Diamond S Shipping 10-Q 16 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 12, 2020
Document and Entity Information
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Entity Registrant Name	Diamond S Shipping Inc.
Trading Symbol	DSSI
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Central Index Key	0001761940
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		40,440,593

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 114,335	$ 83,609
Due from charterers - Net of provision for doubtful accounts of $2,037 and $1,415, respectively	56,948	80,691
Inventories	20,518	32,071
Prepaid expenses and other current assets	14,611	13,179
Total current assets	206,412	209,550
Noncurrent assets:
Vessels - Net of accumulated depreciation of $631,438 and $553,483, respectively	1,799,835	1,865,738
Other property - Net of accumulated depreciation of $813 and $584, respectively	433	642
Deferred drydocking costs - Net of accumulated amortization of $24,406 and $17,975, respectively	34,016	37,256
Restricted cash	6,014	5,610
Advances to Norient pool	8,001
Time charter contracts acquired - Net of accumulated amortization of $4,290 and $2,296, respectively	2,809	5,004
Other noncurrent assets	2,593	4,582
Total noncurrent assets	1,853,701	1,918,832
Total	2,060,113	2,128,382
Current liabilities:
Current portion of long-term debt	134,389	134,389
Accounts payable and accrued expenses	35,336	44,062
Deferred charter hire revenue	3,245	1,934
Derivative liability	557
Total current liabilities	173,527	180,385
Long-term debt-Net of deferred financing costs of $13,426 and $15,866, respectively	600,703	744,055
Derivative liability	620
Total liabilities	774,850	924,440
Commitments and contingencies (Note 16)
Equity:
Common stock, par value $0.001; 100,000,000 shares authorized; issued and outstanding 39,924,892 and 39,890,699 shares at September 30, 2020 and December 31, 2019, respectively	40	40
Treasury stock - at cost; 137,289 shares at September 30, 2020	(1,418)
Additional paid-in capital	1,240,521	1,237,658
Accumulated other comprehensive loss	(1,177)
Retained earnings (accumulated deficit)	12,525	(68,567)
Total Diamond S Shipping Inc. equity	1,250,491	1,169,131
Noncontrolling interests	34,772	34,811
Total equity	1,285,263	1,203,942
Total	$ 2,060,113	$ 2,128,382

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Provision for doubtful accounts	$ 2,037	$ 1,415
Unamortized deferred financing costs	$ 13,426	$ 15,866
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	39,924,892	39,890,699
Common stock, shares outstanding	39,924,892	39,890,699
Treasury stock - at cost (in shares)	137,289
Vessels
Accumulated depreciation	$ 631,438	$ 553,483
Other property
Accumulated depreciation	813	584
Deferred drydocking costs
Accumulated amortization	24,406	17,975
Time charter contracts acquired
Accumulated amortization	$ 4,290	$ 2,296

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue:
Voyage revenue	$ 112,597	$ 141,526	$ 505,875	$ 393,477
Operating expenses:
Voyage expenses	32,896	59,968	156,926	167,441
Vessel expenses	44,758	41,799	128,032	108,976
Depreciation and amortization expense	29,067	28,763	86,598	79,962
Loss on sale of vessels		18,344		18,344
General and administrative expenses	7,685	7,566	23,294	21,174
Total operating expenses	114,406	156,440	394,850	395,897
Operating (loss) income	(1,809)	(14,914)	111,025	(2,420)
Other (expense) income:
Interest expense	(7,019)	(13,021)	(28,106)	(35,813)
Other income	3	492	339	1,393
Total other expense - Net	(7,016)	(12,529)	(27,767)	(34,420)
Net (loss) income	(8,825)	(27,443)	83,258	(36,840)
Less: Net income (loss) attributable to noncontrolling interest	839	(1,548)	2,166	(1,416)
Net (loss) income attributable to Diamond S Shipping Inc.	$ (9,664)	$ (25,895)	$ 81,092	$ (35,424)
Net (loss) earnings per share - basic	$ (0.24)	$ (0.65)	$ 2.03	$ (0.99)
Net (loss) earnings per share - diluted	$ (0.24)	$ (0.65)	$ 2.02	$ (0.99)
Weighted average common shares outstanding - basic (in shares)	39,918,427	39,890,698	39,879,976	35,835,477
Weighted average common shares outstanding - diluted (in shares)	39,918,427	39,890,698	40,106,157	35,835,477
Spot revenue
Revenue:
Voyage revenue	$ 69,098	$ 120,954	$ 419,169	$ 348,747
Time charter revenue
Revenue:
Voyage revenue	20,408	$ 20,572	63,296	$ 44,730
Pool revenue
Revenue:
Voyage revenue	$ 23,091		$ 23,410

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Condensed Consolidated Statements of Comprehensive (Loss) Income
Net (loss) income	$ (8,825)	$ (27,443)	$ 83,258	$ (36,840)
Unrealized loss on cash flow hedges	(281)	(518)	(1,177)	(3,496)
Other comprehensive loss	(281)	(518)	(1,177)	(3,496)
Comprehensive (loss) income	(9,106)	(27,961)	82,081	(40,336)
Less: comprehensive income (loss) attributable to noncontrolling interest	839	(1,548)	2,166	(1,416)
Comprehensive (loss) income attributable to Diamond S Shipping Inc.	$ (9,945)	$ (26,413)	$ 79,915	$ (38,920)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Partners Contributions	Treasury Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (loss)	(Accumulated Deficit) Retained EarningsCumulative Effect, Period of Adoption, Adjustment [Member]	(Accumulated Deficit) Retained Earnings	Noncontrolling Interests	Cumulative Effect, Period of Adoption, Adjustment [Member]	Total
Balance at Dec. 31, 2018	$ 994,771			$ 2,558	$ 4,387		$ (56,477)	$ 34,607		$ 979,846
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Merger transaction (Note 3)	(994,771)		$ 40	1,231,579						236,848
Unrealized loss on cash flow hedges					(1,096)					(1,096)
Net income							(1,026)	206		(820)
Balance at Mar. 31, 2019			40	1,234,137	3,291		(60,287)	34,813		1,211,994
Balance at Dec. 31, 2018	$ 994,771			2,558	4,387		(56,477)	34,607		979,846
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on cash flow hedges										(3,496)
Net income										(36,840)
Balance at Sep. 30, 2019			40	1,236,299	891		(94,685)	34,171		1,176,716
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Retained earnings (accumulated deficit)						$ (2,784)			$ (2,784)
Balance at Mar. 31, 2019			40	1,234,137	3,291		(60,287)	34,813		1,211,994
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on cash flow hedges					(1,882)					(1,882)
Capital contributions for NT Suez Holdco LLC								980		980
Stock-based compensation				861						861
Net income							(8,503)	(74)		(8,577)
Balance at Jun. 30, 2019			40	1,234,998	1,409		(68,790)	35,719		1,203,376
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on cash flow hedges					(518)					(518)
Stock-based compensation				1,301						1,301
Net income							(25,895)	(1,548)		(27,443)
Balance at Sep. 30, 2019			40	1,236,299	891		(94,685)	34,171		1,176,716
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Retained earnings (accumulated deficit)										(68,567)
Balance at Dec. 31, 2019			40	1,237,658			(68,567)	34,811		1,203,942
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation				1,334						1,334
NT Suez Holdco LLC distribution								(1,568)		(1,568)
Shares repurchased		$ (1,418)								(1,418)
Net income							45,044	537		45,581
Balance at Mar. 31, 2020		(1,418)	40	1,238,992			(23,523)	33,780		1,247,871
Balance at Dec. 31, 2019			40	1,237,658			(68,567)	34,811		1,203,942
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on cash flow hedges										(1,177)
Net income										83,258
Balance at Sep. 30, 2020		(1,418)	40	1,240,521	(1,177)		12,525	34,772		1,285,263
Balance at Mar. 31, 2020		(1,418)	40	1,238,992			(23,523)	33,780		1,247,871
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on cash flow hedges					(896)					(896)
Stock-based compensation				1,109						1,109
NT Suez Holdco LLC distribution								(343)		(343)
Net income							45,712	790		46,502
Balance at Jun. 30, 2020		(1,418)	40	1,239,408	(896)		22,189	34,227		1,293,550
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity awards net settled to cover employee withholding taxes				(693)						(693)
Unrealized loss on cash flow hedges					(281)					(281)
Stock-based compensation				1,164						1,164
NT Suez Holdco LLC distribution								(294)		(294)
Net income							(9,664)	839		(8,825)
Balance at Sep. 30, 2020		$ (1,418)	$ 40	1,240,521	$ (1,177)		$ 12,525	$ 34,772		1,285,263
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Retained earnings (accumulated deficit)										12,525
Equity awards net settled to cover employee withholding taxes				$ (51)						$ (51)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from Operating Activities:
Net income (loss)	$ 83,258	$ (36,840)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	86,598	79,962
Loss on sale of vessels		18,344
Amortization of deferred financing costs	2,663	3,106
Amortization of time charter hire contracts acquired	2,194	1,632
Amortization of the realized gain from recouponing swaps		(2,045)
Stock-based compensation expense	3,607	2,162
Changes in assets and liabilities	20,692	(11,723)
Payments for drydocking	(5,120)	(12,685)
Net cash provided by operating activities	193,892	41,913
Cash flows from Investing Activities:
Acquisition costs, net of cash acquired of $16,568		(292,683)
Transaction costs		(18,930)
Proceeds from sale of vessels		31,800
Payments for vessel additions and other property	(11,958)	(11,238)
Net cash used in investing activities	(11,958)	(291,051)
Cash flows from Financing Activities:
Borrowings on long-term debt		300,000
Principal payments on long-term debt	(100,792)	(86,604)
Borrowings on revolving credit facilities		61,000
Repayments on revolving credit facilities	(45,000)	(26,323)
NT Suez Holdco LLC distribution	(2,205)
Shares repurchased	(1,418)
Cash paid to net settle employee withholding taxes on equity awards	(745)
Proceeds from partners' contributions in subsidiaries		980
Payments for deferred financing costs	(644)	(6,970)
Net cash (used in) provided by financing activities	(150,804)	242,083
Net increase (decrease) in cash, cash equivalents and restricted cash	31,130	(7,055)
Cash, cash equivalents and restricted cash - Beginning of period	89,219	88,158
Cash, cash equivalents and restricted cash - End of period	120,349	81,103
Supplemental disclosures:
Cash paid for interest	26,480	35,206
Common stock issued to CPLP (Refer to Note 3 - Merger Transaction)		236,848
Unpaid transaction costs in Accounts payable and accrued expenses at the end of the period		154
Unpaid vessel additions in Accounts payable and accrued expenses at the end of the period	$ 1,326	$ 4,604

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Condensed Consolidated Statements of Cash Flows
Cash acquired	$ 16,568

BUSINESS AND BASIS OF PRESENTAT

BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2020
BUSINESS AND BASIS OF PRESENTATION
BUSINESS AND BASIS OF PRESENTATION	1. BUSINESS AND BASIS OF PRESENTATION Business — Diamond S Shipping Inc. (“DSSI”) was formed on November 14, 2018 under the laws of the Republic of the Marshall Islands for the purpose of receiving, via contribution from Capital Product Partners L.P. (“CPLP”), CPLP’s crude and product tanker business and combining that business with the business and operations of DSS Holdings L.P. (“DSS LP”) pursuant to the Transaction Agreement, dated as of November 27, 2018 (as amended, the “Transaction Agreement”), by and among CPLP, DSS LP, DSSI and the other parties named therein. DSS LP was a Cayman Islands limited partnership formed on October 1, 2007. On March 27, 2019, DSSI and DSS LP and all of its directly-owned subsidiaries (the “DSS LP Subsidiaries”) completed a merger pursuant to the Transaction Agreement. Pursuant to the terms of the Transaction Agreement, on March 27, 2019, the DSS LP Subsidiaries merged with and into DSSI, with DSSI being the surviving corporation in the merger (the “Merger”). DSSI and the DSS LP Subsidiaries are hereinafter referred to collectively as the “Company.” The Merger was accounted for as a reverse acquisition in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, “Business Combinations” as the DSS LP Subsidiaries are the accounting acquirer for financial reporting purposes. Accordingly, the historical consolidated financial statements of the DSS LP Subsidiaries for periods prior to the Merger are considered to be the predecessor financial statements of the Company. Refer to Note 3 — Merger Transaction for further information. The Company is a seaborne transporter of crude oil and refined petroleum products, operating in the international shipping industry. As of September 30, 2020, through its wholly-owned subsidiaries, the Company owns and operates 64 tanker vessels: 13 Suezmax crude carriers, one Aframax crude carrier and 50 medium range (“MR”) product carriers. The Company also controls and operates two Suezmax vessels through a joint venture (Refer to Note 5 — Joint Venture Investments).

