Diamond S Shipping 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 07, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-38771
Entity Registrant Name	Diamond S Shipping Inc.
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	98-1480128
Entity Address, Address Line One	33 Benedict Place
Entity Address, City or Town	Greenwich
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06830
City Area Code	203
Local Phone Number	413-2000
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	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	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		40,594,829

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 75,824	$ 98,059
Due from charterers - Net of provision for doubtful accounts of $1,766 and $1,577, respectively	41,048	39,141
Inventories	21,124	17,457
Vessels held for sale		45,351
Prepaid expenses and other current assets	10,934	7,737
Restricted cash	6,267	6,140
Total current assets	155,197	213,885
Noncurrent assets:
Advances to Norient pool	8,001	8,001
Derivative asset	424
Other noncurrent assets	4,216	2,244
Total noncurrent assets	1,721,695	1,747,958
Total assets	1,876,892	1,961,843
Current liabilities:
Current portion of long-term debt	169,923	196,325
Accounts payable and accrued expenses	29,071	25,817
Deferred charter hire revenue	3,190	3,051
Derivative liabilities	510	580
Total current liabilities	202,694	225,773
Long-term debt - Net of deferred financing costs of $11,636 and $12,531, respectively	476,060	506,065
Derivative liabilities		569
Total liabilities	678,754	732,407
Commitments and contingencies (Note 15)
Equity:
Common stock, par value $0.001; 100,000,000 shares authorized; issued and outstanding 39,974,360 and 39,968,323 shares at March 31, 2021 and December 31, 2020, respectively	40	40
Treasury stock - at cost; 137,289 shares at March 31, 2021 and December 31, 2020	(1,418)	(1,418)
Additional paid-in capital	1,242,908	1,241,822
Accumulated other comprehensive loss	(86)	(1,149)
Accumulated deficit	(78,892)	(45,250)
Total Diamond S Shipping Inc. equity	1,162,552	1,194,045
Noncontrolling interests	35,586	35,391
Total equity	1,198,138	1,229,436
Total liabilities and equity	1,876,892	1,961,843
Vessels
Noncurrent assets:
Property, Plant and Equipment, Net	1,677,758	1,702,749
Other property
Noncurrent assets:
Property, Plant and Equipment, Net	288	359
Deferred drydocking costs
Noncurrent assets:
Property, Plant and Equipment, Net	29,375	32,391
Time charter contracts acquired
Noncurrent assets:
Property, Plant and Equipment, Net	$ 1,633	$ 2,214

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Provision for doubtful accounts	$ 1,766	$ 1,577
Unamortized deferred financing costs	$ 11,636	$ 12,531
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	39,974,360	39,968,323
Common stock, shares outstanding	39,974,360	39,968,323
Treasury stock - at cost (in shares)	137,289	137,289
Vessels
Accumulated depreciation	$ 675,199	$ 650,259
Other property
Accumulated depreciation	957	886
Deferred drydocking costs
Accumulated amortization	30,359	27,343
Time charter contracts acquired
Accumulated amortization	$ 5,267	$ 4,686

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Revenue	$ 87,720	$ 209,725
Operating expenses:
Voyage expenses	33,050	74,681
Vessel expenses	41,962	41,536
Depreciation and amortization expense	28,051	28,760
General and administrative expenses	6,518	8,124
Other corporate expenses	4,780
Total operating expenses	114,361	153,101
Operating (loss) income	(26,641)	56,624
Other (expense) income:
Interest expense	(6,171)	(11,376)
Other income	2	333
Total other expense - Net	(6,169)	(11,043)
Net (loss) income	(32,810)	45,581
Less: Net income attributable to noncontrolling interest	832	537
Net (loss) income attributable to Diamond S Shipping Inc.	$ (33,642)	$ 45,044
Net (loss) income per share - basic	$ (0.84)	$ 1.13
Net (loss) income per share - diluted	$ (0.84)	$ 1.12
Weighted average common shares outstanding - basic (in shares)	39,974,360	39,891,346
Weighted average common shares outstanding - diluted (in shares)	39,974,360	40,159,966
Voyage revenue
Revenue:
Revenue	$ 48,801	$ 187,652
Time charter revenue
Revenue:
Revenue	14,851	$ 22,073
Pool revenue
Revenue:
Revenue	$ 24,068

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Consolidated Statements of Comprehensive (Loss) Income
Net (loss) income	$ (32,810)	$ 45,581
Unrealized gain on cash flow hedges	1,063
Other comprehensive income	1,063
Comprehensive (loss) income	(31,747)	45,581
Less: comprehensive income attributable to noncontrolling interest	832	537
Comprehensive (loss) income attributable to Diamond S Shipping Inc.	$ (32,579)	$ 45,044

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Treasury Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Noncontrolling Interests	Total
Balance at Dec. 31, 2019		$ 40	$ 1,237,658		$ (68,567)	$ 34,811	$ 1,203,942
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased	$ (1,418)						(1,418)
NT Suez Holdco LLC Distributions						(1,568)	(1,568)
Stock-based compensation			1,334				1,334
Net (loss) income					45,044	537	45,581
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]
Accumulated deficit							(45,250)
Balance at Dec. 31, 2020	(1,418)	40	1,241,822	$ (1,149)	(45,250)	35,391	1,229,436
Increase (Decrease) in Stockholders' Equity [Roll Forward]
NT Suez Holdco LLC Distributions						(637)	(637)
Unrealized gain on cash flow hedges				1,063			1,063
Stock-based compensation			1,086				1,086
Net (loss) income					(33,642)	832	(32,810)
Balance at Mar. 31, 2021	$ (1,418)	$ 40	$ 1,242,908	$ (86)	$ (78,892)	$ 35,586	1,198,138
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accumulated deficit							$ (78,892)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from Operating Activities:
Net (loss) income	$ (32,810)	$ 45,581
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization expense	28,051	28,760
Amortization of deferred financing costs	895	884
Amortization of time charter hire contracts acquired	581	740
Stock-based compensation expense	1,086	1,334
Changes in assets and liabilities	(5,160)	(4,827)
Payments for drydocking	(1,330)	(1,533)
Changes in assets and liabilities:
Net cash (used in) provided by operating activities	(8,687)	70,939
Cash flows from Investing Activities:
Proceeds from sale of vessels	46,240
Payments for vessel additions and other property	(1,722)	(1,513)
Net cash provided by (used in) investing activities	44,518	(1,513)
Cash flows from Financing Activities:
Principal payments on long-term debt	(57,302)	(33,597)
Repayments on revolving credit facilities		(5,000)
Shares repurchased		(1,418)
NT Suez Holdco LLC distribution	(637)	(1,568)
Cash paid to net settle employee withholding taxes on equity awards		(485)
Net cash used in financing activities	(57,939)	(42,068)
Net (decrease) increase in cash, cash equivalents and restricted cash	(22,108)	27,358
Cash, cash equivalents and restricted cash - Beginning of period	104,199	89,219
Cash, cash equivalents and restricted cash - End of period	82,091	116,577
Supplemental disclosures:
Cash paid for interest	5,156	11,889
Unpaid vessel additions in Accounts payable and accrued expenses at the end of the period	$ 406	$ 151

