Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Entity Registrant Name | INTERNATIONAL SEAWAYS, INC. | |
Entity Incorporation, State or Country Code | 1T | |
Entity File Number | 1-37836-1 | |
Entity Tax Identification Number | 98-0467117 | |
Entity Address, Address Line One | 600 Third Avenue | |
Entity Address, Address Line Two | 39th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10016 | |
City Area Code | 212 | |
Local Phone Number | 578-1600 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 49,078,418 | |
Entity Central Index Key | 0001679049 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Amendment Flag | false | |
Common Stock [Member] | ||
Title of 12(b) Security | Common Stock (no par value) | |
Trading Symbol | INSW | |
Security Exchange Name | NYSE | |
8.5% Senior Notes | ||
Title of 12(b) Security | Rights to Purchase Common Stock | |
Trading Symbol | N/A | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 174,465 | $ 97,883 |
Short-term Investments | 80,000 | |
Voyage receivables, net of allowance for credit losses of $161 and $31 including unbilled receivables of $225,857 and $100,137 | 230,141 | 107,096 |
Other receivables | 7,891 | 5,651 |
Inventories | 873 | 2,110 |
Prepaid expenses and other current assets | 11,379 | 11,759 |
Current portion of derivative asset | 4,801 | 0 |
Total Current Assets | 509,550 | 224,499 |
Restricted cash | 1,060 | 1,050 |
Vessels and other property, less accumulated depreciation of $310,096 and $249,336 | 1,707,775 | 1,802,850 |
Vessels construction in progress | 101,701 | 49,291 |
Deferred drydock expenditures, net | 64,013 | 55,753 |
Operating lease right-of-use assets | 18,069 | 23,168 |
Investments in and advances to affiliated companies | 38,109 | 180,331 |
Long-term derivative asset | 6,252 | 1,296 |
Time charter contracts acquired, net | 0 | 842 |
Other assets | 13,374 | 7,700 |
Total Assets | 2,459,903 | 2,346,780 |
Current Liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 45,593 | 44,964 |
Current portion of operating lease liabilities | 8,323 | 8,393 |
Current installments of long-term debt | 166,965 | 178,715 |
Current portion of derivative liability | 0 | 2,539 |
Total Current Liabilities | 220,881 | 234,611 |
Long-term operating lease liabilities | 8,087 | 12,522 |
Long-term debt | 900,509 | 926,270 |
Long-term derivative liability | 0 | 757 |
Other liabilities | 1,594 | 2,288 |
Total Liabilities | 1,131,071 | 1,176,448 |
Commitments and contingencies | ||
Equity: | ||
Capital - 100,000,000 no par value shares authorized; 49,058,615 and 49,612,019 shares issued and outstanding | 1,557,875 | 1,591,446 |
Accumulated deficit | (239,876) | (409,338) |
Stockholders Equity Subtotal | 1,317,999 | 1,182,108 |
Accumulated other comprehensive income/(loss) | 10,833 | (12,360) |
Total equity before noncontrolling interests | 1,328,832 | 1,169,748 |
Noncontrolling interests | 0 | 584 |
Total Equity | 1,328,832 | 1,170,332 |
Total Liabilities and Equity | $ 2,459,903 | $ 2,346,780 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Unbilled voyage receivable (in dollars) | $ 225,857 | $ 100,137 |
Voyage receivables, allowance for credit losses | 161 | 31 |
Vessels and other property, accumulated depreciation | $ 310,096 | $ 249,336 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares, issued | 49,058,615 | 49,612,019 |
Common stock, shares, outstanding | 49,058,615 | 49,612,019 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Shipping Revenues: | ||||
Shipping revenues | $ 236,829 | $ 84,816 | $ 526,508 | $ 177,876 |
Operating Expenses: | ||||
Voyage expenses | 2,283 | 11,848 | 8,448 | 15,021 |
Vessel expenses | 58,565 | 58,174 | 178,445 | 112,378 |
Charter hire expenses | 7,797 | 5,679 | 22,799 | 17,283 |
Depreciation and amortization | 27,728 | 25,806 | 81,984 | 59,639 |
General and administrative | 11,839 | 8,129 | 32,852 | 23,141 |
Third-party debt modification fees | (71) | (26) | (1,158) | (26) |
Third-party debt modification fees | 71 | 26 | 1,158 | 26 |
Merger and integration related costs | 47,079 | 0 | 47,560 | |
Loss/(gain) on disposal of vessels and other assets, net of impairments | 139 | (9,104) | (9,339) | (5,088) |
Total operating expenses | 108,422 | 147,637 | 316,347 | 269,960 |
Income/(loss) from vessel operations | 128,407 | (62,821) | 210,161 | (92,084) |
Equity in (loss)/income of affiliated companies | (1) | 5,730 | 434 | 16,573 |
Operating income/(loss) | 128,406 | (57,091) | 210,595 | (75,511) |
Other income/(expense) | 360 | (113) | (440) | 446 |
Income/(loss) before interest expense and income taxes | 128,766 | (57,204) | 210,155 | (75,065) |
Interest expense | (15,332) | (10,639) | (40,630) | (24,925) |
Income/(loss) before income taxes | 113,434 | (67,843) | 169,525 | (99,990) |
Income tax provision | (7) | (35) | (63) | (36) |
Net income/(loss) | 113,427 | (67,878) | 169,462 | (100,026) |
Less: Net loss attributable to noncontrolling interest | (526) | 0 | (526) | |
Net loss attributable to the Company | $ 113,427 | $ (67,352) | $ 169,462 | $ (99,500) |
Weighted Average Number of Common Shares Outstanding: | ||||
Basic | 49,312,716 | 46,903,955 | 49,493,315 | 34,395,732 |
Diluted | 49,743,700 | 46,903,955 | 49,758,196 | 34,395,732 |
Per Share Amounts: | ||||
Basic net loss per share | $ 2.30 | $ (1.44) | $ 3.42 | $ (2.90) |
Diluted net loss per share | $ 2.28 | $ (1.44) | $ 3.40 | $ (2.90) |
Pool Revenue Leases [Member] | ||||
Shipping Revenues: | ||||
Shipping revenues | $ 215,240 | $ 50,543 | $ 463,729 | $ 101,657 |
Time and Bareboat Charter Leases [Member] | ||||
Shipping Revenues: | ||||
Shipping revenues | 8,487 | 13,664 | 22,795 | 40,076 |
Voyage Charter Leases [Member] | ||||
Shipping Revenues: | ||||
Shipping revenues | $ 13,102 | $ 20,609 | $ 39,984 | $ 36,143 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ||||
Pool revenues, received from companies accounted for by the equity method | $ 52,722 | $ 14,552 | $ 107,106 | $ 49,656 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) [Abstract] | ||||
Net income/(loss) | $ 113,427 | $ (67,878) | $ 169,462 | $ (100,026) |
Other comprehensive income, net of tax: | ||||
Net change in unrealized gains/(losses) on cash flow hedges | 10,112 | 3,180 | 21,840 | 13,002 |
Defined benefit pension and other postretirement benefit plans: | ||||
Net change in unrecognized prior service costs | 78 | 31 | 177 | 16 |
Net change in unrecognized actuarial losses | 516 | 229 | 1,176 | 118 |
Other comprehensive income, net of tax | 10,706 | 3,440 | 23,193 | 13,136 |
Comprehensive income/(loss) attributable to the Company | 124,133 | (64,438) | 192,655 | (86,890) |
Less: Comprehensive loss attributable to noncontrolling interests | (526) | 0 | (526) | |
Comprehensive income/(loss) attributable to the Company | $ 124,133 | $ (63,912) | $ 192,655 | $ (86,364) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net income/(loss) | $ 169,462 | $ (100,026) |
Items included in net loss not affecting cash flows: | ||
Depreciation and amortization | 81,984 | 59,639 |
Loss on write-down of vessels and other assets | 1,697 | 3,497 |
Amortization of debt discount and other deferred financing costs | 3,630 | 1,609 |
Amortization of time charter hire contracts acquired | 842 | 1,743 |
Deferred financing costs write-off | 610 | 0 |
Stock compensation | 4,447 | 8,894 |
Earnings of affiliated companies | (10,017) | (16,573) |
Merger and integration related costs, non cash | 0 | 31,053 |
Write-off of registration statement costs | 0 | 694 |
Other - net | (774) | 1,184 |
Items included in net income/(loss) related to investing and financing activities: | ||
Gain on disposal of vessels and other assets, net | (11,036) | (8,585) |
Loss on sale of investments in affiliated companies | 9,513 | 0 |
Cash distributions from affiliated companies | 2,250 | 6,775 |
Payments for drydocking | (36,280) | (23,816) |
Insurance claims proceeds related to vessel operations | 4,545 | 1,184 |
Changes in operating assets and liabilities: | ||
Increase in receivables | (123,045) | (6,232) |
Increase/(decrease) in deferred revenue | 1,009 | (856) |
Net change in inventories, prepaid expenses and other current assets and accounts payable, accrued expense, and other current and long-term liabilities | 7,364 | (9,217) |
Net cash provided by/(used in) operating activities | 106,201 | (49,033) |
Cash Flows from Investing Activities: | ||
Cash acquired, net of equity issuance costs related to merger | 0 | 54,155 |
Expenditures for vessels and vessel improvements | (87,603) | (44,214) |
Proceeds from disposal of vessels and other property, net | 79,476 | 113,510 |
Expenditures for other property | (674) | (450) |
Investments in and advances to affiliated companies, net | 1,862 | (6,861) |
Proceeds from sale of investment in affiliated companies | 138,966 | 0 |
Investments in short term time deposits | (80,000) | 0 |
Net cash provided by investing activities | 52,027 | 116,140 |
Cash Flows from Financing Activities: | ||
Borrowings on long term debt, net of lenders' fees | 641,050 | 59,469 |
Payments of deferred financing costs | (782) | (166,640) |
Repayments of debt | (744,034) | 0 |
Proceeds from sale and leaseback financing, net of issuance and deferred financing costs | 88,791 | 0 |
Payments on sale and leaseback financing | (28,640) | 0 |
Cash payments on derivatives containing other-than-insignificant financing element | 0 | (3,977) |
Repurchase of common stock | (20,017) | 0 |
Cash dividends paid | (14,830) | (37,920) |
Cash paid to tax authority upon vesting or exercise of stock-based compensation | (3,174) | (1,125) |
Net cash used in financing activities | (81,636) | (150,193) |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 76,592 | (83,086) |
Cash, cash equivalents and restricted cash at beginning of year | 98,933 | 215,677 |
Cash, cash equivalents and restricted cash at end of period | $ 175,525 | $ 132,591 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Common Stock [Member] Restricted Stock | Common Stock [Member] Restricted Stock Units (RSUs) [Member] | Common Stock [Member] | Retained Earnings / (Accumulated deficit) [Member] Restricted Stock | Retained Earnings / (Accumulated deficit) [Member] Restricted Stock Units (RSUs) [Member] | Retained Earnings / (Accumulated deficit) [Member] | Accumulated Other Comprehensive Loss [Member] Restricted Stock | Accumulated Other Comprehensive Loss [Member] Restricted Stock Units (RSUs) [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member] Restricted Stock | Noncontrolling Interest [Member] Restricted Stock Units (RSUs) [Member] | Noncontrolling Interest [Member] | Restricted Stock | Restricted Stock Units (RSUs) [Member] | Total |
Balance, beginning at Dec. 31, 2020 | $ 1,280,501 | $ (275,846) | $ (32,613) | $ 972,042 | |||||||||||
Issuance of common stock related to merger | 359,256 | 0 | 0 | $ 30,478 | 389,734 | ||||||||||
Net income/(loss) | 0 | (99,500) | 0 | (526) | (100,026) | ||||||||||
Other comprehensive income | 0 | 0 | 13,136 | 0 | 13,136 | ||||||||||
Dividends declared | (37,924) | 0 | 0 | (37,924) | |||||||||||
Forfeitures of vested restricted stock awards | (1,125) | 0 | 0 | 0 | (1,125) | ||||||||||
Compensation relating to restricted stock units awards | $ 3,337 | $ 4,629 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 3,337 | $ 4,629 | |||||
Compensation relating to stock option awards | 928 | 0 | 0 | 0 | 928 | ||||||||||
Balance, ending at Sep. 30, 2021 | 1,609,602 | (375,346) | (19,477) | 29,952 | 1,244,731 | ||||||||||
Balance, beginning at Jun. 30, 2021 | 1,278,365 | (307,994) | (22,917) | 947,454 | |||||||||||
Issuance of common stock related to merger | 359,256 | 0 | 0 | 30,478 | 389,734 | ||||||||||
Net income/(loss) | 0 | (67,352) | 0 | (526) | (67,878) | ||||||||||
Other comprehensive income | 0 | 0 | 3,440 | 3,440 | |||||||||||
Dividends declared | (34,555) | 0 | 0 | (34,555) | |||||||||||
Forfeitures of vested restricted stock awards | (95) | 0 | 0 | (95) | |||||||||||
Compensation relating to restricted stock units awards | 2,877 | 3,437 | 0 | 0 | 0 | 0 | 2,877 | 3,437 | |||||||
Compensation relating to stock option awards | 317 | 0 | 0 | 317 | |||||||||||
Balance, ending at Sep. 30, 2021 | 1,609,602 | (375,346) | (19,477) | 29,952 | 1,244,731 | ||||||||||
Balance, beginning at Dec. 31, 2021 | 1,591,446 | (409,338) | (12,360) | 584 | 1,170,332 | ||||||||||
Net income/(loss) | 0 | 169,462 | 0 | 0 | 169,462 | ||||||||||
Other comprehensive income | 0 | 0 | 23,193 | 0 | 23,193 | ||||||||||
Dividends declared | (14,827) | 0 | 0 | 0 | (14,827) | ||||||||||
Impact of deconsolidating DASM | 0 | 0 | 0 | (584) | (584) | ||||||||||
Forfeitures of vested restricted stock awards | (3,174) | 0 | 0 | 0 | (3,174) | ||||||||||
Compensation relating to restricted stock units awards | 902 | 2,782 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | 902 | 2,782 | |||||
Compensation relating to stock option awards | 763 | 0 | 0 | 0 | 763 | ||||||||||
Repurchase of common stock | (20,017) | 0 | 0 | (20,017) | |||||||||||
Balance, ending at Sep. 30, 2022 | 1,557,875 | (239,876) | 10,833 | 1,328,832 | |||||||||||
Balance, beginning at Jun. 30, 2022 | 1,583,740 | (353,303) | 127 | 584 | 1,231,148 | ||||||||||
Net income/(loss) | 0 | 113,427 | 0 | 113,427 | |||||||||||
Other comprehensive income | 0 | 0 | 10,706 | 10,706 | |||||||||||
Dividends declared | (5,886) | 0 | 0 | (5,886) | |||||||||||
Impact of deconsolidating DASM | 0 | 0 | 0 | $ (584) | (584) | ||||||||||
Forfeitures of vested restricted stock awards | (1,681) | 0 | 0 | (1,681) | |||||||||||
Compensation relating to restricted stock units awards | $ 319 | $ 1,175 | $ 0 | $ 0 | $ 0 | $ 0 | $ 319 | $ 1,175 | |||||||
Compensation relating to stock option awards | 225 | 0 | 0 | 225 | |||||||||||
Repurchase of common stock | (20,017) | 0 | 0 | (20,017) | |||||||||||
Balance, ending at Sep. 30, 2022 | $ 1,557,875 | $ (239,876) | $ 10,833 | $ 1,328,832 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2022 | |
BASIS OF PRESENTATION [Abstract] | |
BASIS OF PRESENTATION | Note 1 — Basis of Presentation: The accompanying unaudited condensed consolidated financial statements include the accounts of International Seaways, Inc. (“INSW”), a Marshall Islands corporation, and its wholly owned subsidiaries. Unless the context indicates otherwise, references to “INSW”, the “Company”, “we”, “us” or “our”, refer to International Seaways, Inc. and its subsidiaries. As of September 30, 2022, the Company’s operating fleet consisted of 75 wholly-owned, finance leased or bareboat chartered-in and time-chartered-in oceangoing vessels, engaged primarily in the transportation of crude oil and refined petroleum products in the International Flag trade through its wholly owned subsidiaries. In addition to its operating fleet, three dual-fuel LNG-powered VLCC newbuilds are scheduled for delivery to the Company between the first and second quarters of 2023, bringing the total operating and newbuild fleet to 78 vessels as of September 30, 2022. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by generally accepted accounting principles in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results have been included. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. All intercompany balances and transactions within INSW have been eliminated. Investments in 50% or less owned affiliated companies, in which INSW exercises significant influence, are accounted for by the equity method. |
MERGER TRANSACTION
MERGER TRANSACTION | 9 Months Ended |
Sep. 30, 2022 | |
Merger Transaction [Abstract} | |
MERGER TRANSACTION | Note 2 — Merger Transaction: Completion of Merger Transaction On July 16, 2021 (the “Effective Time”), pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) dated as of March 30, 2021, by and among INSW, Diamond S Shipping Inc., a Republic of the Marshall Islands corporation (“Diamond S”), and Dispatch Transaction Sub, Inc., a Republic of the Marshall Islands corporation and wholly-owned subsidiary of INSW (“Merger Sub”), Merger Sub merged with and into Diamond S (the “Merger”), with Diamond S surviving such merger as a wholly owned subsidiary of INSW. Immediately following the Effective Time, the Company contributed all of the outstanding stock of Diamond S to International Seaways Operating Corporation, a direct wholly-owned subsidiary of the Company. At the Effective Time, each common share of Diamond S (the “Diamond S Common Shares”) issued and outstanding immediately prior to the Effective Time (excluding Diamond S Common Shares owned by Diamond S, the Company, Merger Sub or any of their respective direct or indirect wholly-owned subsidiaries) was cancelled in exchange for the right to receive 0.55375 of a share of common stock of the Company (the “INSW Common Stock”) and cash payable in respect of fractional shares. The aforementioned 0.55375 exchange ratio set forth in the Merger Agreement resulted in the issuance of 22,536,647 shares of INSW Common Stock, with the pre-Merger INSW shareholders and the former Diamond S shareholders owning approximately 55.75% and 44.25% , respectively, of the 50,674,393 issued and outstanding common stock of the Company immediately following the Effective Time. As provided for under the terms of the Merger Agreement, on July 15, 2021, prior to the Effective Time, INSW paid a special dividend to its shareholders of record as of July 14, 2021 in an aggregate amount equal to $31.5 million ( $1.12 per share). |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2022 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | Note 3 — Significant Accounting Policies: For a description of all of the Company’s material accounting policies, see Note 2, “Summary of Significant Accounting Policies,” to the Company’s consolidated financial statements as of and for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K. The following is a summary of any changes or updates to the Company’s critical accounting policies for the current period: Cash, cash equivalents and restricted cash — Short-term investments Concentration of Credit Risk — (Dollars in thousands) Allowance for Credit Losses - Balance at December 31, 2021 $ 31 Provision for expected credit losses 130 Balance at September 30, 2022 $ 161 During the three and nine months ended September 30, 2022 and 2021, the Company did not have any individual customers who accounted for 10% or more of its revenues apart from the pools in which it participates. The pools in which the Company participates accounted in aggregate for 96% and 93% of consolidated voyage receivables at September 30, 2022 and December 31, 2021, respectively. Deferred finance charges — Vessels construction in progress — Time Charter Contracts Acquired — Recently Issued Accounting Standards Reference Rate Reform Reference Rate Reform |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2022 | |
EARNINGS PER COMMON SHARE [Abstract] | |
