International Seaways (INSW) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 07, 2024
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
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		49,373,073
Entity Central Index Key	0001679049
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
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	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 139,501	$ 126,760
Short-term investments	75,000	60,000
Voyage receivables, net of allowance for credit losses of $238 and $191 including unbilled receivables of $234,260 and $237,298	242,955	247,165
Other receivables	11,887	14,303
Inventories	593	1,329
Prepaid expenses and other current assets	15,086	10,342
Current portion of derivative asset	5,049	5,081
Total Current Assets	490,071	464,980
Vessels and other property, less accumulated depreciation of $452,717 and $427,274	1,890,796	1,914,426
Vessels construction in progress	11,905	11,670
Deferred drydock expenditures, net	72,884	70,880
Operating lease right-of-use assets	17,195	20,391
Pool working capital deposits	33,998	31,748
Long-term derivative assets	2,213	1,153
Other assets	32,360	6,571
Total Assets	2,551,422	2,521,819
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	42,046	57,904
Current portion of operating lease liabilities	10,169	10,223
Current installments of long-term debt	127,535	127,447
Total Current Liabilities	179,750	195,574
Long-term operating lease liabilities	9,270	11,631
Long-term debt, net	564,203	595,229
Other liabilities	3,309	2,628
Total Liabilities	756,532	805,062
Commitments and contingencies
Equity:
Capital - 100,000,000 no par value shares authorized; 48,999,765 and 48,925,562 shares issued and outstanding	1,488,531	1,490,986
Retained earnings/(accumulated deficit)	306,659	226,834
Stockholders Equity Subtotal	1,795,190	1,717,820
Accumulated other comprehensive loss	(300)	(1,063)
Total equity before noncontrolling interest	1,794,890	1,716,757
Total Liabilities and Equity	$ 2,551,422	$ 2,521,819

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]
Unbilled voyage receivable (in dollars)	$ 234,260	$ 237,298
Voyage receivables, allowance for credit losses	238	191
Vessels and other property, accumulated depreciation	$ 452,717	$ 427,274
Common stock, shares authorized	100,000,000	100,000,000
Common stock, no par value	$ 0	$ 0
Common stock, shares, issued	48,999,765	48,925,562
Common stock, shares, outstanding	48,999,765	48,925,562

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Shipping Revenues:
Shipping revenues	$ 274,401	$ 287,130
Operating Expenses:
Voyage expenses	3,473	3,810
Vessel expenses	63,381	58,769
Charter hire expenses	6,648	8,800
Depreciation and amortization	34,153	29,548
General and administrative	12,374	11,246
Third-party debt modification fees	0	407
Gain on disposal of vessels and other assets, net	(51)	(10,748)
Total operating expenses	119,978	101,832
Income from vessel operations	154,423	185,298
Other income	2,954	4,281
Income before interest expense and income taxes	157,377	189,579
Interest expense	(12,887)	(16,947)
Income before income taxes	144,490	172,632
Income tax benefit	0	1
Net income	144,490	172,633
Net income/(loss) attributable to the Company	$ 144,490	$ 172,633
Weighted Average Number of Common Shares Outstanding:
Basic	48,972,842	49,138,613
Diluted	49,377,948	49,646,331
Per Share Amounts:
Basic net income per share	$ 2.95	$ 3.51
Diluted net income per share	$ 2.92	$ 3.47
International Crude Tankers Segment [Member]
Shipping Revenues:
Shipping revenues	$ 126,867	$ 132,411
Operating Expenses:
Depreciation and amortization	20,049	17,226
Gain on disposal of vessels and other assets, net	(2)
International Product Carriers Segment [Member]
Shipping Revenues:
Shipping revenues	147,534	154,719
Operating Expenses:
Depreciation and amortization	14,104	12,294
Gain on disposal of vessels and other assets, net	(49)
Pool Revenue Leases [Member]
Shipping Revenues:
Shipping revenues	226,282	259,578
Time and Bareboat Charter Leases [Member]
Shipping Revenues:
Shipping revenues	31,049	13,150
Voyage Charter Leases [Member]
Shipping Revenues:
Shipping revenues	$ 17,070	$ 14,402

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Pool revenues, received from companies accounted for by the equity method	$ 83,898	$ 91,707

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 144,490	$ 172,633
Other comprehensive income/(loss), net of tax:
Net change in unrealized income/(losses) on cash flow hedges	673	(3,838)
Defined benefit pension and other postretirement benefit plans:
Net change in unrecognized prior service costs	12	(30)
Net change in unrecognized actuarial losses	78	(194)
Other comprehensive income/(loss), net of tax	763	(4,062)
Comprehensive income	$ 145,253	$ 168,571

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net income	$ 144,490	$ 172,633
Items included in net income/(loss) not affecting cash flows:
Depreciation and amortization	34,153	29,548
Amortization of debt discount and other deferred financing costs	1,038	1,556
Deferred financing costs write-off	0	166
Stock compensation	1,691	1,900
Earnings of affiliated companies	0	20
Other - net	(250)	(823)
Items included in net income/(loss) related to investing and financing activities:
Gain on disposal of vessels and other assets, net	(51)	(10,748)
Payments for drydocking	(9,971)	(12,978)
Insurance claims proceeds related to vessel operations	206	950
Changes in operating assets and liabilities:
Decrease in receivables	4,210	41,746
Decrease in deferred revenue	(5,068)	(260)
Net change in inventories, prepaid expenses and other current assets and accounts payable, accrued expense, and other current and long-term liabilities	(14,006)	(2,888)
Net cash provided by operating activities	156,442	220,822
Cash Flows from Investing Activities:
Expenditures for vessels, vessel improvements and vessels under construction, including deposits for acquisitions	(26,420)	(66,722)
Proceeds from disposal of vessels and other property, net	0	20,021
Expenditures for other property	(701)	(524)
Pool working capital deposits	(782)	0
Investments in short term time deposits	(75,000)	(90,000)
Proceeds from maturities of short term time deposits	60,000	65,000
Net cash used in investing activities	(42,903)	(72,225)
Cash Flows from Financing Activities:
Repayments of debt	(19,538)	(137,449)
Proceeds from sale and leaseback financing, net of issuance and deferred financing costs	0	55,722
Payments of deferred financing costs	(306)	(514)
Payments on sale and leaseback financing and finance lease	(12,146)	(34,619)
Cash dividends paid	(64,662)	(98,313)
Cash paid to tax authority upon vesting or exercise of stock-based compensation	(4,146)	(2,619)
Net cash used in by financing activities	(100,798)	(217,792)
Net increase/(decrease) in cash and cash equivalents	12,741	(69,195)
Cash, cash equivalents and restricted cash at beginning of year	126,760	243,744
Cash, cash equivalents and restricted cash at end of period	$ 139,501	$ 174,549

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]	Restricted Stock	Restricted Stock Units (RSUs) [Member]	Total
Balance, beginning at Dec. 31, 2022			$ 1,502,235			$ (21,447)			$ 6,964			$ 1,487,752
Net income			0			172,633			0			172,633
Other comprehensive income/(loss)			0			0			(4,062)			(4,062)
Dividends declared			0			(98,321)			0			(98,321)
Forfeitures of vested restricted stock awards and exercised stock options			(2,619)			0			0			(2,619)
Compensation relating to restricted stock units awards	$ 268	$ 1,412		$ 0	$ 0		$ 0	$ 0		$ 268	$ 1,412
Compensation relating to stock option awards			220			0			0			220
Balance, ending at Mar. 31, 2023			1,501,516			52,865			2,902			1,557,283
Balance, beginning at Dec. 31, 2023			1,490,986			226,834			(1,063)			1,716,757
Net income			0			144,490			0			144,490
Other comprehensive income/(loss)			0			0			763			763
Dividends declared			0			(64,665)			0			(64,665)
Forfeitures of vested restricted stock awards and exercised stock options			(4,146)			0			0			(4,146)
Compensation relating to restricted stock units awards	$ 291	$ 1,301		$ 0	$ 0		$ 0	$ 0		$ 291	$ 1,301
Compensation relating to stock option awards			99			0			0			99
Balance, ending at Mar. 31, 2024			$ 1,488,531			$ 306,659			$ (300)			$ 1,794,890

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the Company’s operating fleet consisted of 73 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, six LR1 newbuilds are scheduled for delivery to the Company between the second half of 2025 and third quarter of 2026, bringing the total operating and newbuild fleet to 79 vessels. 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 months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. ​ The condensed consolidated balance sheet as of December 31, 2023 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, 2023. ​ All intercompany balances and transactions within INSW have been eliminated. Investments in 50% or less owned affiliated companies, in which INSW exercises significant influence, are accounted for by the equity method. ​ ​

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
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, 2023 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: ​ Concentration of Credit Risk — ​ ​ ​ ​ ​ (Dollars in thousands) ​ ​ Allowance for Credit Losses - Balance at December 31, 2023 ​ $ 191 Provision for expected credit losses ​ ​ 47 Balance at March 31, 2024 ​ $ 238 ​ During the three months ended March 31, 2024 and 2023, the Company did not have any individual customers who accounted for 10% or more of its revenues apart from the pools in which it participates. The pools in which the Company participates accounted in aggregate for 96% and 95% of consolidated voyage receivables at March 31, 2024 and December 31, 2023, respectively. ​ Deferred finance charges — ​ Interest expense relating to the amortization of deferred financing charges amounted to $0.8 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively. ​ Vessels construction in progress — ​ Recently Issued Accounting Standards ​ In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2024
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 27,897 and 48,890 for the three months ended March 31, 2024 and 2023, respectively. Such participating securities are allocated a portion of income, but not losses under the two-class method. As of March 31, 2024, there were 470,936 shares of restricted stock units and 180,703 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 March 31, (Dollars in thousands) ​ ​ 2024 ​ ​ 2023 Net income allocated to: ​ ​ ​ ​ ​ ​ Common Stockholders ​ $ 144,413 ​ $ 172,466 Participating securities ​ ​ 77 ​ ​ 167 ​ ​ $ 144,490 ​ $ 172,633 ​ For the three months ended March 31, 2024 and 2023 earnings per share calculations, there were 405,106 and 507,718 dilutive equity awards outstanding, respectively. Awards of ​