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation —  The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which includes the accounts of the Company and its direct and indirect wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Basis of Presentation  — The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and operating results have been included in the statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2019 and notes thereto included in the Company’s annual report on Form 10-K (the “2019 Financial Statements”). The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2020. The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As such, the Company is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company intends to take advantage of the benefits of this extended transition period for as long as it is available. The Company’s condensed consolidated financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards. Section 107 of the JOBS Act provides that the decision not to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable. Cash and Cash Equivalents, and Restricted Cash  — The following table provides a reconciliation of Cash and cash equivalents and Restricted cash reported within the consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows: September 30, 2020 December 31, 2019 September 30, 2019 December 31, 2018 Cash and cash equivalents $ 114,335 $ 83,609 $ 75,559 $ 83,054 Restricted cash 6,014 5,610 5,544 5,104 Total Cash and cash equivalents, and Restricted cash shown in the condensed consolidated statements of cash flows $ 120,349 $ 89,219 $ 81,103 $ 88,158 Amounts included in restricted cash represent those required to be set aside by the $66 Million Facility, as defined in Note 9 below. The restriction will lapse when the related long-term debt is retired. Revenue and Voyage Expense Recognition  — Total revenue includes revenue earned on fixed rate time charters, spot market voyage charters, spot market-related time charters and pools. Pursuant to the new revenue recognition guidance, which was adopted as of January 1, 2019, revenue for spot market voyage charters is recognized ratably over the total transit time of each voyage, which commences at the time the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port. As a result of the adoption of the new revenue recognition guidance on January 1, 2019, the Company recorded a net increase to the opening accumulated deficit of $2,784 for the cumulative impact of adopting the new guidance. The impact related primarily to the change in accounting for spot market voyage charters. Prior to the adoption of the new guidance, revenue for spot market voyage charters was recognized ratably over the total transit time of the voyage, which previously commenced the later of when the vessel departed from its last discharge port or when an agreement was entered into with the charterer, and ended at the time the discharge of cargo was completed at the discharge port. As a result of the adoption of the new guidance, revenue for spot market voyage charters is now being recognized ratably over the total transit time of the voyage which now begins when the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port. Additionally, the Company has identified that the contract fulfillment costs of spot market voyage charters consist primarily of the fuel consumption that is incurred by the Company from the end of the previous vessel employment until the arrival at the loading port. The fuel consumption during this period is deferred and recorded as deferred voyage costs included in Prepaid expenses and other current assets in the condensed consolidated balance sheet and is amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and recognized as part of Voyage expenses. Refer also to Note 7 — Prepaid expenses and other current assets. In time charters, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. These voyage expenses are borne by the Company when engaged in spot market voyage charters. As such, there are significantly higher voyage expenses for spot market voyage charters as compared to time charters. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. The Company recognizes revenue from pool arrangements based on its portion of the net distributions reported by the pool, which represents the net voyage revenue of the pool after voyage expenses and certain pool manager fees. Recent Accounting Pronouncements New accounting standards to be implemented  — In February 2016, the FASB issued ASU No. 2016‑02, “ Leases (Topic 842) ” (“ASU 2016‑02”), which establishes a comprehensive new lease accounting model. ASU 2016‑02 clarifies the definition of a lease, requires a dual approach to lease classification similar to current lease classifications, and causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease term of more than twelve months. For the Company, ASU 2016‑02 is effective for annual periods beginning after December 15, 2020, and interim reporting periods within annual reporting periods beginning after December 15, 2021, with early adoption permitted. The most significant effects of adoption relate to the recognition of right-of-use assets and lease liabilities on the balance sheet for operating leases and providing new disclosures about the Company's leasing activities. The Company is currently analyzing its contracts and will then calculate the right-of-use assets and lease liabilities as of January 1, 2021 based on the present value of the Company’s remaining minimum lease payments, primarily due to the recognition of right-of-use assets and lease liabilities with respect to operating leases. In June 2016, the FASB issued ASU No. 2016‑13, “Financial Instruments—Credit Losses (Topic 326)” (“ASU 2016‑13”), which amends several aspects of the measurement of credit losses on financial instruments based on an estimate of current expected credit losses. ASU 2016‑13 will apply to loans, accounts receivable, trade receivables, other financial assets measured at amortized cost, loan commitments and other off-balance sheet credit exposures. ASU 2016‑13 will also apply to debt securities and other financial assets measured at fair value through other comprehensive income. For the Company, ASU 2016‑13 is effective for annual periods beginning after December 15, 2020, and interim reporting periods within annual reporting periods beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the potential impact of this pronouncement on the condensed consolidated financial statements.

MERGER TRANSACTION

MERGER TRANSACTION	9 Months Ended
	Sep. 30, 2020
MERGER TRANSACTION
MERGER TRANSACTION	3. MERGER TRANSACTION As discussed in Note 1, the Company completed a Merger on March 27, 2019. Directly prior to the Merger, the following took place: · DSSI formed four wholly-owned subsidiaries organized under the laws of the Republic of the Marshall Islands, referred to as “Products Merger Entity,” “Crude Merger Entity,” “Management Merger Entity” and “Surviving Merger Entity.” · CPLP separated its product and crude tanker businesses into separate lines of subsidiaries and contributed them to DSSI (the “Separation”). · DSSI issued 12,724,500 additional common shares in connection with the contribution by CPLP. · In the Separation, CPLP contributed to DSSI (1) CPLP’s crude and product tanker vessels, (2) an amount in cash equal to $10 million and (3) associated inventories. · On March 27, 2019, CPLP distributed on a pro rata basis all 12,725,000 then-outstanding common shares of DSSI to its unitholders of record as of March 19, 2019 (the “Distribution”). Immediately following the Distribution, the Merger took place, which is detailed as follows: · The Pre-Mergers took place: o DSS Crude Transport Inc., a wholly-owned subsidiary of DSS LP, merged with Crude Merger Entity, with DSS Crude Transport Inc. surviving the merger, o DSS Products Transport Inc., a wholly-owned subsidiary of DSS LP, merged with Products Merger Entity, with DSS Products Transport Inc. surviving the merger, and o Diamond S Technical Management LLC, a wholly-owned subsidiary of DSS LP, merged with Management Merger Entity, with Diamond S Technical Management LLC surviving the merger. · Following the Pre-Mergers and pursuant to the same plan, each of DSS Crude Transport Inc., DSS Products Transport Inc. and Diamond S Technical Management LLC merged with the Surviving Merger Entity, with the Surviving Merger Entity surviving. The Surviving Merger Entity subsequently merged with DSSI, with DSSI surviving. Pursuant to the Transaction agreement, the CPLP unitholders received 12,725,000 common shares in DSSI, and the DSS LP limited partners received common shares of DSSI that were determined by the factor to which DSS LP’s net asset value is to the net asset value of DSSI immediately after the Distribution, multiplied by the number of shares distributed to CPLP unitholders after the March 27, 2019 effective date. This equated to the DSS LP limited partners receiving 27,165,696 common shares. The Merger completed on March 27, 2019, and the Company’s common shares commenced trading on the New York Stock Exchange on March 28, 2019. The Merger was accounted for as a reverse acquisition in accordance with ASC 805, “Business Combinations.” Based on the structure of the Merger and other activities contemplated by the Transaction Agreement, relative outstanding share ownership, the composition of the Company’s board of directors and the designation of certain senior management positions of the Company, the DSS LP Subsidiaries are the accounting acquirer for financial reporting purposes. Further, in accordance with ASU 2017‑01, the Merger was determined to be an asset acquisition as substantially all of the fair value of the gross assets acquired is concentrated in a group of similar identifiable assets. The consideration transferred, assets acquired, and liabilities assumed are recognized as follows: Consideration paid and transferred Cash paid — net of cash received of $16,568 $ 292,683 Common stock issued to CPLP 236,848 Transaction costs 20,738 Total consideration paid and transferred $ 550,269 Net assets acquired Due from charterers $ 4,514 Inventories 6,969 Prepaid expenses and other current assets 1,152 Vessels 537,988 Time charter contracts acquired — assets 7,300 Other noncurrent assets 2,191 Accounts payable and accrued expenses (7,478) Deferred charter hire revenue (2,367) Net assets acquired $ 550,269 Further, as the Merger was determined to be an asset acquisition, the Company recorded the acquired assets and liabilities at the cost of the acquisition, including transaction costs, on the basis of relative fair value. The carrying value of the vessels were recorded in accordance with the principles set forth under ASC Topic 820, “Fair Value Measurement” based upon current market values obtained from at least two independent ship brokers. The time charter contract assets acquired represent an estimate of the fair value of the time charters acquired as of the date of the Merger, and considers the differential between the stated time charter rate and the contracts’ fair value at the time of the Merger. In connection with the Merger, the incentive units granted under the DSS LP unit incentive plan expired with no value. Further, while the Company is now a public company, management believe that, pursuant to Section 883 of the U.S. Internal Revenue Code of 1986, the income related to vessel operations will continue to be exempt from U.S. federal income tax, although no assurance can be given that the Company will continue to satisfy this statutory exemption from U.S. federal income taxation.

