International Seaways (INSW) 10-Q7 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Nov. 04, 2024
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Entity Registrant Name	INTERNATIONAL SEAWAYS, INC.
Entity Incorporation, State or Country Code	1T
Entity File Number	1-37836-1
Entity Tax Identification Number	98-0467117
Entity Address, Address Line One	600 Third Avenue
Entity Address, Address Line Two	39th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10016
City Area Code	212
Local Phone Number	578-1600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,192,838
Entity Central Index Key	0001679049
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Amendment Flag	false
Common Stock [Member]
Title of 12(b) Security	Common Stock (no par value)
Trading Symbol	INSW
Security Exchange Name	NYSE
Rights To Purchase Common Stock [Member]
Title of 12(b) Security	Rights to Purchase Common Stock
No Trading Symbol Flag	true
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 103,309	$ 126,760
Short-term investments	50,000	60,000
Voyage receivables, net of allowance for credit losses of $190 and $191 including unbilled receivables of $185,262 and $237,298	191,093	247,165
Other receivables	15,682	14,303
Inventories	378	1,329
Prepaid expenses and other current assets	9,721	10,342
Current portion of derivative asset	2,087	5,081
Total Current Assets	372,270	464,980
Vessels and other property, less accumulated depreciation of $476,288 and $427,274	2,045,331	1,914,426
Vessels construction in progress	24,401	11,670
Deferred drydock expenditures, net	82,628	70,880
Operating lease right-of-use assets	12,295	20,391
Pool working capital deposits	33,794	31,748
Long-term derivative assets	214	1,153
Other assets	16,913	6,571
Total Assets	2,587,846	2,521,819
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities	45,796	57,904
Current portion of operating lease liabilities	7,673	10,223
Current installments of long-term debt	49,823	127,447
Total Current Liabilities	103,292	195,574
Long-term operating lease liabilities	6,773	11,631
Long-term debt, net	600,689	595,229
Other liabilities	2,462	2,628
Total Liabilities	713,216	805,062
Commitments and contingencies
Equity:
Capital - 100,000,000 no par value shares authorized; 49,192,838 and 48,925,562 shares issued and outstanding	1,501,503	1,490,986
Retained earnings/(accumulated deficit)	382,350	226,834
Stockholders Equity Subtotal	1,883,853	1,717,820
Accumulated other comprehensive loss	(9,223)	(1,063)
Total equity before noncontrolling interest	1,874,630	1,716,757
Total Liabilities and Equity	$ 2,587,846	$ 2,521,819

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]
Unbilled voyage receivable (in dollars)	$ 185,262	$ 237,298
Voyage receivables, allowance for credit losses	190	191
Vessels and other property, accumulated depreciation	$ 502,936	$ 427,274
Common stock, shares authorized	100,000,000	100,000,000
Common stock, no par value	$ 0	$ 0
Common stock, shares, issued	49,192,838	48,925,562
Common stock, shares, outstanding	49,192,838	48,925,562

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Shipping Revenues:
Shipping revenues	$ 225,190	$ 241,708	$ 757,000	$ 821,041
Operating Expenses:
Voyage expenses	5,503	5,756	14,537	13,434
Vessel expenses	71,269	64,596	202,490	188,516
Charter hire expenses	7,245	11,297	20,841	30,599
Depreciation and amortization	39,304	33,363	109,974	95,356
General and administrative	13,411	12,314	37,494	35,082
Other operating expenses	985		2,715
Third-party debt modification fees	0	148	168	568
(Gain)/loss on disposal of vessels and other assets, net	(13,499)	74	(41,402)	(10,648)
Total operating expenses	124,218	127,548	346,817	352,907
Income from vessel operations	100,972	114,160	410,183	468,134
Other income	3,211	646	8,525	8,308
Income before interest expense and income taxes	104,183	114,806	418,708	476,442
Interest expense	(12,496)	(16,817)	(37,808)	(51,678)
Income before income taxes	91,687	97,989	380,900	424,764
Income tax benefit/(provision)	1	(52)	1	(432)
Net income	91,688	97,937	380,901	424,332
Net income/(loss) attributable to the Company	$ 91,688	$ 97,937	$ 380,901	$ 424,332
Weighted Average Number of Common Shares Outstanding:
Basic	49,544,412	48,861,356	49,302,367	49,008,901
Diluted	49,881,317	49,275,022	49,677,238	49,442,825
Per Share Amounts:
Basic net income per share	$ 1.85	$ 2	$ 7.72	$ 8.65
Diluted net income per share	$ 1.84	$ 1.99	$ 7.66	$ 8.58
International Crude Tankers Segment [Member]
Shipping Revenues:
Shipping revenues	$ 103,212	$ 114,250	$ 355,458	$ 398,829
Operating Expenses:
Depreciation and amortization	20,536	20,039	60,571	56,583
(Gain)/loss on disposal of vessels and other assets, net	(18)		(20)	38
International Product Carriers Segment [Member]
Shipping Revenues:
Shipping revenues	121,978	127,458	401,542	422,212
Operating Expenses:
Depreciation and amortization	18,768	13,298	49,403	38,694
(Gain)/loss on disposal of vessels and other assets, net	(13,481)		(41,382)	(10,686)
Pool Revenue Leases [Member]
Shipping Revenues:
Shipping revenues	170,007	194,465	603,970	701,634
Time and Bareboat Charter Leases [Member]
Shipping Revenues:
Shipping revenues	36,842	27,587	99,030	66,849
Voyage Charter Leases [Member]
Shipping Revenues:
Shipping revenues	$ 18,341	$ 19,656	$ 54,000	$ 52,558

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Pool revenues, received from companies accounted for by the equity method	$ 57,062	$ 72,877	$ 211,050	$ 250,909

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 91,688	$ 97,937	$ 380,901	$ 424,332
Other comprehensive loss, net of tax:
Net change in unrealized gains/(losses) on cash flow hedges	(4,277)	(968)	(4,702)	(1,725)
Defined benefit pension and other postretirement benefit plans:
Net change in unrecognized prior service costs	(467)	49	(457)	(11)
Net change in unrecognized actuarial losses	(3,063)	323	(3,001)	(69)
Other comprehensive loss, net of tax	(7,807)	(596)	(8,160)	(1,805)
Comprehensive income	$ 83,881	$ 97,341	$ 372,741	$ 422,527

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net income	$ 380,901	$ 424,332
Items included in net income/(loss) not affecting cash flows:
Depreciation and amortization	109,974	95,356
Amortization of debt discount and other deferred financing costs	3,093	4,491
Deferred financing costs write-off	0	1,952
Stock compensation	5,736	5,912
Equity in results of affiliated companies	(42)	20
Other - net	(519)	(2,140)
Items included in net income/(loss) related to investing and financing activities:
Gain on disposal of vessels and other assets, net	(41,402)	(10,648)
Loss on extinguishment of debt	0	1,323
Payments for drydocking	(43,855)	(27,622)
Insurance claims proceeds related to vessel operations	1,004	2,858
Changes in operating assets and liabilities:
Decrease in receivables	56,072	69,948
(Decrease)/increase in deferred revenue	(5,273)	911
Purchase of insurance contract in connection with settlement of pension plan obligations	(3,649)	0
Net change in inventories, prepaid expenses and other current assets and accounts payable, accrued expense, and other current and long-term liabilities	(8,524)	(3,774)
Net cash provided by operating activities	453,516	562,919
Cash Flows from Investing Activities:
Expenditures for vessels, vessel improvements and vessels under construction	(216,589)	(192,218)
Proceeds from disposal of vessels and other property, net	71,915	20,036
Expenditures for other property	(880)	(1,035)
Pool working capital deposits	(1,532)	(1,334)
Investments in short term time deposits	(125,000)	(210,000)
Proceeds from maturities of short term time deposits	135,000	215,000
Net cash used in investing activities	(137,086)	(169,551)
Cash Flows from Financing Activities:
Borrowings on revolving credit facilities	50,000	50,000
Repayments on revolving credit facilities	(50,000)	0
Repayments of debt	(39,851)	(323,685)
Premium and fees on extinguishment of debt	0	(1,323)
Proceeds from sale and leaseback financing, net of issuance and deferred financing costs	0	169,717
Payments on sale and leaseback financing and finance lease	(36,831)	(123,732)
Payments of deferred financing costs	(5,759)	(3,006)
Cash dividends paid	(225,385)	(247,001)
Repurchases of common stock	(25,000)	(13,948)
Cash paid to tax authority upon vesting or exercise of stock-based compensation	(7,055)	(5,158)
Net cash used in by financing activities	(339,881)	(498,136)
Net decrease in cash and cash equivalents	(23,451)	(104,768)
Cash, cash equivalents and restricted cash at beginning of year	126,760	243,744
Cash, cash equivalents and restricted cash at end of period	$ 103,309	$ 138,976

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Stock [Member] Restricted Stock	Common Stock [Member] Restricted Stock Units (RSUs) [Member]	Common Stock [Member]	Retained Earnings / (Accumulated deficit) [Member] Restricted Stock	Retained Earnings / (Accumulated deficit) [Member] Restricted Stock Units (RSUs) [Member]	Retained Earnings / (Accumulated deficit) [Member]	Accumulated Other Comprehensive Loss [Member] Restricted Stock	Accumulated Other Comprehensive Loss [Member] Restricted Stock Units (RSUs) [Member]	Accumulated Other Comprehensive Loss [Member]	Restricted Stock	Restricted Stock Units (RSUs) [Member]	Total
Balance, beginning at Dec. 31, 2022			$ 1,502,235			$ (21,447)			$ 6,964			$ 1,487,752
Net income			0			424,332			0			424,332
Other comprehensive income/(loss)			0			0			(1,805)			(1,805)
Dividends declared			0			(247,008)			0			(247,008)
Forfeitures of vested restricted stock awards and exercised stock options			(5,158)			0			0			(5,158)
Compensation relating to restricted stock units awards	$ 768	$ 4,688		$ 0	$ 0		$ 0	$ 0		$ 768	$ 4,688
Compensation relating to stock option awards			456			0			0			456
Repurchase of common stock			(13,948)			0			0			(13,948)
Balance, ending at Sep. 30, 2023			1,489,041			155,877			5,159			1,650,077
Balance, beginning at Jun. 30, 2023			1,487,151			127,368			5,755			1,620,274
Net income			0			97,937			0			97,937
Other comprehensive income/(loss)			0			0			(596)			(596)
Dividends declared						(69,428)			0			(69,428)
Forfeitures of vested restricted stock awards and exercised stock options			(149)			0			0			(149)
Compensation relating to restricted stock units awards	277	1,645		0	0		0	0		277	1,645
Compensation relating to stock option awards			117			0			0			117
Balance, ending at Sep. 30, 2023			1,489,041			155,877			5,159			1,650,077
Balance, beginning at Dec. 31, 2023			1,490,986			226,834			(1,063)			1,716,757
Net income			0			380,901			0			380,901
Other comprehensive income/(loss)			0			0			(8,160)			(8,160)
Dividends declared			0			(225,385)			0			(225,385)
Forfeitures of vested restricted stock awards and exercised stock options			(7,055)			0			0			(7,055)
Compensation relating to restricted stock units awards	811	4,826		0	0		0	0		811	4,826
Compensation relating to stock option awards			99			0			0			99
Equity consideration issued for purchase of vessels			36,836			0			0			36,836
Repurchase of common stock			(25,000)			0			0			(25,000)
Balance, ending at Sep. 30, 2024			1,501,503			382,350			(9,223)			1,874,630
Balance, beginning at Jun. 30, 2024			1,524,400			364,452			(1,416)			1,887,436
Net income			0			91,688			0			91,688
Other comprehensive income/(loss)			0			0			(7,807)			(7,807)
Dividends declared			0			(73,790)			0			(73,790)
Compensation relating to restricted stock units awards	$ 291	$ 1,812		$ 0	$ 0		$ 0	$ 0		$ 291	$ 1,812
Repurchase of common stock			(25,000)			0			0			(25,000)
Balance, ending at Sep. 30, 2024			$ 1,501,503			$ 382,350			$ (9,223)			$ 1,874,630