BUSINESS AND BASIS OF PRESENTAT

BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2021
BUSINESS AND BASIS OF PRESENTATION
BUSINESS AND BASIS OF PRESENTATION	1. BUSINESS AND BASIS OF PRESENTATION Business 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. The Company is a seaborne transporter of crude oil and refined petroleum products, operating in the international shipping industry. As of March 31, 2021, through its wholly owned subsidiaries, the Company owns and operates 62 tanker vessels: 11 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 4 — Joint Venture Investments). ​ Announced Merger Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Announced Merger (the “Effective Time”), each common share of DSSI (the “Diamond S Common Shares”) issued and outstanding immediately prior to the Effective Time will be converted into the right to receive 0.55375 of a share of common stock of INSW (“INSW Common Stock”). The aforementioned 0.55375 exchange ratio set forth in the Merger Agreement will result in INSW shareholders owning approximately 55.75% of the outstanding shares of INSW Common Stock following the Effective Time and DSSI shareholders owning approximately 44.25% of the outstanding shares of INSW Common Stock following the Effective Time. The Announced Merger is expected to close in the third quarter of 2021, subject to the satisfaction or waiver of certain conditions, including (i) the authorization of the Merger Agreement by the affirmative vote of the holders of a majority of all outstanding shares of Diamond S Common Shares entitled to vote thereon; (ii) the authorization of the INSW shares to be issued as merger consideration in the Announced Merger by the affirmative vote of the holders of a majority of the shares of INSW Common Stock present and entitled to vote thereon; (iii) the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act; (iv) the absence of any law or order preventing the consummation of the Announced Merger; (v) the effectiveness of a registration statement on Form S-4 in connection with the issuance of INSW Common Stock as merger consideration, which will include a prospectus and a joint proxy statement relating to the INSW special shareholder meeting to approve the issuance of INSW Common Stock as merger consideration and the DSSI special shareholder meeting to approve the Announced Merger and absence of any stop order or proceedings by the SEC; (vi) the approval of the shares of INSW Common Stock to be issued as merger consideration in the Announced Merger for listing on the NYSE; and (vii) execution, delivery and effectiveness of amended and restated loan agreements for two of DSSI’s existing credit facilities entered into in 2019 (the “A&R Debt Agreements”) to amend the terms of such credit facilities to more closely mirror the terms of INSW’s credit facilities and the continued effectiveness of each A&R Debt Agreement and the consents of DSSI’s lenders under its existing credit facilities to the Announced Merger and waiver of any event of default that would arise as a result of the Announced Merger. The obligation of each of DSSI and INSW to consummate the Announced Merger is also conditioned on, among other things, the truth and correctness of the representations and warranties made by the other party as of the closing date (subject to certain “materiality” and “material adverse effect” qualifiers) and material compliance by the other party with pre-closing covenants. In connection with the Announced Merger, lenders under DSSI’s existing credit facilities agreed, among other things, to consent to the Announced Merger and waive any event of default that would arise as a result of the Announced Merger. Lenders under DSSI’s two existing credit facilities entered into in 2019 have also agreed to enter into the A&R Debt Agreements. In addition, INSW has agreed to become a credit party to the A&R Debt Agreements and will guaranty DSSI’s obligations under the A&R Debt Agreements upon their effectiveness. ​

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation —  Basis of Presentation 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 December 31, 2020 March 31, 2020 December 31, 2019 Cash and cash equivalents ​ $ 75,824 ​ $ 98,059 ​ $ 110,903 ​ $ 83,609 Restricted cash ​ 6,267 ​ 6,140 ​ 5,674 ​ 5,610 Total Cash and cash equivalents, and Restricted cash shown in the condensed consolidated statements of cash flows ​ $ 82,091 ​ $ 104,199 ​ $ 116,577 ​ $ 89,219 ​ Amounts included in restricted cash represent those required to be set aside by the $66 Million Facility, as defined in Note 8 below. The restriction will lapse when the related long-term debt is retired. Revenue and Voyage Expense Recognition 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 6 — 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 Leases (Topic 842) 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 fiscal years beginning after December 15, 2022, with early adoption permitted. The adoption of Topic 326 is not expected to have a material impact on the condensed consolidated financial statements .

NET (LOSS) EARNINGS PER SHARE

NET (LOSS) EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2021
NET (LOSS) EARNINGS PER SHARE
NET (LOSS) EARNINGS PER SHARE	3. 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 (loss) earnings per share assumes the vesting of nonvested stock awards (refer to Note 14 — 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 881,118 and 637,254 nonvested shares and RSUs outstanding as of March 31, 2021 and 2020, 881,118 and 26,126, respectively, were excluded from the computation of diluted net earnings per share because these were anti-dilutive (refer to Note 14 — Stock-Based Compensation). ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2021 2020 Common shares outstanding, basic: Weighted-average common shares outstanding, basic 39,974,360 39,891,346 Common shares outstanding, diluted: ​ ​ Weighted-average common shares outstanding, basic 39,974,360 39,891,346 Dilutive effect of restricted stock awards — 268,620 Weighted-average common shares outstanding, diluted 39,974,360 40,159,966 ​

JOINT VENTURE INVESTMENTS

JOINT VENTURE INVESTMENTS	3 Months Ended
	Mar. 31, 2021
JOINT VENTURE INVESTMENTS
JOINT VENTURE INVESTMENTS	4. JOINT VENTURE INVESTMENTS NT Suez Holdco LLC were and 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 March 31, 2021 and December 31, 2020, the investments NT Suez received from the Company and WLR/TRF aggregated $74,104, which was used for shipyard installment payments and working capital. During the three months ended March 31, 2021, NT Suez distributed $663 and $637 to the Company and WLR/TRF, respectively. During three months ended March 31, 2020, NT Suez distributed $1,632 and $1,568 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. As of March 31, 2021 and December 31, 2020, 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	3 Months Ended
	Mar. 31, 2021
VESSEL DISPOSITIONS
VESSEL DISPOSITIONS	5. VESSEL DISPOSITIONS In December 2020, the Board of Directors approved selling the Aias and Amoureux, both 2008-built MR vessels. The Company reached an agreement to sell the Aias for $22.6 million in aggregate gross proceeds, and the Amoureux for $22.5 million in aggregate gross proceeds. The delivery of the Aias and Amoureux occurred in January and February 2021, respectively. The total loss of $26.3 million on the sale of the vessels was recorded to the condensed consolidated statement of operations in the year ended December 31, 2020. In connection with the sale of these two vessels, the Company repaid debt on the $360 Million Facility, as defined in Note 8 below, of $25.3 million and the revolving loan capacity was reduced by $6,980 during the three months ended March 31, 2021 in conjunction with the delivery of the Aias and Amoureux.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2021
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	6. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following as of March 31, 2021 and December 31,2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2021 ​ 2020 Advances to Capital Ship Management Corp. (“CSM”) (Refer to Note 13 — ​ $ 5,253 ​ $ 1,453 Advances to technical managers ​ 28 ​ 164 Insurance claims receivable ​ 1,328 ​ 1,636 Prepaid insurance ​ 344 ​ 1,234 Advances to agents ​ 1,019 ​ 1,091 Deferred voyage costs ​ 1,767 ​ 915 Other ​ 1,195 ​ 1,244 Total prepaid expenses and other current assets ​ $ 10,934 ​ $ 7,737 ​

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2021
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	7. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following as of March 31, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2021 ​ 2020 Trade accounts payable and accrued expenses ​ $ 10,771 ​ $ 6,609 Accrued vessel and voyage expenses ​ 17,680 ​ 17,232 Accrued interest ​ 33 ​ 86 Accrued vessel and voyage expenses and Other current liabilities (Refer to Note 13 — ​ 587 ​ 1,890 Total accounts payable and accrued expenses ​ $ 29,071 ​ $ 25,817 ​