NET (LOSS) EARNINGS PER SHARE

NET (LOSS) EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2020
NET (LOSS) EARNINGS PER SHARE
NET (LOSS) EARNINGS PER SHARE	4. NET (LOSS) EARNINGS PER SHARE The computation of basic net (loss) earnings per share is based on the weighted-average number of common shares outstanding during the reporting period. The computation of diluted net earnings (loss) per share assumes the vesting of nonvested stock awards (refer to Note 15 — Stock-Based Compensation), for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost attributable to future services and are not yet recognized using the treasury stock method, to the extent dilutive. Of the 591,773 and 615,525 nonvested shares and RSUs outstanding as of September 30, 2020 and 2019, 238,421 and 615,525, respectively, were excluded from the computation of diluted net earnings per share because these were anti-dilutive (refer to Note 15 — Stock-Based Compensation). For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Common shares outstanding, basic: Weighted-average common shares outstanding, basic 39,918,427 39,890,698 39,879,976 35,835,477 Common shares outstanding, diluted: Weighted-average common shares outstanding, basic 39,918,427 39,890,698 39,879,976 35,835,477 Dilutive effect of restricted stock awards — — 226,181 — Weighted-average common shares outstanding, diluted 39,918,427 39,890,698 40,106,157 35,835,477

JOINT VENTURE INVESTMENTS

JOINT VENTURE INVESTMENTS	9 Months Ended
	Sep. 30, 2020
JOINT VENTURE INVESTMENTS
JOINT VENTURE INVESTMENTS	5. JOINT VENTURE INVESTMENTS NT Suez Holdco LLC  — In September 2014, the Company formed a joint venture, NT Suez Holdco LLC (“NT Suez”), to purchase two Suezmax newbuildings. The two vessels were delivered in October and November 2016. NT Suez is owned 51% by the Company and 49% by WLR/TRF Shipping S.a.r.l (“WLR/TRF”). WLR/TRF is indirectly owned by funds managed or jointly managed by WL Ross & Co, LLC (“WLR”), including WLR Recovery Fund V DSS AIV, L.P. and WLR V Parallel ESC, L.P., which are also shareholders of the Company. WLR is a fund manager that manages the Company’s largest shareholders. As of September 30, 2020 and December 31, 2019, the investments NT Suez received from the Company and WLR/TRF aggregated $74,104, which was used for shipyard installment payments and working capital. In February 2020, NT Suez distributed $1,632 and $1,568 to the Company and WLR/TRF, respectively. In June 2020, NT Suez distributed $357 and $343 to the Company and WLR/TRF, respectively. Management has determined that NT Suez qualifies as a variable interest entity, and, when aggregating the variable interests held by the related parties (i.e. the Company and WLR/TRF), the Company is the primary beneficiary as the Company has the ability to direct the activities that most significantly impact NT Suez’s economic performance. Accordingly, the Company consolidates NT Suez. Diamond Anglo Ship Management Pte. Ltd.  — In January 2018, the Company and Anglo Eastern Investment Holdings Ltd. (“AE Holdings”), a third party, formed a joint venture, Diamond Anglo Ship Management Pte. Ltd. (“DASM”). DASM is owned 51% by the Company and 49% by AE Holdings as of September 30, 2020 and December 31, 2019, and was formed to provide ship management services to the Company’s vessels. As of September 30, 2020 and December 31, 2019, the investments DASM received from the Company and AE Holdings totaled $51 and $49, respectively, which were used for general and administrative expenses. Management has determined that DASM qualifies as a variable interest entity, and, when aggregating the variable interests held by the Company and AE Holdings, the Company is the primary beneficiary as the Company has the ability to direct the activities that most significantly impacts DASM’s economic performance. Accordingly, the Company consolidates DASM.

VESSEL DISPOSITIONS

VESSEL DISPOSITIONS	9 Months Ended
	Sep. 30, 2020
VESSEL DISPOSITIONS
VESSEL DISPOSITIONS	6. VESSEL DISPOSITIONS In August 2019, the Board of Directors approved selling the Atlantic Aquarius and Atlantic Leo, both 2009-built MR vessels. The Company reached an agreement to sell the Atlantic Aquarius and Atlantic Leo for $32 million in aggregate gross proceeds. In September 2019, the Company delivered the vessels to the buyer and repaid debt on the $460 Million Facility, as defined in Note 9 below, of $20.4 million. The loss on sale of the vessels was $18.3 million, which was recorded to the condensed consolidated statement of operations for the three and nine months ended September 30, 2019.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	9 Months Ended
	Sep. 30, 2020
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	7. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following as of September 30, 2020 and December 31, 2019: September 30, December 31, 2020 2019 Advances to Capital Ship Management Corp. (“CSM”) (Refer to Note 14-Related Party Transactions) $ 6,288 $ 5,757 Advances to technical managers 23 26 Insurance claims receivable 1,066 511 Prepaid insurance 1,527 1,093 Advances to agents 2,199 1,421 Deferred voyage costs 2,003 3,132 Other 1,505 1,239 Total prepaid expenses and other current assets $ 14,611 $ 13,179

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	9 Months Ended
	Sep. 30, 2020
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	8. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following as of September 30, 2020 and December 31, 2019: September 30, December 31, 2020 2019 Trade accounts payable and accrued expenses $ 8,306 $ 9,716 Accrued vessel and voyage expenses 23,903 32,201 Accrued interest 35 1,090 Accrued vessel and voyage expenses and Other current liabilities (Refer to Note 14 - Related Party Transactions) 3,092 1,055 Total accounts payable and accrued expenses $ 35,336 $ 44,062

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2020
LONG-TERM DEBT
LONG-TERM DEBT	9. LONG-TERM DEBT Long-term debt at September 30, 2020 and December 31, 2019 was comprised of the following: September 30, 2020 December 31, 2019 $360 Million Facility $ 241,250 $ 327,500 $525 Million Facility 458,750 515,000 $66 Million Facility 48,518 51,810 Total 748,518 894,310 Less: Unamortized deferred financing costs (13,426) (15,866) Less: Current portion (134,389) (134,389) Long-term debt, net of deferred financing costs $ 600,703 $ 744,055 $360 Million Facility  — On March 27, 2019, in connection with the Merger, the Company entered into a $360,000 five-year Credit Agreement, as amended (the “$360 Million Facility”), for the purposes of financing the Merger and refinancing the $30 Million Line of Credit (defined below). The $360 Million Facility consists of a term loan of $300,000 and a revolving loan of $60,000, and is collateralized by the 25 vessels acquired in the Merger and the three vessels that collateralized the $30 Million Line of Credit, with reductions based on a 17 year age-adjusted amortization schedule, payable on a quarterly basis. The term loan component of the $360 Million Facility bears interest at the Eurodollar Rate for a three-month interest period, plus a 2.65% interest rate margin, and the interest is paid quarterly. Commitment fees on undrawn amounts related to the revolving loan component of the $360 Million Facility are 1.06%. As of September 30, 2020, $10,000 of the revolving loan was drawn, while $50,000 was available and undrawn. The $360 Million Facility contains certain restrictions on the payments of dividends. The $360 Million Facility permits the Company to pay dividends so long as the payment of dividends does not cause an event of default, and limits dividends payable so that they do not exceed in any fiscal quarter an amount that is equal to 50% of the adjusted consolidated net income of the Company in such fiscal quarter. $525 Million Facility  — On December 23, 2019, the Company entered into a $525,000 five-year Credit Agreement (the “$525 Million Facility”), for the purposes of refinancing the $460 Million Facility, the $235 Million Facility and the $75 Million Facility (defined below). The $525 Million Facility consists of a term loan of $375,000 and a revolving loan of $150,000, and is collateralized by the 36 vessels that collateralized the $460 Million Facility, the $235 Million Facility and the $75 Million Facility, with reductions based on a 17 year age-adjusted amortization schedule, payable on a quarterly basis. The term loan component of the $525 Million Facility bears interest at the Eurodollar Rate for a three-month interest period, plus a 2.50% interest rate margin, and the interest is paid quarterly. Commitment fees on undrawn amounts related to the revolving loan component of the $525 Million Facility are 0.875%. As of September 30, 2020, $140,000 of the revolving loan was drawn, while $10,000 was available and undrawn. The $525 Million Facility contains certain restrictions on the payments of dividends. The $525 Million Facility permits the Company to pay dividends so long as the payment of dividends does not cause an event of default, and limits dividends payable so that they do not exceed in any fiscal quarter an amount that is equal to 50% of the adjusted consolidated net income of the Company in the preceding fiscal quarter. Prior to the December 2019 refinancing, the Company financed 26 MR vessels, which were acquired in September 2011, with a $460,000 five-year senior secured term loan facility, as amended (the “$460 Million Facility”). Interest was paid monthly, and the $460 Million Facility bore interest at the Eurodollar Rate for a one-month interest period, plus a 2.80% interest rate margin. Also, prior to the December 2019 refinancing, the Company financed eight 2012-built Suezmaxes with a $235,000 five-year senior secured financing facility, as amended (the “$235 Million Facility”), which consisted of a term loan of $220 million and a revolving loan of $15,000. Interest on the term loan component was paid quarterly and the $235 Million Facility bore interest at the Eurodollar Rate for a three-month interest period, plus a 2.75% interest rate margin. Commitment fees on undrawn amounts related to the revolving loan component of the $235 Million Facility were 1.10%. Lastly, prior to the December 2019 refinancing, the Company financed two 2016-built Suezmaxes vessels with a $75,000 seven-year senior secured term loan facility, as amended (the “$75 Million Facility”). Interest was paid quarterly, and the $75 Million Facility bore interest at the Eurodollar Rate for a three-month interest period, plus a 2.20% interest rate margin. $66 Million Facility — On August 9, 2016, the Company entered into a $66,000 five-year senior secured term loan facility (the “$66 Million Facility”) for the purpose of financing two vessels controlled through the joint venture NT Suez (refer to Note 5 — Joint Venture Investments). The $66 Million Facility, which is collateralized by the two vessels controlled through NT Suez, is a nonrecourse term loan with reductions that are based on a 15-year amortization schedule, and are payable on a quarterly basis. Interest is paid quarterly, and the $66 Million Facility bears interest at the Eurodollar Rate for a three-month interest period, plus a 3.25% interest rate margin. The $66 Million Facility contains certain restrictions on the payments of dividends by the NT Suez joint venture. The $66 Million Facility permits the NT Suez joint venture to pay dividends so long as the payment of dividends does not cause an event of default, and does not exceed an amount equal to 75% of the consolidated net income, as determined in accordance with GAAP, of the borrower, which is the consolidated accounts of NT Suez. Interest Rates  — The following table sets forth the effective interest rate associated with the interest costs for the Company’s debt facilities, including the rate differential between the fixed pay rate and the variable receive rate on the interest rate swap agreements that were in effect (refer to Note 10 — Interest Rate Swaps), combined, as well as the cost associated with the commitment fees. Additionally, the table includes the range of interest rates on the debt, excluding the impact of swaps and commitment fees: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Effective interest rate 3.05 % 4.87 % 3.95 % 4.94 % Range of interest rates (excluding impact of swaps and unused commitment fees) 2.81% to 4.04 % 4.53% to 5.58 % 2.81% to 5.32 % 4.53% to 6.06 % Restrictive Covenants  — The Company’s credit facilities credit contain restrictive covenants and other non-financial restrictions. The $360 Million Facility and $525 Million Facility include, among other things, restrictions on the Company’s ability to incur indebtedness, limitations on dividends, minimum cash balance, collateral maintenance, leverage ratio requirements, minimum working capital requirements, and other customary restrictions. The $66 Million Facility includes restrictions and financial covenants including, among other things, the Company’s ability to incur indebtedness, limitations on dividends, minimum cash balance, collateral maintenance, and other customary restrictions. The Company was in compliance with its financial covenants as of September 30, 2020. Maturities  — The aggregate maturities of debt during the remaining three months of the year ending December 31, 2020, and annually for the years ending December 31 are as follows: 2020 (for the remaining three months of the year) $ 33,597 2021 177,421 2022 130,000 2023 130,000 2024 277,500 Total $ 748,518