EARNINGS PER COMMON SHARE | Note 4 — Earnings per Common Share: Basic earnings per common share is computed by dividing earnings, after the deduction of dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units not classified as participating securities. Participating securities are defined by ASC 260, Earnings Per Share Weighted average shares of unvested restricted common stock considered to be participating securities totaled 49,778 and 68,945 for the three and nine months ended September 30, 2022, respectively, and 106,384 and 73,172 for the three and nine months ended September 30, 2021, respectively. Such participating securities are allocated a portion of income, but not losses under the two-class method. As of September 30, 2022, there were 592,112 shares of restricted stock units and 537,357 stock options outstanding and considered to be potentially dilutive securities. Reconciliations of the numerator of the basic and diluted earnings per share computations are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Net income/(loss) attributable to the Company allocated to: Common Stockholders $ 113,313 $ (67,494) $ 169,229 $ (99,648) Participating securities 114 142 233 148 $ 113,427 $ (67,352) $ 169,462 $ (99,500) For the three and nine months ended September 30, 2022 earnings per share calculations, there were 430,984 and 264,881 dilutive equity awards outstanding, respectively. For the three and nine months ended September 30, 2021 earnings per share calculations, there were no dilutive equity awards outstanding. Awards of 1,298,016 and 1,236,334 for the three and nine months ended September 30, 2022, respectively, and 1,054,691 and 1,022,293 for the three and nine months ended September 30, 2021, respectively, were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive. |
BUSINESS AND SEGMENT REPORTING
BUSINESS AND SEGMENT REPORTING | 9 Months Ended |
Sep. 30, 2022 | |
BUSINESS AND SEGMENT REPORTING [Abstract] | |
BUSINESS AND SEGMENT REPORTING | Note 5 — Business and Segment Reporting: The Company has two reportable segments: Crude Tankers and Product Carriers. The Company’s investments in and equity in income of the joint ventures with two floating storage and offloading service vessels, which were sold on June 7, 2022, are included in the Crude Tankers Segment. Adjusted income/(loss) from vessel operations for segment purposes is defined as income/(loss) from vessel operations before general and administrative expenses, third-party debt modification fees, merger and integration related costs and loss/(gain) on disposal of vessels and other property, including impairments. The accounting policies followed by the reportable segments are the same as those followed in the preparation of the Company’s condensed consolidated financial statements. Information about the Company’s reportable segments as of and for the three and nine months ended September 30, 2022 and 2021 follows: Crude Product (Dollars in thousands) Tankers Carriers Other Totals Three months ended September 30, 2022: Shipping revenues $ 77,071 $ 159,758 $ — $ 236,829 Time charter equivalent revenues 75,192 159,355 (1) 234,546 Depreciation and amortization 15,771 11,931 26 27,728 Loss on disposal of vessels and other assets, including impairments 77 62 — 139 Adjusted income/(loss) from vessel operations 30,993 109,490 (27) 140,456 Equity in loss of affiliated companies (1) — — (1) Investments in and advances to affiliated companies at September 30, 2022 16,301 21,808 — 38,109 Adjusted total assets at September 30, 2022 1,356,386 819,768 — 2,176,154 Three months ended September 30, 2021: Shipping revenues $ 41,760 $ 43,056 $ — $ 84,816 Time charter equivalent revenues 34,771 38,197 — 72,968 Depreciation and amortization 15,963 9,828 15 25,806 Gain on disposal of vessels and other property, including impairments (224) (8,880) — (9,104) Adjusted loss from vessel operations (9,682) (6,994) (15) (16,691) Equity in income of affiliated companies 5,730 — — 5,730 Investments in and advances to affiliated companies at September 30, 2021 154,921 22,481 — 177,402 Adjusted total assets at September 30, 2021 1,520,767 772,880 — 2,293,647 Crude Product (Dollars in thousands) Tankers Carriers Other Totals Nine months ended September 30, 2022: Shipping revenues $ 178,788 $ 347,720 $ — $ 526,508 Time charter equivalent revenues 171,124 346,936 — 518,060 Depreciation and amortization 46,109 35,816 59 81,984 Loss/(gain) on disposal of vessels and other assets, including impairments 1,048 (10,387) — (9,339) Adjusted income/(loss) from vessel operations 40,717 194,173 (58) 234,832 Equity in income of affiliated companies 434 — — 434 Expenditures for vessels and vessel improvements 59,101 28,502 — 87,603 Payments for drydocking 22,086 14,194 — 36,280 Nine months ended September 30, 2021: Shipping revenues $ 111,818 $ 66,058 $ — $ 177,876 Time charter equivalent revenues 101,817 61,038 — 162,855 Depreciation and amortization 42,005 17,578 56 59,639 Loss/(gain) on disposal of vessels and other assets, including impairments 3,791 (8,879) — (5,088) Adjusted loss from vessel operations (17,697) (8,692) (56) (26,445) Equity in income of affiliated companies 16,573 — — 16,573 Expenditures for vessels and vessel improvements 40,791 3,423 — 44,214 Payments for drydocking 16,518 7,298 — 23,816 Reconciliations of time charter equivalent (“TCE”) revenues of the segments to shipping revenues as reported in the condensed statements of operations follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Time charter equivalent revenues $ 234,546 $ 72,968 $ 518,060 $ 162,855 Add: Voyage expenses 2,283 11,848 8,448 15,021 Shipping revenues $ 236,829 $ 84,816 $ 526,508 $ 177,876 Consistent with general practice in the shipping industry, the Company uses time charter equivalent revenues, which represent 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, provide 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 loss before income taxes, as reported in the condensed consolidated statements of operations follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Total adjusted income/(loss) from vessel operations of all segments $ 140,456 $ (16,691) $ 234,832 $ (26,445) General and administrative expenses (11,839) (8,129) (32,852) (23,141) Third-party debt modification fees (71) (26) (1,158) (26) Merger and integration related costs — (47,079) — (47,560) Gain/(loss) on disposal of vessels and other assets, including impairments (139) 9,104 9,339 5,088 Consolidated income/(loss) from vessel operations 128,407 (62,821) 210,161 (92,084) Equity in income/(loss) of affiliated companies (1) 5,730 434 16,573 Other (expense)/income 360 (113) (440) 446 Interest expense (15,332) (10,639) (40,630) (24,925) Income/(loss) before income taxes $ 113,434 $ (67,843) $ 169,525 $ (99,990) Reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets follow: (Dollars in thousands) September 30, 2022 September 30, 2021 Adjusted total assets of all segments $ 2,176,154 $ 2,293,647 Corporate unrestricted cash and cash equivalents 174,465 108,897 Restricted cash 1,060 23,694 Short-term investments 80,000 — Other unallocated amounts 28,224 15,595 Consolidated total assets $ 2,459,903 $ 2,441,833 |
VESSELS
VESSELS | 9 Months Ended |
Sep. 30, 2022 | |
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY [Abstract] | |
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY | Note 6 — Vessels: Impairment of Vessels and Other Property During the nine months ended September 30, 2022, the Company gave consideration on a quarterly basis as to whether events or changes in circumstances had occurred since December 31, 2021, that could indicate that the carrying amounts of the vessels in the Company’s fleet may not be recoverable. During the quarter ended September 30, 2022, the Company continued to monitor industry and market factors and intentions regarding its vessels to determine if indicators of impairment were present and determined that none of the vessels in the Company’s fleet met held-for-sale criteria as of September 30, 2022 and no held-for-use impairment indicators existed for the Company’s vessels as of September 30, 2022. During the quarter ended March 31, 2022, the Company concluded that the contracted sales of one 2004-built Panamax and two 2006-built Handysize product carriers resulted in the recognition of impairment charges aggregating $1.7 million. The Company also recognized an aggregate loss of approximately $0.7 million during the quarter ended March 31, 2022, related to the cost to terminate the purchase and installation contracts for ballast water treatment systems on three of the Company’s MRs that were sold during 2021. Vessel Acquisitions and Construction Commitments In January 2022, the Company entered into memoranda of agreements for the sale of a 2010-built MR for a sale price of $16.5 million and the purchase of a 2011-built LR1 for a purchase price of $19.5 million with the same counterparty. The LR1 was delivered into our niche commercial pool, Panamax International. The Company closed both transactions during the first quarter of 2022, recognizing a gain of $4.5 million on the sale of the 2010-built MR and a net cash outflow of $3.0 million representing the difference in value between the two vessels. The LR1 vessel replaced the MR as collateral under the $525 Million Credit Facility with no further mandatory principal repayment required. On March 11, 2021, the Company entered into agreements to construct three dual-fuel LNG-powered VLCCs at Daewoo Shipbuilding and Marine Engineering’s shipyard. 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 the first quarter of 2023, the vessels will be employed on seven-year time charter contracts with an oil major – Shell. The total construction cost for the vessels is approximately $290.0 million, which will be paid for through a combination of cash on hand and funds drawn from the BoComm Lease Financing (See Note 10, “Debt”). essels construction in progress as of September 30, 2022 and December 31, 2021, respectively. The remaining commitments on the contracts for the construction of these vessels as of September 30, 2022 was $192.2 million, which will be funded by the BoComm Lease Financing over the course of the construction and delivery of the three vessels . Disposal/Sales of Vessels In addition to the sale of the 2010-built MR described above, during the nine months ended September 30, 2022, the Company also delivered a 2008-built MR, one 2002-built Panamax, one 2004-built Panamax and its remaining four 2006-built Handysize product carriers to buyers and recognized an aggregate gain of $7.6 million. In addition, in November 2022, the Company entered into memorandum of agreement for the sale of a 2008-built MR, which is expected to be delivered to the buyer during the fourth quarter of 2022. |
EQUITY METHOD INVESTMENTS
EQUITY METHOD INVESTMENTS | 9 Months Ended |
Sep. 30, 2022 | |
EQUITY METHOD INVESTMENTS [Abstract] | |
EQUITY METHOD INVESTMENTS | Note 7 — Equity Method Investments: Investments in affiliated companies include joint ventures accounted for using the equity method, including the Company’s 50% interest in two joint ventures - TI Africa Limited (“TI Africa”) and TI Asia Limited (“TI Asia”), which operate two Floating Storage and Offloading Service vessels that were converted from two ULCCs (collectively the “FSO Joint Venture”). Pursuant to a share purchase agreement, on June 7, 2022, the Company sold its 50% ownership interest in the FSO Joint Venture, to its joint venture partner Euronav NV. The Company received, net of adjustments for working capital and expenses, approximately $140 million in cash from the sale. The Company recorded a loss on the sale of $9.5 million and reclassified the Company’s share of the unrealized losses associated with the interest rate swaps held by the FSO Joint Venture at the time of the sale of $0.1 million into earnings from accumulated other comprehensive income/(loss). The share purchase agreement contains specified representations, warranties, covenants and indemnification provisions of the parties customary for transactions of this type |
VARIABLE INTEREST ENTITIES (VIE
VARIABLE INTEREST ENTITIES (VIEs) | 9 Months Ended |
Sep. 30, 2022 | |
VARIABLE INTEREST ENTITIES (VIEs) [Abstract] | |
VARIABLE INTEREST ENTITIES (VIEs) | Note 8 — Variable Interest Entities (“VIEs”): Consolidated VIEs Diamond Anglo Ship Management Pte. Ltd. — Diamond Anglo Ship Management Pte. Ltd. (“DASM”) was formed in January 2018 by Diamond S and Anglo Eastern Investment Holdings Ltd. (“AE Holdings”), a third-party, to provide ship management services to some of Diamond S’ vessels. On July 1, 2022, the Company and AE Holding terminated their joint venture agreement, which resulted in the Company selling its 51% interest in DASM to AE Holdings. The Company received $0.8 million in cash for the sale of its interest, after certain deductions, and recognized a $0.1 million gain on the sale of the joint venture. Prior to July 1, 2022, DASM was owned 51% by the Company and 49% by AE Holdings, AE Holdings did not participate in the income or equity of DASM, and the as the Company had the ability to direct the activities that most significantly impacted DASM’s economic performance Unconsolidated VIEs As of September 30, 2022, all of the six commercial pools in which the Company participates were determined to be VIEs for which the Company is not considered a primary beneficiary. The following table presents the carrying amounts of assets and liabilities in the condensed consolidated balance sheet related to the unconsolidated VIEs as of September 30, 2022: (Dollars in thousands) Condensed Investments in Affiliated Companies $ 36,708 In accordance with accounting guidance, the Company evaluated its maximum exposure to loss related to these unconsolidated VIEs by assuming a complete loss of the Company’s investment in these VIEs. The table below compares the Company’s liability in the condensed consolidated balance sheet to the maximum exposure to loss at September 30, 2022: (Dollars in thousands) Condensed Maximum Exposure to Other Liabilities $ – $ 36,708 In addition, as of September 30, 2022, the Company had approximately $218.2 million of trade receivables from the pools that were determined to be a VIE. These trade receivables, which are included in voyage receivables in the accompanying condensed consolidated balance sheet, have been excluded from the above tables and the calculation of INSW’s maximum exposure to loss. The Company does not record the maximum exposure to loss as a liability because it does not believe that such a loss is probable of occurring as of September 30, 2022. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES | 9 Months Ended |
Sep. 30, 2022 | |
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, are as follows: (Dollars in thousands) September 30, 2022 December 31, 2021 Fair Value Level Cash and cash equivalents (1) $ 175,525 $ 98,933 Level 1 Short-term investments (2) 80,000 n/a Level 1 $750 Million Facility Term Loan (530,000) n/a Level 2 $390 Million Facility Term Loan n/a (191,050) Level 2 $525 Million Facility Term Loan n/a (216,289) Level 2 $525 Million Facility Revolving Loan n/a (44,193) Level 2 $360 Million Facility Term Loan n/a (105,325) Level 2 $360 Million Facility Revolving Loan n/a (38,889) Level 2 Macquarie Credit Facility (17,750) (19,475) Level 2 ING Credit Facility (23,438) (25,000) Level 2 Ocean Yield Lease Financing (348,466) (370,305) Level 2 BoComm Lease Financing (52,841) (9,608) Level 2 Toshin Lease Financing (16,028) (16,995) Level 2 Hyuga Lease Financing (15,744) n/a Level 2 COSCO Lease Financing (48,986) (52,746) Level 2 Kaiyo Lease Financing (14,511) n/a Level 2 Kaisha Lease Financing (14,622) n/a Level 2 8.5% Senior Notes n/a (25,940) Level 1 (1) Includes restricted cash of $1.1 million at September 30, 2022 and December 31, 2021, respectively. (2) Short-term investments consist of time deposits with original maturities of between 90 and 180 days. Derivatives In May 2022, in connection with the refinancing of its $390 Million Facility Term Loan and $525 Million Facility Term Loan, the Company terminated all of its existing in-the-money LIBOR based interest swaps with an aggregate notional amount of approximately $358.6 million and received net cash proceeds of approximately $9.6 million, with $4.6 million of the gain expected to amortize out of accumulated other comprehensive income to earnings within the next 12 months. With regards to the hybrid instrument associated with the Sinosure Credit Facility that was terminated in November 2021, $2.1 million of the loss is expected to amortize out of accumulated other comprehensive income to earnings within the next 12 months. On June 2, 2022, the Company entered into amortizing interest rate swap agreements covering a notional amount of $475 million of the $750 Million Facility Term Loan with major financial institutions participating in such facility that effectively converts the Company’s interest rate exposure from a three-month SOFR floating rate to a fixed rate of 2.84% through the maturity date of February 22, 2027 , effective August 22, 2022. The interest rate swap agreements, which contain no leverage features, are designated and qualify as cash flow hedges. Derivatives are recorded on a net basis by counterparty when a legal right of offset exists. The Company had the following amounts recorded on a gross basis by transaction in the accompanying unaudited condensed consolidated balance sheets related to the Company’s use of derivatives as of September 30, 2022 and December 31, 2021: (Dollars in thousands) Current portion of derivative asset Long-term derivative Current portion of derivative liabilities Long-term derivative September 30, 2022: Derivatives designated as hedging instruments: Interest rate swaps $ 4,801 $ 6,252 $ — $ — Total $ 4,801 $ 6,252 $ — $ — December 31, 2021: Derivatives designated as hedging instruments: Interest rate swaps $ — $ 1,296 $ (2,539) $ (757) Total $ — $ 1,296 $ (2,539) $ (757) The following tables present information with respect to gains and losses on derivative positions reflected in the condensed consolidated statements of operations or in the condensed consolidated statements of comprehensive income. The effect of cash flow hedging relationships recognized in other comprehensive income excluding amounts reclassified from accumulated other comprehensive income/(loss), including hedges of equity method investees, for the three and nine months ended September 30, 2022 and 2021 follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Derivatives designated as hedging instruments: Interest rate swaps $ 10,559 $ 568 $ 21,491 $ 5,333 Other-than-insignificant financing element of derivatives: Interest rate swaps — (435) — (1,351) Total other comprehensive income $ 10,559 $ 133 $ 21,491 $ 3,982 The effect of cash flow hedging relationships on the condensed consolidated statement of operations is presented excluding hedges of equity method investees. The effect of the Company’s cash flow hedging relationships on the condensed consolidated statement of operations for the three and nine months ended September 30, 2022 and 2021 follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Derivatives designated as hedging instruments: Interest rate swaps $ 261 $ 1,293 $ (226) $ 3,558 Discontinued hedging instruments: Interest rate swap (708) — 445 — Other-than-insignificant financing element of derivatives: Interest rate swaps — 1,528 — 4,681 Total interest expense $ (447) $ 2,821 $ 219 $ 8,239 See Note 13, “Accumulated Other Comprehensive Income/(Loss),” for disclosures relating to the impact of derivative instruments on accumulated other comprehensive loss. The following table presents the fair values, which are pre-tax, for assets and liabilities measured on a recurring basis (excluding investments in affiliated companies): (Dollars in thousands) September 30, 2022 December 31, 2021 Fair Value Level Derivative Assets (interest rate swaps) $ 11,053 $ 1,296 Level 2 (1) Derivative Liabilities (interest rate swaps) — (3,296) Level 2 (1) (1) For the interest rate 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 impairment charges were recognized for the nine months ended September 30, 2022: (Dollars in thousands) Fair Value Level 2 Total Impairment Crude Tankers - Vessels held for sale (1)(2) $ 7,561 $ 7,561 $ (1,019) Product Carriers - Vessels held for sale (1) (2) 9,850 9,850 (207) Product Carriers - Vessels held for use (1) (2) 9,575 9,575 (471) (1) A pre-tax held for sale impairment charge of $1.0 million related to one Panamax in the Crude Tankers segment was recorded during the first quarter of 2022, including a charge of $0.9 million to write the value of the vessel down to its estimated fair value, and estimated costs to sell the vessel of $0.1 million. A pre-tax held for sale impairment charge of $0.2 million related to one MR in the Product Carriers segment was recorded during the first quarter of 2022, consisting of $0.2 million costs to sell the vessel. A pre-tax held for use impairment charge of $0.5 million related to one Handysize product carrier was recorded during the first quarter of 2022 to write the value of the vessel down to its estimated fair value. (2) Fair value measurement of $27.0 million at March 31, 2022 used to determine the impairments for the vessels was based upon a market approach, which considered the sale prices of the vessels based on the executed memoranda of agreements as discussed in Note 6, "Vessels." The sales prices are considered to be Level 2 because sales of vessels occur somewhat infrequently . |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2022 | |