BUSINESS AND SEGMENT REPORTING

BUSINESS AND SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2024
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 gain on disposal of vessels and assets, net. 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 months ended March 31, 2024 and 2023 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude ​ Product ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ Tankers ​ Carriers ​ Other ​ Totals Three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shipping revenues ​ $ 126,867 ​ $ 147,534 ​ $ — ​ $ 274,401 Time charter equivalent revenues ​ ​ 123,962 ​ ​ 146,966 ​ ​ — ​ ​ 270,928 Depreciation and amortization ​ ​ 20,049 ​ ​ 14,104 ​ ​ — ​ ​ 34,153 Gain on disposal of vessels and other assets, net ​ ​ (2) ​ ​ (49) ​ ​ — ​ ​ (51) Adjusted income from vessel operations ​ ​ 69,892 ​ ​ 96,854 ​ ​ — ​ ​ 166,746 Adjusted total assets at March 31, 2024 ​ ​ 1,508,859 ​ ​ 802,668 ​ ​ — ​ ​ 2,311,527 Expenditures for vessels and vessel improvements ​ ​ 276 ​ ​ 26,144 ​ ​ — ​ ​ 26,420 Payments for drydocking ​ ​ 2,103 ​ ​ 7,868 ​ ​ — ​ ​ 9,971 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shipping revenues ​ $ 132,411 ​ $ 154,719 ​ $ — ​ $ 287,130 Time charter equivalent revenues ​ ​ 129,285 ​ ​ 154,035 ​ ​ — ​ ​ 283,320 Depreciation and amortization ​ ​ 17,226 ​ ​ 12,294 ​ ​ 28 ​ ​ 29,548 Gain on disposal of vessels and other assets, net ​ ​ — ​ ​ (10,748) ​ ​ — ​ ​ (10,748) Adjusted income/(loss) from vessel operations ​ ​ 84,541 ​ ​ 101,690 ​ ​ (28) ​ ​ 186,203 Adjusted total assets at March 31, 2023 ​ ​ 1,455,356 ​ ​ 809,251 ​ ​ — ​ ​ 2,264,607 Expenditures for vessels and vessel improvements ​ ​ 65,728 ​ ​ 994 ​ ​ — ​ ​ 66,722 Payments for drydocking ​ ​ 2,128 ​ ​ 10,850 ​ ​ — ​ ​ 12,978 ​ 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 March 31, (Dollars in thousands) ​ ​ 2024 ​ ​ 2023 Time charter equivalent revenues ​ $ 270,928 ​ $ 283,320 Add: Voyage expenses ​ ​ 3,473 ​ ​ 3,810 Shipping revenues ​ $ 274,401 ​ $ 287,130 ​ 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 March 31, (Dollars in thousands) ​ ​ 2024 ​ ​ 2023 Total adjusted income from vessel operations of all segments ​ $ 166,746 ​ $ 186,203 General and administrative expenses ​ ​ (12,374) ​ ​ (11,246) Third-party debt modification fees ​ ​ — ​ ​ (407) Gain on disposal of vessels and other assets, net ​ ​ 51 ​ ​ 10,748 Consolidated income from vessel operations ​ ​ 154,423 ​ ​ 185,298 Other income ​ ​ 2,954 ​ ​ 4,281 Interest expense ​ ​ (12,887) ​ ​ (16,947) Income before income taxes ​ $ 144,490 ​ $ 172,632 ​ ​ Reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets follow: ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ March 31, 2024 ​ March 31, 2023 Adjusted total assets of all segments ​ $ 2,311,527 ​ $ 2,264,607 Corporate unrestricted cash and cash equivalents ​ ​ 139,501 ​ ​ 156,220 Restricted cash ​ ​ — ​ ​ 18,329 Short-term investments ​ ​ 75,000 ​ ​ 105,000 Other unallocated amounts ​ ​ 25,394 ​ ​ 27,374 Consolidated total assets ​ $ 2,551,422 ​ $ 2,571,530 ​

VESSELS

VESSELS	3 Months Ended
	Mar. 31, 2024
VESSELS [Abstract]
VESSELS	Note 5 — Vessels: ​ Impairment of Vessels and Other Property ​ During the three months ended March 31, 2024, the Company gave consideration as to whether events or changes in circumstances had occurred since December 31, 2023, 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-sale or held-for-use impairment indicators existed for the Company’s vessels as of March 31, 2024. ​ ​ Vessel Acquisitions and Construction Commitments ​ On February 23, 2024, the Company entered into agreements to acquire two 2014-built and four 2015-built MR Product Carriers for an aggregate consideration of approximately $232 million, payable 85% in cash and 15% in shares of common stock of the Company. Each of the six vessel purchases is subject to satisfaction of closing conditions customary for vessel purchases. Three of the six vessels were delivered between April and early May 2024, and delivery of the remaining three MRs is expected to be completed by the end of the second quarter of 2024. An initial purchase price deposit totaling ​ In March 2024 the Company declared options to build two additional dual-fuel ready LNG 73,600 dwt LR1 Product Carriers at the same shipyard from which its other four newbuild LR1s were ordered. The six LR1s are scheduled for delivery between the second half of 2025 and the third quarter of 2026 for an aggregate cost of approximately $347 million. The remaining commitments on the contracts for the construction of the LR1 newbuilds as of March 31, 2024 was $335.5 million, which will be paid for through a combination of long-term financing and available liquidity. ​ Disposal/Sales of Vessels ​ On March 18, 2024, the Company entered into a memorandum of agreement for the sale of a ​ During the quarter ended March 31, 2023, the Company delivered a 2008-built MR to the buyer and recognized a gain of $10.9 million.

VARIABLE INTEREST ENTITIES (VIE

VARIABLE INTEREST ENTITIES (VIEs)	3 Months Ended
	Mar. 31, 2024
VARIABLE INTEREST ENTITIES (VIEs) [Abstract]
VARIABLE INTEREST ENTITIES (VIEs)	​ ​ Note 6 — Variable Interest Entities (“VIEs”): ​ Unconsolidated VIEs ​ As of March 31, 2024, 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 March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ ​ ​ ​ Condensed Pool working capital deposits ​ ​ ​ ​ $ 33,998 ​ 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 March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ ​ Condensed ​ Maximum Exposure to Other Liabilities ​ $ – ​ $ 33,998 ​ ​ ​ ​ In addition, as of March 31, 2024, the Company had approximately $232.0 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 March 31, 2024.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2024
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) ​ March 31, 2024 ​ December 31, 2023 ​ Fair Value Level Cash and cash equivalents ​ $ 139,501 ​ $ 126,760 ​ ​ Level 1 Short-term investments (1) ​ ​ 75,000 ​ ​ 60,000 ​ ​ Level 1 $750 Million Facility Term Loan (2) ​ ​ (94,581) ​ ​ (113,598) ​ ​ Level 2 ING Credit Facility (2) ​ ​ (20,313) ​ ​ (20,833) ​ ​ Level 2 Ocean Yield Lease Financing (2) ​ ​ (304,626) ​ ​ (311,907) ​ ​ Level 2 BoComm Lease Financing (3) ​ ​ (200,731) ​ ​ (210,186) ​ ​ Level 2 Toshin Lease Financing (3) ​ ​ (12,875) ​ ​ (13,566) ​ ​ Level 2 Hyuga Lease Financing (3) ​ ​ (12,959) ​ ​ (13,643) ​ ​ Level 2 Kaiyo Lease Financing (3) ​ ​ (11,785) ​ ​ (12,419) ​ ​ Level 2 Kaisha Lease Financing (3) ​ ​ (11,881) ​ ​ (12,519) ​ ​ 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) 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 ​ At March 31, 2024, the Company was party to amortizing interest rate swap agreements with major financial institutions participating in the $750 Million Facility Term Loan 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 . The interest rate swap agreements, which contain no leverage features, are designated and qualify as cash flow hedges and have a remaining aggregate notional value of $310.5 million as of March 31, 2024, covering for accounting purposes, the $94.6 million principal balance outstanding under the $750 Million Facility Term Loan and $215.9 million outstanding under the Ocean Yield Lease Financing. Also, as of March 31, 2024, approximately $0.2 million in net gains from previously terminated interest rate swaps are ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ Current portion of derivative asset ​ Long-term derivative ​ Other March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 5,049 ​ $ 2,213 ​ $ 857 Total ​ $ 5,049 ​ $ 2,213 ​ $ 857 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 5,081 ​ $ 1,153 ​ $ 961 Total ​ $ 5,081 ​ $ 1,153 ​ $ 961 ​ The following tables present information with respect to gains and losses on derivative positions reflected in the condensed consolidated statements of operations or in the condensed consolidated statements of comprehensive income. ​ The effect of cash flow hedging relationships recognized in other comprehensive income excluding amounts reclassified from accumulated other comprehensive income/(loss) for the three months ended March 31, 2024 and 2023 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Dollars in thousands) ​ ​ 2024 ​ ​ 2023 Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 3,098 ​ $ (1,454) Total other comprehensive income/(loss) ​ $ 3,098 ​ $ (1,454) ​ The effect of the Company’s cash flow hedging relationships on the condensed consolidated statement of operations for the three months ended March 31, 2024 and 2023 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Dollars in thousands) ​ ​ 2024 ​ ​ 2023 Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ (2,071) ​ $ (1,782) ​ ​ ​ ​ ​ ​ ​ Discontinued hedging instruments: ​ ​ ​ ​ ​ ​ Interest rate swap ​ ​ (354) ​ ​ (602) Total interest expense ​ $ (2,425) ​ $ (2,384) ​ 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) ​ March 31, 2024 ​ December 31, 2023 ​ Fair Value Level Derivative Assets (interest rate swaps) ​ $ 8,119 ​ $ 7,195 ​ ​ 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	3 Months Ended
	Mar. 31, 2024
DEBT [Abstract]
DEBT	Note 8 — Debt: ​ Debt consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ March 31, 2024 December 31, 2023 $750 Million Facility Term Loan, due 2027, net of unamortized deferred finance costs of $2,775 and $3,124 ​ $ 91,806 ​ $ 110,474 ING Credit Facility, due 2026, net of unamortized deferred finance costs of $266 and $295 ​ ​ 20,046 ​ ​ 20,538 Ocean Yield Lease Financing, due 2031, net of unamortized deferred finance costs of $2,528 and $2,656 ​ ​ 302,099 ​ ​ 309,250 BoComm Lease Financing, due 2030, net of unamortized deferred finance costs of $3,983 and $4,166 ​ ​ 226,349 ​ ​ 229,583 Toshin Lease Financing, due 2031, net of unamortized deferred finance costs of $287 and $302 ​ ​ 13,561 ​ ​ 13,903 Hyuga Lease Financing, due 2031, net of unamortized deferred finance costs of $251 and $265 ​ ​ 13,445 ​ ​ 13,786 Kaiyo Lease Financing, due 2030, net of unamortized deferred finance costs of $213 and $227 ​ ​ 12,163 ​ ​ 12,518 Kaisha Lease Financing, due 2030, net of unamortized deferred finance costs of $224 and $238 ​ ​ 12,269 ​ ​ 12,624 ​ ​ ​ 691,738 ​ ​ 722,676 Less current portion ​ ​ (127,535) ​ ​ (127,447) Long-term portion ​ $ 564,203 ​ $ 595,229 ​ 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. ​ ING Credit Facility ​ On April 18, 2024, the Company prepaid the outstanding principal balance of $20.3 million and terminated the ING Credit Facility. ​ $750 Million Credit Facility ​ On April 26, 2024, the Company, International Seaways Operating Corporation (the “Borrower”) and certain of their subsidiaries entered into a second amendment that amended and extended the $750 Million Credit Facility with Nordea Bank Abp, New York Branch (“Nordea”), BNP Paribas, Crédit Agricole Corporate & Investment Bank (“CA-CIB”), DNB Markets Inc., and Skandinaviska Enskilda Banken AB (PUBL) (or their respective affiliates), as mandated lead arrangers and bookrunners; ING Bank N.V., London Branch and Danish Ship Finance A/S (or their respective affiliates), as lead arrangers and National Australia Bank Limited, as co-arranger. Nordea is acting as administrative agent, collateral agent, coordinator and security trustee under the amended agreement, and CA-CIB is acting as sustainability coordinator. ​ Immediately prior to the closing of the second amendment, the $750 Million Facility, had a remaining term loan balance of $94.6 million and undrawn revolver capacity of $257.4 million. The amended agreement consists of a $500 million revolving credit facility (the “$500 Million Revolving Credit Facility”) that matures on January 31, 2030. That maturity date is subject to acceleration upon the occurrence of certain events (as described in the credit agreement). The $500 Million Revolving Credit Facility is secured by a first lien on certain of the Company’s vessels (the “Collateral Vessels”), along with their earnings, insurances and certain other assets, as well as by liens on certain additional assets of the Borrower. Under the terms of the $500 Million Revolving Credit Facility capacity is reduced on a quarterly basis by approximately $12.8 million, based on a 20-year ​ The $500 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 potion of Consolidated Indebtedness); and (iv) to ensure the aggregate Fair Market Value of the Collateral Vessels will not be less than 135% of the aggregate outstanding principal amount of the $500 Million Revolving Credit Facility. ​ Debt Covenants ​ The Company was in compliance with the financial and non-financial covenants under all of its financing arrangements as of March 31, 2024. ​ Interest Expense ​ Total interest expense before the impact of capitalized interest, including amortization of issuance and deferred financing costs, commitment, administrative and other fees for all of the Company’s debt facilities for the three months ended March 31, 2024 and 2023 was $12.8 million and $18.4 million, respectively. Interest paid for the Company’s debt facilities for the three months ended March 31, 2024 was $12.1 million. Interest paid for the Company’s debt facilities for the three months ended March 31, 2023 was $19.1 million including $1.3 million of the pre-delivery expenses paid for the first and second dual-fuel LNG VLCC newbuilds. ​ ​