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2021
LONG-TERM DEBT.
LONG-TERM DEBT	8. Long-term debt at March 31, 2021 and December 31, 2020 was comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2021 ​ 2020 $360 Million Facility ​ $ 190,046 ​ $ 227,500 $525 Million Facility ​ 421,250 ​ 440,000 $66 Million Facility ​ 46,323 ​ 47,421 Total ​ 657,619 ​ 714,921 Less: Unamortized deferred financing costs ​ (11,636) ​ (12,531) Less: Current portion ​ (169,923) ​ (196,325) Long-term debt, net of deferred financing costs ​ $ 476,060 ​ $ 506,065 ​ $360 Million Facility five 17 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. In connection with the Merger Agreement signing, the Company, Nordea Bank Abp, New York Branch (“Nordea”), as administrative agent and collateral agent, and the lenders under the $360 Million Facility entered into a consent letter dated March 30, 2021 (the “$360M Consent Letter”), pursuant to which the lenders party thereto consented to the Announced Merger and waived any existing default or event of default and any default or event of default that would arise as a result of the Announced Merger. Pursuant to the terms of the $360M Consent Letter, in connection with the consummation of the Announced Merger, the $360 Million Facility is being amended and restated (the “$360 Million A&R Facility”) to more closely mirror the representations, warranties and covenants of INSW’s credit facilities and to include INSW as a credit party. In addition, INSW will provide a guaranty of the Company’s obligations under the $360 Million A&R Facility. It is expected that the $360 Million A&R Facility will include covenants relating to, among other things, the ability to incur indebtedness, the ability to pay dividends, maintaining a minimum cash balance, collateral maintenance, maintaining a net debt to capitalization ratio and other customary restrictions. It is expected that the $360 Million A&R Facility will provide for customary events of default. Execution, delivery and effectiveness of the $360 Million A&R Facility is a condition to the consummation of the Announced Merger. Each lender under the $360 Million Facility which provides its consent to the Announced Merger and executes and delivers the $360 A&R Facility will receive a non-refundable consent fee equal to 0.20% of the aggregate principal amount of loans made available by such lender (including any undrawn commitment) which fee will be due and payable on the completion of the Announced Merger and paid by the Company. $525 Million Facility five 17 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. In connection with the Merger Agreement signing, the Company, Nordea, as administrative agent and collateral agent, and the lenders under the $525 Million Facility entered into a consent letter dated March 30, 2021 (the “$525M Consent Letter”), pursuant to which the lenders party thereto consented to the Announced Merger and waived any existing default or event of default and any default or event of default that would arise as a result of the Announced Merger. Pursuant to the terms of the $525M Consent Letter, in connection with the consummation of the Announced Merger, the $525 Million Facility is expected to be amended and restated (the “$525 Million A&R Facility”) to more closely mirror the representations, warranties and covenants of INSW’s credit facilities and to include INSW as a credit party. In addition, INSW will provide a guaranty of the Company’s obligations under the $525 Million A&R Facility. It is expected that the $525 Million A&R Facility will include covenants relating to, among other things, the ability to incur indebtedness, the ability to pay dividends, maintaining a minimum cash balance, collateral maintenance, maintaining a net debt to capitalization ratio and other customary restrictions. It is expected that the $525 Million A&R Facility will provide for customary events of default. Execution, delivery and effectiveness of the $525 Million A&R Facility is a condition to the consummation of the Announced Merger. Each lender under the $525 Million Facility which provides its consent to the Announced Merger and executes and delivers the $525 Million A&R Facility will receive a non-refundable consent fee equal to 0.20% of the aggregate principal amount of loans made available by such lender (including any undrawn commitment) which fee will be due and payable on the completion of the Announced Merger and paid by the Company. $66 Million Facility five 15 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. In connection with the Announced Merger, lenders under the NT Suez Facility have agreed pursuant to a consent and amendment letter dated March 30, 2021 (the “NT Suez Debt Consent”), among other things, to consent to the Announced Merger (including waiving a mandatory prepayment that would otherwise be triggered by the Announced Merger) and waive any existing event of default and any event of default that would arise as a result of the Announced Merger. In addition, lenders under the NT Suez Facility have agreed to amend the definition of “change of control” upon the closing of the Announced Merger to reflect the ownership structure of INSW and its subsidiaries. Each lender under the NT Suez Facility which provides its consent under the NT Suez Debt Consent will receive a non-refundable consent fee equal to 0.20% of the aggregate principal amount of loans of such lender which fee will be due and payable on the completion of the Announced Merger and paid by NT Suez. Interest Rates ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2021 2020 Effective interest rate 3.01% ​ 4.62% Range of interest rates (excluding impact of swaps and unused commitment fees) 2.75% to 3.51% ​ 4.45% to 5.32% ​ Restrictive Covenants Maturities ​ ​ ​ ​ ​ 2021 (for the remaining nine months of the year) $ 139,023 2022 ​ 123,600 2023 ​ 123,600 2024 ​ 271,396 Total ​ $ 657,619 ​

INTEREST RATE SWAPS

INTEREST RATE SWAPS	3 Months Ended
	Mar. 31, 2021
INTEREST RATE SWAPS.
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). 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 $180,331 at March 31, 2021. The derivative asset and liability balances at March 31, 2021 and December 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ ​ ​ Fair Value ​ ​ ​ Fair Value ​ Balance Sheet March 31, December 31, Balance Sheet March 31, December 31, ​ ​ Location ​ 2021 ​ 2020 ​ Location ​ 2021 ​ 2020 Derivatives designated as hedging instruments ​ ​ ​ ​ Interest rate contracts Derivative asset ​ $ — ​ $ — Derivative liability ​ $ 510 ​ $ 580 Interest rate contracts Derivative asset ​ 424 ​ — Derivative liability ​ — ​ 569 Total derivatives designated as hedging instruments ​ ​ ​ 424 ​ — ​ ​ ​ 510 ​ 1,149 Total Derivatives ​ ​ ​ $ 424 ​ $ — ​ ​ ​ $ 510 ​ $ 1,149 ​ 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 March 31, 2021 and December 31, 2020 . 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 March 31, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amounts not Offset ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in the Condensed ​ ​ ​ ​ ​ ​ Gross Amounts Net Amounts of Consolidated ​ ​ ​ ​ Gross ​ Offset in the ​ Liabilities Presented ​ Balance Sheets ​ ​ ​ ​ ​ Amounts of ​ Condensed ​ in the Condensed ​ ​ ​ ​ ​ ​ ​ Recognized ​ Consolidated ​ Consolidated ​ Financial ​ Cash Collateral ​ Net ​ ​ Liabilities ​ Balance Sheets ​ Balance Sheets ​ Instruments ​ Received ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 Derivatives ​ $ 510 ​ $ — ​ $ 510 ​ $ — ​ $ — ​ $ 510 December 31, 2020 Derivatives ​ 1,149 ​ — ​ 1,149 ​ — ​ — ​ 1,149 ​ The following table presents the gross amounts of these assets with any offsets to arrive at the net amounts recognized in the Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Amounts ​ Gross Amounts not Offset ​ ​ ​ ​ ​ ​ ​ Gross ​ of Assets ​ in the Condensed ​ ​ ​ ​ ​ ​ ​ Amounts ​ ​ Presented in ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ Offset in the ​ ​ the ​ Balance Sheets ​ ​ ​ ​ ​ ​ Gross ​ ​ Condensed ​ ​ Condensed ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts of ​ ​ Consolidated ​ ​ Consolidated ​ ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ ​ Recognized ​ ​ Balance ​ ​ Balance ​ ​ Financial ​ ​ Collateral ​ ​ Net ​ ​ Assets ​ Sheets ​ Sheets ​ Instruments ​ Received ​ Amount March 31, 2021 Derivatives ​ $ 424 ​ $ — ​ $ 424 ​ $ — ​ $ — ​ $ 424 December 31, 2020 Derivatives ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
ACCUMULATED OTHER COMPREHENSIVE LOSS	10. 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 March 31, 2021 and December 31, 2020. The changes in Accumulated other comprehensive loss by component are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2021 2020 Accumulated other comprehensive loss - January 1, ​ $ (1,149) ​ $ — Other comprehensive income before reclassifications ​ 1,203 ​ — Amounts reclassified from Accumulated other comprehensive loss ​ (140) ​ — Other comprehensive income for the period ​ 1,063 ​ — Accumulated other comprehensive loss - March 31, ​ $ (86) ​ $ — ​ The realized loss for the three months ended March 31, 2021 reclassified from Accumulated other comprehensive loss consists of a realized loss of $140 related to interest rate swap contracts. 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	3 Months Ended
	Mar. 31, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	11. FAIR VALUE OF FINANCIAL INSTRUMENTS The fair values and carrying amounts of the Company’s financial instruments at March 31, 2021 and December 31, 2020 that are required to be disclosed at fair value, but not recorded at fair value, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ Estimated ​ ​ ​ ​ Estimated ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Amount Value Amount Value Cash and cash equivalents ​ $ 75,824 ​ $ 75,824 ​ $ 98,059 ​ $ 98,059 Restricted cash ​ 6,267 ​ 6,267 ​ 6,140 ​ 6,140 Variable rate debt ​ 657,619 ​ 657,619 ​ 714,921 ​ 714,921 ​ The following methods and assumptions are used in estimating the fair value of disclosures for financial instruments: Cash and cash equivalents, and Restricted cash Variable Rate 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: Level 2: 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 March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ — ​ $ 424 ​ $ — ​ $ 424 Derivative liabilities ​ ​ — ​ ​ 510 ​ ​ — ​ ​ 510 December 31, 2020 ​ ​ ​ ​ Derivative liabilities ​ — ​ 1,149 ​ — ​ 1,149 ​ Derivative Assets and Liabilities The Company does not currently have any Level 3 financial assets and there have been no transfers in and/or out of Level 3 during the three months ended March 31, 2021 and 2020.