INTEREST RATE SWAPS

INTEREST RATE SWAPS	9 Months Ended
	Sep. 30, 2020
INTEREST RATE SWAPS
INTEREST RATE SWAPS	10. INTEREST RATE SWAPS The Company uses interest rate swaps for the management of interest rate risk exposure, as the interest rate swaps effectively convert a portion of the Company’s debt from a floating to a fixed rate. The interest rate swaps are agreements between the Company and counterparties to pay, in the future, a fixed-rate payment in exchange for the counterparties paying the Company a variable payment. The amount of the net payment obligation is based on the notional amount of the swap contract and the prevailing market interest rates. The Company may terminate the swap contracts prior to their expiration dates, at which point a realized gain or loss would be recognized. The value of the Company’s commitment would increase or decrease based primarily on the extent to which interest rates move against the rate fixed for each swap. All derivatives are recognized on the Company’s Consolidated Balance Sheets at their fair values. For accounting hedges, on the date the derivative contract is entered into, the Company designates the derivative as (1) a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair value” hedge) or (2) a hedge of a forecasted transaction (“cash flow” hedge). The Company previously entered into interest rate swap transactions, with multiple counterparties, which were designated as cash flow hedges. In September 2018, the Company re-couponed its swaps, receiving cash of $6,813, with the corresponding gain recognized ratably over the original term of the hedged instruments. The re-couponed swaps were terminated in December 2019 when the related $460 Million Facility was extinguished. Upon the swaps’ termination, the Company made a payment of $2,486 and recognized the remaining gain that resulted from the re-couponing in September 2018, which are recognized in Interest expense in the condensed consolidated statements of operations. On April 29, 2020, the Company entered into interest rate swap transactions, with multiple counterparties, which were designated as cash flow hedges. In accordance with these transactions, the Company will pay an average fixed-rate interest amount of 0.54% and will receive floating rate interest amounts based on three-month LIBOR settings. These interest rate swaps are designated as cash flow hedges with a start date of June 30, 2020 and an end date of December 23, 2024, with an aggregate notional amount outstanding of $197,129 at September 30, 2020. The derivative asset and liability balances at September 30, 2020 and December 31, 2019 are as follows: Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet September 30, December 31, Balance Sheet September 30, December 31, Location 2020 2019 Location 2020 2019 Derivatives designated as hedging instruments Interest rate contracts Derivative asset $ — $ — Derivative liability $ 557 $ — Interest rate contracts Derivative asset — — Derivative liability 620 — Total derivatives designated as hedging instruments — — 1,177 — Total Derivatives $ — $ — $ 1,177 $ — The components of Accumulated other comprehensive loss included in the Condensed Consolidated Balance Sheets consist of net unrealized loss on cash flow hedges as of September 30, 2020 and December 31, 2019. The following table presents the gross amounts of these liabilities with any offsets to arrive at the net amounts recognized in the Condensed Consolidated Balance Sheets at September 30, 2020 and December 31, 2019: Gross Amounts not Offset in the Condensed Consolidated Balance Sheets Gross Amounts Net Amounts of Gross Offset in the Liabilities Presented Amounts of Condensed in the Condensed Recognized Consolidated Consolidated Financial Cash Collateral Net Liabilities Balance Sheets Balance Sheets Instruments Received Amount September 30, 2020 Derivatives $ 1,177 $ — $ 1,177 $ — $ — $ 1,177 December 31, 2019 Derivatives — — — — — —

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	9 Months Ended
	Sep. 30, 2020
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	11. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The components of Accumulated other comprehensive (loss) income included in the Condensed Consolidated Balance Sheets consist of net unrealized loss on cash flow hedges as of September 30, 2020 and December 31, 2019. The changes in Accumulated other comprehensive (loss) income by component are as follows: For the Nine Months Ended September 30, 2020 2019 Accumulated other comprehensive income - January 1, $ — $ 4,387 Other comprehensive loss before reclassifications (1,053) (4,931) Amounts reclassified from Accumulated other comprehensive (loss) income (124) 1,435 Other comprehensive loss for the period (1,177) (3,496) Accumulated other comprehensive (loss) income - September 30, $ (1,177) $ 891 The realized loss for the nine months ended September 30, 2020 reclassified from Accumulated other comprehensive loss consists of a realized loss of $124 related to interest rate swap contracts. The realized gain for the nine months ended September 30, 2019 reclassified from Accumulated other comprehensive income consists of a realized loss of ($610) related to interest rate swap contracts and $2,045 related to the amortization of the gain on re-couponed swaps, as discussed in Note 10. The realized gain reclassified from Accumulated other comprehensive loss are presented in Interest expense in the Condensed Consolidated Statements of Operations.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	12. FAIR VALUE OF FINANCIAL INSTRUMENTS The fair values and carrying amounts of the Company’s financial instruments at September 30, 2020 and December 31, 2019 that are required to be disclosed at fair value, but not recorded at fair value, are as follows: September 30, 2020 December 31, 2019 Estimated Estimated Carrying Fair Carrying Fair Amount Value Amount Value Cash and cash equivalents $ 114,335 $ 114,335 $ 83,609 $ 83,609 Restricted cash 6,014 6,014 5,610 5,610 Variable rate debt 748,518 748,518 894,310 894,310 The following methods and assumptions are used in estimating the fair value of disclosures for financial instruments: Cash and cash equivalents, and Restricted cash : The carrying amounts reported in the condensed consolidated balance sheets for Cash and cash equivalents, and Restricted cash approximate fair value. Cash and cash equivalents, and Restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities. Variable Rate Debt : The fair value of variable rate debt is based on management’s estimate of rates the Company could obtain for similar debt of the same remaining maturities. Additionally, the Company considers its creditworthiness in determining the fair value of variable rate debt under the credit facilities. The carrying amounts in the above table, which exclude the impact of deferred financing costs, approximate the fair market value for the variable rate debt. Variable rate debt is considered to be a Level 2 item as the Company considers the estimate of rates it could obtain for similar debt. The fair value of an asset or liability is based on assumptions that market participants would use in pricing the asset or liability. The hierarchies of inputs used when determining fair value are described below: Level 1: Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment. Level 2: Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3: Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial instruments and the placement of financial instruments within the fair value hierarchy. The table below provides the financial instruments carried at fair value based on the levels of hierarchy as of the valuation date listed: Level 1 Level 2 Level 3 Total September 30, 2020 Derivative liabilities $ — $ 1,177 $ — $ 1,177 Derivative Liabilities : The fair value of the derivative liabilities, which relate to the interest rate swaps used for hedging purposes, is the estimated amount the Company would pay for the liability to terminate the swap agreements at the reporting date, taking into account current interest rates and the current creditworthiness of the swap counterparties. Interest rate swaps are considered to be a Level 2 item as the Company, using the income approach to value the derivatives, uses observable Level 2 market inputs at measurement date and standard valuation techniques to convert future amounts to a single present amount assuming that participants are motivated, but not compelled to transact. Level 2 inputs for the valuations are limited to quoted prices for similar assets in active markets (specifically, futures contracts on LIBOR for the first two years) and inputs other than quoted prices that are observable for the asset (specifically, LIBOR, cash and swap rates and credit risk at commonly quoted intervals). Mid-market pricing is used as a practical expedient for fair value measurements. Refer to Note 10 - Interest Rate Swaps for further information regarding the Company's interest rate swap agreements. The Company does not currently have any Level 3 financial assets or liabilities and there have been no transfers in and/or out of Level 3 during the nine months ended September 30, 2020 and 2019.

REVENUE FROM TIME CHARTERS

REVENUE FROM TIME CHARTERS	9 Months Ended
	Sep. 30, 2020
REVENUE FROM TIME CHARTERS
REVENUE FROM TIME CHARTERS	13. REVENUE FROM TIME CHARTERS The future minimum revenues, before inclusion of profit-sharing revenue, if any, expected to be received on irrevocable time charters for which revenues can be reasonably estimated and the related revenue days that the vessels are available for employment, and not including charterers’ renewal options for the remaining three months of the year ending December 31, 2020, and annually for the years ending December 31 are as follows: 2020 (for the remaining three months of the year) $ 15,885 2021 40,558 2022 13,511 Total future committed revenue $ 69,954

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2020
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	14. RELATED PARTY TRANSACTIONS During the three and nine months ended September 30, 2020 and 2019, the Company had the following related party transactions. Capital Ship Management Corp. (“CSM”)  — Pursuant to the Transaction Agreement, for a period of five years, CSM will provide commercial and technical management services for the 25 vessels acquired in the Merger. For the three and nine months ended September 30, 2020 and 2019, the following transactions were recorded for these services: · For the three and nine months ended September 30, 2020, $1,955 and $5,823, respectively, and for the three and nine months ended September 30, 2019, $1,955 and $3,794, respectively, was incurred for technical management services, which is included in Vessel expenses in the condensed consolidated statements of operations and have been paid as of September 30, 2020. · For the three and nine months ended September 30, 2020, $499 and $1,866, respectively, and for the three and nine months ended September 30, 2019, $548 and $1,130, respectively, was incurred for commercial management services, which is included in Voyage expenses in the condensed consolidated statements of operations. As of September 30, 2020, $714 remains unpaid, and is included in Accounts payable and accrued expenses in the condensed consolidated balance sheet. · For the three and nine months ended September 30, 2020, $504 and $1,500, respectively, and for the three and nine months ended September 30, 2019, $503 and $1,022, respectively, was incurred for general management services, which is included in General and administrative expenses in the condensed consolidated statements of operations. As of September 30, 2020, $165 remains unpaid, and is included in Accounts payable and accrued expenses in the condensed consolidated balance sheet. Working capital is advanced to CSM to procure both voyage and vessel costs. At September 30, 2020, the net funds advanced totaled $3,196, of which $6,288 is included in Prepaid Expense and Other Current Assets in the condensed consolidated balance sheet (refer to Note 7 — Prepaid Expenses and Other Current Assets), and the $3,092 liability is included in Accounts payable and accrued expenses in the condensed consolidated balance sheet (refer to Note 8 — Accounts Payable and Accrued Expenses). At December 31, 2019, the net funds advanced totaled $4,748, of which $5,757 is included in Prepaid Expense and Other Current Assets in the condensed consolidated balance sheet and the $1,009 liability is included in Accounts payable and accrued expenses in the condensed consolidated balance sheet. At December 31, 2019, amounts received for activity that occurred prior to the Merger that are due to CSM total $46 and are included in Accounts payable and accrued expenses in the condensed consolidated balance sheet. These amounts were settled during the nine months ended September 30, 2020.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2020
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	15. STOCK-BASED COMPENSATION 2019 Equity Incentive Plan —  Under the 2019 Equity Incentive Plan (“2019 Plan”), the Company’s Board of Directors, the Compensation Committee, or their designees may grant a variety of stock-based incentive awards representing an aggregate of 3,989,000 shares of common stock to the Company’s officers, directors, employees, and consultants. Such awards include stock options, stock appreciation rights, restricted (nonvested) stock, restricted stock units, and unrestricted stock. Restricted Stock Units  — The Company has issued restricted stock units (“RSUs”) under the 2019 Plan to certain members of the Board of Directors, an executive and certain employees of the Company, which represent the right to receive a share of common stock, or in the sole discretion of the Company’s Compensation Committee, the value of a share of common stock on the date that the RSU vests. Such shares of common stock will only be issued to certain directors, an executive and employees when their RSUs vest under the terms of their grant agreements and 2019 Plan described above. The RSUs that have been issued to certain members of the Board of Directors vest one year from the date of grant. The RSUs that have been issued to other individuals vest ratably on each of the three anniversaries of the determined vesting date. The table below summarizes the Company’s unvested RSUs for the nine months ended September 30, 2020: Number of Weighted Average RSUs Grant Date Price Outstanding at January 1, 2020 74,716 $ 14.03 Granted 47,156 12.08 Vested (46,525) 13.58 Forfeited (1,887) 13.70 Outstanding at September 30, 2020 73,460 $ 13.07 The following table summarizes certain information of the RSUs unvested and vested as of September 30, 2020: Unvested RSUs September 30, 2020 Vested RSUs September 30, 2020 Weighted Average Weighted Average Remaining Contractual Number of Weighted Average Number of RSUs Grant Date Price Life RSUs Grant Date Price 73,460 $ 13.07 1.6 46,525 $ 13.58 The Company is amortizing these grants over the applicable graded vesting periods. Forfeitures are taken into account when they occur. As of September 30, 2020, unrecognized compensation cost of $591 related to RSUs will be recognized over a weighted-average period of 1.6 years. For the three and nine months ended September 30, 2020, the Company recognized $186 and $556, respectively, of nonvested stock amortization expense for the RSUs, which is included in General and administrative expenses. Restricted Stock  — Under the 2019 Plan, grants of restricted common stock were issued to certain members of the Board of Directors, executives and employees. The restricted common stock issued to certain members of the Board of Directors vest one year from the date of grant. The restricted common stock issued to certain executives and employees ordinarily vest ratably on each of the three anniversaries of the determined vesting date. The table below summarizes the Company’s nonvested stock awards for the nine months ended September 30, 2020 which were issued under the 2019 Plan: Number of Weighted Average Shares Grant Date Price Outstanding at January 1, 2020 562,790 $ 13.44 Granted 175,151 12.41 Vested (198,116) 13.51 Forfeited (21,512) 13.70 Outstanding at September 30, 2020 518,313 $ 13.05 For the nine months ended September 30, 2020, 198,116 shares vested under the 2019 Plan. There were no shares that vested under the 2019 Plan during the year ended December 31, 2019. For the three and nine months ended September 30, 2020, the Company recognized $838 and $2,818, respectively, in nonvested stock amortization expense for the 2019 Plan restricted stock, which is included in General and administrative expenses. The Company is amortizing these grants over the applicable graded vesting periods. Forfeitures are taken into account when they occur. As of September 30, 2020, unrecognized compensation cost of $3,525 related to nonvested stock will be recognized over a weighted-average period of 2.0 years. Performance Awards – The Company granted performance awards that contain service, performance-based and/or market-based vesting criteria. Vesting occurs if the recipient remains employed and depends on the degree to which performance goals are achieved during the three-year performance period (as defined in the award agreements). The table below summarizes the Company’s nonvested performance awards for the nine months ended September 30, 2020 which were issued under the 2019 Plan: Weighted Number of Average Grant Shares Date Price Outstanding at January 1, 2020 — $ — Granted 133,305 12.60 Vested — — Forfeited — — Outstanding at September 30, 2020 133,305 $ 12.60 For the three and nine months ended September 30, 2020, the Company recognized $140 and $233, respectively, in nonvested stock amortization expense for the 2019 Plan performance awards, which is included in General and administrative expenses. As of September 30, 2020, unrecognized compensation cost of $1,446 related to nonvested stock will be recognized over a weighted-average period of 2.6 years. The future compensation to be recognized for the aforementioned RSUs, restricted stock and performance awards as of September 30, 2020 is as follows: 2020 (for the remaining three months of the year) $ 1,128 2021 2,939 2022 1,240 2023 255 Total $ 5,562