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2024
BASIS OF PRESENTATION [Abstract]
BASIS OF PRESENTATION	Note 1 — Basis of Presentation: The accompanying unaudited condensed consolidated financial statements include the accounts of International Seaways, Inc. (“INSW”), a Marshall Islands corporation, and its wholly owned subsidiaries. Unless the context indicates otherwise, references to “INSW”, the “Company”, “we”, “us” or “our”, refer to International Seaways, Inc. and its subsidiaries. As of September 30, 2024, the Company’s operating fleet consisted of 76 wholly-owned or lease financed and time chartered-in oceangoing vessels, engaged primarily in the transportation of crude oil and refined petroleum products in the International Flag trade through its wholly owned subsidiaries. In addition to our operating fleet, six LR1 newbuilds are scheduled for delivery to the Company between the second half of 2025 and third quarter of 2026, bringing the total operating and newbuild fleet to 82 vessels. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by generally accepted accounting principles in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results have been included. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. All intercompany balances and transactions within INSW have been eliminated. Investments in 50% or less owned affiliated companies, in which INSW exercises significant influence, are accounted for by the equity method.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	Note 2 — Significant Accounting Policies: For a description of all of the Company’s material accounting policies, see Note 2, “Summary of Significant Accounting Policies,” to the Company’s consolidated financial statements as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K. The following is a summary of any changes or updates to the Company’s critical accounting policies for the current period: Concentration of Credit Risk — (Dollars in thousands) Allowance for Credit Losses - Balance at December 31, 2023 $ 191 Reversal of expected credit losses (1) Balance at September 30, 2024 $ 190 During the three and nine months ended September 30, 2024 and 2023, the Company did not have any individual customers who accounted for 10% or more of its revenues apart from the pools in which it participates. The pools in which the Company participates accounted in aggregate for 97% and 95% of consolidated voyage receivables at September 30, 2024 and December 31, 2023, respectively. Deferred finance charges — method or straight-line basis over the term of the related debt. Unamortized deferred finance charges of $11.8 million and $4.5 million relating to the $500 Million Revolving Credit Facility and the $160 Million Revolving Credit Facility (See Note 8, “Debt”) as of September 30, 2024 and December 31, 2023, respectively, are included in other assets in the accompanying condensed consolidated balance sheets. Unamortized deferred financing charges of $6.8 million and $11.3 million as of September 30, 2024 and December 31, 2023, respectively, relating to the Company’s outstanding debt facilities, are included in long-term debt in the consolidated balance sheets. Interest expense relating to the amortization of deferred financing charges amounted to $0.8 million and $2.5 million for the three and nine months ended September 30, 2024, respectively, and $1.2 million and $3.8 million for the three and nine months ended September 30, 2023, respectively. Vessels construction in progress — Interest capitalized during the three and nine months ended September 30, 2024 totaled $0.3 million and $0.7 million, respectively, and nil and $2.3 million during the three and nine months ended September 30, 2023, respectively. Construction of the Company’s three dual-fuel LNG VLCCs was completed, and the vessels were delivered to the Company between March 2023 and May 2023. The Company has six LR1 newbuilds under construction that are scheduled for delivery to the Company between the second half of 2025 and third quarter of 2026. Recently Issued Accounting Standards In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
EARNINGS PER COMMON SHARE	Sep. 30, 2024
EARNINGS PER COMMON SHARE [Abstract]
EARNINGS PER COMMON SHARE	Note 3 — Earnings per Common Share: Basic earnings per common share is computed by dividing earnings, after the deduction of dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units not classified as participating securities. Participating securities are defined by ASC 260, Earnings Per Share unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents and are included in the computation of earnings per share pursuant to the two-class method. Weighted average shares of unvested restricted common stock considered to be participating securities totaled 20,198 and 23,302 for the three and nine months ended September 30, 2024, respectively, and 29,519 and 38,288 for the three and nine months ended September 30, 2023, respectively. Such participating securities are allocated a portion of income, but not losses under the two-class method. As of September 30, 2024, there were 419,215 shares of restricted stock units and 174,417 stock options outstanding and considered to be potentially dilutive securities. Reconciliations of the numerator of the basic and diluted earnings per share computations are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2024 2023 2024 2023 Net income allocated to: Common Stockholders $ 91,650 $ 97,878 $ 380,730 $ 424,011 Participating securities 38 59 171 321 $ 91,688 $ 97,937 $ 380,901 $ 424,332 For the three and nine months ended September 30, 2024 earnings per share calculations, there were 336,905 and 374,871 dilutive equity awards outstanding, respectively. For the three and nine months ended September 30, 2023 earnings per share calculations, there were 413,666 and 433,924 dilutive equity awards outstanding, respectively. Awards of 593,632 and 579,779 for the three and nine months ended September 30, 2024, respectively, and 774,957 and 804,199 for the three and nine months ended September 30, 2023, respectively, were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive.

BUSINESS AND SEGMENT REPORTING

BUSINESS AND SEGMENT REPORTING	9 Months Ended
BUSINESS AND SEGMENT REPORTING	Sep. 30, 2024
BUSINESS AND SEGMENT REPORTING [Abstract]
BUSINESS AND SEGMENT REPORTING	Note 4 — Business and Segment Reporting: The Company has two reportable segments: Crude Tankers and Product Carriers. Adjusted income/(loss) from vessel operations for segment purposes is defined as income/(loss) from vessel operations before general and administrative expenses, other operating expenses, third-party debt modification fees and gain on disposal of vessels and assets, net. The accounting policies followed by the reportable segments are the same as those followed in the preparation of the Company’s condensed consolidated financial statements. Information about the Company’s reportable segments as of and for the three and nine months ended September 30, 2024 and 2023 follows: Crude Product (Dollars in thousands) Tankers Carriers Other Totals Three months ended September 30, 2024: Shipping revenues $ 103,212 $ 121,978 $ — $ 225,190 Time charter equivalent revenues 98,821 120,866 — 219,687 Depreciation and amortization 20,536 18,768 — 39,304 Gain on disposal of vessels and other assets, net (18) (13,481) — (13,499) Adjusted income from vessel operations 39,656 62,213 — 101,869 Adjusted total assets at September 30, 2024 1,453,559 953,451 — 2,407,010 Three months ended September 30, 2023: Shipping revenues $ 114,250 $ 127,458 $ — $ 241,708 Time charter equivalent revenues 110,766 125,186 — 235,952 Depreciation and amortization 20,039 13,298 26 33,363 Loss on disposal of vessels and other assets 13 61 — 74 Adjusted income/(loss) from vessel operations 58,926 67,796 (26) 126,696 Adjusted total assets at September 30, 2023 1,520,485 795,568 — 2,316,053 Crude Product (Dollars in thousands) Tankers Carriers Other Totals Nine months ended September 30, 2024: Shipping revenues $ 355,458 $ 401,542 $ — $ 757,000 Time charter equivalent revenues 343,639 398,824 — 742,463 Depreciation and amortization 60,571 49,403 — 109,974 Gain on disposal of vessels and other assets, net (20) (41,382) — (41,402) Adjusted income from vessel operations 176,696 232,462 — 409,158 Expenditures for vessels and vessel improvements 763 215,826 — 216,589 Payments for drydocking 6,333 37,522 — 43,855 Nine months ended September 30, 2023: Shipping revenues $ 398,829 $ 422,212 $ — $ 821,041 Time charter equivalent revenues 388,963 418,644 — 807,607 Depreciation and amortization 56,583 38,694 79 95,356 Loss/(gain) on disposal of vessels and other assets, net 38 (10,686) — (10,648) Adjusted income/(loss) from vessel operations 239,985 253,230 (79) 493,136 Expenditures for vessels and vessel improvements 184,515 7,703 — 192,218 Payments for drydocking 4,364 23,258 — 27,622 Reconciliations of time charter equivalent (“TCE”) revenues of the segments to shipping revenues as reported in the condensed statements of operations follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2024 2023 2024 2023 Time charter equivalent revenues $ 219,687 $ 235,952 $ 742,463 $ 807,607 Add: Voyage expenses 5,503 5,756 14,537 13,434 Shipping revenues $ 225,190 $ 241,708 $ 757,000 $ 821,041 Consistent with general practice in the shipping industry, the Company uses time charter equivalent revenues, which represent 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, provide 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 total adjusted income from vessel operations of the segments to income before income taxes, as reported in the condensed consolidated statements of operations follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2024 2023 2024 2023 Total adjusted income from vessel operations of all segments $ 101,869 $ 126,696 $ 409,158 $ 493,136 General and administrative expenses (13,411) (12,314) (37,494) (35,082) Other operating expenses (985) — (2,715) — Third-party debt modification fees — (148) (168) (568) Gain/(loss) on disposal of vessels and other assets, net 13,499 (74) 41,402 10,648 Consolidated income from vessel operations 100,972 114,160 410,183 468,134 Other income 3,211 646 8,525 8,308 Interest expense (12,496) (16,817) (37,808) (51,678) Income before income taxes $ 91,687 $ 97,989 $ 380,900 $ 424,764 Reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets follow: (Dollars in thousands) September 30, 2024 September 30, 2023 Adjusted total assets of all segments $ 2,407,010 $ 2,316,053 Corporate unrestricted cash and cash equivalents 103,309 138,976 Short-term investments 50,000 75,000 Other unallocated amounts 27,527 30,993 Consolidated total assets $ 2,587,846 $ 2,561,022

VESSELS

VESSELS	9 Months Ended
VESSELS	Sep. 30, 2024
VESSELS [Abstract]
VESSELS	Note 5 — Vessels: Impairment of Vessels and Other Property During the nine months ended September 30, 2024, the Company gave consideration as to whether events or changes in circumstances had occurred since December 31, 2023, that could indicate that the carrying amounts of the vessels in the Company’s fleet may not be recoverable. The Company determined that no held-for-sale or held-for-use impairment indicators existed for the Company’s vessels as of September 30, 2024. Vessel Acquisitions and Construction Commitments On February 23, 2024, the Company entered into agreements to acquire two 2014-built and four 2015-built MR Product Carriers for an aggregate consideration of approximately $232 million, payable 85% in cash and 15% in shares of common stock of the Company. All six vessels were delivered during the second quarter of 2024 and are Collateral Vessels under the $500 Million Revolving Credit Facility (see Note 8, “Debt”). In total, for the acquisition of the vessels, the Company paid $198.3 million in cash, including $1.1 million for initial stores on board and directly related third-party professional fees, and also issued 623,778 shares of its common stock to the sellers. Such shares had an aggregate value of $36.8 million based upon the closing market price of the Company’s stock on each of the vessel delivery dates. An automatic shelf registration statement on Form S-3 was filed with the SEC on April 29, 2024 that, in connection with prospectus supplements filed during the second quarter of 2024, registered the aggregate 623,778 shares that were issued in conjunction with these vessel acquisitions and facilitated the seller’s ability to offer and sell or otherwise dispose of the shares of common stock issued to them under this transaction. In March 2024 the Company exercised options to build two additional dual-fuel ready LNG 73,600 dwt LR1s at the same shipyard from which its other four newbuild LR1s were ordered. The six LR1s are expected to be delivered beginning in the second half of 2025 through the third quarter of 2026 for an aggregate cost of approximately $359 million. The remaining commitments on the contracts for the construction of the LR1 newbuilds as of September 30, 2024 was $335.3 million, which will be paid for through a combination of long-term financing and available liquidity. Disposal/Sales of Vessel s During the nine months ended September 30, 2024, the Company delivered one 2009-built and two 2008-built MRs to their buyers and recognized an aggregate gain of $41.4 million. During the nine months ended September 30, 2023, the Company delivered a 2008-built MR to its buyer and recognized a gain of $10.9 million.

VARIABLE INTEREST ENTITIES (VIE

VARIABLE INTEREST ENTITIES (VIEs)	9 Months Ended
VARIABLE INTEREST ENTITIES (VIEs)	Sep. 30, 2024
VARIABLE INTEREST ENTITIES (VIEs) [Abstract]
VARIABLE INTEREST ENTITIES (VIEs)	Note 6 — Variable Interest Entities (“VIEs”): Unconsolidated VIEs As of September 30, 2024, all of the seven commercial pools in which the Company participates were determined to be VIEs for which the Company is not considered a primary beneficiary. The following table presents the carrying amounts of assets and liabilities in the condensed consolidated balance sheet related to the unconsolidated VIEs as of September 30, 2024: (Dollars in thousands) Condensed Pool working capital deposits $ 33,794 In accordance with accounting guidance, the Company evaluated its maximum exposure to loss related to these unconsolidated VIEs by assuming a complete loss of the Company’s investment in these VIEs. The table below compares the Company’s liability in the condensed consolidated balance sheet to the maximum exposure to loss at September 30, 2024: (Dollars in thousands) Condensed Maximum Exposure to Other Liabilities $ – $ 33,794 In addition, as of September 30, 2024, the Company had approximately $182.5 million of trade receivables from the pools that were determined to be a VIE. These trade receivables, which are included in voyage receivables in the accompanying condensed consolidated balance sheet, have been excluded from the above tables and the calculation of INSW’s maximum exposure to loss. The Company does not record the maximum exposure to loss as a liability because it does not believe that such a loss is probable of occurring as of September 30, 2024.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 2024
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES	Note 7 — Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures: The estimated fair values of the Company’s financial instruments, other than derivatives that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: (Dollars in thousands) September 30, 2024 December 31, 2023 Fair Value Level Cash and cash equivalents $ 103,309 $ 126,760 Level 1 Short-term investments (1) 50,000 60,000 Level 1 $500 Million Revolving Credit Facility (2) (94,581) (113,598) Level 2 ING Credit Facility (2) — (20,833) Level 2 Ocean Yield Lease Financing (2) (289,987) (311,907) Level 2 BoComm Lease Financing (3) (192,343) (210,186) Level 2 Toshin Lease Financing (3) (12,149) (13,566) Level 2 Hyuga Lease Financing (3) (12,127) (13,643) Level 2 Kaiyo Lease Financing (3) (11,062) (12,419) Level 2 Kaisha Lease Financing (3) (11,047) (12,519) Level 2 (1) Short-term investments consist of time deposits with original maturities of between 91 and 180 days. (2) Floating rate debt – the fair value of floating rate debt has been determined using level 2 inputs and is considered to be equal to the carrying value since it bears a variable interest rate, which is reset every three months. (3) Fixed rate debt – the fair value of fixed rate debt has been determined using level 2 inputs by discounting the expected cash flows of the outstanding debt. Derivatives At September 30, 2024, the Company was party to amortizing interest rate swap agreements with major financial institutions participating in the $500 Million Revolving Credit Facility that effectively converts the Company’s interest rate exposure from a three-month SOFR floating rate to a fixed rate of 2.84% through the maturity date of February 22, 2027 . The interest rate swap agreements, which contain no leverage features, are designated and qualify as cash flow hedges and have a remaining aggregate notional value of $255.6 million as of September 30, 2024, covering for accounting purposes, the $ 94.6 million principal balance outstanding under the $500 Million Revolving Credit Facility and $161.0 million outstanding under the Ocean Yield Lease Financing. Also, as of September 30, 2024, approximately $0.4 million in net gains from previously terminated interest rate swaps are Derivatives are recorded on a net basis by counterparty when a legal right of offset exists. The Company had the following amounts recorded on a net basis by transaction in the accompanying unaudited condensed consolidated balance sheets related to the Company’s use of derivatives as of September 30, 2024 and December 31, 2023: (Dollars in thousands) Current portion of derivative asset Long-term derivative Other September 30, 2024: Derivatives designated as hedging instruments: Interest rate swaps $ 2,087 $ 214 $ 710 Total $ 2,087 $ 214 $ 710 December 31, 2023: Derivatives designated as hedging instruments: Interest rate swaps $ 5,081 $ 1,153 $ 961 Total $ 5,081 $ 1,153 $ 961 The following tables present information with respect to gains and losses on derivative positions reflected in the condensed consolidated statements of operations or in the condensed consolidated statements of comprehensive income. The effect of cash flow hedging relationships recognized in other comprehensive income excluding amounts reclassified from accumulated other comprehensive income for the three and nine months ended September 30, 2024 and 2023 follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2024 2023 2024 2023 Derivatives designated as hedging instruments: Interest rate swaps $ (2,383) $ 1,897 $ 1,766 $ 6,291 Total other comprehensive (loss)/income $ (2,383) $ 1,897 $ 1,766 $ 6,291 The effect of the Company’s cash flow hedging relationships on the condensed consolidated statement of operations for the three and nine months ended September 30, 2024 and 2023 follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2024 2023 2024 2023 Derivatives designated as hedging instruments: Interest rate swaps $ (1,734) $ (2,343) $ (5,699) $ (6,328) Discontinued hedging instruments: Interest rate swap (160) (522) (769) (1,688) Total interest expense $ (1,894) $ (2,865) $ (6,468) $ (8,016) See Note 11, “Accumulated Other Comprehensive Loss,” for disclosures relating to the impact of derivative instruments on accumulated other comprehensive income/(loss). The following table presents the fair values, which are pre-tax, for assets and liabilities measured on a recurring basis: (Dollars in thousands) September 30, 2024 December 31, 2023 Fair Value Level Derivative Assets (interest rate swaps) $ 3,011 $ 7,195 Level 2 (1) (1) For the interest rate swaps, fair values are derived using valuation models that utilize the income valuation approach. These valuation models take into account contract terms such as maturity, as well as other inputs such as interest rate yield curves and creditworthiness of the counterparty and the Company.