REVENUE FROM TIME CHARTERS

REVENUE FROM TIME CHARTERS	3 Months Ended
	Mar. 31, 2021
REVENUE FROM TIME CHARTERS
REVENUE FROM TIME CHARTERS	12. 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, 2021, and annually for the year ending December 31, 2022 are as follows: ​ ​ ​ ​ ​ 2021 (for the remaining nine months of the year) $ 28,303 2022 ​ 13,511 Total future committed revenue ​ $ 41,814 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	13. RELATED PARTY TRANSACTIONS During the three months ended March 31, 2021 and 2020, the Company had the following related party transactions. Capital Ship Management Corp. (“CSM”) five Concurrently with the execution and delivery of the Merger Agreement, the Company entered into a termination agreement with CSM (the “Capital Termination Agreement”), dated as of March 30, 2021, whereby, upon the completion of certain events and obligations, including consummation of the Announced Merger, the following managerial agreements will be terminated: (i) the commercial management agreement, dated as of March 27, 2019, by and between the Company and CSM; (ii) the management and services agreement, dated as of March 27, 2019, by and between the Company and CSM; and (iii) each technical management agreement, dated as of March 27, 2019, by and between certain of the Company’s vessel-owning subsidiaries and CSM (also referred to as part II shipman 2009 standard ship management agreement). Pursuant to the Capital Termination Agreement, at the Effective Time, the Company will (i) pay, or cause to be paid to CSM, an amount equal to $30 million minus a certain specified termination fee adjustment amount and (ii) deliver, or cause to be delivered, an amount equal to $4 million minus a certain specified adjustment amount, to be held in escrow and distributed to CSM on the first day on which certain vessels currently managed by CSM have been transitioned. The Capital Termination Agreement provides that, with respect to each vessel managed by CSM that is on a time charter, the parties will jointly approach the time charterers to agree to a change in technical management as soon as reasonably practicable following the Effective Time. However, if an earlier transition cannot be agreed upon, then CSM will provide technical management services to such vessel through the end of the time charter and, if necessary, for a period of time until a transition is reasonably practicable. In addition, CSM has agreed to provide (i) commercial management services until each such vessel is transitioned and (ii) the certain additional services outlined in the Capital Termination Agreement. With respect to vessels not on a time charter, the parties to the Capital Termination Agreement have agreed to use their reasonable best efforts to (A) commence planning and coordination for the transition of commercial and technical management of such vessels that are not on a time charter from CSM and/or its affiliates and (B) facilitate such transition on the earliest practical date after the Effective Time. For more information please see the Capital Termination Agreement filed as an exhibit to the 8-K/A dated April 7, 2021. As of March 31, 2021, and following the sales of the M/T Aias and M/T Amoureux in January 2021 and February 2021, respectively, CSM managed 23 vessels. For the three months ended March 31, 2021 and 2020, the following transactions were recorded for these services: ● $1,805 and $1,934 , 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 March 31, 2020. ● $482 and $745 , respectively, was incurred for commercial management services, which is included in Voyage expenses in the condensed consolidated statements of operations. As of March 31, 2021, $481 remains unpaid, and is included in Accounts payable and accrued expenses in the condensed consolidated balance sheet. ● $493 and $497 , respectively, was incurred for general management services, which is included in General and administrative expenses in the condensed consolidated statements of operations. As of March 31, 2021, $170 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 March 31, 2021, the net funds advanced totaled $4,666 of which $5,253 is included in Prepaid Expense and Other Current Assets in the condensed consolidated balance sheet (refer to Note 6 — Prepaid Expenses and Other Current Assets), and the $587 liability is included in Accounts payable and accrued expenses in the condensed consolidated balance sheet (refer to Note 7 — Accounts Payable and Accrued Expenses). At December 31, 2020, the net funds owed totaled $437, of which $1,453 is included in Prepaid Expense and Other Current Assets in the condensed consolidated balance sheet, and the $1,890 liability is included in Accounts payable and accrued expenses in the condensed consolidated balance sheet.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	14. STOCK-BASED COMPENSATION 2019 Equity Incentive Plan Restricted Stock Units 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 three months ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ Number of Weighted Average ​ ​ RSUs ​ Grant Date Price Outstanding at January 1, 2021 63,270 ​ $ 12.97 Granted 19,252 ​ 9.25 Vested — ​ — Forfeited — ​ — Outstanding at March 31, 2021 82,522 ​ $ 12.10 ​ The following table summarizes certain information of the RSUs unvested and vested as of March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested RSUs March 31, 2021 ​ Vested RSUs March 31, 2021 ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ Weighted Average ​ Remaining Contractual ​ Number of ​ Weighted Average Number of RSUs ​ Grant Date Price ​ Life ​ RSUs ​ Grant Date Price 82,522 ​ $ 12.10 ​ 2.0 ​ 52,562 ​ $ 13.59 ​ The Company is amortizing these grants over the applicable graded vesting periods. Forfeitures are taken into account when they occur. As of March 31, 2021, unrecognized compensation cost of $422 related to RSUs will be recognized over a weighted-average period of 2.0 years. For the three months ended March 31, 2021 and 2020, the Company recognized $153 and $261 , respectively, of nonvested stock amortization expense for the RSUs, which is included in General and administrative expenses. Restricted Stock ​ ​ ​ ​ ​ ​ ​ ​ Number of Weighted Average ​ ​ Shares ​ Grant Date Price Outstanding at January 1, 2021 465,314 ​ $ 12.96 Granted 156,508 ​ ​ 9.25 Vested — ​ ​ — Forfeited — ​ ​ — Outstanding at March 31, 2021 621,822 ​ $ 12.05 ​ The Company is amortizing these grants over the applicable graded vesting periods. Forfeitures are taken into account when they occur As of March 31, 2021, unrecognized compensation cost of $3,069 related to nonvested stock will be recognized over a weighted-average period of 2.2 years. For the three months ended March 31, 2021 and 2020, the Company recognized $775 and $1,073, respectively, in nonvested stock amortization expense for the 2019 Plan restricted stock, which is included in General and administrative expenses. Performance Awards ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average Grant ​ ​ Shares ​ Date Price Outstanding at January 1, 2021 133,305 ​ $ 12.60 Granted 141,419 ​ ​ 9.19 Vested — ​ ​ — Forfeited — ​ ​ — Outstanding at March 31, 2021 274,724 ​ $ 10.84 ​ For the three months ended March 31, 2021, the Company recognized $158 in nonvested stock amortization expense for the 2019 Plan performance awards, which is included in General and administrative expenses. There were no costs of this nature incurred during the three months ended March 31, 2020. As of March 31, 2021, unrecognized compensation cost of $2,448 related to nonvested stock will be recognized over a weighted-average period of 2.5 years. The future compensation to be recognized for the aforementioned RSUs, restricted stock and performance awards as of March 31, 2021 is as follows: ​ ​ ​ ​ ​ 2021 (for the remaining nine months of the year) $ 2,735 2022 ​ 2,160 2023 ​ 915 2024 ​ 129 Total ​ $ 5,939 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES Commitments ​ ​ ​ ​ ​ 2021 (for the remaining nine months of the year) $ 1,160 2022 ​ 1,650 Total ​ $ 2,810 ​ Contingencies

