| Schedule of Segment Reporting Information, by Segment |
Information about the Company’s reportable segments as of and for the three and six months ended June 30, 2026 and 2025 follows: | | | | | | | | | | | | Crude | | Product | | | | (Dollars in thousands) | | Tankers | | Carriers | | Totals | Three months ended June 30, 2026: | | | | | | | | | | Shipping revenues | | $ | 285,058 | | $ | 182,229 | | $ | 467,287 | Time charter equivalent revenues | | | 253,364 | | | 180,823 | | | 434,187 | Vessel expenses | | | 29,434 | | | 34,197 | | | 63,631 | Charter hire expenses | | | 14,278 | | | 908 | | | 15,186 | Depreciation and amortization | | | 18,497 | | | 21,192 | | | 39,689 | Loss on disposal of vessels and other assets, net | | | 31 | | | 12 | | | 43 | Adjusted income from vessel operations | | | 191,155 | | | 124,526 | | | 315,681 | Adjusted total assets at June 30, 2026 | | | 1,398,663 | | | 1,189,565 | | | 2,588,228 | | | | | | | | | | | Three months ended June 30, 2025: | | | | | | | | | | Shipping revenues | | $ | 103,799 | | $ | 91,842 | | $ | 195,641 | Time charter equivalent revenues | | | 98,908 | | | 89,914 | | | 188,822 | Vessel expenses | | | 30,015 | | | 37,406 | | | 67,421 | Charter hire expenses | | | 3,673 | | | 5,954 | | | 9,627 | Depreciation and amortization | | | 18,746 | | | 22,603 | | | 41,349 | Loss/(gain) on disposal of vessels and other assets, net | | | 141 | | | (11,370) | | | (11,229) | Adjusted income from vessel operations | | | 46,474 | | | 23,951 | | | 70,425 | Adjusted total assets at June 30, 2025 | | | 1,300,733 | | | 1,049,370 | | | 2,350,103 |
| | | | | | | | | | | | Crude | | Product | | | | (Dollars in thousands) | | Tankers | | Carriers | | Totals | Six months ended June 30, 2026: | | | | | | | | | | Shipping revenues | | $ | 476,512 | | $ | 316,251 | | $ | 792,763 | Time charter equivalent revenues | | | 437,639 | | | 313,793 | | | 751,432 | Vessel expenses | | | 59,831 | | | 64,839 | | | 124,670 | Charter hire expenses | | | 18,773 | | | 4,109 | | | 22,882 | Depreciation and amortization | | | 38,472 | | | 41,784 | | | 80,256 | Gain on disposal of vessels and other assets, net | | | (52,582) | | | (35,546) | | | (88,128) | Adjusted income from vessel operations | | | 320,563 | | | 203,061 | | | 523,624 | Adjusted total assets at June 30, 2026 | | | 1,398,663 | | | 1,189,565 | | | 2,588,228 | Expenditures for vessels and vessel improvements | | | 370 | | | 122,503 | | | 122,873 | Payments for drydocking | | | 19,754 | | | 13,631 | | | 33,385 | | | | | | | | | | | Six months ended June 30, 2025: | | | | | | | | | | Shipping revenues | | $ | 191,802 | | $ | 187,233 | | $ | 379,035 | Time charter equivalent revenues | | | 183,537 | | | 183,627 | | | 367,164 | Vessel expenses | | | 58,433 | | | 76,016 | | | 134,449 | Charter hire expenses | | | 6,509 | | | 12,263 | | | 18,772 | Depreciation and amortization | | | 37,449 | | | 43,605 | | | 81,054 | Gain on disposal of vessels and other assets, net | | | (9,880) | | | (11,370) | | | (21,250) | Adjusted income from vessel operations | | | 81,146 | | | 51,743 | | | 132,889 | Expenditures for vessels and vessel improvements | | | 996 | | | 99,882 | | | 100,878 | Payments for drydocking | | | 4,800 | | | 38,651 | | | 43,451 |
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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 June 30, | | Six Months Ended June 30, | (Dollars in thousands) | | | 2026 | | | 2025 | | | 2026 | | | 2025 | Total adjusted income from vessel operations of all segments | | $ | 315,681 | | $ | 70,425 | | $ | 523,624 | | $ | 132,889 | Other operating revenues | | | 2,443 | | | — | | | 4,343 | | | — | General and administrative expenses | | | (16,604) | | | (12,165) | | | (25,915) | | | (25,382) | Other operating expenses | | | (129) | | | (122) | | | (267) | | | (217) | (Loss)/gain on disposal of vessels and other assets, net | | | (43) | | | 11,229 | | | 88,128 | | | 21,250 | Consolidated income from vessel operations | | | 301,348 | | | 69,367 | | | 589,913 | | | 128,540 | Holding gain on previously held equity interest | | | — | | | — | | | 3,919 | | | — | Other income | | | 4,137 | | | 2,040 | | | 6,755 | | | 3,884 | Interest expense | | | (10,561) | | | (9,761) | | | (19,520) | | | (21,213) | Income before income taxes | | $ | 294,924 | | $ | 61,646 | | $ | 581,067 | | $ | 111,211 |
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