XML 44 R35.htm IDEA: XBRL DOCUMENT

LEASES (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022 and 2021 for the lease component of these leases are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands)		2022		2021		2022		2021
Operating lease cost
Vessel assets
Charter hire expenses	$	2,849	$	2,108	$	7,748	$	6,999

Office and other space
General and administrative		228		501		683		1,048
Voyage expenses		43		43		129		127

Short-term lease cost
Vessel assets⁽¹⁾
Charter hire expenses		1,737		1,322		4,749		3,278
Total lease cost	$	4,857	$	3,974	$	13,309	$	11,452

(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 $0.7 million and $1.2 million for the three and nine months ended September 30, 2022, respectively, compared with $0.1 million and $0.3 million for the three and nine months ended September 30, 2021, 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)	September 30, 2022		December 31, 2021
Operating lease right-of-use assets	$	18,069	$	23,168

Current portion of operating lease liabilities	$	(8,323)	$	(8,393)
Long-term operating lease liabilities		(8,087)		(12,522)
Total operating lease liabilities	$	(16,410)	$	(20,915)

Weighted average remaining lease term - operating leases		5.49 years		5.15 years
Weighted average discount rate - operating leases		5.16%		5.42%

Schedule of lease maturity receivables

The future minimum revenues, before reduction for brokerage commissions, expected to be received on non-cancelable time charters for one MR, one LR2, one Suezmax and one VLCC and the related revenue days as of September 30, 2022 are as follows:


(Dollars in thousands)	Amount		Revenue Days
2022	$	9,940	332
2023		22,055	809
2024		7,280	224
Future minimum revenues	$	39,275	1,365

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 September 30, 2022 are as follows:


(Dollars in thousands)		Amount
2022	$	68
2023		229
2024		973
2025		998
2026		1,024
Thereafter		6,908
Total lease payments		10,200
less imputed interest		(2,262)
Total operating lease liabilities	$	7,938

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, 2022 are as follows:

Bareboat Charters-in:


(Dollars in thousands)	Amount		Operating Days
2022	$	1,582	184
2023		4,532	556
Total lease payments		6,114	740
less imputed interest		(225)
Total operating lease liabilities	$	5,889

Time Charters-In [Member]

Lease [Abstract]

Schedule of lease maturity payments

Time Charters-in:


(Dollars in thousands)	Amount		Operating Days
2022	$	1,215	184
2023		1,381	210
Total lease payments (lease component only)		2,596	394
less imputed interest		(13)
Total operating lease liabilities	$	2,583

Nine Months Ended September 30,

(Dollars in thousands)

Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows used for operating leases