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2021
SEGMENT REPORTING
SEGMENT REPORTING	16. 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 months ended March 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude Product ​ ​ ​ ​ Tankers ​ Carriers ​ Total Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 29,938 ​ $ 57,782 ​ $ 87,720 Voyage expenses ​ (14,259) ​ ​ (18,791) ​ (33,050) Vessel expenses ​ (9,793) ​ ​ (32,169) ​ (41,962) Depreciation and amortization ​ (8,974) ​ ​ (19,077) ​ (28,051) General, administrative and management fees (1) ​ (1,331) ​ ​ (5,187) ​ (6,518) Other corporate expenses ​ ​ (997) ​ ​ (3,783) ​ ​ (4,780) Loss from operations ​ $ (5,416) ​ $ (21,225) ​ $ (26,641) Three Months Ended March 31, 2020 ​ ​ ​ Total revenue ​ $ 90,628 ​ $ 119,097 ​ $ 209,725 Voyage expenses ​ (28,349) ​ ​ (46,332) ​ (74,681) Vessel expenses ​ (11,221) ​ ​ (30,315) ​ (41,536) Depreciation and amortization ​ (9,946) ​ ​ (18,814) ​ (28,760) General, administrative and management fees (1) ​ (1,977) ​ ​ (6,147) ​ (8,124) Income from operations ​ $ 39,135 ​ $ 17,489 ​ $ 56,624 (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: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 December 31, 2020 Crude Tankers ​ $ 749,956 ​ $ 812,261 Product Carriers ​ 1,121,509 ​ 1,144,562 Corporate unrestricted cash and cash equivalents ​ 3,642 ​ 3,357 Other unallocated amounts ​ 1,785 ​ 1,663 Consolidated total assets ​ $ 1,876,892 ​ $ 1,961,843 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2021
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	​ 17. 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 March 31, 2021.Other than as disclosed 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)	3 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation —
Basis of Presentation	Basis of Presentation 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 December 31, 2020 March 31, 2020 December 31, 2019 Cash and cash equivalents ​ $ 75,824 ​ $ 98,059 ​ $ 110,903 ​ $ 83,609 Restricted cash ​ 6,267 ​ 6,140 ​ 5,674 ​ 5,610 Total Cash and cash equivalents, and Restricted cash shown in the condensed consolidated statements of cash flows ​ $ 82,091 ​ $ 104,199 ​ $ 116,577 ​ $ 89,219 ​ Amounts included in restricted cash represent those required to be set aside by the $66 Million Facility, as defined in Note 8 below. The restriction will lapse when the related long-term debt is retired.
Revenue and Voyage Expense Recognition	Revenue and Voyage Expense Recognition 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 6 — 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 Leases (Topic 842) 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 fiscal years beginning after December 15, 2022, with early adoption permitted. The adoption of Topic 326 is not expected to have a material impact on the condensed consolidated financial statements .

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of reconciliation of cash and cash equivalents and restricted cash	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 December 31, 2020 March 31, 2020 December 31, 2019 Cash and cash equivalents ​ $ 75,824 ​ $ 98,059 ​ $ 110,903 ​ $ 83,609 Restricted cash ​ 6,267 ​ 6,140 ​ 5,674 ​ 5,610 Total Cash and cash equivalents, and Restricted cash shown in the condensed consolidated statements of cash flows ​ $ 82,091 ​ $ 104,199 ​ $ 116,577 ​ $ 89,219

NET (LOSS) EARNINGS PER SHARE (

NET (LOSS) EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
NET (LOSS) EARNINGS PER SHARE
Schedule of net loss per share	​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2021 2020 Common shares outstanding, basic: Weighted-average common shares outstanding, basic 39,974,360 39,891,346 Common shares outstanding, diluted: ​ ​ Weighted-average common shares outstanding, basic 39,974,360 39,891,346 Dilutive effect of restricted stock awards — 268,620 Weighted-average common shares outstanding, diluted 39,974,360 40,159,966

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31,2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2021 ​ 2020 Advances to Capital Ship Management Corp. (“CSM”) (Refer to Note 13 — ​ $ 5,253 ​ $ 1,453 Advances to technical managers ​ 28 ​ 164 Insurance claims receivable ​ 1,328 ​ 1,636 Prepaid insurance ​ 344 ​ 1,234 Advances to agents ​ 1,019 ​ 1,091 Deferred voyage costs ​ 1,767 ​ 915 Other ​ 1,195 ​ 1,244 Total prepaid expenses and other current assets ​ $ 10,934 ​ $ 7,737

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2021
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses consist of the following as of March 31, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2021 ​ 2020 Trade accounts payable and accrued expenses ​ $ 10,771 ​ $ 6,609 Accrued vessel and voyage expenses ​ 17,680 ​ 17,232 Accrued interest ​ 33 ​ 86 Accrued vessel and voyage expenses and Other current liabilities (Refer to Note 13 — ​ 587 ​ 1,890 Total accounts payable and accrued expenses ​ $ 29,071 ​ $ 25,817

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2021
LONG-TERM DEBT.
Schedule of long-term debt	Long-term debt at March 31, 2021 and December 31, 2020 was comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2021 ​ 2020 $360 Million Facility ​ $ 190,046 ​ $ 227,500 $525 Million Facility ​ 421,250 ​ 440,000 $66 Million Facility ​ 46,323 ​ 47,421 Total ​ 657,619 ​ 714,921 Less: Unamortized deferred financing costs ​ (11,636) ​ (12,531) Less: Current portion ​ (169,923) ​ (196,325) Long-term debt, net of deferred financing costs ​ $ 476,060 ​ $ 506,065
Schedule of interest rates on the debt, excluding the impact of swaps and commitment fees	​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2021 2020 Effective interest rate 3.01% ​ 4.62% Range of interest rates (excluding impact of swaps and unused commitment fees) 2.75% to 3.51% ​ 4.45% to 5.32%
Schedule of aggregate maturities of debt	​ ​ ​ ​ ​ 2021 (for the remaining nine months of the year) $ 139,023 2022 ​ 123,600 2023 ​ 123,600 2024 ​ 271,396 Total ​ $ 657,619

INTEREST RATE SWAPS (Tables)

