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LEASES (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2020 and 2019 for the lease component of these leases are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)		2020		2019		2020		2019
Operating lease cost
Vessel assets
Charter hire expenses	$	2,977	$	3,432	$	6,705	$	7,089

Office and other space
General and administrative		257		249		506		498
Voyage expenses		42		42		84		84

Short-term lease cost
Vessel assets⁽¹⁾
Charter hire expenses		1,126		2,719		2,926		4,946

Office and other space
General and administrative		—		29		29		58
Voyage expenses		—		26		—		52
Vessel expenses		—		3		—		8
Total lease cost	$	4,402	$	6,500	$	10,250	$	12,735

(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 $0.1 million and $0.2 million for the three and six months ended June 30, 2020, respectively, compared with $1.8 million and $8.4 million for the three and six months ended June 30, 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:


(Dollars in thousands)	June 30, 2020		December 31, 2019
Operating lease right-of-use assets	$	26,386	$	33,718

Current portion of operating lease liabilities	$	(10,411)	$	(12,958)
Long-term operating lease liabilities		(13,504)		(17,953)
Total operating lease liabilities	$	(23,915)	$	(30,911)

Weighted average remaining lease term - operating leases		3.10 years		3.24 years
Weighted average discount rate - operating leases		7.19%		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 four VLCCs and the related revenue days as of June 30, 2020 are as follows:


(Dollars in thousands)	Amount		Revenue Days
2020	$	51,815	1,057
2021		20,139	431
2022		16,425	365
2023		3,195	71
Future minimum revenues	$	91,574	1,924

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 June 30, 2020 are as follows:


(Dollars in thousands)		Amount
2020	$	623
2021		936
2022		273
2023		229
2024		178
Total lease payments		2,239
less imputed interest		(159)
Total operating lease liabilities	$	2,080

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 June 30, 2020 are as follows:

Bareboat Charters-in:


(Dollars in thousands)	Amount		Operating Days
2020	$	3,165	368
2021		6,278	730
2022		6,278	730
2023		4,532	556
Total lease payments		20,253	2,384
less imputed interest		(2,229)
Total operating lease liabilities	$	18,024

Time Charters-In [Member]

Lease [Abstract]

Schedule of lease maturity payments

Time Charters-in:


(Dollars in thousands)	Amount		Operating Days
2020	$	1,783	368
2021		2,170	408
Total lease payments (lease component only)		3,953	776
less imputed interest		(142)
Total operating lease liabilities	$	3,811

Six Months Ended June 30,

(Dollars in thousands)

Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows used for operating leases