SHIPPING REVENUE AND OTHER OPERATING INCOME (Tables)

3 Months Ended

Mar. 31, 2026

REVENUE [Abstract]

Schedule of Disaggregated Revenue

The following tables present the Company’s revenues from leases accounted for under ASC 842 and revenues from services accounted for under ASC 606 for the three months ended March 31, 2026 and 2025:

	Crude		Product
(Dollars in thousands)	Tankers		Carriers		Totals
Three months ended March 31, 2026:
Revenues from leases
Pool revenues	$	132,762	$	115,736	$	248,498
Time charter revenues		45,252		15,763		61,015
Voyage charter revenues from non-variable lease payments(1)		6,420		2,523		8,943
Revenues from services
Voyage charter revenues from lightering services		7,020		—		7,020
Total shipping revenues	$	191,454	$	134,022	$	325,476
Other operating income	$	1,900	$	—	$	1,900
Three months ended March 31, 2025:
Revenues from leases
Pool revenues	$	62,198	$	75,398	$	137,596
Time charter revenues		16,395		19,462		35,857
Voyage charter revenues from non-variable lease payments		307		530		837
Revenues from services
Voyage charter revenues from lightering services		9,104		—		9,104
Total shipping revenues	$	88,004	$	95,390	$	183,394

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(1) Voyage charter revenues from non-variable lease payments include voyage charter revenues of TISL.

Schedule of Contract Related Receivables, Assets and Liabilities with Customers

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers, and significant changes in contract assets and liabilities balances, associated with revenue from services accounted for under ASC 606. Balances related to revenues from leases accounted for under ASC 842 are excluded from the table below.
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(Dollars in thousands)	Voyage receivables - Billed receivables		Contract assets (Unbilled voyage receivables)		Contract assets (Unbilled Commercial Management Fees)		Contract liabilities (Deferred revenues and off hires)
Opening balance as of January 1, 2026	$	2,622	$	—	$	—	$	—
Closing balance as of March 31, 2026		2,542		43		3,414		—

Schedule of components of the non-cash revenues and expenses recognized for EUAs earned and incurred

The following table presents the components of the non-cash revenues and expenses recognized for EUAs earned and incurred during the three months ended March 31, 2026 and 2025:

	Three months ended March 31,
(Dollars in thousands)	2026		2025
Pool revenues	$	3,756	$	1,610
Time charter revenues		626		420
Total shipping revenues	$	4,382	$	2,030
Voyage expenses	$	4,382	$	2,030