Leases (Tables)

9 Months Ended

Sep. 30, 2019

The Company currently has two major categories of leases - chartered-in vessels and leased office and other space. The expenses recognized during the three and nine months ended September 30, 2019 for the lease component of these leases are as follows:


		Three Months Ended		Nine Months Ended
	Statement of Operations Line Item	September 30, 2019		September 30, 2019
Operating lease cost
Vessel assets	Charter hire expenses	$	3,940	$	11,029

Office and other space	General and administrative		249		747
	Voyage expenses		42		126

Short-term lease cost
Vessel assets (1)	Charter hire expenses		2,976		7,922

Office and other space	General and administrative		29		87
	Voyage expenses		-		52
	Vessel expenses		-		8
Total lease cost		$	7,236	$	19,971

⁽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 $1,768 and $10,211 for the three and nine months ended September 30, 2019, respectively, including both lease and non-lease components.

Supplemental lease information

Supplemental cash flow information related to leases was as follows:


	Nine Months Ended
	September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	11,827

Supplemental balance sheet information related to leases was as follows:


	September 30, 2019
Operating lease right-of-use assets	$	36,580

Current portion of operating lease liabilities	$	(13,463)
Long-term operating lease liabilities		(20,530)
Total operating lease liabilities	$	(33,993)

Weighted average remaining lease term - operating leases		3.54 years
Weighted average discount rate - operating leases		7.23%

Schedule of lease maturity receivables

The future minimum revenues, before reduction for brokerage commissions, expected to be received on non-cancelable time charters and the related revenue days as of September 30, 2019 and December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) are as follows:

Time Charters-out:


At September 30, 2019	Amount		Revenue Days
2019	$	6,266	445
2020		698	49
Future minimum revenues	$	6,964	494

Schedule of lease maturity receivables, prior to ASC 842 adoption


At December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019)	Amount		Revenue Days
2019	$	2,587	221
Future minimum revenues	$	2,587	221

Bareboat Charters-In [Member]

Lease [Abstract]

Schedule of lease maturity payments

Payments of lease liabilities and related number of operating days under these operating leases as of September 30, 2019 and December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) are as follows:

Bareboat Charters-in:


At September 30, 2019	Amount		Operating Days
2019	$	1,582	184
2020		6,295	732
2021		6,278	730
2022		6,278	730
2023		4,532	556
Total lease payments		24,965	2,932
less imputed interest		(3,320)
Total operating lease liabilities	$	21,645

Schedule of lease maturity payments, prior to ASC 842 adoption

Bareboat Charters-in:


At December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019)	Amount		Operating Days
2019	$	6,278	730
2020		6,295	732
2021		6,278	730
2022		6,278	730
2023		4,782	556
Net minimum lease payments	$	29,911	3,478

Time Charters-In [Member]

Lease [Abstract]

Schedule of lease maturity payments

Time Charters-in:


At September 30, 2019	Amount		Operating Days
2019	$	2,398	460
2020		5,335	1,087
2021		2,170	408
Total lease payments (lease component only)		9,903	1,955
less imputed interest		(472)
Total operating lease liabilities	$	9,431

Schedule of lease maturity payments, prior to ASC 842 adoption

Time Charters-in:


At December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019)	Amount			Operating Days
2019	$	12,934	(1)	1,421
Net minimum lease payments	$	12,934		1,421

⁽¹⁾

Includes non-lease components totaling approximately $5,530 related to the Company's time charters, which are accounted for under ASC 842 effective January 1, 2019 and therefore excluded from the operating lease liability, and approximately $3,615 related to short term leases of workboats employed in the Crude Tankers Lightering business that are not in scope of ASC 842 based on the Company's accounting policy election.

Office Space [Member]

Lease [Abstract]

Schedule of lease maturity payments

Payments of lease liabilities for office and other space as of September 30, 2019 and December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) are as follows:

Office and other space:


At September 30, 2019		Amount
2019	$	291
2020		1,166
2021		838
2022		173
2023		178
Thereafter		734
Total lease payments		3,380
less imputed interest		(463)
Total operating lease liabilities	$	2,917

Schedule of lease maturity payments, prior to ASC 842 adoption

Office and other space:


At December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019)		Amount
2019	$	1,219
2020		1,152
2021		665
Net minimum lease payments	$	3,036