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	16. COMMITMENTS AND CONTINGENCIES Commitments - In August and September 2020, the Company entered into contracts to install ballast water treatment systems on seven vessels with installation scheduled to occur in 2021. These contracts have a total estimated cost of $6,575, of which $6,097 remains unpaid as of September 30, 2020, with payments due as follows as: 2020 (for the remaining three months of the year) $ 990 2021 5,107 Total $ 6,097 Contingencies - From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of its business. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2020
SEGMENT REPORTING
SEGMENT REPORTING	17. SEGMENT REPORTING The Company is engaged primarily in the ocean transportation of crude oil and petroleum products in the international market through the ownership and operation of a diversified fleet of vessels. The international shipping industry has many distinct market segments based, in large part, on the size and design configuration of vessels required. Rates in each market segment are determined by a variety of factors affecting the supply and demand for vessels to move cargoes in the trades for which they are suited. Tankers are not bound to specific ports or schedules and therefore can respond to market opportunities by moving between trades and geographical areas. The Company’s vessels regularly navigate in international waters, over hundreds of trade routes, to hundreds of ports and, as a result, the disclosure of geographic information is impracticable. The Company charters its vessels primarily on voyage charters and on time charters. The Company has two reportable segments, Crude Tankers and Product Carriers. Segment results are evaluated based on income from operations. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s consolidated financial statements. Results for the Company’s revenue and loss from operations by segment for the three and nine months ended September 30, 2020 and 2019 are as follows: Crude Product Tankers Carriers Total Three Months Ended September 30, 2020 Total revenue $ 42,293 $ 70,304 $ 112,597 Voyage expenses (12,891) (20,005) (32,896) Vessel expenses (11,606) (33,152) (44,758) Depreciation and amortization (10,121) (18,946) (29,067) General, administrative and management fees (1) (1,873) (5,812) (7,685) Income (loss) from operations $ 5,802 $ (7,611) $ (1,809) Three Months Ended September 30, 2019 Voyage revenue $ 46,222 $ 95,304 $ 141,526 Voyage expenses (22,919) (37,049) (59,968) Vessel expenses (10,554) (31,245) (41,799) Depreciation and amortization (9,898) (18,865) (28,763) Loss on sale of vessels — (18,344) (18,344) General and administrative expenses (1,781) (5,785) (7,566) Income (loss) from operations $ 1,070 $ (15,984) $ (14,914) Crude Tankers Product Carriers Total Nine Months Ended September 30, 2020 Total revenue $ 202,795 $ 303,080 $ 505,875 Voyage expenses (55,900) (101,026) (156,926) Vessel expenses (35,490) (92,542) (128,032) Depreciation and amortization (30,041) (56,557) (86,598) General, administrative and management fees (1) (5,679) (17,615) (23,294) Income from operations $ 75,685 $ 35,340 $ 111,025 Nine Months Ended September 30, 2019 Voyage revenue $ 133,105 $ 260,372 $ 393,477 Voyage expenses (64,383) (103,058) (167,441) Vessel expenses (27,729) (81,247) (108,976) Depreciation and amortization (27,806) (52,156) (79,962) Loss on sale of vessels — (18,344) (18,344) General and administrative expenses (4,982) (16,192) (21,174) Income (loss) from operations $ 8,205 $ (10,625) $ (2,420) (1) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on a formula). The reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets are as follows: September 30, 2020 December 31, 2019 Crude Tankers $ 868,142 $ 896,897 Product Carriers 1,187,453 1,225,235 Corporate unrestricted cash and cash equivalents 2,789 2,609 Other unallocated amounts 1,729 3,641 Consolidated total assets $ 2,060,113 $ 2,128,382

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS The Company has evaluated all subsequent events to ensure that these condensed consolidated financial statements include appropriate recognition and disclosure of recognized events as of September 30, 2020. In October 2020, the Board of Directors approved selling the Atlantic Mirage, a 2009-built MR vessel. The Company reached an agreement to sell the Atlantic Mirage for $16.4 million in aggregate gross proceeds. Delivery of the Atlantic Mirage is expected to take place in the latter half of the fourth quarter of 2020, and the Company expects to record a loss of approximately $9.7 million on the sale of this vessel. Other than as disclosed in this note and elsewhere in these condensed consolidated financial statements, there were no subsequent events that the Company believes require recognition or disclosure.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation —  The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which includes the accounts of the Company and its direct and indirect wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation
Basis of Presentation	Basis of Presentation  — The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and operating results have been included in the statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2019 and notes thereto included in the Company’s annual report on Form 10-K (the “2019 Financial Statements”). The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the operating results to be expected for the year ending December 31, 2020. The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As such, the Company is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company intends to take advantage of the benefits of this extended transition period for as long as it is available. The Company’s condensed consolidated financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards. Section 107 of the JOBS Act provides that the decision not to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.
Cash and Cash Equivalents, and Restricted Cash	Cash and Cash Equivalents, and Restricted Cash  — The following table provides a reconciliation of Cash and cash equivalents and Restricted cash reported within the consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows: September 30, 2020 December 31, 2019 September 30, 2019 December 31, 2018 Cash and cash equivalents $ 114,335 $ 83,609 $ 75,559 $ 83,054 Restricted cash 6,014 5,610 5,544 5,104 Total Cash and cash equivalents, and Restricted cash shown in the condensed consolidated statements of cash flows $ 120,349 $ 89,219 $ 81,103 $ 88,158 Amounts included in restricted cash represent those required to be set aside by the $66 Million Facility, as defined in Note 9 below. The restriction will lapse when the related long-term debt is retired
Revenue and Voyage Expense Recognition	Revenue and Voyage Expense Recognition  — Total revenue includes revenue earned on fixed rate time charters, spot market voyage charters, spot market-related time charters and pools. Pursuant to the new revenue recognition guidance, which was adopted as of January 1, 2019, revenue for spot market voyage charters is recognized ratably over the total transit time of each voyage, which commences at the time the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port. As a result of the adoption of the new revenue recognition guidance on January 1, 2019, the Company recorded a net increase to the opening accumulated deficit of $2,784 for the cumulative impact of adopting the new guidance. The impact related primarily to the change in accounting for spot market voyage charters. Prior to the adoption of the new guidance, revenue for spot market voyage charters was recognized ratably over the total transit time of the voyage, which previously commenced the later of when the vessel departed from its last discharge port or when an agreement was entered into with the charterer, and ended at the time the discharge of cargo was completed at the discharge port. As a result of the adoption of the new guidance, revenue for spot market voyage charters is now being recognized ratably over the total transit time of the voyage which now begins when the vessel arrives at the loading port and ends at the time the discharge of cargo is completed at the discharge port. Additionally, the Company has identified that the contract fulfillment costs of spot market voyage charters consist primarily of the fuel consumption that is incurred by the Company from the end of the previous vessel employment until the arrival at the loading port. The fuel consumption during this period is deferred and recorded as deferred voyage costs included in Prepaid expenses and other current assets in the condensed consolidated balance sheet and is amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and recognized as part of Voyage expenses. Refer also to Note 7 — Prepaid expenses and other current assets. In time charters, operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel and specified voyage costs such as fuel and port charges are paid by the charterer. These voyage expenses are borne by the Company when engaged in spot market voyage charters. As such, there are significantly higher voyage expenses for spot market voyage charters as compared to time charters. There are certain other non-specified voyage expenses, such as commissions, which are typically borne by the Company. The Company recognizes revenue from pool arrangements based on its portion of the net distributions reported by the pool, which represents the net voyage revenue of the pool after voyage expenses and certain pool manager fees.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New accounting standards to be implemented  — In February 2016, the FASB issued ASU No. 2016‑02, “ Leases (Topic 842) ” (“ASU 2016‑02”), which establishes a comprehensive new lease accounting model. ASU 2016‑02 clarifies the definition of a lease, requires a dual approach to lease classification similar to current lease classifications, and causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease term of more than twelve months. For the Company, ASU 2016‑02 is effective for annual periods beginning after December 15, 2020, and interim reporting periods within annual reporting periods beginning after December 15, 2021, with early adoption permitted. The most significant effects of adoption relate to the recognition of right-of-use assets and lease liabilities on the balance sheet for operating leases and providing new disclosures about the Company's leasing activities. The Company is currently analyzing its contracts and will then calculate the right-of-use assets and lease liabilities as of January 1, 2021 based on the present value of the Company’s remaining minimum lease payments, primarily due to the recognition of right-of-use assets and lease liabilities with respect to operating leases. In June 2016, the FASB issued ASU No. 2016‑13, “Financial Instruments—Credit Losses (Topic 326)” (“ASU 2016‑13”), which amends several aspects of the measurement of credit losses on financial instruments based on an estimate of current expected credit losses. ASU 2016‑13 will apply to loans, accounts receivable, trade receivables, other financial assets measured at amortized cost, loan commitments and other off-balance sheet credit exposures. ASU 2016‑13 will also apply to debt securities and other financial assets measured at fair value through other comprehensive income. For the Company, ASU 2016‑13 is effective for annual periods beginning after December 15, 2020, and interim reporting periods within annual reporting periods beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the potential impact of this pronouncement on the condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of reconciliation of cash and cash equivalents and restricted cash	September 30, 2020 December 31, 2019 September 30, 2019 December 31, 2018 Cash and cash equivalents $ 114,335 $ 83,609 $ 75,559 $ 83,054 Restricted cash 6,014 5,610 5,544 5,104 Total Cash and cash equivalents, and Restricted cash shown in the condensed consolidated statements of cash flows $ 120,349 $ 89,219 $ 81,103 $ 88,158

