Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
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 | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 48,909,009 | |
Entity Central Index Key | 0001679049 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Amendment Flag | false | |
Common Stock [Member] | ||
Title of 12(b) Security | Common Stock (no par value) | |
Trading Symbol | INSW | |
Security Exchange Name | NYSE | |
Rights To Purchase Common Stock [Member] | ||
Title of 12(b) Security | Rights to Purchase Common Stock | |
No Trading Symbol Flag | true | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets: | ||
Cash and cash equivalents | $ 138,976 | $ 243,744 |
Short-term investments | 75,000 | 80,000 |
Voyage receivables, net of allowance for credit losses of $129 and $261 including unbilled receivables of $212,340 and $279,567 | 219,827 | 289,775 |
Other receivables | 11,285 | 12,583 |
Inventories | 1,143 | 531 |
Prepaid expenses and other current assets | 11,567 | 8,995 |
Current portion of derivative asset | 7,092 | 6,987 |
Vessel held for sale | 8,985 | 0 |
Total Current Assets | 473,875 | 642,615 |
Vessels and other property, less accumulated depreciation of $404,280 and $331,903 | 1,947,740 | 1,680,010 |
Vessels construction in progress | 0 | 123,940 |
Deferred drydock expenditures, net | 72,314 | 65,611 |
Operating lease right-of-use assets | 22,738 | 8,471 |
Finance lease right-of-use assets | 0 | 44,391 |
Pool working capital deposits | 33,501 | 35,593 |
Long-term derivative assets | 4,520 | 4,662 |
Other assets | 6,334 | 10,041 |
Total Assets | 2,561,022 | 2,615,334 |
Current Liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 42,850 | 51,069 |
Current portion of operating lease liabilities | 9,784 | 1,596 |
Current portion of finance lease liabilities | 0 | 41,870 |
Current installments of long-term debt | 134,703 | 162,854 |
Total Current Liabilities | 187,337 | 257,389 |
Long-term operating lease liabilities | 14,021 | 7,740 |
Long-term debt | 706,999 | 860,578 |
Other liabilities | 2,588 | 1,875 |
Total Liabilities | 910,945 | 1,127,582 |
Commitments and contingencies | ||
Equity: | ||
Capital - 100,000,000 no par value shares authorized; 48,893,133 and 49,120,648 shares issued and outstanding | 1,489,041 | 1,502,235 |
Retained earnings/(accumulated deficit) | 155,877 | (21,447) |
Stockholders Equity Subtotal | 1,644,918 | 1,480,788 |
Accumulated other comprehensive income | 5,159 | 6,964 |
Total Equity | 1,650,077 | 1,487,752 |
Total Liabilities and Equity | $ 2,561,022 | $ 2,615,334 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Unbilled voyage receivable (in dollars) | $ 212,340 | $ 279,567 |
Voyage receivables, allowance for credit losses | 129 | 261 |
Vessels and other property, accumulated depreciation | $ 404,280 | $ 331,903 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares, issued | 48,893,133 | 49,120,648 |
Common stock, shares, outstanding | 48,893,133 | 49,120,648 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Shipping Revenues: | ||||
Shipping revenues | $ 241,708 | $ 236,829 | $ 821,041 | $ 526,508 |
Operating Expenses: | ||||
Voyage expenses | 5,756 | 2,283 | 13,434 | 8,448 |
Vessel expenses | 64,596 | 58,565 | 188,516 | 178,445 |
Charter hire expenses | 11,297 | 7,797 | 30,599 | 22,799 |
Depreciation and amortization | 33,363 | 27,728 | 95,356 | 81,984 |
General and administrative | 12,314 | 11,839 | 35,082 | 32,852 |
Third-party debt modification fees | 148 | 71 | 568 | 1,158 |
Loss/(gain) on disposal of vessels and other assets, net of impairments | 74 | 139 | (10,648) | (9,339) |
Total operating expenses | 127,548 | 108,422 | 352,907 | 316,347 |
Income from vessel operations | 114,160 | 128,407 | 468,134 | 210,161 |
Equity in results of affiliated companies | (1) | 0 | 434 | |
Operating income | 114,160 | 128,406 | 468,134 | 210,595 |
Other income/(expense) | 646 | 360 | 8,308 | (440) |
Income before interest expense and income taxes | 114,806 | 128,766 | 476,442 | 210,155 |
Interest expense | (16,817) | (15,332) | (51,678) | (40,630) |
Income before income taxes | 97,989 | 113,434 | 424,764 | 169,525 |
Income tax provision | (52) | (7) | (432) | (63) |
Net income | 97,937 | 113,427 | 424,332 | 169,462 |
Net income/(loss) attributable to the Company | $ 97,937 | $ 113,427 | $ 424,332 | $ 169,462 |
Weighted Average Number of Common Shares Outstanding: | ||||
Basic | 48,861,356 | 49,312,716 | 49,008,901 | 49,493,315 |
Diluted | 49,275,022 | 49,743,700 | 49,442,825 | 49,758,196 |
Per Share Amounts: | ||||
Basic net income/(loss) per share | $ 2 | $ 2.30 | $ 8.65 | $ 3.42 |
Diluted net income/(loss) per share | $ 1.99 | $ 2.28 | $ 8.58 | $ 3.40 |
Pool Revenue Leases [Member] | ||||
Shipping Revenues: | ||||
Shipping revenues | $ 194,465 | $ 215,240 | $ 701,634 | $ 463,729 |
Time and Bareboat Charter Leases [Member] | ||||
Shipping Revenues: | ||||
Shipping revenues | 27,587 | 8,487 | 66,849 | 22,795 |
Voyage Charter Leases [Member] | ||||
Shipping Revenues: | ||||
Shipping revenues | $ 19,656 | $ 13,102 | $ 52,558 | $ 39,984 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ||||
Pool revenues, received from companies accounted for by the equity method | $ 72,877 | $ 52,722 | $ 250,909 | $ 107,106 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Net income | $ 97,937 | $ 113,427 | $ 424,332 | $ 169,462 |
Other comprehensive (loss)/income, net of tax: | ||||
Net change in unrealized gains/(losses) on cash flow hedges | (968) | 10,112 | (1,725) | 21,840 |
Defined benefit pension and other postretirement benefit plans: | ||||
Net change in unrecognized prior service costs | 49 | 78 | (11) | 177 |
Net change in unrecognized actuarial losses | 323 | 516 | (69) | 1,176 |
Other comprehensive (loss)/income, net of tax | (596) | 10,706 | (1,805) | 23,193 |
Comprehensive income | $ 97,341 | $ 124,133 | $ 422,527 | $ 192,655 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flows from Operating Activities: | ||
Net income | $ 424,332 | $ 169,462 |
Items included in net income not affecting cash flows: | ||
Depreciation and amortization | 95,356 | 81,984 |
Loss on write-down of vessels and other assets | 0 | 1,697 |
Amortization of debt discount and other deferred financing costs | 4,491 | 3,630 |
Amortization of time charter hire contracts acquired | 0 | 842 |
Deferred financing costs write-off | 1,952 | 610 |
Stock compensation | 5,912 | 4,447 |
Earnings of affiliated companies | 20 | (10,017) |
Other - net | (2,140) | (774) |
Items included in net income/(loss) related to investing and financing activities: | ||
Gain on disposal of vessels and other assets, net | (10,648) | (11,036) |
Loss on extinguishment of debt | 1,323 | 0 |
Loss on sale of investment in affiliated companies | 0 | 9,513 |
Cash distributions from affiliated companies | 0 | 2,250 |
Payments for drydocking | (27,622) | (36,280) |
Insurance claims proceeds related to vessel operations | 2,858 | 4,545 |
Changes in operating assets and liabilities: | ||
Decrease/(increase) in receivables | 69,948 | (123,045) |
Increase in deferred revenue | 911 | 1,009 |
Net change in inventories, prepaid expenses and other current assets and accounts payable, accrued expense, and other current and long-term liabilities | (3,774) | 7,364 |
Net cash provided by operating activities | 562,919 | 106,201 |
Cash Flows from Investing Activities: | ||
Expenditures for vessels, vessel improvements and vessels under construction | (192,218) | (87,603) |
Proceeds from disposal of vessels and other assets | 20,036 | 79,476 |
Expenditures for other property | (1,035) | (674) |
Proceeds from sale of investment in affiliated companies | 0 | 138,966 |
Investments in short term time deposits | (210,000) | (80,000) |
Pool working capital deposits | (1,334) | 1,862 |
Proceeds from maturities of short term time deposits | 215,000 | 0 |
Net cash (used in)/provided by investing activities | (169,551) | 52,027 |
Cash Flows from Financing Activities: | ||
Borrowings on long term debt, net of lenders' fees and deferred financing costs | 0 | 641,050 |
Repayments of debt | (323,685) | (744,034) |
Proceeds from sale and leaseback financing, net of issuance and deferred financing costs | 169,717 | 88,791 |
Payments and advance payment on sale and leaseback financing and finance lease | (123,732) | (28,640) |
Payments of deferred financing costs | (3,006) | (782) |
Borrowings on revolving credit facilities | 50,000 | 0 |
Cash dividends paid | (247,001) | (14,830) |
Repurchases of common stock | (13,948) | (20,017) |
Cash paid to tax authority upon vesting or exercise of stock-based compensation | (5,158) | (3,174) |
Premium and fees on extinguishment of debt | (1,323) | 0 |
Net cash used in by financing activities | (498,136) | (81,636) |
Net (decrease)/increase in cash, cash equivalents and restricted cash | (104,768) | 76,592 |
Cash, cash equivalents and restricted cash at beginning of year | 243,744 | 98,933 |
Cash, cash equivalents and restricted cash at end of period | $ 138,976 | $ 175,525 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED 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, 2021 | $ 1,591,446 | $ (409,338) | $ (12,360) | $ 584 | $ 1,170,332 | ||||||||||
Net income | 0 | 169,462 | 0 | 0 | 169,462 | ||||||||||
Other comprehensive income/(loss) | 0 | 0 | 23,193 | 0 | 23,193 | ||||||||||
Dividends declared | (14,827) | 0 | 0 | (14,827) | |||||||||||
Impact of deconsolidating DASM | 0 | 0 | 0 | (584) | (584) | ||||||||||
Forfeitures of vested restricted stock awards and exercised stock options | (3,174) | 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 | 0 | 113,427 | 0 | 113,427 | |||||||||||
Other comprehensive income/(loss) | 0 | 0 | 10,706 | 10,706 | |||||||||||
Dividends declared | (5,886) | 0 | 0 | (5,886) | |||||||||||
Forfeitures of vested restricted stock awards and exercised stock options | (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 | |||||||||||
Balance, beginning at Dec. 31, 2022 | 1,502,235 | (21,447) | 6,964 | 1,487,752 | |||||||||||
Net income | 0 | 424,332 | 0 | 0 | 424,332 | ||||||||||
Other comprehensive income/(loss) | 0 | 0 | (1,805) | 0 | (1,805) | ||||||||||
Dividends declared | 0 | (247,008) | 0 | 0 | (247,008) | ||||||||||
Forfeitures of vested restricted stock awards and exercised stock options | (5,158) | 0 | 0 | 0 | (5,158) | ||||||||||
Compensation relating to restricted stock units awards | 768 | 4,688 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | 768 | 4,688 | |||||
Compensation relating to stock option awards | 456 | 0 | 0 | 0 | 456 | ||||||||||
Repurchase of common stock | (13,948) | 0 | 0 | (13,948) | |||||||||||
Balance, ending at Sep. 30, 2023 | 1,489,041 | 155,877 | 5,159 | 1,650,077 | |||||||||||
Balance, beginning at Jun. 30, 2023 | 1,487,151 | 127,368 | 5,755 | 1,620,274 | |||||||||||
Net income | 0 | 97,937 | 0 | 97,937 | |||||||||||
Other comprehensive income/(loss) | 0 | 0 | (596) | (596) | |||||||||||
Dividends declared | 0 | (69,428) | 0 | (69,428) | |||||||||||
Impact of deconsolidating DASM | 0 | 0 | 0 | $ (584) | (584) | ||||||||||
Forfeitures of vested restricted stock awards and exercised stock options | (149) | 0 | 0 | (149) | |||||||||||
Compensation relating to restricted stock units awards | $ 277 | $ 1,645 | $ 0 | $ 0 | $ 0 | $ 0 | $ 277 | $ 1,645 | |||||||
Compensation relating to stock option awards | 117 | 0 | 0 | 117 | |||||||||||
Balance, ending at Sep. 30, 2023 | $ 1,489,041 | $ 155,877 | $ 5,159 | $ 1,650,077 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023, the Company’s operating fleet consisted of 75 wholly-owned or lease financed 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 our operating fleet of 75 vessels, two LR1 newbuilds are scheduled for delivery to the Company during the second half of 2025, bringing the total operating and newbuild fleet to 77 vessels as of September 30, 2023. 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, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The condensed consolidated balance sheet as of December 31, 2022 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, 2022. 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. Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the condensed consolidated balance sheet as of December 31, 2022 to reclassify $0.8 million from Pool working capital deposits (previously captioned as Investments in and advances to affiliated companies) to Other assets |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | Note 2 — Significant Accounting Policies: For a description of all of the Company’s material accounting policies, see Note 2, “Summary of Significant Accounting Policies,” to the Company’s consolidated financial statements as of and for the year ended December 31, 2022 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, 2022 $ 261 Reversal of expected credit losses (132) Balance at September 30, 2023 $ 129 During the three and nine months ended September 30, 2023 and 2022, 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% of consolidated voyage receivables at both September 30, 2023 and December 31, 2022. Deferred finance charges — Interest expense relating to the amortization of deferred financing charges amounted to $1.2 million and $3.8 million for the three and nine months ended September 30, 2023, respectively, and $1.7 million and $3.3 million for the three and nine months ended September 30, 2022, respectively. Vessels construction in progress — Recently Issued Accounting Standards |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2023 | |
EARNINGS PER COMMON SHARE [Abstract] | |