DEBT

DEBT	9 Months Ended
DEBT	Sep. 30, 2024
DEBT [Abstract]
DEBT	Note 8 — Debt: Debt consists of the following: (Dollars in thousands) September 30, 2024 December 31, 2023 $750 Million Facility Term Loan, due 2027, net of unamortized deferred finance costs of $3,124 $ — $ 110,474 $500 Million Revolving Credit Facility, due 2030 94,581 — ING Credit Facility, due 2026, net of unamortized deferred finance costs of $295 — 20,538 Ocean Yield Lease Financing, due 2031, net of unamortized deferred finance costs of $2,276 and $2,656 287,711 309,250 BoComm Lease Financing, due 2030, net of unamortized deferred finance costs of $3,620 and $4,166 219,756 229,583 Toshin Lease Financing, due 2031, net of unamortized deferred finance costs of $257 and $302 12,859 13,903 Hyuga Lease Financing, due 2031, net of unamortized deferred finance costs of $220 and $265 12,629 13,786 Kaiyo Lease Financing, due 2030, net of unamortized deferred finance costs of $187 and $227 11,433 12,518 Kaisha Lease Financing, due 2030, net of unamortized deferred finance costs of $196 and $238 11,543 12,624 650,512 722,676 Less current portion (49,823) (127,447) Long-term portion $ 600,689 $ 595,229 Capitalized terms used hereafter have the meaning given in these condensed consolidated financial statements or in the respective transaction documents referred to below, including subsequent amendments thereto. ING Credit Facility On April 18, 2024, the Company prepaid the outstanding principal balance of $20.3 million and terminated the ING Credit Facility. $750 Million Credit Facility On April 26, 2024, the Company, International Seaways Operating Corporation (the “Borrower”) and certain of their subsidiaries entered into a second amendment that amended and extended the $750 Million Credit Facility with Nordea Bank Abp, New York Branch (“Nordea”), BNP Paribas, Crédit Agricole Corporate & Investment Bank (“CA-CIB”), DNB Markets Inc., and Skandinaviska Enskilda Banken AB (PUBL) (or their respective affiliates), as mandated lead arrangers and bookrunners; ING Bank N.V., London Branch and Danish Ship Finance A/S (or their respective affiliates), as lead arrangers and National Australia Bank Limited, as co-arranger. Nordea is acting as administrative agent, collateral agent, coordinator and security trustee under the amended agreement, and CA-CIB is acting as sustainability coordinator. Immediately prior to the closing of the second amendment, the $750 Million Facility, had a remaining term loan balance of $94.6 million and undrawn revolver capacity of $257.4 million. The amended agreement consists of a $500 million revolving credit facility (the “$500 Million Revolving Credit Facility”) that matures on January 31, 2030. That maturity date is subject to acceleration upon the occurrence of certain events (as described in the credit agreement). The $500 Million Revolving Credit Facility is secured by a first lien on certain of the Company’s vessels (the “Collateral Vessels”), along with their earnings, insurances and certain other assets, as well as by liens on certain additional assets of the Borrower. Under the terms of the $500 Million Revolving Credit Facility capacity is reduced on a quarterly basis by approximately $12.8 million, based on a 20-year An aggregate of $94.6 million was outstanding as of September 30, 2024, leaving us an undrawn revolver capacity of $392.6 million on this facility. The $500 Million Revolving Credit Facility also contains customary representations, warranties, restrictions and covenants applicable to the Company, the Borrower and the subsidiary guarantors (and in certain cases, other subsidiaries), including financial covenants that are consistent with existing financial covenants in the $750 Million Credit Facility and require the Company (i) to maintain a minimum liquidity level of the greater of $50 million and 5% of the Company’s Consolidated Indebtedness; (ii) to ensure the Company’s and its consolidated subsidiaries’ Maximum Leverage Ratio will not exceed 0.60 to 1.00 at any time; (iii) to ensure that Current Assets exceeds Current Liabilities (which is defined to exclude the current potion of Consolidated Indebtedness); and (iv) to ensure the aggregate Fair Market Value of the Collateral Vessels will not be less than 135% of the aggregate outstanding principal amount of the $500 Million Revolving Credit Facility. Debt Covenants The Company was in compliance with the financial and non-financial covenants under all of its financing arrangements as of September 30, 2024. Interest Expense Total interest expense before the impact of capitalized interest, including amortization of issuance and deferred financing costs, commitment, administrative and other fees for all of the Company’s debt facilities for the three and nine months ended September 30, 2024 was $12.6 million and $37.8 million, respectively, and for the three and nine months ended September 30, 2023 was $16.7 million and $53.2 million, respectively. Interest paid for the Company’s debt facilities for the three and nine months ended September 30, 2024 was $11.3 million and $34.5 million, respectively, and for the three and nine months ended September 30, 2023 was $16.8 million and $52.8 million, respectively. Interest paid for the nine months ended September 30, 2023 also included

TAXES

TAXES	9 Months Ended
TAXES	Sep. 30, 2024
TAXES [Abstract]
TAXES	Note 9 — Taxes: As of September 30, 2024, the Company qualifies for an exemption from U.S. federal income taxes under Section 883 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and U.S. Treasury Department regulations for the 2024 calendar year, as less than 50 percent of the total value of the Company’s stock was held by one or more shareholders who own 5% or more of the Company’s stock for more than half of the days of 2024. The Company reviews its provisions for uncertain tax positions relating to freight taxes in various tax jurisdictions on a regular basis and may update its assessment of its tax positions based on available information at that time. Such information may include additional legal advice as to the applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Company may change accordingly. There were no changes in such reserve recorded during the three and nine months ended September 30, 2024 and 2023. Additionally, a number of countries, including some in which certain of the Company’s subsidiaries are domiciled, have drafted or are actively considering drafting legislation to implement the Organization for Economic Cooperation and Development's (“OECD”) international tax framework, including the Pillar Two Model Rules. These model rules call for a minimum global tax of 15% on large multinational enterprises with possible application from January 1, 2024 or later, depending on implementation by the individual countries in which the Company is domiciled. As currently enacted, the Pillar Two Model Rules have no impact on the Company’s consolidated financial statements in 2024, however, the Company is monitoring these developments and evaluating the necessary steps it can take to minimize the impact, if any, to the Company’s consolidated financial statements and operations going forward.

CAPITAL STOCK AND STOCK COMPENS

CAPITAL STOCK AND STOCK COMPENSATION	9 Months Ended
CAPITAL STOCK AND STOCK COMPENSATION	Sep. 30, 2024
CAPITAL STOCK AND STOCK COMPENSATION [Abstract]
CAPITAL STOCK AND STOCK COMPENSATION	Note 10 — Capital Stock and Stock Compensation: The Company accounts for stock-based compensation expense in accordance with the fair value method required by ASC 718, Compensation – Stock Compensation Director Compensation – Restricted Common Stock On February 19, 2024, Mr. Nadim Qureshi resigned from the Board of Directors of the Company. Mr. Qureshi’s resignation was not the result of any disagreement with the Company or the Board on any matter relating to the Company’s operations, policies or practices. In connection with his resignation, the Board approved the accelerated vesting of the 2,635 restricted shares of INSW common stock previously granted to Mr. Qureshi in June 2023 (valued at approximately $0.1 million) and the Company did not seek reimbursement of any cash director fees paid to Mr. Qureshi in advance for the first quarter of 2024. In consideration of this action, Mr. Qureshi entered into a one-year agreement not to compete with the Company’s crude and product tanker operations. In June 2024, the Company awarded a total of 20,198 restricted common stock shares to its non-employee Management Compensation Stock Options There were no stock options granted during the three and nine months ended September 30, 2024 and 2023. A total of 65,179 and 25,937 stock options were exercised during the nine months ended September 30, 2024 and 2023, respectively, by certain senior officers and employees of the Company at an average exercise price of $21.74 and $22.11 per share, respectively. After withholdings for taxes and costs, the Company issued a total of Restricted Stock Units During the nine months ended September 30, 2024, the Company granted 82,076 time-based restricted stock units (“RSUs”) to certain of its senior officers and employees. The weighted average grant date fair value of these awards was $52.99 per RSU. Each RSU represents a contingent right to receive one share of INSW common stock upon vesting. 48,078 of the RSUs awarded will vest in equal installments on each of the first three anniversaries of the grant date and 33,998 of the RSUs awarded will cliff vest on October 24, 2025. During the nine months ended September 30, 2024, the Company also granted 48,080 performance-based RSUs to certain of its senior officers. Each performance stock unit represents a contingent right to receive RSUs based upon the covered employees being continuously employed through the end of the period over which the performance goals are measured and shall vest as follows: (i) one-half of the target RSUs shall vest on December 31, 2026, subject to INSW’s return on invested capital (“ROIC”) performance in the three-year ROIC performance period relative to a target rate (the “ROIC Target”) set forth in the award agreements; and (ii) one-half of the target RSUs shall vest on December 31, 2026, subject to INSW’s three-year total shareholder return (“TSR”) performance relative to that of a performance peer group over a three-year performance period (“TSR Target”). Vesting is subject in each case to the Human Resources and Compensation Committee of the Company’s Board of Directors’ certification of achievement of the performance measures and targets no later than March 15, 2027. The weighted average grant date fair value of the awards with performance conditions was determined to be $52.57 per RSU. The weighted average grant date fair value of the TSR based performance awards which have a market condition was estimated using a Monte Carlo probability model and determined to be $41.08 per RSU. Dividends During 2024, the Company’s Board of Directors have declared and paid the following regular quarterly and supplemental dividends: Declaration Date Record Date Payment Date Regular Quarterly Dividend per Share Supplemental Dividend per Share Total Dividends Paid (Dollars in Thousands) February 28, 2024 March 14, 2024 March 28, 2024 $ 0.12 $ 1.20 $ 64,665 May 7, 2024 June 12, 2024 June 26, 2024 $ 0.12 $ 1.63 $ 86,930 August 6, 2024 September 11, 2024 September 25, 2024 $ 0.12 $ 1.38 $ 73,789 On November 6, 2024, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.12 per share of common stock and a supplemental dividend of $1.08 per share of common stock. Both dividends will be paid on December 27, 2024 to stockholders of record as of December 13, 2024. Share Repurchases During the nine months ended September 30, 2024, the Company repurchased and retired 501,646 shares of its common stock in open-market purchases, at an average price of $49.81 per share, for a total cost of $25.0 million. During the nine months ended September 30, 2023, the Company repurchased and retired 366,483 shares of its common stock in open-market purchases, at an average price of $38.03 per share, for a total cost of $13.9 million. As of September 30, 2024, the remaining buyback authorization under the Company’s $50.0 million stock repurchase program expiring in December 2025 was $25.0 million. In November 2024, the Company’s Board of Directors authorized an increase in the share repurchase program to $50.0 million from $25 million. In connection with the settlement of vested restricted stock units and the exercise of stock options, the Company repurchase d 158,591 shares of common stock during the nine months ended September 30, 2024, at an average cost of $53.42 per share (based on the closing market prices on the dates of vesting or exercise) from employees and certain members of management to cover withholding taxes. Similarly, the Company repurchased 9,473 and 130,810 shares of common stock during the three and nine months ended September 30, 2023, respectively, at an average cost of $45.50 and $43.81 , respectively, per share. Shares issued relating to Vessel Acquisitions Refer to Note 5, “Vessels” for further details.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	Sep. 30, 2024
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	Note 11 — Accumulated Other Comprehensive Loss: The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: (Dollars in thousands) September 30, 2024 December 31, 2023 Unrealized gains on derivative instruments $ 4,647 $ 9,349 Items not yet recognized as a component of net periodic benefit cost (pension plans) (13,870) (10,412) $ (9,223) $ (1,063) The changes in the balances of each component of accumulated other comprehensive income/(loss), net of related taxes, during the three and nine months ended September 30, 2024 and 2023 follow: (Dollars in thousands) Unrealized gains/(losses) on cash flow hedges Items not yet recognized as a component of net periodic benefit cost Total Balance as of June 30, 2024 $ 8,924 $ (10,340) $ (1,416) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (2,383) (3,530) (5,913) Amounts reclassified from accumulated other comprehensive loss (1,894) — (1,894) Balance as of September 30, 2024 $ 4,647 $ (13,870) $ (9,223) Balance as of June 30, 2023 $ 16,155 (10,400) 5,755 Current period change, excluding amounts reclassified from accumulated other comprehensive income 1,897 372 2,269 Amounts reclassified from accumulated other comprehensive income (2,865) — (2,865) Balance as of September 30, 2023 $ 15,187 $ (10,028) $ 5,159 (Dollars in thousands) Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost Total Balance as of December 31, 2023 $ 9,349 $ (10,412) $ (1,063) Current period change, excluding amounts reclassified from accumulated other comprehensive loss 1,766 (3,458) (1,692) Amounts reclassified from accumulated other comprehensive loss (6,468) — (6,468) Balance as of September 30, 2024 $ 4,647 $ (13,870) $ (9,223) Balance as of December 31, 2022 $ 16,912 (9,948) $ 6,964 Current period change, excluding amounts reclassified from accumulated other comprehensive income 6,291 (80) 6,211 Amounts reclassified from accumulated other comprehensive income (8,016) — (8,016) Balance as of September 30, 2023 $ 15,187 $ (10,028) $ 5,159 Amounts reclassified out of each component of accumulated other comprehensive income/(loss) follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2024 2023 2024 2023 Statement of Operations Reclassifications of (gains)/losses on cash flow hedges: Interest rate swaps entered into by the Company's subsidiaries $ (1,734) $ (2,343) $ (5,699) $ (6,328) Interest expense Reclassifications of losses on discontinued hedging instruments Interest rate swap entered into by the Company's subsidiaries (160) (522) (769) (1,688) Interest expense Total before and net of tax $ (1,894) $ (2,865) $ (6,468) $ (8,016) At September 30, 2024, the Company expects that it will reclassify $2.1 million (gross and net of tax) of net gain on derivative instruments from accumulated other comprehensive income to earnings during the next twelve months attributable to interest rate swaps held by the Company. See Note 7, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” for additional disclosures relating to derivative instruments.

