Schedule of Segment Reporting Information, by Segment

Information about the Company’s reportable segments as of and for each of the years in the three-year period ended December 31, 2025 follows:


	Crude		Product
(Dollars in thousands)	Tankers		Carriers		Other		Totals
2025
Shipping revenues	$	439,611	$	403,691	$	—	$	843,302
Time charter equivalent revenues		423,267		396,347		—		819,614
Vessel expenses		119,290		146,853		—		266,143
Charter hire expenses		14,419		18,842		—		33,261
Depreciation and amortization		76,347		87,239		—		163,586
Gain on disposal of vessels and other assets		(9,833)		(32,704)		—		(42,537)
Adjusted income from vessel operations		213,211		143,413		—		356,624
Adjusted total assets at December 31, 2025		1,411,798		1,064,693		—		2,476,491
Expenditures for vessels and vessel improvements		120,922		219,558		—		340,480
Payments for drydocking		22,781		61,430		—		84,211
2024
Shipping revenues	$	451,351	$	500,262	$	—	$	951,613
Time charter equivalent revenues		437,095		496,008		—		933,103
Vessel expenses		130,107		145,554		—		275,661
Charter hire expenses		14,322		15,517		—		29,839
Depreciation and amortization		80,988		68,452		—		149,440
Loss/(gain) on disposal of vessels and other assets, net of impairments		8,704		(41,361)		—		(32,657)
Adjusted income from vessel operations		211,678		266,485		—		478,163
Adjusted total assets at December 31, 2024		1,437,883		1,005,559		—		2,443,442
Expenditures for vessels and vessel improvements		1,135		277,659		—		278,794
Payments for drydocking		9,893		48,749		—		58,642
2023
Shipping revenues	$	524,006	$	547,769	$	—	$	1,071,775
Time charter equivalent revenues		512,220		543,299		—		1,055,519
Vessel expenses		115,708		143,831		—		259,539
Charter hire expenses		11,870		27,534		—		39,404
Depreciation and amortization		76,877		52,160		1		129,038
Gain on disposal of vessels and other assets		(12)		(35,922)		—		(35,934)
Adjusted income/(loss) from vessel operations		307,764		319,775		(1)		627,538
Adjusted total assets at December 31, 2023		1,523,713		785,778		—		2,309,491
Expenditures for vessels and vessel improvements		184,467		20,692		—		205,159
Payments for drydocking		5,659		28,880		—		34,539

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

Reconciliations of adjusted income from vessel operations of the segments to income before income taxes, as reported in the consolidated statements of operations follow:


(Dollars in thousands)		2025		2024		2023
Total adjusted income from vessel operations of all segments	$	356,624	$	478,163	$	627,538
General and administrative expenses		(50,235)		(52,607)		(47,473)
Other operating expenses		(3,541)		(2,820)		—
Third-party debt modification fees		—		(168)		(568)
Gain on disposal of vessels and other assets, net of impairments		42,537		32,657		35,934
Consolidated income from vessel operations		345,385		455,225		615,431
Other income		6,169		10,118		10,652
Interest expense		(42,704)		(49,703)		(65,759)
Income before income taxes	$	308,850	$	415,640	$	560,324

Long Lived Assets Deployment by Segment

Certain additional information about the Company’s operations for each of the years in the three year period ended December 31, 2025 follows:


	Crude		Product
(Dollars in thousands)	Tankers		Carriers			Other	Consolidated
Total vessels, deferred drydock and other property at December 31, 2025	$	1,312,781	$	931,479	$	708	$	2,244,968
Total vessels, deferred drydock and other property at December 31, 2024		1,345,241		831,493		706		2,177,440
Total vessels, deferred drydock and other property at December 31, 2023		1,420,750		575,642		584		1,996,976