MERGER TRANSACTION (Tables)

MERGER TRANSACTION (Tables)	9 Months Ended
	Sep. 30, 2020
MERGER TRANSACTION
Schedule of consideration transferred, assets acquired, and liabilities assumed	The consideration transferred, assets acquired, and liabilities assumed are recognized as follows: Consideration paid and transferred Cash paid — net of cash received of $16,568 $ 292,683 Common stock issued to CPLP 236,848 Transaction costs 20,738 Total consideration paid and transferred $ 550,269 Net assets acquired Due from charterers $ 4,514 Inventories 6,969 Prepaid expenses and other current assets 1,152 Vessels 537,988 Time charter contracts acquired — assets 7,300 Other noncurrent assets 2,191 Accounts payable and accrued expenses (7,478) Deferred charter hire revenue (2,367) Net assets acquired $ 550,269

NET (LOSS) EARNINGS PER SHARE (

NET (LOSS) EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2020
NET (LOSS) EARNINGS PER SHARE
Schedule of net loss per share	For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Common shares outstanding, basic: Weighted-average common shares outstanding, basic 39,918,427 39,890,698 39,879,976 35,835,477 Common shares outstanding, diluted: Weighted-average common shares outstanding, basic 39,918,427 39,890,698 39,879,976 35,835,477 Dilutive effect of restricted stock awards — — 226,181 — Weighted-average common shares outstanding, diluted 39,918,427 39,890,698 40,106,157 35,835,477

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2020
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Schedule of prepaid expenses and other current assets	Prepaid expenses and other current assets consist of the following as of September 30, 2020 and December 31, 2019: September 30, December 31, 2020 2019 Advances to Capital Ship Management Corp. (“CSM”) (Refer to Note 14-Related Party Transactions) $ 6,288 $ 5,757 Advances to technical managers 23 26 Insurance claims receivable 1,066 511 Prepaid insurance 1,527 1,093 Advances to agents 2,199 1,421 Deferred voyage costs 2,003 3,132 Other 1,505 1,239 Total prepaid expenses and other current assets $ 14,611 $ 13,179

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2020
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses consist of the following as of September 30, 2020 and December 31, 2019: September 30, December 31, 2020 2019 Trade accounts payable and accrued expenses $ 8,306 $ 9,716 Accrued vessel and voyage expenses 23,903 32,201 Accrued interest 35 1,090 Accrued vessel and voyage expenses and Other current liabilities (Refer to Note 14 - Related Party Transactions) 3,092 1,055 Total accounts payable and accrued expenses $ 35,336 $ 44,062

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2020
LONG-TERM DEBT
Schedule of long-term debt	Long-term debt at September 30, 2020 and December 31, 2019 was comprised of the following: September 30, 2020 December 31, 2019 $360 Million Facility $ 241,250 $ 327,500 $525 Million Facility 458,750 515,000 $66 Million Facility 48,518 51,810 Total 748,518 894,310 Less: Unamortized deferred financing costs (13,426) (15,866) Less: Current portion (134,389) (134,389) Long-term debt, net of deferred financing costs $ 600,703 $ 744,055
Schedule of interest rates on the debt, excluding the impact of swaps and commitment fees	Additionally, the table includes the range of interest rates on the debt, excluding the impact of swaps and commitment fees: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Effective interest rate 3.05 % 4.87 % 3.95 % 4.94 % Range of interest rates (excluding impact of swaps and unused commitment fees) 2.81% to 4.04 % 4.53% to 5.58 % 2.81% to 5.32 % 4.53% to 6.06 %
Schedule of aggregate maturities of debt	The aggregate maturities of debt during the remaining three months of the year ending December 31, 2020, and annually for the years ending December 31 are as follows: 2020 (for the remaining three months of the year) $ 33,597 2021 177,421 2022 130,000 2023 130,000 2024 277,500 Total $ 748,518

INTEREST RATE SWAPS (Tables)

INTEREST RATE SWAPS (Tables)	9 Months Ended
	Sep. 30, 2020
INTEREST RATE SWAPS
Schedule of derivative asset and liability	The derivative asset and liability balances at September 30, 2020 and December 31, 2019 are as follows: Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet September 30, December 31, Balance Sheet September 30, December 31, Location 2020 2019 Location 2020 2019 Derivatives designated as hedging instruments Interest rate contracts Derivative asset $ — $ — Derivative liability $ 557 $ — Interest rate contracts Derivative asset — — Derivative liability 620 — Total derivatives designated as hedging instruments — — 1,177 — Total Derivatives $ — $ — $ 1,177 $ —
Schedule of liabilities recognized in condensed consolidated balance sheets	The following table presents the gross amounts of these liabilities with any offsets to arrive at the net amounts recognized in the Condensed Consolidated Balance Sheets at September 30, 2020 and December 31, 2019: Gross Amounts not Offset in the Condensed Consolidated Balance Sheets Gross Amounts Net Amounts of Gross Offset in the Liabilities Presented Amounts of Condensed in the Condensed Recognized Consolidated Consolidated Financial Cash Collateral Net Liabilities Balance Sheets Balance Sheets Instruments Received Amount September 30, 2020 Derivatives $ 1,177 $ — $ 1,177 $ — $ — $ 1,177 December 31, 2019 Derivatives — — — — — —

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	9 Months Ended
	Sep. 30, 2020
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Schedule of Accumulated other comprehensive income by component	The changes in Accumulated other comprehensive (loss) income by component are as follows: For the Nine Months Ended September 30, 2020 2019 Accumulated other comprehensive income - January 1, $ — $ 4,387 Other comprehensive loss before reclassifications (1,053) (4,931) Amounts reclassified from Accumulated other comprehensive (loss) income (124) 1,435 Other comprehensive loss for the period (1,177) (3,496) Accumulated other comprehensive (loss) income - September 30, $ (1,177) $ 891

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of fair values and carrying amounts of financial instruments	September 30, 2020 December 31, 2019 Estimated Estimated Carrying Fair Carrying Fair Amount Value Amount Value Cash and cash equivalents $ 114,335 $ 114,335 $ 83,609 $ 83,609 Restricted cash 6,014 6,014 5,610 5,610 Variable rate debt 748,518 748,518 894,310 894,310
Schedule of financial instruments carried at fair value based on the levels of hierarchy	Level 1 Level 2 Level 3 Total September 30, 2020 Derivative liabilities $ — $ 1,177 $ — $ 1,177

REVENUE FROM TIME CHARTERS (Tab

REVENUE FROM TIME CHARTERS (Tables)	9 Months Ended
	Sep. 30, 2020
REVENUE FROM TIME CHARTERS
Schedule of future minimum revenues	2020 (for the remaining three months of the year) $ 15,885 2021 40,558 2022 13,511 Total future committed revenue $ 69,954

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of future compensation to be recognized	The future compensation to be recognized for the aforementioned RSUs, restricted stock and performance awards as of September 30, 2020 is as follows: 2020 (for the remaining three months of the year) $ 1,128 2021 2,939 2022 1,240 2023 255 Total $ 5,562
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of summary of the non-vested stock award activity	The table below summarizes the Company’s unvested RSUs for the nine months ended September 30, 2020: Number of Weighted Average RSUs Grant Date Price Outstanding at January 1, 2020 74,716 $ 14.03 Granted 47,156 12.08 Vested (46,525) 13.58 Forfeited (1,887) 13.70 Outstanding at September 30, 2020 73,460 $ 13.07
Schedule of RSUs unvested and vested activity	The following table summarizes certain information of the RSUs unvested and vested as of September 30, 2020: Unvested RSUs September 30, 2020 Vested RSUs September 30, 2020 Weighted Average Weighted Average Remaining Contractual Number of Weighted Average Number of RSUs Grant Date Price Life RSUs Grant Date Price 73,460 $ 13.07 1.6 46,525 $ 13.58
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of nonvested stock amortization expense included in General and administrative expenses	The table below summarizes the Company’s nonvested stock awards for the nine months ended September 30, 2020 which were issued under the 2019 Plan: Number of Weighted Average Shares Grant Date Price Outstanding at January 1, 2020 562,790 $ 13.44 Granted 175,151 12.41 Vested (198,116) 13.51 Forfeited (21,512) 13.70 Outstanding at September 30, 2020 518,313 $ 13.05
Performance Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of nonvested performance awards	The table below summarizes the Company’s nonvested performance awards for the nine months ended September 30, 2020 which were issued under the 2019 Plan: Weighted Number of Average Grant Shares Date Price Outstanding at January 1, 2020 — $ — Granted 133,305 12.60 Vested — — Forfeited — — Outstanding at September 30, 2020 133,305 $ 12.60

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2020
COMMITMENTS AND CONTINGENCIES
Schedule of future contractual payments due	2020 (for the remaining three months of the year) $ 990 2021 5,107 Total $ 6,097

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2020
SEGMENT REPORTING
Schedule of revenue and loss from operations by segment	Results for the Company’s revenue and loss from operations by segment for the three and nine months ended September 30, 2020 and 2019 are as follows: Crude Product Tankers Carriers Total Three Months Ended September 30, 2020 Total revenue $ 42,293 $ 70,304 $ 112,597 Voyage expenses (12,891) (20,005) (32,896) Vessel expenses (11,606) (33,152) (44,758) Depreciation and amortization (10,121) (18,946) (29,067) General, administrative and management fees (1) (1,873) (5,812) (7,685) Income (loss) from operations $ 5,802 $ (7,611) $ (1,809) Three Months Ended September 30, 2019 Voyage revenue $ 46,222 $ 95,304 $ 141,526 Voyage expenses (22,919) (37,049) (59,968) Vessel expenses (10,554) (31,245) (41,799) Depreciation and amortization (9,898) (18,865) (28,763) Loss on sale of vessels — (18,344) (18,344) General and administrative expenses (1,781) (5,785) (7,566) Income (loss) from operations $ 1,070 $ (15,984) $ (14,914) Crude Tankers Product Carriers Total Nine Months Ended September 30, 2020 Total revenue $ 202,795 $ 303,080 $ 505,875 Voyage expenses (55,900) (101,026) (156,926) Vessel expenses (35,490) (92,542) (128,032) Depreciation and amortization (30,041) (56,557) (86,598) General, administrative and management fees (1) (5,679) (17,615) (23,294) Income from operations $ 75,685 $ 35,340 $ 111,025 Nine Months Ended September 30, 2019 Voyage revenue $ 133,105 $ 260,372 $ 393,477 Voyage expenses (64,383) (103,058) (167,441) Vessel expenses (27,729) (81,247) (108,976) Depreciation and amortization (27,806) (52,156) (79,962) Loss on sale of vessels — (18,344) (18,344) General and administrative expenses (4,982) (16,192) (21,174) Income (loss) from operations $ 8,205 $ (10,625) $ (2,420) (1) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on a formula).
Schedule of reconciliations of total assets of the segments	The reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets are as follows: September 30, 2020 December 31, 2019 Crude Tankers $ 868,142 $ 896,897 Product Carriers 1,187,453 1,225,235 Corporate unrestricted cash and cash equivalents 2,789 2,609 Other unallocated amounts 1,729 3,641 Consolidated total assets $ 2,060,113 $ 2,128,382