REVENUE

REVENUE	9 Months Ended
REVENUE	Sep. 30, 2024
REVENUE [Abstract]
REVENUE	Note 12 — Revenue: Revenue Recognition The majority of the Company’s contracts for pool revenues, time charter revenues, and voyage charter revenues are accounted for as lease revenue under ASC 842. The Company’s contracts with pools are short term which are cancellable with up to 90 days’ notice. As of September 30, 2024, the Company is a party to time charter out contracts with customers on three VLCCs, two Suezmaxes, one Aframax, one LR2, and eight MRs with expiry dates ranging from November 2024 to April 2030. The Company’s contracts with customers for voyage charters are short term and vary in length based upon the duration of each voyage. Lease revenue for non-variable lease payments is recognized over the lease term on a straight-line basis and lease revenue for variable lease payments (e.g., demurrage) is recognized in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. Lightering services provided by the Company’s Crude Tanker Lightering Business, and voyage charter contracts that do not meet the definition of a lease are accounted for as service revenues under ASC 606. In accordance with ASC 606, revenue is recognized when a customer obtains control of or consumes promised services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these services. 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 Contract Balances 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 — We receive payments from customers based on the schedule established in our contracts. Contract assets relate to our conditional right to consideration for our completed performance obligations under contracts and decrease when the right to consideration becomes unconditional or payments are received. Contract liabilities include payments received in advance of performance under contracts and are recognized when performance under the respective contract has been completed. Deferred revenues allocated to unsatisfied performance obligations will be recognized over time as the services are performed. Performance Obligations All of the Company’s performance obligations are generally transferred to customers over time. The expected duration of services is less than one year. There were no material adjustments in revenues from performance obligations satisfied in previous periods recognized during the three and nine months ended September 30, 2024 and 2023, respectively. Costs to Obtain or Fulfill a Contract As of September 30, 2024, there were no unamortized deferred costs of obtaining or fulfilling a contract. European Union’s Emissions Trading System Commencing January 1, 2024, the European Union’s Emissions Trading System (“EU ETS”) was extended to cover Carbon dioxide (“CO 2 Shipping companies will have to surrender EU ETS emissions allowances (“EUA”) for each ton of reported CO 2 emissions in the scope of the EU ETS. There is a phase-in period for the regulations, as allowances will have to be submitted for 40% of 2024 emissions, 70% of 2025 emissions and 100% of emissions for 2026 and subsequent years. Beginning in 2026, the scope of the EU ETS will also be expanded to include Methane (“CH 4 2 EUAs are valued based upon a market approach utilizing prices published on an EUA market index. The value of the EUAs to be provided to the Company pursuant to the terms of its agreements with the charterers of its vessels and the commercial pools in which it participates is included in shipping revenues in the condensed consolidated statements of operations. The value of the EUA obligations incurred by the Company under the EU ETS while its vessels are on-hire is included in voyage expenses, or in vessel expenses while its vessels are off-hire, in the condensed consolidated statements of operations. EUAs held by the Company are intended to be used to settle its EUA obligations and are accounted for as intangible assets. The Company did not hold any EUAs as of September 30, 2024. EUAs relating to 2024 emissions are required to be surrendered to the EU authorities in September 2025. 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 Nine Months Ended (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 $ — The value of EUAs due to the Company from its charterers or commercial pools in which it participates, and the value of the EUAs the Company is obligated to surrender to the EU authorities is $3.9 million as of September 30, 2024 and is included in other receivables and other current liabilities

LEASES

LEASES	9 Months Ended
LEASES	Sep. 30, 2024
LEASES [Abstract]
LEASES	Note 13 — Leases: As permitted under ASC 842, the Company has elected not to apply the provisions of ASC 842 to short term leases, which include: (i) tanker vessels chartered-in where the duration of the charter was one year or less at lease commencement; (ii) workboats employed in the Crude Tankers Lightering business which have a lease term of 12-months or less; and (iii) short term leases of office and other space. Contracts under which the Company is a Lessee The Company currently has two major categories of leases – chartered-in vessel and leased office and other space. The expenses recognized during the three and nine months ended September 30, 2024 and 2023 for the lease component of these leases are as follows: Three Months Ended Nine Months Ended (Dollars in thousands) 2024 2023 2024 2023 Operating lease cost Vessel assets Charter hire expenses $ 2,393 $ 2,092 $ 7,127 $ 3,837 Finance lease cost Vessel assets Amortization of right-of-use assets — — — 731 Interest on lease liabilities — — — 124 Office and other space General and administrative 226 203 678 659 Voyage expenses 45 45 135 135 Short-term lease cost Vessel assets (1) Charter hire expenses 1,173 5,881 3,671 15,304 Total lease cost $ 3,837 $ 8,221 $ 11,611 $ 20,790 (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 $1.8 million and $3.9 million for the three and nine months ended September 30, 2024, respectively, compared with $ 0.3 million and $ 2.0 million for the three and nine months ended September 30, 2023, respectively, including both lease and non-lease components. Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, (Dollars in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 8,072 $ 3,822 Finance cash flows used for finance leases — 42,284 Supplemental balance sheet information related to leases was as follows: (Dollars in thousands) September 30, 2024 December 31, 2023 Operating lease right-of-use assets $ 12,295 $ 20,391 Current portion of operating lease liabilities $ (7,673) $ (10,223) Long-term operating lease liabilities (6,773) (11,631) Total operating and finance lease liabilities $ (14,446) $ (21,854) Weighted average remaining lease term - operating leases 4.92 years 4.42 years Weighted average discount rate - operating leases 5.54% 5.90% 1. Charters-in of vessel assets: As of September 30, 2024, the Company has commitments to time charter-in two LR1s through to June 2025 and March 2026, respectively. The 18-month charter-in lease period of one of the LR1s did not commence until the vessel was delivered in October 2024. Accordingly, the associated operating lease liability and right of use asset were not recognized as of September 30, 2024. The minimum lease payments (including both lease and non-lease components) due under this time charter-in will be $3,240, $12,994, and $2,563 in 2024, 2025, and 2026, respectively. The remaining minimum lease payments and related number of operating days under the operating lease that commenced prior to September 30, 2024 are as follows: (Dollars in thousands) Amount Operating Days 2024 $ 2,427 92 2025 4,301 163 Total lease payments (lease component only) 6,728 255 less imputed interest (142) Total operating lease liabilities $ 6,586 2. Office and other space: The Company has operating leases for offices and a lightering workboat dock space. These leases have expiry dates ranging from December 2024 to May 2033. The lease for the workboat dock space contains renewal options executable by the Company for periods through December 2027. We have determined that the options through December 2024 are reasonably certain to be executed by the Company, and accordingly the options are included in the lease liability and right of use asset calculations for such lease. Payments of lease liabilities for office and other space as of September 30, 2024 are as follows: (Dollars in thousands) Amount 2024 $ 318 2025 1,093 2026 1,113 2027 1,077 2028 1,077 Thereafter 4,754 Total lease payments 9,432 less imputed interest (1,572) Total operating lease liabilities $ 7,860 Contracts under which the Company is a Lessor See Note 12, “Revenue,” for discussion on the Company’s revenues from operating leases accounted for under ASC 842. The future minimum contracted revenues, before the deduction of brokerage commissions, expected to be received on non-cancelable time charters for three VLCCs, two Suezmaxes, one Aframax, one LR2, and eight MRs, and the related revenue days as of September 30, 2024 are as follows: (Dollars in thousands) Amount Revenue Days 2024 $ 36,528 1,332 2025 114,169 4,112 2026 79,611 2,699 2027 39,433 1,259 2028 34,038 1,098 Thereafter 41,013 1,323 Future minimum revenues $ 344,791 11,823 Future minimum contracted revenues do not include the Company’s share of time charters entered into by the pools in which it participates or profit-sharing above the base rate on the newbuild dual-fuel LNG VLCCs. Revenues from a time charter are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.

Other Operating Expenses

Other Operating Expenses	9 Months Ended
Other Operating Expenses	Sep. 30, 2024
OTHER INCOME/(EXPENSE) [Abstract]
Other Operating Expenses	Note 14 — Other Operating Expenses Other operating expenses consist of the following expenses: Three Months Ended Nine Months Ended (Dollars in thousands) 2024 2023 2024 2023 Settlement of multi-employer pension plan obligations $ 44 $ — $ 1,019 $ — Legal and consulting fees associated with settlement of pension plan obligations 941 — 1,696 — Total other operating expenses $ 985 $ — $ 2,715 $ — See Note 15, “Pension and Other Postretirement Benefit Plans,” for additional information on the Company’s defined benefit pension plan obligations.

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	9 Months Ended
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	Sep. 30, 2024
Pension and Other Postretirement Benefit Plans [Abstract]
Pension and Other Postretirement Benefit Plans	Note 15 – Pension and Other Postretirement Benefit Plans Defined Benefit Pension Plan In September 2024, the Company contributed $3.6 million into the OSG Ship Management (UK) Ltd. Retirement Benefits Plan (the “Plan”) to allow the Trustee of the Plan to purchase a $21.0 million insurance contract tailored to match the full value of future Plan benefits payable from the Plan. In this arrangement, the Company’s pension benefit obligation and related risks and rewards are not transferred to the insurance company, and as a result, the Company continues to be responsible for paying the benefits. However, this arrangement generally constitutes an economic settlement of the liability by eliminating relevant risks associated with changes to the obligation, including investment, interest rate and longevity risk. The contract is accounted for as a plan asset in the accompanying condensed consolidated balance sheet as of September 30, 2024. As this arrangement does not qualify for settlement accounting under ASC 715, Compensation – Retirement Benefits The Company expects the benefits due to the participants under the Plan to be transferred to the insurance company at the completion of their standard review of the Plan’s underlying data with minimal or no additional cost to the Company. At such time, the Company believes the arrangement will qualify for the settlement accounting. Multi-Employer Plans The Merchant Navy Officers Pension Fund (“MNOPF”) is a multi-employer defined benefit pension plan covering British crew members that served as officers on board INSW’s vessels (as well as vessels of other owners). The Trustees of the MNOPF have indicated that, under the terms of the High Court ruling in 2005, which established the liability of past employers to fund the deficit on the Post 1978 section of MNOPF, calls for further contributions may be required if additional actuarial deficits arise or if other employers liable for contributions are not able to pay their share in the future. On July 11, 2024, the Company and the Trustees of the MNOPF entered into an agreement pursuant to which the Company paid $0.1 million and the Trustees of the MNOPF agreed not to seek any future contributions from the Company. The Merchant Navy Ratings Pension Fund (“MNRPF”) is a multi-employer defined benefit pension plan covering British crew members that served as ratings (seamen) on board INSW’s vessels (as well as vessels of other owners) more than 20 years ago. Based on a High Court ruling in 2015, the Trustees of the MNRPF levied assessments to recover the significant deficit in the plan from participating employers. Participating employers include current employers, historic employers that have made voluntary contributions, and historic employers such as INSW that have made no deficit contributions. In September 2024, the Company entered into an agreement with the Trustees of the MNRPF to release the Company from any future obligation to fund deficits in the plan in exchange for the Company’s payment of $0.8 million. The Company also made payments totaling $0.1 million to reimburse the Trustees of the MNOPF and MNRPF for costs incurred in connection with the agreements entered into with the Company.