EARNINGS PER COMMON SHARE | Note 3 — Earnings per Common Share: Basic earnings per common share is computed by dividing earnings, after the deduction of dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units not classified as participating securities. Participating securities are defined by ASC 260, Earnings Per Share Weighted average shares of unvested restricted common stock considered to be participating securities totaled 29,519 and 38,288 for the three and nine months ended September 30, 2023, respectively, and 49,778 and 68,945 for the three and nine months ended September 30, 2022, respectively. Such participating securities are allocated a portion of income, but not losses under the two-class method. As of September 30, 2023, there were 499,607 shares of restricted stock units and 244,313 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) 2023 2022 2023 2022 Net income allocated to: Common Stockholders $ 97,878 $ 113,313 $ 424,011 $ 169,229 Participating securities 59 114 321 233 $ 97,937 $ 113,427 $ 424,332 $ 169,462 For the three and nine months ended September 30, 2023 earnings per share calculations, there were 413,666 and 433,924 dilutive equity awards outstanding, respectively. 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. Awards of 774,957 and 804,199 for the three and nine months ended September 30, 2023, respectively, and 1,298,016 and 1,236,334 for the three and nine months ended September 30, 2022, respectively, were not included in the computation of dilutive 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, 2023 | |
BUSINESS AND SEGMENT REPORTING [Abstract] | |
BUSINESS AND SEGMENT REPORTING | Note 4 — Business and Segment Reporting: The Company has two reportable segments: Crude Tankers and Product Carriers. 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 and loss/(gain) on disposal of vessels and assets, net of 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, 2023 and 2022 follows: Crude Product (Dollars in thousands) Tankers Carriers Other Totals Three months ended September 30, 2023: Shipping revenues $ 114,250 $ 127,458 $ — $ 241,708 Time charter equivalent revenues 110,766 125,186 — 235,952 Depreciation and amortization 20,039 13,298 26 33,363 Loss on disposal of vessels and other assets 13 61 — 74 Adjusted income/(loss) from vessel operations 58,926 67,796 (26) 126,696 Adjusted total assets at September 30, 2023 1,520,485 795,568 — 2,316,053 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, net of impairments 77 62 — 139 Adjusted income/(loss) from vessel operations 30,993 109,490 (27) 140,456 Equity in results 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 Crude Product (Dollars in thousands) Tankers Carriers Other Totals Nine months ended September 30, 2023: Shipping revenues $ 398,829 $ 422,212 $ — $ 821,041 Time charter equivalent revenues 388,963 418,644 — 807,607 Depreciation and amortization 56,583 38,694 79 95,356 Loss/(gain) on disposal of vessels and other assets 38 (10,686) — (10,648) Adjusted income/(loss) from vessel operations 239,985 253,230 (79) 493,136 Expenditures for vessels and vessel improvements 184,515 7,703 — 192,218 Payments for drydocking 4,364 23,258 — 27,622 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, net of impairments 1,048 (10,387) — (9,339) Adjusted income/(loss) from vessel operations 40,717 194,173 (58) 234,832 Equity in results 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 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) 2023 2022 2023 2022 Time charter equivalent revenues $ 235,952 $ 234,546 $ 807,607 $ 518,060 Add: Voyage expenses 5,756 2,283 13,434 8,448 Shipping revenues $ 241,708 $ 236,829 $ 821,041 $ 526,508 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 total adjusted income from vessel operations of the segments to income 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) 2023 2022 2023 2022 Total adjusted income from vessel operations of all segments $ 126,696 $ 140,456 $ 493,136 $ 234,832 General and administrative expenses (12,314) (11,839) (35,082) (32,852) Third-party debt modification fees (148) (71) (568) (1,158) (Loss)/gain on disposal of vessels and other assets, net of impairments (74) (139) 10,648 9,339 Consolidated income from vessel operations 114,160 128,407 468,134 210,161 Equity in results of affiliated companies — (1) — 434 Other income/(expense) 646 360 8,308 (440) Interest expense (16,817) (15,332) (51,678) (40,630) Income before income taxes $ 97,989 $ 113,434 $ 424,764 $ 169,525 Reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets follow: (Dollars in thousands) September 30, 2023 September 30, 2022 Adjusted total assets of all segments $ 2,316,053 $ 2,176,154 Corporate unrestricted cash and cash equivalents 138,976 174,465 Restricted cash — 1,060 Short-term investments 75,000 80,000 Other unallocated amounts 30,993 28,224 Consolidated total assets $ 2,561,022 $ 2,459,903 |
VESSELS
VESSELS | 9 Months Ended |
Sep. 30, 2023 | |
VESSELS [Abstract] | |
VESSELS | Note 5 — Vessels: Impairment of Vessels and Other Property During the nine months ended September 30, 2023, the Company gave consideration as to whether events or changes in circumstances had occurred since December 31, 2022, that could indicate that the carrying amounts of the vessels in the Company’s fleet may not be recoverable. The Company determined that no held-for-use or held-for-sale impairment indicators existed for the Company’s vessels during the nine months ended September 30, 2023. The Company recognized a loss of approximately $0.2 million during the first nine months ended September 30, 2023, related to the cost to terminate the purchase and installation contract for a ballast water treatment system on a vessel that was sold. Vessel Acquisitions and Construction Commitments In December 2022 the Company tendered notice of its intention to exercise its options to purchase two 2009-built Aframaxes that it had been bareboat chartering-in. The aggregate purchase price for the two vessels was $43.0 million. On March 30, 2023 and April 4, 2023, the Company completed the purchase of the two Aframaxes. The Company’s three newbuild dual-fuel LNG VLCCs were delivered to the Company on March 7, 2023, April 11, 2023 and May 24, 2023, respectively. All three vessels commenced employment under seven-year time charter contracts with an oil major shortly after delivery. On August 8, 2023, the Company entered into agreements to construct two dual-fuel ready LNG 73,600 dwt LR1 Product Carriers at K Shipbuilding Co., Ltd.’s shipyard, subject to certain conditions customary to similar transactions. The two vessels are scheduled for delivery during the second half of 2025. The total construction cost for the vessels will be approximately $115 million, which will be paid for through a combination of long-term financing and available liquidity. The Company also entered into an option agreement, which was exercised in October 2023, to construct two additional dual-fuel ready LNG 73,600 dwt LR1 Product Carriers at the same shipyard for delivery during the first quarter of 2026 at an additional cost of approximately $115 million. Disposal/Sales of Vessels On March 14, 2023, the Company delivered a 2008-built MR to its buyer and recognized a gain of $10.9 million. On September 8, 2023, the Company entered into a memorandum of agreement for the sale of another one of its 2008-built MR product carriers. The vessel, which is classified as held-for-sale in the accompanying condensed consolidated balance sheet as of September 30, 2023, was subsequently delivered to the buyer on October 6, 2023 and the Company expects to recognize a gain on sale in the fourth quarter of 2023. |
VARIABLE INTEREST ENTITIES (VIE
VARIABLE INTEREST ENTITIES (VIEs) | 9 Months Ended |
Sep. 30, 2023 | |
VARIABLE INTEREST ENTITIES (VIEs) [Abstract] | |
VARIABLE INTEREST ENTITIES (VIEs) | Note 6 — Variable Interest Entities (“VIEs”): Unconsolidated VIEs As of September 30, 2023, all of the seven 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, 2023: (Dollars in thousands) Condensed Pool working capital deposits $ 33,501 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, 2023: (Dollars in thousands) Condensed Maximum Exposure to Other Liabilities $ – $ 33,501 In addition, as of September 30, 2023, the Company had approximately $208.4 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, 2023. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES | 9 Months Ended |
Sep. 30, 2023 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES | Note 7 — 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, 2023 December 31, 2022 Fair Value Level Cash and cash equivalents $ 138,976 $ 243,744 Level 1 Short-term investments (1) 75,000 80,000 Level 1 $750 Million Facility Term Loan (2) (171,442) (493,565) Level 2 $160 Million Revolving Credit Facility (3) (50,000) — Level 2 ING Credit Facility (2) (21,354) (22,917) Level 2 Ocean Yield Lease Financing (2) (319,266) (341,106) Level 2 BoComm Lease Financing (4) (207,359) (63,598) Level 2 Toshin Lease Financing (4) (13,600) (14,744) Level 2 Hyuga Lease Financing (4) (13,694) (14,853) Level 2 COSCO Lease Financing (2) — (47,732) Level 2 Kaiyo Lease Financing (4) (12,536) (13,797) Level 2 Kaisha Lease Financing (4) (12,630) (13,704) Level 2 (1) Short-term investments consist of time deposits with original maturities of between 91 and 180 days. (2) Floating rate debt – the fair value of floating rate debt has been determined using level 2 inputs and is considered to be equal to the carrying value since it bears a variable interest rate, which is reset every three months. (3) Floating rate debt – the fair value of floating rate debt has been determined using level 2 inputs and is considered to be equal to the carrying value since it bears a variable interest rate, which is reset every one month or three months at the election of the Company. (4) Fixed rate debt – the fair value of fixed rate debt has been determined using level 2 inputs by discounting the expected cash flows of the outstanding debt. 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. As of September 30, 2023, approximately $3.0 million of the gain is expected to amortize out of accumulated other comprehensive income to earnings over the next 12 months. Also, as of September 30, 2023, approximately $1.8 million of the loss with regard to the hybrid instrument associated with the Sinosure Credit Facility that was terminated in November 2021, is expected to amortize out of accumulated other comprehensive income to earnings over 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 net basis by transaction in the accompanying unaudited condensed consolidated balance sheets related to the Company’s use of derivatives as of September 30, 2023 and December 31, 2022: (Dollars in thousands) Current portion of derivative asset Long-term derivative Current portion of derivative liabilities Long-term derivative Other September 30, 2023: Derivatives designated as hedging instruments: Interest rate swaps $ 7,092 $ 4,520 $ — $ — $ 1,000 Total $ 7,092 $ 4,520 $ — $ — $ 1,000 December 31, 2022: Derivatives designated as hedging instruments: Interest rate swaps $ 6,987 $ 4,662 $ — $ — $ 547 Total $ 6,987 $ 4,662 $ — $ — $ 547 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, including hedges of equity method investees, for the three and nine months ended September 30, 2023 and 2022 follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2023 2022 2023 2022 Derivatives designated as hedging instruments: Interest rate swaps $ 1,897 $ 10,559 $ 6,291 $ 21,491 Total other comprehensive income $ 1,897 $ 10,559 $ 6,291 $ 21,491 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, 2023 and 2022 follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2023 2022 2023 2022 Derivatives designated as hedging instruments: Interest rate swaps $ (2,343) $ 261 $ (6,328) $ (226) Discontinued hedging instruments: Interest rate swap (522) (708) (1,688) 445 Total interest expense $ (2,865) $ (447) $ (8,016) $ 219 See Note 11, “Accumulated Other Comprehensive Income,” for disclosures relating to the impact of derivative instruments on accumulated other comprehensive income/(loss). The following table presents the fair values, which are pre-tax, for assets and liabilities measured on a recurring basis: (Dollars in thousands) September 30, 2023 December 31, 2022 Fair Value Level Derivative Assets (interest rate swaps) $ 12,612 $ 12,196 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. |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2023 | |
DEBT [Abstract] | |
