BUSINESS AND SEGMENT REPORTING

3 Months Ended

Mar. 31, 2026

BUSINESS AND SEGMENT REPORTING [Abstract]

BUSINESS AND SEGMENT REPORTING

Note 5 — Business and Segment Reporting:

The Company has two reportable segments: Crude Tankers and Product Carriers. Adjusted income from vessel operations for segment purposes is defined as income from vessel operations before other operating income, general and administrative expenses, other operating expenses, and gain on disposal of vessels and assets, net. The accounting policies followed by the reportable segments are the same as those followed in the preparation of the Company’s condensed consolidated financial statements.

Information about the Company’s reportable segments as of and for the three months ended March 31, 2026 and 2025 follows:

	Crude		Product
(Dollars in thousands)	Tankers		Carriers		Totals
Three months ended March 31, 2026:
Shipping revenues	$	191,454	$	134,022	$	325,476
Time charter equivalent revenues		184,276		132,969		317,245
Vessel expenses		30,396		30,643		61,039
Charter hire expenses		4,495		3,201		7,696
Depreciation and amortization		19,975		20,592		40,567
Gain on disposal of vessels and other assets, net		(52,614)		(35,557)		(88,171)
Adjusted income from vessel operations		129,410		78,533		207,943
Adjusted total assets at March 31, 2026		1,352,651		1,118,184		2,470,835
Expenditures for vessels and vessel improvements		177		70,478		70,655
Payments for drydocking		6,828		7,022		13,850
Three months ended March 31, 2025:
Shipping revenues	$	88,004	$	95,390	$	183,394
Time charter equivalent revenues		84,629		93,713		178,342
Vessel expenses		28,418		38,610		67,028
Charter hire expenses		2,836		6,309		9,145
Depreciation and amortization		18,702		21,003		39,705
Gain on disposal of vessels and other assets, net		(10,021)		—		(10,021)
Adjusted income from vessel operations		34,673		27,791		62,464
Adjusted total assets at March 31, 2025		1,320,918		1,062,611		2,383,529
Expenditures for vessels and vessel improvements		190		82,783		82,973
Payments for drydocking		1,574		15,326		16,900

Reconciliations of time charter equivalent (“TCE”) revenues of the segments to shipping revenues as reported in the condensed statements of operations follow:

	Three Months Ended March 31,
(Dollars in thousands)		2026		2025
Time charter equivalent revenues	$	317,245	$	178,342
Add: Voyage expenses		8,231		5,052
Shipping revenues	$	325,476	$	183,394

Consistent with general practice in the shipping industry, the Company uses time charter equivalent revenues, which represent shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provide additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance.

Reconciliations of total adjusted income from vessel operations of the segments to net income, as reported in the condensed consolidated statements of operations follow:

	Three Months Ended March 31,
(Dollars in thousands)		2026		2025
Total adjusted income from vessel operations of all segments	$	207,943	$	62,464
Other operating income		1,900		—
General and administrative expenses		(9,311)		(13,217)
Other operating expenses		(138)		(95)
Gain on disposal of vessels and other assets, net		88,171		10,021
Consolidated income from vessel operations		288,565		59,173
Holding gain on previously held equity interest		3,919		—
Other income		2,618		1,844
Interest expense		(8,959)		(11,452)
Net income	$	286,143	$	49,565

Reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets follow:

(Dollars in thousands)	March 31, 2026		March 31, 2025
Adjusted total assets of all segments	$	2,470,835	$	2,383,529
Corporate unrestricted cash and cash equivalents		141,847		132,769
Short-term investments		235,000		—
Other unallocated amounts		23,661		26,099
Consolidated total assets	$	2,871,343	$	2,542,397