| Schedule of Segment Reporting Information, by Segment |
Information about the Company’s reportable segments as of and for the three months ended March 31, 2026 and 2025 follows: | | | | | | | | | | | | Crude | | Product | | | | (Dollars in thousands) | | Tankers | | Carriers | | Totals | Three months ended March 31, 2026: | | | | | | | | | | Shipping revenues | | $ | 191,454 | | $ | 134,022 | | $ | 325,476 | Time charter equivalent revenues | | | 184,276 | | | 132,969 | | | 317,245 | Vessel expenses | | | 30,396 | | | 30,643 | | | 61,039 | Charter hire expenses | | | 4,495 | | | 3,201 | | | 7,696 | Depreciation and amortization | | | 19,975 | | | 20,592 | | | 40,567 | Gain on disposal of vessels and other assets, net | | | (52,614) | | | (35,557) | | | (88,171) | Adjusted income from vessel operations | | | 129,410 | | | 78,533 | | | 207,943 | Adjusted total assets at March 31, 2026 | | | 1,352,651 | | | 1,118,184 | | | 2,470,835 | Expenditures for vessels and vessel improvements | | | 177 | | | 70,478 | | | 70,655 | Payments for drydocking | | | 6,828 | | | 7,022 | | | 13,850 | | | | | | | | | | | Three months ended March 31, 2025: | | | | | | | | | | Shipping revenues | | $ | 88,004 | | $ | 95,390 | | $ | 183,394 | Time charter equivalent revenues | | | 84,629 | | | 93,713 | | | 178,342 | Vessel expenses | | | 28,418 | | | 38,610 | | | 67,028 | Charter hire expenses | | | 2,836 | | | 6,309 | | | 9,145 | Depreciation and amortization | | | 18,702 | | | 21,003 | | | 39,705 | Gain on disposal of vessels and other assets, net | | | (10,021) | | | — | | | (10,021) | Adjusted income from vessel operations | | | 34,673 | | | 27,791 | | | 62,464 | Adjusted total assets at March 31, 2025 | | | 1,320,918 | | | 1,062,611 | | | 2,383,529 | Expenditures for vessels and vessel improvements | | | 190 | | | 82,783 | | | 82,973 | Payments for drydocking | | | 1,574 | | | 15,326 | | | 16,900 |
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| Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
Reconciliations of total adjusted income from vessel operations of the segments to net income, as reported in the condensed consolidated statements of operations follow: | | | | | | | | | Three Months Ended March 31, | (Dollars in thousands) | | | 2026 | | | 2025 | Total adjusted income from vessel operations of all segments | | $ | 207,943 | | $ | 62,464 | Other operating income | | | 1,900 | | | — | General and administrative expenses | | | (9,311) | | | (13,217) | Other operating expenses | | | (138) | | | (95) | Gain on disposal of vessels and other assets, net | | | 88,171 | | | 10,021 | Consolidated income from vessel operations | | | 288,565 | | | 59,173 | Holding gain on previously held equity interest | | | 3,919 | | | — | Other income | | | 2,618 | | | 1,844 | Interest expense | | | (8,959) | | | (11,452) | Net income | | $ | 286,143 | | $ | 49,565 |
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| Reconciliation of Assets from Segment to Consolidated |
Reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets follow: | | | | | | | (Dollars in thousands) | | March 31, 2026 | | March 31, 2025 | Adjusted total assets of all segments | | $ | 2,470,835 | | $ | 2,383,529 | Corporate unrestricted cash and cash equivalents | | | 141,847 | | | 132,769 | Short-term investments | | | 235,000 | | | — | Other unallocated amounts | | | 23,661 | | | 26,099 | Consolidated total assets | | $ | 2,871,343 | | $ | 2,542,397 |
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