment of debt | (1,197) | (1,100) | (1,295) |
Other | 262 | 567 | (418) |
Nonoperating Income (Expense), Total | $ (12,817) | $ (943) | $ (3,715) |
2020 AND 2019 QUARTERLY RESUL_3
2020 AND 2019 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information [Line Items] | |||||||||||
Shipping revenues | $ 56,703 | $ 99,883 | $ 139,725 | $ 125,337 | $ 124,022 | $ 71,278 | $ 69,010 | $ 101,874 | $ 421,648 | $ 366,184 | $ 270,361 |
Gain/(loss) on disposal of vessels and other property, net of impairments | (85,923) | (12,834) | (4,134) | 2,804 | (280) | 1,472 | (1,548) | 48 | (100,087) | (308) | (19,680) |
Income/(loss) from vessel operations | (98,193) | 16,832 | 67,892 | 53,349 | 46,621 | (2,843) | (7,934) | 19,324 | 39,880 | 55,168 | (54,531) |
Equity in income/(loss) of affiliated companies | (11,553) | 5,356 | 5,205 | 5,111 | (13,346) | 8,474 | 8,015 | 8,070 | 4,119 | 11,213 | 29,432 |
Interest expense | (7,823) | (7,999) | (8,881) | (12,009) | (14,281) | (17,010) | (17,443) | (17,533) | (36,712) | (66,267) | (60,231) |
Income tax (provision)/benefit | (1) | (1) | (1) | 105 | |||||||
Net Income/(Loss) | $ (116,889) | $ 13,981 | $ 64,358 | $ 33,019 | $ 15,891 | $ (11,095) | $ (16,523) | $ 10,897 | $ (5,531) | $ (830) | $ (88,940) |
Basic and Diluted net income/(loss) per share | $ (4.18) | $ 0.50 | $ 2.26 | $ 1.13 | $ 0.54 | $ (0.38) | $ (0.57) | $ 0.37 | $ (0.20) | $ (0.03) | $ (3.05) |
Impairment of long-lived assets held-for-use | $ 85,900 | $ 103,022 | $ 19,037 | ||||||||
Income tax expense (benefit) | $ 1 | 1 | $ 1 | $ (105) | |||||||
FSO Joint Venture [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Income tax (provision)/benefit | (16,400) | (32,800) | |||||||||
Income tax expense (benefit) | $ 16,400 | $ 32,800 |
CONTINGENCIES (Narrative) (Deta
CONTINGENCIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
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 period of performance in the past | 20 years |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] $ in Millions | Mar. 11, 2021USD ($)property |
Number of vessels in contruction | property | 3 |
Scenario, Plan [Member] | |
Expected contstruction costs | $ | $ 290 |