TAXES

TAXES	3 Months Ended
	Mar. 31, 2024
TAXES [Abstract]
TAXES	Note 9 — Taxes: ​ As of March 31, 2024, the Company believes it will qualify 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 2024 calendar year, so long 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 2024. ​ The Company reviews its provisions for uncertain tax positions relating to freight taxes in various tax jurisdictions 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. There were no changes in such reserve recorded during the three months ended March 31, 2024 and 2023. ​ 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 Two Model Rules. These model rules call for a minimum global tax of 15% on large multinational enterprises with possible application from January 1, 2024 or later, depending on implementation by the individual countries in which the Company is domiciled. As currently enacted, the Pillar Two Model Rules have no impact on the Company’s consolidated financial statements in 2024, however, the Company is monitoring these developments and evaluating the necessary steps it can take to minimize the impact, if any, to the Company’s consolidated financial statements and operations going forward. ​

CAPITAL STOCK AND STOCK COMPENS

CAPITAL STOCK AND STOCK COMPENSATION	3 Months Ended
	Mar. 31, 2024
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 ​ Director Compensation – Restricted Common Stock On February 19, 2024, Mr. Nadim Qureshi resigned from the Board of Directors of the Company. Mr. Qureshi’s resignation was not the result of any disagreement with the Company or the Board on any matter relating to the Company’s operations, policies or practices. In connection with his resignation, the Board approved the accelerated vesting of the 2,635 restricted shares of INSW common stock previously granted to Mr. Qureshi in June 2023 (valued at approximately $0.1 million) and the Company did not seek reimbursement of any cash director fees paid to Mr. Qureshi in advance for the first quarter of 2024. In consideration of this action, Mr. Qureshi entered into a one-year agreement not to compete with the Company’s crude and product tanker operations. Management Compensation ​ Stock Options ​ There were no stock options granted during the three months ended March 31, 2024 and 2023. A total of 58,893 and 12,940 stock options were exercised during the three months ended March 31, 2024 and 2023, respectively, by certain senior officers of the Company at an average exercise price of $21.76 and $22.54 per share, respectively. ​ Restricted Stock Units ​ During the three months ended March 31, 2024, the Company granted 48,078 time-based restricted stock units (“RSUs”) to certain of its senior officers. The weighted average grant date fair value of these awards was $52.57 per RSU. Each RSU represents a contingent right to receive one share of INSW common stock upon vesting. All of the RSUs awarded will vest in equal installments on each of the first three anniversaries of the grant date. ​ During the three months ended March 31, 2024, the Company also granted 48,080 performance-based RSUs to certain of its senior officers. Each performance stock unit represents a contingent right to receive RSUs based upon the covered employees being continuously employed through the end of the period over which the performance goals are measured and shall vest as follows: (i) one-half of the target RSUs shall vest on December 31, 2026, subject to INSW’s return on invested capital (“ROIC”) performance in the three-year ROIC performance period relative to a target rate (the “ROIC Target”) set forth in the award agreements; and (ii) one-half of the target RSUs shall vest on December 31, 2026, subject to INSW’s three-year total shareholder return (“TSR”) performance relative to that of a performance peer group over a three-year performance period (“TSR Target”). Vesting is subject in each case to the Human Resources and Compensation Committee of the Company’s Board of Directors’ certification of achievement of the performance measures and targets no later than March 15, 2027. The weighted average grant date fair value of the awards with performance conditions was determined to be $52.57 per RSU. The weighted average grant date fair value of the TSR based performance awards which have a market condition was estimated using a Monte Carlo probability model and determined to be $41.08 per RSU. ​ Dividends ​ On February 28, 2024, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.12 per share of common stock and a supplemental cash dividend of $1.20 per share of common stock. Both dividends totaling $64.7 million were paid on March 28, 2024 to stockholders of record as of March 14, 2024. ​ On May 7, 2024, 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 $1.63 per share of common stock. Both dividends will be paid on June 26, 2024 to stockholders of record as of June 12, 2024. ​ ​ Share Repurchases ​ No shares were acquired under the Company’s stock repurchase program during the three months ended March 31, 2024 and 2023. ​ In connection with the settlement of vested restricted stock units and the exercise of stock options, the Company repurchased 102,523 and 59,292 shares of common stock during the three months ended March 31, 2024 and 2023, respectively, at an average cost of $52.94 and $55.16 , 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. ​ ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	3 Months Ended
	Mar. 31, 2024
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	Note 11 — Accumulated Other Comprehensive Income: ​ The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ March 31, 2024 December 31, 2023 Unrealized gains on derivative instruments ​ $ 10,022 ​ $ 9,349 Items not yet recognized as a component of net periodic benefit cost (pension plans) ​ ​ (10,322) ​ ​ (10,412) ​ ​ $ (300) ​ $ (1,063) ​ ​ The changes in the balances of each component of accumulated other comprehensive income/(loss), net of related taxes, during the three months ended March 31, 2024 and 2023 follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ Unrealized gains on cash flow hedges ​ Items not yet recognized as a component of net periodic benefit cost ​ Total Balance as of December 31, 2023 ​ $ 9,349 ​ $ (10,412) ​ $ (1,063) Current period change, excluding amounts reclassified ​ ​ ​ ​ ​ ​ ​ ​ ​ from accumulated other comprehensive loss ​ ​ 3,098 ​ ​ 90 ​ ​ 3,188 Amounts reclassified from accumulated other comprehensive loss ​ ​ (2,425) ​ ​ — ​ ​ (2,425) Balance as of March 31, 2024 ​ $ 10,022 ​ $ (10,322) ​ $ (300) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2022 ​ $ 16,912 ​ ​ (9,948) ​ ​ 6,964 Current period change, excluding amounts reclassified ​ ​ ​ ​ ​ ​ ​ ​ ​ from accumulated other comprehensive income ​ ​ (1,454) ​ ​ (224) ​ ​ (1,678) Amounts reclassified from accumulated other comprehensive income ​ ​ (2,384) ​ ​ — ​ ​ (2,384) Balance as of March 31, 2023 ​ $ 13,074 ​ $ (10,172) ​ $ 2,902 ​ ​ ​ Amounts reclassified out of each component of accumulated other comprehensive income/(loss) follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ (Dollars in thousands) ​ ​ 2024 ​ ​ 2023 ​ Statement of Operations Reclassifications of gains on cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps entered into by the Company's subsidiaries ​ ​ (2,071) ​ ​ (1,782) ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ Reclassifications of losses on discontinued hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap entered into by the Company's subsidiaries ​ ​ (354) ​ ​ (602) ​ Interest expense Total before and net of tax ​ $ (2,425) ​ $ (2,384) ​ ​ ​ At March 31, 2024, the Company expects that it will reclassify $5.3 million (gross and net of tax) of net gain on derivative instruments from accumulated other comprehensive income 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	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the Company is a party to time charter out contracts with customers on three VLCCs, two Suezmaxes, one Aframax, and six MRs, with expiry dates ranging from August 2024 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 months ended March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude ​ Product ​ ​ ​ (Dollars in thousands) ​ Tankers ​ Carriers ​ Totals Three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues from leases ​ ​ ​ ​ ​ ​ ​ ​ ​ Pool revenues ​ $ 90,046 ​ $ 136,236 ​ $ 226,282 Time charter revenues ​ ​ 20,804 ​ ​ 10,245 ​ ​ 31,049 Voyage charter revenues from non-variable lease payments ​ ​ 948 ​ ​ 1,053 ​ ​ 2,001 Revenues from services ​ ​ ​ ​ ​ ​ ​ ​ ​ Voyage charter revenues from lightering services ​ ​ 15,069 ​ ​ — ​ ​ 15,069 Total shipping revenues ​ $ 126,867 ​ $ 147,534 ​ $ 274,401 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues from leases ​ ​ ​ ​ ​ ​ ​ ​ ​ Pool revenues ​ $ 108,799 ​ $ 150,779 ​ $ 259,578 Time charter revenues ​ ​ 9,686 ​ ​ 3,464 ​ ​ 13,150 Voyage charter revenues from non-variable lease payments ​ ​ 2,238 ​ ​ 326 ​ ​ 2,564 Voyage charter revenues from variable lease payments ​ ​ – ​ ​ 150 ​ ​ 150 Revenues from services ​ ​ ​ ​ ​ ​ ​ ​ ​ Voyage charter revenues from lightering services ​ ​ 11,688 ​ ​ — ​ ​ 11,688 Total shipping revenues ​ $ 132,411 ​ $ 154,719 ​ $ 287,130 ​ ​ 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, 2024 ​ $ 6,512 ​ $ 1,029 ​ $ — Closing balance as of March 31, 2024 ​ ​ 6,583 ​ ​ 690 ​ ​ — ​ 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 months ended March 31, 2024 and 2023. ​ Costs to Obtain or Fulfill a Contract ​ As of March 31, 2024, there were no unamortized deferred costs of obtaining or fulfilling a contract. ​ European Union’s Emissions Trading System ​ Commencing January 1, 2024, the European Union’s Emissions Trading System (“EU ETS”) was extended to cover Carbon dioxide (“CO 2 ​ Shipping companies will have to surrender EU ETS emissions allowances (“EUA”) for each ton of reported CO 2 emissions in the scope of the EU ETS. There is a phase-in period for the regulations, as allowances will have to be submitted for 40% of 2024 emissions, 70% of 2025 emissions and 100% of emissions for 2026 and subsequent years. Beginning in 2026, the scope of the EU ETS will also be expanded to include Methane (“CH 4 2 ​ EUAs are valued based upon a market approach utilizing prices published on an EUA market index. The value of the EUAs to be provided to the Company pursuant to the terms of its agreements with the charterers of its vessels and the commercial pools in which it participates is included in shipping revenues in the condensed consolidated statements of operations. The value of the EUA obligations incurred by the Company under the EU ETS while its vessels are on-hire is included in voyage expenses, or in vessel expenses while its vessels are off-hire, in the condensed consolidated statements of operations. ​ EUAs held by the Company are intended to be used to settle its EUA obligations and are accounted for as intangible assets. The Company did not hold any EUAs as of March 31, 2024. EUAs relating to 2024 emissions are required to be surrendered to the EU authorities in September 2025. ​ The following table presents the components of the non-cash revenues and expenses recognized for EUAs earned and incurred during the three months ended March 31, 2024: ​ ​ ​ ​ ​ (Dollars in thousands) ​ ​ Pool revenues ​ $ 388 Time charter revenues ​ ​ 131 Total shipping revenues ​ $ 519 ​ ​ ​ ​ Voyage expenses ​ $ 519 ​ ​ The value of EUAs due to the Company from its charterers or commercial pools in which it participates, and the value of the EUAs the Company is obligated to surrender to the EU authorities is $0.5 million as of March 31, 2024 and is included in other receivables and other liabilities ​