BUSINESS AND BASIS OF PRESENT_2

BUSINESS AND BASIS OF PRESENTATION (Details)	Sep. 30, 2020item
Business And Basis Of Presentation [Line Items]
Total number of wholly-owned vessels	64
Suezmax crude carriers
Business And Basis Of Presentation [Line Items]
Total number of wholly-owned vessels	13
Number of vessels owned through joint venture	2
Aframax crude carrier
Business And Basis Of Presentation [Line Items]
Total number of wholly-owned vessels	1
Medium range ("MR") product carriers
Business And Basis Of Presentation [Line Items]
Total number of wholly-owned vessels	50

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Cash and cash equivalents		$ 114,335	$ 83,609	$ 75,559	$ 83,054
Restricted cash		6,014	5,610	5,544	5,104
Total Cash and cash equivalents, and Restricted cash shown in the condensed consolidated statements of cash flows		$ 120,349	$ 89,219	$ 81,103	$ 88,158
Cumulative Effect, Period of Adoption, Adjustment [Member]
Significant Accounting Policies [Line Items]
Cumulative impact on accumulated deficit	$ 2,784

MERGER TRANSACTION (Details)

MERGER TRANSACTION (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Consideration paid and transferred
Cash paid - net of cash received of $16,568	$ 292,683
Common stock issued to CPLP	236,848
Transaction costs	20,738
Total consideration paid and transferred	550,269
Net assets acquired
Due from charterers	4,514
Inventories	6,969
Prepaid expenses and other current assets	1,152
Vessels	537,988
Time charter contracts acquired - assets	7,300
Other noncurrent assets	2,191
Accounts payable and accrued expenses	(7,478)
Deferred charter hire revenue	(2,367)
Net assets acquired	$ 550,269

MERGER TRANSACTION - (Parenthet

MERGER TRANSACTION - (Parentheticals) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
MERGER TRANSACTION
Cash acquired	$ 16,568

MERGER TRANSACTION - Additional

MERGER TRANSACTION - Additional Information (Details) $ in Millions	Mar. 27, 2019USD ($)shares
Capital Product Partners, L.P. ("CPLP") | Transaction agreement
Business Acquisition [Line Items]
Number of shares CPLP received on pro rata basis for outstanding common shares under distribution	12,725,000
Dss Holdings L P Member | Transaction agreement
Business Acquisition [Line Items]
Number of shares issued prior to the Merger Transaction	12,724,500
Component of cash paid | $	$ 10
Number of shares CPLP received on pro rata basis for outstanding common shares under distribution	12,725,000
Dss Holdings L P Member | Capital Product Partners, L.P. ("CPLP")
Business Acquisition [Line Items]
Number of shares issued prior to the Merger Transaction	27,165,696

NET (LOSS) EARNINGS PER SHARE_2

NET (LOSS) EARNINGS PER SHARE (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Common shares outstanding, basic:
Weighted-average common shares outstanding, basic	39,918,427	39,890,698	39,879,976	35,835,477
Common shares outstanding, diluted:
Weighted-average common shares outstanding, basic	39,918,427	39,890,698	39,879,976	35,835,477
Dilutive effect of restricted stock awards			226,181
Weighted-average common shares outstanding, diluted	39,918,427	39,890,698	40,106,157	35,835,477

NET (LOSS) EARNINGS PER SHARE -

NET (LOSS) EARNINGS PER SHARE - Additional Information (Details) - shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Restricted stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of anti-dilutive shares	238,421
Number of outstanding shares	591,773
Restricted stock units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of anti-dilutive shares		615,525
Number of outstanding shares		615,525

JOINT VENTURE INVESTMENTS (Deta

JOINT VENTURE INVESTMENTS (Details) $ in Thousands	Sep. 30, 2020USD ($)item	Jun. 30, 2020USD ($)	Feb. 29, 2020USD ($)	Dec. 31, 2019USD ($)	Nov. 30, 2016item	Oct. 31, 2016item	Sep. 30, 2014building
Suezmax crude carriers
Schedule of Equity Method Investments [Line Items]
Number of vessels owned through joint venture | item	2
NT Suez Holdco LLC | Suezmax crude carriers
Schedule of Equity Method Investments [Line Items]
Number of newbuildings to be purchased | building							2
Number of vessels owned through joint venture | item					1	1
NT Suez Holdco LLC | WLR/TRF Shipping S.a.r.l ("WLR/TRF")
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	49.00%
Investments	$ 74,104			$ 74,104
Distribution paid		$ 343	$ 1,568
NT Suez Holdco LLC | The Company
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	51.00%
Distribution paid		$ 357	$ 1,632
Diamond Anglo Ship Management Pte. Ltd. | Anglo Eastern Investment Holdings Ltd. ("AE Holdings")
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	49.00%			49.00%
Investments				$ 49
Diamond Anglo Ship Management Pte. Ltd. | The Company
Schedule of Equity Method Investments [Line Items]
Percentage of ownership				51.00%
Investments	$ 51

VESSEL DISPOSITIONS (Details)

VESSEL DISPOSITIONS (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Sep. 30, 2019	Aug. 31, 2019	Sep. 30, 2019	Sep. 30, 2019
LONG-TERM DEBT.
Aggregate gross proceeds		$ 32,000		$ 31,800
Loss on sale of vessels			$ (18,344)	$ (18,344)
$460 Facility
LONG-TERM DEBT.
Repayments of long-term debt	$ 20,400

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Advances to Capital Ship Management Corp. ("CSM") (Refer to Note 14-Related Party Transactions)	$ 6,288	$ 5,757
Advances to technical managers	23	26
Insurance claims receivable	1,066	511
Prepaid insurance	1,527	1,093
Advances to agents	2,199	1,421
Deferred voyage costs	2,003	3,132
Other	1,505	1,239
Total prepaid expenses and other current assets	$ 14,611	$ 13,179

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Trade accounts payable and accrued expenses	$ 8,306	$ 9,716
Accrued vessel and voyage expenses	23,903	32,201
Accrued interest	35	1,090
Accrued vessel and voyage expenses and Other current liabilities (Refer to Note 14 - Related Party Transactions)	3,092	1,055
Total accounts payable and accrued expenses	$ 35,336	$ 44,062

LONG-TERM DEBT - Long-term Debt

LONG-TERM DEBT - Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Dec. 23, 2019
long-term debt
Total	$ 748,518	$ 894,310
Less: Unamortized deferred financing costs	(13,426)	(15,866)
Less: Current portion	(134,389)	(134,389)
Long-term debt, net of deferred financing costs	600,703	744,055
$360 Facility
long-term debt
Total	241,250	327,500
$525 Facility
long-term debt
Total	458,750	515,000	$ 525
$66 Facility
long-term debt
Total	$ 48,518	$ 51,810

LONG-TERM DEBT - Interest Rates

LONG-TERM DEBT - Interest Rates on the Debt, Excluding the Impact of Swaps and Commitment Fees (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
long-term debt
Effective interest rate	3.05%	4.87%	3.95%	4.94%
Minimum
long-term debt
Range of interest rates (excluding impact of swaps and unused commitment fees)	2.81%	4.53%	2.81%	4.53%
Maximum
long-term debt
Range of interest rates (excluding impact of swaps and unused commitment fees)	4.04%	5.58%	5.32%	6.06%

LONG-TERM DEBT - Aggregate Matu

LONG-TERM DEBT - Aggregate Maturities of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
LONG-TERM DEBT
2020 (for the remaining three months of the year)	$ 33,597
2021	177,421
2022	130,000
2023	130,000
2024	277,500
Total	$ 748,518	$ 894,310

LONG-TERM DEBT - Additional Inf

LONG-TERM DEBT - Additional Information (Details) $ in Thousands	Dec. 23, 2019USD ($)item	Mar. 27, 2019USD ($)item	Aug. 19, 2016USD ($)	Aug. 09, 2016USD ($)item	Jun. 06, 2016USD ($)item	Mar. 17, 2016USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Oct. 20, 2016item
long-term debt
Amount of facility							$ 748,518	$ 894,310
$360 Facility
long-term debt
Amount of facility							241,250	327,500
Line of credit facility		$ 360,000
Term of credit agreement		5 years
Term loan amount		$ 300,000
Revolving loan		$ 60,000					10,000
Number of vessels collateralized | item		25
Term of adjusted amortization schedule		17 years
Interest rate description		three-month interest period, plus a 2.65%
Interest rate margin		2.65%
Percentage of commitment fees		1.06%
Amount of revolving loan undrawn							50,000
Percentage of limits dividends payable adjusted		50.00%
$525 Facility
long-term debt
Amount of facility	$ 525						458,750	515,000
Term of credit agreement	5 years
Term loan amount	$ 375
Revolving loan	$ 150,000						140,000
Number of vessels collateralized | item	36
Term of adjusted amortization schedule	17 years
Interest rate description	three-month interest period, plus a 2.50% interest rate margin
Interest rate margin	2.50%
Percentage of commitment fees	0.875%
Amount of revolving loan undrawn							10,000
Percentage of limits dividends payable adjusted	50.00%
$460 Facility
long-term debt
Amount of facility					$ 460,000
Term of senior secured term loan facility					5 years
Term loan amount					$ 235,000
Revolving loan					$ 75,000
Number of vessels collateralized | item					26
Interest rate description					one-month interest period, plus a 2.80% interest rate margin
Interest rate margin					2.80%
$235 Facility
long-term debt
Amount of facility			$ 235,000
Term of senior secured term loan facility			5 years
Term loan amount			$ 220,000
Revolving loan			$ 15,000
Interest rate description			three-month interest period, plus a 2.75% interest rate margin
Interest rate margin			2.75%
Percentage of commitment fees			1.10%
$75 Facility
long-term debt
Term of senior secured term loan facility						7 years
Term loan amount						$ 75,000
Interest rate description						three-month interest period, plus a 2.20% interest rate margin
Interest rate margin						2.20%
$66 Facility
long-term debt
Amount of facility							$ 48,518	$ 51,810
Term of senior secured term loan facility				5 years
Term loan amount				$ 66,000
Number of vessels collateralized | item				2
Term of adjusted amortization schedule				15 years
Interest rate description				three-month interest period, plus a 3.25% interest rate margin
Interest rate margin				3.25%
Percentage of limits dividends payable adjusted				75.00%
$30 LOC
long-term debt
Line of credit facility		$ 30,000
Number of vessels collateralized | item									3

