| Schedule of Disaggregated Revenue |
The following tables present the Company’s revenues from leases accounted for under ASC 842 and revenues from services accounted for under ASC 606 for the three months ended March 31, 2026 and 2025: | | | | | | | | | | | | Crude | | Product | | | | (Dollars in thousands) | | Tankers | | Carriers | | Totals | Three months ended March 31, 2026: | | | | | | | | | | Revenues from leases | | | | | | | | | | Pool revenues | | $ | 132,762 | | $ | 115,736 | | $ | 248,498 | Time charter revenues | | | 45,252 | | | 15,763 | | | 61,015 | Voyage charter revenues from non-variable lease payments(1) | | | 6,420 | | | 2,523 | | | 8,943 | Revenues from services | | | | | | | | | | Voyage charter revenues from lightering services | | | 7,020 | | | — | | | 7,020 | Total shipping revenues | | $ | 191,454 | | $ | 134,022 | | $ | 325,476 | | | | | | | | | | | Other operating income | | $ | 1,900 | | $ | — | | $ | 1,900 | | | | | | | | | | | Three months ended March 31, 2025: | | | | | | | | | | Revenues from leases | | | | | | | | | | Pool revenues | | $ | 62,198 | | $ | 75,398 | | $ | 137,596 | Time charter revenues | | | 16,395 | | | 19,462 | | | 35,857 | Voyage charter revenues from non-variable lease payments | | | 307 | | | 530 | | | 837 | Revenues from services | | | | | | | | | | Voyage charter revenues from lightering services | | | 9,104 | | | — | | | 9,104 | Total shipping revenues | | $ | 88,004 | | $ | 95,390 | | $ | 183,394 |
_____________________________ | (1) | Voyage charter revenues from non-variable lease payments include voyage charter revenues of TISL. |
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| Schedule of Contract Related Receivables, Assets and Liabilities with Customers |
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers, and significant changes in contract assets and liabilities balances, associated with revenue from services accounted for under ASC 606. Balances related to revenues from leases accounted for under ASC 842 are excluded from the table below.
| | | | | | | | | | | | | (Dollars in thousands) | | Voyage receivables - Billed receivables | | Contract assets (Unbilled voyage receivables) | | Contract assets (Unbilled Commercial Management Fees) | | Contract liabilities (Deferred revenues and off hires) | Opening balance as of January 1, 2026 | | $ | 2,622 | | $ | — | | $ | — | | $ | — | Closing balance as of March 31, 2026 | | | 2,542 | | | 43 | | | 3,414 | | | — |
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| Schedule of components of the non-cash revenues and expenses recognized for EUAs earned and incurred |
The following table presents the components of the non-cash revenues and expenses recognized for EUAs earned and incurred during the three months ended March 31, 2026 and 2025: | | | | | | | | | Three months ended March 31, | (Dollars in thousands) | | 2026 | | 2025 | Pool revenues | | $ | 3,756 | | $ | 1,610 | Time charter revenues | | | 626 | | | 420 | Total shipping revenues | | $ | 4,382 | | $ | 2,030 | | | | | | | | Voyage expenses | | $ | 4,382 | | $ | 2,030 |
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