LEASES

LEASES	3 Months Ended
	Mar. 31, 2024
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 vessel and leased office and other space. The expenses recognized during the three months ended March 31, 2024 and 2023 for the lease component of these leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Dollars in thousands) ​ ​ 2024 ​ ​ 2023 Operating lease cost ​ ​ ​ ​ ​ ​ Vessel assets ​ ​ ​ ​ ​ ​ Charter hire expenses ​ $ 2,367 ​ $ 1,067 ​ ​ ​ ​ ​ ​ ​ Finance lease cost ​ ​ ​ ​ ​ ​ Vessel assets ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ ​ — ​ ​ 715 Interest on lease liabilities ​ ​ — ​ ​ 121 ​ ​ ​ ​ ​ ​ ​ Office and other space ​ ​ ​ ​ ​ ​ General and administrative ​ ​ 226 ​ ​ 228 Voyage expenses ​ ​ 45 ​ ​ 45 ​ ​ ​ ​ ​ ​ ​ Short-term lease cost ​ ​ ​ ​ ​ ​ Vessel assets (1) ​ ​ ​ ​ ​ ​ Charter hire expenses ​ ​ 1,365 ​ ​ 4,269 Total lease cost ​ $ 4,003 ​ $ 6,445 (1) Excludes vessels spot chartered-in under operating leases and employed in the Crude Tankers Lightering business for periods of less than one month each, totaling $0.7 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively, including both lease and non-lease components. ​ Supplemental cash flow information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Dollars in thousands) ​ ​ 2024 ​ ​ 2023 Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows used for operating leases ​ $ 264 ​ $ 937 Finance cash flows used for finance leases ​ ​ — ​ ​ 23,955 ​ Supplemental balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ March 31, 2024 ​ December 31, 2023 Operating lease right-of-use assets ​ $ 17,195 ​ $ 20,391 ​ ​ ​ ​ ​ ​ ​ Current portion of operating lease liabilities ​ $ (10,169) ​ $ (10,223) Long-term operating lease liabilities ​ ​ (9,270) ​ ​ (11,631) Total operating and finance lease liabilities ​ $ (19,439) ​ $ (21,854) ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term - operating leases ​ ​ 4.47 years ​ ​ 4.42 years Weighted average discount rate - operating leases ​ ​ 5.81% ​ ​ 5.90% ​ ​ 1. Charters-in of vessel assets: ​ As of March 31, 2024, 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 March 31, 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ Amount ​ Operating Days 2024 ​ $ 7,256 ​ 275 2025 ​ ​ 4,301 ​ 163 Total lease payments (lease component only) ​ ​ 11,557 ​ 438 less imputed interest ​ ​ (431) ​ ​ Total operating lease liabilities ​ $ 11,126 ​ ​ ​ ​ 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 March 31, 2024 are as follows: ​ ​ ​ ​ ​ (Dollars in thousands) ​ ​ Amount 2024 ​ $ 952 2025 ​ ​ 1,093 2026 ​ ​ 1,113 2027 ​ ​ 1,077 2028 ​ ​ 1,077 Thereafter ​ ​ 4,754 Total lease payments ​ ​ 10,066 less imputed interest ​ ​ (1,753) Total operating lease liabilities ​ $ 8,313 ​ 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 six MRs, and the related revenue days as of March 31, 2204 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ Amount ​ Revenue Days 2024 ​ $ 85,310 ​ 3,158 2025 ​ ​ 82,414 ​ 3,017 2026 ​ ​ 47,856 ​ 1,604 2027 ​ ​ 33,945 ​ 1,095 2028 ​ ​ 34,038 ​ 1,098 Thereafter ​ ​ 41,013 ​ 1,323 Future minimum revenues ​ $ 324,576 ​ 11,295 ​ 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. ​ In April 2024, the Company entered into non-cancelable time charter agreements with durations ranging from 32 to 34 months ​

CONTINGENCIES

CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024. The MNOPF annual actuarial funding report as of March 31, 2023, showed its funded status as being in deficit by approximately £11 million, but at March 31, 2024, no additional employer contributions have been sought or assessed. 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. Based on a High Court ruling in 2015, the Trustees of the MNRPF levied assessments to recover the significant deficit in the plan from participating employers. 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. A reserve of $0.3 million has been recorded in INSW’s consolidated financial statements as of March 31, 2024, based on the Trustees of the MNRPF’s estimated calculation of INSW’s share of the March 31, 2023 deficit valuation, which 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 2023. Although the vessel was subsequently released, the arresting parties continue to seek 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. 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)	3 Months Ended
	Mar. 31, 2024
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Concentration of Credit Risk	Concentration of Credit Risk — ​ ​ ​ ​ ​ (Dollars in thousands) ​ ​ Allowance for Credit Losses - Balance at December 31, 2023 ​ $ 191 Provision for expected credit losses ​ ​ 47 Balance at March 31, 2024 ​ $ 238 ​ During the three months ended March 31, 2024 and 2023, the Company did not have any individual customers who accounted for 10% or more of its revenues apart from the pools in which it participates. The pools in which the Company participates accounted in aggregate for 96% and 95% of consolidated voyage receivables at March 31, 2024 and December 31, 2023, respectively.
Deferred finance charges	Deferred finance charges — ​ Interest expense relating to the amortization of deferred financing charges amounted to $0.8 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively.
Vessels construction in progress	Vessels construction in progress — ​
Recently issued accounting standards	Recently Issued Accounting Standards ​ In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures

CONTINGENCIES (Policy)

CONTINGENCIES (Policy)	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Activity for allowance for credit losses	​ ​ ​ ​ ​ (Dollars in thousands) ​ ​ Allowance for Credit Losses - Balance at December 31, 2023 ​ $ 191 Provision for expected credit losses ​ ​ 47 Balance at March 31, 2024 ​ $ 238

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, (Dollars in thousands) ​ ​ 2024 ​ ​ 2023 Net income allocated to: ​ ​ ​ ​ ​ ​ Common Stockholders ​ $ 144,413 ​ $ 172,466 Participating securities ​ ​ 77 ​ ​ 167 ​ ​ $ 144,490 ​ $ 172,633

BUSINESS AND SEGMENT REPORTING

BUSINESS AND SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude ​ Product ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ Tankers ​ Carriers ​ Other ​ Totals Three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shipping revenues ​ $ 126,867 ​ $ 147,534 ​ $ — ​ $ 274,401 Time charter equivalent revenues ​ ​ 123,962 ​ ​ 146,966 ​ ​ — ​ ​ 270,928 Depreciation and amortization ​ ​ 20,049 ​ ​ 14,104 ​ ​ — ​ ​ 34,153 Gain on disposal of vessels and other assets, net ​ ​ (2) ​ ​ (49) ​ ​ — ​ ​ (51) Adjusted income from vessel operations ​ ​ 69,892 ​ ​ 96,854 ​ ​ — ​ ​ 166,746 Adjusted total assets at March 31, 2024 ​ ​ 1,508,859 ​ ​ 802,668 ​ ​ — ​ ​ 2,311,527 Expenditures for vessels and vessel improvements ​ ​ 276 ​ ​ 26,144 ​ ​ — ​ ​ 26,420 Payments for drydocking ​ ​ 2,103 ​ ​ 7,868 ​ ​ — ​ ​ 9,971 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shipping revenues ​ $ 132,411 ​ $ 154,719 ​ $ — ​ $ 287,130 Time charter equivalent revenues ​ ​ 129,285 ​ ​ 154,035 ​ ​ — ​ ​ 283,320 Depreciation and amortization ​ ​ 17,226 ​ ​ 12,294 ​ ​ 28 ​ ​ 29,548 Gain on disposal of vessels and other assets, net ​ ​ — ​ ​ (10,748) ​ ​ — ​ ​ (10,748) Adjusted income/(loss) from vessel operations ​ ​ 84,541 ​ ​ 101,690 ​ ​ (28) ​ ​ 186,203 Adjusted total assets at March 31, 2023 ​ ​ 1,455,356 ​ ​ 809,251 ​ ​ — ​ ​ 2,264,607 Expenditures for vessels and vessel improvements ​ ​ 65,728 ​ ​ 994 ​ ​ — ​ ​ 66,722 Payments for drydocking ​ ​ 2,128 ​ ​ 10,850 ​ ​ — ​ ​ 12,978 ​
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 March 31, (Dollars in thousands) ​ ​ 2024 ​ ​ 2023 Time charter equivalent revenues ​ $ 270,928 ​ $ 283,320 Add: Voyage expenses ​ ​ 3,473 ​ ​ 3,810 Shipping revenues ​ $ 274,401 ​ $ 287,130
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 March 31, (Dollars in thousands) ​ ​ 2024 ​ ​ 2023 Total adjusted income from vessel operations of all segments ​ $ 166,746 ​ $ 186,203 General and administrative expenses ​ ​ (12,374) ​ ​ (11,246) Third-party debt modification fees ​ ​ — ​ ​ (407) Gain on disposal of vessels and other assets, net ​ ​ 51 ​ ​ 10,748 Consolidated income from vessel operations ​ ​ 154,423 ​ ​ 185,298 Other income ​ ​ 2,954 ​ ​ 4,281 Interest expense ​ ​ (12,887) ​ ​ (16,947) Income before income taxes ​ $ 144,490 ​ $ 172,632
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) ​ March 31, 2024 ​ March 31, 2023 Adjusted total assets of all segments ​ $ 2,311,527 ​ $ 2,264,607 Corporate unrestricted cash and cash equivalents ​ ​ 139,501 ​ ​ 156,220 Restricted cash ​ ​ — ​ ​ 18,329 Short-term investments ​ ​ 75,000 ​ ​ 105,000 Other unallocated amounts ​ ​ 25,394 ​ ​ 27,374 Consolidated total assets ​ $ 2,551,422 ​ $ 2,571,530 ​

