PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2024

Pension and Other Postretirement Benefit Plans [Abstract]

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

Information with respect to the Plan for which INSW uses a December 31 measurement date, is as follows:

(Dollars in thousands)	December 31, 2024		December 31, 2023
Change in benefit obligation:
Benefit obligation at beginning of year	$	17,876	$	16,753
Interest cost on benefit obligation		797		827
Actuarial losses		1,233		265
Benefits paid		(890)		(848)
Foreign exchange (gains)/losses		(296)		879
Benefit obligation at year end		18,720		17,876
Change in plan assets:
Fair value of plan assets at beginning of year		17,703		16,833
Actual return on plan assets		(1,373)		839
Employer contributions		3,649		—
Benefits paid		(890)		(848)
Foreign exchange (losses)/gains		(410)		879
Fair value of plan assets at year end		18,679		17,703
Unfunded status at December 31	$	(41)	$	(173)

Schedule of Net Benefit Costs

Information for net periodic benefit cost/(income) for the three years ended December 31, 2024 follows:

(Dollars in thousands)		2024		2023		2022
Components of expense:
Interest cost on benefit obligation	$	797	$	827	$	442
Expected return on plan assets		(914)		(1,080)		(955)
Amortization of prior-service costs		76		74		73
Recognized net actuarial loss		664		506		235
Net periodic benefit cost/(income)	$	623	$	327	$	(205)

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

The weighted-average assumptions used to determine benefit obligations follow:

	December 31, 2024		December 31, 2023
Discount rate		4.27%		4.55%

Schedule of Assumptions Used

The weighted-average assumptions used to determine net periodic benefit costs follow:

	2024	2023	2022
Discount rate	4.55%	4.90%	1.80%
Expected (long-term) return on plan assets	4.90%	6.37%	3.48%
Rate of future compensation increases	-	-	-

Schedule of Expected Benefit Payments

Expected benefit payments are as follows:

(Dollars in thousands)	Pension benefits
2025	$	1,106
2026		1,080
2027		1,258
2028		1,050
2029		1,110
Years 2030-2034		5,985
	$	11,589

Schedule of Changes in Fair Value of Plan Assets

The fair values of the Company’s pension plan assets at December 31, 2024, by asset category are as follows:

(Dollars in thousands)	Fair Value		Level 1		Level 3 (1)
Cash and cash equivalents	$	105	$	105	$	—
Insured assets	$	18,574	$	—	$	18,574
Total	$	18,679	$	105	$	18,574

(1) The insured assets as of December 31, 2024 were measured using assumptions consistent with those used to measure the Plan liability as of December 31, 2024.