INTEREST RATE SWAPS (Tables)	3 Months Ended
	Mar. 31, 2021
INTEREST RATE SWAPS.
Schedule of derivative asset and liability	The derivative asset and liability balances at March 31, 2021 and December 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ ​ ​ Fair Value ​ ​ ​ Fair Value ​ Balance Sheet March 31, December 31, Balance Sheet March 31, December 31, ​ ​ Location ​ 2021 ​ 2020 ​ Location ​ 2021 ​ 2020 Derivatives designated as hedging instruments ​ ​ ​ ​ Interest rate contracts Derivative asset ​ $ — ​ $ — Derivative liability ​ $ 510 ​ $ 580 Interest rate contracts Derivative asset ​ 424 ​ — Derivative liability ​ — ​ 569 Total derivatives designated as hedging instruments ​ ​ ​ 424 ​ — ​ ​ ​ 510 ​ 1,149 Total Derivatives ​ ​ ​ $ 424 ​ $ — ​ ​ ​ $ 510 ​ $ 1,149
Schedule of liabilities recognized in condensed consolidated balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amounts not Offset ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in the Condensed ​ ​ ​ ​ ​ ​ Gross Amounts Net Amounts of Consolidated ​ ​ ​ ​ Gross ​ Offset in the ​ Liabilities Presented ​ Balance Sheets ​ ​ ​ ​ ​ Amounts of ​ Condensed ​ in the Condensed ​ ​ ​ ​ ​ ​ ​ Recognized ​ Consolidated ​ Consolidated ​ Financial ​ Cash Collateral ​ Net ​ ​ Liabilities ​ Balance Sheets ​ Balance Sheets ​ Instruments ​ Received ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 Derivatives ​ $ 510 ​ $ — ​ $ 510 ​ $ — ​ $ — ​ $ 510 December 31, 2020 Derivatives ​ 1,149 ​ — ​ 1,149 ​ — ​ — ​ 1,149
Schedule of assets recognized in condensed consolidated balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Amounts ​ Gross Amounts not Offset ​ ​ ​ ​ ​ ​ ​ Gross ​ of Assets ​ in the Condensed ​ ​ ​ ​ ​ ​ ​ Amounts ​ ​ Presented in ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ Offset in the ​ ​ the ​ Balance Sheets ​ ​ ​ ​ ​ ​ Gross ​ ​ Condensed ​ ​ Condensed ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts of ​ ​ Consolidated ​ ​ Consolidated ​ ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ ​ Recognized ​ ​ Balance ​ ​ Balance ​ ​ Financial ​ ​ Collateral ​ ​ Net ​ ​ Assets ​ Sheets ​ Sheets ​ Instruments ​ Received ​ Amount March 31, 2021 Derivatives ​ $ 424 ​ $ — ​ $ 424 ​ $ — ​ $ — ​ $ 424 December 31, 2020 Derivatives ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ —

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Schedule of Accumulated other comprehensive income by component	The changes in Accumulated other comprehensive loss by component are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ ​ March 31, ​ 2021 2020 Accumulated other comprehensive loss - January 1, ​ $ (1,149) ​ $ — Other comprehensive income before reclassifications ​ 1,203 ​ — Amounts reclassified from Accumulated other comprehensive loss ​ (140) ​ — Other comprehensive income for the period ​ 1,063 ​ — Accumulated other comprehensive loss - March 31, ​ $ (86) ​ $ —

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of fair values and carrying amounts of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ Estimated ​ ​ ​ ​ Estimated ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Amount Value Amount Value Cash and cash equivalents ​ $ 75,824 ​ $ 75,824 ​ $ 98,059 ​ $ 98,059 Restricted cash ​ 6,267 ​ 6,267 ​ 6,140 ​ 6,140 Variable rate debt ​ 657,619 ​ 657,619 ​ 714,921 ​ 714,921
Schedule of financial instruments carried at fair value based on the levels of hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ — ​ $ 424 ​ $ — ​ $ 424 Derivative liabilities ​ ​ — ​ ​ 510 ​ ​ — ​ ​ 510 December 31, 2020 ​ ​ ​ ​ Derivative liabilities ​ — ​ 1,149 ​ — ​ 1,149

REVENUE FROM TIME CHARTERS (Tab

REVENUE FROM TIME CHARTERS (Tables)	3 Months Ended
	Mar. 31, 2021
REVENUE FROM TIME CHARTERS
Schedule of future minimum revenues	​ ​ ​ ​ ​ 2021 (for the remaining nine months of the year) $ 28,303 2022 ​ 13,511 Total future committed revenue ​ $ 41,814

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 is as follows: ​ ​ ​ ​ ​ 2021 (for the remaining nine months of the year) $ 2,735 2022 ​ 2,160 2023 ​ 915 2024 ​ 129 Total ​ $ 5,939
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 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 three months ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ Number of Weighted Average ​ ​ RSUs ​ Grant Date Price Outstanding at January 1, 2021 63,270 ​ $ 12.97 Granted 19,252 ​ 9.25 Vested — ​ — Forfeited — ​ — Outstanding at March 31, 2021 82,522 ​ $ 12.10
Schedule of RSUs unvested and vested activity	The following table summarizes certain information of the RSUs unvested and vested as of March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested RSUs March 31, 2021 ​ Vested RSUs March 31, 2021 ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ Weighted Average ​ Remaining Contractual ​ Number of ​ Weighted Average Number of RSUs ​ Grant Date Price ​ Life ​ RSUs ​ Grant Date Price 82,522 ​ $ 12.10 ​ 2.0 ​ 52,562 ​ $ 13.59
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	Restricted Stock ​ ​ ​ ​ ​ ​ ​ ​ Number of Weighted Average ​ ​ Shares ​ Grant Date Price Outstanding at January 1, 2021 465,314 ​ $ 12.96 Granted 156,508 ​ ​ 9.25 Vested — ​ ​ — Forfeited — ​ ​ — Outstanding at March 31, 2021 621,822 ​ $ 12.05
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of nonvested performance awards	​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average Grant ​ ​ Shares ​ Date Price Outstanding at January 1, 2021 133,305 ​ $ 12.60 Granted 141,419 ​ ​ 9.19 Vested — ​ ​ — Forfeited — ​ ​ — Outstanding at March 31, 2021 274,724 ​ $ 10.84

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2021
COMMITMENTS AND CONTINGENCIES.
Schedule of future contractual payments due	​ ​ ​ ​ ​ 2021 (for the remaining nine months of the year) $ 1,160 2022 ​ 1,650 Total ​ $ 2,810

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crude Product ​ ​ ​ ​ Tankers ​ Carriers ​ Total Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue ​ $ 29,938 ​ $ 57,782 ​ $ 87,720 Voyage expenses ​ (14,259) ​ ​ (18,791) ​ (33,050) Vessel expenses ​ (9,793) ​ ​ (32,169) ​ (41,962) Depreciation and amortization ​ (8,974) ​ ​ (19,077) ​ (28,051) General, administrative and management fees (1) ​ (1,331) ​ ​ (5,187) ​ (6,518) Other corporate expenses ​ ​ (997) ​ ​ (3,783) ​ ​ (4,780) Loss from operations ​ $ (5,416) ​ $ (21,225) ​ $ (26,641) Three Months Ended March 31, 2020 ​ ​ ​ Total revenue ​ $ 90,628 ​ $ 119,097 ​ $ 209,725 Voyage expenses ​ (28,349) ​ ​ (46,332) ​ (74,681) Vessel expenses ​ (11,221) ​ ​ (30,315) ​ (41,536) Depreciation and amortization ​ (9,946) ​ ​ (18,814) ​ (28,760) General, administrative and management fees (1) ​ (1,977) ​ ​ (6,147) ​ (8,124) Income from operations ​ $ 39,135 ​ $ 17,489 ​ $ 56,624 (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: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 December 31, 2020 Crude Tankers ​ $ 749,956 ​ $ 812,261 Product Carriers ​ 1,121,509 ​ 1,144,562 Corporate unrestricted cash and cash equivalents ​ 3,642 ​ 3,357 Other unallocated amounts ​ 1,785 ​ 1,663 Consolidated total assets ​ $ 1,876,892 ​ $ 1,961,843

BUSINESS AND BASIS OF PRESENT_2

BUSINESS AND BASIS OF PRESENTATION (Details)	3 Months Ended
	Mar. 31, 2021item
Business And Basis Of Presentation [Line Items]
Total number of wholly-owned vessels	62
Merger Agreement
Business And Basis Of Presentation [Line Items]
Exchange ratio	0.55375
INSW | Merger Agreement
Business And Basis Of Presentation [Line Items]
Ownership interest held	55.75%
DSSI | Merger Agreement
Business And Basis Of Presentation [Line Items]
Ownership interest held	44.25%
Suezmax crude carriers
Business And Basis Of Presentation [Line Items]
Total number of wholly-owned vessels	11
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	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Cash and cash equivalents		$ 75,824	$ 98,059	$ 110,903	$ 83,609
Restricted cash		6,267	6,140	5,674	5,610
Total Cash and cash equivalents, and Restricted cash shown in the Consolidated Statements of Cash Flows		$ 82,091	$ 104,199	$ 116,577	$ 89,219
Cumulative Effect, Period of Adoption, Adjustment [Member]
Significant Accounting Policies [Line Items]
Cumulative impact on accumulated deficit	$ 2,784