DEBT [Abstract] | |
DEBT | Note 10 — Debt: Debt consists of the following: (Dollars in thousands) September 30, 2022 December 31, 2021 $750 Million Facility Term Loan, due 2027, net of unamortized deferred finance costs of $7,269 $ 522,732 $ — Macquarie Credit Facility, due 2025, net of unamortized deferred finance costs of $573 and $755 17,177 18,720 ING Credit Facility, due 2026, net of unamortized deferred finance costs of $448 and $546 22,990 24,454 $390 Million Facility Term Loan, due 2025, net of unamortized deferred finance costs of $2,357 — 188,693 $525 Million Facility Term Loan, due 2024 — 216,289 $525 Million Facility Revolving Loan, due 2024 — 44,193 $360 Million Facility Term Loan, due 2024 — 105,325 $360 Million Facility Revolving Loan, due 2024 — 38,889 Ocean Yield Lease Financing, due 2031, net of unamortized deferred finance costs of $3,341 and $3,799 345,125 366,506 BoComm Lease Financing, due 2030, net of unamortized deferred finance costs of $691 and $114 52,150 9,494 Toshin Lease Financing, due 2031, net of unamortized deferred finance costs of $387 and $428 15,642 16,567 COSCO Lease Financing, due 2028, net of unamortized deferred finance costs of $1,253 and $1,353 47,732 51,393 Hyuga Lease Financing, due 2031, net of unamortized deferred finance costs of $338 15,406 — Kaiyo Lease Financing, due 2030, net of unamortized deferred finance costs of $300 14,211 — Kaisha Lease Financing, due 2030, net of unamortized deferred finance costs of $313 14,309 — 8.5% Senior Notes, due 2023, net of unamortized deferred finance costs of $538 — 24,462 1,067,474 1,104,985 Less current portion (166,965) (178,715) Long-term portion $ 900,509 $ 926,270 Capitalized terms used hereafter have the meaning given in these condensed consolidated financial statements or in the respective transaction documents referred to below, including subsequent amendments thereto. $750 Million Credit Facility On May 20, 2022, International Seaways Operating Corporation (“ISOC”), the borrower, and certain of their subsidiaries entered into a credit agreement comprising $750 million of secured debt facilities (the “$750 Million Credit Facility”) with Nordea Bank Abp, New York Branch (“Nordea”), Crédit Agricole Corporate & Investment Bank (“CA-CIB”), BNP Paribas, DNB Markets Inc. and Skandinaviska Enskilda Banken AB (PUBL) (or their respective affiliates), as mandated lead arrangers and bookrunners; Danish Ship Finance A/S and ING Bank N.V., London Branch (or their respective affiliates), as mandated lead arrangers; and National Australia Bank Limited, as co-arranger. Nordea is acting as administrative agent, collateral agent and security trustee under the credit agreement, and CA-CIB is acting as sustainability coordinator. Capitalized terms used in this paragraph and elsewhere not otherwise defined herein shall have the meanings set forth in the credit agreement. The $750 Million Credit Facility consists of (i) a five-year senior secured term loan facility in an aggregate principal amount of $530 million (the “$750 Million Facility Term Loan”) and (ii) a five-year revolving credit facility in an aggregate principal amount of $220 million (the “750 Million Facility Revolving Loan). The $750 Million Facility Term Loan contains an uncommitted accordion feature whereby, for a period of up to 24 months following the closing date, the amount of the loan thereunder may be increased up to an additional incremental $250 million (in increments of at least $10 million) for the acquisition of Additional Vessels, subject to certain conditions. The $750 Million Credit Facility is secured by a first lien on 55 of the Company’s vessels, along with their earnings, insurances and certain other assets. In addition, both facilities are secured by liens on certain additional assets of ISOC. On May 24, 2022, the available amount of $530 million under the $750 Million Facility Term Loan was drawn in full, and $70 million of the $220 million available under the $750 Million Facility Revolving Loan was also drawn. The loan proceeds, together with available cash, were used to repay (i) the $163 million outstanding principal balance under the $390 Million Credit Facility; (ii) the $284 million outstanding principal balance under the $525 Million Credit Facility; and (iii) the $127.8 million outstanding principal balance under the $360 Million Credit Facility; and to pay certain expenses related to the refinancing, including certain structuring and arrangement fees, legal and administrative fees totaling $10.5 million. The $70 million drawn under the $750 Million Facility Revolving Loan was repaid on June 15, 2022, using a portion of the proceeds from the sale of the FSO Joint Venture (see Note 7, “Equity Method Investments”). Interest on the $750 Million Credit Facility is calculated based upon Adjusted Term SOFR plus the Applicable Margin. The Applicable Margin is currently 2.40%. The facilities also include a sustainability-linked pricing mechanism. The adjustment in pricing will be linked to three factors: ● a Fleet Sustainability Score Target, reflecting the carbon efficiency of the INSW fleet as it relates to reductions in CO 2 emissions year-over-year, such that it aligns with the International Maritime Organization’s 50% industry reduction target in GHG emissions by 2050, 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) ● a Sustainability-Linked Investment Target, reflecting targeted spending of $3 million per annum on investments in energy efficiency improvements, decarbonization, and other environmental, social and corporate governance-related initiatives; and ● a Lost Time Incident Frequency Target, reflecting performance against a Lost Time Incident Frequency average published by Intertanko. The Company is required to deliver annually, commencing in July 2023, a sustainability certificate for the preceding calendar year setting out the sustainability-related calculations required under the credit agreement. If the Company achieves all of the targets set out in the credit agreement, the Applicable Margin will be decreased by 0.05% per annum, while if the Company fails to achieve any of the targets set out in the credit agreement, the Applicable Margin will be increased by that same amount (but in no case will any such adjustment result in the Applicable Margin being increased or decreased from the otherwise-applicable Applicable Margin by more than 0.05% per annum in the aggregate). The $750 Million Facility Term Loan amortizes in 19 quarterly installments of approximately $30.6 million (other than the final payment of $9.8 million) commencing November 20, 2022. The maturity date of the $750 Million Credit Facility is May 20, 2027, and is subject to acceleration upon the occurrence of certain events (as described in the credit agreement). The $750 Million Credit Facility contains customary representations, warranties, restrictions and covenants applicable to the Company, ISOC and the subsidiary guarantors (and in certain cases, other subsidiaries). Hyuga Lease Financing On January 14, 2022, the Company entered into a lease financing arrangement with Hyuga Kaiun Co., Ltd (“Hyuga”) for the sale and leaseback of a 2011-built MR, which was a $390 Million Facility Collateral Vessel, for a net sale price of $16.7 million (the “Hyuga Lease Financing”). The transaction generated net proceeds of $5.7 million, after prepaying $11.0 million of the $390 Million Facility Term Loan. Under the lease financing arrangement, the vessel is subject to a nine-year bareboat charter at a bareboat rate of $6,300 per day for the first three years, $6,200 per day for the second three years, and $6,000 per day for the last three years, with purchase options exercisable commencing at the end of the fourth year and a $2.0 million purchase obligation at the end of the nine-year term. Kaiyo Lease Financing On April 25, 2022, the Company entered into a lease financing arrangement with Kaiyo Ltd. (“Kaiyo”) for the sale and leaseback of a 2010-built MR, which was a $390 Million Facility Collateral Vessel, for a net sale price of $15.2 million (the “Kaiyo Lease Financing”). The transaction generated net proceeds of $5.4 million, after prepaying $9.8 million of the $390 Million Facility Term Loan. Under the lease financing arrangement, the vessel is subject to an eight-year bareboat charter at a bareboat rate of $6,250 per day for the first four years, and $6,150 per day for the remaining four years, with purchase options exercisable commencing at the end of the fourth year and a $1.5 million purchase obligation at the end of the eight-year term. Kaisha Lease Financing On May 12, 2022, the Company entered into a lease financing arrangement with Kabushiki Kaisha (“Kaisha”) for the sale and leaseback of a 2010-built MR, which was a $525 Million Facility Collateral Vessel, for a net sale price of $15.2 million (the “Kaisha Lease Financing”). The transaction generated net proceeds of $10.6 million, after prepaying $4.6 million of the $525 Million Facility Term Loan. Under the lease financing arrangement, the vessel is subject to an eight-year bareboat charter at a bareboat rate of $6,250 per day for the first four years, and $6,150 per day for the remaining four years, with purchase options exercisable commencing at the end of the fourth year and a $1.5 million purchase obligation at the end of the eight-year term. 8.5% Senior Notes On August 5, 2022, the Company redeemed the $25 million aggregate principal outstanding of the 8.5% Senior Notes due June 2023. Debt Covenants The Company was in compliance with the financial and non-financial covenants under all of its financing arrangements as of September 30, 2022. The $750 Million Credit Facility, the Macquarie Credit Facility, the ING Credit Facility and certain of the Company’s lease financing arrangements 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); and (iv) to ensure the aggregate Fair Market Value of the Collateral Vessels will not be less than 135% of the aggregate outstanding principal amount of the Term Loans and Revolving Loans of each Facility. The 8.5% Senior Notes Indenture (the “Indenture”), which was terminated in conjunction with the August 5, 2022 redemption described above, contained certain covenants that required the Company to (i) not permit Total Borrowings (as defined in the Indenture) to equal or exceed 70% of Total Assets (as defined in the Indenture), and (ii) ensure that Net Worth (defined as Total Assets, less Intangible Assets and Total Borrowings, as defined in the Indenture) exceeded $600 million pursuant to the Minimum Net Worth covenant in the Indenture. The Company’s credit facilities also require it to comply with a number of covenants, including the delivery of quarterly and annual financial statements, budgets and annual projections; maintaining required insurances; compliance with laws (including environmental); compliance with the Employee Retirement Income Security Act of 1974 (“ERISA”); maintenance of flag and class of the collateral vessels; restrictions on consolidations, mergers or sales of assets; limitations on liens; limitations on issuance of certain equity interests; limitations on transactions with affiliates; and other customary covenants and related provisions. Interest Expense Total interest expense before the impact of capitalized interest, including amortization of issuance and deferred financing costs (for additional information related to deferred financing costs see Note 3, “Significant Accounting Policies”), commitment, administrative and other fees for all of the Company’s debt facilities for the three and nine months ended September 30, 2022 was $16.4 million and $43.0 million, respectively, and for the three and nine months ended September 30, 2021 was $10.7 million and $24.8 million, respectively three and nine months ended September 30, 2021 was $10.8 million and $23.2 million respectively Debt Modifications, Repurchases and Extinguishments During the first quarter of 2022, the Company recognized a net loss of $0.1 million, which is included in other expense in the accompanying condensed consolidated statement of operations. The net loss reflects a write-off of $0.1 million of unamortized deferred financing costs associated with the $11.0 million principal prepayment of the $390 Million Facility Term Loan in January 2022 (in connection with the Hyuga Lease Financing transaction described above), which was treated as a partial extinguishment. During the second quarter of 2022, the Company recognized a net loss of $0.2 million, which is included in other expense in the accompanying condensed consolidated statement of operations. The net loss reflects a write-off of unamortized deferred financing costs associated with the $10.0 million principal prepayment of the $390 Million Facility Term Loan in April 2022 (in connection with the Kaiyo Lease Financing transaction described above), which was treated as a partial extinguishment. During the third quarter of 2022, the Company recognized a net loss of $0.4 million, which is included in other expense in the accompanying condensed consolidated statement of operations. The net loss reflects a write-off of unamortized deferred financing costs associated with the $25.0 million principal prepayment of the 8.5% Senior Notes in August 2022. |
TAXES
TAXES | 9 Months Ended |
Sep. 30, 2022 | |
TAXES [Abstract] | |
TAXES | Note 11 — Taxes: The Company derives substantially all of its gross income from the use and operation of vessels in international commerce. The Company’s entities that own and operate vessels are primarily domiciled in the Marshall Islands and Liberia, which do not impose income tax on shipping operations. The Company also has or had subsidiaries in various jurisdictions that perform administrative, commercial or technical management functions. These subsidiaries are subject to income tax based on the services performed in countries in which their offices are located; current and deferred income taxes are recorded accordingly. A substantial portion of income earned by the Company is not subject to income tax. With respect to subsidiaries not subject to income tax in their respective countries of incorporation, no deferred taxes are provided for the temporary differences in the bases of the underlying assets and liabilities for tax and accounting purposes. The Company qualifies for an exemption from U.S. federal income taxes under Section 883 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and U.S. Treasury Department regulations for the 2022 calendar year, as less than 50 percent of the total value of the Company’s stock was held by one or more shareholders who own 5% or more of the Company’s stock for more than half of the days of 2022. The Company reviews its freight tax obligations on a regular basis and may update its assessment of its tax positions based on available information at that time. Such information may include additional legal advice as to the applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Company may change accordingly. The Marshall Islands and Liberia impose tonnage taxes, which are assessed on the tonnage of certain of the Company’s vessels. These tonnage taxes are included in vessel expenses in the accompanying condensed consolidated statements of operations. |
CAPITAL STOCK AND STOCK COMPENS
CAPITAL STOCK AND STOCK COMPENSATION | 9 Months Ended |
Sep. 30, 2022 | |
CAPITAL STOCK AND STOCK COMPENSATION [Abstract] | |