CONTINGENCIES

CONTINGENCIES	9 Months Ended
CONTINGENCIES	Sep. 30, 2024
CONTINGENCIES [Abstract]
CONTINGENCIES	Note 16 — Contingencies: INSW’s policy for recording legal costs related to contingencies is to expense such legal costs as incurred. Legal Proceedings Arising in the Ordinary Course of Business The Company is a party, as plaintiff or defendant, to various suits in the ordinary course of business for monetary relief arising principally from personal injuries, wrongful death, collision or other casualty and to claims arising under charter parties and other contract disputes. A substantial majority of such personal injury, wrongful death, collision or other casualty claims against the Company are covered by insurance (subject to deductibles not material in amount). Each of the claims involves an amount which, in the opinion of management, should not be material to the Company’s financial position, results of operations and cash flows. In late July 2023, one of the Company’s vessels was arrested in connection with a commercial dispute arising earlier in 2023. Although the vessel was subsequently released, the arresting parties continue to seek approximately $25 million in security. The underlying commercial dispute is in arbitration in England. The Company is defending itself vigorously against the arrest and the allegations in the underlying dispute. The Company is currently unable to predict the outcome of this matter, and no estimate of liability has been accrued at this time.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 91,688	$ 97,937	$ 380,901	$ 424,332

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Concentration of Credit Risk	Concentration of Credit Risk — (Dollars in thousands) Allowance for Credit Losses - Balance at December 31, 2023 $ 191 Reversal of expected credit losses (1) Balance at September 30, 2024 $ 190 During the three and nine months ended September 30, 2024 and 2023, the Company did not have any individual customers who accounted for 10% or more of its revenues apart from the pools in which it participates. The pools in which the Company participates accounted in aggregate for 97% and 95% of consolidated voyage receivables at September 30, 2024 and December 31, 2023, respectively.
Deferred finance charges	Deferred finance charges — method or straight-line basis over the term of the related debt. Unamortized deferred finance charges of $11.8 million and $4.5 million relating to the $500 Million Revolving Credit Facility and the $160 Million Revolving Credit Facility (See Note 8, “Debt”) as of September 30, 2024 and December 31, 2023, respectively, are included in other assets in the accompanying condensed consolidated balance sheets. Unamortized deferred financing charges of $6.8 million and $11.3 million as of September 30, 2024 and December 31, 2023, respectively, relating to the Company’s outstanding debt facilities, are included in long-term debt in the consolidated balance sheets. Interest expense relating to the amortization of deferred financing charges amounted to $0.8 million and $2.5 million for the three and nine months ended September 30, 2024, respectively, and $1.2 million and $3.8 million for the three and nine months ended September 30, 2023, respectively.
Vessels construction in progress	Vessels construction in progress — Interest capitalized during the three and nine months ended September 30, 2024 totaled $0.3 million and $0.7 million, respectively, and nil and $2.3 million during the three and nine months ended September 30, 2023, respectively. Construction of the Company’s three dual-fuel LNG VLCCs was completed, and the vessels were delivered to the Company between March 2023 and May 2023. The Company has six LR1 newbuilds under construction that are scheduled for delivery to the Company between the second half of 2025 and third quarter of 2026.
Recently issued accounting standards	Recently Issued Accounting Standards In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses

CONTINGENCIES (Policy)

CONTINGENCIES (Policy)	9 Months Ended
CONTINGENCIES (Policy)	Sep. 30, 2024
CONTINGENCIES [Abstract]
Legal costs	INSW’s policy for recording legal costs related to contingencies is to expense such legal costs as incurred.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Tables)	Sep. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Activity for allowance for credit losses	(Dollars in thousands) Allowance for Credit Losses - Balance at December 31, 2023 $ 191 Reversal of expected credit losses (1) Balance at September 30, 2024 $ 190

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
EARNINGS PER COMMON SHARE (Tables)	Sep. 30, 2024
EARNINGS PER COMMON SHARE [Abstract]
Components of Calculation of Earnings Per Share	Reconciliations of the numerator of the basic and diluted earnings per share computations are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2024 2023 2024 2023 Net income allocated to: Common Stockholders $ 91,650 $ 97,878 $ 380,730 $ 424,011 Participating securities 38 59 171 321 $ 91,688 $ 97,937 $ 380,901 $ 424,332

BUSINESS AND SEGMENT REPORTING

BUSINESS AND SEGMENT REPORTING (Tables)	9 Months Ended
BUSINESS AND SEGMENT REPORTING (Tables)	Sep. 30, 2024
BUSINESS AND SEGMENT REPORTING [Abstract]
Schedule of Segment Reporting Information, by Segment	Information about the Company’s reportable segments as of and for the three and nine months ended September 30, 2024 and 2023 follows: Crude Product (Dollars in thousands) Tankers Carriers Other Totals Three months ended September 30, 2024: Shipping revenues $ 103,212 $ 121,978 $ — $ 225,190 Time charter equivalent revenues 98,821 120,866 — 219,687 Depreciation and amortization 20,536 18,768 — 39,304 Gain on disposal of vessels and other assets, net (18) (13,481) — (13,499) Adjusted income from vessel operations 39,656 62,213 — 101,869 Adjusted total assets at September 30, 2024 1,453,559 953,451 — 2,407,010 Three months ended September 30, 2023: Shipping revenues $ 114,250 $ 127,458 $ — $ 241,708 Time charter equivalent revenues 110,766 125,186 — 235,952 Depreciation and amortization 20,039 13,298 26 33,363 Loss on disposal of vessels and other assets 13 61 — 74 Adjusted income/(loss) from vessel operations 58,926 67,796 (26) 126,696 Adjusted total assets at September 30, 2023 1,520,485 795,568 — 2,316,053 Crude Product (Dollars in thousands) Tankers Carriers Other Totals Nine months ended September 30, 2024: Shipping revenues $ 355,458 $ 401,542 $ — $ 757,000 Time charter equivalent revenues 343,639 398,824 — 742,463 Depreciation and amortization 60,571 49,403 — 109,974 Gain on disposal of vessels and other assets, net (20) (41,382) — (41,402) Adjusted income from vessel operations 176,696 232,462 — 409,158 Expenditures for vessels and vessel improvements 763 215,826 — 216,589 Payments for drydocking 6,333 37,522 — 43,855 Nine months ended September 30, 2023: Shipping revenues $ 398,829 $ 422,212 $ — $ 821,041 Time charter equivalent revenues 388,963 418,644 — 807,607 Depreciation and amortization 56,583 38,694 79 95,356 Loss/(gain) on disposal of vessels and other assets, net 38 (10,686) — (10,648) Adjusted income/(loss) from vessel operations 239,985 253,230 (79) 493,136 Expenditures for vessels and vessel improvements 184,515 7,703 — 192,218 Payments for drydocking 4,364 23,258 — 27,622
Reconciliation of Revenue from Segments to Consolidated	Reconciliations of time charter equivalent (“TCE”) revenues of the segments to shipping revenues as reported in the condensed statements of operations follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2024 2023 2024 2023 Time charter equivalent revenues $ 219,687 $ 235,952 $ 742,463 $ 807,607 Add: Voyage expenses 5,503 5,756 14,537 13,434 Shipping revenues $ 225,190 $ 241,708 $ 757,000 $ 821,041
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Reconciliations of total adjusted income from vessel operations of the segments to income before income taxes, as reported in the condensed consolidated statements of operations follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2024 2023 2024 2023 Total adjusted income from vessel operations of all segments $ 101,869 $ 126,696 $ 409,158 $ 493,136 General and administrative expenses (13,411) (12,314) (37,494) (35,082) Other operating expenses (985) — (2,715) — Third-party debt modification fees — (148) (168) (568) Gain/(loss) on disposal of vessels and other assets, net 13,499 (74) 41,402 10,648 Consolidated income from vessel operations 100,972 114,160 410,183 468,134 Other income 3,211 646 8,525 8,308 Interest expense (12,496) (16,817) (37,808) (51,678) Income before income taxes $ 91,687 $ 97,989 $ 380,900 $ 424,764
Reconciliation of Assets from Segment to Consolidated	Reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets follow: (Dollars in thousands) September 30, 2024 September 30, 2023 Adjusted total assets of all segments $ 2,407,010 $ 2,316,053 Corporate unrestricted cash and cash equivalents 103,309 138,976 Short-term investments 50,000 75,000 Other unallocated amounts 27,527 30,993 Consolidated total assets $ 2,587,846 $ 2,561,022

VARIABLE INTEREST ENTITIES (V_2

VARIABLE INTEREST ENTITIES (VIEs) (Tables)	9 Months Ended
VARIABLE INTEREST ENTITIES (VIEs) (Tables)	Sep. 30, 2024
VARIABLE INTEREST ENTITIES (VIEs) [Abstract]
Schedule of Variable Interest Entities	(Dollars in thousands) Condensed Pool working capital deposits $ 33,794
Schedule of Variable Interest Entities Liability in Condensed Consolidated Balance Sheet to Maximum Exposure to Loss	(Dollars in thousands) Condensed Maximum Exposure to Other Liabilities $ – $ 33,794

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2024
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES [Abstract]
Fair Value, by Balance Sheet Grouping	The estimated fair values of the Company’s financial instruments, other than derivatives that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: (Dollars in thousands) September 30, 2024 December 31, 2023 Fair Value Level Cash and cash equivalents $ 103,309 $ 126,760 Level 1 Short-term investments (1) 50,000 60,000 Level 1 $500 Million Revolving Credit Facility (2) (94,581) (113,598) Level 2 ING Credit Facility (2) — (20,833) Level 2 Ocean Yield Lease Financing (2) (289,987) (311,907) Level 2 BoComm Lease Financing (3) (192,343) (210,186) Level 2 Toshin Lease Financing (3) (12,149) (13,566) Level 2 Hyuga Lease Financing (3) (12,127) (13,643) Level 2 Kaiyo Lease Financing (3) (11,062) (12,419) Level 2 Kaisha Lease Financing (3) (11,047) (12,519) Level 2 (1) Short-term investments consist of time deposits with original maturities of between 91 and 180 days. (2) Floating rate debt – the fair value of floating rate debt has been determined using level 2 inputs and is considered to be equal to the carrying value since it bears a variable interest rate, which is reset every three months. (3) Fixed rate debt – the fair value of fixed rate debt has been determined using level 2 inputs by discounting the expected cash flows of the outstanding debt.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	(Dollars in thousands) Current portion of derivative asset Long-term derivative Other September 30, 2024: Derivatives designated as hedging instruments: Interest rate swaps $ 2,087 $ 214 $ 710 Total $ 2,087 $ 214 $ 710 December 31, 2023: Derivatives designated as hedging instruments: Interest rate swaps $ 5,081 $ 1,153 $ 961 Total $ 5,081 $ 1,153 $ 961
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Loss	The effect of cash flow hedging relationships recognized in other comprehensive income excluding amounts reclassified from accumulated other comprehensive income for the three and nine months ended September 30, 2024 and 2023 follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2024 2023 2024 2023 Derivatives designated as hedging instruments: Interest rate swaps $ (2,383) $ 1,897 $ 1,766 $ 6,291 Total other comprehensive (loss)/income $ (2,383) $ 1,897 $ 1,766 $ 6,291 The effect of the Company’s cash flow hedging relationships on the condensed consolidated statement of operations for the three and nine months ended September 30, 2024 and 2023 follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2024 2023 2024 2023 Derivatives designated as hedging instruments: Interest rate swaps $ (1,734) $ (2,343) $ (5,699) $ (6,328) Discontinued hedging instruments: Interest rate swap (160) (522) (769) (1,688) Total interest expense $ (1,894) $ (2,865) $ (6,468) $ (8,016)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents the fair values, which are pre-tax, for assets and liabilities measured on a recurring basis: (Dollars in thousands) September 30, 2024 December 31, 2023 Fair Value Level Derivative Assets (interest rate swaps) $ 3,011 $ 7,195 Level 2 (1) (1) For the interest rate swaps, fair values are derived using valuation models that utilize the income valuation approach. These valuation models take into account contract terms such as maturity, as well as other inputs such as interest rate yield curves and creditworthiness of the counterparty and the Company.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
DEBT (Tables)	Sep. 30, 2024
DEBT [Abstract]
Schedule of Long-term Debt Instruments	(Dollars in thousands) September 30, 2024 December 31, 2023 $750 Million Facility Term Loan, due 2027, net of unamortized deferred finance costs of $3,124 $ — $ 110,474 $500 Million Revolving Credit Facility, due 2030 94,581 — ING Credit Facility, due 2026, net of unamortized deferred finance costs of $295 — 20,538 Ocean Yield Lease Financing, due 2031, net of unamortized deferred finance costs of $2,276 and $2,656 287,711 309,250 BoComm Lease Financing, due 2030, net of unamortized deferred finance costs of $3,620 and $4,166 219,756 229,583 Toshin Lease Financing, due 2031, net of unamortized deferred finance costs of $257 and $302 12,859 13,903 Hyuga Lease Financing, due 2031, net of unamortized deferred finance costs of $220 and $265 12,629 13,786 Kaiyo Lease Financing, due 2030, net of unamortized deferred finance costs of $187 and $227 11,433 12,518 Kaisha Lease Financing, due 2030, net of unamortized deferred finance costs of $196 and $238 11,543 12,624 650,512 722,676 Less current portion (49,823) (127,447) Long-term portion $ 600,689 $ 595,229

CAPITAL STOCK AND STOCK COMPE_2

CAPITAL STOCK AND STOCK COMPENSATION (Tables)	9 Months Ended
CAPITAL STOCK AND STOCK COMPENSATION (Tables)	Sep. 30, 2024
CAPITAL STOCK AND STOCK COMPENSATION [Abstract]
Schedule of supplemental cash dividend declared and paid	Declaration Date Record Date Payment Date Regular Quarterly Dividend per Share Supplemental Dividend per Share Total Dividends Paid (Dollars in Thousands) February 28, 2024 March 14, 2024 March 28, 2024 $ 0.12 $ 1.20 $ 64,665 May 7, 2024 June 12, 2024 June 26, 2024 $ 0.12 $ 1.63 $ 86,930 August 6, 2024 September 11, 2024 September 25, 2024 $ 0.12 $ 1.38 $ 73,789

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)	Sep. 30, 2024
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) [Abstract]
Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss, net of related taxes, in the condensed consolidated balance sheets follow: (Dollars in thousands) September 30, 2024 December 31, 2023 Unrealized gains on derivative instruments $ 4,647 $ 9,349 Items not yet recognized as a component of net periodic benefit cost (pension plans) (13,870) (10,412) $ (9,223) $ (1,063) The changes in the balances of each component of accumulated other comprehensive income/(loss), net of related taxes, during the three and nine months ended September 30, 2024 and 2023 follow: (Dollars in thousands) Unrealized gains/(losses) on cash flow hedges Items not yet recognized as a component of net periodic benefit cost Total Balance as of June 30, 2024 $ 8,924 $ (10,340) $ (1,416) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (2,383) (3,530) (5,913) Amounts reclassified from accumulated other comprehensive loss (1,894) — (1,894) Balance as of September 30, 2024 $ 4,647 $ (13,870) $ (9,223) Balance as of June 30, 2023 $ 16,155 (10,400) 5,755 Current period change, excluding amounts reclassified from accumulated other comprehensive income 1,897 372 2,269 Amounts reclassified from accumulated other comprehensive income (2,865) — (2,865) Balance as of September 30, 2023 $ 15,187 $ (10,028) $ 5,159 (Dollars in thousands) Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost Total Balance as of December 31, 2023 $ 9,349 $ (10,412) $ (1,063) Current period change, excluding amounts reclassified from accumulated other comprehensive loss 1,766 (3,458) (1,692) Amounts reclassified from accumulated other comprehensive loss (6,468) — (6,468) Balance as of September 30, 2024 $ 4,647 $ (13,870) $ (9,223) Balance as of December 31, 2022 $ 16,912 (9,948) $ 6,964 Current period change, excluding amounts reclassified from accumulated other comprehensive income 6,291 (80) 6,211 Amounts reclassified from accumulated other comprehensive income (8,016) — (8,016) Balance as of September 30, 2023 $ 15,187 $ (10,028) $ 5,159
Reclassification Out of Accumulated Other Comprehensive Income (Loss)	Amounts reclassified out of each component of accumulated other comprehensive income/(loss) follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2024 2023 2024 2023 Statement of Operations Reclassifications of (gains)/losses on cash flow hedges: Interest rate swaps entered into by the Company's subsidiaries $ (1,734) $ (2,343) $ (5,699) $ (6,328) Interest expense Reclassifications of losses on discontinued hedging instruments Interest rate swap entered into by the Company's subsidiaries (160) (522) (769) (1,688) Interest expense Total before and net of tax $ (1,894) $ (2,865) $ (6,468) $ (8,016)