NET (LOSS) EARNINGS PER SHARE_2

NET (LOSS) EARNINGS PER SHARE (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Common shares outstanding, basic:
Weighted-average common shares outstanding, basic	39,974,360	39,891,346
Common shares outstanding, diluted:
Weighted-average common shares outstanding, basic	39,974,360	39,891,346
Dilutive effect of restricted stock awards		268,620
Weighted-average common shares outstanding, diluted	39,974,360	40,159,966

NET (LOSS) EARNINGS PER SHARE -

NET (LOSS) EARNINGS PER SHARE - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restricted stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of anti-dilutive shares	881,118
Number of outstanding shares	881,118
Restricted stock units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of anti-dilutive shares		26,126
Number of outstanding shares		637,254

JOINT VENTURE INVESTMENTS (Deta

JOINT VENTURE INVESTMENTS (Details) $ in Thousands	Mar. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)	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
Total Investments	$ 74,104	$ 74,104
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%
Distribution paid	$ 637		$ 1,568
NT Suez Holdco LLC | The Company
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	51.00%
Distribution paid	$ 663		$ 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%
Total Investments	$ 49	$ 49
Diamond Anglo Ship Management Pte. Ltd. | The Company
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	51.00%	51.00%
Total Investments	$ 51	$ 51

VESSEL DISPOSITIONS (Details)

VESSEL DISPOSITIONS (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
LONG-TERM DEBT
Aggregate gross proceeds	$ 46,240
Revolving loan capacity reduction	57,302	$ 33,597
Aias And Amoureux
LONG-TERM DEBT
Loss on sale of vessels			$ 26,300
Aias And Amoureux | Revolving loan
LONG-TERM DEBT
Revolving loan capacity reduction	6,980
Aias And Amoureux | $360 Facility
LONG-TERM DEBT
Revolving loan capacity reduction	$ 25,300
Aias
LONG-TERM DEBT
Aggregate gross proceeds			22,600
Amoureux
LONG-TERM DEBT
Aggregate gross proceeds			$ 22,500

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Advances to Capital Ship Management Corp. ("CSM") (Refer to Note 13 - Related Party Transactions)	$ 5,253	$ 1,453
Advances to technical managers	28	164
Insurance claims receivable	1,328	1,636
Prepaid insurance	344	1,234
Advances to agents	1,019	1,091
Deferred voyage costs	1,767	915
Other	1,195	1,244
Total prepaid expenses and other current assets	$ 10,934	$ 7,737

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ACCOUNTS PAYABLE AND ACCRUED EXPENSES.
Trade accounts payable and accrued expenses	$ 10,771	$ 6,609
Accrued vessel and voyage expenses	17,680	17,232
Accrued interest	33	86
Accrued vessel and voyage expenses and Other current liabilities (Refer to Note 13 - Related Party Transactions)	587	1,890
Total accounts payable and accrued expenses	$ 29,071	$ 25,817

LONG-TERM DEBT - Long-term Debt

LONG-TERM DEBT - Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 23, 2019
long-term debt
Total	$ 657,619		$ 714,921
Less: Unamortized deferred financing costs	(11,636)		(12,531)
Less: Current portion	(169,923)	$ (196,325)	(196,325)
Long-term debt, net of deferred financing costs	476,060	$ 506,065	506,065
$360 Facility
long-term debt
Total	190,046		227,500
$525 Facility
long-term debt
Total	421,250		440,000	$ 525
$66 Facility
long-term debt
Total	$ 46,323		$ 47,421

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
	Mar. 31, 2021	Mar. 31, 2020
long-term debt
Effective interest rate	3.01%	4.62%
Minimum
long-term debt
Range of interest rates (excluding impact of swaps and unused commitment fees)	2.75%	4.45%
Maximum
long-term debt
Range of interest rates (excluding impact of swaps and unused commitment fees)	3.51%	5.32%

LONG-TERM DEBT - Aggregate Matu

LONG-TERM DEBT - Aggregate Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2019
LONG-TERM DEBT.
2021 (for the remaining nine months of the year)	$ 139,023
2022	123,600
2023	123,600
2024	271,396
Total	$ 657,619	$ 714,921

LONG-TERM DEBT - Additional Inf

LONG-TERM DEBT - Additional Information (Details) $ in Thousands	Dec. 23, 2019USD ($)item	Mar. 27, 2019USD ($)item	Aug. 09, 2016USD ($)item	Mar. 31, 2021USD ($)	Dec. 31, 2019USD ($)	Oct. 20, 2016item	Jun. 06, 2016USD ($)
long-term debt
Amount of facility				$ 657,619	$ 714,921
$360 Facility
long-term debt
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
Amount of facility				190,046	227,500
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				43,020
Percentage of limits dividends payable adjusted		50.00%
$525 Facility
long-term debt
Term of credit agreement	5 years
Term loan amount	$ 375
Revolving loan	$ 150,000			140,000
Number of vessels collateralized | item	36
Amount of facility	$ 525			421,250	440,000
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
Term loan amount							$ 525,000
Revolving loan	$ 525,000
$66 Facility
long-term debt
Term of senior secured term loan facility			5 years
Term loan amount			$ 66,000
Number of vessels collateralized | item			2
Amount of facility				$ 46,323	$ 47,421
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
$360 Million A&R Facility
long-term debt
Non-refundable consent fee (as a percent)		0.20%
$525 Million A&R Facility
long-term debt
Non-refundable consent fee (as a percent)	0.20%
NT Suez Debt Consent
long-term debt
Non-refundable consent fee (as a percent)			0.20%

INTEREST RATE SWAPS - Derivativ

INTEREST RATE SWAPS - Derivative Asset and Liability Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
INTEREST RATE SWAPS
Derivative assets	$ 424
Total derivative liabilities	510	$ 1,149
Interest Rate Contract | Derivative asset (Noncurrent assets)
INTEREST RATE SWAPS
Derivative instruments in hedges, assets, at fair value	424
Interest Rate Contract | Derivative liabilities (Current liabilities)
INTEREST RATE SWAPS
Derivative instruments in hedges, Liability , at fair value	510	580
Interest Rate Contract | Derivative liabilities (Noncurrent liabilities)
INTEREST RATE SWAPS
Derivative instruments in hedges, Liability , at fair value		569
Designated as Hedging Instrument
INTEREST RATE SWAPS
Derivative instruments in hedges, assets, at fair value	424
Derivative instruments in hedges, Liability , at fair value	$ 510	$ 1,149

INTEREST RATE SWAPS - Gross Amo

INTEREST RATE SWAPS - Gross Amounts of Liabilities - (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
INTEREST RATE SWAPS.
Derivative Liabilities, Gross Amount of Recognized Liabilities	$ 510	$ 1,149
Derivative Liabilities, Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheets	510	1,149
Derivative liabilities, Net Amount	$ 510	$ 1,149

INTEREST RATE SWAPS - Gross A_2

INTEREST RATE SWAPS - Gross Amounts of Assets - (Details) $ in Thousands	Mar. 31, 2021USD ($)
INTEREST RATE SWAPS.
Gross Amounts of Recognized Assets	$ 424
Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets	424
Derivative Assets, Net Amount	$ 424

INTEREST RATE SWAPS - Additiona

INTEREST RATE SWAPS - Additional Information (Details) - Interest rate swap - USD ($) $ in Thousands	Mar. 31, 2021	Apr. 29, 2020
INTEREST RATE SWAPS
Average fixed-rate interest (as a percent)		0.54%
Total notional amount outstanding	$ 180,331