DEBT | Note 8 — Debt: Debt consists of the following: (Dollars in thousands) September 30, 2023 December 31, 2022 $750 Million Facility Term Loan, due 2027, net of unamortized deferred finance costs of $4,290 and $6,400 $ 167,152 $ 487,164 $160 Million Revolving Credit Facility, due 2029 50,000 — ING Credit Facility, due 2026, net of unamortized deferred finance costs of $325 and $416 21,030 22,501 Ocean Yield Lease Financing, due 2031, net of unamortized deferred finance costs of $2,789 and $3,198 316,477 337,908 BoComm Lease Financing, due 2030, net of unamortized deferred finance costs of $4,351 and $917 232,843 71,140 Toshin Lease Financing, due 2031, net of unamortized deferred finance costs of $317 and $370 14,240 15,215 COSCO Lease Financing, due 2028, net of unamortized deferred finance costs of $ and $1,187 — 46,544 Hyuga Lease Financing, due 2031, net of unamortized deferred finance costs of $279 and $323 14,121 15,093 Kaiyo Lease Financing, due 2030, net of unamortized deferred finance costs of $241 and $285 12,868 13,884 Kaisha Lease Financing, due 2030, net of unamortized deferred finance costs of $253 and $298 12,971 13,983 841,702 1,023,432 Less current portion (134,703) (162,854) Long-term portion $ 706,999 $ 860,578 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 March 10, 2023, the Company entered into an amendment to the $750 Million Credit Facility. Pursuant to the amendment, the Company (a) prepaid $97 million of outstanding principal under the $750 Million Facility Term Loan; (b) obtained a release of collateral vessel mortgages over 22 MR product carriers; (c) received from the lenders additional revolving credit commitments in an aggregate amount of $40 million, which additional commitments constitute an increase to, and are subject to the same terms and conditions as, the previously-existing revolving credit commitments; and (d) made certain other amendments to the credit agreement and ancillary documents, including amendments relating to certain hedging obligations related to the credit agreement and to repayment schedules. Following the effectiveness of the amendment, (a) the aggregate outstanding principal amount under the $750 Million Facility Term Loan was Following the amendment to the $750 Million Credit Facility agreement and through September 30, 2023, the Company has made an additional $142.9 million in mandatory principal prepayments on the $750 Million Facility Term Loan in conjunction with the sale of a 2008-built MR, and the release of four Suezmaxes and one Aframax vessel from the collateral package. These transactions resulted in a further reduction in the scheduled future quarterly principal amortization under the $750 Million Facility Term Loan to $20.9 million as of September 30, 2023. In October 2023, the Company made an additional $29.7 million in mandatory principal prepayments on the $750 Million Facility Term Loan in conjunction with the sale of the above-mentioned 2008-built MR and the release of a 2012-built Suezmax from the collateral package, further reducing the scheduled future quarterly principal amortization to $19.5 million. $160 Million Revolving Credit Facility On September 27, 2023, the Company entered into a $160 million revolving credit agreement (the “$160 Million Revolving Credit Facility”) with Nordea Bank Abp, New York Branch (“ Nordea ING The $160 Million Revolving Credit Facility comprises a 5.5-year revolving credit facility in an aggregate amount of $160 million which matures on March 27, 2029 and reduces on a 20-year The sustainability-linked pricing adjustment is linked to three factors, which are consistent with those contained in the Company’s $750 Million Credit Facility and relate to a fleet sustainability score, the amount of sustainability-linked investment and the frequency of lost time injuries. The Company will be required to deliver annually, commencing for the period ending June 30, 2024, a sustainability certificate for the preceding calendar year setting out its sustainability-related calculations. If the Company achieves all of the targets set out in the credit agreement, the Applicable Margin will be decreased by 0.075% per annum, while if it fails to achieve any of those targets the Applicable Margin will be increased by that same amount (but no such adjustment will result in the Applicable Margin being increased or decreased from the otherwise-applicable Applicable Margin by more than 0.075% per annum in the aggregate). The $160 Million Revolving Credit Facility also contains 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 are consistent with existing financial covenants in the $750 Million Credit Facility and 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 portion 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 $160 Million Revolving Credit Facility. On September 29, 2023, $50 million of the $160 million available under the $160 Million Revolving Credit Facility was drawn for general corporate purposes (including paying certain expenses related to the new financing). The $50 million was repaid in full on October 30, 2023, increasing the undrawn revolver capacity under this facility to $160 million. BoComm Lease Financing Relating to Dual-Fuel LNG VLCC Newbuilds On November 15, 2021, the Company and three of its vessel-owning indirect subsidiaries entered into a series of sale and leaseback arrangements with entities affiliated with the Bank of Communications Limited (“BoComm”) in connection with the construction of three dual-fuel LNG VLCC newbuilds (the “BoComm Lease Financing”). BoComm’s obligation to provide funding pursuant to the terms of the sale and leaseback agreements commenced when construction began on the first vessel in November 2021. The three newbuilds were delivered to the Company on March 7, 2023, April 11, 2023, and May 24, 2023, respectively. The BoComm Lease Financing provided the funding of $244.8 million in aggregate ( $81.6 million each vessel) over the course of the construction and delivery of the three vessels. Under the lease financing arrangements, each vessel is subject to a seven-year bareboat charter commencing on delivery of each vessel at a bareboat rate of $21,700 per day, with purchase options exercisable commencing at the end of the second year. Ocean Yield Lease Financing The lease financing arrangements with Ocean Yield were amended on February 21, 2023, to change the reference rate from three-month LIBOR to an adjusted three-month Term SOFR rate, effective on the interest rate reset date on May 7, 2023. ING Credit Facility The ING Credit Facility was amended on March 27, 2023, to change the reference rate from three-month LIBOR to an adjusted three-month Term SOFR rate, effective on the interest rate reset date on May 12, 2023. COSCO Lease Financing In May 2023, the Company tendered notice of its intention to exercise its options to purchase one 2013-built Aframax and one 2014-built LR2, which were bareboat chartered-in under the COSCO Lease Financing arrangements. The aggregate purchase price for the two vessels of $46.4 million, consisted of the $45.2 million remaining debt balance and $1.2 million of purchase option premiums. The transaction closed on July 3, 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, 2023. 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 2, “Significant Accounting Policies”), commitment, administrative and other fees for all of the Company’s debt facilities for the three and nine months ended September 30, 2023 was $16.7 million and $53.2 million, respectively Debt Modifications, Repurchases and Extinguishments During the first quarter of 2023, the Company recognized a net loss of $0.2 million, which is included in other income/(expense) in the accompanying condensed consolidated statement of operations. The net loss reflects a write-off of unamortized deferred financing costs associated with the mandatory principal prepayment of the $750 Million Facility Term Loan in March 2023 in connection with the sale of a 2008-built MR (see Note 5, “Vessels”). During the second quarter of 2023, the Company recognized a net loss of $0.4 million, which is included in other income/(expense) in the accompanying condensed consolidated statement of operations. The net loss reflects a write-off of unamortized deferred financing costs associated with the mandatory principal prepayment of the $750 Million Facility Term Loan in May 2023 in connection with the release of a 2017-built Suezmax from the vessel collateral package. During the third quarter of 2023, the Company recognized a net loss of $2.5 million, which is included in other income/(expense) in the accompanying condensed consolidated statement of operations. The net loss reflects (i) a $1.3 million write-off of unamortized deferred financing costs, which principally related to the COSCO Lease Financing transaction described above; and (ii) $1.2 million in purchase option premium fees paid in conjunction with the COSCO Lease Financing transaction. |
TAXES
TAXES | 9 Months Ended |
Sep. 30, 2023 | |
TAXES [Abstract] | |
TAXES | Note 9 — 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. As of September 30, 2023, 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 2023 calendar year, as less than 50 percent of the total value of the Company’s stock is held by one or more shareholders who own 5% or more of the Company’s stock for more than half of the days of 2023. 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. Additionally, a number of countries, including some in which certain of the Company’s subsidiaries are domiciled, have drafted or are actively considering drafting legislation to implement the Organization for Economic Cooperation and Development's ("OECD") international tax framework, including the Pillar II model rules for a minimum global tax with possible application from January 1, 2024 or later. The Company is currently monitoring these developments and is in the process of evaluating the potential impact on the Company’s consolidated financial statements. 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, 2023 | |
CAPITAL STOCK AND STOCK COMPENSATION [Abstract] | |
CAPITAL STOCK AND STOCK COMPENSATION | Note 10 — 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 In June 2023, the Company awarded a total of 26,878 restricted common stock shares to its non-employee directors. The weighted average fair market value of INSW’s stock on the measurement date of such awards was $37.94 per share. Such restricted share awards vest in full on the earlier of the next annual meeting of the stockholders or June 6, 2024, 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, 2023, the Company granted 52,890 time-based restricted stock units (“RSUs”) to certain of its senior officers and employees. The weighted average grant date fair market value of these awards was $51.37 per RSU. Each RSU represents a contingent right to receive one share of INSW common stock upon vesting. All of the time-based RSUs awarded will vest in equal installments on each of the first three anniversaries of the grant date. During the nine months ended September 30, 2023, the Company also awarded 52,890 performance-based RSUs to certain of its senior officers and employees. Each performance-based RSU represents a contingent right to receive shares of INSW common stock 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 three and nine months ended September 30, 2023, 12,997 and 25,937 stock options, respectively, were exercised by certain senior officers and employees at an average exercise price of $21.68 and $22.11 per share, respectively. After withholdings for taxes and exercise costs, the Company issued a total of 3,524 and 6,843 shares in conjunction with these transactions during the three and nine months ended September 30, 2023, respectively. Dividends During 2023 the Company’s Board of Directors has declared and paid the following regular quarterly and supplemental cash dividends: Declaration Date Record Date Payment Date Regular Quarterly Dividend per Share Supplemental Dividend per Share Total Dividends Paid February 27, 2023 March 14, 2023 March 28, 2023 $0.12 $1.88 $98.3 million May 4, 2023 June 14, 2023 June 28, 2023 $0.12 $1.50 $79.3 million August 8, 2023 September 13, 2023 September 27, 2023 $0.12 $1.30 $69.4 million On November 6, 2023, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.12 per share of common stock and a supplemental dividend of $1.13 per share of common stock. Both dividends will be paid on December 27, 2023 to stockholders of record as of December 13, 2023. Share Repurchases During the nine months ended September 30, 2023, the Company repurchased and retired 366,483 shares of its common stock in open-market purchases, at an average price of $38.03 per share, for a total cost of $13.9 million. During the nine months ended September 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. In August 2023, the Company’s Board of Directors authorized an increase in the share repurchase program to $50.0 million from $26.1 million. In connection with the settlement of vested restricted stock units and the exercise of stock options, the Company repurchased 9,473 and 130,810 shares of common stock during the three and nine months ended September 30, 2023, respectively, at an average cost of $45.50 and $43.81, respectively, per share (based on the market prices on the dates of vesting or exercise) from employees and certain members of management to cover withholding taxes. Similarly, 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. Rights Agreement On April 11, 2023, the Company’s Board of Directors approved the Amended and Restated the Rights Agreement (the “A&R Rights Agreement”), which amends and restates the Original Rights Agreement dated as of May 8, 2022. The A&R Rights Agreement implements substantially the same features and protective measures of the Original Rights Agreements and includes the following revised or additional provisions: (i) extends the expiration date from May 7, 2023 to April 10, 2026; (ii) increases the “Acquiring Person” trigger threshold from 17.5% to 20% ; (iii) increases the “Purchase Price” from $25 to $50 ; and (iv) includes a qualifying offer provision with a shareholder redemption feature. The Company’s Board of Directors adopted the Original Rights Agreement and the A&R Rights Agreement to enable all stockholders of the Company to realize the full potential value of their investment in the Company. The A&R Rights Agreement is designed to prevent any individual stockholder or group of stockholders from gaining control of the Company through open market accumulation without paying a control premium to all stockholders or by otherwise disadvantaging other stockholders. The A&R Rights Agreement is not intended to prevent a takeover or deter fair offers for securities of the Company that deliver value to all stockholders on an equal basis. It is designed, instead, to encourage anyone seeking to acquire the Company to negotiate with the Board prior to attempting a takeover. The Company’s Board of Directors may consider an earlier termination of the A&R Rights Agreement if market and other conditions warrant. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 9 Months Ended |
