Note 14 — Revenue:

The adoption of ASC 842 had no impact on shipping revenues for the three and nine months ended September 30, 2019 as the timing and pattern of revenue recognition under our revenue contracts that have lease and non-lease components is the same even when accounted for separately under ASC 842 and ASC 606, respectively.

Revenue Recognition

The majority of the Company's contracts for pool revenues, time and bareboat charter revenues, and voyage charter revenues are accounted for as lease revenue under ASC 842. The Company's contracts with pools are cancellable with up to 90 days' notice. As of September 30, 2019, six of the Company's vessels are operating under six-month time charter contracts to customers with expiry dates ranging from November 2019 to February 2020. The Company's contracts with customers for voyage charters are short term and vary in length based upon the duration of each voyage. Lease revenue for non-variable lease payments are recognized over the lease term on a straight-line basis and lease revenue for variable lease payments (e.g., demurrage) are recognized in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. See Note 2, "Significant Accounting Policies," for additional detail on the Company's accounting policies regarding revenue recognition for leases.

Lightering services provided by the Company's Crude Tanker Lightering Business and voyage charter contracts that do not meet the definition of a lease are accounted for as service revenues under ASC 606. In accordance with ASC 606, revenue is recognized when a customer obtains control of or consumes promised services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these services. See Note 2, “Significant Accounting Policies,” for additional detail on the Company’s accounting policies regarding service revenue recognition and costs to obtain or fulfill a contract.

The following table presents the Company’s revenues from leases accounted for under ASC 842 and revenues from services accounted for under ASC 606 for the three and nine months ended September 30, 2019 and 2018:


	Crude		Product
	Tankers		Carriers		Other		Totals
Three months ended September 30, 2019:
Revenues from leases
Pool revenues	$	29,893	$	16,385	$	-	$	46,278
Time and bareboat charter revenues		7,638		-		-		7,638
Voyage charter revenues from non-variable lease payments		4,985		24		-		5,009
Voyage charter revenues from variable lease payments		365		-		-		365
Revenues from services
Voyage charter revenues
Lightering services		11,988		-		-		11,988
Total shipping revenues	$	54,869	$	16,409	$	-	$	71,278

Three months ended September 30, 2018:
Revenues from leases
Pool revenues	$	26,244	$	10,477	$	-	$	36,721
Time and bareboat charter revenues		5,426		506		-		5,932
Voyage charter revenues from non-variable lease payments		5,569		23		-		5,592
Voyage charter revenues from variable lease payments		535		-		-		535
Revenues from services
Voyage charter revenues
Lightering services		12,146		-		-		12,146
Total shipping revenues	$	49,920	$	11,006	$	-	$	60,926


	Crude		Product
	Tankers		Carriers		Other		Totals
Nine months ended September 30, 2019:
Revenues from leases
Pool revenues	$	103,643	$	54,985	$	-	$	158,628
Time and bareboat charter revenues		19,609		90		-		19,699
Voyage charter revenues from non-variable lease payments		17,496		372		-		17,868
Voyage charter revenues from variable lease payments		1,555		-		-		1,555
Revenues from services
Voyage charter revenues
Lightering services		44,412		-		-		44,412
Total shipping revenues	$	186,715	$	55,447	$	-	$	242,162

Nine months ended September 30, 2018:
Revenues from leases
Pool revenues	$	61,040	$	44,796	$	-	$	105,836
Time and bareboat charter revenues		18,951		1,502		-		20,453
Voyage charter revenues from non-variable lease payments		16,464		76		-		16,540
Voyage charter revenues from variable lease payments		817		-		-		817
Revenues from services
Voyage charter revenues
Lightering services		26,167		-		-		26,167
Total shipping revenues	$	123,439	$	46,374	$	-	$	169,813

Contract Balances

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.


	Voyage receivables - Billed receivables		Contract assets (Unbilled voyage receivables)		Contract liabilities (Deferred revenues and off hires)

Opening balance as of January 1, 2019	$	6,632	$	1,931	$	-
Closing balance as of September 30, 2019		7,140		1,045		-

Revenue recognized in the period from:
Amounts included in contract liability at the beginning of the period	$	-	$	-	$	-

We receive payments from customers based on the distribution schedule established in our contracts. Contract assets relate to our conditional right to consideration for our completed performance under contracts and decrease when the right to consideration becomes unconditional or payments are received. Contract liabilities include payments received in advance of performance under contracts and are recognized when performance under the respective contract has been completed. Deferred revenues allocated to unsatisfied performance obligations will be recognized over time as the services are performed.

Performance Obligations

All of the Company's performance obligations, and associated revenue, are generally transferred to customers over time. The expected duration of services is less than one year. Positive/(negative) adjustments in revenues from performance obligations satisfied in previous periods recognized during the three and nine months ended September 30, 2019 were $0 and ($481), respectively, compared with $7 and ($34), respectively, during the three and nine months ended September 30, 2018. These adjustments to revenue were related to changes in estimates of performance obligations related to voyage charters.

Costs to Obtain or Fulfill a Contract

As of September 30, 2019, there were no unamortized deferred costs of obtaining or fulfilling a contract.