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
REVENUE (Tables)	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 Nine Months Ended (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 $ —

LEASES (Tables)

LEASES (Tables)	9 Months Ended
LEASES (Tables)	Sep. 30, 2024
Lease [Abstract]
Schedule of lease cost	The Company currently has two major categories of leases – chartered-in vessel and leased office and other space. The expenses recognized during the three and nine months ended September 30, 2024 and 2023 for the lease component of these leases are as follows: Three Months Ended Nine Months Ended (Dollars in thousands) 2024 2023 2024 2023 Operating lease cost Vessel assets Charter hire expenses $ 2,393 $ 2,092 $ 7,127 $ 3,837 Finance lease cost Vessel assets Amortization of right-of-use assets — — — 731 Interest on lease liabilities — — — 124 Office and other space General and administrative 226 203 678 659 Voyage expenses 45 45 135 135 Short-term lease cost Vessel assets (1) Charter hire expenses 1,173 5,881 3,671 15,304 Total lease cost $ 3,837 $ 8,221 $ 11,611 $ 20,790 (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 $1.8 million and $3.9 million for the three and nine months ended September 30, 2024, respectively, compared with $ 0.3 million and $ 2.0 million for the three and nine months ended September 30, 2023, respectively, including both lease and non-lease components.
Supplemental lease information	Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, (Dollars in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 8,072 $ 3,822 Finance cash flows used for finance leases — 42,284 Supplemental balance sheet information related to leases was as follows: (Dollars in thousands) September 30, 2024 December 31, 2023 Operating lease right-of-use assets $ 12,295 $ 20,391 Current portion of operating lease liabilities $ (7,673) $ (10,223) Long-term operating lease liabilities (6,773) (11,631) Total operating and finance lease liabilities $ (14,446) $ (21,854) Weighted average remaining lease term - operating leases 4.92 years 4.42 years Weighted average discount rate - operating leases 5.54% 5.90%
Schedule of lease maturity receivables	The future minimum contracted revenues, before the deduction of brokerage commissions, expected to be received on non-cancelable time charters for three VLCCs, two Suezmaxes, one Aframax, one LR2, and eight MRs, and the related revenue days as of September 30, 2024 are as follows: (Dollars in thousands) Amount Revenue Days 2024 $ 36,528 1,332 2025 114,169 4,112 2026 79,611 2,699 2027 39,433 1,259 2028 34,038 1,098 Thereafter 41,013 1,323 Future minimum revenues $ 344,791 11,823
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, 2024 are as follows: (Dollars in thousands) Amount 2024 $ 318 2025 1,093 2026 1,113 2027 1,077 2028 1,077 Thereafter 4,754 Total lease payments 9,432 less imputed interest (1,572) Total operating lease liabilities $ 7,860
Time Charters-In [Member]
Lease [Abstract]
Schedule of lease maturity payments	The remaining minimum lease payments and related number of operating days under the operating lease that commenced prior to September 30, 2024 are as follows: (Dollars in thousands) Amount Operating Days 2024 $ 2,427 92 2025 4,301 163 Total lease payments (lease component only) 6,728 255 less imputed interest (142) Total operating lease liabilities $ 6,586

Other Operating Expenses (Table

Other Operating Expenses (Tables)	9 Months Ended
Other Operating Expenses (Tables)	Sep. 30, 2024
OTHER INCOME/(EXPENSE) [Abstract]
Schedule of other operating expenses	Three Months Ended Nine Months Ended (Dollars in thousands) 2024 2023 2024 2023 Settlement of multi-employer pension plan obligations $ 44 $ — $ 1,019 $ — Legal and consulting fees associated with settlement of pension plan obligations 941 — 1,696 — Total other operating expenses $ 985 $ — $ 2,715 $ —

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Thousands	9 Months Ended
BASIS OF PRESENTATION (Details) $ in Thousands	Sep. 30, 2024 USD ($) property segment	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Number of vessels in fleet	82
Number of reportable segments \| segment	2
Investments in and advances to affiliated companies \| $	$ 33,794	$ 31,748
Other assets \| $	$ 16,913	$ 6,571
Maritime Equipment Not Including New Builds [Member]
Property, Plant and Equipment [Line Items]
Number of vessels in fleet	76
Newbuilds Pending Delivery [Member]
Property, Plant and Equipment [Line Items]
Number of vessels in fleet	6

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Feb. 23, 2024 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Allowance for doubtful accounts receivable	$ 190		$ 190		$ 191
Reversal of expected credit losses			1
Amortization of financing costs	$ 800	$ 1,200	2,500	$ 3,800
Proceeds from Insurance Settlement, Operating Activities			$ 1,004	2,858
Number of vessels in fleet \| property	82		82
Vessel/Fleet [Member]
Summary Of Significant Accounting Policies [Line Items]
Interest costs capitalized	$ 300	0	$ 700	2,300
Newbuilds Pending Delivery [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of vessels in fleet \| property	6		6
Newbuilds Completed for Entity and Delivered [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of vessels in fleet \| property	3		3
Revenue, Product and Service Benchmark [Member] \| Product Concentration Risk [Member] \| Pool Revenue Leases [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage			97%		95%
Core Term Loan Facility, Core Transition Facility, Sinosure Credit Facility and 8.5% Senior Notes [Member]
Summary Of Significant Accounting Policies [Line Items]
Issuance and other debt financing costs	$ 6,800		$ 6,800		$ 11,300
$500 Million Revolving Credit Facility
Summary Of Significant Accounting Policies [Line Items]
Credit facility, maximum borrowing capacity	500,000		500,000			$ 500,000
$160 Million Revolving Credit Facility [Member]
Summary Of Significant Accounting Policies [Line Items]
Credit facility, maximum borrowing capacity	160,000		160,000
$500 Million Revolving Credit Facility and $160 Million Revolving Credit Facility [Member]
Summary Of Significant Accounting Policies [Line Items]
Issuance and other debt financing costs	$ 11,800	$ 4,500	$ 11,800	$ 4,500

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (Activity for allowance for credit losses) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Balance Beginning	$ 191
Reversal of expected credit losses	1
Balance Ending	$ 190

EARNINGS PER COMMON SHARE (Narr

EARNINGS PER COMMON SHARE (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
EARNINGS PER COMMON SHARE (Narrative) (Details) - shares	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Participating securities allocated a portion of income	20,198	29,519	23,302	38,288
Antidilutive securities excluded from computation of earnings per share, amount	593,632	774,957	579,779	804,199
Dilutive awards	336,905	413,666	374,871	433,924
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities			419,215
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities			174,417

EARNINGS PER COMMON SHARE (Reco

EARNINGS PER COMMON SHARE (Reconciliation of Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
EARNINGS PER COMMON SHARE [Abstract]
Net Income (Loss) Available to Common Stockholders, Basic	$ 91,650	$ 97,878	$ 380,730	$ 424,011
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic	38	59	171	321
Net (loss)/income	$ 91,688	$ 97,937	$ 380,901	$ 424,332

BUSINESS AND SEGMENT REPORTIN_2

BUSINESS AND SEGMENT REPORTING (Reportable Segments Information) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			2
Revenues, services	$ 225,190	$ 241,708	$ 757,000	$ 821,041
Time charter equivalent revenues	219,687	235,952	742,463	807,607
Depreciation and amortization	39,304	33,363	109,974	95,356
Gain/(loss) on disposal of vessels and other assets	(13,499)	74	(41,402)	(10,648)
Gain on disposal of vessels and other assets, net of impairments		74
Adjusted income/(loss) from vessel operations	101,869	126,696	409,158	493,136
Adjusted total assets	2,407,010	2,316,053	2,407,010	2,316,053
Expenditures for vessels and vessel improvements			216,589	192,218
Payments for drydocking			43,855	27,622
Time Charter Equivalent Services [Member]
Segment Reporting Information [Line Items]
Revenues, services	219,687
Time charter equivalent revenues		235,952	742,463	807,607
Vessel Operations [Member]
Segment Reporting Information [Line Items]
Gain/(loss) on disposal of vessels and other assets			(41,402)	(10,648)
Adjusted income/(loss) from vessel operations			409,158	493,136
International Crude Tankers Segment [Member]
Segment Reporting Information [Line Items]
Revenues, services	103,212	114,250	355,458	398,829
Depreciation and amortization	20,536	20,039	60,571	56,583
Gain/(loss) on disposal of vessels and other assets	(18)		(20)	38
Gain on disposal of vessels and other assets, net of impairments		13
Adjusted income/(loss) from vessel operations	39,656	58,926	176,696	239,985
Adjusted total assets	1,453,559	1,520,485	1,453,559	1,520,485
Expenditures for vessels and vessel improvements			763	184,515
Payments for drydocking			6,333	4,364
International Crude Tankers Segment [Member] \| Time Charter Equivalent Services [Member]
Segment Reporting Information [Line Items]
Revenues, services	98,821
Time charter equivalent revenues		110,766	343,639	388,963
International Product Carriers Segment [Member]
Segment Reporting Information [Line Items]
Revenues, services	121,978	127,458	401,542	422,212
Depreciation and amortization	18,768	13,298	49,403	38,694
Gain/(loss) on disposal of vessels and other assets	(13,481)		(41,382)	(10,686)
Gain on disposal of vessels and other assets, net of impairments		61
Adjusted income/(loss) from vessel operations	62,213	67,796	232,462	253,230
Adjusted total assets	953,451	795,568	953,451	795,568
Expenditures for vessels and vessel improvements			215,826	7,703
Payments for drydocking			37,522	23,258
International Product Carriers Segment [Member] \| Time Charter Equivalent Services [Member]
Segment Reporting Information [Line Items]
Revenues, services	120,866
Time charter equivalent revenues		125,186	398,824	418,644
Other Segments [Member]
Segment Reporting Information [Line Items]
Revenues, services	0	0
Depreciation and amortization	0	26		79
Gain/(loss) on disposal of vessels and other assets	0
Gain on disposal of vessels and other assets, net of impairments		0
Adjusted income/(loss) from vessel operations	0	(26)		(79)
Adjusted total assets	0	0	$ 0	$ 0
Other Segments [Member] \| Time Charter Equivalent Services [Member]
Segment Reporting Information [Line Items]
Revenues, services	$ 0
Time charter equivalent revenues		$ 0

BUSINESS AND SEGMENT REPORTIN_3

BUSINESS AND SEGMENT REPORTING (Reconciliation of Time Charter Revenue to Shipping Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Time charter equivalent revenues	$ 219,687	$ 235,952	$ 742,463	$ 807,607
Add: Voyage expenses	5,503	5,756	14,537	13,434
Revenue, non lease	225,190	241,708	757,000	821,041
Time Charter Equivalent Services [Member]
Time charter equivalent revenues		$ 235,952	$ 742,463	$ 807,607
Revenue, non lease	$ 219,687

BUSINESS AND SEGMENT REPORTIN_4

BUSINESS AND SEGMENT REPORTING (Reconciliation of Income/(Loss) from Vessel Operations to Loss Before Reorganization) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total adjusted income/(loss) from vessel operations of all segments	$ 101,869	$ 126,696	$ 409,158	$ 493,136
General and administrative expenses	(13,411)	(12,314)	(37,494)	(35,082)
Other operating expenses	(985)
Third-party debt modification fees	0	(148)	(168)	(568)
Gain/(loss) on disposal of vessels and other assets, net	13,499	(74)	41,402	10,648
Consolidated loss from vessel operations	100,972	114,160	410,183	468,134
Other income	3,211	646	8,525	8,308
Interest expense	(12,496)	(16,817)	(37,808)	(51,678)
Income before income taxes	$ 91,687	$ 97,989	380,900	424,764
Vessel Operations [Member]
Total adjusted income/(loss) from vessel operations of all segments			409,158	493,136
General and administrative expenses			(37,494)	(35,082)
Other operating expenses			(2,715)	0
Third-party debt modification fees			(168)	(568)
Gain/(loss) on disposal of vessels and other assets, net			41,402	10,648
Consolidated loss from vessel operations			410,183	468,134
Other income			8,525	8,308
Interest expense			(37,808)	(51,678)
Income before income taxes			$ 380,900	$ 424,764

BUSINESS AND SEGMENT REPORTIN_5

BUSINESS AND SEGMENT REPORTING (Reconciliation of Assets of Segments to Consolidated Amounts) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Segment Reporting Information [Line Items]
Adjusted total assets	$ 2,407,010		$ 2,316,053
Cash and cash equivalents	103,309	$ 126,760	138,976
Short-term investments	50,000	60,000	75,000
Other unallocated amounts	27,527		30,993
Total assets	2,587,846	$ 2,521,819	2,561,022
Other Segments [Member]
Segment Reporting Information [Line Items]
Adjusted total assets	$ 0		$ 0