CAPITAL STOCK AND STOCK COMPENSATION | Note 12 — Capital Stock and Stock Compensation: The Company accounts for stock-based compensation expense in accordance with the fair value method required by ASC 718, Compensation – Stock Compensation Restricted Common Stock During the nine months ended September 30, 2022, the Company awarded a total of 41,718 restricted common stock shares to its non-employee directors. The weighted average fair value of INSW’s stock on the measurement date of such awards was $24.45 per share. Such restricted share awards vest in full on the earlier of the next annual meeting of the stockholders or June 3, 2023, subject to each director continuing to provide services to INSW through such date. The restricted share awards granted may not be transferred, pledged, assigned or otherwise encumbered prior to vesting. Prior to the vesting date, a holder of restricted share awards otherwise has all the rights of a shareholder of INSW, including the right to vote such shares and the right to receive dividends paid with respect to such shares at the same time as common shareholders generally. Restricted Stock Units and Stock Options During the nine months ended September 30, 2022, the Company granted 327,906 time-based restricted stock units (“RSUs”) to certain of its senior officers and employees. The weighted average grant date fair value of these awards was $19.65 per RSU. Each RSU represents a contingent right to receive one share of INSW common stock upon vesting. 304,650 of the RSUs awarded will vest in equal installments on each of the first three anniversaries of the grant date and 23,256 of the RSUs awarded will cliff vest on September 30, 2023. During the nine months ended September 30, 2022, the Company also awarded 124,590 performance-based RSUs to certain of its senior officers and employees. Each performance stock unit represents a contingent right to receive RSUs based upon the covered employees being continuously employed through the end of the period over which the performance goals are measured and shall vest as follows: (i) one During the nine months ended September 30, 2022, 274,549 stock options were exercised by certain senior officers and employees at an average exercise price of $18.52 per share. After withholdings for taxes and exercise costs, the Company issued a total of 51,075 shares in conjunction with these transactions. Dividends On February 28, 2022, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.06 per share. Pursuant to such declaration, the Company made dividend payments totaling $3.0 million on March 28, 2022 to stockholders of record as of March 14, 2022. On June 7, 2022, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.12 per share. Pursuant to such declaration, the Company made dividend payments totaling $6.0 million on June 29, 2022 to stockholders of record as of June 17, 2022. On August 4, 2022, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.12 per share. Pursuant to such declaration, the Company made dividend payments totaling $6.0 million on September 28, 2022 to stockholders of record as of September 14, 2022. On November 7, 2022, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.12 per share and a special dividend of $1.00 per share. Pursuant to such declaration, the Company will make both dividend payments on December 22, 2022 to stockholders of record as of December 8, 2022. Share Repurchases In August 2022, the Company’s Board of Directors authorized an increase in the share repurchase program to $60.0 million from $33.3 million and extended the expiration of the program to December 31, 2023. During the three months ended September 30, 2022, the Company repurchased and retired 687,740 shares of its common stock in open-market purchases, at an average price of $29.08 per share, for a total cost of $20.0 million. remaining buyback authorization under the Company’s was $40.0 million. In connection with the settlement of vested restricted stock units and exercise of stock options, the Company repurchased 223,926 and 308,405 shares of common stock during the three and nine months ended September 30, 2022, respectively, at an average cost of $30.22 and $26.78, respectively, per share (based on the market prices on the dates of vesting) from employees and certain members of management to cover withholding taxes and cost of options exercised. Similarly, the Company repurchased 5,090 and 56,065 shares of common stock during the three and nine months ended September 30, 2021, respectively, at an average cost of $18.62 and $20.06, respectively, per share. Rights Agreement On May 8, 2022, the Company entered into a shareholder rights plan in the form of a Rights Agreement (the “ Rights Agreement Right share of the Company’s common stock for each outstanding Right (other than Rights owned by such person or group, which would have become null and void). The Rights Agreement will expire on May 7, 2023. The Company’s Board of Directors may consider an earlier termination of the Rights Agreement if market and other conditions warrant. The Company’s Board of Directors adopted the Rights Agreement to enable all stockholders of the Company to realize the long-term value of their investment in the Company. The Rights Agreement is not intended to prevent an acquisition of the Company on terms that the Board considers favorable to, and in the best interests of, all stockholders. Rather, the Rights Agreement aims to reduce the likelihood that any person or group gains control of the Company through open market accumulation, or other tactics potentially disadvantaging the interests of all stockholders, without paying all stockholders an appropriate control premium or providing the Company’s Board of Directors sufficient time to make informed decisions in the best interest of all stockholders. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended |
Sep. 30, 2022 | |
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | Note 13 — Accumulated Other Comprehensive Income/(Loss): The components of accumulated other comprehensive income/(loss), net of related taxes, in the condensed consolidated balance sheets follow: (Dollars in thousands) September 30, 2022 December 31, 2021 Unrealized gains/(losses) on derivative instruments $ 16,977 $ (4,863) Items not yet recognized as a component of net periodic benefit cost (pension plans) (6,144) (7,497) $ 10,833 $ (12,360) The changes in the balances of each component of accumulated other comprehensive income/(loss), net of related taxes, during the three and nine months ended September 30, 2022 and 2021 follow: (Dollars in thousands) Unrealized gains/(losses) on cash flow hedges Items not yet recognized as a component of net periodic benefit cost Total Balance as of June 30, 2022 $ 6,865 $ (6,738) $ 127 Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss) 10,559 594 11,153 Amounts reclassified from accumulated other comprehensive income/(loss) (447) — (447) Balance as of September 30, 2022 $ 16,977 $ (6,144) $ 10,833 Balance as of June 30, 2021 $ (14,276) (8,641) (22,917) Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss) 133 260 393 Amounts reclassified from accumulated other comprehensive income/(loss) 3,047 — 3,047 Balance as of September 30, 2021 $ (11,096) $ (8,381) $ (19,477) (Dollars in thousands) Unrealized gains/(losses) on cash flow hedges Items not yet recognized as a component of net periodic benefit cost Total Balance as of December 31, 2021 $ (4,863) $ (7,497) $ (12,360) Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss) 21,491 1,353 22,844 Amounts reclassified from accumulated other comprehensive income/(loss) 349 — 349 Balance as of September 30, 2022 $ 16,977 $ (6,144) $ 10,833 Balance as of December 31, 2020 $ (24,098) (8,515) $ (32,613) Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss) 3,982 134 4,116 Amounts reclassified from accumulated other comprehensive income/(loss) 9,020 — 9,020 Balance as of September 30, 2021 $ (11,096) $ (8,381) $ (19,477) Amounts reclassified out of each component of accumulated other comprehensive income/(loss) follow: Three Months Ended September 30, Nine Months Ended September 30, Statement of Operations (Dollars in thousands) 2022 2021 2022 2021 Line Item Reclassifications of losses on cash flow hedges: Interest rate swaps entered into by the Company's Equity in income of equity method joint venture investees $ — $ 226 $ 130 $ 781 affiliated companies Interest rate swaps entered into by the Company's subsidiaries 261 1,293 (226) 3,558 Interest expense Reclassifications of losses on discontinued hedging instruments Interest rate swap entered into by the Company's subsidiaries (708) — 445 — Interest expense Reclassifications of losses on other-than-insignificant financing element of derivatives: Interest rate swaps entered into by the Company's subsidiaries — 1,528 — 4,681 Interest expense Total before and net of tax $ (447) $ 3,047 $ 349 $ 9,020 At September 30, 2022, the Company expects that it will reclassify $5.3 million (gross and net of tax) of net gain on derivative instruments from accumulated other comprehensive income/(loss) to earnings during the next twelve months attributable to interest rate swaps held by the Company. See Note 9, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” for additional disclosures relating to derivative instruments. |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 2022 | |
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 short term which are cancellable with up to 90 days' notice. As of September 30, 2022, the Company is a party to time charter out contracts with customers on one MR, one LR2, one Suezmax, and one VLCC with expiry dates ranging from March 2023 to August 2024. The Company's contracts with customers for voyage charters are short term and vary in length based upon the duration of each voyage. Lease revenue for non-variable lease payments is recognized over the lease term on a straight-line basis and lease revenue for variable lease payments (e.g., demurrage) is recognized in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. Lightering services provided by the Company's Crude Tanker Lightering Business, and voyage charter contracts that do not meet the definition of a lease are accounted for as service revenues under ASC 606. In accordance with ASC 606, revenue is recognized when a customer obtains control of or consumes promised services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these services. The following table presents the Company’s revenues from leases accounted for under ASC 842 and revenues from services accounted for under ASC 606 for the three and nine months ended September 30, 2022 and 2021: Crude Product (Dollars in thousands) Tankers Carriers Totals Three months ended September 30, 2022: Revenues from leases Pool revenues $ 60,710 $ 154,530 $ 215,240 Time and bareboat charter revenues 6,575 1,912 8,487 Voyage charter revenues from non-variable lease payments (1) 567 3,312 3,879 Voyage charter revenues from variable lease payments — 4 4 Revenues from services Voyage charter revenues from lightering services 9,219 — 9,219 Total shipping revenues $ 77,071 $ 159,758 $ 236,829 Three months ended September 30, 2021: Revenues from leases Pool revenues $ 18,763 $ 31,780 $ 50,543 Time and bareboat charter revenues 9,900 3,764 13,664 Voyage charter revenues from non-variable lease payments 6,696 7,389 14,085 Voyage charter revenues from variable lease payments 450 123 573 Revenues from services Voyage charter revenues from lightering services 5,951 — 5,951 Total shipping revenues $ 41,760 $ 43,056 $ 84,816 Crude Product (Dollars in thousands) Tankers Carriers Totals Nine months ended September 30, 2022: Revenues from leases Pool revenues $ 133,186 $ 330,543 $ 463,729 Time and bareboat charter revenues 16,503 6,292 22,795 Voyage charter revenues from non-variable lease payments (1) 5,648 10,952 16,600 Voyage charter revenues from variable lease payments 62 (67) (5) Revenues from services Voyage charter revenues from lightering services 23,389 — 23,389 Total shipping revenues $ 178,788 $ 347,720 $ 526,508 Nine months ended September 30, 2021: Revenues from leases Pool revenues $ 51,666 $ 49,991 $ 101,657 Time and bareboat charter revenues 33,054 7,022 40,076 Voyage charter revenues from non-variable lease payments (2) 8,423 8,871 17,294 Voyage charter revenues from variable lease payments 450 174 624 Revenues from services Voyage charter revenues from lightering services 18,225 — 18,225 Total shipping revenues $ 111,818 $ 66,058 $ 177,876 (1) Includes $0.9 million and $1.8 million of loss of hire proceeds received during the three and nine months ended September 30, 2022, respectively. (2) Includes $0.5 million of loss of hire proceeds received during the first quarter of 2021 . 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, 2022 $ 2,306 225 $ — Closing balance as of September 30, 2022 3,170 5,302 — We receive payments from customers based on the schedule established in our contracts. Contract assets relate to our conditional right to consideration for our completed performance obligations under contracts and decrease when the right to consideration becomes unconditional or payments are received. Contract liabilities include payments received in advance of performance under contracts and are recognized when performance under the respective contract has been completed. Deferred revenues allocated to unsatisfied performance obligations will be recognized over time as the services are performed. Performance Obligations All of the Company’s performance obligations, and associated revenue, are generally transferred to customers over time. The expected duration of services is less than one year. Adjustments to revenue primarily relate to changes in estimates of performance obligations related to voyage charters. Adjustments in revenues from performance obligations satisfied in previous periods recognized were nil during the three and nine months ended September 30, 2022 and 2021, respectively. Costs to Obtain or Fulfill a Contract As of September 30, 2022, there were no unamortized deferred costs of obtaining or fulfilling a contract. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2022 | |
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 have a lease term of 12-months or less; and (iii) short term leases of office and other space. Contracts under which the Company is a Lessee The Company currently has two major categories of leases - chartered-in vessels and leased office and other space. The expenses recognized during the three and nine months ended September 30, 2022 and 2021 for the lease component of these leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Operating lease cost Vessel assets Charter hire expenses $ 2,849 $ 2,108 $ 7,748 $ 6,999 Office and other space General and administrative 228 501 683 1,048 Voyage expenses 43 43 129 127 Short-term lease cost Vessel assets (1) Charter hire expenses 1,737 1,322 4,749 3,278 Total lease cost $ 4,857 $ 3,974 $ 13,309 $ 11,452 (1) Excludes vessels spot chartered-in under operating leases and employed in the Crude Tankers Lightering business for periods of less than one month each, totaling $0.7 million and $1.2 million for the three and nine months ended September 30, 2022, respectively, compared with $0.1 million and $0.3 million for the three and nine months ended September 30, 2021, respectively , including both lease and non-lease components. Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, (Dollars in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 7,952 $ 8,058 Supplemental balance sheet information related to leases was as follows: (Dollars in thousands) September 30, 2022 December 31, 2021 Operating lease right-of-use assets $ 18,069 $ 23,168 Current portion of operating lease liabilities $ (8,323) $ (8,393) Long-term operating lease liabilities (8,087) (12,522) Total operating lease liabilities $ (16,410) $ (20,915) Weighted average remaining lease term - operating leases 5.49 years 5.15 years Weighted average discount rate - operating leases 5.16% 5.42% 1. Charters-in of vessel assets: As of September 30, 2022, INSW had commitments to charter in two Aframaxes and two LR1s. and the two LR1s are time charters April 2023 Payments of lease liabilities and related number of operating days under these operating leases as of September 30, 2022 are as follows: Bareboat Charters-in: (Dollars in thousands) Amount Operating Days 2022 $ 1,582 184 2023 4,532 556 Total lease payments 6,114 740 less imputed interest (225) Total operating lease liabilities $ 5,889 Time Charters-in: (Dollars in thousands) Amount Operating Days 2022 $ 1,215 184 2023 1,381 210 Total lease payments (lease component only) 2,596 394 less imputed interest (13) Total operating lease liabilities $ 2,583 2. Office and other space: The Company has operating leases for offices and lightering workboat dock space. These leases have expiry dates ranging from July 2023 to May 2033. 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 the options are included in the lease liability and right of use asset calculations for such lease. Payments of lease liabilities for office and other space as of September 30, 2022 are as follows: (Dollars in thousands) Amount 2022 $ 68 2023 229 2024 973 2025 998 2026 1,024 Thereafter 6,908 Total lease payments 10,200 less imputed interest (2,262) Total operating lease liabilities $ 7,938 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 one MR, one LR2, one Suezmax and one VLCC and the related revenue days as of September 30, 2022 are as follows: (Dollars in thousands) Amount Revenue Days 2022 $ 9,940 332 2023 22,055 809 2024 7,280 224 Future minimum revenues $ 39,275 1,365 Future minimum revenues do not include the Company’s share of time charters entered into by the pools in which it participates. Revenues from a time charter are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future. |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 30, 2022 | |
CONTINGENCIES [Abstract] | |
CONTINGENCIES | Note 16 — 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 September 30, 2022. Assuming that the preliminary results of the deficit valuation as of June 30, 2021 are confirmed during 2022, showing that no deficit contributions would be required, the next deficit valuation will be as of March 31, 2024. The Merchant Navy Ratings Pension Fund (“MNRPF”) is a multi-employer defined benefit pension plan covering British crew members that served as ratings (seamen) on board INSW’s vessels (as well as vessels of other owners) more than 20 years ago. Participating employers include current employers, historic employers that have made voluntary contributions, and historic employers such as INSW that have made no deficit contributions. Calls for contributions may be required if additional actuarial deficits arise or if other employers liable for contributions are unable to pay their share in the future. As the amount of any such assessment cannot be reasonably estimated, no reserves have been recorded in INSW’s consolidated financial statements as of September 30, 2022. The next deficit valuation will be as of March 31, 2023. 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash — |
Short-term investments | Short-term investments |
Concentration of Credit Risk | Concentration of Credit Risk — (Dollars in thousands) Allowance for Credit Losses - Balance at December 31, 2021 $ 31 Provision for expected credit losses 130 Balance at September 30, 2022 $ 161 During the three and nine months ended September 30, 2022 and 2021, the Company did not have any individual customers who accounted for 10% or more of its revenues apart from the pools in which it participates. The pools in which the Company participates accounted in aggregate for 96% and 93% of consolidated voyage receivables at September 30, 2022 and December 31, 2021, respectively. |
Deferred finance charges | Deferred finance charges — |
Vessels construction in progress | Vessels construction in progress — |
Time Charter Contracts Acquired | Time Charter Contracts Acquired — |
Recently adopted / issued accounting standards | Recently Issued Accounting Standards Reference Rate Reform Reference Rate Reform |
CONTINGENCIES (Policy)
CONTINGENCIES (Policy) | 9 Months Ended |
Sep. 30, 2022 | |
CONTINGENCIES [Abstract] | |
Legal costs | INSW’s policy for recording legal costs related to contingencies is to expense such legal costs as incurred. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Activity for allowance for credit losses | (Dollars in thousands) Allowance for Credit Losses - Balance at December 31, 2021 $ 31 Provision for expected credit losses 130 Balance at September 30, 2022 $ 161 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Net income/(loss) attributable to the Company allocated to: Common Stockholders $ 113,313 $ (67,494) $ 169,229 $ (99,648) Participating securities 114 142 233 148 $ 113,427 $ (67,352) $ 169,462 $ (99,500) |
BUSINESS AND SEGMENT REPORTING
