REVENUE (Tables)

9 Months Ended

Sep. 30, 2024

REVENUE [Abstract]

Schedule of Disaggregated Revenue

The following tables present 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, 2024 and 2023:

	Crude		Product
(Dollars in thousands)	Tankers		Carriers		Totals
Three months ended September 30, 2024:
Revenues from leases
Pool revenues	$	67,674	$	102,333	$	170,007
Time charter revenues		18,595		18,247		36,842
Voyage charter revenues from non-variable lease payments		2,525		1,398		3,923
Revenues from services
Voyage charter revenues from lightering services		14,418		—		14,418
Total shipping revenues	$	103,212	$	121,978	$	225,190
Three months ended September 30, 2023:
Revenues from leases
Pool revenues	$	80,562	$	113,903	$	194,465
Time charter revenues		19,319		8,268		27,587
Voyage charter revenues from non-variable lease payments		1,669		4,958		6,627
Voyage charter revenues from variable lease payments		–		329		329
Revenues from services
Voyage charter revenues from lightering services		12,700		—		12,700
Total shipping revenues	$	114,250	$	127,458	$	241,708

	Crude		Product
(Dollars in thousands)	Tankers		Carriers		Totals
Nine months ended September 30, 2024:
Revenues from leases
Pool revenues	$	246,979	$	356,991	$	603,970
Time and bareboat charter revenues		59,291		39,739		99,030
Voyage charter revenues from non-variable lease payments		4,550		4,812		9,362
Revenues from services
Voyage charter revenues from lightering services		44,638		—		44,638
Total shipping revenues	$	355,458	$	401,542	$	757,000
Nine months ended September 30, 2023:
Revenues from leases
Pool revenues	$	309,000	$	392,634	$	701,634
Time and bareboat charter revenues		47,575		19,274		66,849
Voyage charter revenues from non-variable lease payments		5,324		9,825		15,149
Voyage charter revenues from variable lease payments		66		479		545
Revenues from services
Voyage charter revenues from lightering services		36,864		—		36,864
Total shipping revenues	$	398,829	$	422,212	$	821,041

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.
​

(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, 2024	$	6,512	$	1,029	$	—
Closing balance as of September 30, 2024		4,665		184		—

Schedule of components of the non-cash revenues and expenses recognized for EUAs earned and incurred

The following table presents the components of the non-cash revenues and expenses recognized for EUAs earned and incurred during the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands)		2024		2023		2024		2023
Pool revenues	$	910	$	—	$	2,954	$	—
Time charter revenues		455		—		946		—
Total shipping revenues	$	1,365	$	—	$	3,900	$	—
Voyage expenses	$	1,365	$	—	$	3,900	$	—