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Accumulated other comprehensive loss - Beginning of period	$ (1,149)
Other comprehensive income before reclassifications	1,203
Amounts reclassified from Accumulated other comprehensive loss	(140)
Other comprehensive income for the period	1,063
Accumulated other comprehensive loss - End of period	$ (86)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE LOSS - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Interest rate swap
ACCUMULATED OTHER COMPREHENSIVE INCOME
Realized loss	$ 140

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	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
FAIR VALUE OF FINANCIAL INSTRUMENTS
Cash and cash equivalents	$ 75,824	$ 98,059	$ 110,903	$ 83,609
Variable rate debt	657,619			714,921
Carrying Amount
FAIR VALUE OF FINANCIAL INSTRUMENTS
Cash and cash equivalents	75,824			98,059
Restricted cash	6,267			6,140
Variable rate debt	657,619			714,921
Estimated Fair Value
FAIR VALUE OF FINANCIAL INSTRUMENTS
Cash and cash equivalents	75,824			98,059
Restricted cash	6,267			6,140
Variable rate debt	$ 657,619			$ 714,921

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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS
Derivative assets	$ 424
Derivative liabilities	510		$ 1,149
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 assets	424
Derivative liabilities	$ 510		$ 1,149

REVENUE FROM TIME CHARTERS (Det

REVENUE FROM TIME CHARTERS (Details) $ in Thousands	Mar. 31, 2021USD ($)
REVENUE FROM TIME CHARTERS
2021 (for the remaining three months of the year)	$ 28,303
2022	13,511
Total future committed revenue	$ 41,814

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2019	Dec. 31, 2020
Related Party Transaction [Line Items]
Advances to Capital Ship Management Corp. ("CSM")	$ 5,253			$ 1,453
Capital Ship Management Corp
Related Party Transaction [Line Items]
Advances to Capital Ship Management Corp. ("CSM")	4,666			437
Capital Ship Management Corp | Accounts payable and accrued expenses
Related Party Transaction [Line Items]
Advances to Capital Ship Management Corp. ("CSM")	587			1,890
Capital Ship Management Corp | Prepaid Expenses and Other Current Assets [Member]
Related Party Transaction [Line Items]
Advances to Capital Ship Management Corp. ("CSM")	$ 5,253			$ 1,453
Capital Ship Management Corp | Transaction agreement
Related Party Transaction [Line Items]
Term of agreement	5 years
Capital Ship Management Corp | Transaction agreement | Vessel expenses
Related Party Transaction [Line Items]
Expenses incurred for technical management services	$ 1,805	$ 1,934
Capital Ship Management Corp | Transaction agreement | Voyage expenses
Related Party Transaction [Line Items]
Expense incurred for commercial management services	482	745
Capital Ship Management Corp | Transaction agreement | Voyage general and administrative expenses
Related Party Transaction [Line Items]
Expense incurred for general management services	493	$ 497
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	481
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			$ 170
Capital Ship Management Corp | Capital Termination Agreement
Related Party Transaction [Line Items]
Amount paid or cause to be paid to related party	30,000
Amount delivered and to be held in escrow	$ 4,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Restricted stock units
Stock-Based Compensation Rollforward
Outstanding at January 1, 2021 | shares	63,270
Granted | shares	19,252
Vested | shares	(52,562)
Outstanding at March 31, 2021 | shares	82,522
Weighted Average Grant Date Price
Outstanding at January 1, 2021 | $ / shares	$ 12.97
Granted | $ / shares	9.25
Vested | $ / shares	13.59
Outstanding at March 31, 2021 | $ / shares	$ 12.10
Restricted stock
Stock-Based Compensation Rollforward
Outstanding at January 1, 2021 | shares	465,314
Granted | shares	156,508
Vested | shares	0
Forfeited | shares	0
Outstanding at March 31, 2021 | shares	621,822
Weighted Average Grant Date Price
Outstanding at January 1, 2021 | $ / shares	$ 12.96
Granted | $ / shares	9.25
Vested | $ / shares	0
Forfeited | $ / shares	0
Outstanding at March 31, 2021 | $ / shares	$ 12.05

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock Units (Details) - Restricted stock units - $ / shares	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Unvested RSUs	82,522	63,270
Weighted Average Grant Date Price for Unvested RSUs	$ 12.10	$ 12.97
Weighted Average Remaining Contractual Life	2 years
Number of Vested RSUs	52,562
Weighted Average Grant Date Price for Vested RSUs	$ 13.59

STOCK-BASED COMPENSATION - Perf

STOCK-BASED COMPENSATION - Performance Award Units (Details) - Performance Awards - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Number of Shares
Outstanding at beginning of period	133,305
Granted	141,419
Outstanding at end of period	274,724
Weighted Average Grant Date Price
Outstanding at beginning of period	$ 12.60
Granted	9.19
Outstanding at end of period	$ 10.84
Unrecognized compensation cost	$ 2,448
Weighted-average period	2 years 6 months
General and Administrative Expense
Weighted Average Grant Date Price
Nonvested stock amortization expense	$ 158	$ 0

STOCK-BASED COMPENSATION - Futu

STOCK-BASED COMPENSATION - Future compensation (Details) - Restricted stock $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2021 (for the remaining nine months of the year)	$ 2,735
2022	2,160
2023	915
2024	129
Total	$ 5,939

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,086	$ 1,334
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Remaining Contractual Life	2 years
Unrecognized compensation cost	$ 422
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
General and Administrative Expense | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 153	261
General and Administrative Expense | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Remaining Contractual Life	2 years 2 months 12 days
Unrecognized compensation cost	$ 3,069
Stock-based compensation expense	$ 775	$ 1,073

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Future Contractual Payments Due (Details) - Ballast Water Treatment Contracts $ in Thousands	Mar. 31, 2021USD ($)
Contractual Obligation, Fiscal Year Maturity
2021 (for the remaining nine months of the year)	$ 1,160
2022	1,650
Total	$ 2,810

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Thousands	Mar. 31, 2021USD ($)
Ballast Water Treatment Contracts
Other Commitments [Line Items]
Total cost of contracts	$ 2,810

SEGMENT REPORTING - Revenue and

SEGMENT REPORTING - Revenue and Loss from Operations by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total revenue	$ 87,720	$ 209,725
Voyage expenses	(33,050)	(74,681)
Vessel expenses	(41,962)	(41,536)
Depreciation and amortization	(28,051)	(28,760)
General, administrative other corporate costs and management fees	(6,518)	(8,124)
Other corporate expenses	(4,780)
Income (loss) from operations	(26,641)	56,624
Crude Tankers
Segment Reporting Information [Line Items]
Total revenue	29,938	90,628
Voyage expenses	(14,259)	(28,349)
Vessel expenses	(9,793)	(11,221)
Depreciation and amortization	(8,974)	(9,946)
General, administrative other corporate costs and management fees	(1,331)	(1,977)
Other corporate expenses	(997)
Income (loss) from operations	(5,416)	39,135
Product Carriers
Segment Reporting Information [Line Items]
Total revenue	57,782	119,097
Voyage expenses	(18,791)	(46,332)
Vessel expenses	(32,169)	(30,315)
Depreciation and amortization	(19,077)	(18,814)
General, administrative other corporate costs and management fees	(5,187)	(6,147)
Other corporate expenses	(3,783)
Income (loss) from operations	$ (21,225)	$ 17,489

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliations of Total Assets of the Segments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Consolidated total assets	$ 1,876,892	$ 1,961,843
Crude Tankers
Segment Reporting Information [Line Items]
Consolidated total assets	749,956	812,261
Product Carriers
Segment Reporting Information [Line Items]
Consolidated total assets	1,121,509	1,144,562
Corporate unrestricted cash and cash equivalents
Segment Reporting Information [Line Items]
Consolidated total assets	3,642	3,357
Other unallocated amounts
Segment Reporting Information [Line Items]
Consolidated total assets	$ 1,785	$ 1,663