VESSELS (Vessel Acquisitions an

VESSELS (Vessel Acquisitions and Construction Commitments - Narrative) (Details)		1 Months Ended	3 Months Ended
	Feb. 23, 2024 USD ($) property item shares	Mar. 31, 2024 USD ($) property	Sep. 30, 2024 USD ($)
$500 Million Revolving Credit Facility
Property, Plant and Equipment [Line Items]
Credit facility, maximum borrowing capacity	$ 500,000,000		$ 500,000,000
MR Vessels Acquired 2 2014 Built and 4 2015 Built [Member]
Property, Plant and Equipment [Line Items]
Payment percentage of acquired vessels in cash	85%
Payment percentage of acquired vessels in shares of common stock	15%
Number of vessels delivered \| item	6
Amount of acquisition of the vessels	$ 198,300,000
Amount of acquisition of the vessels by cash	$ 1,100,000
Issued shares to sellers \| shares	623,778
Shares issued in asset acquisition	$ 36,800,000		623,778
MR Vessels Acquired 2 2014 Built and 4 2015 Built [Member] \| Scenario, Plan [Member]
Property, Plant and Equipment [Line Items]
Purchase agreement, purchase amount	$ 232,000,000
MR Vessels Acquired 2 2014 Built [Member]
Property, Plant and Equipment [Line Items]
Number of vessels acquired \| property	2
MR Vessels Acquired 4 2015 Built [Member]
Property, Plant and Equipment [Line Items]
Number of vessels acquired \| property	4
LR1 Vessel Ordered to be Built [Member]
Property, Plant and Equipment [Line Items]
Purchase agreement, purchase amount		$ 359,000,000
Number of vessels acquired \| property		6
LR1 Vessels Newly Ordered Built [Member]
Property, Plant and Equipment [Line Items]
Number of vessels acquired \| property		2
Remaining cost of construction of vessels			$ 335,300,000
LR1 Vessels Previously Ordered Built [Member]
Property, Plant and Equipment [Line Items]
Number of vessels acquired \| property		4

VESSELS (Disposal_Sales of Vess

VESSELS (Disposal/Sales of Vessels - Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Gain (loss) on disposition of property	$ 41,402	$ 10,648
MR Vessel 2009 Built [Member]
Property, Plant and Equipment [Line Items]
Number of Vessels Delivered \| property	1
MR Vessel 2008 Built [Member]
Property, Plant and Equipment [Line Items]
Gain (loss) on disposition of property		$ 10,900
Number of Vessels Delivered \| property	2
MR Vessel 2008 and 2009 Built [Member]
Property, Plant and Equipment [Line Items]
Gain (loss) on disposition of property	$ 41,400

VARIABLE INTEREST ENTITIES (V_3

VARIABLE INTEREST ENTITIES (VIEs) (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Accounts receivable, net, current	$ 191,093		$ 247,165
Payments on debt	$ 39,851	$ 323,685
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of commercial pools \| item	7
Variable Interest Entity, Not Primary Beneficiary [Member] \| FSO Joint Venture [Member]
Variable Interest Entity [Line Items]
Accounts receivable, net, current	$ 182,500

VARIABLE INTEREST ENTITIES (V_4

VARIABLE INTEREST ENTITIES (VIEs) (Balance Sheet Carrying Amounts Related to VIEs) (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Pool working capital deposits	$ 33,794

VARIABLE INTEREST ENTITIES (V_5

VARIABLE INTEREST ENTITIES (VIEs) (Comparison of Liability to Maximum Exposure to Loss) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Other Liabilities	$ 2,462	$ 2,628
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 33,794

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Apr. 26, 2024	Apr. 25, 2024	Feb. 23, 2024	Dec. 31, 2023
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items]
Derivative, notional amount	$ 255,600		$ 255,600
Aggregate principal payments required	650,512		650,512					$ 722,676
Net change in unrealized gains/(losses) on cash flow hedges	4,277	$ 968	4,702	$ 1,725
Derivative instruments, gain (loss) reclassification from accumulated oci to income, estimated net amount to be transferred			2,100
Amortized out of accumulated other comprehensive income			400
$750 Million Facility Term Loan
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items]
Aggregate principal payments required	0		0					110,474
Debt face amount	750,000		750,000					750,000
$750 Million Credit Facility
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items]
Debt face amount					$ 750,000	$ 750,000
$500 Million Revolving Credit Facility
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items]
Credit facility, maximum borrowing capacity	500,000		500,000				$ 500,000
Derivative, notional amount	$ 94,600		$ 94,600
Derivative, fixed interest rate	2.84%		2.84%
Derivative, maturity date			Feb. 22, 2027
Debt face amount	$ 500,000		$ 500,000
Ocean Yield Lease Financing
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items]
Derivative, notional amount	161,000		161,000
Aggregate principal payments required	$ 287,711		$ 287,711					$ 309,250

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Other Than Derivatives) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 103,309	$ 126,760
Short-term investments	50,000
Fair Value, Inputs, Level 2 [Member] \| $390 Million Facility Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term investments		60,000
Fair Value, Inputs, Level 2 [Member] \| $500 Million Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	(94,581)	(113,598)
Fair Value, Inputs, Level 2 [Member] \| ING Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	0	(20,833)
Fair Value, Inputs, Level 2 [Member] \| Ocean Yield Lease Financing
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	(289,987)	(311,907)
Fair Value, Inputs, Level 2 [Member] \| BoComm Lease Financing
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	(192,343)	(210,186)
Fair Value, Inputs, Level 2 [Member] \| Toshin Lease Financing
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	(12,149)	(13,566)
Fair Value, Inputs, Level 2 [Member] \| Hyuga Lease Financing
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	(12,127)	(13,643)
Fair Value, Inputs, Level 2 [Member] \| Kaiyo Lease Financing
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	(11,062)	(12,419)
Fair Value, Inputs, Level 2 [Member] \| Kaisha Lease Financing
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ (11,047)	$ (12,519)

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Portion of Derivative Assets [Member]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	$ 2,087	$ 5,081
Non Current Portion of Derivative Assets [Member]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	214	1,153
Other Receivables [Member]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	710	961
Designated as Hedging Instrument [Member] \| Current Portion of Derivative Assets [Member] \| Interest Rate Swap [Member]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	2,087	5,081
Designated as Hedging Instrument [Member] \| Non Current Portion of Derivative Assets [Member] \| Interest Rate Swap [Member]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	214	1,153
Designated as Hedging Instrument [Member] \| Other Receivables [Member] \| Interest Rate Swap [Member]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	$ 710	$ 961

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Effect of Cash Flow Hedging Relationships) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total other comprehensive loss	$ (2,383)	$ 1,897	$ 1,766	$ 6,291
Interest Rate Swap [Member]
Total other comprehensive loss	$ (2,383)	$ 1,897	$ 1,766	$ 6,291

FAIR VALUE OF FINANCIAL INSTR_7

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Effect of Cash Flow Hedging Relationships on Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	$ (1,894)	$ (2,865)	$ (6,468)	$ (8,016)
Interest Expense [Member]
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	(1,894)	(2,865)	(6,468)	(8,016)
Not Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	(160)	(522)	(769)	(1,688)
Cash Flow Hedging [Member] \| Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss	$ (1,734)	$ (2,343)	$ (5,699)	$ (6,328)

FAIR VALUE OF FINANCIAL INSTR_8

FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Fair Values of Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Interest Rate Swap [Member] \| Fair Value, Measurements, Recurring [Member]
Derivative Asset	$ 3,011	$ 7,195

DEBT (Schedule of Long-term Deb

DEBT (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt
Aggregate principal payments required	$ 650,512	$ 722,676
Less current portion	(49,823)	(127,447)
Long-term portion	600,689	595,229
$750 Million Facility Term Loan
Debt
Aggregate principal payments required	0	110,474
Unamortized discount and deferred finance costs	3,124
$500 Million Revolving Credit Facility
Debt
Aggregate principal payments required	94,581	0
ING Credit Facility
Debt
Aggregate principal payments required	0	20,538
Unamortized discount and deferred finance costs	295
Ocean Yield Lease Financing
Debt
Aggregate principal payments required	287,711	309,250
Unamortized discount and deferred finance costs	2,276	2,656
BoComm Lease Financing
Debt
Aggregate principal payments required	219,756	229,583
Unamortized discount and deferred finance costs	3,620	4,166
Toshin Lease Financing
Debt
Aggregate principal payments required	12,859	13,903
Unamortized discount and deferred finance costs	257	302
Hyuga Lease Financing
Debt
Aggregate principal payments required	12,629	13,786
Unamortized discount and deferred finance costs	220	265
Kaiyo Lease Financing
Debt
Aggregate principal payments required	11,433	12,518
Unamortized discount and deferred finance costs	187	227
Kaisha Lease Financing
Debt
Aggregate principal payments required	11,543	12,624
Unamortized discount and deferred finance costs	$ 196	$ 238

DEBT (ING Credit Facility) (Det

DEBT (ING Credit Facility) (Details) $ in Millions	Apr. 18, 2024 USD ($)
ING Credit Facility
Debt Instrument [Line Items]
Repayments of secured debt	$ 20.3

DEBT (750 Million Credit Facili

DEBT (750 Million Credit Facility) (Details) - USD ($) $ in Thousands			9 Months Ended
	Jun. 24, 2024	Apr. 26, 2024	Sep. 30, 2024	Sep. 30, 2023	Apr. 25, 2024	Feb. 23, 2024	Dec. 31, 2023
Debt
Proceeds from Long-term Lines of Credit			$ 50,000	$ 50,000
$750 Million Credit Facility
Debt
Debt face amount		$ 750,000			$ 750,000
$750 Million Facility Term Loan
Debt
Debt face amount			750,000				$ 750,000
Line of credit facility, amount outstanding					94,600
$750 Million Facility Revolving Loan
Debt
Line of credit facility, amount outstanding					$ 257,400
$500 Million Revolving Credit Facility
Debt
Credit facility, maximum borrowing capacity			500,000			$ 500,000
Debt face amount			500,000
Undrawn amount			392,600
Line of credit facility, amount outstanding			94,600
Proceeds from Long-term Lines of Credit	$ 50,000
$500 Million Revolving Credit Facility
Debt
Credit facility, maximum borrowing capacity		500,000
Debt face amount			$ 500,000				$ 500,000
Line of credit facility, amount outstanding		$ 94,600
Debt instrument adjusted profile term		20 years
Scheduled future quarterly principal amortization		$ 12,800
Debt instrument, basis spread on variable rate		1.85%
Minimum liquidity level, threshold amount		$ 50,000
Minimum liquidity level, threshold percentage of debt		5%
Threshold leverage ratio		0.60%
Debt instrument covenant, fair market value of the core collateral vessels, threshold percentage of outstanding principal amount		135%

DEBT (Debt Covenants) (Details)

DEBT (Debt Covenants) (Details)	9 Months Ended
DEBT (Debt Covenants) (Details)	Sep. 30, 2024
DEBT [Abstract]
Debt instrument, covenant compliance	The Company was in compliance with the financial and non-financial covenants under all of its financing arrangements as of September 30, 2024.

DEBT (Interest Expense - Narrat

DEBT (Interest Expense - Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest paid, net	$ 12.6	$ 16.7	$ 37.8	$ 53.2
Interest expense, debt	$ 11.3	$ 16.8	$ 34.5	52.8
Very Large Crude Carrier 2 Newbuilds [Member]
Pre-delivery interest expenses				$ 2

CAPITAL STOCK AND STOCK COMPE_3

CAPITAL STOCK AND STOCK COMPENSATION (Director Compensation - Restricted Commons Stock - Narrative) (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Feb. 19, 2024	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted		20,198
Grantee status		us-gaap:ShareBasedPaymentArrangementNonemployeeMember
Granted, per share		$ 57.17
Director Nadim Qureshi [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, grant date fair value			$ 0.1
Accelerated shares vested	2,635

CAPITAL STOCK AND STOCK COMPE_4

CAPITAL STOCK AND STOCK COMPENSATION (Management Compensation - Stock Options - Narrative) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option average exercise price				$ 22.11
Taxes and costs		9,473	158,591	130,810
Employee Stock Option [Member] \| Share-Based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture			18,765	6,843
Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, options	0	0	0	0
Senior Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercised			65,179	25,937
Stock option average exercise price			$ 21.74

CAPITAL STOCK AND STOCK COMPE_5

CAPITAL STOCK AND STOCK COMPENSATION (Management Compensation - Restricted Stock Units - Narrative) (Details) - $ / shares	1 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024
Total Shareholder Return Performance Based Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, per share		$ 41.08
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	20,198
Granted, per share	$ 57.17
Senior Officers [Member] \| Time Based Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted		82,076
Granted, per share		$ 52.99
Grant date, value, per share		1
Senior Officers [Member] \| Time Based Restricted Stock Units (RSUs) [Member] \| Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, vested		33,998
Senior Officers [Member] \| Performance Based Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted		48,080
Granted, per share		$ 52.57
Directors [Member] \| Time Based Restricted Stock Units (RSUs) [Member] \| Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options, vested		48,078

CAPITAL STOCK AND STOCK COMPE_6

CAPITAL STOCK AND STOCK COMPENSATION (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Dec. 27, 2024	Dec. 13, 2024	Nov. 06, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
S 2023 Q4 Dividends [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Quarterly Dividend per Share						$ 1.20
S 2024 Q1 Dividends [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Quarterly Dividend per Share				$ 1.38
O 2024 Q1 Dividends
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Record Date						Mar. 14, 2024
Quarterly Dividend per Share						$ 0.12
Total Dividends Paid						$ 64,665
S 2024 Q2 Dividends [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Quarterly Dividend per Share					$ 1.63
O 2024 Q2 Dividends
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Record Date					Jun. 12, 2024
Quarterly Dividend per Share					$ 0.12
Total Dividends Paid					$ 86,930
O 2024 Q3 Dividends
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Record Date				Sep. 11, 2024
Quarterly Dividend per Share				$ 0.12
Total Dividends Paid				$ 73,789
Subsequent Event \| S 2024 Q2 Dividends [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Quarterly Dividend per Share			$ 1.08
Subsequent Event \| O 2024 Q2 Dividends
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Declaration Date			Nov. 06, 2024
Record Date		Dec. 13, 2024
Payment Date	Dec. 27, 2024
Quarterly Dividend per Share			$ 0.12