VARIABLE INTEREST ENTITIES (V_2

VARIABLE INTEREST ENTITIES (VIEs) (Tables)	3 Months Ended
	Mar. 31, 2024
VARIABLE INTEREST ENTITIES (VIEs) [Abstract]
Schedule of Variable Interest Entities	​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ ​ ​ ​ Condensed Pool working capital deposits ​ ​ ​ ​ $ 33,998
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 ​ $ – ​ $ 33,998

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2024
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) ​ March 31, 2024 ​ December 31, 2023 ​ Fair Value Level Cash and cash equivalents ​ $ 139,501 ​ $ 126,760 ​ ​ Level 1 Short-term investments (1) ​ ​ 75,000 ​ ​ 60,000 ​ ​ Level 1 $750 Million Facility Term Loan (2) ​ ​ (94,581) ​ ​ (113,598) ​ ​ Level 2 ING Credit Facility (2) ​ ​ (20,313) ​ ​ (20,833) ​ ​ Level 2 Ocean Yield Lease Financing (2) ​ ​ (304,626) ​ ​ (311,907) ​ ​ Level 2 BoComm Lease Financing (3) ​ ​ (200,731) ​ ​ (210,186) ​ ​ Level 2 Toshin Lease Financing (3) ​ ​ (12,875) ​ ​ (13,566) ​ ​ Level 2 Hyuga Lease Financing (3) ​ ​ (12,959) ​ ​ (13,643) ​ ​ Level 2 Kaiyo Lease Financing (3) ​ ​ (11,785) ​ ​ (12,419) ​ ​ Level 2 Kaisha Lease Financing (3) ​ ​ (11,881) ​ ​ (12,519) ​ ​ 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) 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 ​ Other March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 5,049 ​ $ 2,213 ​ $ 857 Total ​ $ 5,049 ​ $ 2,213 ​ $ 857 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 5,081 ​ $ 1,153 ​ $ 961 Total ​ $ 5,081 ​ $ 1,153 ​ $ 961 ​
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Loss	The effect of cash flow hedging relationships recognized in other comprehensive income excluding amounts reclassified from accumulated other comprehensive income/(loss) for the three months ended March 31, 2024 and 2023 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Dollars in thousands) ​ ​ 2024 ​ ​ 2023 Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 3,098 ​ $ (1,454) Total other comprehensive income/(loss) ​ $ 3,098 ​ $ (1,454) ​ The effect of the Company’s cash flow hedging relationships on the condensed consolidated statement of operations for the three months ended March 31, 2024 and 2023 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Dollars in thousands) ​ ​ 2024 ​ ​ 2023 Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ (2,071) ​ $ (1,782) ​ ​ ​ ​ ​ ​ ​ Discontinued hedging instruments: ​ ​ ​ ​ ​ ​ Interest rate swap ​ ​ (354) ​ ​ (602) Total interest expense ​ $ (2,425) ​ $ (2,384) ​
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) ​ March 31, 2024 ​ December 31, 2023 ​ Fair Value Level Derivative Assets (interest rate swaps) ​ $ 8,119 ​ $ 7,195 ​ ​ 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)	3 Months Ended
	Mar. 31, 2024
DEBT [Abstract]
Schedule of Long-term Debt Instruments	​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ March 31, 2024 December 31, 2023 $750 Million Facility Term Loan, due 2027, net of unamortized deferred finance costs of $2,775 and $3,124 ​ $ 91,806 ​ $ 110,474 ING Credit Facility, due 2026, net of unamortized deferred finance costs of $266 and $295 ​ ​ 20,046 ​ ​ 20,538 Ocean Yield Lease Financing, due 2031, net of unamortized deferred finance costs of $2,528 and $2,656 ​ ​ 302,099 ​ ​ 309,250 BoComm Lease Financing, due 2030, net of unamortized deferred finance costs of $3,983 and $4,166 ​ ​ 226,349 ​ ​ 229,583 Toshin Lease Financing, due 2031, net of unamortized deferred finance costs of $287 and $302 ​ ​ 13,561 ​ ​ 13,903 Hyuga Lease Financing, due 2031, net of unamortized deferred finance costs of $251 and $265 ​ ​ 13,445 ​ ​ 13,786 Kaiyo Lease Financing, due 2030, net of unamortized deferred finance costs of $213 and $227 ​ ​ 12,163 ​ ​ 12,518 Kaisha Lease Financing, due 2030, net of unamortized deferred finance costs of $224 and $238 ​ ​ 12,269 ​ ​ 12,624 ​ ​ ​ 691,738 ​ ​ 722,676 Less current portion ​ ​ (127,535) ​ ​ (127,447) Long-term portion ​ $ 564,203 ​ $ 595,229

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)	3 Months Ended
	Mar. 31, 2024
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) [Abstract]
Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ March 31, 2024 December 31, 2023 Unrealized gains on derivative instruments ​ $ 10,022 ​ $ 9,349 Items not yet recognized as a component of net periodic benefit cost (pension plans) ​ ​ (10,322) ​ ​ (10,412) ​ ​ $ (300) ​ $ (1,063) ​ ​ The changes in the balances of each component of accumulated other comprehensive income/(loss), net of related taxes, during the three months ended March 31, 2024 and 2023 follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ Unrealized gains on cash flow hedges ​ Items not yet recognized as a component of net periodic benefit cost ​ Total Balance as of December 31, 2023 ​ $ 9,349 ​ $ (10,412) ​ $ (1,063) Current period change, excluding amounts reclassified ​ ​ ​ ​ ​ ​ ​ ​ ​ from accumulated other comprehensive loss ​ ​ 3,098 ​ ​ 90 ​ ​ 3,188 Amounts reclassified from accumulated other comprehensive loss ​ ​ (2,425) ​ ​ — ​ ​ (2,425) Balance as of March 31, 2024 ​ $ 10,022 ​ $ (10,322) ​ $ (300) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2022 ​ $ 16,912 ​ ​ (9,948) ​ ​ 6,964 Current period change, excluding amounts reclassified ​ ​ ​ ​ ​ ​ ​ ​ ​ from accumulated other comprehensive income ​ ​ (1,454) ​ ​ (224) ​ ​ (1,678) Amounts reclassified from accumulated other comprehensive income ​ ​ (2,384) ​ ​ — ​ ​ (2,384) Balance as of March 31, 2023 ​ $ 13,074 ​ $ (10,172) ​ $ 2,902 ​ ​
Reclassification Out of Accumulated Other Comprehensive Income (Loss)	​ Amounts reclassified out of each component of accumulated other comprehensive income/(loss) follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ (Dollars in thousands) ​ ​ 2024 ​ ​ 2023 ​ Statement of Operations Reclassifications of gains on cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps entered into by the Company's subsidiaries ​ ​ (2,071) ​ ​ (1,782) ​ Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ Reclassifications of losses on discontinued hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap entered into by the Company's subsidiaries ​ ​ (354) ​ ​ (602) ​ Interest expense Total before and net of tax ​ $ (2,425) ​ $ (2,384) ​ ​ ​

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude ​ Product ​ ​ ​ (Dollars in thousands) ​ Tankers ​ Carriers ​ Totals Three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues from leases ​ ​ ​ ​ ​ ​ ​ ​ ​ Pool revenues ​ $ 90,046 ​ $ 136,236 ​ $ 226,282 Time charter revenues ​ ​ 20,804 ​ ​ 10,245 ​ ​ 31,049 Voyage charter revenues from non-variable lease payments ​ ​ 948 ​ ​ 1,053 ​ ​ 2,001 Revenues from services ​ ​ ​ ​ ​ ​ ​ ​ ​ Voyage charter revenues from lightering services ​ ​ 15,069 ​ ​ — ​ ​ 15,069 Total shipping revenues ​ $ 126,867 ​ $ 147,534 ​ $ 274,401 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues from leases ​ ​ ​ ​ ​ ​ ​ ​ ​ Pool revenues ​ $ 108,799 ​ $ 150,779 ​ $ 259,578 Time charter revenues ​ ​ 9,686 ​ ​ 3,464 ​ ​ 13,150 Voyage charter revenues from non-variable lease payments ​ ​ 2,238 ​ ​ 326 ​ ​ 2,564 Voyage charter revenues from variable lease payments ​ ​ – ​ ​ 150 ​ ​ 150 Revenues from services ​ ​ ​ ​ ​ ​ ​ ​ ​ Voyage charter revenues from lightering services ​ ​ 11,688 ​ ​ — ​ ​ 11,688 Total shipping revenues ​ $ 132,411 ​ $ 154,719 ​ $ 287,130 ​
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, 2024 ​ $ 6,512 ​ $ 1,029 ​ $ — Closing balance as of March 31, 2024 ​ ​ 6,583 ​ ​ 690 ​ ​ — ​
Schedule of components of the non-cash revenues and expenses recognized for EUAs earned and incurred	The following table presents the components of the non-cash revenues and expenses recognized for EUAs earned and incurred during the three months ended March 31, 2024: ​ ​ ​ ​ ​ (Dollars in thousands) ​ ​ Pool revenues ​ $ 388 Time charter revenues ​ ​ 131 Total shipping revenues ​ $ 519 ​ ​ ​ ​ Voyage expenses ​ $ 519