INTEREST RATE SWAPS - Derivativ

INTEREST RATE SWAPS - Derivative Asset and Liability Balances (Details) $ in Thousands	Sep. 30, 2020USD ($)
INTEREST RATE SWAPS
Total derivative liabilities	$ 1,177
Interest Rate Contract | Derivative liability (Current liabilities)
INTEREST RATE SWAPS
Derivative instruments in hedges, Liability , at fair value	557
Interest Rate Contract | Derivative liability (Noncurrent liabilities)
INTEREST RATE SWAPS
Derivative instruments in hedges, Liability , at fair value	620
Designated as Hedging Instrument
INTEREST RATE SWAPS
Derivative instruments in hedges, Liability , at fair value	$ 1,177

INTEREST RATE SWAPS - Gross Amo

INTEREST RATE SWAPS - Gross Amounts of Liabilities - (Details) $ in Thousands	Sep. 30, 2020USD ($)
INTEREST RATE SWAPS
Derivative Liabilities, Gross Amount of Recognized Liabilities	$ 1,177
Derivative Liabilities, Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets	1,177
Derivative liabilities, Net Amount	$ 1,177

INTEREST RATE SWAPS - Additiona

INTEREST RATE SWAPS - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2020	Apr. 29, 2020	Dec. 31, 2019
INTEREST RATE SWAPS.
Cash proceeds received from interest rate swaps	$ 6,813
Payment of re-couponed swap termination	$ 2,486
Amount extinguished from facility					$ 460,000
Amortization of the realized gain from recouponing swaps		$ (2,045)
Interest rate swap
INTEREST RATE SWAPS.
Average fixed-rate interest (as a percent)				0.54%
Total notional amount outstanding			$ 197,129

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Accumulated other comprehensive income - January 1,		$ 4,387
Other comprehensive loss before reclassifications	$ (1,053)	(4,931)
Amounts reclassified from Accumulated other comprehensive (loss) income	(124)	1,435
Other comprehensive loss for the period	(1,177)	(3,496)
Accumulated other comprehensive (loss) income - September 30,	$ (1,177)	$ 891

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Interest rate swap
ACCUMULATED OTHER COMPREHENSIVE INCOME
Realized loss	$ 124	$ (610)
Re-couponed swaps
ACCUMULATED OTHER COMPREHENSIVE INCOME
Amortization of gain		$ 2,045

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair values and carrying amounts of the Company's financial instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
FAIR VALUE OF FINANCIAL INSTRUMENTS
Cash and cash equivalents	$ 114,335	$ 83,609	$ 75,559	$ 83,054
Variable rate debt	748,518	894,310
Carrying Amount
FAIR VALUE OF FINANCIAL INSTRUMENTS
Cash and cash equivalents	114,335	83,609
Restricted cash	6,014	5,610
Variable rate debt	748,518	894,310
Estimated Fair Value
FAIR VALUE OF FINANCIAL INSTRUMENTS
Cash and cash equivalents	114,335	83,609
Restricted cash	6,014	5,610
Variable rate debt	$ 748,518	$ 894,310

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial instruments carried at fair value based on the levels of hierarchy (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
FAIR VALUE OF FINANCIAL INSTRUMENTS
Derivative liabilities	$ 1,177
Transfer into level 3, Assets	0	$ 0
Transfer out of level 3, Assets	0	0
Transfer into level 3, Liability	0	0
Transfer out level 3, Liability	0	$ 0
Level 2
FAIR VALUE OF FINANCIAL INSTRUMENTS
Derivative liabilities	$ 1,177

REVENUE FROM TIME CHARTERS (Det

REVENUE FROM TIME CHARTERS (Details) $ in Thousands	Sep. 30, 2020USD ($)
REVENUE FROM TIME CHARTERS
2020 (for the remaining three months of the year)	$ 15,885
2021	40,558
2022	13,511
Total future committed revenue	$ 69,954

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)item	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Advances to Capital Ship Management Corp. ("CSM")	$ 6,288		$ 6,288		$ 5,757
Other current liabilities					46
Capital Ship Management Corp
Related Party Transaction [Line Items]
Advances to Capital Ship Management Corp. ("CSM")	3,196		3,196		4,748
Capital Ship Management Corp | Accounts payable and accrued expenses
Related Party Transaction [Line Items]
Advances to Capital Ship Management Corp. ("CSM")	3,092		3,092		1,009
Capital Ship Management Corp | Prepaid Expenses and Other Current Assets [Member]
Related Party Transaction [Line Items]
Advances to Capital Ship Management Corp. ("CSM")	6,288		$ 6,288		$ 5,757
Capital Ship Management Corp | Transaction agreement
Related Party Transaction [Line Items]
Number of vessels | item			25
Term of agreement			5 years
Capital Ship Management Corp | Transaction agreement | Vessel expenses
Related Party Transaction [Line Items]
Expenses incurred for technical management services	1,955	$ 1,955	$ 5,823	$ 3,794
Capital Ship Management Corp | Transaction agreement | Voyage expenses
Related Party Transaction [Line Items]
Expense incurred for commercial management services	499	548	1,866	1,130
Capital Ship Management Corp | Transaction agreement | Voyage general and administrative expenses
Related Party Transaction [Line Items]
Expense incurred for general management services	504	$ 503	1,500	$ 1,022
Capital Ship Management Corp | Transaction agreement | Accounts payable and accrued expenses | Voyage expenses
Related Party Transaction [Line Items]
Unpaid amount related to commercial management services	$ 714		714
Capital Ship Management Corp | Transaction agreement | Accounts payable and accrued expenses | Voyage general and administrative expenses
Related Party Transaction [Line Items]
Expense incurred for general management services			$ 165

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details)	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Restricted stock units
Stock-Based Compensation Rollforward
Outstanding at January 1, 2020 | shares	74,716
Granted | shares	47,156
Vested | shares	(46,525)
Forfeited | shares	(1,887)
Outstanding at September 30, 2020 | shares	73,460
Weighted Average Grant Date Price
Outstanding at January 1, 2020 | $ / shares	$ 14.03
Granted | $ / shares	12.08
Vested | $ / shares	13.58
Forfeited | $ / shares	13.70
Outstanding at September 30, 2020 | $ / shares	$ 13.07
Restricted stock
Stock-Based Compensation Rollforward
Outstanding at January 1, 2020 | shares	562,790
Granted | shares	175,151
Vested | shares	(198,116)
Forfeited | shares	(21,512)
Outstanding at September 30, 2020 | shares	518,313
Weighted Average Grant Date Price
Outstanding at January 1, 2020 | $ / shares	$ 13.44
Granted | $ / shares	12.41
Vested | $ / shares	13.51
Forfeited | $ / shares	13.70
Outstanding at September 30, 2020 | $ / shares	$ 13.05

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock Units (Details) - Restricted stock units - $ / shares	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Unvested RSUs	73,460	74,716
Weighted Average Grant Date Price for Unvested RSUs	$ 13.07	$ 14.03
Weighted Average Remaining Contractual Life	1 year 7 months 6 days
Number of Vested RSUs	46,525
Weighted Average Grant Date Price for Vested RSUs	$ 13.58

STOCK-BASED COMPENSATION - Perf

STOCK-BASED COMPENSATION - Performance Award Units (Details) - Performance Awards [Member] $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares
Number of Shares
Granted | shares		133,305
Outstanding at end of period | shares	133,305	133,305
Weighted Average Grant Date Price
Granted | $ / shares		$ 12.60
Outstanding at end of period | $ / shares	$ 12.60	$ 12.60
Unrecognized compensation cost | $	$ 1,446	$ 1,446
Weighted-average period		2 years 7 months 6 days
General and Administrative Expense
Weighted Average Grant Date Price
Nonvested stock amortization expense | $	$ 140	$ 233

STOCK-BASED COMPENSATION - Futu

STOCK-BASED COMPENSATION - Future compensation (Details) - Restricted stock $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2020 (for the remaining three months of the year)	$ 1,128
2021	2,939
2022	1,240
2023	255
Total	$ 5,562

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 3,607,000	$ 2,162,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Remaining Contractual Life		1 year 7 months 6 days
Unrecognized compensation cost	$ 591,000	$ 591,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Remaining Contractual Life		2 years
Unrecognized compensation cost	$ 3,525,000	$ 3,525,000
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance under Equity Incentive Plan	3,989,000	3,989,000
2019 Equity Incentive Plan | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 198,116		$ 0
General and Administrative Expense | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 186,000	556,000
General and Administrative Expense | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 838,000	$ 2,818,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Future Contractual Payments Due (Details) - Ballast Water Treatment Contracts $ in Thousands	Sep. 30, 2020USD ($)
Contractual Obligation, Fiscal Year Maturity
2020 (for the remaining three months of the year)	$ 990
2021	5,107
Total	$ 6,097

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - Ballast Water Treatment Contracts $ in Thousands	Sep. 30, 2020USD ($)
Other Commitments [Line Items]
Total cost of contracts	$ 6,575
Unpaid amount of contracts	$ 6,097

SEGMENT REPORTING - Revenue and

SEGMENT REPORTING - Revenue and Loss from Operations by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Voyage revenue	$ 112,597	$ 141,526	$ 505,875	$ 393,477
Voyage expenses	(32,896)	(59,968)	(156,926)	(167,441)
Vessel expenses	(44,758)	(41,799)	(128,032)	(108,976)
Depreciation and amortization	(29,067)	(28,763)	(86,598)	(79,962)
Loss on sale of vessels		(18,344)		(18,344)
General, administrative and management fees(1)	(7,685)	(7,566)	(23,294)	(21,174)
Income (loss) from operations	(1,809)	(14,914)	111,025	(2,420)
Crude Tankers
Segment Reporting Information [Line Items]
Voyage revenue	42,293	46,222	202,795	133,105
Voyage expenses	(12,891)	(22,919)	(55,900)	(64,383)
Vessel expenses	(11,606)	(10,554)	(35,490)	(27,729)
Depreciation and amortization	(10,121)	(9,898)	(30,041)	(27,806)
Loss on sale of vessels		0
General, administrative and management fees(1)	(1,873)	(1,781)	(5,679)	(4,982)
Income (loss) from operations	5,802	1,070	75,685	8,205
Product Carriers
Segment Reporting Information [Line Items]
Voyage revenue	70,304	95,304	303,080	260,372
Voyage expenses	(20,005)	(37,049)	(101,026)	(103,058)
Vessel expenses	(33,152)	(31,245)	(92,542)	(81,247)
Depreciation and amortization	(18,946)	(18,865)	(56,557)	(52,156)
Loss on sale of vessels		(18,344)		(18,344)
General, administrative and management fees(1)	(5,812)	(5,785)	(17,615)	(16,192)
Income (loss) from operations	$ (7,611)	$ (15,984)	$ 35,340	$ (10,625)

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliations of Total Assets of the Segments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Consolidated total assets	$ 2,060,113	$ 2,128,382
Crude Tankers
Segment Reporting Information [Line Items]
Consolidated total assets	868,142	896,897
Product Carriers
Segment Reporting Information [Line Items]
Consolidated total assets	1,187,453	1,225,235
Corporate unrestricted cash and cash equivalents
Segment Reporting Information [Line Items]
Consolidated total assets	2,789	2,609
Other unallocated amounts
Segment Reporting Information [Line Items]
Consolidated total assets	$ 1,729	$ 3,641

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Oct. 31, 2020	Aug. 31, 2019	Sep. 30, 2019	Sep. 30, 2019
Subsequent Event [Line Items]
Aggregate gross proceeds		$ 32,000		$ 31,800
Loss on sale of vessels			$ (18,344)	$ (18,344)
Atlantic Mirage | Subsequent Events
Subsequent Event [Line Items]
Aggregate gross proceeds	$ 16,400
Loss on sale of vessels	$ 9,700