REVENUE (Tables)

9 Months Ended

Sep. 30, 2022

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 and nine months ended September 30, 2022 and 2021:

	Crude		Product
(Dollars in thousands)	Tankers		Carriers		Totals
Three months ended September 30, 2022:
Revenues from leases
Pool revenues	$	60,710	$	154,530	$	215,240
Time and bareboat charter revenues		6,575		1,912		8,487
Voyage charter revenues from non-variable lease payments(1)		567		3,312		3,879
Voyage charter revenues from variable lease payments		—		4		4
Revenues from services
Voyage charter revenues from lightering services		9,219		—		9,219
Total shipping revenues	$	77,071	$	159,758	$	236,829
Three months ended September 30, 2021:
Revenues from leases
Pool revenues	$	18,763	$	31,780	$	50,543
Time and bareboat charter revenues		9,900		3,764		13,664
Voyage charter revenues from non-variable lease payments		6,696		7,389		14,085
Voyage charter revenues from variable lease payments		450		123		573
Revenues from services
Voyage charter revenues from lightering services		5,951		—		5,951
Total shipping revenues	$	41,760	$	43,056	$	84,816

	Crude		Product
(Dollars in thousands)	Tankers		Carriers		Totals
Nine months ended September 30, 2022:
Revenues from leases
Pool revenues	$	133,186	$	330,543	$	463,729
Time and bareboat charter revenues		16,503		6,292		22,795
Voyage charter revenues from non-variable lease payments(1)		5,648		10,952		16,600
Voyage charter revenues from variable lease payments		62		(67)		(5)
Revenues from services
Voyage charter revenues from lightering services		23,389		—		23,389
Total shipping revenues	$	178,788	$	347,720	$	526,508
Nine months ended September 30, 2021:
Revenues from leases
Pool revenues	$	51,666	$	49,991	$	101,657
Time and bareboat charter revenues		33,054		7,022		40,076
Voyage charter revenues from non-variable lease payments(2)		8,423		8,871		17,294
Voyage charter revenues from variable lease payments		450		174		624
Revenues from services
Voyage charter revenues from lightering services		18,225		—		18,225
Total shipping revenues	$	111,818	$	66,058	$	177,876

(1) Includes $0.9 million and $1.8 million of loss of hire proceeds received during the three and nine months ended September 30, 2022, respectively.

(2) Includes $0.5 million of loss of hire proceeds received during the first quarter of 2021.

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.
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(Dollars in thousands)	Voyage receivables - Billed receivables		Contract assets (Unbilled voyage receivables)		Contract liabilities (Deferred revenues and off hires)
Opening balance as of January 1, 2022	$	2,306		225	$	—
Closing balance as of September 30, 2022		3,170		5,302		—