BUSINESS AND SEGMENT REPORTING (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
BUSINESS AND SEGMENT REPORTING [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Information about the Company’s reportable segments as of and for the three and nine months ended September 30, 2022 and 2021 follows: Crude Product (Dollars in thousands) Tankers Carriers Other Totals Three months ended September 30, 2022: Shipping revenues $ 77,071 $ 159,758 $ — $ 236,829 Time charter equivalent revenues 75,192 159,355 (1) 234,546 Depreciation and amortization 15,771 11,931 26 27,728 Loss on disposal of vessels and other assets, including impairments 77 62 — 139 Adjusted income/(loss) from vessel operations 30,993 109,490 (27) 140,456 Equity in loss of affiliated companies (1) — — (1) Investments in and advances to affiliated companies at September 30, 2022 16,301 21,808 — 38,109 Adjusted total assets at September 30, 2022 1,356,386 819,768 — 2,176,154 Three months ended September 30, 2021: Shipping revenues $ 41,760 $ 43,056 $ — $ 84,816 Time charter equivalent revenues 34,771 38,197 — 72,968 Depreciation and amortization 15,963 9,828 15 25,806 Gain on disposal of vessels and other property, including impairments (224) (8,880) — (9,104) Adjusted loss from vessel operations (9,682) (6,994) (15) (16,691) Equity in income of affiliated companies 5,730 — — 5,730 Investments in and advances to affiliated companies at September 30, 2021 154,921 22,481 — 177,402 Adjusted total assets at September 30, 2021 1,520,767 772,880 — 2,293,647 Crude Product (Dollars in thousands) Tankers Carriers Other Totals Nine months ended September 30, 2022: Shipping revenues $ 178,788 $ 347,720 $ — $ 526,508 Time charter equivalent revenues 171,124 346,936 — 518,060 Depreciation and amortization 46,109 35,816 59 81,984 Loss/(gain) on disposal of vessels and other assets, including impairments 1,048 (10,387) — (9,339) Adjusted income/(loss) from vessel operations 40,717 194,173 (58) 234,832 Equity in income of affiliated companies 434 — — 434 Expenditures for vessels and vessel improvements 59,101 28,502 — 87,603 Payments for drydocking 22,086 14,194 — 36,280 Nine months ended September 30, 2021: Shipping revenues $ 111,818 $ 66,058 $ — $ 177,876 Time charter equivalent revenues 101,817 61,038 — 162,855 Depreciation and amortization 42,005 17,578 56 59,639 Loss/(gain) on disposal of vessels and other assets, including impairments 3,791 (8,879) — (5,088) Adjusted loss from vessel operations (17,697) (8,692) (56) (26,445) Equity in income of affiliated companies 16,573 — — 16,573 Expenditures for vessels and vessel improvements 40,791 3,423 — 44,214 Payments for drydocking 16,518 7,298 — 23,816 |
Reconciliation of Revenue from Segments to Consolidated | Reconciliations of time charter equivalent (“TCE”) revenues of the segments to shipping revenues as reported in the condensed statements of operations follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Time charter equivalent revenues $ 234,546 $ 72,968 $ 518,060 $ 162,855 Add: Voyage expenses 2,283 11,848 8,448 15,021 Shipping revenues $ 236,829 $ 84,816 $ 526,508 $ 177,876 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Reconciliations of adjusted income/(loss) from vessel operations of the segments to loss before income taxes, as reported in the condensed consolidated statements of operations follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Total adjusted income/(loss) from vessel operations of all segments $ 140,456 $ (16,691) $ 234,832 $ (26,445) General and administrative expenses (11,839) (8,129) (32,852) (23,141) Third-party debt modification fees (71) (26) (1,158) (26) Merger and integration related costs — (47,079) — (47,560) Gain/(loss) on disposal of vessels and other assets, including impairments (139) 9,104 9,339 5,088 Consolidated income/(loss) from vessel operations 128,407 (62,821) 210,161 (92,084) Equity in income/(loss) of affiliated companies (1) 5,730 434 16,573 Other (expense)/income 360 (113) (440) 446 Interest expense (15,332) (10,639) (40,630) (24,925) Income/(loss) before income taxes $ 113,434 $ (67,843) $ 169,525 $ (99,990) |
Reconciliation of Assets from Segment to Consolidated | Reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets follow: (Dollars in thousands) September 30, 2022 September 30, 2021 Adjusted total assets of all segments $ 2,176,154 $ 2,293,647 Corporate unrestricted cash and cash equivalents 174,465 108,897 Restricted cash 1,060 23,694 Short-term investments 80,000 — Other unallocated amounts 28,224 15,595 Consolidated total assets $ 2,459,903 $ 2,441,833 |
VARIABLE INTEREST ENTITIES (V_2
VARIABLE INTEREST ENTITIES (VIEs) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
VARIABLE INTEREST ENTITIES (VIEs) [Abstract] | |
Schedule of Variable Interest Entities | (Dollars in thousands) Condensed Investments in Affiliated Companies $ 36,708 |
Schedule of Variable Interest Entities Liability in Condensed Consolidated Balance Sheet to Maximum Exposure to Loss | (Dollars in thousands) Condensed Maximum Exposure to Other Liabilities $ – $ 36,708 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES [Abstract] | |
Fair Value, by Balance Sheet Grouping | The estimated fair values of the Company’s financial instruments, other than derivatives that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: (Dollars in thousands) September 30, 2022 December 31, 2021 Fair Value Level Cash and cash equivalents (1) $ 175,525 $ 98,933 Level 1 Short-term investments (2) 80,000 n/a Level 1 $750 Million Facility Term Loan (530,000) n/a Level 2 $390 Million Facility Term Loan n/a (191,050) Level 2 $525 Million Facility Term Loan n/a (216,289) Level 2 $525 Million Facility Revolving Loan n/a (44,193) Level 2 $360 Million Facility Term Loan n/a (105,325) Level 2 $360 Million Facility Revolving Loan n/a (38,889) Level 2 Macquarie Credit Facility (17,750) (19,475) Level 2 ING Credit Facility (23,438) (25,000) Level 2 Ocean Yield Lease Financing (348,466) (370,305) Level 2 BoComm Lease Financing (52,841) (9,608) Level 2 Toshin Lease Financing (16,028) (16,995) Level 2 Hyuga Lease Financing (15,744) n/a Level 2 COSCO Lease Financing (48,986) (52,746) Level 2 Kaiyo Lease Financing (14,511) n/a Level 2 Kaisha Lease Financing (14,622) n/a Level 2 8.5% Senior Notes n/a (25,940) Level 1 (1) Includes restricted cash of $1.1 million at September 30, 2022 and December 31, 2021, respectively. (2) Short-term investments consist of time deposits with original maturities of between 90 and 180 days. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | (Dollars in thousands) Current portion of derivative asset Long-term derivative Current portion of derivative liabilities Long-term derivative September 30, 2022: Derivatives designated as hedging instruments: Interest rate swaps $ 4,801 $ 6,252 $ — $ — Total $ 4,801 $ 6,252 $ — $ — December 31, 2021: Derivatives designated as hedging instruments: Interest rate swaps $ — $ 1,296 $ (2,539) $ (757) Total $ — $ 1,296 $ (2,539) $ (757) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Loss | The effect of cash flow hedging relationships recognized in other comprehensive income excluding amounts reclassified from accumulated other comprehensive income/(loss), including hedges of equity method investees, for the three and nine months ended September 30, 2022 and 2021 follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Derivatives designated as hedging instruments: Interest rate swaps $ 10,559 $ 568 $ 21,491 $ 5,333 Other-than-insignificant financing element of derivatives: Interest rate swaps — (435) — (1,351) Total other comprehensive income $ 10,559 $ 133 $ 21,491 $ 3,982 The effect of cash flow hedging relationships on the condensed consolidated statement of operations is presented excluding hedges of equity method investees. The effect of the Company’s cash flow hedging relationships on the condensed consolidated statement of operations for the three and nine months ended September 30, 2022 and 2021 follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Derivatives designated as hedging instruments: Interest rate swaps $ 261 $ 1,293 $ (226) $ 3,558 Discontinued hedging instruments: Interest rate swap (708) — 445 — Other-than-insignificant financing element of derivatives: Interest rate swaps — 1,528 — 4,681 Total interest expense $ (447) $ 2,821 $ 219 $ 8,239 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the fair values, which are pre-tax, for assets and liabilities measured on a recurring basis (excluding investments in affiliated companies): (Dollars in thousands) September 30, 2022 December 31, 2021 Fair Value Level Derivative Assets (interest rate swaps) $ 11,053 $ 1,296 Level 2 (1) Derivative Liabilities (interest rate swaps) — (3,296) Level 2 (1) (1) For the interest rate 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 | The following table summarizes the fair values of assets for which impairment charges were recognized for the nine months ended September 30, 2022: (Dollars in thousands) Fair Value Level 2 Total Impairment Crude Tankers - Vessels held for sale (1)(2) $ 7,561 $ 7,561 $ (1,019) Product Carriers - Vessels held for sale (1) (2) 9,850 9,850 (207) Product Carriers - Vessels held for use (1) (2) 9,575 9,575 (471) (1) A pre-tax held for sale impairment charge of $1.0 million related to one Panamax in the Crude Tankers segment was recorded during the first quarter of 2022, including a charge of $0.9 million to write the value of the vessel down to its estimated fair value, and estimated costs to sell the vessel of $0.1 million. A pre-tax held for sale impairment charge of $0.2 million related to one MR in the Product Carriers segment was recorded during the first quarter of 2022, consisting of $0.2 million costs to sell the vessel. A pre-tax held for use impairment charge of $0.5 million related to one Handysize product carrier was recorded during the first quarter of 2022 to write the value of the vessel down to its estimated fair value. (2) Fair value measurement of $27.0 million at March 31, 2022 used to determine the impairments for the vessels was based upon a market approach, which considered the sale prices of the vessels based on the executed memoranda of agreements as discussed in Note 6, "Vessels." The sales prices are considered to be Level 2 because sales of vessels occur somewhat infrequently . |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
DEBT [Abstract] | |
Schedule of Long-term Debt Instruments | (Dollars in thousands) September 30, 2022 December 31, 2021 $750 Million Facility Term Loan, due 2027, net of unamortized deferred finance costs of $7,269 $ 522,732 $ — Macquarie Credit Facility, due 2025, net of unamortized deferred finance costs of $573 and $755 17,177 18,720 ING Credit Facility, due 2026, net of unamortized deferred finance costs of $448 and $546 22,990 24,454 $390 Million Facility Term Loan, due 2025, net of unamortized deferred finance costs of $2,357 — 188,693 $525 Million Facility Term Loan, due 2024 — 216,289 $525 Million Facility Revolving Loan, due 2024 — 44,193 $360 Million Facility Term Loan, due 2024 — 105,325 $360 Million Facility Revolving Loan, due 2024 — 38,889 Ocean Yield Lease Financing, due 2031, net of unamortized deferred finance costs of $3,341 and $3,799 345,125 366,506 BoComm Lease Financing, due 2030, net of unamortized deferred finance costs of $691 and $114 52,150 9,494 Toshin Lease Financing, due 2031, net of unamortized deferred finance costs of $387 and $428 15,642 16,567 COSCO Lease Financing, due 2028, net of unamortized deferred finance costs of $1,253 and $1,353 47,732 51,393 Hyuga Lease Financing, due 2031, net of unamortized deferred finance costs of $338 15,406 — Kaiyo Lease Financing, due 2030, net of unamortized deferred finance costs of $300 14,211 — Kaisha Lease Financing, due 2030, net of unamortized deferred finance costs of $313 14,309 — 8.5% Senior Notes, due 2023, net of unamortized deferred finance costs of $538 — 24,462 1,067,474 1,104,985 Less current portion (166,965) (178,715) Long-term portion $ 900,509 $ 926,270 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive income/(loss), net of related taxes, in the condensed consolidated balance sheets follow: (Dollars in thousands) September 30, 2022 December 31, 2021 Unrealized gains/(losses) on derivative instruments $ 16,977 $ (4,863) Items not yet recognized as a component of net periodic benefit cost (pension plans) (6,144) (7,497) $ 10,833 $ (12,360) The changes in the balances of each component of accumulated other comprehensive income/(loss), net of related taxes, during the three and nine months ended September 30, 2022 and 2021 follow: (Dollars in thousands) Unrealized gains/(losses) on cash flow hedges Items not yet recognized as a component of net periodic benefit cost Total Balance as of June 30, 2022 $ 6,865 $ (6,738) $ 127 Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss) 10,559 594 11,153 Amounts reclassified from accumulated other comprehensive income/(loss) (447) — (447) Balance as of September 30, 2022 $ 16,977 $ (6,144) $ 10,833 Balance as of June 30, 2021 $ (14,276) (8,641) (22,917) Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss) 133 260 393 Amounts reclassified from accumulated other comprehensive income/(loss) 3,047 — 3,047 Balance as of September 30, 2021 $ (11,096) $ (8,381) $ (19,477) (Dollars in thousands) Unrealized gains/(losses) on cash flow hedges Items not yet recognized as a component of net periodic benefit cost Total Balance as of December 31, 2021 $ (4,863) $ (7,497) $ (12,360) Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss) 21,491 1,353 22,844 Amounts reclassified from accumulated other comprehensive income/(loss) 349 — 349 Balance as of September 30, 2022 $ 16,977 $ (6,144) $ 10,833 Balance as of December 31, 2020 $ (24,098) (8,515) $ (32,613) Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss) 3,982 134 4,116 Amounts reclassified from accumulated other comprehensive income/(loss) 9,020 — 9,020 Balance as of September 30, 2021 $ (11,096) $ (8,381) $ (19,477) |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | Amounts reclassified out of each component of accumulated other comprehensive income/(loss) follow: Three Months Ended September 30, Nine Months Ended September 30, Statement of Operations (Dollars in thousands) 2022 2021 2022 2021 Line Item Reclassifications of losses on cash flow hedges: Interest rate swaps entered into by the Company's Equity in income of equity method joint venture investees $ — $ 226 $ 130 $ 781 affiliated companies Interest rate swaps entered into by the Company's subsidiaries 261 1,293 (226) 3,558 Interest expense Reclassifications of losses on discontinued hedging instruments Interest rate swap entered into by the Company's subsidiaries (708) — 445 — Interest expense Reclassifications of losses on other-than-insignificant financing element of derivatives: Interest rate swaps entered into by the Company's subsidiaries — 1,528 — 4,681 Interest expense Total before and net of tax $ (447) $ 3,047 $ 349 $ 9,020 |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
REVENUE [Abstract] | |
Schedule of Disaggregated Revenue | The following table presents the Company’s revenues from leases accounted for under ASC 842 and revenues from services accounted for under ASC 606 for the three and nine months ended September 30, 2022 and 2021: Crude Product (Dollars in thousands) Tankers Carriers Totals Three months ended September 30, 2022: Revenues from leases Pool revenues $ 60,710 $ 154,530 $ 215,240 Time and bareboat charter revenues 6,575 1,912 8,487 Voyage charter revenues from non-variable lease payments (1) 567 3,312 3,879 Voyage charter revenues from variable lease payments — 4 4 Revenues from services Voyage charter revenues from lightering services 9,219 — 9,219 Total shipping revenues $ 77,071 $ 159,758 $ 236,829 Three months ended September 30, 2021: Revenues from leases Pool revenues $ 18,763 $ 31,780 $ 50,543 Time and bareboat charter revenues 9,900 3,764 13,664 Voyage charter revenues from non-variable lease payments 6,696 7,389 14,085 Voyage charter revenues from variable lease payments 450 123 573 Revenues from services Voyage charter revenues from lightering services 5,951 — 5,951 Total shipping revenues $ 41,760 $ 43,056 $ 84,816 Crude Product (Dollars in thousands) Tankers Carriers Totals Nine months ended September 30, 2022: Revenues from leases Pool revenues $ 133,186 $ 330,543 $ 463,729 Time and bareboat charter revenues 16,503 6,292 22,795 Voyage charter revenues from non-variable lease payments (1) 5,648 10,952 16,600 Voyage charter revenues from variable lease payments 62 (67) (5) Revenues from services Voyage charter revenues from lightering services 23,389 — 23,389 Total shipping revenues $ 178,788 $ 347,720 $ 526,508 Nine months ended September 30, 2021: Revenues from leases Pool revenues $ 51,666 $ 49,991 $ 101,657 Time and bareboat charter revenues 33,054 7,022 40,076 Voyage charter revenues from non-variable lease payments (2) 8,423 8,871 17,294 Voyage charter revenues from variable lease payments 450 174 624 Revenues from services Voyage charter revenues from lightering services 18,225 — 18,225 Total shipping revenues $ 111,818 $ 66,058 $ 177,876 (1) Includes $0.9 million and $1.8 million of loss of hire proceeds received during the three and nine months ended September 30, 2022, respectively. (2) Includes $0.5 million of loss of hire proceeds received during the first quarter of 2021 . |
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, 2022 $ 2,306 225 $ — Closing balance as of September 30, 2022 3,170 5,302 — |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Lease [Abstract] | |
Schedule of lease cost | The Company currently has two major categories of leases - chartered-in vessels and leased office and other space. The expenses recognized during the three and nine months ended September 30, 2022 and 2021 for the lease component of these leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2022 2021 2022 2021 Operating lease cost Vessel assets Charter hire expenses $ 2,849 $ 2,108 $ 7,748 $ 6,999 Office and other space General and administrative 228 501 683 1,048 Voyage expenses 43 43 129 127 Short-term lease cost Vessel assets (1) Charter hire expenses 1,737 1,322 4,749 3,278 Total lease cost $ 4,857 $ 3,974 $ 13,309 $ 11,452 (1) Excludes vessels spot chartered-in under operating leases and employed in the Crude Tankers Lightering business for periods of less than one month each, totaling $0.7 million and $1.2 million for the three and nine months ended September 30, 2022, respectively, compared with $0.1 million and $0.3 million for the three and nine months ended September 30, 2021, respectively , including both lease and non-lease components. |
Supplemental lease information | Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, (Dollars in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 7,952 $ 8,058 Supplemental balance sheet information related to leases was as follows: (Dollars in thousands) September 30, 2022 December 31, 2021 Operating lease right-of-use assets $ 18,069 $ 23,168 Current portion of operating lease liabilities $ (8,323) $ (8,393) Long-term operating lease liabilities (8,087) (12,522) Total operating lease liabilities $ (16,410) $ (20,915) Weighted average remaining lease term - operating leases 5.49 years 5.15 years Weighted average discount rate - operating leases 5.16% 5.42% |