Sep. 30, 2023 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | Note 11 — Accumulated Other Comprehensive Income: The components of accumulated other comprehensive income, net of related taxes, in the condensed consolidated balance sheets follow: (Dollars in thousands) September 30, 2023 December 31, 2022 Unrealized gains on derivative instruments $ 15,187 $ 16,912 Items not yet recognized as a component of net periodic benefit cost (pension plans) (10,028) (9,948) $ 5,159 $ 6,964 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, 2023 and 2022 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, 2023 $ 16,155 $ (10,400) $ 5,755 Current period change, excluding amounts reclassified from accumulated other comprehensive income 1,897 372 2,269 Amounts reclassified from accumulated other comprehensive income (2,865) — (2,865) Balance as of September 30, 2023 $ 15,187 $ (10,028) $ 5,159 Balance as of June 30, 2022 $ 6,865 (6,738) 127 Current period change, excluding amounts reclassified from accumulated other comprehensive income 10,559 594 11,153 Amounts reclassified from accumulated other comprehensive income (447) — (447) Balance as of September 30, 2022 $ 16,977 $ (6,144) $ 10,833 (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, 2022 $ 16,912 $ (9,948) $ 6,964 Current period change, excluding amounts reclassified from accumulated other comprehensive income 6,291 (80) 6,211 Amounts reclassified from accumulated other comprehensive income (8,016) — (8,016) Balance as of September 30, 2023 $ 15,187 $ (10,028) $ 5,159 Balance as of December 31, 2021 $ (4,863) (7,497) $ (12,360) Current period change, excluding amounts reclassified from accumulated other comprehensive loss 21,491 1,353 22,844 Amounts reclassified from accumulated other comprehensive loss 349 — 349 Balance as of September 30, 2022 $ 16,977 $ (6,144) $ 10,833 Amounts reclassified out of each component of accumulated other comprehensive income/(loss) follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2023 2022 2023 2022 Statement of Operations Reclassifications of (gains)/losses on cash flow hedges: Interest rate swaps entered into by the Company's Equity in results of equity method joint venture investees $ — $ — $ — $ 130 affiliated companies Interest rate swaps entered into by the Company's subsidiaries (2,343) 261 (6,328) (226) Interest expense Reclassifications of losses on discontinued hedging instruments Interest rate swap entered into by the Company's subsidiaries (522) (708) (1,688) 445 Interest expense Total before and net of tax $ (2,865) $ (447) $ (8,016) $ 349 At September 30, 2023, the Company expects that it will reclassify $7.6 million (gross and net of tax) of net gain on derivative instruments from accumulated other comprehensive income to earnings during the next twelve months attributable to interest rate swaps held by the Company. See Note 7, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” for additional disclosures relating to derivative instruments. |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 2023 | |
REVENUE [Abstract] | |
REVENUE | Note 12 — Revenue: Revenue Recognition The majority of the Company’s contracts for pool revenues, time 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, 2023, the Company is a party to time charter out contracts with customers on three VLCCs, two Suezmaxes, one Aframax, and five MRs, with expiry dates ranging from October 2023 to April 2030. 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 tables present 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, 2023 and 2022: Crude Product (Dollars in thousands) Tankers Carriers Totals Three months ended September 30, 2023: Revenues from leases Pool revenues $ 80,562 $ 113,903 $ 194,465 Time charter revenues 19,319 8,268 27,587 Voyage charter revenues from non-variable lease payments 1,669 4,958 6,627 Voyage charter revenues from variable lease payments — 329 329 Revenues from services Voyage charter revenues from lightering services 12,700 — 12,700 Total shipping revenues $ 114,250 $ 127,458 $ 241,708 Three months ended September 30, 2022: Revenues from leases Pool revenues $ 60,710 $ 154,530 $ 215,240 Time 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 Crude Product (Dollars in thousands) Tankers Carriers Totals Nine months ended September 30, 2023: Revenues from leases Pool revenues $ 309,000 $ 392,634 $ 701,634 Time and bareboat charter revenues 47,575 19,274 66,849 Voyage charter revenues from non-variable lease payments 5,324 9,825 15,149 Voyage charter revenues from variable lease payments 66 479 545 Revenues from services Voyage charter revenues from lightering services 36,864 — 36,864 Total shipping revenues $ 398,829 $ 422,212 $ 821,041 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 (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. 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, 2023 $ 9,452 $ 1,866 $ — Closing balance as of September 30, 2023 5,389 1,442 — 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 are generally transferred to customers over time. The expected duration of services is less than one year. There were no material adjustments in revenues from performance obligations satisfied in previous periods recognized during the three and nine months ended September 30, 2023 and 2022. Costs to Obtain or Fulfill a Contract As of September 30, 2023, there were no unamortized deferred costs of obtaining or fulfilling a contract. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2023 | |
LEASES [Abstract] | |
LEASES | Note 13 — 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, 2023 and 2022 for the lease component of these leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2023 2022 2023 2022 Operating lease cost Vessel assets Charter hire expenses $ 2,092 $ 2,849 $ 3,837 $ 7,748 Finance lease cost Vessel assets Amortization of right-of-use assets — — 731 — Interest on lease liabilities — — 124 — Office and other space General and administrative 203 228 659 683 Voyage expenses 45 43 135 129 Short-term lease cost Vessel assets (1) Charter hire expenses 5,881 1,737 15,304 4,749 Total lease cost $ 8,221 $ 4,857 $ 20,790 $ 13,309 (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 $0.3 million and $2.0 million for the three and nine months ended September 30, 2023, respectively, compared with $68 thousand and $1.2 million for the three and nine months ended September 30, 2022, 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) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 3,822 $ 7,952 Finance cash flows used for finance leases 42,284 — Supplemental balance sheet information related to leases was as follows: (Dollars in thousands) September 30, 2023 December 31, 2022 Operating lease right-of-use assets $ 22,738 $ 8,471 Finance lease right-of-use assets — 44,391 Current portion of operating lease liabilities $ (9,784) $ (1,596) Current portion of finance lease liabilities — (41,870) Long-term operating lease liabilities (14,021) (7,740) Total operating and finance lease liabilities $ (23,805) $ (51,206) Weighted average remaining lease term - operating leases (1) 4.33 years 8.56 years Weighted average discount rate - operating leases (1) 6.00% 4.13% (1) The weighted average remaining lease term and discount rate as of December 31, 2022 exclude finance lease liabilities. Such finance leases had weighted average remaining lease terms of 0.20 years at December 31, 2022 and the annualized weighted average discount rate was 4.78% as of December 31, 2022. 1. Charters-in of vessel assets: As of September 30, 2023, the Company has a commitment to time charter-in one LR1 through to June 2025. The minimum lease liabilities and related number of operating days under this operating lease as of September 2023 are as follows: (Dollars in thousands) Amount Operating Days 2023 $ 2,427 92 2024 9,657 366 2025 4,301 163 Total lease payments (lease component only) 16,385 621 less imputed interest (871) Total operating lease liabilities $ 15,514 2. The Company has operating leases for offices and a lightering workboat dock space. These leases have expiry dates ranging from December 2024 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, 2023 are as follows: (Dollars in thousands) Amount 2023 (1) $ (142) 2024 1,262 2025 1,093 2026 1,113 2027 1,077 Thereafter 5,831 Total lease payments 10,234 less imputed interest (1,943) Total operating lease liabilities $ 8,291 (1) Contracts under which the Company is a Lessor See Note 12, “Revenue,” for discussion on the Company’s revenues from operating leases accounted for under ASC 842. The future minimum contracted revenues, before the deduction of brokerage commissions, expected to be received on non-cancelable time charters for three VLCCs, two Suezmaxes, one Aframax, and five MRs, and the related revenue days as of September 30, 2023 are as follows: (Dollars in thousands) Amount Revenue Days 2023 $ 26,369 933 2024 99,329 3,518 2025 66,719 2,287 2026 42,610 1,360 2027 33,945 1,095 Thereafter 75,051 2,421 Future minimum revenues $ 344,022 11,614 Future minimum contracted revenues do not include the Company’s share of time charters entered into by the pools in which it participates or profit-sharing above the base rate on the newbuild dual-fuel LNG VLCCs. 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, 2023 | |
CONTINGENCIES [Abstract] | |
CONTINGENCIES | Note 14 — 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, 2023. The MNOPF annual actuarial report as of March 31, 2022, showed the pension scheme funded status as being in surplus and no additional employer contributions were due. The next full actuarial 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, 2023. The deficit valuation as of March 31, 2023 is expected to be finalized by June 30, 2024. 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. In late July 2023, one of the Company’s vessels was arrested in connection with a commercial dispute arising earlier in the year. The vessel remains under arrest, with the arresting parties currently seeking approximately $25 million in security. The underlying commercial dispute is in arbitration in England. The Company is defending itself vigorously against the arrest and the allegations in the underlying dispute. As this matter is in the early stages, the Company is currently unable to predict the outcome of this matter, and no estimate of liability has been accrued at this time. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022 $ 261 Reversal of expected credit losses (132) Balance at September 30, 2023 $ 129 During the three and nine months ended September 30, 2023 and 2022, 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% of consolidated voyage receivables at both September 30, 2023 and December 31, 2022. |
Deferred finance charges | Deferred finance charges — Interest expense relating to the amortization of deferred financing charges amounted to $1.2 million and $3.8 million for the three and nine months ended September 30, 2023, respectively, and $1.7 million and $3.3 million for the three and nine months ended September 30, 2022, respectively. |
Vessels construction in progress | Vessels construction in progress — |
Recently adopted / issued accounting standards | Recently Issued Accounting Standards |
CONTINGENCIES (Policy)
CONTINGENCIES (Policy) | 9 Months Ended |
Sep. 30, 2023 | |
CONTINGENCIES [Abstract] | |
Legal costs | INSW’s policy for recording legal costs related to contingencies is to expense such legal costs as incurred. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Activity for allowance for credit losses | (Dollars in thousands) Allowance for Credit Losses - Balance at December 31, 2022 $ 261 Reversal of expected credit losses (132) Balance at September 30, 2023 $ 129 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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) 2023 2022 2023 2022 Net income allocated to: Common Stockholders $ 97,878 $ 113,313 $ 424,011 $ 169,229 Participating securities 59 114 321 233 $ 97,937 $ 113,427 $ 424,332 $ 169,462 |
BUSINESS AND SEGMENT REPORTING
BUSINESS AND SEGMENT REPORTING (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022 follows: Crude Product (Dollars in thousands) Tankers Carriers Other Totals Three months ended September 30, 2023: Shipping revenues $ 114,250 $ 127,458 $ — $ 241,708 Time charter equivalent revenues 110,766 125,186 — 235,952 Depreciation and amortization 20,039 13,298 26 33,363 Loss on disposal of vessels and other assets 13 61 — 74 Adjusted income/(loss) from vessel operations 58,926 67,796 (26) 126,696 Adjusted total assets at September 30, 2023 1,520,485 795,568 — 2,316,053 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, net of impairments 77 62 — 139 Adjusted income/(loss) from vessel operations 30,993 109,490 (27) 140,456 Equity in results 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 Crude Product (Dollars in thousands) Tankers Carriers Other Totals Nine months ended September 30, 2023: Shipping revenues $ 398,829 $ 422,212 $ — $ 821,041 Time charter equivalent revenues 388,963 418,644 — 807,607 Depreciation and amortization 56,583 38,694 79 95,356 Loss/(gain) on disposal of vessels and other assets 38 (10,686) — (10,648) Adjusted income/(loss) from vessel operations 239,985 253,230 (79) 493,136 Expenditures for vessels and vessel improvements 184,515 7,703 — 192,218 Payments for drydocking 4,364 23,258 — 27,622 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, net of impairments 1,048 (10,387) — (9,339) Adjusted income/(loss) from vessel operations 40,717 194,173 (58) 234,832 Equity in results 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 |
