LEASES (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Lease [Abstract] |
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| Schedule of lease cost |
The Company currently has two major categories of leases – chartered-in vessel and office space and vessel equipment. The expenses recognized during the three months ended March 31, 2026 and 2025 for the lease component of these leases are as follows: | | | | | | | | | Three Months Ended March 31, | (Dollars in thousands) | | | 2026 | | | 2025 | Operating lease cost | | | | | | | Vessel assets | | | | | | | Charter hire expenses | | $ | 2,370 | | $ | 4,725 | | | | | | | | Office space and vessel equipment | | | | | | | General and administrative | | | 227 | | | 227 | Voyage expenses | | | 46 | | | 15 | Vessel expenses | | | 20 | | | — | | | | | | | | Short-term lease cost | | | | | | | Vessel assets (1) | | | | | | | Charter hire expenses | | | 1,353 | | | 1,201 | Total lease cost | | $ | 4,016 | | $ | 6,168 |
| (1) | Excludes vessels spot chartered-in under operating leases and employed in the Crude Tankers Lightering business for periods of less than one month each, totaling $0.3 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively, including both lease and non-lease components. |
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| Supplemental lease information |
Supplemental cash flow information related to leases was as follows: | | | | | | | | | Three Months Ended March 31, | (Dollars in thousands) | | | 2026 | | | 2025 | Cash paid for amounts included in the measurement of lease liabilities | | | | | | | Operating cash flows used for operating leases | | $ | 2,710 | | $ | 5,013 |
Supplemental balance sheet information related to leases was as follows: | | | | | | | (Dollars in thousands) | | March 31, 2026 | | December 31, 2025 | Operating lease right-of-use assets | | $ | 6,222 | | $ | 7,220 | | | | | | | | Current portion of operating lease liabilities | | $ | (2,240) | | $ | (3,182) | Long-term operating lease liabilities | | | (5,793) | | | (5,954) | Total operating and finance lease liabilities | | $ | (8,033) | | $ | (9,136) | | | | | | | | Weighted average remaining lease term - operating leases | | | 6.01 years | | | 5.62 years | Weighted average discount rate - operating leases | | | 4.55% | | | 4.77% |
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| Schedule of lease maturity receivables |
The future minimum contracted revenues, before the deduction of brokerage commissions, expected to be received on non-cancelable time charters for three VLCCs, three Suezmaxes, one Aframax, one LR2, and six MRs, and the related revenue days as of March 31, 2026 are as follows: | | | | | | (Dollars in thousands) | | Amount | | Revenue Days | 2026 | | $ | 77,563 | | 2,464 | 2027 | | | 54,124 | | 1,624 | 2028 | | | 48,770 | | 1,464 | 2029 | | | 35,032 | | 1,122 | 2030 | | | 7,068 | | 228 | Future minimum revenues | | $ | 222,556 | | 6,902 |
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| Office space and vessel equipment |
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| Lease [Abstract] |
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| Schedule of lease maturity payments |
Payments of lease liabilities for office space and vessel equipment as of March 31, 2026 are as follows: | | | | (Dollars in thousands) | | | Amount | 2026 | | $ | 977 | 2027 | | | 1,328 | 2028 | | | 1,155 | 2029 | | | 1,077 | 2030 | | | 1,077 | Thereafter | | | 2,602 | Total lease payments | | | 8,216 | less imputed interest | | | (1,108) | Total operating lease liabilities | | $ | 7,108 |
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| Time Charters-In [Member] |
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| Lease [Abstract] |
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| Schedule of lease maturity payments |
| | | | | | (Dollars in thousands) | | Amount | | Operating Days | 2026 | | $ | 925 | | 26 | Total operating lease liabilities | | $ | 925 | | 26 |
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