Schedule of lease maturity receivables | The future minimum revenues, before reduction for brokerage commissions, expected to be received on non-cancelable time charters for one MR, one LR2, one Suezmax and one VLCC and the related revenue days as of September 30, 2022 are as follows: (Dollars in thousands) Amount Revenue Days 2022 $ 9,940 332 2023 22,055 809 2024 7,280 224 Future minimum revenues $ 39,275 1,365 |
Office Space And Lightering Workboat Dock Space [Member] | |
Lease [Abstract] | |
Schedule of lease maturity payments | Payments of lease liabilities for office and other space as of September 30, 2022 are as follows: (Dollars in thousands) Amount 2022 $ 68 2023 229 2024 973 2025 998 2026 1,024 Thereafter 6,908 Total lease payments 10,200 less imputed interest (2,262) Total operating lease liabilities $ 7,938 |
Bareboat Charters-In [Member] | |
Lease [Abstract] | |
Schedule of lease maturity payments | Payments of lease liabilities and related number of operating days under these operating leases as of September 30, 2022 are as follows: Bareboat Charters-in: (Dollars in thousands) Amount Operating Days 2022 $ 1,582 184 2023 4,532 556 Total lease payments 6,114 740 less imputed interest (225) Total operating lease liabilities $ 5,889 |
Time Charters-In [Member] | |
Lease [Abstract] | |
Schedule of lease maturity payments | Time Charters-in: (Dollars in thousands) Amount Operating Days 2022 $ 1,215 184 2023 1,381 210 Total lease payments (lease component only) 2,596 394 less imputed interest (13) Total operating lease liabilities $ 2,583 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) | 9 Months Ended |
Sep. 30, 2022 property segment | |
Property, Plant and Equipment [Line Items] | |
Number of reportable segments | segment | 2 |
Vessel/Fleet [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of vessels in fleet | 78 |
Maritime Equipment Not Including New Builds [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of vessels in fleet | 75 |
Maritime Equipment New Builds [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of vessels in fleet | 3 |
MERGER TRANSACTION (Details)
MERGER TRANSACTION (Details) | Jul. 16, 2021 USD ($) shares | Sep. 30, 2022 item shares | Dec. 31, 2021 shares | Jul. 15, 2021 USD ($) |
Asset Acquisition [Line Items] | ||||
Special dividends that can be paid prior to the effective date under the business combination | $ | $ 31,500,000 | |||
Asset acquisition special dividends per share costs | $ | $ 1.12 | |||
Common stock, shares, issued | 50,674,393 | 49,058,615 | 49,612,019 | |
Common stock, shares, outstanding | 50,674,393 | 49,058,615 | 49,612,019 | |
Number of joint ventures | item | 2 | |||
Diamond S Shareholders | ||||
Asset Acquisition [Line Items] | ||||
Percentage of outstanding shares | 44.25% | |||
Pre Merger International Seaways Shareholders [Member] | ||||
Asset Acquisition [Line Items] | ||||
Percentage of outstanding shares | 55.75% | |||
Diamond S Shipping Inc | ||||
Asset Acquisition [Line Items] | ||||
Asset acquisition conversion ratio of acquiree stock into acquirer stock | 0.55375 | |||
Diamond S Shipping Inc | Common Stock [Member] | ||||
Asset Acquisition [Line Items] | ||||
Shares issued in asset acquisition | 22,536,647 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Aug. 05, 2022 | Aug. 04, 2022 | Jun. 02, 2022 | May 20, 2022 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Restricted cash | $ 1,060,000 | $ 23,694,000 | $ 1,060,000 | $ 23,694,000 | $ 1,100,000 | ||||
Amortization of financing costs | 1,700,000 | 500,000 | 3,300,000 | 1,600,000 | |||||
Amortization of Intangible Assets | 100,000 | 842,000 | 1,743,000 | ||||||
Debt instrument, face amount | $ 750,000,000 | ||||||||
Maritime Equipment New Builds [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Interest costs capitalized | 1,200,000 | $ 200 | 2,700,000 | $ 200 | |||||
8.5% Senior Notes | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | |||||||
$390 million Credit Facility | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Debt instrument, face amount | $ 390,000,000 | ||||||||
$750 Million Credit Facility | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Debt instrument, face amount | 750,000,000 | $ 750,000,000 | $ 750,000,000 | ||||||
Revenue, Product and Service Benchmark [Member] | Product Concentration Risk [Member] | Pool Revenue Leases [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk, percentage | 96% | 93% | |||||||
Term loan | 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 | 14,900,000 | $ 14,900,000 | $ 9,900,000 | ||||||
Revolving Credit Facility [Member] | $390 million Credit Facility | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Deferred finance costs, gross | $ 3,700,000 | ||||||||
Revolving Credit Facility [Member] | $750 Million Credit Facility | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Deferred finance costs, gross | $ 7,100,000 | $ 7,100,000 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Activity for allowance for credit losses) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Balance Beginning | $ 31 |
(Reversal of)/provision for expected credit losses | 130 |
Balance Ending | $ 161 |
EARNINGS PER COMMON SHARE (Narr
EARNINGS PER COMMON SHARE (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive awards | 430,984 | 0 | 264,881 | 0 |
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Participating securities allocated a portion of income | 49,778 | 106,384 | 68,945 | |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities | 592,112 | |||
Restricted Stock Units (RSUs) [Member] | Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Participating securities allocated a portion of income | 73,172 | |||
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities | 537,357 | |||
Antidilutive securities excluded from computation of earnings per share, amount | 1,298,016 | 1,054,691 | 1,236,334 | 1,022,293 |
EARNINGS PER COMMON SHARE (Reco
EARNINGS PER COMMON SHARE (Reconciliation of Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
EARNINGS PER COMMON SHARE [Abstract] | ||||
Common Stockholders | $ 113,313 | $ (67,494) | $ 169,229 | $ (99,648) |
Participating securities | 114 | 142 | 233 | 148 |
Net (loss)/income | $ 113,427 | $ (67,352) | $ 169,462 | $ (99,500) |
BUSINESS AND SEGMENT REPORTIN_2
BUSINESS AND SEGMENT REPORTING (Reportable Segments Information) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) property | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) property segment | Sep. 30, 2021 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Revenues, services | $ 236,829 | $ 84,816 | $ 526,508 | $ 177,876 |
Time charter equivalent revenues | 234,546 | 72,968 | 518,060 | 162,855 |
Depreciation and amortization | 27,728 | 25,806 | 81,984 | 59,639 |
Loss/(gain) on disposal of vessels and other assets, including impairments | 139 | (9,104) | (9,339) | (5,088) |
Adjusted income/(loss) from vessel operations | 140,456 | (16,691) | 234,832 | (26,445) |
Equity in income/(loss) of affiliated companies | (1) | 5,730 | 434 | 16,573 |
Investments in and advances to affiliated companies | 38,109 | 177,402 | 38,109 | 177,402 |
Adjusted total assets | 2,176,154 | 2,293,647 | 2,176,154 | 2,293,647 |
Expenditures for vessels and vessel improvements | 87,603 | 44,214 | ||
Payments for drydocking | 36,280 | 23,816 | ||
Time Charter Equivalent Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, services | 234,546 | |||
Time charter equivalent revenues | 72,968 | 518,060 | 162,855 | |
International Crude Tankers Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, services | 77,071 | 41,760 | 178,788 | 111,818 |
Depreciation and amortization | 15,771 | 15,963 | 46,109 | 42,005 |
Loss/(gain) on disposal of vessels and other assets, including impairments | 77 | (224) | 1,048 | 3,791 |
Adjusted income/(loss) from vessel operations | 30,993 | (9,682) | 40,717 | (17,697) |
Equity in income/(loss) of affiliated companies | (1) | 5,730 | 434 | 16,573 |
Investments in and advances to affiliated companies | 16,301 | 154,921 | 16,301 | 154,921 |
Adjusted total assets | $ 1,356,386 | 1,520,767 | 1,356,386 | 1,520,767 |
Expenditures for vessels and vessel improvements | 59,101 | 40,791 | ||
Payments for drydocking | $ 22,086 | 16,518 | ||
International Crude Tankers Segment [Member] | Two Floating Storage and Offloading Vessels [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of Vessels Operated by Joint Venture | property | 2 | 2 | ||
International Crude Tankers Segment [Member] | Time Charter Equivalent Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, services | $ 75,192 | |||
Time charter equivalent revenues | 34,771 | $ 171,124 | 101,817 | |
International Product Carriers Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, services | 159,758 | 43,056 | 347,720 | 66,058 |
Depreciation and amortization | 11,931 | 9,828 | 35,816 | 17,578 |
Loss/(gain) on disposal of vessels and other assets, including impairments | 62 | (8,880) | (10,387) | (8,879) |
Adjusted income/(loss) from vessel operations | 109,490 | (6,994) | 194,173 | (8,692) |
Equity in income/(loss) of affiliated companies | 0 | 0 | ||
Investments in and advances to affiliated companies | 21,808 | 22,481 | 21,808 | 22,481 |
Adjusted total assets | 819,768 | 772,880 | 819,768 | 772,880 |
Expenditures for vessels and vessel improvements | 28,502 | 3,423 | ||
Payments for drydocking | 14,194 | 7,298 | ||
International Product Carriers Segment [Member] | Time Charter Equivalent Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, services | 159,355 | |||
Time charter equivalent revenues | 38,197 | 346,936 | 61,038 | |
Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, services | 0 | 0 | ||
Depreciation and amortization | 26 | 15 | 59 | 56 |
Loss/(gain) on disposal of vessels and other assets, including impairments | 0 | 0 | ||
Adjusted income/(loss) from vessel operations | (27) | (15) | (58) | (56) |
Equity in income/(loss) of affiliated companies | 0 | 0 | ||
Investments in and advances to affiliated companies | 0 | 0 | 0 | 0 |
Adjusted total assets | 0 | 0 | $ 0 | $ 0 |
Other Segments [Member] | Time Charter Equivalent Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, services | $ (1) | |||
Time charter equivalent revenues | $ 0 |
BUSINESS AND SEGMENT REPORTIN_3
BUSINESS AND SEGMENT REPORTING (Reconciliation of Time Charter Revenue to Shipping Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Time charter equivalent revenues | $ 234,546 | $ 72,968 | $ 518,060 | $ 162,855 |
Add: Voyage expenses | 2,283 | 11,848 | 8,448 | 15,021 |
Revenue, non lease | 236,829 | 84,816 | 526,508 | 177,876 |
Time Charter Equivalent Services [Member] | ||||
Time charter equivalent revenues | $ 72,968 | $ 518,060 | $ 162,855 | |
Revenue, non lease | $ 234,546 |
BUSINESS AND SEGMENT REPORTIN_4
BUSINESS AND SEGMENT REPORTING (Reconciliation of Income/(Loss) from Vessel Operations to Loss Before Reorganization) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Total adjusted income/(loss) from vessel operations of all segments | $ 140,456 | $ (16,691) | $ 234,832 | $ (26,445) |
General and administrative expenses | (11,839) | (8,129) | (32,852) | (23,141) |
Reversal of expected credit losses | (130) | |||
Third-party debt modification fees | (71) | (26) | (1,158) | (26) |
Merger and integration related costs | (47,079) | 0 | (47,560) | |
Gain/(loss) on disposal of vessels and other assets, including impairments | (139) | 9,104 | 9,339 | 5,088 |
Consolidated loss from vessel operations | 128,407 | (62,821) | 210,161 | (92,084) |
Equity in income/(loss) of affiliated companies | (1) | 5,730 | 434 | 16,573 |
Other income/(expense) | 360 | (113) | (440) | 446 |
Interest expense | (15,332) | (10,639) | (40,630) | (24,925) |
Income/(loss) before income taxes | $ 113,434 | $ (67,843) | 169,525 | (99,990) |
Vessel Operations [Member] | ||||
Total adjusted income/(loss) from vessel operations of all segments | 234,832 | (26,445) | ||
General and administrative expenses | (32,852) | (23,141) | ||
Third-party debt modification fees | (1,158) | (26) | ||
Merger and integration related costs | 0 | (47,560) | ||
Gain/(loss) on disposal of vessels and other assets, including impairments | 9,339 | 5,088 | ||
Consolidated loss from vessel operations | 210,161 | (92,084) | ||
Equity in income/(loss) of affiliated companies | 434 | 16,573 | ||
Other income/(expense) | (440) | 446 | ||
Interest expense | (40,630) | (24,925) | ||
Income/(loss) before income taxes | $ 169,525 | $ (99,990) |
BUSINESS AND SEGMENT REPORTIN_5
BUSINESS AND SEGMENT REPORTING (Reconciliation of Assets of Segments to Consolidated Amounts) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Segment Reporting Information [Line Items] | |||
Adjusted total assets | $ 2,176,154 | $ 2,293,647 | |
Cash and cash equivalents | 174,465 | $ 97,883 | 108,897 |
Restricted cash | 1,060 | 1,100 | 23,694 |
Short-term Investments | 80,000 | 0 | |
Other unallocated amounts | 28,224 | 15,595 | |
Total assets | 2,459,903 | $ 2,346,780 | 2,441,833 |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted total assets | $ 0 | $ 0 |
VESSELS (Narrative) (Details)
VESSELS (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 11, 2021 USD ($) property | Jan. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) property | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Jun. 02, 2022 USD ($) | May 24, 2022 USD ($) | |
Impairment of long-lived assets held-for-use | $ 1,697 | $ 3,497 | ||||||
Proceeds from disposal of vessels and other property, net | 79,476 | $ 113,510 | ||||||
Payments to acquire equipment | $ 3,000 | |||||||
Loss on contract termination | 700 | |||||||
Debt instrument, face amount | $ 750,000 | |||||||
Vessels construction in progress | $ 101,701 | $ 49,291 | ||||||
$390 million Credit Facility | ||||||||
Debt instrument, face amount | 390,000 | |||||||
$525 Million Credit Agreement | ||||||||
Debt instrument, face amount | 525,000 | $ 525,000 | ||||||
Vessel/Fleet [Member] | ||||||||
Number of vessels in fleet | property | 78 | |||||||
Dual Fuel LNG VLCC Under Construction [Member] | ||||||||
Expected construction costs | $ 290,000 | |||||||
Remaining cost of construction of vessels | $ 192,200 | |||||||
Number of vessels in construction | property | 3 | |||||||
Interest costs capitalized | 2,700 | 600 | ||||||
Leasing term of property | 7 years | |||||||
Vessels construction in progress | 101,700 | $ 49,300 | ||||||
Panamax 2004 And Handysize 2006 Vessel [Member] | ||||||||
Impairment of long-lived assets to be disposed of | 1,700 | |||||||
Medium Range Vessel 2010 [Member] | ||||||||
Proceeds from disposal of vessels and other property, net | $ 16,500 | |||||||
Net gain (loss) on disposal of vessel | $ 4,500 | |||||||
1 2008 Medium Range, 1 2002 Panamax, 1 2004 Panamax and Remaining 4 2006 Handysize Product Carriers [Member] | ||||||||
Net gain (loss) on disposal of vessel | $ 7,600 | |||||||
Long Range One Vessel 2011 [Member] | ||||||||
Payments to acquire equipment | $ 19,500 |
EQUITY METHOD INVESTMENTS (Narr
EQUITY METHOD INVESTMENTS (Narrative) (Details) $ in Thousands | 9 Months Ended | |||
Jun. 07, 2022 USD ($) | Sep. 30, 2022 USD ($) contract item | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Number of joint ventures | item | 2 | |||
Investments in and advances to affiliated companies | $ 38,109 | $ 180,331 | ||
Minimum liquidity level, threshold amount | $ 50,000 | |||
Minimum liquidity level, threshold percentage of debt | 5% | |||
Loss on sale of investments in affiliated companies | $ 9,513 | $ 0 | ||
FSO Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50% | |||
Proceeds from divestiture of interest in joint venture | $ 140,000 | |||
Loss on sale of investments in affiliated companies | 9,500 | |||
Unrealized losses with interest rate swap | $ 100 | |||
FSO Joint Venture [Member] | Two Floating Storage and Offloading Vessels [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of contracts related to joint venture | contract | 2 | |||
LNG Joint Venture, TI Africa and TI Asia Limited [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50% |
VARIABLE INTEREST ENTITIES (V_3
VARIABLE INTEREST ENTITIES (VIEs) (Narrative) (Details) $ in Thousands | 6 Months Ended | 9 Months Ended | ||||
Jul. 01, 2022 USD ($) | Jun. 30, 2022 | Sep. 30, 2022 USD ($) item | Sep. 30, 2021 USD ($) | Jun. 02, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Variable Interest Entity [Line Items] | ||||||
Number of joint ventures | item | 2 | |||||
Accounts receivable, net, current | $ 230,141 | $ 107,096 | ||||
Payments on debt | 744,034 | $ 0 | ||||
Face amount | $ 750,000 | |||||
Proceeds from Sale of Equity Method Investments | $ 138,966 | $ 0 | ||||
DASM [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable interest entity percentage of ownership | 51% | |||||
Proceeds from Sale of Equity Method Investments | $ 800 | |||||
Gain (Loss) on Investments | $ 100 | |||||
DASM [Member] | A E Holdings [Member | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable interest entity percentage of ownership | 49% | |||||
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Number of commercial pools | item | 6 | |||||
Variable Interest Entity, Not Primary Beneficiary [Member] | FSO Joint Venture [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Accounts receivable, net, current | $ 218,200 |
VARIABLE INTEREST ENTITIES (V_4
VARIABLE INTEREST ENTITIES (VIEs) (Balance Sheet Carrying Amounts Related to VIEs) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Variable Interest Entity [Line Items] | ||
Investments in Affiliated Companies | $ 38,109 | $ 177,402 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Affiliated Companies | $ 36,708 |
VARIABLE INTEREST ENTITIES (V_5
VARIABLE INTEREST ENTITIES (VIEs) (Comparison of Liability to Maximum Exposure to Loss) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Other Liabilities | $ 1,594 | $ 2,288 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | $ 36,708 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Jun. 02, 2022 | May 22, 2022 | May 31, 2022 | Nov. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | May 20, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||||||
Debt instrument, face amount | $ 750,000 | |||||||||||
Derivative, notional amount | $ 358,600 | |||||||||||
Long-term debt | $ 1,067,474 | $ 1,067,474 | $ 1,104,985 | |||||||||
Payments interest rate swap settlement | 0 | $ 3,977 | ||||||||||
Net change in unrealized gains/(losses) on cash flow hedges | 10,112 | $ 3,180 | 21,840 | $ 13,002 | ||||||||
Proceeds from derivative settlement | 9,600 | |||||||||||
Derivative gain (loss) | $ 4,600 | $ 2,100 | ||||||||||
$750 Million Credit Facility | ||||||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||||||
Debt instrument, face amount | 750,000 | 750,000 | $ 750,000 | |||||||||
Derivative, notional amount | $ 475,000 | |||||||||||
Derivative, fixed interest rate | 2.84% | |||||||||||
Derivative, maturity date | Feb. 22, 2027 | |||||||||||
Long-term debt | 522,732 | 522,732 | 0 | |||||||||
$390 Million Facility Term Loan | ||||||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||||||