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) 2023 2022 2023 2022 Time charter equivalent revenues $ 235,952 $ 234,546 $ 807,607 $ 518,060 Add: Voyage expenses 5,756 2,283 13,434 8,448 Shipping revenues $ 241,708 $ 236,829 $ 821,041 $ 526,508 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Reconciliations of total adjusted income from vessel operations of the segments to income 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) 2023 2022 2023 2022 Total adjusted income from vessel operations of all segments $ 126,696 $ 140,456 $ 493,136 $ 234,832 General and administrative expenses (12,314) (11,839) (35,082) (32,852) Third-party debt modification fees (148) (71) (568) (1,158) (Loss)/gain on disposal of vessels and other assets, net of impairments (74) (139) 10,648 9,339 Consolidated income from vessel operations 114,160 128,407 468,134 210,161 Equity in results of affiliated companies — (1) — 434 Other income/(expense) 646 360 8,308 (440) Interest expense (16,817) (15,332) (51,678) (40,630) Income before income taxes $ 97,989 $ 113,434 $ 424,764 $ 169,525 |
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, 2023 September 30, 2022 Adjusted total assets of all segments $ 2,316,053 $ 2,176,154 Corporate unrestricted cash and cash equivalents 138,976 174,465 Restricted cash — 1,060 Short-term investments 75,000 80,000 Other unallocated amounts 30,993 28,224 Consolidated total assets $ 2,561,022 $ 2,459,903 |
VARIABLE INTEREST ENTITIES (V_2
VARIABLE INTEREST ENTITIES (VIEs) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
VARIABLE INTEREST ENTITIES (VIEs) [Abstract] | |
Schedule of Variable Interest Entities | (Dollars in thousands) Condensed Pool working capital deposits $ 33,501 |
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 $ – $ 33,501 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 December 31, 2022 Fair Value Level Cash and cash equivalents $ 138,976 $ 243,744 Level 1 Short-term investments (1) 75,000 80,000 Level 1 $750 Million Facility Term Loan (2) (171,442) (493,565) Level 2 $160 Million Revolving Credit Facility (3) (50,000) — Level 2 ING Credit Facility (2) (21,354) (22,917) Level 2 Ocean Yield Lease Financing (2) (319,266) (341,106) Level 2 BoComm Lease Financing (4) (207,359) (63,598) Level 2 Toshin Lease Financing (4) (13,600) (14,744) Level 2 Hyuga Lease Financing (4) (13,694) (14,853) Level 2 COSCO Lease Financing (2) — (47,732) Level 2 Kaiyo Lease Financing (4) (12,536) (13,797) Level 2 Kaisha Lease Financing (4) (12,630) (13,704) Level 2 (1) Short-term investments consist of time deposits with original maturities of between 91 and 180 days. (2) Floating rate debt – the fair value of floating rate debt has been determined using level 2 inputs and is considered to be equal to the carrying value since it bears a variable interest rate, which is reset every three months. (3) Floating rate debt – the fair value of floating rate debt has been determined using level 2 inputs and is considered to be equal to the carrying value since it bears a variable interest rate, which is reset every one month or three months at the election of the Company. (4) Fixed rate debt – the fair value of fixed rate debt has been determined using level 2 inputs by discounting the expected cash flows of the outstanding debt. |
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 Other September 30, 2023: Derivatives designated as hedging instruments: Interest rate swaps $ 7,092 $ 4,520 $ — $ — $ 1,000 Total $ 7,092 $ 4,520 $ — $ — $ 1,000 December 31, 2022: Derivatives designated as hedging instruments: Interest rate swaps $ 6,987 $ 4,662 $ — $ — $ 547 Total $ 6,987 $ 4,662 $ — $ — $ 547 |
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, including hedges of equity method investees, for the three and nine months ended September 30, 2023 and 2022 follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2023 2022 2023 2022 Derivatives designated as hedging instruments: Interest rate swaps $ 1,897 $ 10,559 $ 6,291 $ 21,491 Total other comprehensive income $ 1,897 $ 10,559 $ 6,291 $ 21,491 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, 2023 and 2022 follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2023 2022 2023 2022 Derivatives designated as hedging instruments: Interest rate swaps $ (2,343) $ 261 $ (6,328) $ (226) Discontinued hedging instruments: Interest rate swap (522) (708) (1,688) 445 Total interest expense $ (2,865) $ (447) $ (8,016) $ 219 |
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: (Dollars in thousands) September 30, 2023 December 31, 2022 Fair Value Level Derivative Assets (interest rate swaps) $ 12,612 $ 12,196 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. |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
DEBT [Abstract] | |
Schedule of Long-term Debt Instruments | (Dollars in thousands) September 30, 2023 December 31, 2022 $750 Million Facility Term Loan, due 2027, net of unamortized deferred finance costs of $4,290 and $6,400 $ 167,152 $ 487,164 $160 Million Revolving Credit Facility, due 2029 50,000 — ING Credit Facility, due 2026, net of unamortized deferred finance costs of $325 and $416 21,030 22,501 Ocean Yield Lease Financing, due 2031, net of unamortized deferred finance costs of $2,789 and $3,198 316,477 337,908 BoComm Lease Financing, due 2030, net of unamortized deferred finance costs of $4,351 and $917 232,843 71,140 Toshin Lease Financing, due 2031, net of unamortized deferred finance costs of $317 and $370 14,240 15,215 COSCO Lease Financing, due 2028, net of unamortized deferred finance costs of $ and $1,187 — 46,544 Hyuga Lease Financing, due 2031, net of unamortized deferred finance costs of $279 and $323 14,121 15,093 Kaiyo Lease Financing, due 2030, net of unamortized deferred finance costs of $241 and $285 12,868 13,884 Kaisha Lease Financing, due 2030, net of unamortized deferred finance costs of $253 and $298 12,971 13,983 841,702 1,023,432 Less current portion (134,703) (162,854) Long-term portion $ 706,999 $ 860,578 |
CAPITAL STOCK AND STOCK COMPE_2
CAPITAL STOCK AND STOCK COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
CAPITAL STOCK AND STOCK COMPENSATION [Abstract] | |
Schedule of supplemental cash dividend declared and paid | Declaration Date Record Date Payment Date Regular Quarterly Dividend per Share Supplemental Dividend per Share Total Dividends Paid February 27, 2023 March 14, 2023 March 28, 2023 $0.12 $1.88 $98.3 million May 4, 2023 June 14, 2023 June 28, 2023 $0.12 $1.50 $79.3 million August 8, 2023 September 13, 2023 September 27, 2023 $0.12 $1.30 $69.4 million |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive income, net of related taxes, in the condensed consolidated balance sheets follow: (Dollars in thousands) September 30, 2023 December 31, 2022 Unrealized gains on derivative instruments $ 15,187 $ 16,912 Items not yet recognized as a component of net periodic benefit cost (pension plans) (10,028) (9,948) $ 5,159 $ 6,964 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, 2023 and 2022 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, 2023 $ 16,155 $ (10,400) $ 5,755 Current period change, excluding amounts reclassified from accumulated other comprehensive income 1,897 372 2,269 Amounts reclassified from accumulated other comprehensive income (2,865) — (2,865) Balance as of September 30, 2023 $ 15,187 $ (10,028) $ 5,159 Balance as of June 30, 2022 $ 6,865 (6,738) 127 Current period change, excluding amounts reclassified from accumulated other comprehensive income 10,559 594 11,153 Amounts reclassified from accumulated other comprehensive income (447) — (447) Balance as of September 30, 2022 $ 16,977 $ (6,144) $ 10,833 (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, 2022 $ 16,912 $ (9,948) $ 6,964 Current period change, excluding amounts reclassified from accumulated other comprehensive income 6,291 (80) 6,211 Amounts reclassified from accumulated other comprehensive income (8,016) — (8,016) Balance as of September 30, 2023 $ 15,187 $ (10,028) $ 5,159 Balance as of December 31, 2021 $ (4,863) (7,497) $ (12,360) Current period change, excluding amounts reclassified from accumulated other comprehensive loss 21,491 1,353 22,844 Amounts reclassified from accumulated other comprehensive loss 349 — 349 Balance as of September 30, 2022 $ 16,977 $ (6,144) $ 10,833 |
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, (Dollars in thousands) 2023 2022 2023 2022 Statement of Operations Reclassifications of (gains)/losses on cash flow hedges: Interest rate swaps entered into by the Company's Equity in results of equity method joint venture investees $ — $ — $ — $ 130 affiliated companies Interest rate swaps entered into by the Company's subsidiaries (2,343) 261 (6,328) (226) Interest expense Reclassifications of losses on discontinued hedging instruments Interest rate swap entered into by the Company's subsidiaries (522) (708) (1,688) 445 Interest expense Total before and net of tax $ (2,865) $ (447) $ (8,016) $ 349 |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
REVENUE [Abstract] | |
Schedule of Disaggregated Revenue | The following tables present 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, 2023 and 2022: Crude Product (Dollars in thousands) Tankers Carriers Totals Three months ended September 30, 2023: Revenues from leases Pool revenues $ 80,562 $ 113,903 $ 194,465 Time charter revenues 19,319 8,268 27,587 Voyage charter revenues from non-variable lease payments 1,669 4,958 6,627 Voyage charter revenues from variable lease payments — 329 329 Revenues from services Voyage charter revenues from lightering services 12,700 — 12,700 Total shipping revenues $ 114,250 $ 127,458 $ 241,708 Three months ended September 30, 2022: Revenues from leases Pool revenues $ 60,710 $ 154,530 $ 215,240 Time 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 Crude Product (Dollars in thousands) Tankers Carriers Totals Nine months ended September 30, 2023: Revenues from leases Pool revenues $ 309,000 $ 392,634 $ 701,634 Time and bareboat charter revenues 47,575 19,274 66,849 Voyage charter revenues from non-variable lease payments 5,324 9,825 15,149 Voyage charter revenues from variable lease payments 66 479 545 Revenues from services Voyage charter revenues from lightering services 36,864 — 36,864 Total shipping revenues $ 398,829 $ 422,212 $ 821,041 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 (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. |
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, 2023 $ 9,452 $ 1,866 $ — Closing balance as of September 30, 2023 5,389 1,442 — |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and 2022 for the lease component of these leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2023 2022 2023 2022 Operating lease cost Vessel assets Charter hire expenses $ 2,092 $ 2,849 $ 3,837 $ 7,748 Finance lease cost Vessel assets Amortization of right-of-use assets — — 731 — Interest on lease liabilities — — 124 — Office and other space General and administrative 203 228 659 683 Voyage expenses 45 43 135 129 Short-term lease cost Vessel assets (1) Charter hire expenses 5,881 1,737 15,304 4,749 Total lease cost $ 8,221 $ 4,857 $ 20,790 $ 13,309 (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 $0.3 million and $2.0 million for the three and nine months ended September 30, 2023, respectively, compared with $68 thousand and $1.2 million for the three and nine months ended September 30, 2022, 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) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 3,822 $ 7,952 Finance cash flows used for finance leases 42,284 — Supplemental balance sheet information related to leases was as follows: (Dollars in thousands) September 30, 2023 December 31, 2022 Operating lease right-of-use assets $ 22,738 $ 8,471 Finance lease right-of-use assets — 44,391 Current portion of operating lease liabilities $ (9,784) $ (1,596) Current portion of finance lease liabilities — (41,870) Long-term operating lease liabilities (14,021) (7,740) Total operating and finance lease liabilities $ (23,805) $ (51,206) Weighted average remaining lease term - operating leases (1) 4.33 years 8.56 years Weighted average discount rate - operating leases (1) 6.00% 4.13% (1) The weighted average remaining lease term and discount rate as of December 31, 2022 exclude finance lease liabilities. Such finance leases had weighted average remaining lease terms of 0.20 years at December 31, 2022 and the annualized weighted average discount rate was 4.78% as of December 31, 2022. |
Schedule of lease maturity receivables | The future minimum contracted revenues, before the deduction of brokerage commissions, expected to be received on non-cancelable time charters for three VLCCs, two Suezmaxes, one Aframax, and five MRs, and the related revenue days as of September 30, 2023 are as follows: (Dollars in thousands) Amount Revenue Days 2023 $ 26,369 933 2024 99,329 3,518 2025 66,719 2,287 2026 42,610 1,360 2027 33,945 1,095 Thereafter 75,051 2,421 Future minimum revenues $ 344,022 11,614 |
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, 2023 are as follows: (Dollars in thousands) Amount 2023 (1) $ (142) 2024 1,262 2025 1,093 2026 1,113 2027 1,077 Thereafter 5,831 Total lease payments 10,234 less imputed interest (1,943) Total operating lease liabilities $ 8,291 (1) |
