BUSINESS AND SEGMENT REPORTING

12 Months Ended

Dec. 31, 2012

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 6 — BUSINESS AND SEGMENT REPORTING:

The Company is engaged primarily in the ocean transportation of crude oil and petroleum products in both the international market and the U.S. Flag trades through the ownership and operation of a diversified fleet of vessels. The shipping industry has many distinct market segments based, in large part, on the size and design configuration of vessels required and, in some cases, on the flag of registry. Rates in each market segment are determined by a variety of factors affecting the supply and demand for vessels to move cargoes in the trades for which they are suited. Tankers are not bound to specific ports or schedules and therefore can respond to market opportunities by moving between trades and geographical areas. The Company charters its vessels to commercial shippers and U.S. and foreign governments and governmental agencies primarily on voyage charters and on time charters.

The Company has three reportable segments: International Crude Tankers, International Product Carriers and U.S. Flag vessels. Segment results are evaluated based on income/(loss) from vessel operations before general and administrative expenses, severance and relocation costs, shipyard contract termination costs, gain/(loss) on disposal of vessels and vessel impairment charges. The accounting policies followed by the reportable segments are the same as those followed in the preparation of the Company’s consolidated financial statements. Information about the Company’s reportable segments as of and for the three years ended December 31, 2012 follows:

	International
	Crude		Product
	Tankers		Carriers		Other		U.S.		Totals
2012
Shipping revenues	$	343,541	$	331,634	$	10,156	$	451,803	$	1,137,134
Time charter equivalent revenues		256,843		171,881		10,071		402,051		840,846
Depreciation and amortization		83,558		43,239		5,392		69,095		201,284
Gain/(loss) on disposal of vessels, including impairments		(102,242)		(160,706)		8,085		(16,496)		(271,359)
Income/(loss) from vessel operations		(70,909)		(59,111)		(4,243)		118,397		(15,866)
Equity in income of affiliated companies		18,658		-		11,378		3,450		33,486
Investments in affiliated companies at    December 31, 2012		241,198		6,000		1,700		3,500		252,398
Total assets at December 31, 2012		1,739,740		620,731		2,333		1,123,368		3,486,172
Expenditures for vessels		33,488		18,563		6		547		52,604
Payments for drydockings		20,063		7,166		-		18,761		45,990
2011 (As Restated)
Shipping revenues		337,137		321,322		13,285		377,787		1,049,531
Time charter equivalent revenues		266,429		178,823		13,228		331,721		790,201
Depreciation and amortization		74,392		35,385		5,809		64,135		179,721
Gain/(loss) on disposal of vessels		673		(71)		(29)		1,487		2,060
Income/(loss) from vessel operations		(71,033)		(42,021)		(828)		52,812		(61,070)
Equity in income of affiliated companies		8,985		-		7,157		4,413		20,555
Investments in affiliated companies at    December 31, 2011		211,406		3,856		12,669		4,440		232,371
Total assets at December 31, 2011		1,848,531		878,886		22,395		1,125,634		3,875,446
Expenditures for vessels		45,654		79,492		-		62,364		187,510
Payments for drydockings		16,600		14,166		-		16,594		47,360
2010 (As Restated)
Shipping revenues		497,367		247,779		12,215		288,249		1,045,610
Time charter equivalent revenues		422,970		167,543		12,215		250,550		853,278
Depreciation and amortization		73,399		30,386		6,152		60,733		170,670
Shipyard contract termination recoveries		-		-		-		2,061		2,061
Gain/(loss) on disposal of vessels		1,351		21		(2,287)		1,076		161
Loss on write-down of vessels		12,730		-		-		16,053		28,783
Income/(loss) from vessel operations		62,283		(24,698)		(562)		10,667		47,690
Equity in income/(loss) of affiliated companies		(7,881)		-		7,091		4,383		3,593
Investments in affiliated companies at    December 31, 2010		214,099		1,800		44,771		4,426		265,096
Total assets at December 31, 2010		1,876,643		790,962		53,727		1,132,905		3,854,237
Expenditures for vessels		55,810		151,110		-		214,443		421,363
Payments for drydockings		9,203		1,079		1,000		8,733		20,015

The management of the Handysize Product Carriers that were reflagged under the U.S. Flag and entered into the U.S. Maritime Security Program was transferred to the U.S. segment during 2012. As such, the results of these vessels have been removed from the International Product Carrier segment and presented in the U.S. segment for all three years presented. The joint venture with four LNG Carriers is included in Other International along with one chartered–in LPG Carrier, a chartered-in Chemical Carrier and one owned Pure Car Carrier.

Reconciliations of time charter equivalent revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow:

For the year ended December 31,	2012		2011		2010
Time charter equivalent revenues	$	840,846	$	790,201	$	853,278
Add: Voyage expenses		296,288		259,330		192,332
Shipping revenues	$	1,137,134	$	1,049,531	$	1,045,610

Consistent with general practice in the shipping industry, the Company uses time charter equivalent revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance.

Reconciliations of income/(loss) from vessel operations of the segments to loss before reorganization items and income taxes, as reported in the consolidated statements of operations follow:

For the year ended December 31,	2012		2011 (As Restated)		2010
Total (loss)/income from vessel operations of all segments	$	(15,866)	$	(61,070)	$	47,690
General and administrative expenses		(88,845)		(83,178)		(100,424)
Severance and relocation costs		(3,163)		-		-
Shipyard contract termination recoveries		-		-		2,061
Gain/(loss) on disposal of vessels, including impairments		(271,359)		2,060		(28,622)
Consolidated loss from vessel operations		(379,233)		(142,188)		(79,295)
Equity in income of affiliated companies		33,486		20,555		3,593
Other (expense)/income		(1,314)		2,154		1,047
Interest expense		(93,421)		(79,898)		(67,044)
Loss before reorganization items and income taxes	$	(440,482)	$	(199,377)	$	(141,699)

Reconciliations of total assets of the segments to amounts included in the consolidated balance sheets follow:

At December 31,	2012		2011
			(As Restated)
Total assets of all segments	$	3,486,172	$	3,875,446
Corporate cash and securities		507,342		54,877
Other unallocated amounts		50,021		63,223
Consolidated total assets	$	4,043,535	$	3,993,546

Certain additional information about the Company’s operations for the three years ended December 31, 2012 follows:

			International
	Consolidated		Flag		U.S. Flag
2012
Shipping revenues	$	1,137,134	$	685,331	$	451,803
Total vessels, deferred drydock and other property at December 31,     2012		2,911,706		1,902,728		1,008,978
2011
Shipping revenues		1,049,531		671,744		377,787
Total vessels, deferred drydock and other property at December 31,     2011		3,292,946		2,293,011		999,935
2010
Shipping revenues		1,045,610		757,361		288,249
Total vessels, deferred drydock and other property at December 31,     2010		3,245,515		2,246,433		999,082