Debt instrument, face amount | 390,000 | $ 390,000 | $ 390,000 | |||||||||
$390 Million Facility Term Loan | Term loan | ||||||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||||||
Debt instrument, face amount | 390,000 | 390,000 | 390,000 | |||||||||
Long-term debt | 0 | 0 | 188,693 | |||||||||
$525 Million Facility Term Loan | ||||||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||||||
Debt instrument, face amount | $ 525,000 | |||||||||||
$525 Million Facility Term Loan | Term loan | ||||||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||||||
Debt instrument, face amount | 525,000 | 525,000 | 525,000 | |||||||||
Long-term debt | $ 0 | $ 0 | $ 216,289 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Other Than Derivatives) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Aug. 05, 2022 | Aug. 04, 2022 | Jun. 30, 2022 | Jun. 02, 2022 | May 31, 2022 | May 20, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Restricted cash | $ 1,060 | $ 1,100 | $ 23,694 | |||||||
Debt face amount | $ 750,000 | |||||||||
$390 Million Facility Term Loan | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Debt face amount | $ 390,000 | $ 390,000 | $ 390,000 | |||||||
8.5% Senior Notes | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | ||||||||
$750 Million Credit Facility | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Debt face amount | 750,000 | $ 750,000 | ||||||||
$525 Million Facility Term Loan | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Debt face amount | $ 525,000 | |||||||||
Term loan | $390 Million Facility Term Loan | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Debt face amount | 390,000 | 390,000 | ||||||||
Term loan | $525 Million Facility Term Loan | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Debt face amount | 525,000 | 525,000 | ||||||||
Term loan | $360 Million Facility Term Loan | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Debt face amount | 360,000 | 360,000 | ||||||||
Revolver Facility | $525 Million Facility Revolving Loan | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Debt face amount | 525,000 | 525,000 | ||||||||
Revolver Facility | $360 Million Facility Revolving Loan | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Debt face amount | $ 360,000 | $ 360,000 | ||||||||
Senior Notes | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Debt instrument, interest rate, stated percentage | 8.50% | |||||||||
Senior Notes | 8.5% Senior Notes | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | ||||||||
Fair Value, Inputs, Level 1 [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Cash and cash equivalents | $ 175,525 | $ 98,933 | ||||||||
Short-term investments | 80,000 | |||||||||
Fair Value, Inputs, Level 1 [Member] | $360 Million Facility Revolving Loan | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Loans Payable, Fair Value Disclosure | (38,889) | |||||||||
Fair Value, Inputs, Level 1 [Member] | Senior Notes | 8.5% Senior Notes | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Notes Payable, Fair Value Disclosure | (25,940) | |||||||||
Fair Value, Inputs, Level 2 [Member] | $390 Million Facility Term Loan | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Loans Payable, Fair Value Disclosure | (191,050) | |||||||||
Fair Value, Inputs, Level 2 [Member] | $750 Million Credit Facility | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Loans Payable, Fair Value Disclosure | (530,000) | |||||||||
Fair Value, Inputs, Level 2 [Member] | $525 Million Facility Term Loan | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Loans Payable, Fair Value Disclosure | (216,289) | |||||||||
Fair Value, Inputs, Level 2 [Member] | $525 Million Facility Revolving Loan | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Loans Payable, Fair Value Disclosure | (44,193) | |||||||||
Fair Value, Inputs, Level 2 [Member] | $360 Million Facility Term Loan | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Loans Payable, Fair Value Disclosure | (105,325) | |||||||||
Fair Value, Inputs, Level 2 [Member] | Macquarie Credit Facility | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Loans Payable, Fair Value Disclosure | (17,750) | (19,475) | ||||||||
Fair Value, Inputs, Level 2 [Member] | ING Credit Facility | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Loans Payable, Fair Value Disclosure | (23,438) | (25,000) | ||||||||
Fair Value, Inputs, Level 2 [Member] | Ocean Yield Lease Financing | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Lease financing, Fair Value Disclosure | (348,466) | (370,305) | ||||||||
Fair Value, Inputs, Level 2 [Member] | BoComm Lease Financing | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Lease financing, Fair Value Disclosure | (52,841) | (9,608) | ||||||||
Fair Value, Inputs, Level 2 [Member] | Toshin Lease Financing | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Lease financing, Fair Value Disclosure | (16,028) | (16,995) | ||||||||
Fair Value, Inputs, Level 2 [Member] | COSCO Lease Financing | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Lease financing, Fair Value Disclosure | (48,986) | $ (52,746) | ||||||||
Fair Value, Inputs, Level 2 [Member] | Hyuga Lease Financing | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Lease financing, Fair Value Disclosure | (15,744) | |||||||||
Fair Value, Inputs, Level 2 [Member] | Kaiyo Lease Financing | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Lease financing, Fair Value Disclosure | (14,511) | |||||||||
Fair Value, Inputs, Level 2 [Member] | Kaisha Lease Financing | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Lease financing, Fair Value Disclosure | $ (14,622) |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current Portion of Derivative Assets [Member] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 4,801 | |
Non Current Portion of Derivative Assets [Member] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 6,252 | $ 1,296 |
Current Portion of Derivative Liabilities [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | (2,539) |
Non Current Portion of Derivative Liabilities [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | (757) |
Designated as Hedging Instrument [Member] | Current Portion of Derivative Assets [Member] | Interest Rate Swap [Member] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 4,801 | |
Designated as Hedging Instrument [Member] | Non Current Portion of Derivative Assets [Member] | Interest Rate Swap [Member] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 6,252 | 1,296 |
Designated as Hedging Instrument [Member] | Current Portion of Derivative Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | (2,539) |
Designated as Hedging Instrument [Member] | Non Current Portion of Derivative Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | $ 0 | $ (757) |
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 | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
May 22, 2022 | Nov. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative, gain (loss) on derivative, net | $ 4,600 | $ 2,100 | ||||
Designated as Hedging Instrument [Member] | ||||||
Total other comprehensive loss | $ 10,559 | $ 133 | $ 21,491 | $ 3,982 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Total other comprehensive loss | $ 10,559 | 568 | $ 21,491 | 5,333 | ||
Hybrid Instrument [Member] | Interest Rate Swap [Member] | ||||||
Total other comprehensive loss | $ (435) | $ (1,351) |
FAIR VALUE OF FINANCIAL INSTR_7
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Effect of Cash Flow Hedging Relationships on Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | $ (447) | $ 3,047 | $ 349 | $ 9,020 |
Interest Expense [Member] | ||||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | (447) | 2,821 | 219 | 8,239 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | (708) | 445 | 0 | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | $ 261 | 1,293 | (226) | 3,558 |
Hybrid Instrument [Member] | Interest Rate Swap [Member] | ||||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | $ 1,528 | $ 0 | $ 4,681 |
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) - Interest Rate Swap [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative Asset | $ 11,053 | $ 1,296 |
Derivative liability | $ 0 | $ (3,296) |
FAIR VALUE OF FINANCIAL INSTR_9
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Fair Value of Items Measured on Nonrecurring Basis) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 31, 2022 USD ($) property | Sep. 30, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale and property, plant and equipment fair value disclosure | $ 27,000 | |
International Crude Tankers Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale, fair value disclosure | $ 7,561 | |
Impairment | $ (1,000) | (1,019) |
Number of vessels with impairment triggering events | property | 1 | |
International Crude Tankers Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale, fair value disclosure | 7,561 | |
International Product Carriers Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Property, plant and equipment, fair value | 9,575 | |
Assets held for sale, fair value disclosure | 9,850 | |
Vessels held for use, Impairment Charges | $ (500) | (471) |
Impairment | (200) | (207) |
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 | 9,575 | |
Assets held for sale, fair value disclosure | $ 9,850 | |
Write Down Vessel Value To Fair Value [Member] | International Crude Tankers Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment | (900) | |
Estimated Costs To Sell Vessel [Member] | International Crude Tankers Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment | (100) | |
Estimated Costs To Sell Vessel [Member] | International Product Carriers Segment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment | $ (200) |
DEBT (Schedule of Long-term Deb
DEBT (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Aug. 05, 2022 | Aug. 04, 2022 | Jun. 30, 2022 | Jun. 02, 2022 | May 31, 2022 | May 20, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt | |||||||||
Long-term debt | $ 1,067,474 | $ 1,104,985 | |||||||
Less current portion | (166,965) | (178,715) | |||||||
Long-term portion | 900,509 | 926,270 | |||||||
Debt face amount | $ 750,000 | ||||||||
$750 Million Credit Facility | |||||||||
Debt | |||||||||
Long-term debt | 522,732 | 0 | |||||||
Debt face amount | 750,000 | $ 750,000 | |||||||
Unamortized discount and deferred finance costs | 7,269 | ||||||||
$390 Million Facility Term Loan | |||||||||
Debt | |||||||||
Debt face amount | $ 390,000 | $ 390,000 | $ 390,000 | ||||||
$525 Million Facility Term Loan | |||||||||
Debt | |||||||||
Debt face amount | $ 525,000 | ||||||||
Macquarie Credit Facility | |||||||||
Debt | |||||||||
Long-term debt | 17,177 | 18,720 | |||||||
Unamortized discount and deferred finance costs | 573 | 755 | |||||||
ING Credit Facility | |||||||||
Debt | |||||||||
Long-term debt | 22,990 | 24,454 | |||||||
Unamortized discount and deferred finance costs | 448 | 546 | |||||||
Ocean Yield Lease Financing | |||||||||
Debt | |||||||||
Long-term debt | 345,125 | 366,506 | |||||||
Unamortized discount and deferred finance costs | 3,341 | 3,799 | |||||||
BoComm Lease Financing | |||||||||
Debt | |||||||||
Long-term debt | 52,150 | 9,494 | |||||||
Unamortized discount and deferred finance costs | 691 | 114 | |||||||
Toshin Lease Financing | |||||||||
Debt | |||||||||
Long-term debt | 15,642 | 16,567 | |||||||
Unamortized discount and deferred finance costs | 387 | 428 | |||||||
COSCO Lease Financing | |||||||||
Debt | |||||||||
Long-term debt | 47,732 | 51,393 | |||||||
Unamortized discount and deferred finance costs | 1,253 | 1,353 | |||||||
Hyuga Lease Financing | |||||||||
Debt | |||||||||
Long-term debt | 15,406 | 0 | |||||||
Unamortized discount and deferred finance costs | 338 | ||||||||
Kaiyo Lease Financing | |||||||||
Debt | |||||||||
Long-term debt | 14,211 | 0 | |||||||
Unamortized discount and deferred finance costs | 300 | ||||||||
Kaisha Lease Financing | |||||||||
Debt | |||||||||
Long-term debt | 14,309 | 0 | |||||||
Unamortized discount and deferred finance costs | 313 | ||||||||
8.5% Senior Notes | |||||||||
Debt | |||||||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | |||||||
Term loan | $390 Million Facility Term Loan | |||||||||
Debt | |||||||||
Long-term debt | 0 | 188,693 | |||||||
Debt face amount | 390,000 | 390,000 | |||||||
Unamortized discount and deferred finance costs | 2,357 | ||||||||
Term loan | $525 Million Facility Term Loan | |||||||||
Debt | |||||||||
Long-term debt | 0 | 216,289 | |||||||
Debt face amount | 525,000 | 525,000 | |||||||
Term loan | $360 Million Facility Term Loan | |||||||||
Debt | |||||||||
Long-term debt | 0 | 105,325 | |||||||
Debt face amount | 360,000 | 360,000 | |||||||
Revolver Facility | $525 Million Facility Revolving Loan | |||||||||
Debt | |||||||||
Long-term debt | 0 | 44,193 | |||||||
Debt face amount | 525,000 | 525,000 | |||||||
Revolver Facility | $360 Million Facility Revolving Loan | |||||||||
Debt | |||||||||
Long-term debt | 0 | 38,889 | |||||||
Debt face amount | 360,000 | 360,000 | |||||||
Senior Notes | |||||||||
Debt | |||||||||
Debt instrument, interest rate, stated percentage | 8.50% | ||||||||
Senior Notes | 8.5% Senior Notes | |||||||||
Debt | |||||||||
Long-term debt | 0 | $ 24,462 | |||||||
Unamortized discount and deferred finance costs | $ 538 | ||||||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% |
DEBT (750 Million Credit Facili
DEBT (750 Million Credit Facility) (Details) $ in Millions | Jun. 15, 2022 USD ($) | May 24, 2022 USD ($) installment | May 20, 2022 USD ($) item | Sep. 30, 2022 USD ($) | Jun. 02, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Debt | ||||||
Debt face amount | $ 750 | |||||
$750 Million Credit Facility | ||||||
Debt | ||||||
Debt face amount | $ 750 | $ 750 | ||||
Credit facility, maximum borrowing capacity | $ 750 | |||||
Number of vessels secured by first lien | item | 55 | |||||
Payment of refinancing and other related expenses | $ 10.5 | |||||
Debt instrument, basis spread on variable rate | 2.40% | |||||
Adjustment on pricing fleet sustainability score target factor | 50% | |||||
Adjustment on pricing Sustainability-Linked investment target factor | $ 3 | |||||
Increase (decrease) on applicable interest rate | 0.05% | |||||
$750 Million Credit Facility | Minimum | ||||||
Debt | ||||||
Increase (decrease) on applicable interest rate | 0.05% | |||||
$750 Million Facility Term Loan | ||||||
Debt | ||||||
Debt face amount | $ 750 | |||||
Credit facility, maximum borrowing capacity | $ 530 | |||||
Debt term | 5 years | |||||
Accordion feature facility increase term | 24 months | |||||
Proceeds from long-term lines of credit | $ 530 | |||||
Number of installments | installment | 19 | |||||
Periodic payment amount | $ 30.6 | |||||
Final payment | 9.8 | |||||
$750 Million Facility Term Loan | Minimum | ||||||
Debt | ||||||
Accordion feature facility incremental amount | $ 10 | |||||
$750 Million Facility Term Loan | Maximum | ||||||
Debt | ||||||
Accordion feature facility incremental amount | 250 | |||||
$750 Million Facility Revolving Loan | ||||||
Debt | ||||||
Debt face amount | 750 | |||||
Credit facility, maximum borrowing capacity | $ 220 | |||||
Debt term | 5 years | |||||
Proceeds from long-term lines of credit | 70 | |||||
Repayment of credit facility | $ 70 | |||||
$390 Million Credit Facility | ||||||
Debt | ||||||
Debt face amount | 390 | |||||
Repayment of credit facility | 163 | |||||
$360 Million Credit Facility | ||||||
Debt | ||||||
Debt face amount | 360 | |||||
Repayment of credit facility | 127.8 | |||||
$525 Million Credit Agreement | ||||||
Debt | ||||||
Debt face amount | 525 | $ 525 | ||||
Repayment of credit facility | $ 284 |
DEBT - Hyuga Lease Financing (D
DEBT - Hyuga Lease Financing (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 14, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Hyuga Lease Financing | |||
Debt | |||
Lease term of sale leaseback transaction | 9 years | ||
Sale Leaseback Transaction, purchase obligation | $ 2,000 | ||
Hyuga Lease Financing | First three years | |||
Debt | |||
Bareboat charter rate | 6,300 | ||
Hyuga Lease Financing | Second three years | |||
Debt | |||
Bareboat charter rate | 6,200 | ||
Hyuga Lease Financing | Last three years | |||
Debt | |||
Bareboat charter rate | 6,000 | ||
Hyuga Lease Financing | 2011-built MR | |||
Debt | |||
Sale Leaseback Transaction, Net Sale Price | 16,700 | ||
Sale Leaseback Transaction, Proceeds | 5,700 | ||
$390 Million Facility Term Loan | |||
Debt | |||
Repayments of secured debt | $ 10,000 | $ 11,000 | |
$390 Million Facility Term Loan | 2011-built MR | |||
Debt | |||
Maximum borrowing capacity | 390,000 | ||
Repayments of secured debt | $ 11,000 |
DEBT - Kaiyo Lease Financing (D
DEBT - Kaiyo Lease Financing (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 25, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Kaiyo Lease Financing | |||
Debt | |||
Lease term of sale leaseback transaction | 8 years | ||
Sale Leaseback Transaction, purchase obligation | $ 1,500 | ||
Kaiyo Lease Financing | First four years | |||
Debt | |||
Bareboat charter rate | 6,250 | ||
Kaiyo Lease Financing | Remaining four years | |||
Debt | |||
Bareboat charter rate | 6,150 | ||
Kaiyo Lease Financing | 2010-built MR | |||
Debt | |||
Sale Leaseback Transaction, Net Sale Price | 15,200 | ||
Sale Leaseback Transaction, Proceeds | 5,400 | ||
$390 Million Facility Term Loan | |||
Debt | |||
Repayments of secured debt | $ 10,000 | $ 11,000 | |
$390 Million Facility Term Loan | 2010-built MR | |||
Debt | |||
Maximum borrowing capacity | 390,000 | ||
Repayments of secured debt | $ 9,800 |
DEBT (Kaisha Lease Financing) (
DEBT (Kaisha Lease Financing) (Details) $ in Thousands | May 12, 2022 USD ($) |
Kaisha Lease Financing | |
Debt | |
Lease term of sale leaseback transaction | 8 years |
Sale Leaseback Transaction, purchase obligation | $ 1,500 |
Kaisha Lease Financing | First four years | |
Debt | |
Bareboat charter rate | 6,250 |
Kaisha Lease Financing | Remaining four years | |
Debt | |
Bareboat charter rate | 6,150 |
Kaisha Lease Financing | 2010-built MR | |
Debt | |
Net sale price | 15,200 |
Sale Leaseback Transaction, Proceeds | 10,600 |
$525 Million Facility Term Loan | 2010-built MR | |
Debt | |
Credit facility, maximum borrowing capacity | 525,000 |
Repayments of secured debt | $ 4,600 |
DEBT (8.5 Senior Notes) (Detail
DEBT (8.5 Senior Notes) (Details) - 8.5% Senior Notes [Member] - USD ($) $ in Millions | Aug. 05, 2022 | Aug. 04, 2022 |
Debt | ||
Debt Instrument, Redemption, Principal Amount Redeemed | $ 25 | |
Interest rate | 8.50% | 8.50% |
DEBT (Debt Covenants) (Narrativ
DEBT (Debt Covenants) (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2022 | Aug. 05, 2022 | Jun. 02, 2022 | May 20, 2022 | |
Debt | ||||
Debt instrument, face amount | $ 750 | |||
Debt instrument, covenant compliance | The Company was in compliance with the financial and non-financial covenants under all of its financing arrangements as of September 30, 2022. | |||
Minimum liquidity level, threshold amount | $ 50 | |||
Minimum liquidity level, threshold percentage of debt | 5% | |||
Threshold leverage ratio | 0.60% | |||