Time Charters-In [Member] | |
Lease [Abstract] | |
Schedule of lease maturity receivables | As of September 30, 2023, the Company has a commitment to time charter-in one LR1 through to June 2025. The minimum lease liabilities and related number of operating days under this operating lease as of September 2023 are as follows: (Dollars in thousands) Amount Operating Days 2023 $ 2,427 92 2024 9,657 366 2025 4,301 163 Total lease payments (lease component only) 16,385 621 less imputed interest (871) Total operating lease liabilities $ 15,514 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) segment property | Dec. 31, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Number of vessels in fleet | property | 77 | |
Number of reportable segments | segment | 2 | |
Investments in and advances to affiliated companies | $ 33,501 | $ 35,593 |
Other assets | 6,334 | $ 10,041 |
Revision of Prior Period, Adjustment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investments in and advances to affiliated companies | (800) | |
Other assets | $ 800 | |
Maritime Equipment Not Including New Builds [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of vessels in fleet | property | 75 | |
Maritime Equipment New Builds [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of vessels in fleet | property | 2 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Sep. 29, 2023 | Sep. 27, 2023 | Mar. 10, 2023 | Jun. 02, 2022 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Allowance for doubtful accounts receivable | $ 129,000 | $ 129,000 | $ 261,000 | ||||||
Reversal of expected credit losses | 132,000 | ||||||||
Amortization of financing costs | 1,200,000 | $ 1,700,000 | 3,800,000 | $ 3,300,000 | |||||
Proceeds from Insurance Settlement, Operating Activities | 2,858,000 | 4,545,000 | |||||||
Credit facility, maximum borrowing capacity | $ 750,000,000 | ||||||||
Amortization of time charter hire contracts acquired | 0 | 842,000 | |||||||
Maritime Equipment New Builds [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Interest costs capitalized | 0 | $ 1,200,000 | $ 2,300,000 | $ 2,700,000 | |||||
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% | 96% | |||||||
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 | 12,800,000 | $ 12,800,000 | $ 13,400,000 | ||||||
$750 Million Credit Facility | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | $ 750,000,000 | ||||||||
$160 Million Revolving Credit Facility [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | $ 160,000,000 | $ 160,000,000 | |||||||
$750 Million Facility Revolving Loan and $160 Million Revolving Credit Facility [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Deferred finance costs, gross | $ 4,800,000 | $ 4,800,000 | |||||||
$750 Million Credit Facility and BoComm Lease Financing [Member] | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Deferred finance costs, gross | $ 6,900,000 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES (Activity for allowance for credit losses) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Balance Beginning | $ 261 |
Provision for expected credit losses | 132 |
Balance Ending | $ 129 |
EARNINGS PER COMMON SHARE (Narr
EARNINGS PER COMMON SHARE (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Participating securities allocated a portion of income | 29,519 | 49,778 | 38,288 | 68,945 |
Antidilutive securities excluded from computation of earnings per share, amount | 774,957 | 1,298,016 | 804,199 | 1,236,334 |
Dilutive awards | 413,666 | 430,984 | 433,924 | 264,881 |
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities | 499,607 | |||
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities | 244,313 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
EARNINGS PER COMMON SHARE [Abstract] | ||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 97,878 | $ 113,313 | $ 424,011 | $ 169,229 |
Net Income (Loss) Available to Common Stockholders, Diluted | 97,878 | 113,313 | 424,011 | 169,229 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | 59 | 114 | 321 | 233 |
Net (loss)/income | $ 97,937 | $ 113,427 | $ 424,332 | $ 169,462 |
BUSINESS AND SEGMENT REPORTIN_2
BUSINESS AND SEGMENT REPORTING (Reportable Segments Information) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) segment | Sep. 30, 2022 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Revenues, services | $ 241,708 | $ 236,829 | $ 821,041 | $ 526,508 |
Time charter equivalent revenues | 235,952 | 234,546 | 807,607 | 518,060 |
Depreciation and amortization | 33,363 | 27,728 | 95,356 | 81,984 |
Loss/(gain) on disposal of vessels and other assets, net of impairments | 74 | 139 | (10,648) | (9,339) |
Loss on disposal of vessels and other assets | 74 | (10,648) | ||
Adjusted income/(loss) from vessel operations | 126,696 | 140,456 | 493,136 | 234,832 |
Equity in income/(loss) of affiliated companies | (1) | 0 | 434 | |
Investments in and advances to affiliated companies | 38,109 | 38,109 | ||
Adjusted total assets | 2,316,053 | 2,176,154 | 2,316,053 | 2,176,154 |
Expenditures for vessels and vessel improvements | 192,218 | 87,603 | ||
Payments for drydocking | 27,622 | 36,280 | ||
Time Charter Equivalent Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, services | 235,952 | |||
Time charter equivalent revenues | 234,546 | 807,607 | ||
International Crude Tankers Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, services | 114,250 | 77,071 | 398,829 | 178,788 |
Time charter equivalent revenues | 171,124 | |||
Depreciation and amortization | 20,039 | 15,771 | 56,583 | 46,109 |
Loss/(gain) on disposal of vessels and other assets, net of impairments | 77 | 1,048 | ||
Loss on disposal of vessels and other assets | 13 | 38 | ||
Adjusted income/(loss) from vessel operations | 58,926 | 30,993 | 239,985 | 40,717 |
Equity in income/(loss) of affiliated companies | (1) | 434 | ||
Investments in and advances to affiliated companies | 16,301 | 16,301 | ||
Adjusted total assets | 1,520,485 | 1,356,386 | 1,520,485 | 1,356,386 |
Expenditures for vessels and vessel improvements | 184,515 | 59,101 | ||
Payments for drydocking | 4,364 | 22,086 | ||
International Crude Tankers Segment [Member] | Time Charter Equivalent Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, services | 110,766 | |||
Time charter equivalent revenues | 75,192 | 388,963 | ||
International Product Carriers Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, services | 127,458 | 159,758 | 422,212 | 347,720 |
Time charter equivalent revenues | 346,936 | |||
Depreciation and amortization | 13,298 | 11,931 | 38,694 | 35,816 |
Loss/(gain) on disposal of vessels and other assets, net of impairments | 62 | (10,387) | ||
Loss on disposal of vessels and other assets | 61 | (10,686) | ||
Adjusted income/(loss) from vessel operations | 67,796 | 109,490 | 253,230 | 194,173 |
Equity in income/(loss) of affiliated companies | 0 | |||
Investments in and advances to affiliated companies | 21,808 | 21,808 | ||
Adjusted total assets | 795,568 | 819,768 | 795,568 | 819,768 |
Expenditures for vessels and vessel improvements | 7,703 | 28,502 | ||
Payments for drydocking | 23,258 | 14,194 | ||
International Product Carriers Segment [Member] | Time Charter Equivalent Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, services | 125,186 | |||
Time charter equivalent revenues | 159,355 | 418,644 | ||
Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, services | 0 | 0 | ||
Depreciation and amortization | 26 | 26 | 79 | 59 |
Loss/(gain) on disposal of vessels and other assets, net of impairments | 0 | |||
Loss on disposal of vessels and other assets | 0 | |||
Adjusted income/(loss) from vessel operations | (26) | (27) | (79) | (58) |
Equity in income/(loss) of affiliated companies | 0 | |||
Investments in and advances to affiliated companies | 0 | 0 | ||
Adjusted total assets | 0 | 0 | $ 0 | $ 0 |
Other Segments [Member] | Time Charter Equivalent Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues, services | $ 0 | |||
Time charter equivalent revenues | $ (1) |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Time charter equivalent revenues | $ 235,952 | $ 234,546 | $ 807,607 | $ 518,060 |
Add: Voyage expenses | 5,756 | 2,283 | 13,434 | 8,448 |
Revenue, non lease | 241,708 | 236,829 | 821,041 | $ 526,508 |
Time Charter Equivalent Services [Member] | ||||
Time charter equivalent revenues | $ 234,546 | $ 807,607 | ||
Revenue, non lease | $ 235,952 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total adjusted income/(loss) from vessel operations of all segments | $ 126,696 | $ 140,456 | $ 493,136 | $ 234,832 |
General and administrative expenses | (12,314) | (11,839) | (35,082) | (32,852) |
Third-party debt modification fees | (148) | (71) | (568) | (1,158) |
(Loss)/gain on disposal of vessels and other assets, including impairments | (74) | (139) | 10,648 | 9,339 |
Consolidated loss from vessel operations | 114,160 | 128,407 | 468,134 | 210,161 |
Equity in income/(loss) of affiliated companies | (1) | 0 | 434 | |
Other income/(expense) | 646 | 360 | 8,308 | (440) |
Interest expense | (16,817) | (15,332) | (51,678) | (40,630) |
Income before income taxes | 97,989 | 113,434 | 424,764 | 169,525 |
Vessel Operations [Member] | ||||
Total adjusted income/(loss) from vessel operations of all segments | 126,696 | 140,456 | 493,136 | 234,832 |
General and administrative expenses | (12,314) | (11,839) | (35,082) | (32,852) |
Third-party debt modification fees | (148) | (71) | (568) | (1,158) |
(Loss)/gain on disposal of vessels and other assets, including impairments | (74) | (139) | 10,648 | 9,339 |
Consolidated loss from vessel operations | 114,160 | 128,407 | 468,134 | 210,161 |
Equity in income/(loss) of affiliated companies | (1) | 0 | 434 | |
Other income/(expense) | 646 | 360 | 8,308 | (440) |
Interest expense | (16,817) | (15,332) | (51,678) | (40,630) |
Income before income taxes | $ 97,989 | $ 113,434 | $ 424,764 | $ 169,525 |
BUSINESS AND SEGMENT REPORTIN_5
BUSINESS AND SEGMENT REPORTING (Reconciliation of Assets of Segments to Consolidated Amounts) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Segment Reporting Information [Line Items] | |||
Adjusted total assets | $ 2,316,053 | $ 2,176,154 | |
Cash and cash equivalents | 138,976 | $ 243,744 | 174,465 |
Restricted cash, current and noncurrent | 0 | 1,060 | |
Short-term investments | 75,000 | 80,000 | 80,000 |
Other unallocated amounts | 30,993 | 28,224 | |
Total assets | 2,561,022 | $ 2,615,334 | 2,459,903 |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted total assets | $ 0 | $ 0 |
VESSELS (Narrative) (Details)
VESSELS (Narrative) (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||||
Aug. 08, 2023 | Mar. 14, 2023 | Oct. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | May 25, 2023 | |
Property, Plant and Equipment [Line Items] | |||||||
Impairment of long-lived assets held-for-use | $ 0 | $ 1,697,000 | |||||
Gain (loss) on disposition of property | 10,648,000 | 11,036,000 | |||||
Loss on contract termination | 200,000 | ||||||
Vessels construction in progress | $ 123,940,000 | 0 | |||||
Vessel's construction completed and placed into service | $ 3 | ||||||
Proceeds from disposal of vessels and other assets | $ 20,036,000 | $ 79,476,000 | |||||
Two 2009 Aframaxes Vessels [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Payments to acquire equipment | $ 43,000,000 | ||||||
MR Vessels | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Gain (loss) on disposition of property | $ 10,900,000 | ||||||
LNG 73,600 DWT Long Range One Product Carrier [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Expected construction costs | $ 115,000,000 | $ 115,000,000 | |||||
Vessels construction in progress | $ 2 | $ 2 |
VARIABLE INTEREST ENTITIES (V_3
VARIABLE INTEREST ENTITIES (VIEs) (Narrative) (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 USD ($) item | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Variable Interest Entity [Line Items] | |||
Accounts receivable, net, current | $ 219,827 | $ 289,775 | |
Payments on debt | 323,685 | $ 744,034 | |
Proceeds from Sale of Equity Method Investments | $ 0 | $ 138,966 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Number of commercial pools | item | 7 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | FSO Joint Venture [Member] | |||
Variable Interest Entity [Line Items] | |||
Accounts receivable, net, current | $ 208,400 |
VARIABLE INTEREST ENTITIES (V_4
VARIABLE INTEREST ENTITIES (VIEs) (Balance Sheet Carrying Amounts Related to VIEs) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Variable Interest Entity [Line Items] | ||
Pool working capital deposits | $ 38,109 | |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Pool working capital deposits | $ 33,501 |
VARIABLE INTEREST ENTITIES (V_5
VARIABLE INTEREST ENTITIES (VIEs) (Comparison of Liability to Maximum Exposure to Loss) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Other Liabilities | $ 2,588 | $ 1,875 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | $ 33,501 |
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 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 10, 2023 | Dec. 31, 2022 | |
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||
Credit facility, maximum borrowing capacity | $ 750,000 | |||||||
Derivative, notional amount | $ 358,600 | |||||||
Long-term debt | $ 841,702 | $ 841,702 | $ 1,023,432 | |||||
Net change in unrealized gains/(losses) on cash flow hedges | 968 | $ (10,112) | 1,725 | $ (21,840) | ||||