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
Lease [Abstract]
Schedule of lease cost	The Company currently has two major categories of leases – chartered-in vessel and leased office and other space. The expenses recognized during the three months ended March 31, 2024 and 2023 for the lease component of these leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Dollars in thousands) ​ ​ 2024 ​ ​ 2023 Operating lease cost ​ ​ ​ ​ ​ ​ Vessel assets ​ ​ ​ ​ ​ ​ Charter hire expenses ​ $ 2,367 ​ $ 1,067 ​ ​ ​ ​ ​ ​ ​ Finance lease cost ​ ​ ​ ​ ​ ​ Vessel assets ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ ​ — ​ ​ 715 Interest on lease liabilities ​ ​ — ​ ​ 121 ​ ​ ​ ​ ​ ​ ​ Office and other space ​ ​ ​ ​ ​ ​ General and administrative ​ ​ 226 ​ ​ 228 Voyage expenses ​ ​ 45 ​ ​ 45 ​ ​ ​ ​ ​ ​ ​ Short-term lease cost ​ ​ ​ ​ ​ ​ Vessel assets (1) ​ ​ ​ ​ ​ ​ Charter hire expenses ​ ​ 1,365 ​ ​ 4,269 Total lease cost ​ $ 4,003 ​ $ 6,445 (1) Excludes vessels spot chartered-in under operating leases and employed in the Crude Tankers Lightering business for periods of less than one month each, totaling $0.7 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively, including both lease and non-lease components.
Supplemental lease information	Supplemental cash flow information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, (Dollars in thousands) ​ ​ 2024 ​ ​ 2023 Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows used for operating leases ​ $ 264 ​ $ 937 Finance cash flows used for finance leases ​ ​ — ​ ​ 23,955 ​ Supplemental balance sheet information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ March 31, 2024 ​ December 31, 2023 Operating lease right-of-use assets ​ $ 17,195 ​ $ 20,391 ​ ​ ​ ​ ​ ​ ​ Current portion of operating lease liabilities ​ $ (10,169) ​ $ (10,223) Long-term operating lease liabilities ​ ​ (9,270) ​ ​ (11,631) Total operating and finance lease liabilities ​ $ (19,439) ​ $ (21,854) ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term - operating leases ​ ​ 4.47 years ​ ​ 4.42 years Weighted average discount rate - operating leases ​ ​ 5.81% ​ ​ 5.90% ​
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 six MRs, and the related revenue days as of March 31, 2204 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ Amount ​ Revenue Days 2024 ​ $ 85,310 ​ 3,158 2025 ​ ​ 82,414 ​ 3,017 2026 ​ ​ 47,856 ​ 1,604 2027 ​ ​ 33,945 ​ 1,095 2028 ​ ​ 34,038 ​ 1,098 Thereafter ​ ​ 41,013 ​ 1,323 Future minimum revenues ​ $ 324,576 ​ 11,295
Office Space And Lightering Workboat Dock Space [Member]
Lease [Abstract]
Schedule of lease maturity receivables	Payments of lease liabilities for office and other space as of March 31, 2024 are as follows: ​ ​ ​ ​ ​ (Dollars in thousands) ​ ​ Amount 2024 ​ $ 952 2025 ​ ​ 1,093 2026 ​ ​ 1,113 2027 ​ ​ 1,077 2028 ​ ​ 1,077 Thereafter ​ ​ 4,754 Total lease payments ​ ​ 10,066 less imputed interest ​ ​ (1,753) Total operating lease liabilities ​ $ 8,313 ​
Time Charters-In [Member]
Lease [Abstract]
Schedule of lease maturity receivables	As of March 31, 2024, 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 March 31, 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ Amount ​ Operating Days 2024 ​ $ 7,256 ​ 275 2025 ​ ​ 4,301 ​ 163 Total lease payments (lease component only) ​ ​ 11,557 ​ 438 less imputed interest ​ ​ (431) ​ ​ Total operating lease liabilities ​ $ 11,126 ​ ​ ​

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment property	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Number of vessels in fleet	79
Number of reportable segments | segment	2
Investments in and advances to affiliated companies | $	$ 33,998	$ 31,748
Other assets | $	$ 32,360	$ 6,571
Maritime Equipment Not Including New Builds [Member]
Property, Plant and Equipment [Line Items]
Number of vessels in fleet	73
Newbuilds Pending Delivery [Member]
Property, Plant and Equipment [Line Items]
Number of vessels in fleet	6

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Allowance for doubtful accounts receivable	$ 238		$ 191
Reversal of expected credit losses	(47)
Amortization of financing costs	800	$ 1,300
Proceeds from Insurance Settlement, Operating Activities	206	950
Credit facility, maximum borrowing capacity	$ 750,000
Number of vessels in fleet | property	79
Vessel/Fleet [Member]
Summary Of Significant Accounting Policies [Line Items]
Interest costs capitalized	$ 200	1,700
Newbuilds Pending Delivery [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of vessels in fleet | property	6
Newbuilds Completed for Entity and Delivered [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of vessels in fleet | property	3
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%		95%
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	$ 10,500		$ 11,300
$750 Million Credit Facility
Summary Of Significant Accounting Policies [Line Items]
Credit facility, maximum borrowing capacity	750,000
$160 Million Revolving Credit Facility [Member]
Summary Of Significant Accounting Policies [Line Items]
Credit facility, maximum borrowing capacity	160,000
$750 Million Facility Revolving Loan and $160 Million Revolving Credit Facility [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferred finance costs, gross	$ 4,300	$ 4,500

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (Activity for allowance for credit losses) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Balance Beginning	$ 191
Provision for expected credit losses	(47)
Balance Ending	$ 238

EARNINGS PER COMMON SHARE (Narr

EARNINGS PER COMMON SHARE (Narrative) (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Participating securities allocated a portion of income	27,897	48,890
Antidilutive securities excluded from computation of earnings per share, amount	633,945	852,546
Dilutive awards	405,106	507,718
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	470,936
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities	180,703

EARNINGS PER COMMON SHARE (Reco

EARNINGS PER COMMON SHARE (Reconciliation of Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
EARNINGS PER COMMON SHARE [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ 144,413	$ 172,466
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic	77	167
Net (loss)/income	$ 144,490	$ 172,633

BUSINESS AND SEGMENT REPORTIN_2

BUSINESS AND SEGMENT REPORTING (Reportable Segments Information) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Revenues, services	$ 274,401	$ 287,130
Time charter equivalent revenues	270,928	283,320
Depreciation and amortization	34,153	29,548
Gain/(loss) on disposal of vessels and other assets	(51)	(10,748)
Gain on disposal of vessels and other assets, net of impairments		(10,748)
Adjusted income/(loss) from vessel operations	166,746	186,203
Adjusted total assets	2,311,527	2,264,607
Expenditures for vessels and vessel improvements	26,420	66,722
Payments for drydocking	9,971	12,978
Time Charter Equivalent Services [Member]
Segment Reporting Information [Line Items]
Revenues, services	270,928
Time charter equivalent revenues		283,320
Vessel Operations [Member]
Segment Reporting Information [Line Items]
Gain/(loss) on disposal of vessels and other assets	(51)	(10,748)
Adjusted income/(loss) from vessel operations	166,746	186,203
International Crude Tankers Segment [Member]
Segment Reporting Information [Line Items]
Revenues, services	126,867	132,411
Depreciation and amortization	20,049	17,226
Gain/(loss) on disposal of vessels and other assets	(2)
Gain on disposal of vessels and other assets, net of impairments		0
Adjusted income/(loss) from vessel operations	69,892	84,541
Adjusted total assets	1,508,859	1,455,356
Expenditures for vessels and vessel improvements	276	65,728
Payments for drydocking	2,103	2,128
International Crude Tankers Segment [Member] | Time Charter Equivalent Services [Member]
Segment Reporting Information [Line Items]
Revenues, services	123,962
Time charter equivalent revenues		129,285
International Product Carriers Segment [Member]
Segment Reporting Information [Line Items]
Revenues, services	147,534	154,719
Depreciation and amortization	14,104	12,294
Gain/(loss) on disposal of vessels and other assets	(49)
Gain on disposal of vessels and other assets, net of impairments		(10,748)
Adjusted income/(loss) from vessel operations	96,854	101,690
Adjusted total assets	802,668	809,251
Expenditures for vessels and vessel improvements	26,144	994
Payments for drydocking	7,868	10,850
International Product Carriers Segment [Member] | Time Charter Equivalent Services [Member]
Segment Reporting Information [Line Items]
Revenues, services	146,966
Time charter equivalent revenues		154,035
Other Segments [Member]
Segment Reporting Information [Line Items]
Revenues, services	0	0
Depreciation and amortization	0	28
Gain/(loss) on disposal of vessels and other assets	0
Gain on disposal of vessels and other assets, net of impairments		0
Adjusted income/(loss) from vessel operations	0	(28)
Adjusted total assets	0	0
Expenditures for vessels and vessel improvements	0	0
Payments for drydocking	0	0
Other Segments [Member] | Time Charter Equivalent Services [Member]
Segment Reporting Information [Line Items]
Revenues, services	$ 0
Time charter equivalent revenues		$ 0

BUSINESS AND SEGMENT REPORTIN_3

BUSINESS AND SEGMENT REPORTING (Reconciliation of Time Charter Revenue to Shipping Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Time charter equivalent revenues	$ 270,928	$ 283,320
Add: Voyage expenses	3,473	3,810
Revenue, non lease	274,401	287,130
Time Charter Equivalent Services [Member]
Time charter equivalent revenues		$ 283,320
Revenue, non lease	$ 270,928

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
	Mar. 31, 2024	Mar. 31, 2023
Total adjusted income/(loss) from vessel operations of all segments	$ 166,746	$ 186,203
General and administrative expenses	(12,374)	(11,246)
Third-party debt modification fees	0	(407)
Gain on disposal of vessels and other assets, net	51	10,748
Consolidated loss from vessel operations	154,423	185,298
Other income	2,954	4,281
Interest expense	(12,887)	(16,947)
Income before income taxes	144,490	172,632
Vessel Operations [Member]
Total adjusted income/(loss) from vessel operations of all segments	166,746	186,203
General and administrative expenses	(12,374)	(11,246)
Third-party debt modification fees	0	(407)
Gain on disposal of vessels and other assets, net	51	10,748
Consolidated loss from vessel operations	154,423	185,298
Other income	2,954	4,281
Interest expense	(12,887)	(16,947)
Income before income taxes	$ 144,490	$ 172,632