Core Term Loan Facility and Core Revolving Facility | ||||
Debt | ||||
Debt Instrument Covenant, Fair Market Value of the Core Collateral Vessels, Threshold Percentage Of Outstanding Principal Amount | 135% | |||
$750 Million Credit Facility | ||||
Debt | ||||
Debt instrument, face amount | $ 750 | $ 750 | ||
Senior Notes | 8.5% Senior Notes | ||||
Debt | ||||
Debt instrument covenant limitation on total borrowings percentage of total assets | 70% | |||
Debt instrument covenant net worth | $ 600 |
DEBT (Interest Expense, Debt Mo
DEBT (Interest Expense, Debt Modification, Repurchases and Extinguishment) (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Aug. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Aug. 05, 2022 | Aug. 04, 2022 | Jun. 02, 2022 | May 31, 2022 | Dec. 31, 2021 | |
Debt | ||||||||||||
Interest Expense | $ 16,400 | $ 10,700 | $ 43,000 | $ 24,800 | ||||||||
Interest paid, net | 14,000 | $ 10,800 | 36,600 | 23,200 | ||||||||
Proceeds from Issuance of Long-term Debt | $ 641,050 | $ 59,469 | ||||||||||
Debt instrument, face amount | $ 750,000 | |||||||||||
Gains (losses) on repurchase and extinguishment of debt | $ (200) | $ (100) | ||||||||||
$390 million Credit Facility | ||||||||||||
Debt | ||||||||||||
Debt instrument, face amount | $ 390,000 | |||||||||||
$390 Million Facility Term Loan | ||||||||||||
Debt | ||||||||||||
Debt instrument, face amount | 390,000 | 390,000 | $ 390,000 | |||||||||
Write off of deferred debt issuance cost | 100 | |||||||||||
Repayments of secured debt | $ 10,000 | $ 11,000 | ||||||||||
8.5% Senior Notes | ||||||||||||
Debt | ||||||||||||
Repayments of debt | $ 25,000 | |||||||||||
Gains (losses) on repurchase and extinguishment of debt | $ 400 | |||||||||||
Interest rate | 8.50% | 8.50% | ||||||||||
Senior Notes | ||||||||||||
Debt | ||||||||||||
Interest rate | 8.50% | |||||||||||
Senior Notes | 8.5% Senior Notes | ||||||||||||
Debt | ||||||||||||
Interest rate | 8.50% | 8.50% | 8.50% |
TAXES (Narrative) (Details)
TAXES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
TAXES [Abstract] | ||||
Income tax expense (benefit) | $ 7 | $ 35 | $ 63 | $ 36 |
CAPITAL STOCK AND STOCK COMPE_2
CAPITAL STOCK AND STOCK COMPENSATION (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||||||
Nov. 07, 2022 | Sep. 28, 2022 | Aug. 04, 2022 | Jun. 29, 2022 | Jun. 07, 2022 | May 08, 2022 | Mar. 28, 2022 | Feb. 28, 2022 | Feb. 23, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Aug. 31, 2022 | Jul. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Stock repurchase program, authorized amount | $ 60,000 | $ 60,000 | $ 60,000 | $ 33,300 | ||||||||||||
Dividends payable, date declared | Aug. 04, 2022 | Jun. 07, 2022 | Feb. 28, 2022 | |||||||||||||
Dividends payable, amount per share | $ 0.12 | $ 0.12 | $ 0.06 | |||||||||||||
Payments of dividends | $ 6,000 | $ 6,000 | $ 3,000 | 14,830 | $ 37,920 | |||||||||||
Dividends payable, date of record | Sep. 14, 2022 | Jun. 17, 2022 | Mar. 14, 2022 | |||||||||||||
Dividends payable, date to be paid | Sep. 28, 2022 | Jun. 29, 2022 | Mar. 28, 2022 | |||||||||||||
Stock Repurchased and Retired During Period, Value | $ 20,000 | |||||||||||||||
Stock Repurchased and Retired During Period, Shares | 687,740 | |||||||||||||||
Stock repurchased per share amount | $ 29.08 | $ 18.62 | $ 20.06 | |||||||||||||
Stock repurchased during period, shares | 5,090 | 56,065 | ||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 40,000 | $ 40,000 | ||||||||||||||
Treasury Stock, Shares, Acquired | 0 | |||||||||||||||
Common stock par value | $ 0 | $ 0 | $ 0 | |||||||||||||
Subsequent Event [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Dividends payable, date declared | Nov. 07, 2022 | |||||||||||||||
Dividends payable, amount per share | $ 0.12 | |||||||||||||||
Dividends payable, date of record | Dec. 08, 2022 | |||||||||||||||
Dividends payable, date to be paid | Dec. 22, 2022 | |||||||||||||||
Subsequent Event [Member] | Special Dividend [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Dividends payable, amount per share | $ 1 | |||||||||||||||
Certain Senior Officers and Employees [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Stock options exercised | 274,549 | |||||||||||||||
Stock option average exercise price | $ 18.52 | |||||||||||||||
Shares issued net of shares for tax withholdings and exercise cost | 51,075 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Shares paid for tax withholding for share based compensation | 223,926 | 308,405 | ||||||||||||||
Shares paid for tax withholding for share based compensation, per share amount | $ 30.22 | $ 26.78 | ||||||||||||||
Restricted Stock | Directors [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted | 41,718 | |||||||||||||||
Granted, per share | $ 24.45 | |||||||||||||||
Time Based Restricted Stock [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Number of shares convertible into common shares per equity award represents | 1 | |||||||||||||||
Time Based Restricted Stock [Member] | Certain Employees and Senior Officers [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted | 327,906 | |||||||||||||||
Granted, per share | $ 19.65 | |||||||||||||||
Performance Shares [Member] | Certain Employees and Senior Officers [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted | 124,590 | |||||||||||||||
Share-based Compensation Award, Tranche One [Member] | Time Based Restricted Stock [Member] | Certain Employees and Senior Officers [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted | 304,650 | |||||||||||||||
Share-based Compensation Award, Tranche One [Member] | Performance Shares [Member] | Certain Employees and Senior Officers [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted, per share | $ 19.63 | |||||||||||||||
Vesting percentage | 50% | |||||||||||||||
Return on investment capital performance period | 3 years | |||||||||||||||
Share-based Payment Arrangement, Tranche Two [Member] | Time Based Restricted Stock [Member] | Certain Employees and Senior Officers [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted | 23,256 | |||||||||||||||
Share-based Payment Arrangement, Tranche Two [Member] | Performance Shares [Member] | Certain Employees and Senior Officers [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted, per share | $ 20.65 | |||||||||||||||
Vesting percentage | 1% | |||||||||||||||
Total shareholder return performance period | 3 years | |||||||||||||||
Share-based Payment Arrangement, Tranche Three [Member] | Performance Shares [Member] | Certain Employees and Senior Officers [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Total shareholder return peer group performance period | 3 years | |||||||||||||||
Shareholders right plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Number of rights for each shares of common stock | 1 | |||||||||||||||
Common stock par value | $ 0 | |||||||||||||||
Beneficial ownership not approved by board | 17.50% | |||||||||||||||
Common stock for each right | 1 | |||||||||||||||
Ownership Percentage for rights exercisable exchange | 50% |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | |
Derivative instruments, gain (loss) reclassification from accumulated oci to income, estimated net amount to be transferred | $ 5.3 |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE LOSS (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | ||
Unrealized losses on derivative instruments | $ 16,977 | $ (4,863) |
Items not yet recognized as a component of net periodic benefit cost (pension plans) | (6,144) | (7,497) |
Accumulated other comprehensive loss | $ 10,833 | $ (12,360) |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE LOSS (Changes in Components of AOCI, Net of Related Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Balance, beginning | $ 1,169,748 | |||
Other comprehensive income, net of tax | $ 10,706 | $ 3,440 | 23,193 | $ 13,136 |
Balance, ending | 1,328,832 | 1,328,832 | ||
Accumulated Other Comprehensive Loss [Member] | ||||
Balance, beginning | 127 | (22,917) | (12,360) | (32,613) |
Current period change, excluding amounts reclassified from accumulated other comprehensive loss | 11,153 | 393 | 22,844 | 4,116 |
Amounts reclassified from accumulated other comprehensive loss | (447) | 3,047 | 349 | 9,020 |
Other comprehensive income, net of tax | 10,706 | 3,440 | 23,193 | 13,136 |
Balance, ending | 10,833 | (19,477) | 10,833 | (19,477) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Balance, beginning | 6,865 | (14,276) | (4,863) | (24,098) |
Current period change, excluding amounts reclassified from accumulated other comprehensive loss | 10,559 | 133 | 21,491 | 3,982 |
Amounts reclassified from accumulated other comprehensive loss | (447) | 3,047 | 349 | 9,020 |
Balance, ending | 16,977 | (11,096) | 16,977 | (11,096) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Balance, beginning | (6,738) | (8,641) | (7,497) | (8,515) |
Current period change, excluding amounts reclassified from accumulated other comprehensive loss | 594 | 260 | 1,353 | 134 |
Balance, ending | $ (6,144) | $ (8,381) | $ (6,144) | $ (8,381) |
ACCUMULATED OTHER COMPREHENSI_6
ACCUMULATED OTHER COMPREHENSIVE LOSS (Amounts Reclassified out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Unrealized losses on available-for-sale securities: | ||||
Equity in income of affiliated companies | $ 113,434 | $ (67,843) | $ 169,525 | $ (99,990) |
Income (loss) from equity method investments | (1) | 5,730 | 434 | 16,573 |
Interest expense | 15,332 | 10,639 | 40,630 | 24,925 |
Other income | 360 | (113) | (440) | 446 |
Total reclassified out of AOCL, before tax | (447) | 3,047 | 349 | 9,020 |
Interest Rate Cap [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Unrealized losses on available-for-sale securities: | ||||
Interest expense | (708) | 0 | 445 | 0 |
Interest Rate Swap [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Unrealized losses on available-for-sale securities: | ||||
Equity in income of affiliated companies | 226 | 130 | 781 | |
Interest expense | $ 261 | 1,293 | (226) | 3,558 |
Hybrid Instrument [Member] | Interest Rate Swap [Member] | ||||
Unrealized losses on available-for-sale securities: | ||||
Total reclassified out of AOCL, before tax | 1,528 | 0 | 4,681 | |
Hybrid Instrument [Member] | Interest Rate Swap [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Unrealized losses on available-for-sale securities: | ||||
Interest expense | $ 1,528 | $ 0 | $ 4,681 |
REVENUE (Narrative) (Details)
REVENUE (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) property | Sep. 30, 2021 USD ($) | |
Revenues, Total | $ 236,829,000 | $ 84,816,000 | $ 526,508,000 | $ 177,876,000 |
Contract with customer, performance obligation satisfied in previous period | 0 | $ 0 | 0 | $ 0 |
Capitalized contract cost, gross | $ 0 | $ 0 | ||
Lease cancellation period notice | 90 days | |||
Very Large Crude Carrier [Member] | ||||
Number of vessels party to contracts | property | 1 | |||
LR2 Vessel [Member] | ||||
Number of vessels party to contracts | property | 1 | |||
Suezmax | ||||
Number of vessels party to contracts | property | 1 | |||
MR Vessel [Member] | ||||
Number of vessels party to contracts | 1 |
REVENUE (Schedule of Disaggrega
REVENUE (Schedule of Disaggregated Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue, non lease | $ 236,829 | $ 84,816 | $ 526,508 | $ 177,876 | |
Shipping revenues | 236,829 | 84,816 | 526,508 | 177,876 | |
Loss of hire proceeds | 900 | $ 500 | 1,800 | ||
International Crude Tankers Segment [Member] | |||||
Revenue, non lease | 77,071 | 41,760 | 178,788 | 111,818 | |
Shipping revenues | 77,071 | 41,760 | 178,788 | 111,818 | |
International Product Carriers Segment [Member] | |||||
Revenue, non lease | 159,758 | 43,056 | 347,720 | 66,058 | |
Shipping revenues | 159,758 | 43,056 | 347,720 | 66,058 | |
Other Segments [Member] | |||||
Revenue, non lease | 0 | 0 | |||
Pool Revenue Leases [Member] | |||||
Shipping revenues | 215,240 | 50,543 | 463,729 | 101,657 | |
Pool Revenue Leases [Member] | Fixed-Price Contract [Member] | |||||
Revenue, operating leases | 215,240 | 50,543 | 463,729 | 101,657 | |
Pool Revenue Leases [Member] | International Crude Tankers Segment [Member] | Fixed-Price Contract [Member] | |||||
Revenue, operating leases | 60,710 | 18,763 | 133,186 | 51,666 | |
Pool Revenue Leases [Member] | International Product Carriers Segment [Member] | Fixed-Price Contract [Member] | |||||
Revenue, operating leases | 154,530 | 31,780 | 330,543 | 49,991 | |
Voyage Charter Leases Non Variable Payments [Member] | Fixed-Price Contract [Member] | |||||
Revenue, lease non-variable | 3,879 | 14,085 | 16,600 | 17,294 | |
Voyage Charter Leases Non Variable Payments [Member] | International Crude Tankers Segment [Member] | Fixed-Price Contract [Member] | |||||
Revenue, lease non-variable | 567 | 6,696 | 5,648 | 8,423 | |
Voyage Charter Leases Non Variable Payments [Member] | International Product Carriers Segment [Member] | Fixed-Price Contract [Member] | |||||
Revenue, lease non-variable | 3,312 | 7,389 | 10,952 | 8,871 | |
Voyage Charter Leases Variable Payments [Member] | Fixed-Price Contract [Member] | |||||
Revenue (expense), operating leases | 4 | 573 | (5) | 624 | |
Voyage Charter Leases Variable Payments [Member] | International Crude Tankers Segment [Member] | Fixed-Price Contract [Member] | |||||
Revenue (expense), operating leases | 450 | 62 | 450 | ||
Voyage Charter Leases Variable Payments [Member] | International Product Carriers Segment [Member] | Fixed-Price Contract [Member] | |||||
Revenue (expense), operating leases | 4 | 123 | (67) | 174 | |
Time and Bareboat Charter Leases [Member] | |||||
Shipping revenues | 8,487 | 13,664 | 22,795 | 40,076 | |
Time and Bareboat Charter Leases [Member] | Fixed-Price Contract [Member] | |||||
Revenue, operating leases | 8,487 | 13,664 | 22,795 | 40,076 | |
Time and Bareboat Charter Leases [Member] | International Crude Tankers Segment [Member] | Fixed-Price Contract [Member] | |||||
Revenue, operating leases | 6,575 | 9,900 | 16,503 | 33,054 | |
Time and Bareboat Charter Leases [Member] | International Product Carriers Segment [Member] | Fixed-Price Contract [Member] | |||||
Revenue, operating leases | 1,912 | 3,764 | 6,292 | 7,022 | |
Voyage Charter Leases [Member] | |||||
Shipping revenues | 13,102 | 20,609 | 39,984 | 36,143 | |
Voyage Charter Leases [Member] | Lightering Services Component [Member] | |||||
Revenue, non lease | 9,219 | 5,951 | 23,389 | 18,225 | |
Voyage Charter Leases [Member] | International Crude Tankers Segment [Member] | Lightering Services Component [Member] | |||||
Revenue, non lease | $ 9,219 | $ 5,951 | $ 23,389 | $ 18,225 |
REVENUE (Schedule of Contract R
REVENUE (Schedule of Contract Related Receivables, Assets and Liabilities with Customers) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
REVENUE [Abstract] | ||
Voyage receivables - receivables | $ 3,170 | $ 2,306 |
Contract asset (voyage receivables unbilled receivables) | 5,302 | 225 |
Contract liability (deferred revenues) | $ 0 | $ 0 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2022 property lease | Sep. 30, 2021 property | |
Leases [Line Items] | ||
Number of major categories of leases | lease | 2 | |
MR Vessel [Member] | ||
Leases [Line Items] | ||
Number of vessels chartered | 1 | |
Aframaxes (LR2) [Member] | ||
Leases [Line Items] | ||
Vessels that have commitments to charter | 2 | |
LR2 Vessel [Member] | ||
Leases [Line Items] | ||
Number of vessels chartered | 1 | |
Very Large Crude Carrier [Member] | ||
Leases [Line Items] | ||
Number of vessels chartered | 1 | |
Suezmax | ||
Leases [Line Items] | ||
Number of vessels chartered | 1 | |
Bareboat Charters-In [Member] | Aframaxes (LR2) [Member] | ||
Leases [Line Items] | ||
Number of vessels chartered | 2 | |
Time Charters-In [Member] | LR1 Vessel [Member] | ||
Leases [Line Items] | ||
Vessels that have commitments to charter | 2 | |
Maximum | ||
Leases [Line Items] | ||
Excluded vessels chartered period | 1 month |
LEASES (Schedule of lease cost)
LEASES (Schedule of lease cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating lease, cost | $ 7,797 | $ 5,679 | $ 22,799 | $ 17,283 |
Total lease cost | 4,857 | 3,974 | 13,309 | 11,452 |
Vessel/Fleet [Member] | Charter Hire Expense [Member] | ||||
Operating lease, cost | 2,849 | 2,108 | 7,748 | 6,999 |
Short-term lease, cost | 1,737 | 1,322 | 4,749 | 3,278 |
Office Space [Member] | General and Administrative Expense [Member] | ||||
Operating lease, cost | 228 | 501 | 683 | 1,048 |
Office Space [Member] | Voyage Expense [Member] | ||||
Operating lease, cost | 43 | 43 | 129 | 127 |
Lightering Services Component [Member] | Vessel/Fleet [Member] | ||||
Short-term lease, cost | $ 700 | $ 100 | $ 1,200 | $ 300 |
LEASES (Supplemental lease info
LEASES (Supplemental lease information) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows used for operating leases | $ 7,952 | $ 8,058 | |
Operating Lease, Liability, Current | 8,323 | $ 8,393 | |
Operating Lease, Liability, Noncurrent | 8,087 | 12,522 | |
Total operating lease liabilities | (16,410) | (20,915) | |
Operating Lease, Right-of-Use Asset | $ 18,069 | $ 23,168 | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 5 months 27 days | 5 years 1 month 24 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.16% | 5.42% |
LEASES (Bareboat and Time Chart
LEASES (Bareboat and Time Charters-In) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Leases [Line Items] | ||
Total operating lease liabilities | $ 16,410 | $ 20,915 |
Bareboat Charters-In [Member] | ||
Leases [Line Items] | ||
2022 | 1,582 | |
2023 | 4,532 | |
Total lease payments | 6,114 | |
less imputed interest | (225) | |
Total operating lease liabilities | $ 5,889 | |
2022, operating days | 184 days | |
2023, operating days | 556 days | |
Operating days, total | 740 days | |
Time Charters-In [Member] | ||
Leases [Line Items] | ||
2022 | $ 1,215 | |
2023 | 1,381 | |
Total lease payments | 2,596 | |
less imputed interest | (13) | |
Total operating lease liabilities | $ 2,583 | |
2022, operating days | 184 days | |
2023, operating days | 210 days | |
Operating days, total | 394 days |
LEASES (Future Minimum Lease Ob
LEASES (Future Minimum Lease Obligations for Office Space) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Line Items] | ||
Total operating lease liabilities | $ 16,410 | $ 20,915 |
Office Space And Lightering Workboat Dock Space [Member] | ||
Leases [Line Items] | ||
2022 | 68 | |
2023 | 229 | |
2024 | 973 | |
2025 | 998 | |
2026 | 1,024 | |
Thereafter | 6,908 | |
Total lease payments | 10,200 | |
less imputed interest | (2,262) | |
Total operating lease liabilities | $ 7,938 |
LEASES (Future Minimum Revenues
LEASES (Future Minimum Revenues on Charters-Out) (Details) - Charters-Out [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||
2022 | $ 9,940 | |
2023 | 22,055 | |
2024 | $ 7,280 | |
Net minimum lease payments | $ 39,275 | |
2022, revenue days | 332 days | |
2023, revenue days | 809 days | |
2024, revenue days | 224 days | |
Revenue Days | 1365 days |
CONTINGENCIES (Narrative) (Deta
CONTINGENCIES (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Merchant Navy Ratings Pension Fund [Member] | |
Loss Contingencies [Line Items] | |
Multiemployer period of performance in the past | 20 years |