LEASES (Tables)

3 Months Ended

Mar. 31, 2020

The Company currently has two major categories of leases - chartered-in vessels and leased office and other space. The expenses recognized during the three months ended March 31, 2020 and 2019 for the lease component of these leases are as follows:


	Three Months Ended March 31,
		2020		2019
Operating lease cost
Vessel assets
Charter hire expenses	$	3,728	$	3,657

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

Short-term lease cost
Vessel assets (1)
Charter hire expenses		1,800		2,227

Office and other space
General and administrative		29		29
Voyage expenses		-		26
Vessel expenses		-		5
Total lease cost	$	5,848	$	6,235

⁽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 $72 and $6,628 for the three months ended March 31, 2020 and 2019, respectively, including both lease and non-lease components.

Supplemental lease information

Supplemental cash flow information related to leases was as follows:

Supplemental balance sheet information related to leases was as follows:


	March 31, 2020		December 31, 2019
Operating lease right-of-use assets	$	28,940	$	33,718

Current portion of operating lease liabilities	$	(10,668)	$	(12,958)
Long-term operating lease liabilities		(15,718)		(17,953)
Total operating lease liabilities	$	(26,386)	$	(30,911)

Weighted average remaining lease term - operating leases		3.25 years		3.24 years
Weighted average discount rate - operating leases		7.18%		7.16%

Schedule of lease maturity receivables

The future minimum revenues, before reduction for brokerage commissions, expected to be received on non-cancelable time charters for six Panamaxes and two VLCCs and the related revenue days as of March 31, 2020 are as follows:

Time Charters-out:


At March 31, 2020	Amount		Revenue Days
2020	$	33,718	1,015
2021		21,354	458
2022		16,425	365
2023		3,195	71
Future minimum revenues	$	74,692	1,909

Office Space And Lightering Workboat Dock Space [Member]

Lease [Abstract]

Schedule of lease maturity payments

Payments of lease liabilities for office and other space as of March 31, 2020 are as follows:

Office and other space:


At March 31, 2020		Amount
2020	$	874
2021		838
2022		173
2023		178
2024		178
Total lease payments		2,241
less imputed interest		(170)
Total operating lease liabilities	$	2,071

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 March 31, 2020 are as follows:

Bareboat Charters-in:


At March 31, 2020	Amount		Operating Days
2020	$	4,730	550
2021		6,278	730
2022		6,278	730
2023		4,532	556
Total lease payments		21,818	2,566
less imputed interest		(2,569)
Total operating lease liabilities	$	19,249

Time Charters-In [Member]

Lease [Abstract]

Schedule of lease maturity payments

Time Charters-in:


At March 31, 2020	Amount		Operating Days
2020	$	3,111	643
2021		2,170	408
Total lease payments (lease component only)		5,281	1,051
less imputed interest		(215)
Total operating lease liabilities	$	5,066

Three Months Ended March 31,

Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows used for operating leases