BUSINESS AND SEGMENT REPORTIN_5

BUSINESS AND SEGMENT REPORTING (Reconciliation of Assets of Segments to Consolidated Amounts) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Segment Reporting Information [Line Items]
Adjusted total assets	$ 2,311,527		$ 2,264,607
Cash and cash equivalents	139,501	$ 126,760	156,220
Restricted cash, current and noncurrent	0		18,329
Short-term investments	75,000	60,000	105,000
Other unallocated amounts	25,394		27,374
Total assets	2,551,422	$ 2,521,819	2,571,530
Other Segments [Member]
Segment Reporting Information [Line Items]
Adjusted total assets	$ 0		$ 0

VESSELS (Vessel Acquisitions an

VESSELS (Vessel Acquisitions and Construction Commitments - Narrative) (Details) $ in Millions		1 Months Ended
	Feb. 23, 2024 USD ($) property	Mar. 31, 2024 USD ($) property	Feb. 29, 2024 USD ($)
MR Vessels Acquired 2 2014 Built and 4 2015 Built [Member]
Property, Plant and Equipment [Line Items]
Payments to acquire equipment | $			$ 23.2
Payment percentage of acquired vessels in cash	85%
Payment percentage of acquired vessels in shares of common stock	15%
MR Vessels Acquired 2 2014 Built and 4 2015 Built [Member] | Scenario, Plan [Member]
Property, Plant and Equipment [Line Items]
Purchase agreement, purchase amount | $	$ 232
MR Vessels Acquired 2 2014 Built [Member]
Property, Plant and Equipment [Line Items]
Number of vessels acquired	2
MR Vessels Acquired 4 2015 Built [Member]
Property, Plant and Equipment [Line Items]
Number of vessels acquired	4
LR1 Vessel Ordered to be Built [Member]
Property, Plant and Equipment [Line Items]
Purchase agreement, purchase amount | $		$ 347
Number of vessels acquired		6
Remaining cost of construction of vessels | $		$ 335.5
LR1 Vessels Newly Ordered Built [Member]
Property, Plant and Equipment [Line Items]
Number of vessels acquired		2
LR1 Vessels Previously Ordered Built [Member]
Property, Plant and Equipment [Line Items]
Number of vessels acquired		4

VESSELS (Disposal_Sales of Vess

VESSELS (Disposal/Sales of Vessels - Narrative) (Details) $ in Thousands		3 Months Ended
	Mar. 18, 2024 USD ($) property	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Gain (loss) on disposition of property		$ 51	$ 10,748
Proceeds from sale of vessel	$ 23,000
MR Vessel 2009 Built [Member]
Property, Plant and Equipment [Line Items]
Number Of Vessels Marketed To Be Sold | property	1
MR Vessel 2008 Built [Member]
Property, Plant and Equipment [Line Items]
Gain (loss) on disposition of property			$ (10,900)

VARIABLE INTEREST ENTITIES (V_3

VARIABLE INTEREST ENTITIES (VIEs) (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) item	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Accounts receivable, net, current	$ 242,955		$ 247,165
Payments on debt	$ 19,538	$ 137,449
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	$ 232,000

VARIABLE INTEREST ENTITIES (V_4

VARIABLE INTEREST ENTITIES (VIEs) (Balance Sheet Carrying Amounts Related to VIEs) (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Pool working capital deposits	$ 33,998

VARIABLE INTEREST ENTITIES (V_5

VARIABLE INTEREST ENTITIES (VIEs) (Comparison of Liability to Maximum Exposure to Loss) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Other Liabilities	$ 3,309	$ 2,628
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 33,998

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Apr. 26, 2024	Apr. 25, 2024	Dec. 31, 2023
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items]
Credit facility, maximum borrowing capacity	$ 750,000
Derivative, notional amount	310,500
Aggregate principal payments required	691,738				$ 722,676
Net change in unrealized gains/(losses) on cash flow hedges	(673)	$ 3,838
Derivative instruments, gain (loss) reclassification from accumulated oci to income, estimated net amount to be transferred	5,300
Amortized out of accumulated other comprehensive income	200
$750 Million Facility Term Loan
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items]
Derivative, notional amount	94,600
Aggregate principal payments required	91,806				110,474
Debt face amount	750,000
$750 Million Credit Facility
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items]
Credit facility, maximum borrowing capacity	$ 750,000
Derivative, fixed interest rate	2.84%
Derivative, maturity date	Feb. 22, 2027
Debt face amount			$ 750,000	$ 750,000
Ocean Yield Lease Financing
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items]
Derivative, notional amount	$ 215,900
Aggregate principal payments required	$ 302,099				$ 309,250

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Other Than Derivatives) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 139,501	$ 126,760
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		60,000
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	(94,581)	(113,598)
Fair Value, Inputs, Level 2 [Member] | ING Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	(20,313)	(20,833)
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	(304,626)	(311,907)
Fair Value, Inputs, Level 2 [Member] | BoComm Lease Financing
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	(200,731)	(210,186)
Fair Value, Inputs, Level 2 [Member] | Toshin Lease Financing
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	(12,875)	(13,566)
Fair Value, Inputs, Level 2 [Member] | Hyuga Lease Financing
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	(12,959)	(13,643)
Fair Value, Inputs, Level 2 [Member] | Kaiyo Lease Financing
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	(11,785)	(12,419)
Fair Value, Inputs, Level 2 [Member] | Kaisha Lease Financing
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ (11,881)	$ (12,519)

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	Mar. 31, 2024	Dec. 31, 2023
Current Portion of Derivative Assets [Member]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	$ 5,049	$ 5,081
Non Current Portion of Derivative Assets [Member]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	2,213	1,153
Other Receivables [Member]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	857	961
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	5,049	5,081
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	2,213	1,153
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	$ 857	$ 961

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
	Mar. 31, 2024	Mar. 31, 2023
Total other comprehensive loss	$ 3,098	$ (1,454)
Interest Rate Swap [Member]
Total other comprehensive loss	$ 3,098	$ (1,454)

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
	Mar. 31, 2024	Mar. 31, 2023
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	$ (2,425)	$ (2,384)
Interest Expense [Member]
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	(2,425)	(2,384)
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	(354)	(602)
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	$ (2,071)	$ (1,782)

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	Mar. 31, 2024	Dec. 31, 2023
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member]
Derivative Asset	$ 8,119	$ 7,195

DEBT (Schedule of Long-term Deb

DEBT (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt
Aggregate principal payments required	$ 691,738	$ 722,676
Less current portion	(127,535)	(127,447)
Long-term portion	564,203	595,229
$750 Million Facility Term Loan
Debt
Aggregate principal payments required	91,806	110,474
Unamortized discount and deferred finance costs	2,775	3,124
ING Credit Facility
Debt
Aggregate principal payments required	20,046	20,538
Unamortized discount and deferred finance costs	266	295
Ocean Yield Lease Financing
Debt
Aggregate principal payments required	302,099	309,250
Unamortized discount and deferred finance costs	2,528	2,656
BoComm Lease Financing
Debt
Aggregate principal payments required	226,349	229,583
Unamortized discount and deferred finance costs	3,983	4,166
Toshin Lease Financing
Debt
Aggregate principal payments required	13,561	13,903
Unamortized discount and deferred finance costs	287	302
Hyuga Lease Financing
Debt
Aggregate principal payments required	13,445	13,786
Unamortized discount and deferred finance costs	251	265
Kaiyo Lease Financing
Debt
Aggregate principal payments required	12,163	12,518
Unamortized discount and deferred finance costs	213	227
Kaisha Lease Financing
Debt
Aggregate principal payments required	12,269	12,624
Unamortized discount and deferred finance costs	$ 224	$ 238

DEBT (750 Million Credit Facili

DEBT (750 Million Credit Facility) (Details) - USD ($) $ in Millions	Apr. 26, 2024	Mar. 18, 2024	Apr. 25, 2024	Mar. 31, 2024
Debt
Credit facility, maximum borrowing capacity				$ 750
Proceeds from sale of vessel		$ 23
$750 Million Credit Facility
Debt
Credit facility, maximum borrowing capacity				750
Debt face amount	$ 750		$ 750
$750 Million Facility Term Loan
Debt
Debt face amount				$ 750
Line of credit facility, amount outstanding			94.6
$750 Million Facility Revolving Loan
Debt
Line of credit facility, amount outstanding			$ 257.4
$500 Million Revolving Credit Facility (2nd Amendment to $700 Million Facility)
Debt
Credit facility, maximum borrowing capacity	500
Line of Credit Facility, Remaining Borrowing Capacity	405.4
Line of credit facility, amount outstanding	$ 94.6
Debt instrument adjusted profile term	20 years
Scheduled future quarterly principal amortization	$ 12.8
Debt instrument, basis spread on variable rate	1.85%
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%

DEBT (ING Credit Facility) (Det

DEBT (ING Credit Facility) (Details) - USD ($) $ in Millions	Apr. 18, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 750
ING Credit Facility | Subsequent Event [Member]
Debt Instrument [Line Items]
Repayments of secured debt	$ 20.3

DEBT (Debt Covenants) (Details)

DEBT (Debt Covenants) (Details)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024.

DEBT (Interest Expense - Narrat

DEBT (Interest Expense - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest paid, net	$ 12.8	$ 18.4
Interest expense, debt	$ 12.1	19.1
Very Large Crude Carrier 2 Newbuilds [Member]
Pre-delivery interest expenses		$ 1.3

CAPITAL STOCK AND STOCK COMPE_2

CAPITAL STOCK AND STOCK COMPENSATION (Director Compensation - Restricted Commons Stock - Narrative) (Details) - Restricted Stock - Director Nadim Qureshi [Member] - USD ($) $ in Millions		1 Months Ended
	Feb. 19, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grant date fair value		$ 0.1
Accelerated shares vested	2,635

CAPITAL STOCK AND STOCK COMPE_3

CAPITAL STOCK AND STOCK COMPENSATION (Management Compensation - Stock Options - Narrative) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, options	0	0
Senior Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercised	58,893	12,940
Stock option average exercise price	$ 21.76	$ 22.54

CAPITAL STOCK AND STOCK COMPE_4

CAPITAL STOCK AND STOCK COMPENSATION (Management Compensation - Restricted Stock Units - Narrative) (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Total Shareholder Return Performance Based Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, per share | $ / shares	$ 41.08
Senior Officers [Member] | Time Based Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted | shares	48,078
Granted, per share | $ / shares	$ 52.57
Grant date, value, per share | shares	1
Senior Officers [Member] | Performance Based Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted | shares	48,080
Granted, per share | $ / shares	$ 52.57

