The Company currently has two major categories of leases – chartered-in vessel and office space and vessel equipment. The expenses recognized during the three months ended March 31, 2026 and 2025 for the lease component of these leases are as follows:


	Three Months Ended March 31,
(Dollars in thousands)		2026		2025
Operating lease cost
Vessel assets
Charter hire expenses	$	2,370	$	4,725

Office space and vessel equipment
General and administrative		227		227
Voyage expenses		46		15
Vessel expenses		20		—

Short-term lease cost
Vessel assets⁽¹⁾
Charter hire expenses		1,353		1,201
Total lease cost	$	4,016	$	6,168

(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 $0.3 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively, including both lease and non-lease components.

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 six MRs, and the related revenue days as of March 31, 2026 are as follows:


(Dollars in thousands)	Amount		Revenue Days
2026	$	77,563	2,464
2027		54,124	1,624
2028		48,770	1,464
2029		35,032	1,122
2030		7,068	228
Future minimum revenues	$	222,556	6,902

Lease [Abstract]

Schedule of lease maturity payments


(Dollars in thousands)	Amount		Operating Days
2026	$	925	26
Total operating lease liabilities	$	925	26