CAPITAL STOCK AND STOCK COMPE_7

CAPITAL STOCK AND STOCK COMPENSATION (Shares Repurchased) (Details) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023 $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Nov. 30, 2024 USD ($)	Aug. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchased and Retired During Period, Shares \| shares		501,646	366,483
Shares repurchased, price per share \| $ / shares	38.03	49.81	38.03
Payments for repurchase of equity		$ 25	$ 13.9
Shares paid for tax withholding for share based compensation \| shares	9,473	158,591	130,810
Shares paid for tax withholding for share based compensation, per share amount \| $ / shares	$ 45.50	$ 53.42	$ 43.81
Stock repurchase program, authorized amount					$ 50
Stock repurchase program, remaining authorized repurchase amount		$ 25
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount				$ 25

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) [Abstract]
Derivative instruments, gain (loss) reclassification from accumulated oci to income, estimated net amount to be transferred	$ 2.1

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) [Abstract]
Unrealized gains on derivative instruments	$ 4,647	$ 9,349
Items not yet recognized as a component of net periodic benefit cost (pension plans)	(13,870)	(10,412)
Accumulated other comprehensive loss	$ (9,223)	$ (1,063)

ACCUMULATED OTHER COMPREHENSI_5

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Changes in Components of AOCI, Net of Related Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Balance, beginning	$ 1,887,436	$ 1,620,274	$ 1,716,757	$ 1,487,752
Other comprehensive loss, net of tax	(7,807)	(596)	(8,160)	(1,805)
Balance, ending	1,874,630	1,650,077	1,874,630	1,650,077
Accumulated Other Comprehensive Loss [Member]
Balance, beginning	(1,416)	5,755	(1,063)	6,964
Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss)	(5,913)	2,269	(1,692)	6,211
Amounts reclassified from accumulated other comprehensive income/(loss)	(1,894)	(2,865)	(6,468)	(8,016)
Other comprehensive loss, net of tax	(7,807)	(596)	(8,160)	(1,805)
Balance, ending	(9,223)	5,159	(9,223)	5,159
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Balance, beginning	8,924	16,155	9,349	16,912
Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss)	(2,383)	1,897	1,766	6,291
Amounts reclassified from accumulated other comprehensive income/(loss)	(1,894)	(2,865)	(6,468)	(8,016)
Balance, ending	4,647	15,187	4,647	15,187
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance, beginning	(10,340)	(10,400)	(10,412)	(9,948)
Current period change, excluding amounts reclassified from accumulated other comprehensive income/(loss)	(3,530)	372	(3,458)	(80)
Balance, ending	$ (13,870)	$ (10,028)	$ (13,870)	$ (10,028)

ACCUMULATED OTHER COMPREHENSI_6

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Amounts Reclassified out of AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Unrealized losses on available-for-sale securities:
Equity in income of affiliated companies	$ 91,687	$ 97,989	$ 380,900	$ 424,764
Interest expense	12,496	16,817	37,808	51,678
Other income	3,211	646	8,525	8,308
Total reclassified out of AOCL, before tax	(1,894)	(2,865)	(6,468)	(8,016)
Interest Rate Cap [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Unrealized losses on available-for-sale securities:
Interest expense	(160)	(522)	(769)	(1,688)
Interest Rate Swap [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Unrealized losses on available-for-sale securities:
Interest expense	$ (1,734)	$ (2,343)	$ (5,699)	$ (6,328)

REVENUE (Narrative) (Details)

REVENUE (Narrative) (Details)	3 Months Ended		9 Months Ended
REVENUE (Narrative) (Details)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)
Revenues, Total \| $	$ 225,190,000	$ 241,708,000	$ 757,000,000	$ 821,041,000
Capitalized contract cost, gross \| $	$ 0		$ 0
Lease cancellation period notice			90 days
Very Large Crude Carrier [Member]
Number of vessels party to contracts			3
LR2 Vessel [Member]
Number of vessels party to contracts			1
Aframaxes [Member]
Number of vessels party to contracts			1
Suezmax
Number of vessels party to contracts			2
MR Vessel [Member]
Number of vessels party to contracts			8

REVENUE (Schedule of Disaggrega

REVENUE (Schedule of Disaggregated Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue, non lease	$ 225,190	$ 241,708	$ 757,000	$ 821,041
Shipping revenues	225,190	241,708	757,000	821,041
International Crude Tankers Segment [Member]
Revenue, non lease	103,212	114,250	355,458	398,829
Shipping revenues	103,212	114,250	355,458	398,829
International Product Carriers Segment [Member]
Revenue, non lease	121,978	127,458	401,542	422,212
Shipping revenues	121,978	127,458	401,542	422,212
Other Segments [Member]
Revenue, non lease	0	0
Pool Revenue Leases [Member]
Revenue, operating leases			603,970	$ 701,634
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]				Shipping revenues
Shipping revenues	170,007	194,465	603,970	$ 701,634
Pool Revenue Leases [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	$ 170,007	$ 194,465
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Shipping revenues	Shipping revenues
Pool Revenue Leases [Member] \| International Crude Tankers Segment [Member]
Revenue, operating leases			246,979	309,000
Pool Revenue Leases [Member] \| International Crude Tankers Segment [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	$ 67,674	$ 80,562
Pool Revenue Leases [Member] \| International Product Carriers Segment [Member]
Revenue, operating leases			356,991	392,634
Pool Revenue Leases [Member] \| International Product Carriers Segment [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	102,333	113,903
Voyage Charter Leases Non Variable Payments [Member]
Revenue, operating leases			9,362	15,149
Voyage Charter Leases Non Variable Payments [Member] \| Fixed-Price Contract [Member]
Revenue, lease non-variable	3,923	6,627
Voyage Charter Leases Non Variable Payments [Member] \| International Crude Tankers Segment [Member]
Revenue, operating leases			4,550	5,324
Voyage Charter Leases Non Variable Payments [Member] \| International Crude Tankers Segment [Member] \| Fixed-Price Contract [Member]
Revenue, lease non-variable	2,525	1,669
Voyage Charter Leases Non Variable Payments [Member] \| International Product Carriers Segment [Member]
Revenue, operating leases			4,812	9,825
Voyage Charter Leases Non Variable Payments [Member] \| International Product Carriers Segment [Member] \| Fixed-Price Contract [Member]
Revenue, lease non-variable	1,398	4,958
Voyage Charter Leases Variable Payments [Member]
Revenue, operating leases				545
Revenue, non lease			44,638
Voyage Charter Leases Variable Payments [Member] \| Fixed-Price Contract [Member]
Revenue (expense), operating leases		329
Voyage Charter Leases Variable Payments [Member] \| International Crude Tankers Segment [Member]
Revenue, operating leases				66
Revenue, non lease			44,638
Voyage Charter Leases Variable Payments [Member] \| International Product Carriers Segment [Member]
Revenue, operating leases				479
Voyage Charter Leases Variable Payments [Member] \| International Product Carriers Segment [Member] \| Fixed-Price Contract [Member]
Revenue (expense), operating leases		329
Time and Bareboat Charter Leases [Member]
Revenue, operating leases			$ 99,030	$ 66,849
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]			Shipping revenues	Shipping revenues
Shipping revenues	36,842	$ 27,587	$ 99,030	$ 66,849
Time and Bareboat Charter Leases [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	$ 36,842				$ 27,587
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Shipping revenues	Shipping revenues	Shipping revenues
Time and Bareboat Charter Leases [Member] \| International Crude Tankers Segment [Member]
Revenue, operating leases			$ 59,291	47,575
Time and Bareboat Charter Leases [Member] \| International Crude Tankers Segment [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	$ 18,595				19,319
Time and Bareboat Charter Leases [Member] \| International Product Carriers Segment [Member]
Revenue, operating leases			39,739	19,274
Time and Bareboat Charter Leases [Member] \| International Product Carriers Segment [Member] \| Fixed-Price Contract [Member]
Revenue, operating leases	18,247				$ 8,268
Voyage Charter Leases [Member]
Revenue, non lease				36,864
Shipping revenues	18,341	$ 19,656	$ 54,000	52,558
Voyage Charter Leases [Member] \| Lightering Services Component [Member]
Revenue, non lease	14,418	12,700
Voyage Charter Leases [Member] \| International Crude Tankers Segment [Member]
Revenue, non lease				$ 36,864
Voyage Charter Leases [Member] \| International Crude Tankers Segment [Member] \| Lightering Services Component [Member]
Revenue, non lease	$ 14,418	$ 12,700

REVENUE (Schedule of Contract R

REVENUE (Schedule of Contract Related Receivables, Assets and Liabilities with Customers) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
REVENUE [Abstract]
Voyage receivables - receivables	$ 4,665	$ 6,512
Contract asset (voyage receivables unbilled receivables)	184	1,029
Contract liability (deferred revenues)	$ 0	$ 0

REVENUE (Components of non-cash

REVENUE (Components of non-cash revenue and expenses recognized for EUAs) (Details) - European Union's Emissions Trading System ("EU ETS") $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Total shipping revenues	$ 1,365	$ 3,900
Voyage expenses	1,365	3,900
Other receivables
Value of EUAs receivable from its charterers or commercial pools in which it participates	3,900	3,900
Other Liabilities
Value of EUAs due to European Union Authorities	2,500	2,500
Pool revenues
Total shipping revenues	910	2,954
Timer charter revenues
Total shipping revenues	$ 455	$ 946

LEASES (Narrative) (Details)

LEASES (Narrative) (Details)	9 Months Ended
LEASES (Narrative) (Details)	Sep. 30, 2024 USD ($) lease property
Leases [Line Items]
Number of major categories of leases \| lease	2
Vessels that have commitments to charter \| property	2
MR Vessel [Member]
Leases [Line Items]
Number of vessels chartered \| property	8
Aframaxes [Member]
Leases [Line Items]
Number of vessels chartered	1
LR2 Vessel [Member]
Leases [Line Items]
Number of vessels chartered \| property	1
Very Large Crude Carrier [Member]
Leases [Line Items]
Number of vessels chartered	3
Suezmax
Leases [Line Items]
Number of vessels chartered	2
Time Charters-In [Member] \| One LR Delivered October 2024 Vessel [Member]
Leases [Line Items]
2024	$ 3,240,000
2025	12,994,000
2026	$ 2,563,000
Maximum
Leases [Line Items]
Excluded vessels chartered period	1 month

LEASES (Schedule of lease cost)

LEASES (Schedule of lease cost) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating lease, cost	$ 7,245	$ 11,297	$ 20,841	$ 30,599
Total lease cost	3,837	8,221	11,611	20,790
Vessel/Fleet [Member] \| Charter Hire Expense [Member]
Operating lease, cost	2,393	2,092	7,127	3,837
Short-term lease, cost	1,173	5,881	3,671	15,304
Vessel/Fleet [Member] \| Vessel Expense [Member]
Amortization of right-of-use assets			0	731
Interest on lease liabilities			0	124
Office Space [Member] \| General and Administrative Expense [Member]
Operating lease, cost	226	203	678	659
Office Space [Member] \| Voyage Expense [Member]
Operating lease, cost	45	45	135	135
Lightering Services Component [Member] \| Vessel/Fleet [Member]
Short-term lease, cost	$ 1,800	$ 300	$ 3,900	$ 2,000

LEASES (Supplemental lease info

LEASES (Supplemental lease information) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$ 8,072	$ 3,822
Finance cash flows used for finance leases	0	$ 42,284
Current portion of operating lease liabilities	(7,673)		$ (10,223)
Operating Lease, Liability, Noncurrent	6,773		11,631
Operating Lease, Right-of-Use Asset	12,295		20,391
Total operating and finance lease liabilities	$ 14,446		$ 21,854
Operating Lease, Weighted Average Remaining Lease Term	4 years 11 months 1 day		4 years 5 months 1 day
Operating Lease, Weighted Average Discount Rate, Percent	5.54%		5.90%

LEASES (Bareboat and Time Chart

LEASES (Bareboat and Time Charters-In) (Details) - Time Charters-In [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Leases [Line Items]
2024	$ 2,427
2025	4,301
Total lease payments	6,728
less imputed interest	(142)
Total operating lease liabilities	$ 6,586
2024, operating days	92 days
2025, operating days	163 days
Operating days, total	255 days

LEASES (Future Minimum Lease Ob

LEASES (Future Minimum Lease Obligations for Office Space) (Details) - Office Space And Lightering Workboat Dock Space [Member] $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Line Items]
2024	$ 318
2025	1,093
2026	1,113
2027	1,077
2028	1,077
Thereafter	4,754
Total lease payments	9,432
less imputed interest	(1,572)
Total operating lease liabilities	$ 7,860

LEASES (Future Minimum Revenues

LEASES (Future Minimum Revenues on Charters-Out) (Details) - Charters-Out [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2024	$ 36,528
2025	114,169
2026	79,611
2027	39,433
2028	34,038
Thereafter	41,013
Net minimum lease payments	$ 344,791
2024, revenue days	1332 days
2025, revenue days	4112 days
2026, revenue days	2699 days
2027, revenue days	1259 days
2028, revenue days	1098 days
Thereafter	1323 days
Revenue Days	11823 days

Other Operating Expenses (Detai

Other Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Other Operating Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2024
OTHER INCOME/(EXPENSE) [Abstract]
Provisions for settlement of multi-employer pension plan obligations	$ 44	$ 1,019
Legal and consulting fees associated with settlement of pension plan obligations	941	1,696
Total other operating expenses	$ 985	$ 2,715

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Narrative) (Details) - USD ($) $ in Thousands		1 Months Ended	9 Months Ended
	Jul. 11, 2024	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Payment related to purchase of insurance contract		$ 3,600	$ 3,649	$ 0
Reimbursement costs related to pension plans insurance purchased		100
Retirement Benefits Plan Trustee [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Insurance contract amount purchased related to pension plan		21,000	$ 21,000
Merchant Navy Officers Pension Fund [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer discretionary contribution amount	$ 100
Merchant Navy Ratings Pension Fund [Member] \| Scenario, Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer discretionary contribution amount		$ 800

CONTINGENCIES (Narrative) (Deta

CONTINGENCIES (Narrative) (Details) $ in Millions	1 Months Ended
CONTINGENCIES (Narrative) (Details) $ in Millions	Jul. 31, 2023 USD ($)
CONTINGENCIES [Abstract]
Loss Contingency, Damages Sought	$ 25
Loss Contingency Accrual	$ 0