CAPITAL STOCK AND STOCK COMPE_5

CAPITAL STOCK AND STOCK COMPENSATION (Dividends - Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	May 07, 2024	Mar. 28, 2024	Feb. 28, 2024	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends Declaration Date			Feb. 28, 2024
Dividends Record Date			Mar. 14, 2024
Dividend Payment Date			Mar. 28, 2024
Regular Quarterly Dividend per Share			$ 0.12
Supplemental Dividend per Share			$ 1.20
Total Dividends Paid		$ 64,700		$ 64,662	$ 98,313
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends Declaration Date	May 07, 2024
Dividends Record Date	Jun. 12, 2024
Dividend Payment Date	Jun. 26, 2024
Regular Quarterly Dividend per Share	$ 0.12
Supplemental Dividend per Share	$ 1.63

CAPITAL STOCK AND STOCK COMPE_6

CAPITAL STOCK AND STOCK COMPENSATION (Shares Repurchased) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CAPITAL STOCK AND STOCK COMPENSATION [Abstract]
Repurchase of common shares	0	0
Shares paid for tax withholding for share based compensation	102,523	59,292
Shares paid for tax withholding for share based compensation, per share amount	$ 52.94	$ 55.16

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) [Abstract]
Derivative instruments, gain (loss) reclassification from accumulated oci to income, estimated net amount to be transferred	$ 5.3

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) [Abstract]
Unrealized gains on derivative instruments	$ 10,022	$ 9,349
Items not yet recognized as a component of net periodic benefit cost (pension plans)	(10,322)	(10,412)
Accumulated other comprehensive loss	$ (300)	$ (1,063)

ACCUMULATED OTHER COMPREHENSI_5

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Changes in Components of AOCI, Net of Related Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Balance, beginning	$ 1,716,757	$ 1,487,752
Other comprehensive income/(loss), net of tax	763	(4,062)
Balance, ending	1,794,890	1,557,283
Accumulated Other Comprehensive Loss [Member]
Balance, beginning	(1,063)	6,964
Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss)	3,188	(1,678)
Amounts reclassified from accumulated other comprehensive income/(loss)	(2,425)	(2,384)
Other comprehensive income/(loss), net of tax	763	(4,062)
Balance, ending	(300)	2,902
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Balance, beginning	9,349	16,912
Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss)	3,098	(1,454)
Amounts reclassified from accumulated other comprehensive income/(loss)	(2,425)	(2,384)
Balance, ending	10,022	13,074
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance, beginning	(10,412)	(9,948)
Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss)	90	(224)
Balance, ending	$ (10,322)	$ (10,172)

ACCUMULATED OTHER COMPREHENSI_6

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Amounts Reclassified out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Unrealized losses on available-for-sale securities:
Equity in income of affiliated companies	$ 144,490	$ 172,632
Interest expense	12,887	16,947
Other income	2,954	4,281
Total reclassified out of AOCL, before tax	(2,425)	(2,384)
Interest Rate Cap [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Unrealized losses on available-for-sale securities:
Interest expense	(354)	(602)
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:
Interest expense	$ (2,071)	$ (1,782)

REVENUE (Narrative) (Details)

REVENUE (Narrative) (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($)
Revenues, Total | $	$ 274,401,000	$ 287,130,000
Capitalized contract cost, gross | $	$ 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 | $	6

REVENUE (Schedule of Disaggrega

REVENUE (Schedule of Disaggregated Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue, non lease	$ 274,401	$ 287,130
Shipping revenues	274,401	287,130
International Crude Tankers Segment [Member]
Revenue, non lease	126,867	132,411
Shipping revenues	126,867	132,411
International Product Carriers Segment [Member]
Revenue, non lease	147,534	154,719
Shipping revenues	147,534	154,719
Other Segments [Member]
Revenue, non lease	0	0
Pool Revenue Leases [Member]
Shipping revenues	226,282	259,578
Pool Revenue Leases [Member] | Fixed-Price Contract [Member]
Revenue, operating leases	$ 226,282	$ 259,578
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Shipping revenues	Shipping revenues
Pool Revenue Leases [Member] | International Crude Tankers Segment [Member] | Fixed-Price Contract [Member]
Revenue, operating leases	$ 90,046	$ 108,799
Pool Revenue Leases [Member] | International Product Carriers Segment [Member] | Fixed-Price Contract [Member]
Revenue, operating leases	136,236	150,779
Voyage Charter Leases Non Variable Payments [Member] | Fixed-Price Contract [Member]
Revenue, lease non-variable	2,001	2,564
Voyage Charter Leases Non Variable Payments [Member] | International Crude Tankers Segment [Member] | Fixed-Price Contract [Member]
Revenue, lease non-variable	948	2,238
Voyage Charter Leases Non Variable Payments [Member] | International Product Carriers Segment [Member] | Fixed-Price Contract [Member]
Revenue, lease non-variable	1,053	326
Voyage Charter Leases Variable Payments [Member] | Fixed-Price Contract [Member]
Revenue (expense), operating leases		150
Voyage Charter Leases Variable Payments [Member] | International Product Carriers Segment [Member] | Fixed-Price Contract [Member]
Revenue (expense), operating leases		150
Time and Bareboat Charter Leases [Member]
Shipping revenues	31,049	$ 13,150
Time and Bareboat Charter Leases [Member] | Fixed-Price Contract [Member]
Revenue, operating leases	$ 31,049		$ 13,150
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Shipping revenues	Shipping revenues
Time and Bareboat Charter Leases [Member] | International Crude Tankers Segment [Member] | Fixed-Price Contract [Member]
Revenue, operating leases	$ 20,804		9,686
Time and Bareboat Charter Leases [Member] | International Product Carriers Segment [Member] | Fixed-Price Contract [Member]
Revenue, operating leases	10,245		$ 3,464
Voyage Charter Leases [Member]
Shipping revenues	17,070	$ 14,402
Voyage Charter Leases [Member] | Lightering Services Component [Member]
Revenue, non lease	15,069	11,688
Voyage Charter Leases [Member] | International Crude Tankers Segment [Member] | Lightering Services Component [Member]
Revenue, non lease	$ 15,069	$ 11,688

REVENUE (Schedule of Contract R

REVENUE (Schedule of Contract Related Receivables, Assets and Liabilities with Customers) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
REVENUE [Abstract]
Voyage receivables - receivables	$ 6,583	$ 6,512
Contract asset (voyage receivables unbilled receivables)	690	1,029
Contract liability (deferred revenues)	$ 0	$ 0

REVENUE (Components of non-cash

REVENUE (Components of non-cash revenue and expenses recognized for EUAs) (Details) - European Union's Emissions Trading System ("EU ETS") $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Total shipping revenues	$ 519
Voyage expenses	519
Other receivables
Value of EUAs receivable from its charterers or commercial pools in which it participates	500
Other Liabilities
Value of EUAs due to European Union Authorities	500
Pool revenues
Total shipping revenues	388
Timer charter revenues
Total shipping revenues	$ 131

LEASES (Narrative) (Details)

LEASES (Narrative) (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) property lease	Apr. 30, 2024 USD ($)
Leases [Line Items]
Number of major categories of leases | lease	2
Subsequent Event [Member]
Leases [Line Items]
Net minimum lease payments		$ 86,000,000
MR Vessel [Member]
Leases [Line Items]
Number of vessels chartered | property	6
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
Minimum | Time Charters-In [Member] | Two 2009 MRs and One 2014 LR2 Vessels [Member] | Subsequent Event [Member]
Leases [Line Items]
Lessor, operating lease, term of contract		32 months
Maximum
Leases [Line Items]
Excluded vessels chartered period	1 month
Maximum | Two 2009 MRs and One 2014 LR2 Vessels [Member] | Subsequent Event [Member]
Leases [Line Items]
Lessor, operating lease, term of contract		34 months

LEASES (Schedule of lease cost)

LEASES (Schedule of lease cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating lease, cost	$ 6,648	$ 8,800
Total lease cost	4,003	6,445
Vessel/Fleet [Member] | Charter Hire Expense [Member]
Operating lease, cost	2,367	1,067
Short-term lease, cost	1,365	4,269
Vessel/Fleet [Member] | Vessel Expense [Member]
Amortization of right-of-use assets	0	715
Interest on lease liabilities	0	121
Office Space [Member] | General and Administrative Expense [Member]
Operating lease, cost	226	228
Office Space [Member] | Voyage Expense [Member]
Operating lease, cost	45	45
Lightering Services Component [Member] | Vessel/Fleet [Member]
Short-term lease, cost	$ 700	$ 100

LEASES (Supplemental lease info

LEASES (Supplemental lease information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$ 264	$ 937
Finance cash flows used for finance leases	0	$ 23,955
Current portion of operating lease liabilities	(10,169)		$ (10,223)
Operating Lease, Liability, Noncurrent	9,270		11,631
Operating Lease, Right-of-Use Asset	17,195		20,391
Total operating and finance lease liabilities	$ 19,439		$ 21,854
Operating Lease, Weighted Average Remaining Lease Term	4 years 5 months 20 days		4 years 5 months 1 day
Operating Lease, Weighted Average Discount Rate, Percent	5.81%		5.90%

LEASES (Bareboat and Time Chart

LEASES (Bareboat and Time Charters-In) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Leases [Line Items]
2025, operating days	163 days
Time Charters-In [Member]
Leases [Line Items]
2024	$ 7,256
2025	4,301
Total lease payments	11,557
less imputed interest	(431)
Total operating lease liabilities	$ 11,126
2024, operating days	275 days
Operating days, total	438 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	Mar. 31, 2024 USD ($)
Leases [Line Items]
2024	$ 952
2025	1,093
2026	1,113
2027	1,077
2028	1,077
Thereafter	4,754
Total lease payments	10,066
less imputed interest	(1,753)
Total operating lease liabilities	$ 8,313

LEASES (Future Minimum Revenues

LEASES (Future Minimum Revenues on Charters-Out) (Details) - Charters-Out [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2024	$ 85,310
2025	82,414
2026	47,856
2027	33,945
2028	34,038
Thereafter	41,013
Net minimum lease payments	$ 324,576
2024, revenue days	3158 days
2025, revenue days	3017 days
2026, revenue days	1604 days
2027, revenue days	1095 days
2028, revenue days	1098 days
Thereafter	1323 days
Revenue Days	11295 days

CONTINGENCIES (Narrative) (Deta

CONTINGENCIES (Narrative) (Details) £ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 GBP (£)
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought	$ 25,000,000
Loss Contingency Accrual	$ 0
Merchant Navy Officers Pension Fund [Member]
Loss Contingencies [Line Items]
Multiemployer plans status, deficit | £			£ 11
Multiemployer plans deficit amount for entity		$ 0
Merchant Navy Ratings Pension Fund [Member]
Loss Contingencies [Line Items]
Multiemployer plans deficit amount for entity		$ 300,000
Multiemployer period of performance in the past		20 years

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 144,490	$ 172,633

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false