Note 4 — Business and Segment Reporting:

The Company has two reportable segments: Crude Tankers and Product Carriers. The joint ventures with two floating storage and offloading service vessels are included in the Crude Tankers Segment. The joint venture with four LNG Carriers is included in Other. Adjusted income/(loss) from vessel operations for segment purposes is defined as income/(loss) from vessel operations before general and administrative expenses, provision for credit losses, third-party debt modification fees, and gain/(loss) on disposal of vessels and other property, net of impairments. 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 and nine months ended September 30, 2019 and 2018 follows:


	Crude		Product
	Tankers		Carriers		Other		Totals
Three months ended September 30, 2019:
Shipping revenues	$	54,869	$	16,409	$	-	$	71,278
Time charter equivalent revenues		49,446		16,362		-		65,808
Depreciation and amortization		15,079		3,856		26		18,961
Loss/(gain) on disposal of vessels and other property		12		(1,484)		-		(1,472)
Adjusted income/(loss) from vessel operations		2,722		(579)		(27)		2,116
Equity in income of affiliated companies		5,031		-		3,443		8,474
Investments in and advances to affiliated companies at September 30, 2019		140,307		10,933		120,415		271,655
Adjusted total assets at September 30, 2019		1,273,363		306,039		120,415		1,699,817

Three months ended September 30, 2018:
Shipping revenues	$	49,920	$	11,006	$	-	$	60,926
Time charter equivalent revenues		40,348		10,905		-		51,253
Depreciation and amortization		14,848		4,434		35		19,317
Loss on disposal of vessels and other property, including impairments		17,360		-		-		17,360
Adjusted loss from vessel operations		(4,641)		(8,560)		(35)		(13,236)
Equity in income of affiliated companies		4,718		-		620		5,338
Investments in and advances to affiliated companies at September 30, 2018		149,387		13,686		112,347		275,420
Adjusted total assets at September 30, 2018		1,297,101		348,253		112,347		1,757,701


	Crude		Product
	Tankers		Carriers		Other		Totals
Nine months ended September 30, 2019:
Shipping revenues	$	186,715	$	55,447	$	-	$	242,162
Time charter equivalent revenues		167,016		55,308		-		222,324
Depreciation and amortization		44,351		12,268		89		56,708
Loss on disposal of vessels and other property		28		-		-		28
Adjusted income/(loss) from vessel operations		25,136		4,357		(110)		29,383
Equity in income of affiliated companies		14,404		-		10,155		24,559
Expenditures for vessels and vessel improvements		9,096		701		-		9,797
Payments for drydockings		11,945		1,594		-		13,539

Nine months ended September 30, 2018:
Shipping revenues	$	123,439	$	46,374	$	-	$	169,813
Time charter equivalent revenues		103,953		46,113		-		150,066
Depreciation and amortization		39,961		13,682		102		53,745
Loss/(gain) on disposal of vessels and other property, including impairments		23,293		(6,100)		-		17,193
Adjusted (loss)/income from vessel operations		(21,863)		(15,120)		600		(36,383)
Equity in income of affiliated companies		15,002		-		7,498		22,500
Expenditures for vessels and vessel improvements		133,756		1,459		-		135,215
Payments for drydockings		3,359		609		-		3,968

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 September 30,				Nine Months Ended September 30,
		2019		2018		2019		2018
Time charter equivalent revenues	$	65,808	$	51,253	$	222,324	$	150,066
Add: Voyage expenses		5,470		9,673		19,838		19,747
Shipping revenues	$	71,278	$	60,926	$	242,162	$	169,813

Consistent with general practice in the shipping industry, the Company uses time charter equivalent revenues, which represents 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, provides 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 adjusted income/(loss) from vessel operations of the segments to loss before income taxes, as reported in the condensed consolidated statements of operations follow:


	Three Months Ended September 30,				Nine Months Ended September 30,
		2019		2018		2019		2018
Total adjusted income/(loss) from vessel operations of all segments	$	2,116	$	(13,236)	$	29,383	$	(36,383)
General and administrative expenses		(6,449)		(5,434)		(19,519)		(17,527)
Provision for credit losses, net		18		-		(1,259)		-
Third-party debt modification fees		-		9		(30)		(1,293)
Gain/(loss) on disposal of vessels and other property, net of impairments		1,472		(17,360)		(28)		(17,193)
Consolidated (loss)/income from vessel operations		(2,843)		(36,021)		8,547		(72,396)
Equity in income of affiliated companies		8,474		5,338		24,559		22,500
Other income/(expense)		284		220		2,159		(3,964)
Interest expense		(17,010)		(17,320)		(51,986)		(42,027)
Loss before income taxes	$	(11,095)	$	(47,783)	$	(16,721)	$	(95,887)

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


	September 30, 2019		September 30, 2018
Total assets of all segments	$	1,699,817	$	1,757,701
Corporate unrestricted cash and cash equivalents		68,383		91,547
Restricted cash		55,839		32,313
Other unallocated amounts		4,510		5,145
Consolidated total assets	$	1,828,549	$	1,886,706