| Schedule of Segment Reporting Information, by Segment |
Information about the Company’s reportable segments as of and for the three and nine months ended September 30, 2026 and 2025 follows: | | | | | | | | | | | | Crude | | Product | | | | (Dollars in thousands) | | Tankers | | Carriers | | Totals | Three months ended September 30, 2026: | | | | | | | | | | Shipping revenues | | $ | 358,931 | | $ | 124,271 | | $ | 483,202 | Time charter equivalent revenues | | | 321,147 | | | 121,410 | | | 442,557 | Vessel expenses | | | 30,421 | | | 33,630 | | | 64,051 | Charter hire expenses | | | 21,202 | | | 12 | | | 21,214 | Depreciation and amortization | | | 19,297 | | | 21,986 | | | 41,283 | Gain on disposal of vessels and other assets, net | | | (52,817) | | | — | | | (52,817) | Adjusted income from vessel operations | | | 250,227 | | | 65,782 | | | 316,009 | Adjusted total assets at September 30, 2026 | | | 1,445,309 | | | 1,252,803 | | | 2,698,112 | | | | | | | | | | | Three months ended September 30, 2025: | | | | | | | | | | Shipping revenues | | $ | 96,466 | | $ | 99,922 | | $ | 196,388 | Time charter equivalent revenues | | | 92,997 | | | 99,471 | | | 192,468 | Vessel expenses | | | 29,840 | | | 35,975 | | | 65,815 | Charter hire expenses | | | 3,830 | | | 3,304 | | | 7,134 | Depreciation and amortization | | | 18,903 | | | 22,267 | | | 41,170 | Loss/(gain) on disposal of vessels and other assets, net | | | 9 | | | (13,667) | | | (13,658) | Adjusted income from vessel operations | | | 40,425 | | | 37,924 | | | 78,349 | Adjusted total assets at September 30, 2025 | | | 1,294,587 | | | 1,061,252 | | | 2,355,839 |
| | | | | | | | | | | | Crude | | Product | | | | (Dollars in thousands) | | Tankers | | Carriers | | Totals | Nine months ended September 30, 2026: | | | | | | | | | | Shipping revenues | | $ | 835,443 | | $ | 440,522 | | $ | 1,275,965 | Time charter equivalent revenues | | | 758,786 | | | 435,203 | | | 1,193,989 | Vessel expenses | | | 90,252 | | | 98,469 | | | 188,721 | Charter hire expenses | | | 39,975 | | | 4,121 | | | 44,096 | Depreciation and amortization | | | 57,769 | | | 63,770 | | | 121,539 | Gain on disposal of vessels and other assets, net | | | (105,399) | | | (35,546) | | | (140,945) | Adjusted income from vessel operations | | | 570,790 | | | 268,843 | | | 839,633 | Adjusted total assets at September 30, 2026 | | | 1,445,309 | | | 1,252,803 | | | 2,698,112 | Expenditures for vessels and vessel improvements | | | 809 | | | 198,500 | | | 199,309 | Payments for drydocking | | | 40,376 | | | 21,343 | | | 61,719 | | | | | | | | | | | Nine months ended September 30, 2025: | | | | | | | | | | Shipping revenues | | $ | 288,268 | | $ | 287,155 | | $ | 575,423 | Time charter equivalent revenues | | | 276,534 | | | 283,098 | | | 559,632 | Vessel expenses | | | 88,273 | | | 111,991 | | | 200,264 | Charter hire expenses | | | 10,339 | | | 15,567 | | | 25,906 | Depreciation and amortization | | | 56,351 | | | 65,873 | | | 122,224 | Gain on disposal of vessels and other assets, net | | | (9,871) | | | (25,037) | | | (34,908) | Adjusted income from vessel operations | | | 121,571 | | | 89,667 | | | 211,238 | Expenditures for vessels and vessel improvements | | | 13,524 | | | 175,022 | | | 188,546 | Payments for drydocking | | | 6,547 | | | 56,634 | | | 63,181 |
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| Reconciliation of Operating Income from Before Income Taxes to Consolidated |
Reconciliations of total adjusted income from vessel operations of the segments to income before income taxes, as reported in the condensed consolidated statements of operations follow: | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (Dollars in thousands) | | | 2026 | | | 2025 | | | 2026 | | | 2025 | Total adjusted income from vessel operations of all segments | | $ | 316,009 | | $ | 78,349 | | $ | 839,633 | | $ | 211,238 | Other operating revenues | | | 2,247 | | | — | | | 6,590 | | | — | General and administrative expenses | | | (19,639) | | | (11,804) | | | (45,554) | | | (37,186) | Other operating expenses | | | (106) | | | (1,520) | | | (373) | | | (1,737) | Gain on disposal of vessels and other assets, net | | | 52,817 | | | 13,658 | | | 140,945 | | | 34,908 | Consolidated income from vessel operations | | | 351,328 | | | 78,683 | | | 941,241 | | | 207,223 | Holding gain on previously held equity interest | | | — | | | — | | | 3,919 | | | — | Other income | | | 4,752 | | | 1,486 | | | 11,507 | | | 5,370 | Interest expense | | | (11,396) | | | (9,623) | | | (30,916) | | | (30,836) | Income before income taxes | | $ | 344,684 | | $ | 70,546 | | $ | 925,751 | | $ | 181,757 |
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