VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Line Items]

Schedule of Property

Vessels and other property consist of the following:

(Dollars in thousands)	December 31, 2025		December 31, 2024
Vessels, at cost	$	2,573,678	$	2,506,606
Accumulated depreciation		(500,534)		(460,623)
Vessels, net		2,073,144		2,045,983
Other property, at cost		10,893		9,961
Accumulated depreciation and amortization		(6,051)		(5,733)
Other property, net		4,842		4,228
Total vessels and other property, net		2,077,986		2,050,211
Construction in Progress		57,725		37,020

Schedule of Property Plant and Equipment by Segment

					Net		Average	Number of
			Accumulated		Carrying		Vessel Age	Owned
As of December 31, 2025 (Dollars in thousands)	Cost		Depreciation		Value		(by dwt)	Vessels
Crude Tankers
VLCC	$	1,044,795	$	(213,985)	$	830,810	8.5	12
Suezmax		452,307		(98,652)		353,655	11.8	13
Aframax		109,533		(24,087)		85,446	13.8	4
Total Crude Tankers(1)		1,606,635		(336,724)		1,269,911	10.0	29
Product Carriers
LR2		75,162		(31,081)		44,081	11.4	1
LR1		200,499		(21,028)		179,471	10.2	6
MR		691,382		(111,701)		579,681	14.3	33
Total Product Carriers(2)		967,043		(163,810)		803,233	13.3	40
Fleet Total	$	2,573,678	$	(500,534)	$	2,073,144	10.9	69

(1) Includes one VLCC with carrying value of $118.4 million, which the Company believes exceeds its market value of approximately $116.7 million by $1.7 million.

(2) Includes nine MRs with aggregate carrying value of $327.2 million, which the Company believes exceeds their aggregate market values of approximately $283.9 million by $43.3 million.

					Net		Average	Number of
			Accumulated		Carrying		Vessel Age	Owned
As of December 31, 2024 (Dollars in thousands)	Cost		Depreciation		Value		(by dwt)	Vessels
Crude Tankers
VLCC	$	1,055,765	$	(209,650)	$	846,115	8.8	13
Suezmax		451,416		(79,900)		371,516	10.8	13
Aframax		109,306		(18,529)		90,777	12.8	4
Total Crude Tankers		1,616,487		(308,079)		1,308,408	9.7	30
Product Carriers
LR2		75,128		(28,280)		46,848	10.4	1
LR1		118,265		(33,198)		85,067	15.6	6
MR		696,726		(91,066)		605,660	14.2	39
Total Product Carriers		890,119		(152,544)		737,575	14.3	46
Fleet Total	$	2,506,606	$	(460,623)	$	2,045,983	11.0	76

Vessel/Fleet [Member]

Property, Plant and Equipment [Line Items]

Schedule of Property Plant and Equipment by Segment

Vessel activity for the three years ended December 31, 2025 is summarized as follows:

(Dollars in thousands)	Vessel Cost		Accumulated Depreciation		Net Book Value
Balance at January 1, 2023	$	2,004,420		(327,321)	$	1,677,099
Purchases and vessel additions		360,822		—
Disposals		(32,176)		3,904
Depreciation		—		(98,859)
Balance at December 31, 2023		2,333,066		(422,276)		1,910,790
Purchases and vessel additions		280,786		—
Disposals		(33,281)		5,681
Depreciation		—		(109,293)
Impairment		(73,965)		65,265
Balance at December 31, 2024		2,506,606		(460,623)		2,045,983
Purchases and vessel additions		327,480		—
Disposals		(260,408)		72,183
Depreciation		—		(112,094)
Balance at December 31, 2025	$	2,573,678	$	(500,534)	$	2,073,144

Drydock [Member]

Property, Plant and Equipment [Line Items]

Schedule of Property

Drydocking activity for the three years ended December 31, 2025 is summarized as follows:

(Dollars in thousands)	2025		2024		2023
Balance at January 1	$	90,209	$	70,880	$	65,611
Additions		85,326		61,696		35,117
Sub-total		175,535		132,576		100,728
Drydock amortization		(50,743)		(39,391)		(28,787)
Amount charged to gain or loss on disposal of vessels		(15,535)		(2,976)		(1,061)
Balance at December 31	$	109,257	$	90,209	$	70,880