REVENUE (Tables)

3 Months Ended

Mar. 31, 2020

REVENUE [Abstract]

Schedule of Disaggregated Revenue

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 months ended March 31, 2020 and 2019:

	Crude		Product
	Tankers		Carriers		Other		Totals
Three months ended March 31, 2020:
Revenues from leases
Pool revenues	$	70,250	$	30,959	$	-	$	101,209
Time and bareboat charter revenues		8,604		-		-		8,604
Voyage charter revenues from non-variable lease payments		7,353		701		-		8,054
Voyage charter revenues from variable lease payments		1,120		-		-		1,120
Revenues from services
Voyage charter revenues
Lightering services		6,350		-		-		6,350
Total shipping revenues	$	93,677	$	31,660	$	-	$	125,337
Three months ended March 31, 2019:
Revenues from leases
Pool revenues	$	46,172	$	21,465	$	-	$	67,637
Time and bareboat charter revenues		5,520		-		-		5,520
Voyage charter revenues from non-variable lease payments		7,272		24		-		7,296
Voyage charter revenues from variable lease payments		348		-		-		348
Revenues from services
Voyage charter revenues
Lightering services		21,073		-		-		21,073
Total shipping revenues	$	80,385	$	21,489	$	-	$	101,874

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.

	Voyage receivables - Billed receivables		Contract assets (Unbilled voyage receivables)		Contract liabilities (Deferred revenues and off hires)
Opening balance as of January 1, 2020	$	2,727	$	-	$	-
Closing balance as of March 31, 2020		1,921		547		-