LEASES (Tables)
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6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2026 and 2025 for the lease component of these leases are as follows: | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (Dollars in thousands) | | | 2026 | | | 2025 | | | 2026 | | | 2025 | Operating lease cost | | | | | | | | | | | | | Vessel assets | | | | | | | | | | | | | Charter hire expenses | | $ | 669 | | $ | 4,495 | | $ | 3,039 | | $ | 9,220 | | | | | | | | | | | | | | Office space and vessel equipment | | | | | | | | | | | | | General and administrative | | | 227 | | | 227 | | | 454 | | | 454 | Voyage expenses | | | 46 | | | 15 | | | 92 | | | 30 | Vessel expenses | | | 20 | | | — | | | 40 | | | — | | | | | | | | | | | | | | Short-term lease cost | | | | | | | | | | | | | Vessel assets (1) | | | | | | | | | | | | | Charter hire expenses | | | 1,294 | | | 1,350 | | | 2,647 | | | 2,551 | Total lease cost | | $ | 2,256 | | $ | 6,087 | | $ | 6,272 | | $ | 12,255 |
| (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 $1.1 million and $1.4 million for the three and six months ended June 30, 2026, respectively, compared with $0.5 million and $0.6 million for the three and six months ended June 30, 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: | | | | | | | | | Six Months Ended June 30, | (Dollars in thousands) | | | 2026 | | | 2025 | Cash paid for amounts included in the measurement of lease liabilities | | | | | | | Operating cash flows used for operating leases | | $ | 3,719 | | $ | 9,796 |
Supplemental balance sheet information related to leases was as follows: | | | | | | | (Dollars in thousands) | | June 30, 2026 | | December 31, 2025 | Operating lease right-of-use assets | | $ | 5,360 | | $ | 7,220 | | | | | | | | Current portion of operating lease liabilities | | $ | (1,334) | | $ | (3,182) | Long-term operating lease liabilities | | | (5,810) | | | (5,954) | Total operating and finance lease liabilities | | $ | (7,144) | | $ | (9,136) | | | | | | | | Weighted average remaining lease term - operating leases | | | 6.49 years | | | 5.62 years | Weighted average discount rate - operating leases | | | 4.42% | | | 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 five MRs, and the related revenue days as of June 30, 2026 are as follows: | | | | | | (Dollars in thousands) | | Amount | | Revenue Days | 2026 | | $ | 57,408 | | 1,729 | 2027 | | | 69,983 | | 1,989 | 2028 | | | 64,672 | | 1,830 | 2029 | | | 41,071 | | 1,261 | 2030 | | | 7,068 | | 228 | Future minimum revenues | | $ | 240,203 | | 7,037 |
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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 June 30, 2026 are as follows: | | | | (Dollars in thousands) | | | Amount | 2026 | | $ | 658 | 2027 | | | 1,406 | 2028 | | | 1,260 | 2029 | | | 1,185 | 2030 | | | 1,104 | Thereafter | | | 2,602 | Total lease payments | | | 8,215 | less imputed interest | | | (1,071) | Total operating lease liabilities | | $ | 7,144 |
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