Derivative instruments, gain (loss) reclassification from accumulated oci to income, estimated net amount to be transferred | 7,600 | |||||||
Proceeds from derivative settlement | 9,600 | |||||||
$750 Million Facility Term Loan | ||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||
Long-term debt | $ 167,152 | 167,152 | $ 487,164 | |||||
$750 Million Credit Facility | ||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||
Credit facility, maximum borrowing capacity | $ 750,000 | |||||||
Derivative, notional amount | $ 475,000 | |||||||
Derivative, fixed interest rate | 2.84% | |||||||
Derivative, maturity date | Feb. 22, 2027 | |||||||
$390 Million Facility Term Loan | ||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||
Credit facility, maximum borrowing capacity | 390,000 | |||||||
$390 Million Facility Term Loan and $525 Million Facility Term Loan [Member] | ||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||
Derivative instruments, gain (loss) reclassification from accumulated oci to income, estimated net amount to be transferred | 3,000 | |||||||
Sinosure Credit Facility [Member] | ||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||
Derivative instruments, gain (loss) reclassification from accumulated oci to income, estimated net amount to be transferred | $ (1,800) | |||||||
$525 Million Facility Term Loan | ||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||
Credit facility, maximum borrowing capacity | $ 525,000 |
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, 2023 | Dec. 31, 2022 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 138,976 | $ 243,744 |
Short-term investments | 75,000 | |
Fair Value, Inputs, Level 2 [Member] | $390 Million Facility Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 80,000 | |
Fair Value, Inputs, Level 2 [Member] | $160 Million Revolving Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument, fair value disclosure | (50,000) | |
Fair Value, Inputs, Level 2 [Member] | $750 Million Facility Term Loan | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument, fair value disclosure | (171,442) | (493,565) |
Fair Value, Inputs, Level 2 [Member] | ING Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument, fair value disclosure | (21,354) | (22,917) |
Fair Value, Inputs, Level 2 [Member] | Ocean Yield Lease Financing | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument, fair value disclosure | (319,266) | (341,106) |
Fair Value, Inputs, Level 2 [Member] | BoComm Lease Financing | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument, fair value disclosure | (207,359) | (63,598) |
Fair Value, Inputs, Level 2 [Member] | Toshin Lease Financing | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument, fair value disclosure | (13,600) | (14,744) |
Fair Value, Inputs, Level 2 [Member] | COSCO Lease Financing | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument, fair value disclosure | 0 | (47,732) |
Fair Value, Inputs, Level 2 [Member] | Hyuga Lease Financing | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument, fair value disclosure | (13,694) | (14,853) |
Fair Value, Inputs, Level 2 [Member] | Kaiyo Lease Financing | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument, fair value disclosure | (12,536) | (13,797) |
Fair Value, Inputs, Level 2 [Member] | Kaisha Lease Financing | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument, fair value disclosure | $ (12,630) | $ (13,704) |
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, 2023 | Dec. 31, 2022 |
Current Portion of Derivative Assets [Member] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 7,092 | $ 6,987 |
Non Current Portion of Derivative Assets [Member] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 4,520 | 4,662 |
Current Portion of Derivative Liabilities [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | 0 |
Non Current Portion of Derivative Liabilities [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | 0 |
Other Receivables [Member] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1,000 | 547 |
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 | 7,092 | 6,987 |
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 | 4,520 | 4,662 |
Designated as Hedging Instrument [Member] | Current Portion of Derivative Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | 0 |
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 | 0 |
Designated as Hedging Instrument [Member] | Other Receivables [Member] | Interest Rate Swap [Member] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 1,000 | $ 547 |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Effect of Cash Flow Hedging Relationships) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total other comprehensive loss | $ 1,897 | $ 10,559 | $ 6,291 | $ 21,491 |
Interest Rate Swap [Member] | ||||
Total other comprehensive loss | $ 1,897 | $ 10,559 | $ 6,291 | $ 21,491 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | $ (2,865) | $ (447) | $ (8,016) | $ 349 |
Interest Expense [Member] | ||||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | (2,865) | (447) | (8,016) | 219 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | (522) | (708) | (1,688) | 445 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | $ (2,343) | $ 261 | $ (6,328) | $ (226) |
FAIR VALUE OF FINANCIAL INSTR_8
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Fair Values of Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | ||
Derivative Asset | $ 12,612 | $ 12,196 |
DEBT (Schedule of Long-term Deb
DEBT (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt | ||
Long-term debt | $ 841,702 | $ 1,023,432 |
Less current portion | (134,703) | (162,854) |
Long-term portion | 706,999 | 860,578 |
$750 Million Facility Term Loan | ||
Debt | ||
Long-term debt | 167,152 | 487,164 |
Unamortized discount and deferred finance costs | 4,290 | 6,400 |
$160 Million Revolving Credit Facility | ||
Debt | ||
Long-term debt | 50,000 | 0 |
ING Credit Facility | ||
Debt | ||
Long-term debt | 21,030 | 22,501 |
Unamortized discount and deferred finance costs | 325 | 416 |
Ocean Yield Lease Financing | ||
Debt | ||
Long-term debt | 316,477 | 337,908 |
Unamortized discount and deferred finance costs | 2,789 | 3,198 |
BoComm Lease Financing | ||
Debt | ||
Long-term debt | 232,843 | 71,140 |
Unamortized discount and deferred finance costs | 4,351 | 917 |
Toshin Lease Financing | ||
Debt | ||
Long-term debt | 14,240 | 15,215 |
Unamortized discount and deferred finance costs | 317 | 370 |
COSCO Lease Financing | ||
Debt | ||
Long-term debt | 0 | 46,544 |
Unamortized discount and deferred finance costs | 1,187 | |
Hyuga Lease Financing | ||
Debt | ||
Long-term debt | 14,121 | 15,093 |
Unamortized discount and deferred finance costs | 279 | 323 |
Kaiyo Lease Financing | ||
Debt | ||
Long-term debt | 12,868 | 13,884 |
Unamortized discount and deferred finance costs | 241 | 285 |
Kaisha Lease Financing | ||
Debt | ||
Long-term debt | 12,971 | 13,983 |
Unamortized discount and deferred finance costs | $ 253 | $ 298 |
DEBT (750 Million Credit Facili
DEBT (750 Million Credit Facility) (Details) $ in Millions | 1 Months Ended | 7 Months Ended | ||||
Sep. 30, 2023 USD ($) | Mar. 10, 2023 USD ($) item | Mar. 09, 2023 USD ($) | Oct. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) item | Jun. 02, 2022 USD ($) | |
Debt | ||||||
Credit facility, maximum borrowing capacity | $ 750 | |||||
$750 Million Credit Facility | ||||||
Debt | ||||||
Credit facility, maximum borrowing capacity | $ 750 | |||||
Repayment of credit facility | $ 97 | |||||
Release of collateral vessel mortgages, number of MR product carriers | item | 22 | |||||
Additional borrowing capacity | $ 40 | |||||
$750 Million Facility Term Loan | ||||||
Debt | ||||||
Debt face amount | 366.3 | |||||
Repayments of secured debt | $ 142.9 | |||||
Scheduled future quarterly principal amortization | $ 20.9 | 27.7 | $ 30.2 | |||
$750 Million Facility Term Loan | Subsequent Event | ||||||
Debt | ||||||
Repayments of secured debt | $ 29.7 | |||||
Scheduled future quarterly principal amortization | $ 19.5 | |||||
$750 Million Facility Term Loan | Suezmaxes | ||||||
Debt | ||||||
Number of vessels released from collateralized mortgages | item | 4 | |||||
$750 Million Facility Term Loan | Aframaxes | ||||||
Debt | ||||||
Number of vessels released from collateralized mortgages | item | 1 | |||||
$750 Million Facility Revolving Loan | ||||||
Debt | ||||||
Credit facility, maximum borrowing capacity | 257.4 | |||||
Line of credit facility, amount outstanding | $ 0 |
DEBT (160 Million Revolving Cre
DEBT (160 Million Revolving Credit Facility) (Details) $ in Millions | Oct. 30, 2023 USD ($) | Sep. 27, 2023 USD ($) item | Sep. 29, 2023 USD ($) | Jun. 02, 2022 USD ($) |
Debt | ||||
Credit facility, maximum borrowing capacity | $ 750 | |||
$160 Million Revolving Credit Facility | ||||
Debt | ||||
Credit facility, maximum borrowing capacity | $ 160 | $ 160 | ||
Debt term | 5 years 6 months | |||
Debt instrument adjusted profile term | 20 years | |||
Number of vessels used as collateral | item | 5 | |||
Debt instrument, basis spread on variable rate | 1.90% | |||
Increase (decrease) on applicable interest rate | 0.075% | |||
Minimum liquidity level, threshold amount | $ 50 | |||
Minimum liquidity level, threshold percentage of debt | 5% | |||
Threshold leverage ratio | 0.60% | |||
Debt instrument covenant, fair market value of the core collateral vessels, threshold percentage of outstanding principal amount | 135% | |||
Amount drawn | $ 50 | |||
$160 Million Revolving Credit Facility | Subsequent Event | ||||
Debt | ||||
Repayment of credit facility | $ 50 | |||
$160 Million Revolving Credit Facility | Minimum | ||||
Debt | ||||
Increase (decrease) on applicable interest rate | 0.075% |
DEBT - BoComm Lease Financing R
DEBT - BoComm Lease Financing Relating to Dual-Fuel LNG VLCC Newbuilds (Details) - BoComm Lease Financing | Nov. 15, 2021 USD ($) item |
Debt Instrument [Line Items] | |
Sale leaseback transaction, number of vessels | item | 3 |
Sale leaseback transaction, number of newly built vessels | item | 3 |
Net sale price | $ 244,800,000 |
Sale leaseback transaction net sale price, per vehicle | $ 81,600,000 |
Term of bareboat charter, per vessel | 7 years |
Sale leaseback transaction daily rate, per vehicle | $ 21,700 |
DEBT - COSCO Lease Financing (N
DEBT - COSCO Lease Financing (Narrative) (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
May 31, 2023 USD ($) item | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 841,702 | $ 1,023,432 | ||
Payments to acquire vessels | 192,218 | $ 87,603 | ||
COSCO Lease Financing | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | $ 46,544 | ||
Debt related purchase options premiums | $ 1,200 | |||
Aframax and an LR2 | COSCO Lease Financing | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 45,200 | |||
Debt related purchase options premiums | 1,200 | |||
Payments to acquire vessels | $ 46,400 | |||
2013-built Aframax | ||||
Debt Instrument [Line Items] | ||||
Number of vessels for which Options to purchase | item | 1 | |||
2014-Built LR2 | ||||
Debt Instrument [Line Items] | ||||
Number of vessels for which Options to purchase | item | 1 |
DEBT (Debt Covenants) (Narrativ
DEBT (Debt Covenants) (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2023 | |
DEBT [Abstract] | |
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, 2023. |
DEBT (Schedule of Interest Expe
DEBT (Schedule of Interest Expense and Interest Paid) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) item | Sep. 30, 2022 USD ($) | |
DEBT [Abstract] | ||||
Interest expense, debt | $ 16.7 | $ 16.4 | $ 53.2 | $ 43 |
Interest paid, net | $ 16.8 | $ 14 | 52.8 | $ 36.6 |
Pre-delivery interest expenses | $ 2 | |||
Number of newbuilds | item | 3 |
DEBT ( Debt Modification, Repur
DEBT ( Debt Modification, Repurchases and Extinguishment) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | |
Debt | |||
Gains (losses) on repurchase and extinguishment of debt | $ (2.5) | $ (0.4) | $ (0.2) |
COSCO Lease Financing | |||
Debt | |||
Write off of deferred debt issuance cost | 1.3 | ||
Debt related purchase options premiums | $ 1.2 |
CAPITAL STOCK AND STOCK COMPE_3
CAPITAL STOCK AND STOCK COMPENSATION (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Apr. 11, 2023 | May 08, 2022 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Aug. 31, 2023 | Jul. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares repurchased and retired | 366,483 | 687,740 | |||||||
Stock repurchased per share amount | $ 38.03 | $ 29.08 | |||||||
Number of shares repurchased and retired, amount | $ 13.9 | $ 20 | |||||||
Stock repurchase program, authorized amount | $ 26.1 | $ 50 | |||||||
Repurchase of common shares | 9,473 | 223,926 | 130,810 | 308,405 | |||||
Shares paid for tax withholding for share based compensation, per share amount | $ 45.50 | $ 30.22 | $ 43.81 | $ 26.78 | |||||
Amended and Restated the Rights Agreement (the "A&R Rights Agreement") | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of Acquiring Person trigger threshold | 20% | 17.50% | |||||||
Purchase Price | $ 50 | $ 25 | |||||||
Certain Senior Officers and Employees [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock options exercised | 12,997 | 25,937 | |||||||
Stock option average exercise price | $ 21.68 | $ 22.11 | |||||||
Shares issued net of shares for tax withholdings and exercise cost | 3,524 | 6,843 | |||||||
Restricted Stock | Directors [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted | 26,878 | ||||||||
Granted, per share | $ 37.94 | ||||||||
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 | 52,890 | ||||||||
Granted, per share | $ 51.37 | ||||||||
Performance Shares [Member] | Certain Employees and Senior Officers [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted | 52,890 | ||||||||
Share-based Compensation Award, Tranche One | Performance Shares [Member] | Certain Employees and Senior Officers [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted, per share | $ 51.37 | ||||||||
Vesting percentage | 50% | ||||||||
Return on investment capital performance period | 3 years | ||||||||
Share-based Payment Arrangement, Tranche Two | Performance Shares [Member] | Certain Employees and Senior Officers [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted, per share | $ 53.65 | ||||||||
Vesting percentage | 1% | ||||||||
Total shareholder return performance period | 3 years | ||||||||
Share-based Payment Arrangement, Tranche Three | 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 |
CAPITAL STOCK AND STOCK COMPE_4
CAPITAL STOCK AND STOCK COMPENSATION (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |||||
Nov. 06, 2023 | Aug. 08, 2023 | May 04, 2023 | Feb. 27, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Dividends Declaration Date | Aug. 08, 2023 | May 04, 2023 | Feb. 27, 2023 | |||
Dividends Record Date | Sep. 13, 2023 | Jun. 14, 2023 | Mar. 14, 2023 | |||
Dividend Payment Date | Sep. 27, 2023 | Jun. 28, 2023 | Mar. 28, 2023 | |||
Regular Quarterly Dividend per Share | $ 0.12 | $ 0.12 | $ 0.12 | |||
Supplemental Dividend per Share | $ 1.30 | $ 1.50 | $ 1.88 | |||
Total Dividends Paid | $ 69,400 | $ 79,300 | $ 98,300 | $ 247,001 | $ 14,830 | |
Subsequent Event | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Dividends Declaration Date | Nov. 06, 2023 | |||||
Dividends Record Date | Dec. 13, 2023 | |||||
Dividend Payment Date | Dec. 27, 2023 | |||||
Regular Quarterly Dividend per Share | $ 0.12 | |||||
Supplemental Dividend per Share | $ 1.13 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract] | |
Derivative instruments, gain (loss) reclassification from accumulated oci to income, estimated net amount to be transferred | $ 7.6 |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract] | ||
Unrealized gains on derivative instruments | $ 15,187 | $ 16,912 |
Items not yet recognized as a component of net periodic benefit cost (pension plans) | (10,028) | (9,948) |
Accumulated other comprehensive loss | $ 5,159 | $ 6,964 |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE INCOME (Changes in Components of AOCI, Net of Related Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance, beginning | $ 1,620,274 | $ 1,231,148 | $ 1,487,752 | $ 1,170,332 |
Other comprehensive (loss)/income, net of tax | (596) | 10,706 | (1,805) | 23,193 |
Balance, ending | 1,650,077 | 1,328,832 | 1,650,077 | 1,328,832 |
Accumulated Other Comprehensive Loss [Member] | ||||
Balance, beginning | 5,755 | 127 | 6,964 | (12,360) |
Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss) | 2,269 | 11,153 | 6,211 | 22,844 |
Amounts reclassified from accumulated other comprehensive income/(loss) | (2,865) | (447) | (8,016) | 349 |
Other comprehensive (loss)/income, net of tax | (596) | 10,706 | (1,805) | 23,193 |
Balance, ending | 5,159 | 10,833 | 5,159 | 10,833 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Balance, beginning | 16,155 | 6,865 | 16,912 | (4,863) |
Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss) | 1,897 | 10,559 | 6,291 | 21,491 |
Amounts reclassified from accumulated other comprehensive income/(loss) | (2,865) | (447) | (8,016) | 349 |
Balance, ending | 15,187 | 16,977 | 15,187 | 16,977 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Balance, beginning | (10,400) | (6,738) | (9,948) | (7,497) |
Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss) | 372 | 594 | (80) | 1,353 |
Balance, ending | $ (10,028) | $ (6,144) | $ (10,028) | $ (6,144) |
ACCUMULATED OTHER COMPREHENSI_6
ACCUMULATED OTHER COMPREHENSIVE INCOME (Amounts Reclassified out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Unrealized losses on available-for-sale securities: | ||||
Equity in income of affiliated companies | $ 97,989 | $ 113,434 | $ 424,764 | $ 169,525 |
Income (loss) from equity method investments | (1) | 0 | 434 | |
Interest expense | 16,817 | 15,332 | 51,678 | 40,630 |
Other income | 646 | 360 | 8,308 | (440) |
Total reclassified out of AOCL, before tax | (2,865) | (447) | (8,016) | 349 |
Interest Rate Cap [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Unrealized losses on available-for-sale securities: | ||||
Interest expense | (522) | (708) | (1,688) | 445 |
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 | 0 | 130 | ||
Interest expense | $ (2,343) | $ 261 | $ (6,328) | $ (226) |
REVENUE (Narrative) (Details)
REVENUE (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) property | Sep. 30, 2022 USD ($) | |
Revenues, Total | $ | $ 241,708,000 | $ 236,829,000 | $ 821,041,000 | $ 526,508,000 |
Capitalized contract cost, gross | $ | $ 0 | $ 0 | ||
Lease cancellation period notice | 90 days | |||
Very Large Crude Carrier [Member] | ||||
Number of vessels party to contracts | property | 3 | |||
Aframaxes [Member] | ||||
Number of vessels party to contracts | property | 1 | |||
Suezmax | ||||
Number of vessels party to contracts | property | 2 | |||
MR Vessel [Member] | ||||
Number of vessels party to contracts | $ | 5 |
REVENUE (Schedule of Disaggrega
REVENUE (Schedule of Disaggregated Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue, non lease | $ 241,708 | $ 236,829 | $ 821,041 | $ 526,508 |
Shipping revenues | 241,708 | 236,829 | 821,041 | 526,508 |
Loss of hire proceeds | 900 | 1,800 | ||
International Crude Tankers Segment [Member] | ||||
Revenue, non lease | 114,250 | 77,071 | 398,829 | 178,788 |
Shipping revenues | 114,250 | 77,071 | 398,829 | 178,788 |
International Product Carriers Segment [Member] | ||||
Revenue, non lease | 127,458 | 159,758 | 422,212 | 347,720 |
Shipping revenues | 127,458 | 159,758 | 422,212 | 347,720 |
Other Segments [Member] | ||||
Revenue, non lease | 0 | 0 | ||
Pool Revenue Leases [Member] | ||||
Shipping revenues | 194,465 | 215,240 | 701,634 | 463,729 |
Pool Revenue Leases [Member] | Fixed-Price Contract [Member] | ||||
Revenue, operating leases | $ 194,465 | $ 215,240 | $ 701,634 | $ 463,729 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Shipping revenues | Shipping revenues | Shipping revenues | Shipping revenues |
Pool Revenue Leases [Member] | International Crude Tankers Segment [Member] | Fixed-Price Contract [Member] | ||||
Revenue, operating leases | $ 80,562 | $ 60,710 | $ 309,000 | $ 133,186 |
Pool Revenue Leases [Member] | International Product Carriers Segment [Member] | Fixed-Price Contract [Member] | ||||
Revenue, operating leases | 113,903 | 154,530 | 392,634 | 330,543 |
Voyage Charter Leases Non Variable Payments [Member] | Fixed-Price Contract [Member] | ||||
Revenue, lease non-variable | 6,627 | 3,879 | 15,149 | 16,600 |
Voyage Charter Leases Non Variable Payments [Member] | International Crude Tankers Segment [Member] | Fixed-Price Contract [Member] | ||||
Revenue, lease non-variable | 1,669 | 567 | 5,324 | 5,648 |
Voyage Charter Leases Non Variable Payments [Member] | International Product Carriers Segment [Member] | Fixed-Price Contract [Member] | ||||
Revenue, lease non-variable | 4,958 | 3,312 | 9,825 | 10,952 |
Voyage Charter Leases Variable Payments [Member] | Fixed-Price Contract [Member] | ||||
Revenue (expense), operating leases | 329 | 4 | 545 | (5) |
Voyage Charter Leases Variable Payments [Member] | International Crude Tankers Segment [Member] | Fixed-Price Contract [Member] | ||||
Revenue (expense), operating leases | 66 | 62 | ||
Voyage Charter Leases Variable Payments [Member] | International Product Carriers Segment [Member] | Fixed-Price Contract [Member] | ||||
Revenue (expense), operating leases | 329 | 4 | 479 | (67) |
Time and Bareboat Charter Leases [Member] | ||||
Shipping revenues | 27,587 | 8,487 | 66,849 | 22,795 |
Time and Bareboat Charter Leases [Member] | Fixed-Price Contract [Member] | ||||
Revenue, operating leases | $ 27,587 | $ 8,487 | $ 66,849 | $ 22,795 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Shipping revenues | Shipping revenues | Shipping revenues | Shipping revenues |
Time and Bareboat Charter Leases [Member] | International Crude Tankers Segment [Member] | Fixed-Price Contract [Member] | ||||
Revenue, operating leases | $ 19,319 | $ 6,575 | $ 47,575 | $ 16,503 |
Time and Bareboat Charter Leases [Member] | International Product Carriers Segment [Member] | Fixed-Price Contract [Member] | ||||
Revenue, operating leases | 8,268 | 1,912 | 19,274 | 6,292 |
Voyage Charter Leases [Member] | ||||
Shipping revenues | 19,656 | 13,102 | 52,558 | 39,984 |
Voyage Charter Leases [Member] | Lightering Services Component [Member] | ||||
Revenue, non lease | 12,700 | 9,219 | 36,864 | 23,389 |
Voyage Charter Leases [Member] | International Crude Tankers Segment [Member] | Lightering Services Component [Member] | ||||
Revenue, non lease | $ 12,700 | $ 9,219 | $ 36,864 | $ 23,389 |
REVENUE (Schedule of Contract R
REVENUE (Schedule of Contract Related Receivables, Assets and Liabilities with Customers) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
REVENUE [Abstract] | ||
Voyage receivables - receivables | $ 5,389 | $ 9,452 |
Contract asset (voyage receivables unbilled receivables) | 1,442 | 1,866 |
Contract liability (deferred revenues) | $ 0 | $ 0 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) | 1 Months Ended | 9 Months Ended |
Dec. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) lease | |
Leases [Line Items] | ||
Number of major categories of leases | lease | 2 | |
MR Vessel [Member] | ||
Leases [Line Items] | ||
Number of vessels chartered | 5 | |
Aframaxes [Member] | ||
Leases [Line Items] | ||
Number of vessels chartered | 1 | |
Very Large Crude Carrier [Member] | ||
Leases [Line Items] | ||
Number of vessels chartered | 3 | |
Suezmax | ||
Leases [Line Items] | ||
Number of vessels chartered | 2 | |
Two 2009 Aframaxes Vessels [Member] | ||
Leases [Line Items] | ||
Payments to acquire equipment | $ 43,000,000 | |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating lease, cost | $ 11,297 | $ 7,797 | $ 30,599 | $ 22,799 |
Total lease cost | 8,221 | 4,857 | 20,790 | 13,309 |
Vessel/Fleet [Member] | Charter Hire Expense [Member] | ||||
Operating lease, cost | 2,092 | 2,849 | 3,837 | 7,748 |
Short-term lease, cost | 5,881 | 1,737 | 15,304 | 4,749 |
Vessel/Fleet [Member] | Vessel Expense [Member] | ||||
Amortization of right-of-use assets | 731 | 0 | ||
Interest on lease liabilities | 124 | 0 | ||
Office Space [Member] | General and Administrative Expense [Member] | ||||
Operating lease, cost | 203 | 228 | 659 | 683 |
Office Space [Member] | Voyage Expense [Member] | ||||
Operating lease, cost | 45 | 43 | 135 | 129 |
Lightering Services Component [Member] | Vessel/Fleet [Member] | ||||
Short-term lease, cost | $ 300 | $ 68 | $ 2,000 | $ 1,200 |
LEASES (Supplemental lease info
LEASES (Supplemental lease information) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows used for operating leases | $ 3,822 | $ 7,952 | |
Finance cash flows used for finance leases | 42,284 | $ 0 | |
Current portion of operating lease liabilities | (9,784) | $ (1,596) | |
Operating Lease, Liability, Noncurrent | 14,021 | 7,740 | |
Operating Lease, Right-of-Use Asset | 22,738 | 8,471 | |
Finance lease right-of-use assets | 0 | 44,391 | |
Current portion of finance lease liabilities | 0 | (41,870) | |
Total operating and finance lease liabilities | $ 23,805 | $ 51,206 | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 3 months 29 days | 8 years 6 months 21 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 6% | 4.13% | |
Lessee, Finance Lease, Remaining Lease Term | 2 months 12 days | ||
Lessee, Finance Lease, Discount Rate | 4.78% |
LEASES (Bareboat and Time Chart
LEASES (Bareboat and Time Charters-In) (Details) - Time Charters-In [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Leases [Line Items] | |
2023 | $ 2,427 |
2024 | 9,657 |
2025 | 4,301 |
Total lease payments | 16,385 |
less imputed interest | (871) |
Total operating lease liabilities | $ 15,514 |
2023, operating days | 92 days |
2024, operating days | 366 days |
2025, operating days | 163 days |
Operating days, total | 621 days |
LEASES (Future Minimum Lease Ob
LEASES (Future Minimum Lease Obligations for Office Space) (Details) - Office Space And Lightering Workboat Dock Space [Member] $ in Thousands | Sep. 30, 2023 USD ($) |
Leases [Line Items] | |
2023 | $ (142) |
2024 | 1,262 |
2025 | 1,093 |
2026 | 1,113 |
2027 | 1,077 |
Thereafter | 5,831 |
Total lease payments | 10,234 |
less imputed interest | (1,943) |
Total operating lease liabilities | $ 8,291 |
LEASES (Future Minimum Revenues
LEASES (Future Minimum Revenues on Charters-Out) (Details) - Charters-Out [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2023 | $ 26,369 |
2024 | 99,329 |
2025 | 66,719 |
2026 | 42,610 |
2027 | 33,945 |
Thereafter | 75,051 |
Net minimum lease payments | $ 344,022 |
2023, revenue days | 933 days |
2024, revenue days | 3518 days |
2025, revenue days | 2287 days |
2026, revenue days | 1360 days |
2027, revenue days | 1095 days |
Thereafter | 2421 days |
Revenue Days | 11614 days |
CONTINGENCIES (Narrative) (Deta
CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Jul. 31, 2023 | Sep. 30, 2023 | |
Loss Contingencies [Line Items] | ||
Loss Contingency, Damages Sought, Value | $ 25 | |
Merchant Navy Ratings Pension Fund [Member] | ||
Loss Contingencies [Line Items] | ||
Multiemployer period of performance in the past | 20 years |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 97,937 | $ 113,427 | $ 424,332 | $ 169,462 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |