Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 02, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Registrant Name | INTERNATIONAL SEAWAYS, INC. | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 474,870,401 | ||
Entity Common Stock, Shares Outstanding | 29,281,953 | ||
Entity Central Index Key | 0001679049 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 89,671 | $ 58,313 |
Voyage receivables, including unbilled of $74,355 and $87,725 | 83,845 | 94,623 |
Other receivables | 3,938 | 5,246 |
Inventories | 3,896 | 3,066 |
Prepaid expenses and other current assets | 5,994 | 5,912 |
Current portion of derivative asset | 460 | |
Total Current Assets | 187,344 | 167,620 |
Restricted cash | 60,572 | 59,331 |
Vessels and other property, less accumulated depreciation | 1,292,516 | 1,330,795 |
Deferred drydock expenditures, net | 23,125 | 16,773 |
Operating lease right-of-use assets | 33,718 | |
Investments in and advances to affiliated companies | 153,292 | 268,322 |
Long-term derivative asset | 704 | |
Other assets | 2,934 | 5,056 |
Total Assets | 1,753,501 | 1,848,601 |
Current Liabilities: | ||
Accounts payable, accrued expenses and other current liabilities | 27,554 | 23,008 |
Current portion of operating lease liabilities | 12,958 | |
Current installments of long-term debt | 70,350 | 51,555 |
Current portion of derivative liability | 3,614 | 707 |
Total Current Liabilities | 114,476 | 75,270 |
Long-term operating lease liabilities | 17,953 | |
Long-term debt | 590,745 | 759,112 |
Long-term portion of derivative liability | 6,545 | 1,922 |
Other liabilities | 1,489 | 2,442 |
Total Liabilities | 731,208 | 838,746 |
Commitments and contingencies | ||
Equity: | ||
Capital - 100,000,000 no par value shares authorized; 29,274,452 and 29,184,501 shares issued and outstanding | 1,313,178 | 1,309,269 |
Accumulated deficit | (270,315) | (269,485) |
Stockholders Equity Subtotal | 1,042,863 | 1,039,784 |
Accumulated other comprehensive loss | (20,570) | (29,929) |
Total Equity | 1,022,293 | 1,009,855 |
Total Liabilities and Equity | $ 1,753,501 | $ 1,848,601 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Unbilled voyage receivable (in dollars) | $ 74,355 | $ 87,725 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares, issued | 29,274,452 | 29,184,501 |
Common stock, shares, outstanding | 29,274,452 | 29,184,501 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shipping Revenues: | |||
Shipping revenues | $ 366,184 | $ 270,361 | $ 290,101 |
Operating Expenses: | |||
Voyage expenses | 26,265 | 27,261 | 15,106 |
Vessel expenses | 123,205 | 135,003 | 141,235 |
Charter hire expenses | 57,512 | 44,910 | 41,700 |
Depreciation and amortization | 75,653 | 72,428 | 78,853 |
General and administrative | 26,798 | 24,304 | 24,453 |
Provision for credit losses | 1,245 | ||
Third-party debt modification fees | 30 | 1,306 | 9,240 |
Separation and transition costs | 604 | ||
Loss on disposal of vessels and other property, including impairments | 308 | 19,680 | 86,855 |
Total operating expenses | 311,016 | 324,892 | 398,046 |
Income/(loss) from vessel operations | 55,168 | (54,531) | (107,945) |
Equity in income of affiliated companies | 11,213 | 29,432 | 48,966 |
Operating income/(loss) | 66,381 | (25,099) | (58,979) |
Other income/(loss) | (943) | (3,715) | (5,818) |
Income/(loss) before interest expense and income taxes | 65,438 | (28,814) | (64,797) |
Interest expense | (66,267) | (60,231) | (41,247) |
Loss before income taxes | (829) | (89,045) | (106,044) |
Income tax benefit/(provision) | (1) | 105 | (44) |
Net loss | $ (830) | $ (88,940) | $ (106,088) |
Weighted Average Number of Common Shares Outstanding: | |||
Basic and diluted | 29,225,483 | 29,136,634 | 29,159,440 |
Per Share Amounts: | |||
Basic and diluted net loss per share | $ (0.03) | $ (3.05) | $ (3.64) |
Pool Revenue Leases [Member] | |||
Shipping Revenues: | |||
Shipping revenues | $ 254,055 | $ 177,206 | $ 177,347 |
Time and Bareboat Charter Leases [Member] | |||
Shipping Revenues: | |||
Shipping revenues | 27,625 | 25,961 | 55,106 |
Voyage Charter Leases [Member] | |||
Shipping Revenues: | |||
Shipping revenues | $ 84,504 | $ 67,194 | $ 57,648 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | |||
Pool revenues, received from companies accounted for by the equity method | $ 165,583 | $ 94,441 | $ 39,572 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net loss | $ 15,891 | $ (11,095) | $ (16,523) | $ 10,897 | $ 6,958 | $ (47,786) | $ (18,796) | $ (29,316) | $ (830) | $ (88,940) | $ (106,088) |
Other Comprehensive Income/(Loss), net of tax: | |||||||||||
Net change in unrealized losses on cash flow hedges | 9,788 | 7,469 | 11,328 | ||||||||
Defined benefit pension and other postretirement benefit plans: | |||||||||||
Net change in unrecognized prior service costs | 32 | (13) | (31) | ||||||||
Net change in unrecognized actuarial losses | (461) | 3,022 | 563 | ||||||||
Other Comprehensive Income, net of tax | 9,359 | 10,478 | 11,860 | ||||||||
Comprehensive Income/(Loss) | $ 8,529 | $ (78,462) | $ (94,228) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | |||
Net loss | $ (830) | $ (88,940) | $ (106,088) |
Items included in net loss not affecting cash flows: | |||
Depreciation and amortization | 75,653 | 72,428 | 78,853 |
Loss on write-down of vessels and other assets | 19,037 | 88,408 | |
Amortization of debt discount and other deferred financing costs | 6,920 | 6,212 | 6,423 |
Deferred financing costs write-off | 3,558 | 2,400 | 7,020 |
Stock compensation, non-cash | 4,278 | 3,162 | 3,808 |
Earnings of affiliated companies | (30,266) | (29,201) | (49,427) |
Release other comprehensive loss upon sale of investment in affiliated companies | 21,615 | ||
Change in fair value of interest rate collar recorded through earnings | (923) | ||
Other - net | 1,461 | 448 | 131 |
Items included in net loss related to investing and financing activities: | |||
Loss/(gain) on disposal of vessels and other assets, net | 308 | 643 | (1,553) |
Gain on sale of investment in affiliated companies | (3,033) | ||
Loss on extinguishment of debt | 1,100 | 1,295 | |
Cash distributions from affiliated companies | 13,855 | 43,622 | 21,220 |
Payments for drydocking | (19,546) | (4,520) | (21,396) |
Insurance claims proceeds related to vessel operations | 2,179 | 5,436 | 1,964 |
Changes in operating assets and liabilities: | |||
Decrease/(increase) in receivables | 10,778 | (36,436) | 8,730 |
Decrease in deferred revenue | (25) | (893) | (4,730) |
Net change in inventories, prepaid expenses and other current assets and accounts payable, accrued expense, and other current and long-term liabilities | 404 | (7,173) | (15,968) |
Net cash provided by/(used in) operating activities | 87,486 | (12,480) | 17,395 |
Cash Flows from Investing Activities: | |||
Expenditures for vessels and vessel improvements | (36,607) | (148,946) | (173,535) |
Proceeds from disposal of vessels and other property | 15,767 | 169,292 | 18,344 |
Expenditures for other property | (574) | (1,096) | (406) |
Proceeds from sale of investment in affiliated companies | 122,755 | ||
Investments in and advances to affiliated companies, net | 2,338 | 3,679 | (731) |
Repayments of advances from joint venture investees | 4,195 | 100,780 | 19,530 |
Net cash provided by/(used in) investing activities | 107,874 | 123,709 | (136,798) |
Cash Flows from Financing Activities: | |||
Issuance of debt, net of issuance and deferred financing costs | (100) | 70,120 | 614,933 |
Payments on debt | (49,911) | (71,610) | (54,983) |
Extinguishment of debt | (110,000) | (62,069) | (458,416) |
Premium on extinguishment of debt | (2,092) | ||
Repurchases of common stock | (3,177) | ||
Cash paid to tax authority upon vesting of stock-based compensation | (369) | (410) | (349) |
Other - net | (289) | (222) | |
Net cash (used in)/provided by financing activities | (162,761) | (64,191) | 98,008 |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 32,599 | 47,038 | (21,395) |
Cash, cash equivalents and restricted cash at beginning of year | 117,644 | 70,606 | 92,001 |
Cash, cash equivalents and restricted cash at end of year | $ 150,243 | $ 117,644 | $ 70,606 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Common Stock [Member]Restricted Stock [Member] | Common Stock [Member]Restricted Stock Units (RSUs) [Member] | Common Stock [Member] | Retained Earnings / (Accumulated deficit) [Member] | Accumulated Other Comprehensive Loss [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | Total |
Balance, beginning at Dec. 31, 2016 | $ 1,306,236 | $ (74,457) | $ (52,267) | $ 1,179,512 | ||||
Net loss | (106,088) | (106,088) | ||||||
Other comprehensive income | 11,860 | 11,860 | ||||||
Forfeitures of vested restricted stock awards | (261) | (261) | ||||||
Compensation relating to restricted stock units or restricted stock awards | $ 841 | $ 2,141 | $ 841 | $ 2,141 | ||||
Compensation relating to stock option awards | 826 | 826 | ||||||
Repurchase of common stock | (3,177) | (3,177) | ||||||
Balance, ending at Dec. 31, 2017 | 1,306,606 | (180,545) | (40,407) | 1,085,654 | ||||
Net loss | (88,940) | (88,940) | ||||||
Other comprehensive income | 10,478 | 10,478 | ||||||
Forfeitures of vested restricted stock awards | (499) | (499) | ||||||
Compensation relating to restricted stock units or restricted stock awards | 860 | 1,412 | 860 | 1,412 | ||||
Compensation relating to stock option awards | 890 | 890 | ||||||
Balance, ending at Dec. 31, 2018 | 1,309,269 | (269,485) | (29,929) | 1,009,855 | ||||
Net loss | (830) | (830) | ||||||
Other comprehensive income | 9,359 | 9,359 | ||||||
Forfeitures of vested restricted stock awards | (369) | (369) | ||||||
Compensation relating to restricted stock units or restricted stock awards | $ 899 | $ 2,317 | $ 899 | $ 2,317 | ||||
Compensation relating to stock option awards | 1,062 | 1,062 | ||||||
Balance, ending at Dec. 31, 2019 | $ 1,313,178 | $ (270,315) | $ (20,570) | $ 1,022,293 |
DESCRIPTION OF BUSINESS AND BAS
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2019 | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION [Abstract] | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | NOTE 1 — DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION: Nature of the Business International Seaways, Inc. (“INSW”), a Marshall Islands corporation, and its wholly owned subsidiaries (the “Company” or “INSW,” or “we” or “us” or “our”) are engaged primarily in the ocean transportation of crude oil and petroleum products in international markets. The Marshall Islands is the principal flag of registry of the Company’s vessels. The Company’s business is currently organized into two reportable segments: Crude Tankers and Product Carriers. The crude oil fleet is comprised of most major crude oil vessel classes. The products fleet transports refined petroleum product cargoes from refineries to consuming markets characterized by both long and short-haul routes. As of December 31, 2019, the Company’s operating fleet consisted of 42 vessels, 36 of which were owned (including two Floating Storage and Offloading (“FSO”) service vessels in which the Company has joint venture ownership interests), with the remaining vessels chartered-in. The Company’s operating fleet list excludes vessels chartered-in where the duration of the charter was one year or less at inception. Subsequent to December 31, 2019, the Company delivered a 2002-built Aframax to its buyer and acquired a 2009-built LR1, which will be deployed into the Panamax International pool by the end of the first quarter of 2020 ( see Note 5, “Vessels, Deferred Drydock and Other Property”). Vessels chartered-in may be bareboat charters or time charters. Under either a bareboat charter or time charter, a customer pays a fixed daily or monthly rate for a fixed period of time for use of the vessel. Under a bareboat charter, the customer pays all costs of operating the vessel, including voyage expenses, such as fuel, canal tolls and port charges, and vessel expenses such as crew costs, vessel stores and supplies, lubricating oils, maintenance and repair, insurance and communications associated with operating the vessel. Under a time charter, the customer pays all voyage expenses and the shipowner pays all vessel expenses. Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions within the Company have been eliminated. Investments in 50% or less owned affiliated companies, in which the Company exercises significant influence, are accounted for by the equity method. Dollar amounts, except per share amounts are in thousands. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: 1. Cash and cash equivalents — Interest-bearing deposits that are highly liquid investments and have a maturity of three months or less when purchased are included in cash and cash equivalents. Restricted cash of $60,572 and $59,331 as of December 31, 2019 and December 31, 2018, respectively, represents legally restricted cash relating to the Company’s 2017 Term Loan Facility, Sinosure Credit Facility, ABN Term Loan Facility, and 10.75% Subordinated Notes (as defined in Note 8, “Debt”). Such restricted cash reserves are included in the non-current assets section of the consolidated balance sheets. 2. Concentration of credit risk — Financial instruments that potentially subject the Company to concentrations of credit risk are voyage receivables due from charterers and pools in which the Company participates. With respect to voyage receivables, the Company limits its credit risk by performing ongoing credit evaluations. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the voyage receivables balance. We determine the allowance based on troubled accounts, historical experience, and other currently available evidence. Provisions for doubtful accounts associated with operating lease receivables and non-operating lease receivables are included in provision for credit losses on the consolidated statements of operations. Voyage receivables reflected in the consolidated balance sheets as of December 31, 2019 and December 31, 2018 are net of an allowance for doubtful accounts of $1,245 and $0, respectively. The provisions for doubtful accounts for the years ended December 31, 2019, 2018 and 2017 were $1,245, $0 and $0, respectively. During the three years ended December 31, 2019, 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 88% of consolidated voyage receivables at December 31, 2019 and December 31, 2018. 3. Inventories —Inventories, which consists principally of fuel, are stated at cost determined on a first-in, first-out basis. 4. Vessels, vessel lives, deferred drydocking expenditures and other property —Vessels are recorded at cost and are depreciated to their estimated salvage value on the straight-line basis over their estimated useful lives, which is generally 25 years. Each vessel’s salvage value is equal to the product of its lightweight tonnage and an estimated scrap rate of $300 per ton. The carrying value of each of the Company’s vessels represents its original cost at the time it was delivered or purchased less depreciation calculated using estimated useful lives from the date such vessel was originally delivered from the shipyard. A vessel’s carrying value is reduced to its new cost basis (i.e., its current fair value) if a vessel impairment charge is recorded. Interest costs are capitalized to vessels during the period that vessels are under construction. No interest was capitalized during 2019, 2018 or 2017 since the Company had no vessel under construction. Other property, including leasehold improvements, are recorded at cost and amortized on a straight-line basis over the shorter of the terms of the leases or the estimated useful lives of the assets, which range from three to seven years. Expenditures incurred during a drydocking are deferred and amortized on the straight-line basis over the period until the next scheduled drydocking, generally two and a half to five years. The Company only includes in deferred drydocking costs those direct costs that are incurred as part of the drydocking to meet regulatory requirements or are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. 5. Impairment of long-lived assets —The carrying amounts of long-lived assets held and used by the Company are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. In such instances, an impairment charge would be recognized if the estimate of the undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than the asset’s carrying amount. This assessment is made at the individual vessel level since separately identifiable cash flow information for each vessel is available. The impairment charge, if any, would be measured as the amount by which the carrying amount of a vessel exceeded its fair value. If using an income approach in determining the fair value of a vessel, the Company will consider the discounted cash flows resulting from highest and best use of the vessel asset from a market-participant’s perspective. Alternatively, if using a market approach, the Company will obtain third party appraisals of the estimated fair value of the vessel. A long lived asset impairment charge results in a new cost basis being established for the relevant long lived asset. See Note 5, “Vessels, Deferred Drydock and Other Property,” for further discussion on the impairment tests performed on certain of our vessels during the three years ended December 31, 2019. 6. Deferred finance charges — Finance charges, excluding original issue discount, incurred in the arrangement and/or amendments resulting in the modification of debt are deferred and amortized to interest expense on either an effective interest method or straight-line basis over the life of the related debt . Unamortized deferred finance charges of $274 and $413 relating to the 2017 Revolver Facility are included in other assets in the consolidated balance sheets as of December 31, 2019 and 2018, respectively. Unamortized deferred financing charges of $16,309 and $26,647 relating to the 2017 Term Loan Facility, Sinosure Credit Facility, ABN Term Loan Facility, 8.5% Senior Notes and 10.75% Subordinated Notes are included in long-term debt in the consolidated balance sheets as of December 31, 2019 and 2018, respectively. Interest expense relating to the amortization of deferred financing costs amounted to $4,848 in 2019, $3,933 in 2018 and $5,115 in 2017. 7. Revenue and expense recognition — The Company recognizes revenue in accordance with the provisions of ASC 606, Revenue from Contracts with Customers (ASC 606). The standard provides a unified model to determine how revenue is recognized. In doing so, the Company makes judgments including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation. Revenues are recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation . As the Company’s performance obligations are services which are received and consumed by its customers as it performs such services, revenues are recognized over time proportionate to the days elapsed since the service commencement compared to the total days anticipated to complete the service. The minimum duration of services is less than one year for each of the Company’s current contracts. The Company’s contract revenues consist of revenues from time charters, bareboat charters, voyage charters and pool revenues. Revenues from time charters are accounted for as fixed rate operating leases with an embedded technical management service component and are recognized ratably over the rental periods of such charters. Bareboat charters are also accounted for as fixed rate operating leases and the associated revenue is recognized ratably over the rental periods of such charters. Voyage charters contain a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. Voyage charter revenues and expenses are recognized ratably over the estimated length of each voyage. For a voyage charter which contains a lease component, revenue and expenses are recognized based on a lease commencement-to-discharge basis and the lease commencement date is the latter of discharge of the previous cargo or voyage charter contract signing. For voyage charters that do not have a lease component, revenue and expenses are recognized based on a load-to-discharge basis. Accordingly, voyage expenses incurred during a vessel’s positioning voyage to a load port in order to serve a customer under a voyage charter not containing a lease are considered costs to fulfill a contract and are deferred and recognized ratably over the load-to-discharge portion of the contract. Under voyage charters, expenses such as fuel, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time and bareboat charters, such voyage costs are paid by the Company’s customers. For the Company’s vessels operating in pools, revenues and voyage expenses are pooled and allocated to each pool’s participants on a time charter equivalent (“TCE”) basis in accordance with an agreed-upon formula. Accordingly, the Company accounts for its agreements with commercial pools as variable rate operating leases. For the pools in which the Company participates, management monitors, among other things, the relative proportion of the Company’s vessels operating in each of the pools to the total number of vessels in each of the respective pools and assesses whether or not the Company’s participation interest in each of the pools is sufficiently significant so as to determine that the Company has effective control of the pool. Demurrage earned during a voyage charter represents variable consideration. The Company estimates demurrage at contract inception using either the expected value or most likely amount approaches. Such estimate is reviewed and updated over the term of the voyage charter contract. On January 1, 2019, the Company adopted the provisions of ASU 2016-02, Leases (ASC 842). This standard provides lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under ASC 606 and both of the following conditions are met: (1) the timing and pattern of transfer of the non-lease components and associated lease component are the same; and (2) the lease component, if accounted for separately, would be classified as an operating lease. If lease and non-lease components are aggregated under this practical expedient, a lessor would account for the combined component as follows: if the non-lease components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with ASC 606 as described above; otherwise, the entity must account for the combined component as an operating lease in accordance with ASC 842. The Company has elected the lessor practical expedient to aggregate non-lease components with the associated lease components and to account for the combined components as required by the practical expedient since its primary revenue streams described above meet the conditions required to adopt the practical expedient. Furthermore, the Company has performed a qualitative analysis of each of its primary revenue contract types to determine whether the lease component or the non-lease component is the predominant component of the contract. The Company concluded that the lease component is the predominant component for all of its primary revenue contract types as the lessee would ascribe more value to the control and use of the underlying vessel rather than to the technical services to operate the vessel which is an add-on service to the lessee. Accordingly, effective January 1, 2019, the Company’s primary revenue streams are accounted for as lease revenue under ASC 842, except for revenue from voyage charters that do not meet the definition of a lease. Such contracts will continue to be accounted for as service revenue in accordance with the provisions of ASC 606. Under ASC 842, lease revenue for fixed lease payments are recognized over the lease term on a straight-line basis and lease revenue for variable lease payments (e.g., demurrage) are recognized in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. Initial direct costs are expensed over the lease term on the same basis as lease revenue. See Note 15, “Revenue,” 8. Leases — The Company currently has two major categories of lease contracts under which the Company is a lessee – chartered-in vessels and leased office and other space. Chartered-in vessels include bareboat charters which have a lease component only and time charters which have both lease and non-lease components. The lease component relates to the cost to a lessee to control the use of the vessel and the non-lease components relate to the cost to the lessee for the lessor to operate the vessel (technical management service components). For time charters-in, the Company has separated non-lease components from lease component and scoped out non-lease components from the application of ASC 842. For leased office and other space, the Company has elected the ASC 842 practical expedient to account for the lease and non-lease components as a single lease component as it is not practical to separate the insignificant non-lease components from the associated lease components for these types of leases. Further, ASC 842 also allows lessees to elect as an accounting policy not to apply the provisions of ASC 842 to short term leases (i.e., leases with an original term of 12-months or less). Instead, a lessee may recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. The accounting policy election for short-term leases is required to be made by class of underlying asset to which the right of use relates. The Company has elected not to apply ASC 842 to its portfolio of short-term leases existing on January 1, 2019 (see Note 16, “Leases,” for additional information with respect to the Company’s short-term leases). The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and long-term operating lease liabilities in the Company’s consolidated balance sheets. The Company does not have finance leases. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The operating lease ROU asset also includes any prepaid lease payments made and excludes accrued lease payments and lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company makes significant judgements and assumptions to estimate its incremental borrowing rate that a lessee would have to pay to borrow on a 100% collateralized basis over a term similar to the lease term and in an amount equal to the lease payments in a similar economic environment. The Company performs the following steps in estimating its incremental borrowing rate: (i) gather observable debt yields of the Company’s recently issued debt facilities; and (ii) make adjustments to the yields of the actual debt facilities to reflect changes in collateral level, terms, the risk-free interest rate, and credit ratings. In addition, the Company performs sensitivity analyses to evaluate the impact of selected discount rates on the estimated lease liability. The Company makes significant judgements and assumptions to separate the lease component from the non-lease component of its time chartered-in vessels. For purposes of determining the standalone selling price of the vessel lease and technical management service components of the Company’s time charters, the Company concluded that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping market conditions, the duration of such charters, and the age of the vessel. The Company believes that the standalone transaction price attributable to the technical management service component is more readily determinable than the price of the lease component and, accordingly, the price of the service component is estimated using observable data (such as fees charged by third-party technical managers) and the residual transaction price is attributed to the vessel lease component. See discussion above under revenue and expense recognition for the Company’s accounting policy on revenues from leases. See Note 16, “Leases,” for additional disclosures on leases and the impact of adopting ASC 842 on January 1, 2019. 9. Derivatives — ASC 815, Derivatives and Hedging , requires the Company to recognize all derivatives on the balance sheet at fair value. Derivatives that are not effective hedges must be adjusted to fair value through earnings. If the derivative is an effective hedge, depending on the nature of the hedge, a change in the fair value of the derivative is either recorded to current earnings (fair value hedge), or recognized in other comprehensive income/(loss) and reclassified into earnings in the same period or periods during which the hedge transaction affects earnings (cash flow hedge). The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to forecasted transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively, as discussed below. The Company discontinues hedge accounting prospectively when (1) it determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item such as forecasted transactions; (2) the derivative expires or is sold, terminated, or exercised; (3) it is no longer probable that the forecasted transaction will occur; or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate or desired. When the Company discontinues hedge accounting because it is no longer probable that the forecasted transaction will occur in the originally expected period, the gain or loss on the derivative remains in accumulated other comprehensive income/(loss) and is reclassified into earnings when the forecasted transaction affects earnings. However, if it is probable that a forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter, the gains and losses that were accumulated in other comprehensive gain/(loss) will be recognized immediately in earnings. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings, unless it is designated in a new hedging relationship. Any gain or loss realized upon the early termination of an interest rate cap, collar or swaps is recognized as an adjustment of interest expense over the shorter of the remaining term of the derivative instruments or the hedged debt. See Note 9, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” for additional disclosures on the Company’s interest rate cap, collar and swaps and other financial instruments. 10. Fair value measurements — We account for certain assets and liabilities at fair value under ASC 820. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price. In addition, the fair value of assets and liabilities should include consideration of non-performance risk, which for the liabilities described below includes the Company's own credit risk. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market: Level 1 - Quoted prices in active markets for identical assets or liabilities. Our Level 1 non-derivative assets and liabilities primarily include cash and cash equivalents and the 8.50% Senior Notes. Level 2 - Quoted prices for similar assets and liabilities in active markets or model-based valuation techniques for which all significant inputs are observable in the market (where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit spreads, etc.). Our Level 2 non-derivative liabilities primarily include the 2017 Term Loan Facility, Sinosure Credit Facility, ABN Term Loan Facility and 10.75% Subordinated Notes. Our Level 2 derivative assets and liabilities primarily include our interest rate cap, collar and swaps. Level 3 - Inputs that are unobservable (for example cash flow modeling inputs based on assumptions). 11. Income taxes — The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes in the period such determination is made. Uncertain tax positions are recorded in accordance with ASC 740, Income Taxes, on the basis of a two-step process whereby (1) the Company first determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. 12. Valuation of equity method investments — When events and circumstances warrant, investments accounted for under the equity method of accounting are evaluated for impairment. An impairment charge is recorded whenever a decline in fair value of an investment below its carrying amount is determined to be other-than-temporary. Impairment charges related to equity method investments are recorded in equity in income of affiliated companies in the accompanying consolidated statements of operations. See Note 6, “Equity Method Investments,” for further discussion of the Company’s evaluation of impairment of its equity method investments during the three years ended December 31, 2019. 13. Use of estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts of assets, liabilities, equity, revenues and expenses reported in the financial statements and accompanying notes. The most significant estimates relate to the depreciation of vessels and other property, amortization of drydocking costs, judgements involved in identifying performance obligations in revenue contracts, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation, estimates used in assessing the recoverability of equity method investments and other long-lived assets, liabilities incurred relating to pension benefits, and income taxes. Actual results could differ from those estimates. 14. Recently adopted accounting standards — In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842), a standard that requires lessees to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. The requirements of this standard include a significant increase in required disclosures to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The FASB has issued several amendments and practical expedients to the standard, including clarifying guidance, transition relief on comparative reporting at adoption, the lessee practical expedient, which allows lessees, as an accounting policy election made by class of underlying asset, to choose not to separate non-lease components from lease components and instead combine the separate lease and non-lease components and account for them as a single lease components, the lessor practical expedient, which allows entities to choose to aggregate non-lease components with the associated lease components and to account for the combined components as required by the practical expedient, a practical expedient, which allows lessees to elect as an accounting policy not to apply the provisions of ASC 842 to short term leases, and codification improvements to clarify that lessees and lessors are exempt from certain interim disclosure requirement associated with adopting the new leases standard. The new standard is effective for us beginning January 1, 2019 and we adopted the standard using the modified retrospective transition approach, which allows the Company to recognize a cumulative effect adjustment to the opening balance of accumulated deficit in the period of adoption rather than restate our comparative prior year periods. Based on our analysis, the cumulative effect adjustment to the opening balance of accumulated deficit is zero because (i) we do not have any unamortized initial direct costs as of January 1, 2019 that need to be written off; (ii) we do not have any deferred gain or loss from our previous sale and operating leaseback transactions that need to be recognized; and (iii) the timing and pattern of revenue recognition under our revenue contracts that have lease and non-lease components is the same and even if accounted for separately, the lease component of such contracts would be considered operating leases. We elected certain available practical expedients and implemented internal controls and key system functionality to enable the preparation of financial information on adoption. See Note 15, “Revenue” and Note 16, “Leases,” for further information and the impact of adopting ASC 842 on January 1, 2019 . In August 2018, the SEC issued a final rule that amends certain of its disclosure requirements. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly changing the information provided to investors. The amendments require registrants to include a reconciliation of changes in stockholders’ equity in their interim financial statements. As a result, registrants will have to provide the reconciliation for both the year-to-date and quarterly periods as well as comparable periods in Form 10-Q, but only for the year-to-date periods in registration statements. While the amendments adopted in August 2018 are effective on November 5, 2018, the SEC staff issued a Compliance and Disclosure Interpretation (C&DI) that provides an extended transition period for companies to comply with the requirement to provide a reconciliation of changes in stockholders’ equity in their interim financial statements, allowing a registrant to not comply with that requirement until the Form 10-Q for the quarter that begins after November 5, 2018. Accordingly, the Company began providing the new interim reconciliations of shareholders’ equity required by the rule in the Form 10-Q for the three months ended March 31, 2019. 15. Recently issued accounting standards — In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit losses (ASC 326), which amends the guidance on the impairment of financial instruments. The standard adds an impairment model known as the current expected credit loss (“CECL”) model that is based on expected losses rather than incurred losses. Under the new guidance, an entity is required to recognize as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. Unlike the incurred loss models under existing standards, the CECL model does not specify a threshold for the recognition of an impairment allowance. Rather, an entity will recognize its estimate of expected credit losses for financial assets as of the end of the reporting period. Credit impairment will be recognized as an allowance or contra-asset rather than as a direct write-down of the amortized cost basis of a financial asset. However, the carrying amount of a financial asset that is deemed uncollectible will be written off in a manner consistent with existing standards. In addition, for financial guarantees in the scope of ASC 326, entities must measure the expected credit losses arising from the contingent aspect under the CECL model in addition to recognizing the liability for the noncontingent aspect of the guarantee under ASC 460, Guarantees . A standalone liability representing the am |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2019 | |
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, as 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. There were 48,014, 42,449 and 35,876 weighted average shares of unvested restricted common stock shares considered to be participating securities for the years ended December 31, 2019, 2018 and 2017, respectively. Such participating securities are allocated a portion of income, but not losses under the two-class method. As of December 31, 2019, there were 276,430 shares of restricted stock units and 538,632 stock options outstanding considered to be potentially dilutive securities. The components of the calculation of basic and diluted earnings per share are as follows: 2019 2018 2017 Net loss $ (830) $ (88,940) $ (106,088) Weighted average common shares outstanding: Basic 29,225,483 29,136,634 29,159,440 Diluted 29,225,483 29,136,634 29,159,440 Reconciliations of the numerator of the basic and diluted earnings per share computations are as follows: 2019 2018 2017 Net loss allocated to: Common Stockholders $ (830) $ (88,940) $ (106,088) Participating securities - - - $ (830) $ (88,940) $ (106,088) There were no dilutive equity awards outstanding for the years ended December 31, 2019, 2018 and 2017. Awards of 746,616, 523,544 and 397,833 for the years ended December 31, 2019, 2018 and 2017, 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 | 12 Months Ended |
Dec. 31, 2019 | |
BUSINESS AND SEGMENT REPORTING [Abstract] | |
BUSINESS AND SEGMENT REPORTING | NOTE 4 — BUSINESS AND SEGMENT REPORTING: The Company is engaged primarily in the ocean transportation of crude oil and petroleum products in the international market through the ownership and operation of a diversified fleet of vessels. The shipping industry has many distinct market segments based, in large part, on the size and design configuration of vessels required and, in some cases, on the flag of registry. Rates in each market segment are determined by a variety of factors affecting the supply and demand for vessels to move cargoes in the trades for which they are suited. Tankers are not bound to specific ports or schedules and therefore can respond to market opportunities by moving between trades and geographical areas. The Company charters its vessels to commercial shippers and foreign governments and governmental agencies primarily on voyage charters and on time charters. The Company has two reportable segments: Crude Tankers and Product Carriers. The joint ventures with two floating storage and offloading service vessels are included in the Crude Tankers Segment. The joint venture with four LNG Carriers is included in Other. Adjusted income/(loss) from vessel operations for segment reporting is defined as income/(loss) from vessel operations before general and administrative expenses, provision for credit losses, third-party debt modification fees, separation and transition costs and loss on disposal of vessels and other property, including impairments. The accounting policies followed by the reportable segments are the same as those followed in the preparation of the Company’s consolidated financial statements. Information about the Company’s reportable segments as of and for each of the years in the three-year period ended December 31, 2019 follows: Crude Product Tankers Carriers Other Totals 2019 Shipping revenues $ 285,356 $ 80,828 $ - $ 366,184 Time charter equivalent revenues 259,517 80,402 - 339,919 Depreciation and amortization 59,387 16,152 114 75,653 Loss on disposal of vessels and other property 82 226 - 308 Adjusted income/(loss) from vessel operations 71,344 12,319 (114) 83,549 Equity in income/(loss) of affiliated companies 19,383 - (8,170) 11,213 Investments in and advances to affiliated companies at December 31, 2019 143,095 10,197 - 153,292 Adjusted total assets at December 31, 2019 1,284,631 313,063 - 1,597,694 Expenditures for vessels and vessel improvements 33,384 3,223 - 36,607 Payments for drydockings 16,997 2,549 - 19,546 2018 Shipping revenues $ 202,396 $ 67,965 $ - $ 270,361 Time charter equivalent revenues 175,524 67,576 - 243,100 Depreciation and amortization 54,431 17,862 135 72,428 Loss/(gain) on disposal of vessels and other property, including impairments 22,992 (3,312) - 19,680 Adjusted income/(loss) from vessel operations 2,194 (12,002) 567 (9,241) Equity in income of affiliated companies 19,582 - 9,850 29,432 Investments in and advances to affiliated companies at December 31, 2018 143,789 12,321 112,212 268,322 Adjusted total assets at December 31, 2018 1,285,433 328,792 112,212 1,726,437 Expenditures for vessels and vessel improvements 146,322 2,624 - 148,946 Payments for drydockings 4,121 399 - 4,520 2017 Shipping revenues $ 192,426 $ 97,675 $ - $ 290,101 Time charter equivalent revenues 178,812 96,183 - 274,995 Depreciation and amortization 56,302 22,418 133 78,853 Loss on disposal of vessels and other property, including impairments 85,625 1,230 - 86,855 Adjusted income/(loss) from vessel operations 21,623 (8,385) (31) 13,207 Equity in income of affiliated companies 34,577 - 14,389 48,966 Investments in and advances to affiliated companies at December 31, 2017 260,884 15,612 102,398 378,894 Adjusted total assets at December 31, 2017 1,104,714 382,905 102,025 1,589,644 Expenditures for vessels and vessel improvements 172,164 1,371 - 173,535 Payments for drydockings 17,606 3,790 - 21,396 Reconciliations of time charter equivalent revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow: 2019 2018 2017 Time charter equivalent revenues $ $ $ Add: Voyage expenses Shipping revenues $ $ $ Consistent with general practice in the shipping industry, the Company uses time charter equivalent revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliations of adjusted income/(loss) from vessel operations of the segments to loss before income taxes, as reported in the consolidated statements of operations follow: 2019 2018 2017 Total adjusted income/(loss) from vessel operations of all segments $ 83,549 $ (9,241) $ 13,207 General and administrative expenses (26,798) (24,304) (24,453) Provision for credit losses (1,245) - - Third-party debt modification fees (30) (1,306) (9,240) Separation and transition costs - - (604) Loss on disposal of vessels and other property, including impairments (308) (19,680) (86,855) Consolidated income/(loss) from vessel operations 55,168 (54,531) (107,945) Equity in income of affiliated companies 11,213 29,432 48,966 Other expense (943) (3,715) (5,818) Interest expense (66,267) (60,231) (41,247) Loss before income taxes $ (829) $ (89,045) $ (106,044) Reconciliations of total assets of the segments to amounts included in the consolidated balance sheets follow: December 31, December 31, 2019 2018 Total assets of all segments $ 1,597,694 $ 1,726,437 Corporate unrestricted cash and cash equivalents 89,671 58,313 Restricted cash 60,572 59,331 Other unallocated amounts 5,564 4,520 Consolidated total assets $ 1,753,501 $ 1,848,601 Certain additional information about the Company’s operations for each of the years in the three year period ended December 31, 2019 follows: Crude Product Tankers Carriers Other Consolidated Total vessels, deferred drydock and other property at December 31, 2019 $ $ $ $ Total vessels, deferred drydock and other property at December 31, 2018 Total vessels, deferred drydock and other property at December 31, 2017 |
VESSELS, DEFERRED DRYDOCK AND O
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY | 12 Months Ended |
Dec. 31, 2019 | |
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY [Abstract] | |
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY | NOTE 5 — VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY: Vessels and other property, excluding vessel held for sale, consist of the following: December 31, December 31, 2019 2018 Vessels, at cost $ 1,650,670 $ 1,629,647 Accumulated depreciation (361,088) (301,885) Vessels, net 1,289,582 1,327,762 Other property, at cost 6,714 8,199 Accumulated depreciation and amortization (3,780) (5,166) Other property, net 2,934 3,033 Total Vessels and other property $ 1,292,516 $ 1,330,795 All of the Company’s vessels are pledged as collateral under either the 2017 Term Loan Facility, Sinosure Credit Facility, or ABN Term Loan Facility (see Note 8, “Debt”). The aggregate carrying value of the 27 vessels pledged as collateral under the 2017 Term Loan Facility, the six vessels pledged as collateral under Sinosure Credit Facility, and the vessel pledged as collateral under the ABN Term Loan Facility at December 31, 2019 was $799,732, $433,865, and $52,774, respectively. A breakdown of the carrying value of the Company’s owned vessels by reportable segment and fleet as of December 31, 2019 and 2018 follows: Net Average Number of Accumulated Carrying Vessel Age Owned As of December 31, 2019 Cost Depreciation Value (by dwt) Vessels Crude Tankers VLCC $ 1,028,760 $ (236,217) $ 792,543 8.6 13 Suezmax 117,338 (10,007) 107,331 2.4 2 Aframax (1) 96,038 (19,659) 76,379 14.1 3 Panamax 59,181 (5,223) 53,958 17.2 7 Total Crude Tankers 1,301,317 (271,106) 1,030,211 (2) 9.4 25 Product Carriers LR2 73,681 (14,714) 58,967 5.4 1 LR1 (4) 108,251 (22,420) 85,831 11.0 4 MR 167,421 (52,848) 114,573 9.0 4 Total Product Carriers 349,353 (89,982) 259,371 (3) 9.3 9 Fleet Total $ 1,650,670 $ (361,088) $ 1,289,582 9.4 34 (1) Net carrying value includes assets capitalized on two bareboat chartered-in Aframaxes. (2) Includes four VLCCs, one Aframax, and one Panamax with an aggregate carrying value of $305,866, which the Company believes exceeds their aggregate market values (estimated by taking an average of two third party vessel appraisals) of approximately $253,125 by $52,741. (3) Includes one LR2, four LR1s and four MRs with an aggregate carrying value of $257,496, which the Company believes exceeds their aggregate market values (estimated by taking an average of two third party vessel appraisals) of approximately $206,500 by $50,996. (4) Includes a deposit of $1,875 made pursuant to a memorandum of agreement entered into for the acquisition of a 2009-built LR1, which was delivered during the first quarter of 2020. Net Average Number of Accumulated Carrying Vessel Age Owned As of December 31, 2018 Cost Depreciation Value (by dwt) Vessels Crude Tankers VLCC (includes ULCC) $ 998,038 $ (200,706) $ 797,332 7.6 13 Suezmax 117,339 (5,914) 111,425 1.4 2 Aframax 95,116 (15,445) 79,671 13.1 3 Panamax 56,357 (2,447) 53,910 16.2 7 Total Crude Tankers 1,266,850 (224,512) 1,042,338 8.4 25 Product Carriers LR2 73,681 (12,009) 61,672 4.4 1 LR1 106,376 (17,772) 88,604 10.0 4 MR 182,740 (47,592) 135,148 10.0 6 Total Product Carriers 362,797 (77,373) 285,424 9.1 11 Fleet Total $ 1,629,647 $ (301,885) $ 1,327,762 36 Vessel activity for the three years ended December 31, 2019 is summarized as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance at January 1, 2017 $ 1,478,940 $ (381,449) $ 1,097,491 Purchases and vessel additions 174,108 - Disposals and transfer to held for sale (23,266) 2,232 Depreciation - (59,883) Impairment (225,422) 137,013 Balance at December 31, 2017 1,404,360 (302,087) 1,102,273 Purchases and vessel additions 459,608 - Disposals (176,300) 16,097 Depreciation - (56,711) Impairment (58,021) 40,816 Balance at December 31, 2018 1,629,647 (301,885) 1,327,762 Purchases and vessel additions 38,138 - Disposals (17,115) 1,105 Depreciation - (60,308) Balance at December 31, 2019 $ 1,650,670 $ (361,088) $ 1,289,582 The total of purchases and vessel additions will differ from expenditures for vessels as shown in the consolidated statements of cash flows because of the timing of when payments were made. Vessel Impairments The Company gave consideration as to whether events or changes in circumstances had occurred since December 31, 2018 that could indicate that the carrying amounts of the vessels in the Company’s fleet may not be recoverable as of December 31, 2019 and concluded that there were no such events or changes in circumstances. During the year ended December 31, 2018, the Company gave consideration on a quarterly basis as to whether events or changes in circumstances had occurred since December 31, 2017 that could indicate that the carrying amounts of the vessels in the Company’s fleet may not be recoverable. Factors considered included declines in valuations during 2018 for vessels of certain sizes and ages, any negative changes in forecasted near term charter rates, and an increase in the likelihood that the Company will sell certain of its vessels before the end of their estimated useful lives in conjunction with the Company’s fleet renewal program. The Company concluded that the increased likelihood of disposal prior to the end of their respective useful lives constituted impairment triggering events for one Panamax and two Aframaxes that were being actively marketed for sale as of June 30, 2018; one VLCC that was held-for-sale as of September 30, 2018; and as of December 31, 2018, one MR that had an increased likelihood of disposal prior to the end of its useful life. In developing estimates of undiscounted future cash flows for performing Step 1 of the impairment tests as of June 30, 2018, the Company utilized weighted probabilities assigned to possible outcomes for each of the three vessels for which impairment trigger events were determined to exist. The Company entered into a memorandum of agreement for the sale of the Panamax vessel in early July 2018. Accordingly, a 100% probability was attributed to the vessel being sold before the end of its useful life. As the Company is considering selling the other two vessels as a part of its fleet renewal program, 50% probabilities were assigned to the possibility that the two Aframax vessels would be sold prior to the end of their respective useful lives. In estimating the fair value of the vessels for the purposes of Step 2 of the impairment tests, the Company considered the market approach by using the sales price per the memorandum of agreement. Based on the tests performed, the sum of the undiscounted cash flows for each of the two Aframax vessels was more than its carrying value as of June 30, 2018 and the sum of the undiscounted cash flows for the Panamax vessel was less than its carrying value as of June 30, 2018. Accordingly, an impairment charge totaling $948 was recorded for the Panamax vessel to write-down its carrying value to its estimated fair value at June 30, 2018. Held-for-sale impairment charges aggregating $16,419 were recorded during the third quarter of 2018 including (i) a charge of $14,226 to write the value of the VLCC held-for-sale at September 30, 2018 down to its estimated fair value; (ii) a charge of $361 for estimated costs to sell the vessel; and (iii) a charge of $1,832 for the write-off of other assets associated with the operations of the vessel. The amount of the charge to write down the vessel to its fair value was determined using the market approach by utilizing the sales price per the memorandum of agreement. In developing estimates of undiscounted future cash flows for performing Step 1 of the impairment test as of December 31, 2018, the Company utilized weighted probabilities assigned to possible outcomes for the MR for which an impairment triggering event was determined to exist. As the Company was considering selling the MR as a part of its fleet renewal program, a 50% probability was assigned to the possibility that the vessel would be sold prior to the end of its useful life. In estimating the fair value of the vessel for the purposes of Step 2 of the impairment test, the Company considered the market approach by utilizing a combination of third party appraisals and recently executed vessel sale transactions. Based on the tests performed, the sum of the undiscounted cash flows for the vessel was less than its carrying value as of December 31, 2018. Accordingly, an impairment charge totaling $1,670 was recorded to write-down the vessel’s carrying value to its estimated fair value at December 31, 2018. The Company gave consideration as to whether events or changes in circumstances had occurred since December 31, 2016 that could indicate that the carrying amounts of the vessels in the Company’s fleet may not be recoverable as of December 31, 2017. Factors considered included declines in valuations during 2017 for vessels of certain sizes and ages, any negative changes in forecasted near term charter rates, and an increase in the likelihood that the Company would sell certain of its vessels before the end of their estimated useful lives in conjunction with the Company’s fleet renewal program. The Company concluded that the above indicators constituted impairment trigger events for eighteen vessels (one ULCC, one VLCC, six Aframaxes, eight Panamaxes and two LR1s) as of December 31, 2017 and three vessels (one Panamax and two MRs) as of September 30, 2017. In developing estimates of undiscounted future cash flows for performing Step 1 of the impairment tests, the Company utilized weighted probabilities assigned to possible outcomes for the vessels that the Company was considering to sell or recycle before the end of their respective useful lives in conjunction with the Company’s fleet renewal program. The Company made assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, drydocking requirements, residual value and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future expectations. The estimated daily time charter equivalent rates used for unfixed days were based on a combination of (i) internally forecasted rates that are consistent with forecasts provided to the Company’s senior management and Board of Directors, and (ii) the trailing 12-year historical average rates, based on monthly average rates published by a third party maritime research service. The internally forecasted rates were based on management’s evaluation of current economic data and trends in the shipping and oil and gas industries. Management used the published 12-year historical average rates in its assumptions because it is management’s belief that the 12-year period captures an even distribution of strong and weak charter rate periods, which results in the use of an average mid-cycle rate that is in line with management’s forecast of a return to mid-cycle charter rate levels in the medium term. Recognizing that the transportation of crude oil and petroleum products is cyclical and subject to significant volatility based on factors beyond the Company’s control, management believes the use of estimates based on the combination of internally forecasted rates and 12-year historical average rates calculated as of the reporting date to be reasonable. Estimated outflows for operating expenses and drydocking requirements are based on historical and budgeted costs and are adjusted for assumed inflation. Utilization was based on historical levels achieved and estimates of a residual value for recyclings are based upon published 12-year historical data or the pattern of scrap rates used in management’s evaluation of salvage value for purposes of recording depreciation. In estimating the fair value of the vessels for the purposes of Step 2 of the impairment tests, the Company considered the market and income approaches by using a combination of third party appraisals, current recycling market data, and discounted cash flow models prepared by the Company. In preparing the discounted cash flow models, the Company used a methodology consistent with that described above and discounted the cash flows using its current estimate of INSW’s weighted average cost of capital. Based on the tests performed, impairment charges totaling $81,062 and $7,346 were recorded on twelve vessels (one ULCC, one VLCC, four Aframaxes and six Panamaxes) at December 31, 2017 and three vessels (one Panamax and two MRs) as of September 30, 2017, respectively to write-down their carrying values to their estimated fair values. Vessel Acquisitions and Deliveries In December 2019, the Company entered into a memorandum of agreement for the acquisition of a 2009‑built LR1 for a purchase price of $18,750, which was delivered during the first quarter of 2020. The Company made a deposit of $1,875 as of December 31, 2019. On June 14, 2018, the Company completed its acquisition of six 300,000 DWT VLCCs including one 2015-built and five 2016-built. The Company purchased the outstanding shares of Gener8 Maritime Subsidiary VII, Inc., which has been renamed Seaways Subsidiary VII, Inc., a corporation incorporated under the laws of the Marshall Islands and the sole owner of six limited liability companies each of which holds title to a VLCC tanker. The acquisition was completed pursuant to the terms of the Stock Purchase and Sale Agreement dated as of April 18, 2018, by and among Seaways Holding Corporation, a corporation incorporated under the laws of the Marshall Islands and a wholly-owned subsidiary of the Company, Euronav NV ("Euronav"), a corporation incorporated and existing under the laws of the Kingdom of Belgium, and Euronav MI II Inc. (as successor to Euronav MI Inc.), a corporation incorporated under the laws of the Marshall Islands and a wholly-owned subsidiary of Euronav. In accordance with ASC 2017-01, Business Combinations (Topic 805), this acquisition did not constitute the acquisition of a business, and therefore was accounted for as an asset acquisition. The purchase price for the acquisition was $434,000, inclusive of assumed debt secured by the six vessels (see Note 8, “Debt”). On June 14, 2018, the Company paid to Euronav cash consideration of approximately $120,025, with the difference reflecting assumed debt and accrued interest thereon through the acquisition date. The balance payable to Euronav for the other assets and liabilities of Gener8 Maritime Subsidiary VII, Inc. acquired was determined to be $20,935 and was paid to Euronav in October 2018. During 2017, the Company acquired two 2017‑built Suezmax tankers for an aggregate price of $116,000, which were delivered in July 2017, and one 2010‑built VLCC tanker for a price of $53,000, which was delivered in November 2017. Vessel Sales During 2019, the Company recognized a net aggregate loss of $291 on disposal of two 2004-built MRs. During the last quarter of 2019, the Company entered into memorandums of agreements to sell a 2002-built Aframax and a 2001-built Aframax for delivery to buyers prior to April 2020. The 2002-built Aframax was delivered to its buyer in January 2020. The Company expects to recognize an aggregate gain on both sales. During 2018, the Company recognized a net aggregate gain on disposal of vessels and other property of $643, primarily relating to (i) the sale of a 2002-built MR which was held-for-sale as of December 31, 2017; (ii) the sale of three 2004-built MRs, a 1998-built MR, a 2000-built VLCC, a 2001-built VLCC, two 2001-built Aframaxes, and a 2002-built Panamax; (iii) the sale and leaseback of two 2009-built Aframaxes, and (iv) the sale of a 2003-built ULCC in conjunction with the acquisition of the six VLCCs discussed above. During 2017, the Company recognized an aggregate gain on disposal of vessels of $1,594 relating to the sale of a 2001‑built MR and a 2004‑built MR. During the last quarter of 2017, the Company entered into memorandums of agreement for the sale of a 2002‑built MR and a 2004‑built MR, which were delivered to buyers during the first quarter of 2018. The 2002‑built MR had been classified as vessel held for sale as of December 31, 2017. The Company recognized gains on such sales in 2018. Drydocking activity for the three years ended December 31, 2019 is summarized as follows: 2019 2018 2017 Balance at January 1 $ 16,773 $ 30,528 $ 30,557 Additions 21,086 5,616 19,205 Sub-total 37,859 36,144 49,762 Drydock amortization (14,685) (15,084) (18,367) Amount charged to loss on disposal of vessels (49) (4,287) (867) Balance at December 31 $ 23,125 $ 16,773 $ 30,528 |
EQUITY METHOD INVESTMENTS
EQUITY METHOD INVESTMENTS | 12 Months Ended |
Dec. 31, 2019 | |
EQUITY METHOD INVESTMENTS [Abstract] | |
EQUITY METHOD INVESTMENTS | NOTE 6 — EQUITY METHOD INVESTMENTS: Investments in affiliated companies include joint ventures accounted for using the equity method. As of December 31, 2019, the Company had an approximate 50% interest in two joint ventures. The two joint ventures converted two ULCCs to Floating Storage and Offloading Service vessels (collectively the “FSO Joint Venture”). FSO Joint Venture The Company has a 50% interest in this joint venture. The FSO Joint Venture financed the purchase of the two ULCCs from each of Euronav NV and INSW and their conversion costs through partner loans and a long-term bank financing, which was secured by, among other things, the service contracts with Maersk Oil Qatar AS and the FSOs themselves. In July 2017, the FSO Joint Venture repaid the principal balance outstanding on the bank financing facility, using cash on hand. In May 2017, the FSO Joint Venture signed two five-year service contracts with North Oil Company (“NOC”), the new operator of the Al Shaheen oil field, off the coast of Qatar, relating to the two FSO service vessels. The shareholders of NOC are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited. Such contracts commenced during the third quarter of 2017 at the expiry of the previous contracts with Maersk Oil Qatar AS. On March 29, 2018, the FSO Joint Venture executed an agreement on a $220,000 secured credit facility (the “FSO Loan Agreement”). The FSO Loan Agreement is among TI Africa and TI Asia, as joint and several borrowers, ABN AMRO Bank N.V. and ING Belgium SA/NV, as Lenders, Mandated Lead Arrangers and Swap Banks, and ING Bank N.V., as Agent and as Security Trustee. The FSO Loan Agreement provides for (i) a term loan of $110,000 (the “FSO Term Loan”), which is repayable in scheduled quarterly installments over the course of the two service contracts for the FSO Asia and FSO Africa with North Oil Company; maturing in July 2022 and September 2022, respectively; and (ii) a revolving credit facility of $110,000 (the “FSO Revolver”), which revolving credit commitment reduces quarterly over the course of the foregoing two service contracts. The FSO Joint Venture drew down and distributed the entire $110,000 of proceeds of the FSO Term Loan on April 26, 2018 to INSW, which has guaranteed the FSO Term Loan and which has used the proceeds for general corporate purposes, including to fund partially the purchase of six VLCCs (See Note 5, “Vessels, Deferred Drydock and Other Property”). The FSO Joint Venture also borrowed the entire $110,000 available under the FSO Revolver and distributed the proceeds on April 26, 2018 to Euronav, which has guaranteed the FSO Revolver. The FSO Term Loan and the FSO Revolver are secured by, among other things, a first preferred vessel mortgage on the FSO Africa and FSO Asia, an assignment of the service contracts for the FSO Africa and FSO Asia and the aforementioned guarantees of the FSO Term Loan by INSW and the guarantee of the FSO Revolver by Euronav. The FSO Loan Agreement has a financial covenant that the Debt Service Cover Ratio (as defined in the agreement) shall be equal to or greater than 1.10 to 1.00. Approximately $69,592 and $93,033 was outstanding under the FSO Term Loan as of December 31, 2019 and 2018, respectively. The FSO Joint Venture has agreed to pay a commitment fee (“FSO Commitment Fee”) of 0.7% on any undrawn amount under the FSO Revolver. INSW has agreed to pay Euronav an amount equal to the first 0.3% of the 0.7% FSO Commitment Fee and, to the extent the FSO Revolver is fully drawn, to pay Euronav an amount equal to the first 0.3% of the amount of loan interest payable under the FSO Revolver. Interest payable on the FSO Term Loan and on the FSO Revolver is based on three month, six month or twelve month LIBOR, as selected by the FSO Joint Venture, plus a 2.00% margin. The FSO Joint Venture has entered into swap transactions which fix the interest rate on the FSO Loan Agreement at a blended rate of approximately 4.858% per annum, effective as of June 29, 2018. The interest rate swap covers a notional amount of $139,184 and $186,066 as of December 31, 2019 and 2018, respectively. As of December 31, 2019 and 2018, the FSO Joint Venture had a liability of $2,447 and $1,008, respectivelty, for the fair value of the swaps associated with the FSO Joint Venture. The Company’s share of the effective portion of such amounts, aggregating a loss of $1,224 and $504 at December 31, 2019 and 2018, respectively, is included in accumulated other comprehensive loss in the accompanying consolidated balance sheets. As of December 31, 2019 the maximum aggregate potential amount of future principal payments (undiscounted) relating to the FSO Joint Venture’s secured bank debt and interest rate swap obligations that INSW could be required to make was $70,822, and the carrying value of the Company’s guaranty of such FSO Joint Venture obligations in the accompanying consolidated balance sheet as of December 31, 2019 was $264. The FSO Joint Venture is party to a number of contracts to which INSW serves as guarantor. See Note 12, “Related Parties,” for additional information relating to guarantees. LNG Joint Venture In November 2004, the Company formed a joint venture with Qatar Gas Transport Company Limited (Nakilat) (“QGTC”) whereby companies in which the Company holds a 49.9% interest ordered four 216,200 cbm LNG Carriers. Upon delivery in late 2007 and early 2008, these vessels commenced 25‑year time charters to Qatar Liquefied Gas Company Limited (2) (‘‘LNG Charterer’’). QGTC subsequently contributed its ownership interests in the joint venture to its wholly owned subsidiary, Nakilat Marine Services Ltd. The aggregate construction cost for such newbuildings was financed by the joint venture through long-term bank financing that is nonrecourse to the partners and partner contributions. The joint venture has entered into floating-to-fixed interest rate swaps with a group of major financial institutions pursuant to which it pays fixed rates of approximately 4.9% and receives a floating rate based on LIBOR. The interest rate swap agreements have maturity dates ranging from July to November 2022 and cover notional amounts aggregating $532,746 at December 31, 2018. These swaps were being accounted for as cash flow hedges. As of December 31, 2018, the joint venture had recorded a liability of $37,687 for the fair value of these swaps. The Company’s share of the effective portion of the fair value of these swaps, $18,713 at December 31, 2018, was included in accumulated other comprehensive loss in the accompanying consolidated balance sheet as of December 31, 2018. On October 7, 2019, the Company sold its 49.9% ownership interest in the LNG Joint Venture with Nakilat to Nakilat pursuant to a share purchase agreement. The purchase price for the transaction was $123,000, excluding fees and expenses. The share purchase agreement contains specified representations, warranties, covenants and indemnification provisions of the parties customary for transactions of this type. In addition, in connection with the transaction, various other agreements governing the LNG Joint Venture and the LNG Joint Venture’s relationships with its counterparties were also amended to reflect the change in ownership and related matters. The Company recorded a cash gain on the sale of $3,033 and reclassified the Company’s share of the unrealized losses associated with the interest rate swaps held by the LNG Joint Venture of $21,615 into earnings from Accumulated Other Comprehensive Loss . Impairment of Equity Method Investments Management gave consideration as to whether events or changes in circumstances had occurred since December 31, 2016, 2017, and 2018 respectively, that could indicate that the carrying amounts of its investments in the FSO Joint Venture and LNG Joint Venture were not recoverable as of December 31, 2017, 2018, and 2019, respectively. Management concluded that no such events or changes in circumstances had occurred during the years ended December 31, 2017 and 2018. During the year ended December 31, 2019, the LNG Joint Venture was sold by the Company for an amount in excess of its carrying value, and as of December 31, 2019, the Company qualitatively and quantitatively evaluated its investment in the FSO Joint Venture and determined that an other-than-temporary impairment did not exist. The FSO Joint Venture has had preliminary discussions with NOC regarding the employment of its FSO vessels subsequent to the expiry of their current contracts in 2022. The Company will monitor such discussions for evidence of an other-than-temporary decline in the fair value of the Company’s investment in the FSO Joint Venture below its carrying value . Financial Information of Significant Equity Method Investments Investments in and advances to affiliated companies as reflected in the accompanying consolidated balance sheet as of December 31, 2019 consisted of: FSO Joint Venture of $137,083 and Other of $16,209 (which primarily relates to working capital deposits that the Company maintains for commercial pools in which it participates). Financial information for the equity method investees that were significant for the three years ended December 31, 2019, including the results of the LNG Joint Venture for the period January 1, 2019 through October 6, 2019, adjusted for basis and accounting policy differences, is as follows: For the year ended December 31, 2019 FSO Asia FSO Africa LNG Others Total Shipping revenues $ $ $ $ - $ Ship operating expenses (29,919) (29,727) (43,853) - (103,499) Income from vessel operations - Other income - Interest expense (4,482) (4,633) (23,637) - (32,752) Income tax provision (1,692) (1,707) - - (3,399) Net income 16,810 16,947 21,498 - 55,255 Percentage of ownership in equity investees Equity in income of affiliated companies, before consolidating and reconciling adjustments $ 8,405 $ 8,474 $ $ $ Gain on sale of investment in affiliated companies - - 3,033 - 3,033 Release other comprehensive loss upon sale of investment in affiliated companies - - (21,615) - (21,615) Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture 1,196 1,199 - - 2,395 Amortization of interest capitalized during construction of LNG vessels - - (320) - (320) Other - - - Equity in income/(loss) of affiliated companies $ $ $ (8,170) $ 109 $ For the year ended December 31, 2018 FSO Asia FSO Africa LNG Others Total Shipping revenues $ $ $ - $ Ship operating expenses (26,970) (26,928) (58,643) - (112,541) Income from vessel operations - Other income - Interest expense (3,732) (3,856) (33,088) - (40,676) Income tax provision (1,730) (1,703) - - (3,433) Net income 17,045 16,807 20,563 - 54,415 Percentage of ownership in equity investees Equity in income of affiliated companies, before consolidating and reconciling adjustments $ 8,523 $ 8,404 $ $ Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture 1,196 1,199 - - 2,395 Amortization of interest capitalized during construction of LNG vessels - - (419) - (419) Other - - - Equity in income of affiliated companies $ $ $ 9,848 $ 262 $ For the year ended December 31, 2017 FSO Asia FSO Africa LNG Others Total Shipping revenues $ $ $ - $ Ship operating expenses (26,476) (26,278) (53,474) - (106,228) Income from vessel operations - Other income - Interest expense (1,342) (83) (35,406) - (36,831) Income tax (provision)/benefit (2,824) 938 - - (1,886) Net income 27,802 36,008 29,658 - 93,468 Percentage of ownership in equity investees Equity in income of affiliated companies, before consolidating and reconciling adjustments $ 13,901 $ 18,004 $ $ Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture 1,149 1,152 - - 2,301 Amortization of interest capitalized during construction of LNG vessels - - (419) - (419) Other - (33) - (26) Equity in income of affiliated companies $ $ $ 14,387 $ 406 $ The tables below present the financial position for the equity method investees that were significant and a reconciliation of the Company’s share of the joint ventures’ total equity to the investments in and advances to affiliates line on the consolidated balance sheets as of December 31, 2019 and 2018: As of December 31, 2019 FSO Asia FSO Africa LNG Other (1) Total Cash and cash equivalents $ $ $ - $ - $ 2,618 Trade receivables - - 17,806 Other receivables 192 192 - - 384 Total current assets - - 20,808 Vessels less accumulated depreciation 259,583 264,219 - - 523,802 Total Assets $ $ $ - $ - $ 544,610 Accounts payable and accrued expenses $ $ $ - $ - $ 1,615 Income tax payable - - - 1,965 Current portion of long term debt - - 48,824 Current portion of derivative liability - - 1,370 Total current liabilities - - 53,774 Long-term debt - - 89,494 Long-term derivative liability - - 1,077 Deferred tax liabilities - - 6,671 Advances from shareholders (2) - 46,431 - - 46,431 Total Liabilities - - 197,447 Equity - - 347,163 Total Liabilities and Equity $ $ $ - $ - $ Percentage of ownership in equity investees INSW share of affiliate's equity, before consolidating and reconciling adjustments $ 96,547 $ $ - $ - $ Impairment of equity method investments (15,977) (14,498) - - (30,475) Advances from shareholders of FSO Joint Venture (2) - 23,216 - - 23,216 Unamortized deferred gain on 2009 sale of TI Africa to FSO Joint Venture, net (14,578) (14,925) - - (29,503) INSW guarantee for FSO Term Loan 109 155 - - 264 Other (1) - - - 16,209 Investments in and advances to affiliated companies $ $ $ - $ $ As of December 31, 2018 FSO Asia FSO Africa LNG Other (1) Total Cash and cash equivalents $ $ $ $ - $ 20,425 Restricted cash, current portion - - 11,853 - 11,853 Trade receivables - 16,723 Other receivables - 4,522 Inventory - - 2,245 - 2,245 Total current assets - Restricted cash, long term portion - - 45,247 - 45,247 Trade receivables - - - 11,239 Vessels less accumulated depreciation - 1,264,475 Deferred drydock expenditures, net - - 16,378 - 16,378 Other assets - - 4,012 Total Assets $ $ $ $ - $ Accounts payable and accrued expenses $ $ $ $ - $ 13,180 Current portion of long term debt - 93,573 Current portion of derivative liability - 11,570 Total current liabilities - Long-term debt - 641,407 Long-term derivative liability - 27,124 Deferred tax liabilities - - 7,713 Advances from shareholders (2) - - - 57,331 Total Liabilities - Equity - 545,221 Total Liabilities and Equity $ $ $ $ - $ Percentage of ownership in equity investees INSW share of affiliate's equity, before consolidating and reconciling adjustments $ 101,293 $ $ $ - $ 272,405 Impairment of equity method investments (15,977) (14,498) - - (30,475) Advances from shareholders of FSO Joint Venture - 28,666 - - 28,666 Unamortized deferred gain on 2009 sale of TI Africa to FSO Joint Venture, net (15,769) (16,120) - - (31,889) Unamortized interest capitalized during construction of LNG vessels - - 9,856 - 9,856 INSW guarantee for FSO Term Loan 292 381 - - 673 Other - - (36) 19,122 19,086 Investments in and advances to affiliated companies $ $ $ $ $ (1) Primarily relates to working capital deposits that the Company maintains with the commercial pools in which it participates. (2) Such advances are unsecured, interest free and not repayable within one year. The tables below present the cash flows for the equity method investees that were significant in 2019 for each of the three years ended December 31, 2019: FSO Asia 2019 2018 2017 Net cash provided by operating activities $ 46,572 $ 34,545 $ 47,220 Cash flows from financing activities: Proceeds from bank loan - 108,000 - Repayment of bank loan (23,016) (16,658) (75,343) Repayment of advances from shareholders - (125,294) (6,500) Cash dividends paid (25,200) - - Net cash used in financing activities (48,216) (33,952) (81,843) Net (decrease)/increase in cash and cash equivalents (1,644) 593 (34,623) Cash and cash equivalents at beginning of year 2,561 1,968 36,591 Cash and cash equivalents at end of year $ 917 $ 2,561 $ 1,968 FSO Africa 2019 2018 2017 Net cash provided by operating activities $ 35,984 $ 44,597 $ 52,134 Cash flows from financing activities: Proceeds from bank loan - 112,000 - Repayment of bank loan (23,867) (17,275) - Repayment of advances from shareholders (10,900) (142,900) (75,000) Net cash used in financing activities (34,767) (48,175) (75,000) Net increase/(decrease) in cash and cash equivalents 1,217 (3,578) (22,866) Cash, cash equivalents and restricted cash at beginning of year 484 4,062 26,928 Cash, cash equivalents and restricted cash at end of year $ 1,701 $ 484 $ 4,062 LNG 2019 (3) 2018 2017 Net cash provided by operating activities $ 43,475 $ 57,375 $ 37,191 Cash flow from investing activities: Expenditures for vessels and vessel improvements (334) (496) - Net cash used in investing activities (334) (496) - Cash flows from financing activities: Principal repayments on debt (34,830) (44,124) (41,698) Cash dividends paid - (20,650) - Net cash used in financing activities (34,830) (64,774) (41,698) Net increase/(decrease) in cash and cash equivalents 8,311 (7,895) (4,507) Cash, cash equivalents and restricted cash at beginning of the period 74,480 82,375 86,882 Cash, cash equivalents and restricted cash at end of the period $ 82,791 $ 74,480 $ 82,375 (3) For the period from January 1, 2019 through October 6, 2019. See Note 9, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” and Note 14, “Accumulated Other Comprehensive Loss,” for additional disclosures relating to the FSO and LNG joint venture interest rate swap agreements. |
VARIABLE INTEREST ENTITIES (VIE
VARIABLE INTEREST ENTITIES (VIEs) | 12 Months Ended |
Dec. 31, 2019 | |
VARIABLE INTEREST ENTITIES (VIEs) [Abstract] | |
VARIABLE INTEREST ENTITIES (VIEs) | NOTE 7 —VARIABLE INTEREST ENTITIES (“VIEs”): At December 31, 2019, the Company participates in six commercial pools and two joint ventures. Commercial pools operate a large number of vessels as an integrated transportation system, which offers customers greater flexibility and a higher level of service while achieving scheduling efficiencies. Participants in the commercial pools contribute one or more vessels and generally provide an initial contribution towards the working capital of the pool at the time they enter their vessels. The pools finance their operations primarily through the earnings that they generate. INSW enters into joint ventures to take advantage of commercial opportunities. In each joint venture, the INSW entities have the same relative rights and obligations and financial risks and rewards as its partners. INSW evaluated all nine arrangements to determine if they were variable interest entities (“VIEs”). INSW determined that one of the pools and the two joint ventures met the criteria of a VIE and, therefore, INSW reviewed its participation in these VIEs to determine if it was the primary beneficiary of any of them. INSW reviewed the legal documents that govern the creation and management of the VIEs described above and also analyzed its involvement to determine if INSW was a primary beneficiary in any of these VIEs. A VIE for which INSW is determined to be the primary beneficiary is required to be consolidated in its financial statements. The formation agreements for the commercial pool state that the board of the pool has decision making power over their significant decisions. In addition, all such decisions must be approved unanimously by the board. Since INSW shares power to make all significant economic decisions that affect the pool and does not control a majority of the board, INSW is not considered a primary beneficiary of the pool. The FSO joint ventures described in Note 6, “Equity Method Investments,” were determined to be VIEs. The formation agreements of the joint ventures state that all significant decisions must be approved by the majority of the board. As a result, INSW shares power to make all significant economic decisions that affect this joint venture and does not control a majority of the board and is not considered a primary beneficiary. Accordingly, INSW accounts for these investments under the equity method of accounting. The joint ventures’ formation agreements require INSW and its joint venture partner to provide financial support as needed. INSW has provided and will continue to provide such support as described in Note 6, “Equity Method Investments.” The following table presents the carrying amounts of assets and liabilities in the consolidated balance sheets related to the VIEs described above as of December 31, 2019 and 2018: Consolidated Balance Sheet as of December 31, 2019 2018 Investments in Affiliated Companies $ 140,915 $ 139,359 In accordance with accounting guidance, the Company evaluated its maximum exposure to loss related to these VIEs by assuming a complete loss of the Company’s investment in these VIEs and the Company’s potential obligations under its guarantee of the FSO Term Loan and associated interest rate swap. The table below compares the Company’s liability in the consolidated balance sheet to the maximum exposure to loss at December 31, 2019: Consolidated Balance Sheet Maximum Exposure to Loss Other Liabilities $ 264 $ 211,738 In addition, as of December 31, 2019, the Company had approximately $20,756 of trade receivables from the pool that was determined to be a VIE. These trade receivables, which are included in voyage receivables in the accompanying 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 December 31, 2019. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2019 | |
DEBT [Abstract] | |
DEBT | NOTE 8 —DEBT: Debt consists of the following: December 31, December 31, 2019 2018 2017 Term Loan Facility, due 2022, net of unamortized discount and deferred finance costs of $11,211 and $20,032 $ 320,309 $ 444,344 ABN Term Loan Facility, due 2023, net of unamortized deferred finance costs of $610 and $845 22,638 25,879 Sinosure Credit Facility, due 2027-2028, net of unamortized deferred finance costs of $2,262 and $2,664 267,443 290,620 8.5% Senior Notes, due 2023, net of unamortized deferred finance costs of $1,142 and $1,402 23,858 23,598 10.75% Subordinated Notes, due 2023, net of unamortized deferred finance costs of $1,084 and $1,705 26,847 26,226 661,095 810,667 Less current portion (70,350) (51,555) Long-term portion $ 590,745 $ 759,112 On January 28, 2020, except for the Sinosure Credit Facility and the 8.5% Senior Notes, the outstanding principal on all of the Company’s other debt facilities listed above were paid off or repurchased and the underlying credit agreements or Indentures were terminated in accordance with their respective terms in conjunction with the Company closing on the 2020 Debt Facilities, described below. Capitalized terms used hereafter have the meaning given in these consolidated financial statements or in the respective transaction documents referred to below, including subsequent amendments thereto. 2020 Debt Facilities On January 23, 2020, International Seaways, Inc., International Seaways Operating Corporation (the “Borrower”) and certain of their subsidiaries entered into a credit agreement (the “Credit Agreement”) comprising $390,000 of secured debt facilities (the “2020 Debt Facilities”) with Nordea Bank Abp, New York Branch (“Nordea”), ABN AMRO Capital USA LLC (“ABN”), Crédit Agricole Corporate & Investment Bank, DNB Capital LLC and Skandinaviska Enskilda Banken AB (PUBL), or their respective affilates, as mandated lead arrangers and bookrunners, and BNP Paribas and Danish Ship Finance A/S, as lead arrangers. Nordea is acting as administrative agent, collateral agent and security trustee under the Credit Agreement, and ABN is acting as sustainability coordinator. The 2020 Debt Facilities consist of (i) a five-year senior secured term loan facility in an aggregate principal amount of $300,000 (the “Core Term Loan Facility”); (ii) a five-year revolving credit facility in an aggregate principal amount of $40,000 (the “Core Revolving Facility”); and (iii) a senior secured term loan credit facility with a maturity date of June 30, 2022 in an aggregate principal amount of $50,000 (the “Transition Term Loan Facility”). The Core Term Loan Facility contains an uncommitted accordion feature whereby, for a period of up to 18 months following the closing date, the amount of the loan thereunder may be increased up to an additional $100,000 for the acquisition of Additional Vessels, subject to certain conditions. The Core Term Loan Facility and the Core Revolving Facility are secured by a first lien on 14 of the Company’s vessels built in 2009 or later (the “Core Collateral Vessels”), along with their earnings, insurances and certain other assets, while the Transition Term Loan Facility is secured by a first lien on 12 of the Company’s vessels built in 2006 or earlier (the “Transition Collateral Vessels”), along with their earnings, insurances and certain other assets. In addition, both facilities are secured by liens on the collateral relating to the other facilities, as well as certain additional assets of the Borrower. On January 28, 2020, the available amounts under the Core Term Loan Facility and the Transition Term Loan Facility were drawn in full, and $20,000 of the $40,000 available under the Core Revolving Facility was also drawn. Those proceeds, together with available cash, were used to (i) repay the $331,519 outstanding principal balance under the 2017 Debt Facilities, (ii) repay the $23,248 outstanding principal balance under the ABN Term Loan Facility, (iii) repurchase the $27,931 outstanding principal amount of the Company’s 10.75% subordinated notes due 2023 issued pursuant to an indenture dated June 13, 2018 with GLAS Trust Company LLC, as trustee, as amended, and (iv) pay certain expenses related to the refinancing, including certain structuring and arrangement fees, commitment, legal and administrative fees. The Core Term Loan Facility amortizes in 19 quarterly installments of approximately $9,476 commencing June 30, 2020 and matures on January 23, 2025, with a balloon payment of approximately $120,000 due at maturity. The Core Revolving Facility also matures on January 23, 2025. The Transition Term Loan Facility amortizes in 10 quarterly installments of $5,000 commencing March 31, 2020 and matures on June 30, 2022. The maturity dates for the 2020 Debt Facilities are subject to acceleration upon the occurrence of certain events (as described in the Credit Agreement). Interest on the Core Term Loan Facility and the Core Revolving Facility (together, the “Core Facilities”) is calculated based upon LIBOR plus the Applicable Core Margin (each as defined in the Credit Agreement). The initial Applicable Core Margin of 2.60%, will be adjusted down or up by 0.20% based on the Company’s total leverage ratio, with a leverage ratio of less than 4.0:1 reducing the Applicable Core Margin to 2.40% and a leverage ratio of 6.0:1 or greater increasing the Applicable Core Margin to 2.80%. Borrowings under the Transition Term Loan Facility bear interest at LIBOR plus 3.50% (subject to increase to 4.00% after 18 months if 40% or more of the Transition Term Loan Facility remains outstanding). The Core Facilities also include a sustainability-linked pricing mechanism. The adjustment in pricing will be linked to the carbon efficiency of the INSW fleet as it relates to reductions in CO2 emissions year-over-year, such that it aligns with the International Maritime Organization’s 50% industry reduction target in GHG emissions by 2050. This key performance indicator is to be calculated in a manner consistent with the de-carbonization trajectory outlined in the Poseidon Principles, the global framework by which financial institutions can assess the climate alignment of their ship finance portfolios relative to established de-carbonization trajectories. The Company will be required to deliver a sustainability certificate commencing with the year ending December 31, 2021. If the fleet sustainability score in respect of the relevant year is lower than the fleet sustainability score for the prior year, the Applicable Core Margin will be decreased by 0.025% per annum, while if the score is higher than that of the previous year, the Applicable Core Margin will be increased by that same amount (but in no case will any such adjustment result in the Applicable Core Margin being increased or decreased from the otherwise-applicable Applicable Core Margin by more than 0.025% per annum in the aggregate). The 2020 Debt Facilities contain 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 require the Company (i) to maintain a minimum liquidity level of the greater of $50,000 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); (iv) to ensure the aggregate Fair Market Value of the Core Collateral Vessels will not be less than 135% of the aggregate outstanding principal amount of the Core Term Loans and Revolving Loans and the aggregate Fair Market Value of the Transition Collateral Vessels will not be less than 175% of the aggregate outstanding principal amount of the Transition Term Loans, respectively; and (v) to ensure the ratio of Consolidated EBITDA to Consolidated Cash Interest Expense will not be lower than (A) 2.25:1.00, for the period ending on June 30, 2020 and (B) 2.50:1.00 at all times thereafter. Sinosure Credit Facility In June 2018, as part of the acquisition of the six VLCCs, the Company financed the acquisition price of $434,000 with the assumption of debt secured by the six vessels under a China Export & Credit Insurance Corporation ("Sinosure") credit facility funded by The Export-Import Bank of China, Bank of China (New York Branch) and Citibank, N.A. The Company acceded as a guarantor to the Sinosure Credit Facility agreement originally dated November 30, 2015; as supplemented by a supplemental agreement dated December 28, 2015; as amended and restated by an amending and restating deed dated June 29, 2016; as supplemented by a supplemental agreement dated November 8, 2017; as supplemented by a consent, supplemental and amendment letter, dated April 2, 2018 (the facility agreement as of such date, the "Original Sinosure Facility"); and as amended and restated by an amending and restating agreement dated June 13, 2018 (the "2018 Amending and Restating Agreement"), by and among Seaways Subsidiary VII, Inc., Seaways Holding Corporation, a wholly owned subsidiary of the Company, the Company, Citibank, N.A. (London Branch), the Export-Import Bank of China and Bank of China (New York Branch) (and its successors and assigns) and certain other parties thereto (the "Sinosure Credit Facility"). The Sinosure Credit Facility is a term loan facility comprised of six loans, each secured by one of the six VLCCs. As of the closing date of the 6 VLCC acquisition transaction, it had a principal amount outstanding of $310,968 and bears interest at a rate of 3-month LIBOR plus a margin of 2%. Each loan under the Sinosure Facility requires quarterly amortization payments of 1 2/3% (based on the original outstanding amount of each Vessel loan) together with a balloon repayment payable on the termination date of each loan. Each of the loans under the Sinosure Credit Facility will mature 144 months after its initial utilization date. The 2018 Amending and Restating Agreement effects certain amendments to the Original Sinosure Facility as agreed between the parties thereto and necessitated by the Transaction. The Sinosure Credit Facility is guaranteed by the Company and Seaways Holding Corporation. The Company paid to Euronav cash consideration of approximately $120,025, with the difference reflecting assumed debt and accrued interest thereon through the closing date. Supplemental cash flow information for the year ended December 31, 2018 associated with the aforementioned non-cash assumption of debt in relation to the acquisition of six VLCCs aggregating $310,968 were non-cash investing activities and financing activities. Under the Sinosure Credit Facility, the Obligors (as defined in the Sinosure Credit Facility) are required to comply with various collateral maintenance and financial covenants, including with respect to: (i) minimum security coverage, which shall not be less than 135% of the aggregate loan principal outstanding under the Sinosure Credit Facility. Any non-compliance with the minimum security coverage shall not constitute an event of default so long as within thirty days of such non-compliance, Seaways Subsidiary VII, Inc. has either provided additional collateral or prepaid a portion of the outstanding loan balance to cure such non-compliance ; (ii) maximum consolidated leverage ratio, which shall not be greater than 0.60 to 1.00 on any testing date ; (iii) minimum consolidated liquidity, under which unrestricted consolidated cash and cash equivalents shall be no less than $25,000 at any time and total consolidated cash and cash equivalents (including cash restricted under the Sinosure Credit Facility) shall not be less than the greater of $50,000 or 5.0% of Total Indebtedness (as defined in the Sinosure Credit Facility) or $9,000 (i.e., $1,500 per each VLCC securing the Sinosure Credit Facility); and (iv) interest expense coverage ratio, which for Seaways Holding Corporation, shall not be less than 2.00 to 1.00 during the period commencing on July 1, 2018 through June 30, 2019 and will be calculated on a trailing six, nine and twelve-month basis from December 31, 2018, March 31, 2019 and June 30, 2019, respectively. For the Company, the interest expense coverage ratio shall not be less than 2.25 to 1.00 for the period commencing on July 1, 2019 through June 30, 2020 and no less than 2.50 to 1.00 for the period commencing on July 1, 2020 and thereafter and shall be calculated on a trailing twelve-month basis. No event of default under this covenant will occur if the failure to comply is capable of remedy and is remedied within thirty days of the Facility Agent giving notice to the Company or (if earlier) any Obligor becoming aware of the failure to comply, and (i) if such action is being taken with respect to a Test Date falling on or prior to December 31, 2020, then such remedy shall be in the form of cash and cash equivalents being (or having been) deposited by Seaways Holding Corporation to a restricted Minimum Liquidity Account within the thirty day period mentioned above in the manner and in the amounts required to remedy such breach as tested at the Seaways Holding Corporation level and (ii) if such action is being taken with respect to a Test Date falling on or after January 1, 2021, then any such remedy and the form of the same shall be considered and determined by the lenders under the Sinosure Credit Facility in their absolute discretion . The Sinosure Credit Facility also requires the Company to comply with a number of covenants, including the delivery of quarterly and annual financial statements, budgets and annual projections; maintaining required insurances; compliance with laws (including environmental); compliance with the Employee Retirement Income Security Act of 1974 (“ERISA”); maintenance of flag and class of the collateral vessels; restrictions on consolidations, mergers or sales of assets; limitations on liens; limitations on issuance of certain equity interests; limitations on transactions with affiliates; and other customary covenants and related provisions. As of December 31, 2019, the Company was in compliance with all these covenants. 8.5% Senior Notes On May 31, 2018, the Company completed a registered public offering of $25,000 aggregate principal amount of its 8.5% senior unsecured notes due 2023 (the “8.5% Senior Notes”), which resulted in aggregate net proceeds to the Company of approximately $23,458, after deducting commissions and estimated expenses. The Company used the net proceeds to fund the acquisition of 6 VLCCs described above, to repay a portion of its then outstanding 2017 Term Loan Facility and for general corporate purposes. The Company issued the Notes under an indenture dated as of May 31, 2018 (the “Base Indenture”), between the Company and The Bank of New York Mellon, as trustee (the “Trustee”), as supplemented by a supplemental indenture dated as of May 31, 2018 (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and the Trustee. The Notes will mature on June 30, 2023 and bear interest at a rate of 8.50% per annum. Interest on the Notes is payable in arrears on March 30, June 30, September 30 and December 30 of each year. The terms of the Indenture, among other things, limit the Company’s ability to merge, consolidate or sell assets. The Company may redeem the Notes at its option, in whole or in part, at any time on or after June 30, 2020 at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the redemption date. In addition, if the Company undergoes a Change of Control (as defined in the Indenture) the Company may be required to repurchase all of the Notes at a purchase price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest (including additional interest, if any), to, but excluding, the repurchase date. The Indenture contains certain restrictive covenants, including covenants that, subject to certain exceptions and qualifications, restrict our ability to make certain payments if a default under the Indenture has occurred and is continuing or will result therefrom and require us to limit the amount of debt we incur, maintain a certain minimum net worth and provide certain reports. The Indenture also provides for certain customary events of default (subject, in certain cases, to receipt of notice of default and/or customary grace or cure periods). Pursuant to the limitation on borrowings covenant, the Company shall not permit Total Borrowings (as defined in the Indenture) to equal or exceed 70% of Total Assets (as defined in the Indenture). The Company shall also ensure that Net Worth (defined as Total Assets, less Intangible assets and Total Borrowings, as defined in the Indenture) exceeds $600,000 pursuant to the Minimum Net Worth covenant. The Company was in compliance with financial covenants under the 8.5% Senior Notes as of December 31, 2019. 2017 Debt Facilities On June 22, 2017, INSW, its wholly owned subsidiary, International Seaways Operating Corporation (the “Administrative Borrower” or “ISOC”) and certain of its subsidiaries entered into secured debt facilities with Jefferies Finance LLC and JP Morgan Chase Bank, N.A., as joint lead arrangers, UBS Securities LLC, as joint bookrunner, DNB Markets Inc., Fearnley Securities AS, Pareto Securities Inc. and Skandinaviska Enskilda Banken AB (Publ) as co-managers, and the other lenders party thereto, consisting of (i) a revolving credit facility of $50,000 (the “2017 Revolver Facility”) and (ii) a term loan of $500,000 (the “2017 Term Loan Facility” and together with the 2017 Revolver Facility, the “2017 Debt Facilities”) containing an accordion feature whereby the 2017 Term Loan Facility could be increased up to an additional $50,000 subject to certain conditions. The 2017 Debt Facilities were secured by a first lien on substantially all of the assets of the Administrative Borrower and certain of its subsidiaries. On June 22, 2017, the proceeds received from the 2017 Term Loan Facility were used to repay the $458,416 outstanding balance under the INSW Facilities (defined below) and to pay certain expenses related to the refinancing. The remaining proceeds were used for general corporate purposes, including fleet renewal and growth. On July 24, 2017, the Company entered into an amendment of the 2017 Debt Facilities (the “First Amendment”) to effect the increase of the 2017 Term Loan Facility by $50,000, pursuant to the accordion feature described above. Except as related to such increase, no other terms of the 2017 Debt Facilities were amended. On June 14, 2018, the Company entered into an amendment of the 2017 Debt Facilities (the “2017 Debt Facilities Second Amendment”). The amendment (i) increased the interest rate margin from 5.50% per annum to 6.00% per annum and (ii) allowed a dividend of $110,000 to be made from the Company's FSO Joint Venture to the Company without incorporating such funds into the cash sweep provisions of the 2017 Debt Facilities, (iii) permitted the acquisition of Seaways Subsidiary VII, Inc. and its subsidiaries as Unrestricted Subsidiaries (as defined in the 2017 Debt Facilities) and permitted those entities and their assets to be subject to the Sinosure Credit Facility and be subject to its liens and permitted the funding of the certain liquidity and other accounts in connection with that acquisition and (iv) made certain other amendments to covenants under the 2017 Debt Facilities. As a condition to the effectiveness of the 2017 Debt Facilities, the Company prepaid $60,000 of the amount outstanding under the 2017 Term Loan Facility together with a premium equal to 1% of the $60,000 prepayment and paid a fee to the lenders of 1% of the 2017 Debt Facilities outstanding after that repayment. On July 31, 2019, the Company made a prepayment of $10,000 on the 2017 Term Loan Facility using restricted cash set aside from the proceeds of vessel sales. On October 8, 2019, the Company made an additional prepayment of $100,000 on the 2017 Term Loan Facility using restricted cash set aside from the proceeds of vessel sales and a portion of the proceeds from the sale of the Company’s equity interest in the LNG Joint Venture (see Note 6, “Equity Method Investments”). The 2017 Term Loan Facility amortized in quarterly installments equal to 1.25% of the original principal amount of the loan, reduced by the $60,000 prepayment made in 2018 and the $110,000 prepayments made in 2019 as discussed above which was applied pro rata to the remaining payments including the balloon . The 2017 Term Loan Facility was subject to additional mandatory annual prepayments in an aggregate principal amount of 75% of Excess Cash Flow, as defined in the credit agreement. Based on actual results for the year ended December 31, 2019, Management estimated that it would have been required to make a mandatory principal prepayment of $24,831 during the first quarter of 2020, pursuant to the terms of the 2017 Term Loan Facility. Such amount is included in current installments of long-term debt in the accompanying balance sheet as of December 31, 2019. As set forth in the 2017 Debt Facilities credit agreement, the 2017 Debt Facilities contain certain restrictions relating to new borrowings and INSW’s ability to receive cash dividends, loans or advances from ISOC and its subsidiaries that are Restricted Subsidiaries. As of December 31, 2019, permitted cash dividends that can be distributed to INSW by ISOC under the 2017 Term Loan Facility was $2,056. This restriction was eliminated with the extinguishment of the 2017 Debt Facilities in January 2020. The 2017 Debt Facilities had covenants to maintain the aggregate Fair Market Value (as defined in the credit agreement) of the Collateral Vessels at greater than or equal to $300,000 at the end of each fiscal quarter and to ensure that at any time, the outstanding principal amounts of the 2017 Debt Facilities and certain other secured indebtedness permitted under credit agreement minus the amount of unrestricted cash and cash equivalents does not exceed 65% of the aggregate Fair Market Value of the Collateral Vessels (as defined in the 2017 Debt Facilities) plus the aggregate Fair Market Value of certain joint venture equity interests and Seaways Subsidiary VII, Inc. The Company was in compliance with the above financial covenants as of December 31, 2019. ABN Term Loan Facility On June 7, 2018, the Company entered into a credit agreement, secured by the Seaways Raffles, a VLCC tanker, by and among, inter alia, Seaways Shipping Corporation, a Marshall Islands corporation and wholly-owned indirect subsidiary of the Company, the Company (as a guarantor), another guarantor which is an indirect subsidiary of the Company, the lenders named therein and ABN AMRO Capital USA LLC as mandated lead arranger and facility agent (the "ABN Term Loan Facility"), for an aggregate principal amount of up to the lesser of (i) $29,150, and (ii) 55% of the fair market value of the Seaways Raffles. On June 12, 2018, the Company drew down approximately $28,463. The ABN Term Loan Facility bore interest at a rate of three-month LIBOR plus a margin of 3.25% and was repayable in 19 quarterly installments of approximately $869 with a final balloon payment due on the maturity date in the second quarter of 2023. Additionally, the ABN Term Loan Facility includes certain financial covenants and is guaranteed by the Company. The Company's guarantee is unsecured. The Company used the proceeds from the ABN Term Loan Facility to fund a portion of its acquisition of six VLCCs. The ABN Term Loan Facility required Seaways Shipping Corporation to maintain a minimum unrestricted cash balance of $825 per vessel and a balance of $2,500 and up to $2,100 in a debt service reserve accounts and a dry dock reserve account, respectively, and provided for a restriction on dividends unless minimum unrestricted cash levels are maintained and Seaways Shipping Corporation is in compliance with its covenants. The ABN Term Loan Facility also had a vessel value maintenance clause that requires the Company to ensure that the fair market value of the Seaways Raffles is at all times not less than 150% of the outstanding principal amount of the loan. The ABN Term Loan Facility also required the Company to comply with a number of covenants, including the delivery of quarterly and annual financial statements, budgets and annual projections; maintaining required insurances; compliance with laws (including environmental); compliance with ERISA; maintenance of flag and class of the Seaways Raffles; restrictions on consolidations, mergers or sales of assets; limitations on liens; limitations on issuance of certain equity interests; limitations on the payment of dividends or other distributions; limitations on transactions with affiliates; and other customary covenants and related provisions. The Company was in compliance with these covenants as of December 31, 2019. 10.75% Subordinated Notes On June 13, 2018, the Company completed the sale of $30,000 of its 10.75% subordinated step-up notes due 2023 (the "10.75% Subordinated Notes") in a private placement to certain funds and accounts managed by BlackRock, Inc. ("BlackRock") (the "Private Placement"). The 10.75% Subordinated Notes were unsecured and ranked junior to the 8.5% Senior Notes, the Company's guarantees of the 2017 Debt Facilities, the ABN Term Loan Facility and Sinosure Credit Facility and other unsubordinated indebtedness of the Company. The Private Placement resulted in aggregate proceeds to the Company of approximately $28,000, after deducting fees paid to the purchasers of those notes and estimated expenses. The Company used the net proceeds from the Private Placement to fund a portion of the acquisition of six VLCCs and the offer to prepay $60,000 of the 2017 Debt Facilities pursuant to the Second Amendment. The 10.75% Subordinated Notes were issued under an indenture dated as of June 13, 2018 (the "Subordinated Notes Indenture"), between the Company and GLAS Trust Company LLC, as trustee (the "Subordinated Notes Trustee"). On December 28, 2018, the Company entered into a supplemental indenture (the “First Supplemental Indenture”) with the Subordinated Notes Trustee to amend the terms of the 10.75% Subordinated Notes to, among other matters, more closely reflect the asset sale provisions of the 2017 Term Loan Facility. As a condition to the effectiveness of the First Supplemental Amendment, the Company paid a fee to the holders of the Notes of 0.50% of the outstanding amounts of the Notes. The 10.75% Subordinated Notes bore interest from June 13, 2018 at an annual rate of 10.75%. Interest on the 10.75% Subordinated Notes was payable quarterly in arrears on the 15th day of March, June, September and December of each year. The 10.75% Subordinated Notes were permitted to be redeemed, in whole or in part, at any time prior to June 15, 2020, at a redemption price equal to 100% of the aggregate principal amount of the 10.75% Subordinated Notes being redeemed, plus accrued and unpaid interest to, but not including, the date of redemption, plus a "make-whole" premium. The 10.75% Subordinated Notes were not registered under the Securities Act of 1933, as amended (the "Securities Act"). On September 17, 2018, the Company repurchased $2,069 of the 10.75% Subordinated Notes at a price equal to 100% of the principal amount. On December 31, 2019, the Company entered into a note repurchase agreement with Blackrock to repurchase the outstanding balance of the 10.75% Subordinated notes of $27,931, at a price equal to 100% of the principal amount plus an aggregate repurchase premium of $992, in conjunction with the closing of the 2020 Debt Facilities in January 2020. The Company prepaid the repurchase premium, which is included in p repaid expenses and other current assets in the accompanying consolidated balance sheet as of December 31, 2019. The Subordinated Notes Indenture contained covenants requiring the Company to maintain a minimum net worth similar to that required by the 8.5% Senior Notes. The Subordinated Notes Indenture also contained covenants restricting the ability of the Company and its subsidiaries to incur additional indebtedness, sell assets, incur liens, amend the 2017 Debt Facilities, enter into sale and leaseback transactions and enter into certain extraordinary transactions. In addition, the Subordinated Notes Indenture prohibited the Company from paying any dividends unless certain financial and other conditions are satisfied. The Subordinated Notes Indenture also contained events of default consistent with those under the 2017 Debt Facilities. The Company was in compliance with the covenants under the Subordinated Notes Indenture as of December 31, 2019. INSW Facilities On June 22, 2017, the agreements governing the INSW Facilities — a secured term loan facility in the aggregate amount of $628,375 (the “INSW Term Loan”) and a secured revolving loan facility of up to $50,000 (the “INSW Revolver Facility”), dated as of August 5, 2014, as amended by that certain First Amendment, dated as of June 3, 2015, that certain Second Amendment, dated as of July 18, 2016, that certain Third Amendment, dated as of September 20, 2016 and that certain Fourth Amendment, dated as of November 30, 2016, among INSW, OIN Delaware LLC (the sole member of which is INSW), certain INSW subsidiaries, Jefferies Finance LLC, as administrative agent, and other lenders party thereto, were terminated in accordance with their terms. Interest Expense The following table summarizes interest expense, including amortization of issuance and deferred financing costs (for additional information related to deferred financing costs see Note 2, “Significant Accounting Policies”), commitment, administrative and other fees, recognized during the years ended December 31, 2019, 2018 and 2017 with respect to the Company’s debt facilities: Debt facility 2019 2018 2017 2017 Term Loan Facility, due 2022 $ 41,483 $ 45,601 $ 22,546 2017 Revolver Facility 848 475 495 ABN Term Loan Facility, due 2023 1,716 1,024 - Sinosure Credit Facility, due 2027 - 2028 14,903 8,350 - 8.5% Senior Notes, due 2023 2,390 1,396 - 10.75% Subordinated Notes, due 2023 3,642 2,032 - INSW Facilities, due 2019 - - 16,743 Total debt related interest expense $ 64,982 $ 58,878 $ 39,784 The following table summarizes interest paid, excluding deferred financing fees paid, during the years ended December 31, 2019, 2018 and 2017 with respect to the Company’s debt facilities: Debt facility 2019 2018 2017 2017 Term Loan Facility, due 2022 $ 36,236 $ 42,825 $ 16,319 2017 Revolver Facility 710 442 316 ABN Term Loan Facility, due 2023 1,504 795 - Sinosure Credit Facility, due 2027 - 2028 14,200 7,225 - 8.5% Senior Notes, due 2023 2,130 1,250 - 10.75% Subordinated Notes, due 2023 3,021 1,591 - INSW Facilities, due 2019 - - 16,732 Total debt related interest expense paid $ 57,801 $ 54,128 $ 33,367 Debt Modifications, Repurchases and Extinguishments I n connection with the $10,000 prepayment of the 2017 Term Loan Facility in July 2019 and the $100,000 prepayment of the 2017 Term Loan Facility in October 2019, which were treated as a partial extinguishments, the Company recognized aggregate net losses of $4,658 for the year ended December 31, 2019. The net losses have been included in other expense in the consolidated statement of operations. The net losses reflect a 1% prepayment fee of $1,100 and a write-off of $3,558 of unamortized original issue discount and deferred financing costs. During the year ended December 31, 2018, the Company incurred debt issuance and amendment costs aggregating $14,648 in connection with the ABN Term Loan Facility, Sinosure Credit Facility, 8.5% Senior Notes, 10.75% Subordinated Notes (and the subsequent amendment thereto), and the 2017 Debt Facilities Second Amendment. (See Note 2, “Significant Accounting Policies,” for additional information relating to deferred financing charges). Debt issuance and amendment fees paid to all lenders and third-party fees associated with the ABN Term Loan Facility, Sinosure Credit Facility, 8.5% Senior Notes, and 10.75% Subordinated Notes totaled $7,677, of which $7,568 were capitalized as deferred finance charges and $109 was expensed and is included in third-party debt modification fees in the consolidated statement of operatio |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES | 12 Months Ended |
Dec. 31, 2019 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES | NOTE 9 — 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, at December 31, 2019 and 2018 are as follows: Fair Value Level 1 Level 2 December 31, 2019: Cash and cash equivalents (1) $ $ 150,243 $ - 2017 Term Loan Facility - (333,177) ABN Term Loan Facility - (23,248) Sinosure Credit Facility - (269,705) 8.5% Senior Notes (26,120) - 10.75% Subordinated Notes - (32,649) December 31, 2018: Cash and cash equivalents (1) $ $ 117,644 $ - 2017 Term Loan Facility - (459,731) ABN Term Loan Facility - (26,724) Sinosure Credit Facility - (293,284) 8.5% Senior Notes (22,960) - 10.75% Subordinated Notes - (29,094) (1) Includes non-current restricted cash of $60,572 and $59,331 at December 31, 2019 and 2018, respectively. Derivatives The Company uses interest rate caps, collars and swaps for the management of interest rate risk exposure associated with changes in LIBOR interest rate payments due on its credit facilities. During 2019, t he Company was a party to an interest rate cap agreement (“Interest Rate Cap”) with a major financial institution covering a notional amount of $350,000 to limit the floating interest rate exposure associated with the 2017 Term Loan Facility. The Interest Rate Cap had a cap rate of 2.605% through the termination date of December 31, 2020. In July 2019, the Company in a cashless transaction replaced the existing Interest Rate Cap with an interest rate collar agreement (“Interest Rate Collar”), which was composed of an interest rate cap and an interest rate floor. The Interest Rate Collar agreement was designated and qualified as a cash flow hedge and contained no leverage features. The Interest Rate Collar, which continued to cover a notional amount of $350,000, was effective July 31, 2019 and provided for the following rates based on one-month LIBOR : · Balance of 2019 through December 31, 2020: cap rate of 1.98%, floor rate of 1.98%; and · December 31, 2020 through December 31, 2022: cap rate of 2.26%, floor rate of 1.25%. The Company determined that as of September 30, 2019 , the outstanding principal on the 2017 Term Loan Facility would fall below the notional amount of the Interest Rate Collar during its term as a result of a $100,000 prepayment made on October 8, 2019 using a substantial portion of the proceeds from the sale of the LNG Joint Venture (See Note 8, “Debt”). Accordingly, hedge accounting on the Interest Rate Collar was discontinued as of September 30, 2019 and beginning in October 2019, changes in the mark-to-market valuation of the Interest Rate Collar were no longer deferred through Other Comprehensive Income/(Loss) and amounts previously deferred in Accumulated Other Comprehensive Loss remained so classified until the forecasted interest accrual transactions either affect earnings or become not probable of occurring. Changes in the fair value of the interest rate collar recorded through earnings during the fourth quarter of 2019 totaled an aggregate gain of $923 . In connection with its entry into the Core Term Loan Facility (see Note 8, “Debt”) , the Company, in a cashless transaction, converted the $350,000 notional interest rate collar into a $250,000 notional pay-fixed, receive-three-month LIBOR interest rate swap subject to a 0% floor. The term of the new hedging arrangement was extended to coincide with the maturity of the Core Term Loan Facility at a fixed rate of 1.97%. The Company expects to be able to re-designate all or a significant portion of the notional amount of the interest rate swap for cash flow hedge accounting for its remaining term. As of December 31, 2019, the Company released accumulated other comprehensive loss of $469 to earnings as it was probable that the expected notional amount of the re-designated hedge will fall below the notional amount of the Interest Rate Collar. The Company is also party to a floating-to-fixed interest rate swap agreement with a major financial institution covering the balance outstanding under the Sinosure Credit Facility that effectively converts the Company’s interest rate exposure from a floating rate based on three-month LIBOR to a fixed rate through the termination date. The interest rate swap agreement is designated and qualifies as a cash flow hedge and contains no leverage features. In May 2019, the Company extended the maturity date of the interest rate swap from March 21, 2022 to March 21, 2025 and reduced the fixed three-month rate from 2.99% to 2.76%, effective March 21, 2019. Tabular disclosure of derivatives location Derivatives are recorded in the balance sheet on a net basis by counterparty when a legal right of offset exists. The following tables present information with respect to the fair values of derivatives reflected in the December 31, 2019 and 2018 balance sheets on a gross basis by transaction: Fair Values of Derivative Instruments: Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Location Amount Location Amount December 31, 2019: Derivatives not designated as hedging instruments: Interest rate collar: Current portion Current portion of derivative asset $ - Current portion of derivative liability $ (1,230) Long-term portion Long-term derivative asset - Long-term derivative liability (577) Derivatives designated as hedging instruments: Interest rate swaps: Current portion Current portion of derivative asset - Current portion of derivative liability (2,384) Long-term portion Long-term derivative asset - Long-term derivative liability (5,968) Total derivatives $ - $ (10,159) December 31, 2018: Derivatives designated as hedging instruments: Interest rate cap: Current portion Current portion of derivative asset $ 460 Current portion of derivative liability $ - Long-term portion Long-term derivative asset 704 Long-term derivative liability - Interest rate swaps: Current portion Current portion of derivative asset - Current portion of derivative liability (707) Long-term portion Long-term derivative asset - Long-term derivative liability (1,922) Total derivatives $ 1,164 $ (2,629) The following tables present information with respect to gains and losses on derivative positions reflected in the consolidated statements of operations or in the consolidated statements of other comprehensive loss. The effect of cash flow hedging relationships recognized in other comprehensive loss excluding amounts reclassified from accumulated other comprehensive loss, including hedges of equity method investees, for the years ended December 31, 2019, 2018 and 2017 follows: 2019 2018 2017 Derivatives designated as hedging instruments: Interest rate swaps $ (16,189) $ (1,948) $ (1,132) Interest rate cap/collar (3,795) 261 (8) Derivatives not designated as hedging instruments: Interest rate collar 858 - - Total other comprehensive loss $ (19,126) $ (1,687) $ (1,140) The effect of cash flow hedging relationships on the consolidated statements of operations is presented excluding hedges of equity method investees. The effect of the Company’s cash flow hedging relationships on the consolidated statement of operations for the years ended December 31, 2019, 2018 and 2017 is shown below: 2019 2018 2017 Derivatives designated as hedging instruments: Interest rate swaps $ 1,467 $ 471 $ - Interest rate cap/collar 99 21 131 Derivatives not designated as hedging instruments: Interest rate collar (65) - - Total interest expense $ 1,501 $ 492 $ 131 See Note 6, “Equity Method Investments,” for additional information relating to derivatives held by the Company’s equity method investees and Note 14, “Accumulated Other Comprehensive Loss,” for disclosures relating to the impact of derivative instruments on accumulated other comprehensive loss. Fair Value Hierarchy The following table presents the fair values, which are pre-tax, for assets and liabilities measured on a recurring basis (excluding investments in affiliated companies): Fair Value Level 2 (1) Assets/(Liabilities) at December 31, 2019: Derivative Assets (interest rate swaps and collar) $ - $ - Derivative Liabilities (interest rate swaps and collar) (10,159) (10,159) Assets/(Liabilities) at December 31,2018: Derivative Assets (interest rate cap) $ 1,164 1,164 Derivative Liabilities (interest rate swaps) (2,629) $ (2,629) (1) For the interest rate cap, collar and 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. |
ACCOUNTS PAYABLE, ACCRUED EXPEN
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | NOTE 10 — ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES: December 31, December 31, 2019 2018 Accounts payable $ 4,988 $ 1,164 Payroll and benefits 5,585 4,510 Interest 594 770 Due to owners on chartered in vessels 1,108 870 Accrued drydock, repairs and vessel betterment costs 3,150 1,974 Bunkers and lubricants 538 1,833 Charter revenues received in advance 272 450 Insurance 539 573 Accrued vessel expenses 8,003 6,816 Accrued general and administrative expenses 1,052 1,398 Other 1,725 2,650 Total accounts payable, accrued expense and other current liabilities $ 27,554 $ 23,008 |
TAXES
TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Taxes [Abstract] | |
TAXES | NOTE 11 —TAXES: Income taxes are provided using the asset and liability method, such that income taxes are recorded based on amounts refundable or payable in the current year and include the results of any differences in the basis of assets and liabilities between U.S. GAAP and tax reporting. The Company derives substantially all of its gross income from the use and operation of vessels in international commerce. The Company’s entities that own and operate vessels are primarily domiciled in the Marshall Islands, which does not impose income tax on shipping operations. The Company also has or had subsidiaries in various jurisdictions that performed administrative, commercial or technical management functions. These subsidiaries are subject to income taxes based on the services performed in countries in which those particular offices are located and, accordingly, current and deferred income taxes are recorded. INSW, including its subsidiaries, which are disregarded entities for U.S. Federal income tax purposes, is exempt from taxation on its U.S. source shipping income under Section 883 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and U.S. Treasury Department regulations. INSW qualified for this exemption because its common shares were treated as primarily and regularly traded on an established securities market in the United States or another qualified country and for more than half of the days in the taxable year ended December 31, 2019, less than 50 percent of the total vote and value of the Company’s stock was held by one or more shareholders who each owned 5% or more of the vote and value of the Company’s stock. Beginning in 2020, to the extent INSW is unable to qualify for exemption from tax under Section 883, INSW will be subject to U.S. federal taxation of 4% of its U.S. source shipping income on a gross basis without the benefit of deductions. Shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the U.S. will be considered to be 50% derived from sources within the U.S. Shipping income attributable to transportation that both begins and ends in the U.S. will be considered to be 100% derived from sources within the U.S. INSW does not engage in transportation that gives rise to 100% U.S. source income. Shipping income attributable to transportation exclusively between non-U.S. ports will be considered to be 100% derived from sources outside the U.S. Shipping income derived from sources outside the U.S. will not be subject to any U.S. federal income tax. INSW’s vessels operate in various parts of the world, including to or from U.S. ports. There can be no assurance that INSW will continue to qualify for the Section 883 exemption. A substantial portion of income earned by INSW is not subject to income tax, and no deferred taxes are provided on the temporary differences between the tax and financial statement basis of the underlying assets and liabilities for those subsidiaries not subject to income tax in their respective countries of incorporation. The Marshall Islands impose tonnage taxes, which are assessed on the tonnage of certain of the Company’s vessels. These tonnage taxes are included in vessel expenses in the accompanying consolidated statements of operations. The components of the income tax (provision)/benefit follow: 2019 2018 2017 Current $ (1) $ 105 $ (44) Deferred - - - Income tax (provision)/benefit $ (1) $ 105 $ (44) The differences between income taxes expected at the Marshall Islands statutory income tax rate of zero percent and the reported income tax (provisions)/benefits are summarized as follows: 2019 2018 2017 Marshall Islands statutory income tax rate - % - % - % Change in valuation allowance 0.66 % (0.66) % (0.78) % Liquidation of subsidiaries - % - % 0.88 % Income subject to tax in other jurisdictions (0.83) % 0.54 % (0.06) % Effective income tax rate (0.17) % (0.12) % 0.04 % The significant components of the Company’s deferred tax liabilities and assets follow: December 31, December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 1,836 $ 1,435 Excess of tax over book basis of depreciable assets 548 548 Pensions 1,797 2,007 Total deferred tax assets 4,181 3,990 Less: Valuation allowance (4,181) (3,990) Deferred tax assets, net - - Net noncurrent deferred tax assets/(liabilities) $ - $ - As of December 31, 2019 and 2018, the Company had net operating loss carryforwards of $10,804 and $8,441, respectively. The net operating loss carryforward of $10,804 as of December 31, 2019 has an indefinite life. The Company believes that it is more likely than not that the benefit from its net operating loss carryforwards and certain other deferred tax assets will not be realized and has maintained a valuation allowance of $4,181 and $3,990, respectively, as of December 31, 2019 and 2018. If or when recognized, the tax benefits related to any reversal of the valuation allowance on deferred tax assets will be accounted for as a reduction of income tax expense in the period such reversal occurs. During 2019, the Company increased its valuation allowance by $191 primarily as a result of a change in net operating loss carryforwards and unfunded benefit obligation related to defined benefit pension plan in the United Kingdom. The following is tabular rollforward of the Company’s unrecognized tax benefits (excluding interest and penalties) which are included in other current liabilities in the consolidated balance sheets: 2019 2018 Balance of unrecognized tax benefits as of January 1, $ 7 $ 153 Decreases for positions taken in prior years - (70) Increases for positions taken in current year - 1 Settlement - (77) Balance of unrecognized tax benefits as of December 31, $ 7 $ 7 The Company records interest on unrecognized tax benefits in its provision for income taxes. Accrued interest is included in other current liabilities in the consolidated balance sheets. As of December 31, 2019 and 2018, the Company has recognized a total liability for interest of $5 and $4, respectively. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2019 | |
RELATED PARTIES [Abstract] | |
RELATED PARTIES | NOTE 12 —RELATED PARTIES: Guarantees The FSO Joint Venture is a party to a number of contracts: (a) the FSO Joint Venture is an obligor pursuant to a guarantee facility agreement dated as of July 14, 2017, by and among, the FSO Joint Venture, ING Belgium NV/SA, as issuing bank, and Euronav and INSW, as guarantors (the ‘‘Guarantee Facility’’); (b) the FSO Joint Venture is party to two service contracts with NOC (the ‘‘NOC Service Contracts’’) and (c) the FSO Joint Venture is a borrower under a $220,000 secured credit facility by and among TI Africa and TI Asia, as joint and several borrowers, ABN AMRO Bank N.V. and ING Belgium SA/NV, as Lenders, Mandated Lead Arrangers and Swap Banks, and ING Bank N.V., as Agent and as Security Trustee. INSW severally guarantees the obligations of the FSO Joint Venture pursuant to the Guarantee Facility. The FSO Joint Venture drew down on a $220,000 credit facility in April 2018. The Company provided a guarantee for the $110,000 FSO Term Loan portion of the facility, which amortizes over the remaining terms of the NOC Service Contracts, which expire in July 2022 and September 2022. INSW’s guarantee of the FSO Term Loan has financial covenants that provide (i) INSW’s Liquid Assets shall not be less than the higher of $50,000 and 5% of Total Indebtedness of INSW, (ii) INSW shall have Cash of at least $30,000 and (iii) INSW is in compliance with the Loan to Value Test (as such capitalized terms are defined in the Company guarantee or in the case of the Loan to Value Test, as defined in the credit agreement underlying the Company’s 2017 Debt Facilities (see Note 8, “Debt”). As of December 31, 2019, the maximum aggregate potential amount of future payments (undiscounted) that INSW could be required to make in relation to its equity method investees secured bank debt and interest rate swap obligations was $70,822 and the carrying value of the Company's guaranty in the accompanying condensed consolidated balance sheets was $264. INSW maintained a guarantee in favor of Qatar Liquefied Gas Company Limited (2) (‘‘LNG Charterer’’) relating to certain LNG Tanker Time Charter Party Agreements with the LNG Charterer and each of Overseas LNG H1 Corporation, Overseas LNG H2 Corporation, Overseas LNG S1 Corporation and Overseas LNG S2 Corporation (such agreements, the ‘‘LNG Charter Party Agreements,’’ and such guarantee, the ‘‘LNG Performance Guarantee’’). INSW was obligated to pay Nakilat an annual fee of $100 until such time that Nakilat ceases to provide a guarantee in favor of the LNG charterer relating to performance under the LNG Charter Party Agreements. INSW’s guarantee and obligation to pay a fee to Nakilat terminated in October 2019, upon the sale of INSW’s equity interest in the LNG Joint Venture (see Note 6, “Equity Method Investments”). OSG continued to provide a guarantee in favor of the LNG Charterer relating to the LNG Charter Party Agreements (such guarantees, the ‘‘OSG LNG Performance Guarantee’’). INSW indemnified OSG for any liabilities arising from the OSG LNG Performance Guarantee pursuant to the terms of the Separation and Distribution Agreement. In connection with the OSG LNG Performance Guarantee, INSW was obligated to pay an annual fee of $145 to OSG for 2019. OSG’s guarantee and INSW’s obligation to pay OSG a fee terminated in October 2019, upon the sale of INSW’s equity interest in the LNG Joint Venture. |
CAPITAL STOCK AND STOCK COMPENS
CAPITAL STOCK AND STOCK COMPENSATION | 12 Months Ended |
Dec. 31, 2019 | |
CAPITAL STOCK AND STOCK COMPENSATION [Abstract] | |
CAPITAL STOCK AND STOCK COMPENSATION | NOTE 13 — CAPITAL STOCK AND STOCK COMPENSATION: The Company accounts for stock compensation expense in accordance with the fair value based method required by ASC 718, Compensation – Stock Compensation . Such fair value based method requires share based payment transactions to be measured based on the fair value of the equity instruments issued. Effective November 18, 2016, INSW adopted, incentive compensation plans (the “Incentive Plans” as further described below) in order to facilitate the grant of equity and cash incentives to directors, employees, including executive officers and consultants of the Company and certain of its affiliates and to enable the Company and certain of its affiliates to obtain and retain the services of these individuals, which is essential to our long-term success. INSW reserved 2,000,000 shares for issuance under its management incentive plan and 400,000 shares for issuance under its non-employee director incentive compensation plan. Information regarding share-based compensation awards granted by INSW follows: Director Compensation — Restricted Common Stock INSW awarded a total of 51,107, 47,501 and 38,938 restricted common stock shares during the years ended December 31, 2019, 2018 and 2017 to its non-employee directors. The weighted average fair value of INSW’s stock on the measurement date of such awards was $18.00 (2019), $18.82 (2018) and $20.03 (2017) per share. Such restricted shares awards vest in full on the earlier of the next annual meeting of the stockholders or anniversary date, subject to each director continuing to provide services to INSW through such date. The restricted share awards granted may not be transferred, pledged, assigned or otherwise encumbered prior to vesting. Prior to the vesting date, a holder of restricted share awards has all the rights of a shareholder of INSW, including the right to vote such shares and the right to receive dividends paid with respect to such shares at the same time as common shareholders generally. Management Compensation Capitalized terms that follow are defined herein or in the Employee Matters Agreement. (i) Restricted Stock Units During the years ended December 31, 2019, 2018 and 2017, the Company awarded 63,998, 55,536 and 66,503 time-based restricted stock units (“RSUs”) to certain of its employees, including senior officers, respectively. The average grant date fair value of these awards was $17.21 (2019), $17.46 (2018) and $18.91 (2017) per RSU. Each RSU represents a contingent right to receive one share of INSW common stock upon vesting. Each award of RSUs will vest in equal installments on each of the first three anniversaries of the grant date. In addition, in July 2019, the Company granted 26,451 time-based RSUs to its employees. The weighted average grant date fair value of these awards was $19.00 per RSU. Each award of RSUs will vest in equal installments on each of the first two anniversaries of the grant date. Also, in December 2019, the Company granted 44,466 time-based RSUs to certain employees, including senior officers . The weighted average grant date fair value of these awards was $27.66 per RSU. Each award of RSUs will vest on the first anniversary of the grant date. RSUs may not be transferred, pledged, assigned or otherwise encumbered until they are settled. Settlement of vested RSUs may be in either shares of common stock or cash, as determined at the discretion of the Human Resources and Compensation Committee, and shall occur as soon as practicable after the vesting date. If the RSUs are settled in shares of common stock, following the settlement of such shares, the grantee will be the record owner of the shares of common stock and will have all the rights of a shareholder of the Company, including the right to vote such shares and the right to receive dividends paid with respect to such shares of common stock. RSUs which have not become vested as of the date of a grantee’s termination from the Company will be forfeited without the payment of any consideration, unless otherwise provided for. During the year ended December 31, 2019, the Company awarded 63,994 performance-based RSUs to its senior officers. The weighted average grant date fair value of the awards with performance conditions was determined to be $17.21 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 $16.68 per RSU. 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, 2021, 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, 2021, 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, 2022. In addition, in April 2019, the Company awarded an executive officer 11,882 performance-based restricted stock units, representing the last tranche of the award originally made on February 14, 2017. The grant date fair value of the performance award was determined to be $17.21 per RSU. Each performance stock unit represents a contingent right to receive RSUs based upon certain performance related goals being met and the covered employees being continuously employed through the end of the period over which the performance goals are measured. This performance award which would have vested on December 31, 2019 , is subject to INSW’s ROIC performance for the year ended December 31, 2019 relative to a target rate set forth in the award agreement. Vesting is subject to INSW’s Human Resources and Compensation Committee’s certification of achievement of the performance measure and target no later than March 31, 2020. The performance condition in this award was achieved at a payout of approximately 126% of target. During the year ended December 31, 2018, the Company awarded 55,534 performance-based RSUs to its senior officers. The weighted average grant date fair value of the awards with performance conditions was determined to be $17.46 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 $18.87 per RSU. 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, 2020, subject to INSW’s ROIC performance in the three-year ROIC performance period relative to the ROIC Target set forth in the award agreements; and (ii) one-half of the target RSUs shall vest on December 31, 2020, subject to INSW’s three-year TSR performance relative to the 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, 2021. In addition, in April 2018, the Company awarded an executive officer, 11,882 performance-based restricted stock units, representing the 2018 tranche of the award originally made on February 14, 2017. The grant date fair value of the performance award was determined to be $17.46 per RSU. Each performance stock unit represents a contingent right to receive RSUs based upon certain performance related goals being met and the covered employee being continuously employed through the end of the period over which the performance goals are measured. This performance award which vested on December 31, 2018, was subject to INSW’s ROIC performance for the year ended December 31, 2018 relative to a target rate set forth in the award agreement. The performance condition in this award was achieved at a payout of approximately 72% of target. During the year ended December 31, 2017 the Company awarded 30,856 performance-based RSUs to its senior officers. The weighted average grant date fair value of the awards with performance conditions was determined to be $19.73 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 $24.35 per RSU. 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-third of the target RSUs shall vest on December 31, 2019, subject to INSW’s three-year earnings per share (“EPS”) performance in the three-year EPS performance period relative to a target (the “EPS Target”) set forth in the award agreements; (ii) one-third of the target RSUs shall vest on December 31, 2019, subject to INSW’s ROIC performance in the three-year ROIC performance period relative to the ROIC Target set forth in the award agreements; and (iii) one-third of the target RSUs will be subject to INSW’s three-year TSR performance relative to the TSR Target. Vesting is subject in each case to the Human Resources and Compensation Committee’s certification of achievement of the performance measures and targets no later than March 15, 2020. The TSR Target performance condition in this award was achieved at a payout of 150% of target as of the performance period end date of December 31, 2019. The EPS Target and ROIC Target were not achieved as of the performance period end date of December 31, 2019. Accordingly, for financial reporting purposes, no compensation cost was recognized for the portion of these awards relating to performance conditions. In addition, during the year ended December 31, 2017, INSW granted 29,206 performance-based RSUs (11,383 of which represented the 2017 tranche of the awards originally made on October 12, 2015) to certain members of its senior management. The grant date fair value of the performance awards was determined to be $19.13 per RSU. Each performance stock unit represents a contingent right to receive RSUs based upon certain performance related goals being met and the covered employees being continuously employed through the end of the period over which the performance goals are measured. These performance awards which vested on December 31, 2017, were subject to INSW’s ROIC performance for the year ended December 31, 2017 relative to a target rate set forth in the award agreements. The performance condition in this award was achieved and resulted in payouts ranging from 130% to 150% of target. Settlement of the vested INSW performance-based RSUs may be in either shares of common stock or cash, as determined by the Human Resources and Compensation Committee in its discretion, and shall occur as soon as practicable after the vesting date. (ii) Stock Options During the years ended December 31, 2019, 2018 and 2017, the Company awarded to certain senior officers an aggregate of 137,847, 124,955 and 148,271 stock options, respectively. Each stock option represents an option to purchase one share of INSW common stock for an exercise price of $17.21 per share for options granted in 2019, an exercise price of $17.46 per share for options granted in 2018, and an exercise price that ranged between $18.21 and $22.42 per share for options granted in 2017. The weighted average grant date fair value of the options granted in 2019, 2018 and 2017 was $7.99, $7.76 and $8.48 per option, respectively. The fair values of the options were estimated using the Black-Scholes option pricing model with inputs that include the INSW stock price, the INSW exercise price and the following weighted average assumptions: risk free interest rates of 2.36% (2019), 2.67% (2018) and rates that ranged between 1.95% and 2.11% (2017), dividend yields of 0.0%, expected stock price volatility factors of .46 (2019), .42 (2018) and .44 (2017), and expected lives at inception of six years, respectively. Stock options may not be transferred, pledged, assigned or otherwise encumbered prior to vesting. Each stock option will vest in equal installments on each of the first three anniversaries of the award date. The stock options expire on the business day immediately preceding the tenth anniversary of the award date. If a stock option grantee’s employment is terminated for cause (as defined in the applicable Form of Grant Agreement), stock options (whether then vested or exercisable or not) will lapse and will not be exercisable. If a stock option grantee’s employment is terminated for reasons other than cause, the option recipient may exercise the vested portion of the stock option but only within such period of time ending on the earlier to occur of (i) the 90th day ending after the option recipient’s employment terminated and (ii) the expiration of the options, provided that if the Optionee’s employment terminates for death or disability the vested portion of the option may be exercised until the earlier of (i) the first anniversary of employment termination and (ii) the expiration date of the options. Share Repurchases In connection with the settlement of vested restricted stock units, the Company repurchased 21,589, 28,002 and 13,961 shares of common stock during the years ended December 31, 2019, 2018 and 2017 at an average cost of $17.07, $17.81 and $18.66 per share, respectively (based on the market prices on the dates of vesting), from certain members of management to cover withholding taxes. During the first quarter of 2020, an additional 4,381 shares of common stock were repurchased from certain members of management at an average cost of $29.76 per share in relation to restricted stock units that vested on December 31, 2019. On May 2, 2017, the Company’s Board of Directors approved a resolution authorizing the Company to implement a stock repurchase program. Under the program, the Company may opportunistically repurchase up to $30,000 worth of shares of the Company’s common stock from time to time over a 24‑month period, on the open market or otherwise, in such quantities, at such prices, in such manner and on such terms and conditions as management determines is in the best interests of the Company. Shares owned by employees, directors and other affiliates of the Company will not be eligible for repurchase under this program without further authorization from the Board. On March 5, 2019, the Company’s Board of Directors approved a resolution reauthorizing the Company’s $30,000 stock repurchase program for another 24-month period ending March 5, 2021. No shares were repurchased under such program during the years ended December 31, 2019 and 2018. During the year ended December 31, 2017, the Company repurchased and retired 160,000 shares of its common stock in open-market purchases at an average price of $19.86 per share, for a total cost of $3,177. Activity with respect to restricted common stock and restricted stock units under INSW compensation plans is summarized as follows: Common Stock Nonvested Shares Outstanding at December 31, 2016 117,258 Granted 165,503 Vested ($18.21 - $19.13 per share) (1) (108,584) Nonvested Shares Outstanding at December 31, 2017 174,177 Granted (2) 173,573 Forfeitures (3) (19,995) Vested ($18.62 - $24.05 per share) (1) (97,554) Nonvested Shares Outstanding at December 31, 2018 230,201 Granted (2) 270,096 Forfeitures (3) (20,570) Vested ($17.46- $29.61 per share) (1) (126,863) Nonvested Shares Outstanding at December 31, 2019 352,864 (1) Includes 21,529 (2019), 21,752 (2018) and 18,144 (2017) shares of common stock sold back to the Company by employees to cover withholding taxes in the year of vesting or during the first quarter of the subsequent year. (2) Includes 8,198 and 3,120 incremental performance restricted stock units earned as a result of above target achievement of market condition at December 31, 2019 and 2018, respectively. (3) Represents restricted stock units forfeited because performance targets were not achieved as of the measurement date. Activity with respect to stock options under INSW compensation plans is summarized as follows: Common Stock Options Outstanding at December 31, 2016 127,559 Granted 148,271 Exercised - Options Outstanding at December 31, 2017 275,830 Granted 124,955 Exercised - Options Outstanding at December 31, 2018 400,785 Granted 137,847 Exercised - Options Outstanding at December 31, 2019 538,632 Options Exercisable at December 31, 2019 294,555 The weighted average remaining contractual life of the outstanding and exercisable stock options at December 31, 2019 was 7.63 years and 6.72 years, respectively. The range of exercise prices of the stock options outstanding and exercisable at December 31, 2019 was between $17.21 and $30.93 per share, and between $17.46 and $30.93 per share, respectively. The weighted average exercise price of the stock options outstanding and exercisable at December 31, 2019 was $19.25 and $20.68, respectively. The aggregate intrinsic value of the INSW stock options outstanding and exercisable at December 31, 2019 was $5,681 and $2,697, respectively. Compensation expense is recognized over the vesting period applicable to each grant, using the straight-line method. Compensation expense with respect to restricted common stock and restricted stock units outstanding for the years ended December 31, 2019, 2018 and 2017 was $3,216, $2,272 and $2,982, respectively. Compensation expense relating to stock options for the years ended December 31, 2019, 2018 and 2017 was $1,062, $890 and $826 respectively. As of December 31, 2019, there was $5,772 of unrecognized compensation cost related to INSW nonvested share-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 1.52 years. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2019 | |
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | NOTE 14 —ACCUMULATED OTHER COMPREHENSIVE LOSS: The components of accumulated other comprehensive loss, net of related taxes, in the consolidated balance sheets follow: December 31, December 31, 2019 2018 Unrealized losses on derivative instruments $ (11,732) $ (21,520) Items not yet recognized as a component of net periodic benefit cost (pension plans) (8,838) (8,409) $ (20,570) $ (29,929) The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, for the three years ended December 31, 2019. Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost (pension plans) Total Balance at December 31, 2016 $ (40,317) $ (11,950) $ (52,267) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (1,140) 17 (1,123) Amounts reclassified from accumulated other comprehensive loss 12,468 515 12,983 Balance at December 31, 2017 (28,989) (11,418) (40,407) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (1,687) 1,107 (580) Amounts reclassified from accumulated other comprehensive loss 9,156 1,902 11,058 Balance at December 31, 2018 (21,520) $ (8,409) (29,929) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (19,126) (818) (19,944) Amounts reclassified from accumulated other comprehensive loss 28,914 389 29,303 Balance at December 31, 2019 $ (11,732) $ (8,838) $ (20,570) The following table presents information with respect to amounts reclassified out of accumulated other comprehensive loss for the three years ended December 31, 2019. Accumulated Other Comprehensive Loss Component 2019 2018 2017 Statement of Operations Line Item Reclassifications of losses on cash flow hedges: Interest rate swaps entered into by the Company's equity method Equity in income of joint venture investees $ 26,490 $ 8,664 $ 12,337 affiliated companies Interest rate swaps entered into by the Company's subsidiaries 1,467 471 - Interest expense Interest rate cap/collar entered into by the Company's subsidiaries 99 21 131 Interest expense Reclassifications of losses on derivatives subsequent to discontinuation of hedge accounting Interest rate collar entered into by the Company's subsidiaries 858 - - Interest expense Items not yet recognized as a component of net periodic benefit cost (pension plans): Net periodic benefit costs associated with pension and postretirement benefit plans 389 1,902 515 Other expense $ 29,303 $ 11,058 $ 12,983 Total before and net of tax The following amounts are included in accumulated other comprehensive loss at December 31, 2019, which have not yet been recognized in net periodic cost: unrecognized prior service costs of $1,441 ($1,081 net of tax) and unrecognized actuarial losses of $9,148 ($7,757 net of tax). The prior service costs and actuarial losses included in accumulated other comprehensive loss and expected to be recognized in net periodic cost during 2020 are losses of $77 (gross and net of tax) and $320 (gross and net of tax), respectively. At December 31, 2019, the Company expects that it will reclassify $4,871 (gross and net of tax) of net losses on derivative instruments from accumulated other comprehensive loss to earnings during the next twelve months due to the payment of variable rate interest associated with floating rate debt of INSW’s equity method investees and the interest rate collar and swaps held by the Company. See Note 6, “Equity Method Investments,” for additional information relating to derivatives held by the Company’s equity method investees and Note 9, “Fair Value of Financial Instruments, Derivatives and Fair Value,” for additional disclosures relating to derivative instruments. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2019 | |
REVENUE [Abstract] | |
REVENUE | NOTE 15 — REVENUE: The adoption of ASC 842 had no impact on shipping revenues for the year ended December 31, 2019 as the timing and pattern of revenue recognition under our revenue contracts that have lease and non-lease components is the same even when accounted for separately under ASC 842 and ASC 606, respectively. Revenue Recognition The majority of the Company's contracts for pool revenues, time and bareboat charter revenues, and voyage charter revenues are accounted for as lease revenue under ASC 842. The Company's contracts with pools are cancellable with up to 90 days' notice. As of December 31, 2019, six of the Company's vessels are operating under six-month time charter contracts to customers with expiry dates ranging from January 2020 to June 2020. Upon their expiry in January 2020, the Company extended two of such charters for an additional six months through July 2020. 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 are recognized over the lease term on a straight-line basis and lease revenue for variable lease payments (e.g., demurrage) are recognized in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. See Note 2, "Significant Accounting Policies," for additional detail on the Company's accounting policies regarding revenue recognition for leases. 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. See Note 2, “Significant Accounting Policies,” for additional detail on the Company’s accounting policies regarding service revenue recognition and costs to obtain or fulfill a contract. The following table presents the Company’s revenues from leases accounted for under ASC 842 and revenues from services accounted for under ASC 606 for the years ended December 31, 2019 and 2018: Crude Product Tankers Carriers Other Totals For the year ended December 31, 2019: Revenues from leases Pool revenues $ 173,751 $ 80,304 $ - $ 254,055 Time and bareboat charter revenues 27,535 90 - 27,625 Voyage charter revenues from non-variable lease payments 29,786 434 - 30,220 Voyage charter revenues from variable lease payments 2,574 - - 2,574 Revenues from services Voyage charter revenues Lightering services 51,710 - - 51,710 Total shipping revenues $ 285,356 $ 80,828 $ - $ 366,184 For the year ended December 31, 2018: Revenues from leases Pool revenues $ 111,214 $ 65,992 $ - $ 177,206 Time and bareboat charter revenues 24,088 1,873 - 25,961 Voyage charter revenues from non-variable lease payments 20,682 100 - 20,782 Voyage charter revenues from variable lease payments 1,346 - - 1,346 Revenues from services Voyage charter revenues Lightering services 45,066 - - 45,066 Total shipping revenues $ 202,396 $ 67,965 $ - $ 270,361 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. Voyage receivables - Billed receivables Contract assets (Unbilled voyage receivables) Contract liabilities (Deferred revenues and off hires) Opening balance as of January 1, 2019 $ 6,632 $ 1,931 $ - Closing balance as of December 31, 2019 2,727 - - We receive payments from customers based on the distribution schedule established in our contracts. Contract assets relate to our conditional right to consideration for our completed performance 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, and associated revenue, are generally transferred to customers over time. The expected duration of services is less than one year. Positive/(negative) adjustments to revenues from performance obligations satisfied in previous periods recognized during the years ended December 31, 2019 and 2018 were ($493) and ($39), respectively. These adjustments to revenue were related to changes in estimates of performance obligations related to voyage charters. Costs to Obtain or Fulfill a Contract As of December 31, 2019, there were no unamortized deferred costs of obtaining or fulfilling a contract. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
LEASES | NOTE 16 — LEASES: The adoption of ASC 842 had a material impact in our consolidated balance sheet due to the recognition of ROU assets and corresponding operating lease liabilities as disclosed below but did not have an impact in our lease expenses as disclosed below for the year ended December 31, 2019. Certain amounts recorded for prepaid/accrued charter hire expenses associated with historical operating leases were reclassified to the newly captioned Operating lease right-of-use asset in the consolidated balance sheet as of December 31, 2019. The expense for leases under the ASC 842 will continue to be classified in their historical statements of operations captions (primarily in Charter hire expenses, General and administrative, Voyage expenses, and Vessel expenses). 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 inception; (ii) workboats employed in the Crude Tankers Lightering business that are cancellable upon 180 days' notice; 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 vessels and leased office and other space. The expenses recognized during the year ended December 31, 2019 for the lease component of these leases are as follows: Statement of Operations Line Item 2019 Operating lease cost Vessel assets Charter hire expenses $ 15,089 Office and other space General and administrative 996 Voyage expenses 168 Short-term lease cost Vessel assets (1) Charter hire expenses 10,769 Office and other space General and administrative 116 Voyage expenses 52 Vessel expenses 8 Total lease cost $ 27,198 (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 $10,586 for the year ended December 31, 2019 including both lease and non-lease components . Supplemental cash flow information related to leases was as follows: 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 16,178 Supplemental balance sheet information related to leases was as follows: December 31, 2019 Operating lease right-of-use assets $ 33,718 Current portion of operating lease liabilities $ (12,958) Long-term operating lease liabilities (17,953) Total operating lease liabilities $ (30,911) Weighted average remaining lease term - operating leases 3.24 years Weighted average discount rate - operating leases 1. Charters-in of vessel assets: As of December 31, 2019, INSW had commitments to charter in three MRs, two Aframaxes, one LR1 and one workboat employed in the Crude Tankers Lightering business. All of the charters-in, of which the two Aframaxes are bareboat charters with expiry dates ranging from December 2023 to March 2024 and the others are time charters with expiry dates ranging from June 2020 to August 2021, are accounted for as operating leases. Some of the Company’s time charters contain renewal options to extend the leases for 12 months. The Company’s bareboat charters contain purchase options commencing in the first quarter of 2021. As of December 31, 2019, the Company has determined that the purchase options are not yet reasonably certain of being exercised. Lease liabilities related to time charters-in vessels exclude estimated days that the vessels will not be available for employment due to drydock because the Company does not pay charter hire when time chartered-in vessels are not available for its use . Payments of lease liabilities and related number of operating days under these operating leases as of December 31, 2019 and December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) are as follows : Bareboat Charters-in: At December 31, 2019 Amount Operating Days 2020 $ 6,295 732 2021 6,278 730 2022 6,278 730 2023 4,532 556 Total lease payments 23,383 2,748 less imputed interest (2,931) Total operating lease liabilities $ 20,452 At December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) Amount Operating Days 2019 $ 2020 2021 2022 2023 Net minimum lease payments $ Time Charters-in: At December 31, 2019 Amount Operating Days 2020 $ 6,302 1,269 2021 2,170 408 Total lease payments (lease component only) 8,472 1,677 less imputed interest (339) Total operating lease liabilities $ 8,133 At December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) Amount Operating Days 2019 $ (1) Net minimum lease payments $ (1) Includes non-lease components totaling approximately $5,530 related to the Company's time charters, which are accounted for under ASC 842 effective January 1, 2019 and therefore excluded from the operating lease liability, and approximately $3,615 related to short term leases of workboats employed in the Crude Tankers Lightering business that are not in scope of ASC 842 based on the Company's accounting policy election . 2. Office and other space: The Company has operating leases for office and lightering workboat dock space. These leases have expiry dates ranging from August 2021 to December 2024. 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 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 December 31, 2019 and December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) are as follows: At December 31, 2019 Amount 2020 $ 2021 2022 2023 2024 Total lease payments 2,533 less imputed interest (207) Total operating lease liabilities $ 2,326 At December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) Amount 2019 $ 2020 2021 Net minimum lease payments $ Contracts under which the Company is a Lessor See Note 15, “Revenue,” for discussion on the Company’s revenues from operating leases accounted for under the lease guidance (ASC 842). The future minimum revenues, before reduction for brokerage commissions, expected to be received on non-cancelable time charters and the related revenue days as of December 31, 2019 and December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) are as follows: At December 31, 2019 Amount Revenue Days 2020 $ Future minimum revenues $ At December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) Amount Revenue Days 2019 $ Future minimum revenues $ Future minimum revenues do not include (i) the Company’s share of time charters entered into by the pools in which it participates, and (ii) the Company’s share of time charters entered into by the joint ventures, which the Company accounts for under the equity method. 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. |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2019 | |
Pension and Other Postretirement Benefit Plans [Abstract] | |
Pension and Other Postretirement Benefit Plans | NOTE 17 —PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS: Pension plans The Company has obligations outstanding under a defined benefit pension plan in the U.K. The plan provides defined benefits based on years of service and final average salary. The plan was closed to new entrants and accrual from June 2014. The Company has provided a guarantee to the trustees of the OSG Ship Management (UK) Ltd. Retirement Benefits Plan (the “Scheme”) in the amount of the unfunded deficiency calculated on a solvency basis, if the principal employer fails to make the required periodic contributions to the Scheme. Information with respect to the Scheme for which INSW uses a December 31 measurement date, is as follows: December 31, December 31, 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 23,814 $ 31,527 Prior service cost - 152 Interest cost on benefit obligation 657 707 Actuarial losses/(gains) 2,761 (2,848) Benefits paid (820) (696) Settlements - (3,706) Foreign exchange losses/(gains) 1,069 (1,322) Benefit obligation at year end 27,481 23,814 Change in plan assets: Fair value of plan assets at beginning of year 22,785 29,527 Actual return on plan assets 3,341 (1,009) Employer contributions 639 - Benefits paid (820) (696) Settlements - (3,761) Foreign exchange gains/(losses) 1,049 (1,276) Fair value of plan assets at year end 26,994 22,785 Unfunded status at December 31 $ (487) $ (1,029) The unfunded benefit obligation for the pension plan is included in other liabilities in the consolidated balance sheets. Information for the defined benefit pension plan with accumulated benefit obligations in excess of plan assets follows: December 31, December 31, 2019 2018 Projected benefit obligation $ 27,481 $ 23,814 Accumulated benefit obligation 27,481 23,814 Fair value of plan assets 26,994 22,785 Information for net periodic benefit costs for the years ended December 31, 2019, 2018 and 2017 follows: 2019 2018 2017 Components of expense: Plan administration costs $ - $ - $ 64 Interest cost on benefit obligation 657 707 797 Expected return on plan assets (1,017) (1,029) (1,041) Amortization of prior-service costs 74 71 68 Recognized net actuarial loss 315 388 447 Recognized settlement loss - 1,442 - Net periodic benefit cost $ 29 $ 1,579 $ 335 Unrecognized actuarial losses are amortized over a period of twenty years, which at the time selected, represented the term to retirement of the youngest member of the Scheme. The weighted-average assumptions used to determine benefit obligations follow: December 31, December 31, 2019 2018 Discount rate The selection of a single discount rate for the defined benefit plan was derived from bond yield curves, which the Company believed as of such dates to be appropriate for the plan, reflecting the length of the liabilities and the yields obtainable on investment grade bonds. The assumption for a long-term rate of return on assets was based on a weighted average of rates of return on the investment sectors in which the assets are invested. The weighted-average assumptions used to determine net periodic benefit costs follow: 2019 2018 2017 Discount rate Expected (long-term) return on plan assets Rate of future compensation increases - - - Expected benefit payments are as follows: Pension benefits 2020 $ 822 2021 827 2022 843 2023 871 2024 997 Years 2025-2029 6,059 $ 10,419 The fair values of the Company’s pension plan assets at December 31, 2019, by asset category are as follows: Description Fair Value Level 1 Level 2 (1) Cash and cash equivalents $ 549 $ 549 $ - Managed funds 26,445 - 26,445 Total $ 26,994 $ 549 $ 26,445 (1) Quoted prices for the managed funds are not available from an active market source since such investments are pooled investment funds. The unitized pooled investment vehicles have been valued at the latest available bid price or single price provided by the pooled investment manager. Shares in other pooled arrangements have been valued at the latest available net asset value, determined in accordance with fair value principles, provided by the pooled investment manager. A target allocation of 80% is maintained with return seeking assets, with the balance of 20% invested in liability driven investments to target a 100% match to interest rate risks by asset value (mainly government bonds). The Company contributed $639, $0 and $787 to the Scheme in 2019, 2018 and 2017, respectively. The Company expects that its contribution to the Scheme in 2020 will be approximately $683. Defined Contribution Plans The Company has defined contribution plans covering all eligible shore-based employees in the U.K. and U.S. Contributions are limited to amounts allowable for income tax purposes and include employer matching contributions to the plans. All contributions to the plans are at the discretion of the Company or as mandated by statutory laws. The contributions to the plans during the three years ended December 31, 2019 were not material. |
OTHER EXPENSE
OTHER EXPENSE | 12 Months Ended |
Dec. 31, 2019 | |
OTHER EXPENSE [Abstract] | |
OTHER EXPENSE | NOTE 18 — OTHER EXPENSE: For the year ended December 31, 2019 2018 2017 Investment income - interest $ $ $ Net actuarial gain/(loss) on defined benefit pension plan Write-off of deferred financing costs (2,400) (7,020) Loss on extinguishment of debt (1,100) (1,295) - Other 320 (418) - $ $ $ Refer to Note 8, “Debt,” for additional information relating to write-off of deferred financing costs and loss on extinguishment of debt. |
2019 AND 2018 QUARTERLY RESULTS
2019 AND 2018 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | 12 Months Ended |
Dec. 31, 2019 | |
2019 AND 2018 QUARTERLY RESULTS OF OPERATIONS [Abstract] | |
2019 AND 2018 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | NOTE 19 — 2019 AND 2018 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED): Selected Financial Data for the Quarter Ended March 31, June 30, Sept. 30, Dec. 31, 2019 Shipping revenues $ 101,874 $ 69,010 $ 71,278 $ 124,022 Gain/(loss) on disposal of vessels and other property 48 (1,548) 1,472 (280) Income/(loss) from vessel operations 19,324 (7,934) (2,843) 46,621 Interest expense (17,533) (17,443) (17,010) (14,281) Income tax provision - - - (1) Net income/(loss) 10,897 (16,523) (11,095) 15,891 Basic and Diluted net income/(loss) per share $ 0.37 $ (0.57) $ (0.38) $ 0.54 Selected Financial Data for the Quarter Ended March 31, June 30, Sept. 30, Dec. 31, 2018 Shipping revenues $ 51,978 $ 56,909 $ 60,926 $ 100,548 (Loss)/gain on disposal of vessels and other property, including impairments (6,573) 6,740 (17,360) (2,487) (Loss)/income from vessel operations (26,706) (9,669) (36,021) 17,865 Interest expense (11,621) (13,086) (17,320) (18,204) Income tax (provision)/benefit (8) - (3) 116 Net (loss)/income (29,316) (18,796) (47,786) 6,958 Basic and Diluted net (loss)/income per share $ (1.01) $ (0.65) $ (1.64) $ 0.24 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
CONTINGENCIES [Abstract] | |
CONTINGENCIES | NOTE 20 — CONTINGENCIES: INSW’s policy for recording legal costs related to contingencies is to expense such legal costs as incurred. 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 plan 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. As the amount of any such assessment cannot be reasonably estimated, no reserves have been recorded for this contingency in INSW’s consolidated financial statements as of December 31, 2019. The next deficit valuation is as of March 31, 2021. 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. Participating employers include current employers, historic employers that have made voluntary contributions, and historic employers such as INSW that have made no deficit contributions. Calls for contributions may be required if additional actuarial deficits arise or if other employers liable for contributions are unable to pay their share in the future. As the amount of any such assessment cannot be reasonably estimated, no reserves have been recorded in INSW’s consolidated financial statements as of December 31, 2019. The next deficit valuation is due March 31, 2020. Galveston In late September 2017, an industrial accident at a dock facility in Galveston, Texas resulted in fatalities to two temporary employees (the “decedents”) of a subsidiary of the Company. In accordance with law, an investigation of the accident was conducted by the Occupational Safety and Health Administration and local law enforcement. The subsidiary cooperated in providing requested information to investigators, and to date, no citations or other adverse enforcement actions have been issued to and/or taken against the subsidiary. Additionally, two wrongful death lawsuits (the “lawsuits”) relating to the accident, each of which claims damages in excess of $25,000, were filed in state court in Texas (Harris County District Court) and identified the subsidiary as one of several defendants. The lawsuits have been settled as to most of the original defendants, with the exception of the subsidiary, and the remaining disputes were removed to federal court in Houston, Texas (Southern District) in January 2018. The subsidiary has filed its answer to those complaints, generally denying the allegations and stating certain affirmative defenses. The subsidiary has filed a motion for summary judgment seeking dismissal of all claims being asserted against it in the lawsuits based on its position that it was the decedents’ borrowing employer, and therefore has tort immunity under the Longshore and Harbor Workers’ Compensation Act, 33 U.S.C. §§ 900-950. The motion for summary judgment is currently pending and awaiting the federal court’s decision, but it cannot be predicted when a decision will be issued. There is currently no trial setting in the case. The Company and the subsidiary intend to continue vigorously defending the lawsuits. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have not been resolved. Accordingly, the Company is currently unable to predict the ultimate timing or outcome of, or to reasonably estimate the possible loss or a range of possible loss resulting from, the lawsuits. Further, certain of the other original defendants in the wrongful death/personal injury actions (the “T&T Defendants”) made demands to the subsidiary and its insurers for contractual defense, indemnity and additional insured coverage for all claims being asserted against the T&T Defendants arising out of the incident, including all amounts paid by the T&T Defendants in settlement of those claims, as well as its costs of defense. The subsidiary and its excess insurers filed an action for declaratory judgment in federal court in Texas (Southern District) seeking judgment that they did not owe contractual indemnification obligations to the T&T Defendants. In July 2018 the federal court overseeing the declaratory judgment action issued an order dismissing the case on the basis that it lacked subject-matter jurisdiction to hear the dispute. This was not a decision on the merits of the underlying contractual dispute. The subsidiary and its excess insurers filed an appeal of that decision in the U.S. Fifth Circuit Court of Appeals. In the meantime, the T&T Defendants filed a new lawsuit in a Texas state court to assert their contractual claims against the subsidiary and its insurers, which the defendants then removed to federal court in Houston, Texas. In early 2019, a settlement of the T&T Defendants’ claims against the subsidiary and its insurers was reached, and funding of same has been issued by the subsidiary’s insurers. Pursuant to the terms of the settlement, all litigation concerning these claims has been dismissed with prejudice. Finally, in February 2018, the subsidiary and its insurers settled three “bystander” claims made by crewmembers aboard a vessel under charter to the subsidiary for alleged emotional and other personal injuries. The subsidiary has initiated arbitration in Houston, Texas against the employer of the bystanders to seek full recovery of this payment pursuant to indemnity provisions in the charter between the subsidiary and the employer. The arbitration panel issued its decision in August 2019, providing for the recovery of a portion of the indemnity payment and also for associated costs. Any eventual recovery will be for the benefit of the subsidiary’s insurers. Spin-Off Related Agreements On November 30, 2016, INSW was spun off from OSG as a separate publicly traded company. In connection with the spin-off, INSW and OSG entered into several agreements, including a separation and distribution agreement, an employee matters agreement and a transition services agreement. While most of the obligations under those agreements were subsequently fulfilled, certain provisions (including in particular mutual indemnification provisions under the separation and distribution agreement and the employee matters agreement) continue in force. 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. |
Schedule 1 Condensed Financial
Schedule 1 Condensed Financial Information Parent | 12 Months Ended |
Dec. 31, 2019 | |
Parent Company [Member] | |
Condensed Financial Information of Parent Company Only Disclosure | INTERNATIONAL SEAWAYS, INC. AND SUBSIDIARIES SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT INTERNATIONAL SEAWAYS, INC. CONDENSED BALANCE SHEETS AT DECEMBER 31 DOLLARS IN THOUSANDS December 31, December 31, 2019 2018 ASSETS Current Assets: Cash and cash equivalents $ $ Other receivables - Prepaid expenses and other current assets Total Current Assets Restricted cash 4,000 4,000 Investment in subsidiaries 1,057,519 941,872 Investments in and advances to affiliated companies - 112,212 Intercompany receivables 1,597 1,611 Other assets 596 282 Total Assets $ $ LIABILITIES AND EQUITY Current Liabilities: Accounts payable, accrued expenses and other current liabilities $ 728 $ Total Current Liabilities Long-term debt 50,705 49,824 Intercompany payables 100 143 Total Liabilities Equity: Capital - 100,000,000 no par value shares authorized; 29,274,452 and 29,184,501 shares issued and outstanding Accumulated deficit 1,042,863 1,039,784 Accumulated other comprehensive loss Total Equity 1,022,293 1,009,855 Total Liabilities and Equity $ 1,073,826 $ 1,060,697 See notes to condensed financial statements INTERNATIONAL SEAWAYS, INC. AND SUBSIDIARIES SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT INTERNATIONAL SEAWAYS, INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) FOR THE YEARS ENDED DECEMBER 31 DOLLARS IN THOUSANDS 2019 2018 2017 Shipping Revenues $ - $ - $ 2 Operating Expenses Vessel expenses - - (4) General and administrative 4,633 4,664 5,880 Third-party debt modification fees (11) 44 - Separation and transition costs - - 381 Total operating expenses Loss from vessel operations (4,622) (4,708) (6,255) Equity in income/(loss) of affiliated companies 10,107 (80,269) (75,790) Operating income/(loss) Other income/(loss) 62 (92) (6,888) Income/(loss) before interest expense and income taxes Interest expense (6,377) (3,864) (17,129) Loss before income taxes Income tax provision - (7) (26) Net loss Other comprehensive income/(loss), net of tax: Net change in unrealized losses on cash flow hedges 9,788 7,469 11,328 Defined benefit pension and other postretirement benefit plans: Net change in unrecognized prior service cost 32 (13) (31) Net change in unrecognized actuarial losses (461) 3,022 563 Other comprehensive income, net of tax Comprehensive Income/(Loss) $ $ $ See notes to condensed financial statements INTERNATIONAL SEAWAYS, INC. AND SUBSIDIARIES SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT INTERNATIONAL SEAWAYS, INC. CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31 DOLLARS IN THOUSANDS 2019 2018 2017 Cash Flows from Operating Activities: Net cash (used in)/provided by operating activities $ (8,489) $ 3,500 $ 297,931 Cash Flows from Investing Activities: Capital contributions to subsidiaries (122,784) (56,942) - Distributions from subsidiaries and affiliated companies 19,068 7,360 165,168 Proceeds from sale of investments in affiliated companies 122,755 - - Net cash provided by/(used in) investing activities 19,039 (49,582) 165,168 Cash Flows from Financing Activities: Issuance of debt, net of issuance and deferred financing costs - 51,318 - Payments on debt - - (1,546) Extinguishment of debt - (2,069) (458,416) Premium on extinguishment of debt (992) - - Repurchases of common stock - - (3,177) Cash paid to tax authority upon vesting of stock-based compensation (369) (410) (349) Other - net (289) (222) - Net cash (used in)/provided by financing activities (1,650) 48,617 (463,488) Net increase/(decrease) in cash, cash equivalents and restricted cash 8,900 2,535 (389) Cash, cash equivalents and restricted cash at beginning of year 4,159 1,624 2,013 Cash, cash equivalents and restricted cash at end of year $ 13,059 $ 4,159 $ 1,624 See notes to condensed financial statements INTERNATIONAL SEAWAYS, INC. AND SUBSIDIARIES SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT INTERNATIONAL SEAWAYS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS DOLLARS IN THOUSANDS NOTE A — BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS: International Seaways, Inc. (the “Parent”) is the Parent company that conducts substantially all of its business operations through its subsidiaries. The condensed financial information and related notes have been prepared in accordance with Rule 12.04, Schedule I of Regulation S-X. This financial information should be read in conjunction with the consolidated financial statements and notes thereto of International Seaways, Inc., and subsidiaries (collectively, the “Company”). The Parent owns 100% of International Seaways Operating Corporation (“ISOC”), which is incorporated in the Marshall Islands, and OIN Delaware LLC, which is incorporated in the state of Delaware. The Parent had a 49.9% interest in a joint venture , OSG Nakilat Corporation (“LNG Joint Venture”), which is incorporated in the Marshall Islands. The following subsidiaries of the Parent are in the process of being dissolved: ERN Holdings Inc. and Oleron Tankers S.A., which are incorporated in Panama. On November 30, 2016, pursuant to the Contribution Agreement entered into between the Parent and ISOC, the Parent contributed its ownership interests in all of its vessel owning subsidiaries and certain of its non-vessel owning subsidiaries to ISOC. ISOC and its subsidiaries own and operate a fleet of oceangoing vessels engaged in the transportation of crude oil and refined petroleum products in the international markets. NOTE B— DEBT: Debt consists of the following: December 31, December 31, 2019 2018 8.5% Senior Notes, due 2023, net of unamortized deferred finance costs of $1,142 and $1,402 $ 23,858 $ 23,598 10.75% Subordinated Notes, due 2023, net of unamortized deferred finance costs of $1,084 and $1,705 26,847 26,226 50,705 49,824 Less current portion - - Long-term debt $ 50,705 $ 49,824 The Parent completed the sale of $25,000 of its 8.50% notes (the “8.50% Senior Notes”) in an SEC-registered offering in May 2018 and the sale of $30,000 of its 10.75% subordinated step-up notes due 2023 (the "10.75% Subordinated Notes") in a private placement to certain funds and accounts managed by BlackRock, Inc. ("BlackRock") on June 13, 2018. The Parent made capital contributions totaling $56,899 to ISOC during 2018 to finance the acquisition of the Six VLCCs and to fund general working capital needs, out of which $56,942 was paid and reflected in the condensed statement of cash flows as cash flows used in investing activities and $43 is included in intercompany receivables in the condensed consolidated balance sheet as of December 31, 2018. On January 28, 2020, the outstanding balance of the 10.75% Subordinated Notes was repurchased using proceeds received from the 2020 Debt Facilities that were distributed by ISOC to the Parent as a return of capital. As of December 31, 2019, the aggregate annual principal payments required to be made on the 8.5% Senior Notes and 10.75% Subordinated Notes are as follows: Year Amount 2020 $ - 2021 - 2022 - 2023 52,931 Aggregate principal payments required $ 52,931 The Parent expects to recognize a net loss of $2,026 on the prepayment of the 10.75% Subordinated Notes in January 2020 . The net loss reflects a write-off of $1,034 unamortized original issue discount and deferred financing costs associated with the 10.75% Subordinated Notes and a premium of $992, which was paid in December 2019. During the year ended December 31, 2018, the Parent paid issuance costs in connection with 8.5% Senior Notes and 10.75% Subordinated Notes aggregating $3,727, of which $3,683 were capitalized as deferred finance charges and $44 is included in third-party debt modification fees in the condensed statement of operations and comprehensive loss. The net loss of $128 included in other expense for the year ended December 31, 2018 reflects a write-off of unamortized original issue discount and deferred financing costs associated with the redemption of $2,069 of the 10.75% Subordinated Notes, which were treated as partial extinguishments. Issuance costs incurred and capitalized as deferred finance charges have been treated as a reduction of debt proceeds. An aggregate net loss of $7,020 for the year ended December 31, 2017 realized on the modification of the Parent's debt facilities, is included in other expense in the condensed statement of operations and comprehensive loss. The net loss reflects a write-off of unamortized original issue discount and deferred financing costs associated with the INSW Facilities, which were treated as partial extinguishments. The remaining balance of unamortized deferred financing costs were concurrently transferred to ISOC. See Note 8, “Debt,” to the Company’s consolidated financial statements set forth in Item 8, “Financial Statements and Supplementary Data,” for information with respect to the Parent's debt. NOTE C—RELATED PARTY TRANSACTIONS: The financial statements of the Parent included related party transactions as presented in the tables below: 2019 2018 2017 Equity in (loss)/income of affiliated companies ISOC $ 18,280 $ (90,020) $ (89,851) Other Subsidiaries (3) (99) (327) LNG Joint Venture (8,170) 9,850 14,388 $ 10,107 $ (80,269) $ (75,790) On October 7, 2019, the Company sold its 49.9% ownership interest in the LNG Joint Venture with Qatar Gas Transport Company Limited (Nakilat) (“Nakilat”) to Nakilat pursuant to a share purchase agreement entered into on the closing date. The purchase price for the transaction was $123,000, excluding fees and expenses. The share purchase agreement contains specified representations, warranties, covenants and indemnification provisions of the parties customary for transactions of this type. In addition, in connection with the transaction, various other agreements governing the LNG Joint Venture and the LNG Joint Venture’s relationships with its counterparties were also amended to reflect the change in ownership and related matters. The Company recorded a cash gain on the sale of $3,033 and reclassified the Company’s share of the unrealized losses associated with the interest rate swaps held by the LNG Joint Venture of $21,615 into earnings from Accumulated Other Comprehensive Loss . The Company made a $122,784 capital contribution to ISOC representing the net proceeds from the sale of the LNG Joint Venture. 2019 2018 2017 Interest income on intercompany loan with INSW Manila Inc. $ - $ 35 $ 131 Total included in other expense $ - $ 35 $ 131 The Parent had a loan receivable from INSW Manila Inc., which was entered into to finance the purchase of an office building in Manila. This loan bore interest at 4% per annum and was repayable on demand. Such loan was paid in full in 2018. December 31, December 31, 2019 2018 Amounts due from related companies: ISOC $ - $ 43 INSW Manila Inc. 1,568 Intercompany receivables $ $ December 31, December 31, 2019 2018 Amounts due to related companies: OIN Delaware LLC $ $ OSG-NNA Ship Management Services Inc. (1) - Intercompany payables $ $ (1) This subsidiary was dissolved during the year ended December 31, 2019. In accordance with the terms of the 2017 Debt Facilities, ISOC is permitted to pay cash dividends to the Parent at the times and in the amounts necessary for the Parent to pay its operating expenses and other similar corporate overhead costs and expenses incurred in the ordinary course of its business. ISOC made cash distributions totaling $19,068 and $7,360 as return of capital to the Parent for the year ended December 31, 2019 and 2018, respectively, to cover such costs. ISOC made cash distributions totaling $487,260 to the parent including earnings distributions of $322,092 and $165,168 return of capital, for the year ended December 31, 2017 to cover such costs and to fund the repayment of the INSW facilities. The earnings distributions and return of capital distributions received by the Parent are reflected in the condensed statement of cash flows as cash flows from operating activities and investing activities, respectively. NOTE D —CONTINGENCIES: See Note 20, “Contingencies,” to the Company’s consolidated financial statements set forth in Item 8, “Financial Statements and Supplementary Data,” for information with respect to the Parent’s contingencies. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Cash, cash equivalents and Restricted cash | 1. Cash and cash equivalents — Interest-bearing deposits that are highly liquid investments and have a maturity of three months or less when purchased are included in cash and cash equivalents. Restricted cash of $60,572 and $59,331 as of December 31, 2019 and December 31, 2018, respectively, represents legally restricted cash relating to the Company’s 2017 Term Loan Facility, Sinosure Credit Facility, ABN Term Loan Facility, and 10.75% Subordinated Notes (as defined in Note 8, “Debt”). Such restricted cash reserves are included in the non-current assets section of the consolidated balance sheets. |
Concentration of Credit Risk | 2. Concentration of credit risk — Financial instruments that potentially subject the Company to concentrations of credit risk are voyage receivables due from charterers and pools in which the Company participates. With respect to voyage receivables, the Company limits its credit risk by performing ongoing credit evaluations. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the voyage receivables balance. We determine the allowance based on troubled accounts, historical experience, and other currently available evidence. Provisions for doubtful accounts associated with operating lease receivables and non-operating lease receivables are included in provision for credit losses on the consolidated statements of operations. Voyage receivables reflected in the consolidated balance sheets as of December 31, 2019 and December 31, 2018 are net of an allowance for doubtful accounts of $1,245 and $0, respectively. The provisions for doubtful accounts for the years ended December 31, 2019, 2018 and 2017 were $1,245, $0 and $0, respectively. During the three years ended December 31, 2019, 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 88% of consolidated voyage receivables at December 31, 2019 and December 31, 2018. |
Inventories | 3. Inventories —Inventories, which consists principally of fuel, are stated at cost determined on a first-in, first-out basis. |
Vessels, vessel lives, deferred drydocking expenditures and other property | 4. Vessels, vessel lives, deferred drydocking expenditures and other property —Vessels are recorded at cost and are depreciated to their estimated salvage value on the straight-line basis over their estimated useful lives, which is generally 25 years. Each vessel’s salvage value is equal to the product of its lightweight tonnage and an estimated scrap rate of $300 per ton. The carrying value of each of the Company’s vessels represents its original cost at the time it was delivered or purchased less depreciation calculated using estimated useful lives from the date such vessel was originally delivered from the shipyard. A vessel’s carrying value is reduced to its new cost basis (i.e., its current fair value) if a vessel impairment charge is recorded. Interest costs are capitalized to vessels during the period that vessels are under construction. No interest was capitalized during 2019, 2018 or 2017 since the Company had no vessel under construction. Other property, including leasehold improvements, are recorded at cost and amortized on a straight-line basis over the shorter of the terms of the leases or the estimated useful lives of the assets, which range from three to seven years. Expenditures incurred during a drydocking are deferred and amortized on the straight-line basis over the period until the next scheduled drydocking, generally two and a half to five years. The Company only includes in deferred drydocking costs those direct costs that are incurred as part of the drydocking to meet regulatory requirements or are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. |
Impairment of long-lived assets | 5. Impairment of long-lived assets —The carrying amounts of long-lived assets held and used by the Company are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. In such instances, an impairment charge would be recognized if the estimate of the undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than the asset’s carrying amount. This assessment is made at the individual vessel level since separately identifiable cash flow information for each vessel is available. The impairment charge, if any, would be measured as the amount by which the carrying amount of a vessel exceeded its fair value. If using an income approach in determining the fair value of a vessel, the Company will consider the discounted cash flows resulting from highest and best use of the vessel asset from a market-participant’s perspective. Alternatively, if using a market approach, the Company will obtain third party appraisals of the estimated fair value of the vessel. A long lived asset impairment charge results in a new cost basis being established for the relevant long lived asset. See Note 5, “Vessels, Deferred Drydock and Other Property,” for further discussion on the impairment tests performed on certain of our vessels during the three years ended December 31, 2019. |
Deferred finance charges | 6. Deferred finance charges — Finance charges, excluding original issue discount, incurred in the arrangement and/or amendments resulting in the modification of debt are deferred and amortized to interest expense on either an effective interest method or straight-line basis over the life of the related debt . Unamortized deferred finance charges of $274 and $413 relating to the 2017 Revolver Facility are included in other assets in the consolidated balance sheets as of December 31, 2019 and 2018, respectively. Unamortized deferred financing charges of $16,309 and $26,647 relating to the 2017 Term Loan Facility, Sinosure Credit Facility, ABN Term Loan Facility, 8.5% Senior Notes and 10.75% Subordinated Notes are included in long-term debt in the consolidated balance sheets as of December 31, 2019 and 2018, respectively. Interest expense relating to the amortization of deferred financing costs amounted to $4,848 in 2019, $3,933 in 2018 and $5,115 in 2017. |
Revenue and expense recognition | 7. Revenue and expense recognition — The Company recognizes revenue in accordance with the provisions of ASC 606, Revenue from Contracts with Customers (ASC 606). The standard provides a unified model to determine how revenue is recognized. In doing so, the Company makes judgments including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation. Revenues are recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation . As the Company’s performance obligations are services which are received and consumed by its customers as it performs such services, revenues are recognized over time proportionate to the days elapsed since the service commencement compared to the total days anticipated to complete the service. The minimum duration of services is less than one year for each of the Company’s current contracts. The Company’s contract revenues consist of revenues from time charters, bareboat charters, voyage charters and pool revenues. Revenues from time charters are accounted for as fixed rate operating leases with an embedded technical management service component and are recognized ratably over the rental periods of such charters. Bareboat charters are also accounted for as fixed rate operating leases and the associated revenue is recognized ratably over the rental periods of such charters. Voyage charters contain a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. Voyage charter revenues and expenses are recognized ratably over the estimated length of each voyage. For a voyage charter which contains a lease component, revenue and expenses are recognized based on a lease commencement-to-discharge basis and the lease commencement date is the latter of discharge of the previous cargo or voyage charter contract signing. For voyage charters that do not have a lease component, revenue and expenses are recognized based on a load-to-discharge basis. Accordingly, voyage expenses incurred during a vessel’s positioning voyage to a load port in order to serve a customer under a voyage charter not containing a lease are considered costs to fulfill a contract and are deferred and recognized ratably over the load-to-discharge portion of the contract. Under voyage charters, expenses such as fuel, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time and bareboat charters, such voyage costs are paid by the Company’s customers. For the Company’s vessels operating in pools, revenues and voyage expenses are pooled and allocated to each pool’s participants on a time charter equivalent (“TCE”) basis in accordance with an agreed-upon formula. Accordingly, the Company accounts for its agreements with commercial pools as variable rate operating leases. For the pools in which the Company participates, management monitors, among other things, the relative proportion of the Company’s vessels operating in each of the pools to the total number of vessels in each of the respective pools and assesses whether or not the Company’s participation interest in each of the pools is sufficiently significant so as to determine that the Company has effective control of the pool. Demurrage earned during a voyage charter represents variable consideration. The Company estimates demurrage at contract inception using either the expected value or most likely amount approaches. Such estimate is reviewed and updated over the term of the voyage charter contract. On January 1, 2019, the Company adopted the provisions of ASU 2016-02, Leases (ASC 842). This standard provides lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under ASC 606 and both of the following conditions are met: (1) the timing and pattern of transfer of the non-lease components and associated lease component are the same; and (2) the lease component, if accounted for separately, would be classified as an operating lease. If lease and non-lease components are aggregated under this practical expedient, a lessor would account for the combined component as follows: if the non-lease components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with ASC 606 as described above; otherwise, the entity must account for the combined component as an operating lease in accordance with ASC 842. The Company has elected the lessor practical expedient to aggregate non-lease components with the associated lease components and to account for the combined components as required by the practical expedient since its primary revenue streams described above meet the conditions required to adopt the practical expedient. Furthermore, the Company has performed a qualitative analysis of each of its primary revenue contract types to determine whether the lease component or the non-lease component is the predominant component of the contract. The Company concluded that the lease component is the predominant component for all of its primary revenue contract types as the lessee would ascribe more value to the control and use of the underlying vessel rather than to the technical services to operate the vessel which is an add-on service to the lessee. Accordingly, effective January 1, 2019, the Company’s primary revenue streams are accounted for as lease revenue under ASC 842, except for revenue from voyage charters that do not meet the definition of a lease. Such contracts will continue to be accounted for as service revenue in accordance with the provisions of ASC 606. Under ASC 842, lease revenue for fixed lease payments are recognized over the lease term on a straight-line basis and lease revenue for variable lease payments (e.g., demurrage) are recognized in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. Initial direct costs are expensed over the lease term on the same basis as lease revenue. See Note 15, “Revenue,” |
Leases | 8. Leases — The Company currently has two major categories of lease contracts under which the Company is a lessee – chartered-in vessels and leased office and other space. Chartered-in vessels include bareboat charters which have a lease component only and time charters which have both lease and non-lease components. The lease component relates to the cost to a lessee to control the use of the vessel and the non-lease components relate to the cost to the lessee for the lessor to operate the vessel (technical management service components). For time charters-in, the Company has separated non-lease components from lease component and scoped out non-lease components from the application of ASC 842. For leased office and other space, the Company has elected the ASC 842 practical expedient to account for the lease and non-lease components as a single lease component as it is not practical to separate the insignificant non-lease components from the associated lease components for these types of leases. Further, ASC 842 also allows lessees to elect as an accounting policy not to apply the provisions of ASC 842 to short term leases (i.e., leases with an original term of 12-months or less). Instead, a lessee may recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. The accounting policy election for short-term leases is required to be made by class of underlying asset to which the right of use relates. The Company has elected not to apply ASC 842 to its portfolio of short-term leases existing on January 1, 2019 (see Note 16, “Leases,” for additional information with respect to the Company’s short-term leases). The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and long-term operating lease liabilities in the Company’s consolidated balance sheets. The Company does not have finance leases. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The operating lease ROU asset also includes any prepaid lease payments made and excludes accrued lease payments and lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company makes significant judgements and assumptions to estimate its incremental borrowing rate that a lessee would have to pay to borrow on a 100% collateralized basis over a term similar to the lease term and in an amount equal to the lease payments in a similar economic environment. The Company performs the following steps in estimating its incremental borrowing rate: (i) gather observable debt yields of the Company’s recently issued debt facilities; and (ii) make adjustments to the yields of the actual debt facilities to reflect changes in collateral level, terms, the risk-free interest rate, and credit ratings. In addition, the Company performs sensitivity analyses to evaluate the impact of selected discount rates on the estimated lease liability. The Company makes significant judgements and assumptions to separate the lease component from the non-lease component of its time chartered-in vessels. For purposes of determining the standalone selling price of the vessel lease and technical management service components of the Company’s time charters, the Company concluded that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping market conditions, the duration of such charters, and the age of the vessel. The Company believes that the standalone transaction price attributable to the technical management service component is more readily determinable than the price of the lease component and, accordingly, the price of the service component is estimated using observable data (such as fees charged by third-party technical managers) and the residual transaction price is attributed to the vessel lease component. See discussion above under revenue and expense recognition for the Company’s accounting policy on revenues from leases. See Note 16, “Leases,” for additional disclosures on leases and the impact of adopting ASC 842 on January 1, 2019. |
Derivatives | 9. Derivatives — ASC 815, Derivatives and Hedging , requires the Company to recognize all derivatives on the balance sheet at fair value. Derivatives that are not effective hedges must be adjusted to fair value through earnings. If the derivative is an effective hedge, depending on the nature of the hedge, a change in the fair value of the derivative is either recorded to current earnings (fair value hedge), or recognized in other comprehensive income/(loss) and reclassified into earnings in the same period or periods during which the hedge transaction affects earnings (cash flow hedge). The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to forecasted transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively, as discussed below. The Company discontinues hedge accounting prospectively when (1) it determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item such as forecasted transactions; (2) the derivative expires or is sold, terminated, or exercised; (3) it is no longer probable that the forecasted transaction will occur; or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate or desired. When the Company discontinues hedge accounting because it is no longer probable that the forecasted transaction will occur in the originally expected period, the gain or loss on the derivative remains in accumulated other comprehensive income/(loss) and is reclassified into earnings when the forecasted transaction affects earnings. However, if it is probable that a forecasted transaction will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter, the gains and losses that were accumulated in other comprehensive gain/(loss) will be recognized immediately in earnings. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its fair value on the balance sheet, recognizing changes in the fair value in current-period earnings, unless it is designated in a new hedging relationship. Any gain or loss realized upon the early termination of an interest rate cap, collar or swaps is recognized as an adjustment of interest expense over the shorter of the remaining term of the derivative instruments or the hedged debt. See Note 9, “Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures,” for additional disclosures on the Company’s interest rate cap, collar and swaps and other financial instruments. |
Fair value measurements | 10. Fair value measurements — We account for certain assets and liabilities at fair value under ASC 820. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price. In addition, the fair value of assets and liabilities should include consideration of non-performance risk, which for the liabilities described below includes the Company's own credit risk. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market: Level 1 - Quoted prices in active markets for identical assets or liabilities. Our Level 1 non-derivative assets and liabilities primarily include cash and cash equivalents and the 8.50% Senior Notes. Level 2 - Quoted prices for similar assets and liabilities in active markets or model-based valuation techniques for which all significant inputs are observable in the market (where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including interest rate curves, credit spreads, etc.). Our Level 2 non-derivative liabilities primarily include the 2017 Term Loan Facility, Sinosure Credit Facility, ABN Term Loan Facility and 10.75% Subordinated Notes. Our Level 2 derivative assets and liabilities primarily include our interest rate cap, collar and swaps. Level 3 - Inputs that are unobservable (for example cash flow modeling inputs based on assumptions). |
Income taxes | 11. Income taxes — The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event the Company were to determine that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes in the period such determination is made. Uncertain tax positions are recorded in accordance with ASC 740, Income Taxes, on the basis of a two-step process whereby (1) the Company first determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority. |
Valuation of equity method investments | 12. Valuation of equity method investments — When events and circumstances warrant, investments accounted for under the equity method of accounting are evaluated for impairment. An impairment charge is recorded whenever a decline in fair value of an investment below its carrying amount is determined to be other-than-temporary. Impairment charges related to equity method investments are recorded in equity in income of affiliated companies in the accompanying consolidated statements of operations. See Note 6, “Equity Method Investments,” for further discussion of the Company’s evaluation of impairment of its equity method investments during the three years ended December 31, 2019. |
Use of estimates | 13. Use of estimates —The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts of assets, liabilities, equity, revenues and expenses reported in the financial statements and accompanying notes. The most significant estimates relate to the depreciation of vessels and other property, amortization of drydocking costs, judgements involved in identifying performance obligations in revenue contracts, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation, estimates used in assessing the recoverability of equity method investments and other long-lived assets, liabilities incurred relating to pension benefits, and income taxes. Actual results could differ from those estimates. |
Recently adopted / issued accounting standards | 14. Recently adopted accounting standards — In February 2016, the FASB issued ASU 2016-02, Leases (ASC 842), a standard that requires lessees to increase transparency and comparability among organizations by requiring the recognition of ROU assets and lease liabilities on the balance sheet. The requirements of this standard include a significant increase in required disclosures to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The FASB has issued several amendments and practical expedients to the standard, including clarifying guidance, transition relief on comparative reporting at adoption, the lessee practical expedient, which allows lessees, as an accounting policy election made by class of underlying asset, to choose not to separate non-lease components from lease components and instead combine the separate lease and non-lease components and account for them as a single lease components, the lessor practical expedient, which allows entities to choose to aggregate non-lease components with the associated lease components and to account for the combined components as required by the practical expedient, a practical expedient, which allows lessees to elect as an accounting policy not to apply the provisions of ASC 842 to short term leases, and codification improvements to clarify that lessees and lessors are exempt from certain interim disclosure requirement associated with adopting the new leases standard. The new standard is effective for us beginning January 1, 2019 and we adopted the standard using the modified retrospective transition approach, which allows the Company to recognize a cumulative effect adjustment to the opening balance of accumulated deficit in the period of adoption rather than restate our comparative prior year periods. Based on our analysis, the cumulative effect adjustment to the opening balance of accumulated deficit is zero because (i) we do not have any unamortized initial direct costs as of January 1, 2019 that need to be written off; (ii) we do not have any deferred gain or loss from our previous sale and operating leaseback transactions that need to be recognized; and (iii) the timing and pattern of revenue recognition under our revenue contracts that have lease and non-lease components is the same and even if accounted for separately, the lease component of such contracts would be considered operating leases. We elected certain available practical expedients and implemented internal controls and key system functionality to enable the preparation of financial information on adoption. See Note 15, “Revenue” and Note 16, “Leases,” for further information and the impact of adopting ASC 842 on January 1, 2019 . In August 2018, the SEC issued a final rule that amends certain of its disclosure requirements. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly changing the information provided to investors. The amendments require registrants to include a reconciliation of changes in stockholders’ equity in their interim financial statements. As a result, registrants will have to provide the reconciliation for both the year-to-date and quarterly periods as well as comparable periods in Form 10-Q, but only for the year-to-date periods in registration statements. While the amendments adopted in August 2018 are effective on November 5, 2018, the SEC staff issued a Compliance and Disclosure Interpretation (C&DI) that provides an extended transition period for companies to comply with the requirement to provide a reconciliation of changes in stockholders’ equity in their interim financial statements, allowing a registrant to not comply with that requirement until the Form 10-Q for the quarter that begins after November 5, 2018. Accordingly, the Company began providing the new interim reconciliations of shareholders’ equity required by the rule in the Form 10-Q for the three months ended March 31, 2019. 15. Recently issued accounting standards — In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit losses (ASC 326), which amends the guidance on the impairment of financial instruments. The standard adds an impairment model known as the current expected credit loss (“CECL”) model that is based on expected losses rather than incurred losses. Under the new guidance, an entity is required to recognize as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. Unlike the incurred loss models under existing standards, the CECL model does not specify a threshold for the recognition of an impairment allowance. Rather, an entity will recognize its estimate of expected credit losses for financial assets as of the end of the reporting period. Credit impairment will be recognized as an allowance or contra-asset rather than as a direct write-down of the amortized cost basis of a financial asset. However, the carrying amount of a financial asset that is deemed uncollectible will be written off in a manner consistent with existing standards. In addition, for financial guarantees in the scope of ASC 326, entities must measure the expected credit losses arising from the contingent aspect under the CECL model in addition to recognizing the liability for the noncontingent aspect of the guarantee under ASC 460, Guarantees . A standalone liability representing the amount that it expects to pay on the guarantee related to expected credit losses is required for the contingent aspect. Financial assets measured at fair value through net income are scoped out of CECL. The ASU requires a cumulative-effect adjustment to the retained earnings as of the beginning of the first reporting period in which the guidance is effective. Periods prior to the adoption date that are presented for comparative purposes are not to be adjusted. In November 2018, the FASB issued ASU 2018-19, Financial Instruments – Credit losses (ASC 326), which clarifies that operating lease receivables are not within the scope of ASC 326 and should instead be accounted for under the new leasing standard, ASC 842. The standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2019 and early adoption is permitted. We are in the process of evaluating financial assets on our balance sheet for potential credit losses under the CECL model, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. Most of our voyage receivables are operating lease receivables, which are not in the scope of ASC 326. Upon adoption of ASC 326, management expects that based on our current portfolio of financial assets, we will recognize an immaterial cumulative-effect increase to the accumulated deficit as of January 1, 2020 due to (i) an increase in our allowance for doubtful accounts; and (ii) the recognition of guarantee liabilities associated with the contingent aspect of our current financial guarantee obligations . In August 2018, the FASB issued ASU 2018-14, Defined Benefit Plans (ASC 715), which amends ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 adds requirements for an entity to disclose the following: (1) the weighted average interest crediting rates used in the entity’s cash balance pension plans and other similar plans; (2) a narrative description of the reasons for significant gains and losses affecting the benefit obligation for the period; and (3) an explanation of any other significant changes in the benefit obligation or plan assets that are not otherwise apparent in the other disclosures required by ASC 715. Further, the ASU removes guidance that requires the following disclosures: (1) the amounts in accumulated other comprehensive income expected to be recognized as part of net periodic benefit cost over the next year; (2) information about plan assets to be returned to the entity, including amounts and expected timing; (3) information about benefits covered by related-party insurance and annuity contracts and significant transactions between the plan and related parties; and (4) effects of a one-percentage-point change in the assumed health care costs and the effect of this change in rates on service cost, interest cost, and the benefit obligation for postretirement health care benefits. The standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2020 and early adoption is permitted. Management does not expect the adoption of this accounting standard to have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (ASC 820), which changes the fair value measurement disclosure requirements. The new disclosure requirements are: (1) changes in unrealized gains or losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and (2) the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The eliminated disclosure requirements are: (1) transfers between Level 1 and Level 2 of the fair value hierarchy; and (2) policies related to valuation processes and the timing of transfers between levels of the fair value hierarchy. Under ASU 2018-13, entities are no longer required to estimate and disclose the timing of liquidity events for investments measured at fair value. Instead, the requirement to disclose such events applies only when they have been communicated to the reporting entities by the investees or announced publicly. The standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2019 and early adoption is permitted. Management does not expect the adoption of this accounting standard to have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"), which aligns the accounting for implementation costs incurred in a hosting arrangement that is a service contract with the accounting for implementation costs incurred to develop or obtain internal-use software, in order to determine the applicable costs to capitalize and the applicable costs to expense as incurred. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. The standard can be applied either prospectively to implementation costs incurred after the date of adoption or retrospectively to all arrangements. The Company intends to adopt ASU 2018-15 using the prospective approach and the adoption is not expected to have a material impact on the Company’s consolidated financial statements. |
CONTINGENCIES (Policy)
CONTINGENCIES (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
CONTINGENCIES [Abstract] | |
Legal costs | INSW’s policy for recording legal costs related to contingencies is to expense such legal costs as incurred. |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
EARNINGS PER COMMON SHARE [Abstract] | |
Components of Calculation of Earnings Per Share | The components of the calculation of basic and diluted earnings per share are as follows: 2019 2018 2017 Net loss $ (830) $ (88,940) $ (106,088) Weighted average common shares outstanding: Basic 29,225,483 29,136,634 29,159,440 Diluted 29,225,483 29,136,634 29,159,440 Reconciliations of the numerator of the basic and diluted earnings per share computations are as follows: 2019 2018 2017 Net loss allocated to: Common Stockholders $ (830) $ (88,940) $ (106,088) Participating securities - - - $ (830) $ (88,940) $ (106,088) |
BUSINESS AND SEGMENT REPORTING
BUSINESS AND SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
BUSINESS AND SEGMENT REPORTING [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Information about the Company’s reportable segments as of and for each of the years in the three-year period ended December 31, 2019 follows: Crude Product Tankers Carriers Other Totals 2019 Shipping revenues $ 285,356 $ 80,828 $ - $ 366,184 Time charter equivalent revenues 259,517 80,402 - 339,919 Depreciation and amortization 59,387 16,152 114 75,653 Loss on disposal of vessels and other property 82 226 - 308 Adjusted income/(loss) from vessel operations 71,344 12,319 (114) 83,549 Equity in income/(loss) of affiliated companies 19,383 - (8,170) 11,213 Investments in and advances to affiliated companies at December 31, 2019 143,095 10,197 - 153,292 Adjusted total assets at December 31, 2019 1,284,631 313,063 - 1,597,694 Expenditures for vessels and vessel improvements 33,384 3,223 - 36,607 Payments for drydockings 16,997 2,549 - 19,546 2018 Shipping revenues $ 202,396 $ 67,965 $ - $ 270,361 Time charter equivalent revenues 175,524 67,576 - 243,100 Depreciation and amortization 54,431 17,862 135 72,428 Loss/(gain) on disposal of vessels and other property, including impairments 22,992 (3,312) - 19,680 Adjusted income/(loss) from vessel operations 2,194 (12,002) 567 (9,241) Equity in income of affiliated companies 19,582 - 9,850 29,432 Investments in and advances to affiliated companies at December 31, 2018 143,789 12,321 112,212 268,322 Adjusted total assets at December 31, 2018 1,285,433 328,792 112,212 1,726,437 Expenditures for vessels and vessel improvements 146,322 2,624 - 148,946 Payments for drydockings 4,121 399 - 4,520 2017 Shipping revenues $ 192,426 $ 97,675 $ - $ 290,101 Time charter equivalent revenues 178,812 96,183 - 274,995 Depreciation and amortization 56,302 22,418 133 78,853 Loss on disposal of vessels and other property, including impairments 85,625 1,230 - 86,855 Adjusted income/(loss) from vessel operations 21,623 (8,385) (31) 13,207 Equity in income of affiliated companies 34,577 - 14,389 48,966 Investments in and advances to affiliated companies at December 31, 2017 260,884 15,612 102,398 378,894 Adjusted total assets at December 31, 2017 1,104,714 382,905 102,025 1,589,644 Expenditures for vessels and vessel improvements 172,164 1,371 - 173,535 Payments for drydockings 17,606 3,790 - 21,396 |
Reconciliation of Revenue from Segments to Consolidated | Reconciliations of time charter equivalent revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow: 2019 2018 2017 Time charter equivalent revenues $ $ $ Add: Voyage expenses Shipping revenues $ $ $ |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Reconciliations of adjusted income/(loss) from vessel operations of the segments to loss before income taxes, as reported in the consolidated statements of operations follow: 2019 2018 2017 Total adjusted income/(loss) from vessel operations of all segments $ 83,549 $ (9,241) $ 13,207 General and administrative expenses (26,798) (24,304) (24,453) Provision for credit losses (1,245) - - Third-party debt modification fees (30) (1,306) (9,240) Separation and transition costs - - (604) Loss on disposal of vessels and other property, including impairments (308) (19,680) (86,855) Consolidated income/(loss) from vessel operations 55,168 (54,531) (107,945) Equity in income of affiliated companies 11,213 29,432 48,966 Other expense (943) (3,715) (5,818) Interest expense (66,267) (60,231) (41,247) Loss before income taxes $ (829) $ (89,045) $ (106,044) |
Reconciliation of Assets from Segment to Consolidated | Reconciliations of total assets of the segments to amounts included in the consolidated balance sheets follow: December 31, December 31, 2019 2018 Total assets of all segments $ 1,597,694 $ 1,726,437 Corporate unrestricted cash and cash equivalents 89,671 58,313 Restricted cash 60,572 59,331 Other unallocated amounts 5,564 4,520 Consolidated total assets $ 1,753,501 $ 1,848,601 |
Long Lived Assets Deployment by Segment | Certain additional information about the Company’s operations for each of the years in the three year period ended December 31, 2019 follows: Crude Product Tankers Carriers Other Consolidated Total vessels, deferred drydock and other property at December 31, 2019 $ $ $ $ Total vessels, deferred drydock and other property at December 31, 2018 Total vessels, deferred drydock and other property at December 31, 2017 |
VESSELS, DEFERRED DRYDOCK AND_2
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |
Schedule of Property | Vessels and other property, excluding vessel held for sale, consist of the following: December 31, December 31, 2019 2018 Vessels, at cost $ 1,650,670 $ 1,629,647 Accumulated depreciation (361,088) (301,885) Vessels, net 1,289,582 1,327,762 Other property, at cost 6,714 8,199 Accumulated depreciation and amortization (3,780) (5,166) Other property, net 2,934 3,033 Total Vessels and other property $ 1,292,516 $ 1,330,795 |
Schedule of Property Plant and Equipment by Segment | Net Average Number of Accumulated Carrying Vessel Age Owned As of December 31, 2019 Cost Depreciation Value (by dwt) Vessels Crude Tankers VLCC $ 1,028,760 $ (236,217) $ 792,543 8.6 13 Suezmax 117,338 (10,007) 107,331 2.4 2 Aframax (1) 96,038 (19,659) 76,379 14.1 3 Panamax 59,181 (5,223) 53,958 17.2 7 Total Crude Tankers 1,301,317 (271,106) 1,030,211 (2) 9.4 25 Product Carriers LR2 73,681 (14,714) 58,967 5.4 1 LR1 (4) 108,251 (22,420) 85,831 11.0 4 MR 167,421 (52,848) 114,573 9.0 4 Total Product Carriers 349,353 (89,982) 259,371 (3) 9.3 9 Fleet Total $ 1,650,670 $ (361,088) $ 1,289,582 9.4 34 (1) Net carrying value includes assets capitalized on two bareboat chartered-in Aframaxes. (2) Includes four VLCCs, one Aframax, and one Panamax with an aggregate carrying value of $305,866, which the Company believes exceeds their aggregate market values (estimated by taking an average of two third party vessel appraisals) of approximately $253,125 by $52,741. (3) Includes one LR2, four LR1s and four MRs with an aggregate carrying value of $257,496, which the Company believes exceeds their aggregate market values (estimated by taking an average of two third party vessel appraisals) of approximately $206,500 by $50,996. (4) Includes a deposit of $1,875 made pursuant to a memorandum of agreement entered into for the acquisition of a 2009-built LR1, which was delivered during the first quarter of 2020. Net Average Number of Accumulated Carrying Vessel Age Owned As of December 31, 2018 Cost Depreciation Value (by dwt) Vessels Crude Tankers VLCC (includes ULCC) $ 998,038 $ (200,706) $ 797,332 7.6 13 Suezmax 117,339 (5,914) 111,425 1.4 2 Aframax 95,116 (15,445) 79,671 13.1 3 Panamax 56,357 (2,447) 53,910 16.2 7 Total Crude Tankers 1,266,850 (224,512) 1,042,338 8.4 25 Product Carriers LR2 73,681 (12,009) 61,672 4.4 1 LR1 106,376 (17,772) 88,604 10.0 4 MR 182,740 (47,592) 135,148 10.0 6 Total Product Carriers 362,797 (77,373) 285,424 9.1 11 Fleet Total $ 1,629,647 $ (301,885) $ 1,327,762 36 |
Vessel/Fleet [Member] | |
Property, Plant and Equipment [Line Items] | |
Schedule of Property Plant and Equipment by Segment | Vessel activity for the three years ended December 31, 2019 is summarized as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance at January 1, 2017 $ 1,478,940 $ (381,449) $ 1,097,491 Purchases and vessel additions 174,108 - Disposals and transfer to held for sale (23,266) 2,232 Depreciation - (59,883) Impairment (225,422) 137,013 Balance at December 31, 2017 1,404,360 (302,087) 1,102,273 Purchases and vessel additions 459,608 - Disposals (176,300) 16,097 Depreciation - (56,711) Impairment (58,021) 40,816 Balance at December 31, 2018 1,629,647 (301,885) 1,327,762 Purchases and vessel additions 38,138 - Disposals (17,115) 1,105 Depreciation - (60,308) Balance at December 31, 2019 $ 1,650,670 $ (361,088) $ 1,289,582 |
Drydock [Member] | |
Property, Plant and Equipment [Line Items] | |
Schedule of Property | Drydocking activity for the three years ended December 31, 2019 is summarized as follows: 2019 2018 2017 Balance at January 1 $ 16,773 $ 30,528 $ 30,557 Additions 21,086 5,616 19,205 Sub-total 37,859 36,144 49,762 Drydock amortization (14,685) (15,084) (18,367) Amount charged to loss on disposal of vessels (49) (4,287) (867) Balance at December 31 $ 23,125 $ 16,773 $ 30,528 |
EQUITY METHOD INVESTMENTS (Tabl
EQUITY METHOD INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
EQUITY METHOD INVESTMENTS [Abstract] | |
Results of Operations of Equity Method Investments | Financial information for the equity method investees that were significant for the three years ended December 31, 2019, including the results of the LNG Joint Venture for the period January 1, 2019 through October 6, 2019, adjusted for basis and accounting policy differences, is as follows: For the year ended December 31, 2019 FSO Asia FSO Africa LNG Others Total Shipping revenues $ $ $ $ - $ Ship operating expenses (29,919) (29,727) (43,853) - (103,499) Income from vessel operations - Other income - Interest expense (4,482) (4,633) (23,637) - (32,752) Income tax provision (1,692) (1,707) - - (3,399) Net income 16,810 16,947 21,498 - 55,255 Percentage of ownership in equity investees Equity in income of affiliated companies, before consolidating and reconciling adjustments $ 8,405 $ 8,474 $ $ $ Gain on sale of investment in affiliated companies - - 3,033 - 3,033 Release other comprehensive loss upon sale of investment in affiliated companies - - (21,615) - (21,615) Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture 1,196 1,199 - - 2,395 Amortization of interest capitalized during construction of LNG vessels - - (320) - (320) Other - - - Equity in income/(loss) of affiliated companies $ $ $ (8,170) $ 109 $ For the year ended December 31, 2018 FSO Asia FSO Africa LNG Others Total Shipping revenues $ $ $ - $ Ship operating expenses (26,970) (26,928) (58,643) - (112,541) Income from vessel operations - Other income - Interest expense (3,732) (3,856) (33,088) - (40,676) Income tax provision (1,730) (1,703) - - (3,433) Net income 17,045 16,807 20,563 - 54,415 Percentage of ownership in equity investees Equity in income of affiliated companies, before consolidating and reconciling adjustments $ 8,523 $ 8,404 $ $ Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture 1,196 1,199 - - 2,395 Amortization of interest capitalized during construction of LNG vessels - - (419) - (419) Other - - - Equity in income of affiliated companies $ $ $ 9,848 $ 262 $ For the year ended December 31, 2017 FSO Asia FSO Africa LNG Others Total Shipping revenues $ $ $ - $ Ship operating expenses (26,476) (26,278) (53,474) - (106,228) Income from vessel operations - Other income - Interest expense (1,342) (83) (35,406) - (36,831) Income tax (provision)/benefit (2,824) 938 - - (1,886) Net income 27,802 36,008 29,658 - 93,468 Percentage of ownership in equity investees Equity in income of affiliated companies, before consolidating and reconciling adjustments $ 13,901 $ 18,004 $ $ Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture 1,149 1,152 - - 2,301 Amortization of interest capitalized during construction of LNG vessels - - (419) - (419) Other - (33) - (26) Equity in income of affiliated companies $ $ $ 14,387 $ 406 $ |
Equity Method Investments Summarized Balance Sheet Information | The tables below present the financial position for the equity method investees that were significant and a reconciliation of the Company’s share of the joint ventures’ total equity to the investments in and advances to affiliates line on the consolidated balance sheets as of December 31, 2019 and 2018: As of December 31, 2019 FSO Asia FSO Africa LNG Other (1) Total Cash and cash equivalents $ $ $ - $ - $ 2,618 Trade receivables - - 17,806 Other receivables 192 192 - - 384 Total current assets - - 20,808 Vessels less accumulated depreciation 259,583 264,219 - - 523,802 Total Assets $ $ $ - $ - $ 544,610 Accounts payable and accrued expenses $ $ $ - $ - $ 1,615 Income tax payable - - - 1,965 Current portion of long term debt - - 48,824 Current portion of derivative liability - - 1,370 Total current liabilities - - 53,774 Long-term debt - - 89,494 Long-term derivative liability - - 1,077 Deferred tax liabilities - - 6,671 Advances from shareholders (2) - 46,431 - - 46,431 Total Liabilities - - 197,447 Equity - - 347,163 Total Liabilities and Equity $ $ $ - $ - $ Percentage of ownership in equity investees INSW share of affiliate's equity, before consolidating and reconciling adjustments $ 96,547 $ $ - $ - $ Impairment of equity method investments (15,977) (14,498) - - (30,475) Advances from shareholders of FSO Joint Venture (2) - 23,216 - - 23,216 Unamortized deferred gain on 2009 sale of TI Africa to FSO Joint Venture, net (14,578) (14,925) - - (29,503) INSW guarantee for FSO Term Loan 109 155 - - 264 Other (1) - - - 16,209 Investments in and advances to affiliated companies $ $ $ - $ $ As of December 31, 2018 FSO Asia FSO Africa LNG Other (1) Total Cash and cash equivalents $ $ $ $ - $ 20,425 Restricted cash, current portion - - 11,853 - 11,853 Trade receivables - 16,723 Other receivables - 4,522 Inventory - - 2,245 - 2,245 Total current assets - Restricted cash, long term portion - - 45,247 - 45,247 Trade receivables - - - 11,239 Vessels less accumulated depreciation - 1,264,475 Deferred drydock expenditures, net - - 16,378 - 16,378 Other assets - - 4,012 Total Assets $ $ $ $ - $ Accounts payable and accrued expenses $ $ $ $ - $ 13,180 Current portion of long term debt - 93,573 Current portion of derivative liability - 11,570 Total current liabilities - Long-term debt - 641,407 Long-term derivative liability - 27,124 Deferred tax liabilities - - 7,713 Advances from shareholders (2) - - - 57,331 Total Liabilities - Equity - 545,221 Total Liabilities and Equity $ $ $ $ - $ Percentage of ownership in equity investees INSW share of affiliate's equity, before consolidating and reconciling adjustments $ 101,293 $ $ $ - $ 272,405 Impairment of equity method investments (15,977) (14,498) - - (30,475) Advances from shareholders of FSO Joint Venture - 28,666 - - 28,666 Unamortized deferred gain on 2009 sale of TI Africa to FSO Joint Venture, net (15,769) (16,120) - - (31,889) Unamortized interest capitalized during construction of LNG vessels - - 9,856 - 9,856 INSW guarantee for FSO Term Loan 292 381 - - 673 Other - - (36) 19,122 19,086 Investments in and advances to affiliated companies $ $ $ $ $ (1) Primarily relates to working capital deposits that the Company maintains with the commercial pools in which it participates. (2) Such advances are unsecured, interest free and not repayable within one year. |
Equity Method Investment Cash Flows | The tables below present the cash flows for the equity method investees that were significant in 2019 for each of the three years ended December 31, 2019: FSO Asia 2019 2018 2017 Net cash provided by operating activities $ 46,572 $ 34,545 $ 47,220 Cash flows from financing activities: Proceeds from bank loan - 108,000 - Repayment of bank loan (23,016) (16,658) (75,343) Repayment of advances from shareholders - (125,294) (6,500) Cash dividends paid (25,200) - - Net cash used in financing activities (48,216) (33,952) (81,843) Net (decrease)/increase in cash and cash equivalents (1,644) 593 (34,623) Cash and cash equivalents at beginning of year 2,561 1,968 36,591 Cash and cash equivalents at end of year $ 917 $ 2,561 $ 1,968 FSO Africa 2019 2018 2017 Net cash provided by operating activities $ 35,984 $ 44,597 $ 52,134 Cash flows from financing activities: Proceeds from bank loan - 112,000 - Repayment of bank loan (23,867) (17,275) - Repayment of advances from shareholders (10,900) (142,900) (75,000) Net cash used in financing activities (34,767) (48,175) (75,000) Net increase/(decrease) in cash and cash equivalents 1,217 (3,578) (22,866) Cash, cash equivalents and restricted cash at beginning of year 484 4,062 26,928 Cash, cash equivalents and restricted cash at end of year $ 1,701 $ 484 $ 4,062 LNG 2019 (3) 2018 2017 Net cash provided by operating activities $ 43,475 $ 57,375 $ 37,191 Cash flow from investing activities: Expenditures for vessels and vessel improvements (334) (496) - Net cash used in investing activities (334) (496) - Cash flows from financing activities: Principal repayments on debt (34,830) (44,124) (41,698) Cash dividends paid - (20,650) - Net cash used in financing activities (34,830) (64,774) (41,698) Net increase/(decrease) in cash and cash equivalents 8,311 (7,895) (4,507) Cash, cash equivalents and restricted cash at beginning of the period 74,480 82,375 86,882 Cash, cash equivalents and restricted cash at end of the period $ 82,791 $ 74,480 $ 82,375 For the period from January 1, 2019 through October 6, 2019. |
VARIABLE INTEREST ENTITIES (V_2
VARIABLE INTEREST ENTITIES (VIEs)) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
VARIABLE INTEREST ENTITIES (VIEs) [Abstract] | |
Schedule of Variable Interest Entities | The following table presents the carrying amounts of assets and liabilities in the consolidated balance sheets related to the VIEs described above as of December 31, 2019 and 2018: Consolidated Balance Sheet as of December 31, 2019 2018 Investments in Affiliated Companies $ 140,915 $ 139,359 |
Schedule of Variable Interest Entities Liability in Condensed Consolidated Balance Sheet to Maximum Exposure to Loss | In accordance with accounting guidance, the Company evaluated its maximum exposure to loss related to these VIEs by assuming a complete loss of the Company’s investment in these VIEs and the Company’s potential obligations under its guarantee of the FSO Term Loan and associated interest rate swap. The table below compares the Company’s liability in the consolidated balance sheet to the maximum exposure to loss at December 31, 2019: Consolidated Balance Sheet Maximum Exposure to Loss Other Liabilities $ 264 $ 211,738 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Long-term Debt Instruments | December 31, December 31, 2019 2018 2017 Term Loan Facility, due 2022, net of unamortized discount and deferred finance costs of $11,211 and $20,032 $ 320,309 $ 444,344 ABN Term Loan Facility, due 2023, net of unamortized deferred finance costs of $610 and $845 22,638 25,879 Sinosure Credit Facility, due 2027-2028, net of unamortized deferred finance costs of $2,262 and $2,664 267,443 290,620 8.5% Senior Notes, due 2023, net of unamortized deferred finance costs of $1,142 and $1,402 23,858 23,598 10.75% Subordinated Notes, due 2023, net of unamortized deferred finance costs of $1,084 and $1,705 26,847 26,226 661,095 810,667 Less current portion (70,350) (51,555) Long-term portion $ 590,745 $ 759,112 |
Contractual Obligation, Fiscal Year Maturity Schedule | As of December 31, 2019, the aggregate annual principal payments required to be made on the Company’s debt facilities are as follows: Year Amount 2020 $ 70,350 2021 45,520 2022 296,814 2023 89,330 2024 23,579 Thereafter 151,811 Aggregate principal payments required $ 677,404 |
Schedule of Interest Paid | The following table summarizes interest expense, including amortization of issuance and deferred financing costs (for additional information related to deferred financing costs see Note 2, “Significant Accounting Policies”), commitment, administrative and other fees, recognized during the years ended December 31, 2019, 2018 and 2017 with respect to the Company’s debt facilities: Debt facility 2019 2018 2017 2017 Term Loan Facility, due 2022 $ 41,483 $ 45,601 $ 22,546 2017 Revolver Facility 848 475 495 ABN Term Loan Facility, due 2023 1,716 1,024 - Sinosure Credit Facility, due 2027 - 2028 14,903 8,350 - 8.5% Senior Notes, due 2023 2,390 1,396 - 10.75% Subordinated Notes, due 2023 3,642 2,032 - INSW Facilities, due 2019 - - 16,743 Total debt related interest expense $ 64,982 $ 58,878 $ 39,784 The following table summarizes interest paid, excluding deferred financing fees paid, during the years ended December 31, 2019, 2018 and 2017 with respect to the Company’s debt facilities: Debt facility 2019 2018 2017 2017 Term Loan Facility, due 2022 $ 36,236 $ 42,825 $ 16,319 2017 Revolver Facility 710 442 316 ABN Term Loan Facility, due 2023 1,504 795 - Sinosure Credit Facility, due 2027 - 2028 14,200 7,225 - 8.5% Senior Notes, due 2023 2,130 1,250 - 10.75% Subordinated Notes, due 2023 3,021 1,591 - INSW Facilities, due 2019 - - 16,732 Total debt related interest expense paid $ 57,801 $ 54,128 $ 33,367 |
Reportable Legal Entities [Member] | Parent Company [Member] | |
Schedule of Long-term Debt Instruments | Debt consists of the following: December 31, December 31, 2019 2018 8.5% Senior Notes, due 2023, net of unamortized deferred finance costs of $1,142 and $1,402 $ 23,858 $ 23,598 10.75% Subordinated Notes, due 2023, net of unamortized deferred finance costs of $1,084 and $1,705 26,847 26,226 50,705 49,824 Less current portion - - Long-term debt $ 50,705 $ 49,824 |
Contractual Obligation, Fiscal Year Maturity Schedule | As of December 31, 2019, the aggregate annual principal payments required to be made on the 8.5% Senior Notes and 10.75% Subordinated Notes are as follows: Year Amount 2020 $ - 2021 - 2022 - 2023 52,931 Aggregate principal payments required $ 52,931 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, at December 31, 2019 and 2018 are as follows: Fair Value Level 1 Level 2 December 31, 2019: Cash and cash equivalents (1) $ $ 150,243 $ - 2017 Term Loan Facility - (333,177) ABN Term Loan Facility - (23,248) Sinosure Credit Facility - (269,705) 8.5% Senior Notes (26,120) - 10.75% Subordinated Notes - (32,649) December 31, 2018: Cash and cash equivalents (1) $ $ 117,644 $ - 2017 Term Loan Facility - (459,731) ABN Term Loan Facility - (26,724) Sinosure Credit Facility - (293,284) 8.5% Senior Notes (22,960) - 10.75% Subordinated Notes - (29,094) (1) Includes non-current restricted cash of $60,572 and $59,331 at December 31, 2019 and 2018, respectively. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables present information with respect to the fair values of derivatives reflected in the December 31, 2019 and 2018 balance sheets on a gross basis by transaction: Fair Values of Derivative Instruments: Asset Derivatives Liability Derivatives Balance Sheet Balance Sheet Location Amount Location Amount December 31, 2019: Derivatives not designated as hedging instruments: Interest rate collar: Current portion Current portion of derivative asset $ - Current portion of derivative liability $ (1,230) Long-term portion Long-term derivative asset - Long-term derivative liability (577) Derivatives designated as hedging instruments: Interest rate swaps: Current portion Current portion of derivative asset - Current portion of derivative liability (2,384) Long-term portion Long-term derivative asset - Long-term derivative liability (5,968) Total derivatives $ - $ (10,159) December 31, 2018: Derivatives designated as hedging instruments: Interest rate cap: Current portion Current portion of derivative asset $ 460 Current portion of derivative liability $ - Long-term portion Long-term derivative asset 704 Long-term derivative liability - Interest rate swaps: Current portion Current portion of derivative asset - Current portion of derivative liability (707) Long-term portion Long-term derivative asset - Long-term derivative liability (1,922) Total derivatives $ 1,164 $ (2,629) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The effect of cash flow hedging relationships recognized in other comprehensive loss excluding amounts reclassified from accumulated other comprehensive loss, including hedges of equity method investees, for the years ended December 31, 2019, 2018 and 2017 follows: 2019 2018 2017 Derivatives designated as hedging instruments: Interest rate swaps $ (16,189) $ (1,948) $ (1,132) Interest rate cap/collar (3,795) 261 (8) Derivatives not designated as hedging instruments: Interest rate collar 858 - - Total other comprehensive loss $ (19,126) $ (1,687) $ (1,140) The effect of cash flow hedging relationships on the consolidated statements of operations is presented excluding hedges of equity method investees. The effect of the Company’s cash flow hedging relationships on the consolidated statement of operations for the years ended December 31, 2019, 2018 and 2017 is shown below: 2019 2018 2017 Derivatives designated as hedging instruments: Interest rate swaps $ 1,467 $ 471 $ - Interest rate cap/collar 99 21 131 Derivatives not designated as hedging instruments: Interest rate collar (65) - - Total interest expense $ 1,501 $ 492 $ 131 |
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 (excluding investments in affiliated companies): Fair Value Level 2 (1) Assets/(Liabilities) at December 31, 2019: Derivative Assets (interest rate swaps and collar) $ - $ - Derivative Liabilities (interest rate swaps and collar) (10,159) (10,159) Assets/(Liabilities) at December 31,2018: Derivative Assets (interest rate cap) $ 1,164 1,164 Derivative Liabilities (interest rate swaps) (2,629) $ (2,629) For the interest rate cap, collar and 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. |
ACCOUNTS PAYABLE, ACCRUED EXP_2
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | |
Schedule of Accounts Payable, Accrued Expenses and Other Current Liabilities | December 31, December 31, 2019 2018 Accounts payable $ 4,988 $ 1,164 Payroll and benefits 5,585 4,510 Interest 594 770 Due to owners on chartered in vessels 1,108 870 Accrued drydock, repairs and vessel betterment costs 3,150 1,974 Bunkers and lubricants 538 1,833 Charter revenues received in advance 272 450 Insurance 539 573 Accrued vessel expenses 8,003 6,816 Accrued general and administrative expenses 1,052 1,398 Other 1,725 2,650 Total accounts payable, accrued expense and other current liabilities $ 27,554 $ 23,008 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Taxes [Abstract] | |
Components of Income Tax (Provisions) and Benefits | 2019 2018 2017 Current $ (1) $ 105 $ (44) Deferred - - - Income tax (provision)/benefit $ (1) $ 105 $ (44) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2019 2018 2017 Marshall Islands statutory income tax rate - % - % - % Change in valuation allowance 0.66 % (0.66) % (0.78) % Liquidation of subsidiaries - % - % 0.88 % Income subject to tax in other jurisdictions (0.83) % 0.54 % (0.06) % Effective income tax rate (0.17) % (0.12) % 0.04 % |
Components of Deferred Tax Liabilities and Assets | The significant components of the Company’s deferred tax liabilities and assets follow: December 31, December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 1,836 $ 1,435 Excess of tax over book basis of depreciable assets 548 548 Pensions 1,797 2,007 Total deferred tax assets 4,181 3,990 Less: Valuation allowance (4,181) (3,990) Deferred tax assets, net - - Net noncurrent deferred tax assets/(liabilities) $ - $ - |
Reconciliation of Amounts of Unrecognized Tax Benefits | The following is tabular rollforward of the Company’s unrecognized tax benefits (excluding interest and penalties) which are included in other current liabilities in the consolidated balance sheets: 2019 2018 Balance of unrecognized tax benefits as of January 1, $ 7 $ 153 Decreases for positions taken in prior years - (70) Increases for positions taken in current year - 1 Settlement - (77) Balance of unrecognized tax benefits as of December 31, $ 7 $ 7 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Amounts Due to and From Related Parties | December 31, December 31, 2019 2018 Amounts due to related companies: OIN Delaware LLC $ $ OSG-NNA Ship Management Services Inc. (1) - Intercompany payables $ $ (1) This subsidiary was dissolved during the year ended December 31, 2019. |
Reportable Legal Entities [Member] | |
Schedule of Related Party Transactions | 2019 2018 2017 Equity in (loss)/income of affiliated companies ISOC $ 18,280 $ (90,020) $ (89,851) Other Subsidiaries (3) (99) (327) LNG Joint Venture (8,170) 9,850 14,388 $ 10,107 $ (80,269) $ (75,790) 2019 2018 2017 Interest income on intercompany loan with INSW Manila Inc. $ - $ 35 $ 131 Total included in other expense $ - $ 35 $ 131 December 31, December 31, 2019 2018 Amounts due from related companies: ISOC $ - $ 43 INSW Manila Inc. 1,568 Intercompany receivables $ $ |
CAPITAL STOCK AND STOCK COMPE_2
CAPITAL STOCK AND STOCK COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
CAPITAL STOCK AND STOCK COMPENSATION [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Activity with respect to restricted common stock and restricted stock units under INSW compensation plans is summarized as follows: Common Stock Nonvested Shares Outstanding at December 31, 2016 117,258 Granted 165,503 Vested ($18.21 - $19.13 per share) (1) (108,584) Nonvested Shares Outstanding at December 31, 2017 174,177 Granted (2) 173,573 Forfeitures (3) (19,995) Vested ($18.62 - $24.05 per share) (1) (97,554) Nonvested Shares Outstanding at December 31, 2018 230,201 Granted (2) 270,096 Forfeitures (3) (20,570) Vested ($17.46- $29.61 per share) (1) (126,863) Nonvested Shares Outstanding at December 31, 2019 352,864 (1) Includes 21,529 (2019), 21,752 (2018) and 18,144 (2017) shares of common stock sold back to the Company by employees to cover withholding taxes in the year of vesting or during the first quarter of the subsequent year. (2) Includes 8,198 and 3,120 incremental performance restricted stock units earned as a result of above target achievement of market condition at December 31, 2019 and 2018, respectively. (3) Represents restricted stock units forfeited because performance targets were not achieved as of the measurement date. |
Schedule of Share-based Compensation, Stock Options, Activity | Activity with respect to stock options under INSW compensation plans is summarized as follows: Common Stock Options Outstanding at December 31, 2016 127,559 Granted 148,271 Exercised - Options Outstanding at December 31, 2017 275,830 Granted 124,955 Exercised - Options Outstanding at December 31, 2018 400,785 Granted 137,847 Exercised - Options Outstanding at December 31, 2019 538,632 Options Exercisable at December 31, 2019 294,555 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss, net of related taxes, in the consolidated balance sheets follow: December 31, December 31, 2019 2018 Unrealized losses on derivative instruments $ (11,732) $ (21,520) Items not yet recognized as a component of net periodic benefit cost (pension plans) (8,838) (8,409) $ (20,570) $ (29,929) The following tables present the changes in the balances of each component of accumulated other comprehensive loss, net of related taxes, for the three years ended December 31, 2019. Unrealized losses on cash flow hedges Items not yet recognized as a component of net periodic benefit cost (pension plans) Total Balance at December 31, 2016 $ (40,317) $ (11,950) $ (52,267) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (1,140) 17 (1,123) Amounts reclassified from accumulated other comprehensive loss 12,468 515 12,983 Balance at December 31, 2017 (28,989) (11,418) (40,407) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (1,687) 1,107 (580) Amounts reclassified from accumulated other comprehensive loss 9,156 1,902 11,058 Balance at December 31, 2018 (21,520) $ (8,409) (29,929) Current period change, excluding amounts reclassified from accumulated other comprehensive loss (19,126) (818) (19,944) Amounts reclassified from accumulated other comprehensive loss 28,914 389 29,303 Balance at December 31, 2019 $ (11,732) $ (8,838) $ (20,570) |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | The following table presents information with respect to amounts reclassified out of accumulated other comprehensive loss for the three years ended December 31, 2019. Accumulated Other Comprehensive Loss Component 2019 2018 2017 Statement of Operations Line Item Reclassifications of losses on cash flow hedges: Interest rate swaps entered into by the Company's equity method Equity in income of joint venture investees $ 26,490 $ 8,664 $ 12,337 affiliated companies Interest rate swaps entered into by the Company's subsidiaries 1,467 471 - Interest expense Interest rate cap/collar entered into by the Company's subsidiaries 99 21 131 Interest expense Reclassifications of losses on derivatives subsequent to discontinuation of hedge accounting Interest rate collar entered into by the Company's subsidiaries 858 - - Interest expense Items not yet recognized as a component of net periodic benefit cost (pension plans): Net periodic benefit costs associated with pension and postretirement benefit plans 389 1,902 515 Other expense $ 29,303 $ 11,058 $ 12,983 Total before and net of tax |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
REVENUE [Abstract] | |
Schedule of Disaggregated Revenue | The following table presents the Company’s revenues from leases accounted for under ASC 842 and revenues from services accounted for under ASC 606 for the years ended December 31, 2019 and 2018: Crude Product Tankers Carriers Other Totals For the year ended December 31, 2019: Revenues from leases Pool revenues $ 173,751 $ 80,304 $ - $ 254,055 Time and bareboat charter revenues 27,535 90 - 27,625 Voyage charter revenues from non-variable lease payments 29,786 434 - 30,220 Voyage charter revenues from variable lease payments 2,574 - - 2,574 Revenues from services Voyage charter revenues Lightering services 51,710 - - 51,710 Total shipping revenues $ 285,356 $ 80,828 $ - $ 366,184 For the year ended December 31, 2018: Revenues from leases Pool revenues $ 111,214 $ 65,992 $ - $ 177,206 Time and bareboat charter revenues 24,088 1,873 - 25,961 Voyage charter revenues from non-variable lease payments 20,682 100 - 20,782 Voyage charter revenues from variable lease payments 1,346 - - 1,346 Revenues from services Voyage charter revenues Lightering services 45,066 - - 45,066 Total shipping revenues $ 202,396 $ 67,965 $ - $ 270,361 |
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. Voyage receivables - Billed receivables Contract assets (Unbilled voyage receivables) Contract liabilities (Deferred revenues and off hires) Opening balance as of January 1, 2019 $ 6,632 $ 1,931 $ - Closing balance as of December 31, 2019 2,727 - - |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lease [Abstract] | |
Schedule of lease cost | The Company currently has two major categories of leases - chartered-in vessels and leased office and other space. The expenses recognized during the year ended December 31, 2019 for the lease component of these leases are as follows: Statement of Operations Line Item 2019 Operating lease cost Vessel assets Charter hire expenses $ 15,089 Office and other space General and administrative 996 Voyage expenses 168 Short-term lease cost Vessel assets (1) Charter hire expenses 10,769 Office and other space General and administrative 116 Voyage expenses 52 Vessel expenses 8 Total lease cost $ 27,198 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 $10,586 for the year ended December 31, 2019 including both lease and non-lease components . |
Supplemental lease information | Supplemental cash flow information related to leases was as follows: 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 16,178 Supplemental balance sheet information related to leases was as follows: December 31, 2019 Operating lease right-of-use assets $ 33,718 Current portion of operating lease liabilities $ (12,958) Long-term operating lease liabilities (17,953) Total operating lease liabilities $ (30,911) Weighted average remaining lease term - operating leases 3.24 years Weighted average discount rate - operating leases |
Schedule of lease maturity receivables | The future minimum revenues, before reduction for brokerage commissions, expected to be received on non-cancelable time charters and the related revenue days as of December 31, 2019 and December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) are as follows: At December 31, 2019 Amount Revenue Days 2020 $ Future minimum revenues $ |
Schedule of lease maturity receivables, prior to ASC 842 adoption | At December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) Amount Revenue Days 2019 $ Future minimum revenues $ |
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 December 31, 2019 and December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) are as follows: At December 31, 2019 Amount 2020 $ 2021 2022 2023 2024 Total lease payments 2,533 less imputed interest (207) Total operating lease liabilities $ 2,326 |
Schedule of lease maturity payments, prior to ASC 842 adoption | At December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) Amount 2019 $ 2020 2021 Net minimum lease payments $ |
Bareboat Charters-In [Member] | |
Lease [Abstract] | |
Schedule of lease maturity payments | Payments of lease liabilities and related number of operating days under these operating leases as of December 31, 2019 and December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) are as follows : Bareboat Charters-in: At December 31, 2019 Amount Operating Days 2020 $ 6,295 732 2021 6,278 730 2022 6,278 730 2023 4,532 556 Total lease payments 23,383 2,748 less imputed interest (2,931) Total operating lease liabilities $ 20,452 |
Schedule of lease maturity payments, prior to ASC 842 adoption | At December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) Amount Operating Days 2019 $ 2020 2021 2022 2023 Net minimum lease payments $ |
Time Charters-In [Member] | |
Lease [Abstract] | |
Schedule of lease maturity payments | Time Charters-in: At December 31, 2019 Amount Operating Days 2020 $ 6,302 1,269 2021 2,170 408 Total lease payments (lease component only) 8,472 1,677 less imputed interest (339) Total operating lease liabilities $ 8,133 |
Schedule of lease maturity payments, prior to ASC 842 adoption | At December 31, 2018 (prior to adoption of ASC 842 effective January 1, 2019) Amount Operating Days 2019 $ (1) Net minimum lease payments $ (1) Includes non-lease components totaling approximately $5,530 related to the Company's time charters, which are accounted for under ASC 842 effective January 1, 2019 and therefore excluded from the operating lease liability, and approximately $3,615 related to short term leases of workboats employed in the Crude Tankers Lightering business that are not in scope of ASC 842 based on the Company's accounting policy election . |
PENSION AND OTHER POSTRETIREM_2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Pension and Other Postretirement Benefit Plans [Abstract] | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Information with respect to the Scheme for which INSW uses a December 31 measurement date, is as follows: December 31, December 31, 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 23,814 $ 31,527 Prior service cost - 152 Interest cost on benefit obligation 657 707 Actuarial losses/(gains) 2,761 (2,848) Benefits paid (820) (696) Settlements - (3,706) Foreign exchange losses/(gains) 1,069 (1,322) Benefit obligation at year end 27,481 23,814 Change in plan assets: Fair value of plan assets at beginning of year 22,785 29,527 Actual return on plan assets 3,341 (1,009) Employer contributions 639 - Benefits paid (820) (696) Settlements - (3,761) Foreign exchange gains/(losses) 1,049 (1,276) Fair value of plan assets at year end 26,994 22,785 Unfunded status at December 31 $ (487) $ (1,029) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Information for the defined benefit pension plan with accumulated benefit obligations in excess of plan assets follows: December 31, December 31, 2019 2018 Projected benefit obligation $ 27,481 $ 23,814 Accumulated benefit obligation 27,481 23,814 Fair value of plan assets 26,994 22,785 |
Schedule of Net Benefit Costs | 2019 2018 2017 Components of expense: Plan administration costs $ - $ - $ 64 Interest cost on benefit obligation 657 707 797 Expected return on plan assets (1,017) (1,029) (1,041) Amortization of prior-service costs 74 71 68 Recognized net actuarial loss 315 388 447 Recognized settlement loss - 1,442 - Net periodic benefit cost $ 29 $ 1,579 $ 335 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | The weighted-average assumptions used to determine benefit obligations follow: December 31, December 31, 2019 2018 Discount rate |
Schedule of Assumptions Used | The weighted-average assumptions used to determine net periodic benefit costs follow: 2019 2018 2017 Discount rate Expected (long-term) return on plan assets Rate of future compensation increases - - - |
Schedule of Expected Benefit Payments | Expected benefit payments are as follows: Pension benefits 2020 $ 822 2021 827 2022 843 2023 871 2024 997 Years 2025-2029 6,059 $ 10,419 |
Schedule of Changes in Fair Value of Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2019, by asset category are as follows: Description Fair Value Level 1 Level 2 (1) Cash and cash equivalents $ 549 $ 549 $ - Managed funds 26,445 - 26,445 Total $ 26,994 $ 549 $ 26,445 (1) Quoted prices for the managed funds are not available from an active market source since such investments are pooled investment funds. The unitized pooled investment vehicles have been valued at the latest available bid price or single price provided by the pooled investment manager. Shares in other pooled arrangements have been valued at the latest available net asset value, determined in accordance with fair value principles, provided by the pooled investment manager. |
OTHER EXPENSE (Tables)
OTHER EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER EXPENSE [Abstract] | |
Schedule of Other Nonoperating Expense | For the year ended December 31, 2019 2018 2017 Investment income - interest $ $ $ Net actuarial gain/(loss) on defined benefit pension plan Write-off of deferred financing costs (2,400) (7,020) Loss on extinguishment of debt (1,100) (1,295) - Other 320 (418) - $ $ $ |
2019 AND 2018 QUARTERLY RESUL_2
2019 AND 2018 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Table) | 12 Months Ended |
Dec. 31, 2019 | |
2019 AND 2018 QUARTERLY RESULTS OF OPERATIONS [Abstract] | |
Schedule of Quarterly Financial Information | Selected Financial Data for the Quarter Ended March 31, June 30, Sept. 30, Dec. 31, 2019 Shipping revenues $ 101,874 $ 69,010 $ 71,278 $ 124,022 Gain/(loss) on disposal of vessels and other property 48 (1,548) 1,472 (280) Income/(loss) from vessel operations 19,324 (7,934) (2,843) 46,621 Interest expense (17,533) (17,443) (17,010) (14,281) Income tax provision - - - (1) Net income/(loss) 10,897 (16,523) (11,095) 15,891 Basic and Diluted net income/(loss) per share $ 0.37 $ (0.57) $ (0.38) $ 0.54 Selected Financial Data for the Quarter Ended March 31, June 30, Sept. 30, Dec. 31, 2018 Shipping revenues $ 51,978 $ 56,909 $ 60,926 $ 100,548 (Loss)/gain on disposal of vessels and other property, including impairments (6,573) 6,740 (17,360) (2,487) (Loss)/income from vessel operations (26,706) (9,669) (36,021) 17,865 Interest expense (11,621) (13,086) (17,320) (18,204) Income tax (provision)/benefit (8) - (3) 116 Net (loss)/income (29,316) (18,796) (47,786) 6,958 Basic and Diluted net (loss)/income per share $ (1.01) $ (0.65) $ (1.64) $ 0.24 |
DESCRIPTION OF BUSINESS AND B_2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019segmentproperty | |
Property, Plant and Equipment [Line Items] | |
Number of vessels in fleet | 42 |
Number of vessels owned (including joint ventures) | 36 |
Number of reportable segments | segment | 2 |
FSO Joint Venture [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of vessels owned (including joint ventures) | 2 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)$ / item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Allowance for doubtful accounts receivable | $ 1,245 | $ 0 | |
Provision for credit losses | 1,245 | ||
Amortization of financing costs | 4,848 | 3,933 | $ 5,115 |
Defined benefit plan, interest cost | 657 | 707 | 797 |
Restricted cash and cash equivalents, noncurrent | 60,572 | 59,331 | |
Repayments of advances from joint venture investees | 4,195 | 100,780 | 19,530 |
Proceeds from Insurance Settlement, Operating Activities | $ 2,179 | 5,436 | 1,964 |
Vessel/Fleet [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 25 years | ||
Property, plant and equipment salvage, value per ton | $ / item | 300 | ||
Interest costs capitalized | $ 0 | $ 0 | $ 0 |
Other Property [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Other Property [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Drydock [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Amortization period for deferred costs | 2 years 6 months | ||
Drydock [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Amortization period for deferred costs | 5 years | ||
Accounts Receivable [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 88.00% | 88.00% | |
INSW Facilities [Member] | Revolving Credit Facility [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred finance costs, gross | $ 274 | $ 413 | |
2017 Term Loan Facility, Sinosure Credit Facility, ABN Term Loan Facility, 8.5% Senior Notes and 10.75% Subordinated Notes [Member] | Term Loan [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred finance costs, gross | $ 16,309 | $ 26,647 | |
10.75% Subordinated Notes [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Debt instrument, interest rate, stated percentage | 10.75% | ||
8.5% Senior Notes [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Debt instrument, interest rate, stated percentage | 8.50% |
EARNINGS PER COMMON SHARE (Narr
EARNINGS PER COMMON SHARE (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 746,616 | 523,544 | 397,833 |
Dilutive awards | 0 | 0 | 0 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Participating securities allocated a portion of income | 48,014 | 42,449 | 35,876 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 276,430 | ||
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities | 538,632 |
EARNINGS PER COMMON SHARE (Calc
EARNINGS PER COMMON SHARE (Calculation of EPS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
EARNINGS PER COMMON SHARE [Abstract] | |||||||||||
Net loss | $ 15,891 | $ (11,095) | $ (16,523) | $ 10,897 | $ 6,958 | $ (47,786) | $ (18,796) | $ (29,316) | $ (830) | $ (88,940) | $ (106,088) |
Weighted average common shares outstanding: | |||||||||||
Basic | 29,225,483 | 29,136,634 | 29,159,440 | ||||||||
Diluted | 29,225,483 | 29,136,634 | 29,159,440 |
EARNINGS PER COMMON SHARE (Reco
EARNINGS PER COMMON SHARE (Reconciliation of Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
EARNINGS PER COMMON SHARE [Abstract] | |||||||||||
Common Stockholders | $ (830) | $ (88,940) | $ (106,088) | ||||||||
Net loss | $ 15,891 | $ (11,095) | $ (16,523) | $ 10,897 | $ 6,958 | $ (47,786) | $ (18,796) | $ (29,316) | $ (830) | $ (88,940) | $ (106,088) |
BUSINESS AND SEGMENT REPORTIN_2
BUSINESS AND SEGMENT REPORTING (Reportable Segments Information) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | segment | 2 | ||||||||||
Revenues, services | $ 366,184 | $ 270,361 | $ 290,101 | ||||||||
Depreciation and amortization | 75,653 | 72,428 | 78,853 | ||||||||
Loss/(gain) on disposal of vessels and other property | $ 280 | $ (1,472) | $ 1,548 | $ (48) | $ 2,487 | $ 17,360 | $ (6,740) | $ 6,573 | 308 | 19,680 | 86,855 |
Adjusted income/(loss) from vessel operations | 83,549 | (9,241) | 13,207 | ||||||||
Equity in income/(loss) of affiliated companies | 11,213 | 29,432 | 48,966 | ||||||||
Investments in and advances to affiliated companies | 153,292 | 268,322 | 153,292 | 268,322 | 378,894 | ||||||
Adjusted total assets | 1,597,694 | 1,726,437 | 1,597,694 | 1,726,437 | 1,589,644 | ||||||
Expenditures for vessels and vessel improvements | 36,607 | 148,946 | 173,535 | ||||||||
Payments for drydockings | 19,546 | 4,520 | 21,396 | ||||||||
Time Charter Equivalent Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, services | 339,919 | 243,100 | 274,995 | ||||||||
International Crude Tankers Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, services | 285,356 | 202,396 | 192,426 | ||||||||
Depreciation and amortization | 59,387 | 54,431 | 56,302 | ||||||||
Loss/(gain) on disposal of vessels and other property | 82 | 22,992 | 85,625 | ||||||||
Adjusted income/(loss) from vessel operations | 71,344 | 2,194 | 21,623 | ||||||||
Equity in income/(loss) of affiliated companies | 19,383 | 19,582 | 34,577 | ||||||||
Investments in and advances to affiliated companies | 143,095 | 143,789 | 143,095 | 143,789 | 260,884 | ||||||
Adjusted total assets | 1,284,631 | 1,285,433 | 1,284,631 | 1,285,433 | 1,104,714 | ||||||
Expenditures for vessels and vessel improvements | 33,384 | 146,322 | 172,164 | ||||||||
Payments for drydockings | 16,997 | 4,121 | 17,606 | ||||||||
International Crude Tankers Segment [Member] | Time Charter Equivalent Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, services | 259,517 | 175,524 | 178,812 | ||||||||
International Product Carriers Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, services | 80,828 | 67,965 | 97,675 | ||||||||
Depreciation and amortization | 16,152 | 17,862 | 22,418 | ||||||||
Loss/(gain) on disposal of vessels and other property | 226 | (3,312) | 1,230 | ||||||||
Adjusted income/(loss) from vessel operations | 12,319 | (12,002) | (8,385) | ||||||||
Investments in and advances to affiliated companies | 10,197 | 12,321 | 10,197 | 12,321 | 15,612 | ||||||
Adjusted total assets | $ 313,063 | 328,792 | 313,063 | 328,792 | 382,905 | ||||||
Expenditures for vessels and vessel improvements | 3,223 | 2,624 | 1,371 | ||||||||
Payments for drydockings | 2,549 | 399 | 3,790 | ||||||||
International Product Carriers Segment [Member] | Time Charter Equivalent Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues, services | 80,402 | 67,576 | 96,183 | ||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 114 | 135 | 133 | ||||||||
Adjusted income/(loss) from vessel operations | (114) | 567 | (31) | ||||||||
Equity in income/(loss) of affiliated companies | $ (8,170) | 9,850 | 14,389 | ||||||||
Investments in and advances to affiliated companies | 112,212 | 112,212 | 102,398 | ||||||||
Adjusted total assets | $ 112,212 | $ 112,212 | $ 102,025 |
BUSINESS AND SEGMENT REPORTIN_3
BUSINESS AND SEGMENT REPORTING (Reconciliation of Time Charter Revenue to Shipping Revenues) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues, services | $ 366,184 | $ 270,361 | $ 290,101 |
Add: Voyage expenses | 26,265 | 27,261 | 15,106 |
Time Charter Equivalent Services [Member] | |||
Revenues, services | $ 339,919 | $ 243,100 | $ 274,995 |
BUSINESS AND SEGMENT REPORTIN_4
BUSINESS AND SEGMENT REPORTING (Reconciliation of Income from Vessel Operations to Loss Before Reorganization) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
BUSINESS AND SEGMENT REPORTING [Abstract] | |||||||||||
Total adjusted income (loss) from vessel operations of all segments | $ 83,549 | $ (9,241) | $ 13,207 | ||||||||
General and administrative expenses | (26,798) | (24,304) | (24,453) | ||||||||
Provision for credit losses | (1,245) | ||||||||||
Third-party debt modification fees | (30) | (1,306) | (9,240) | ||||||||
Separation and transition costs | (604) | ||||||||||
(Loss)/gain on disposal of vessels and other property, including impairments | $ (280) | $ 1,472 | $ (1,548) | $ 48 | $ (2,487) | $ (17,360) | $ 6,740 | $ (6,573) | (308) | (19,680) | (86,855) |
Consolidated (loss)/income from vessel operations | 46,621 | (2,843) | (7,934) | 19,324 | 17,865 | (36,021) | (9,669) | (26,706) | 55,168 | (54,531) | (107,945) |
Equity in income/(loss) of affiliated companies | 11,213 | 29,432 | 48,966 | ||||||||
Other expense | (943) | (3,715) | (5,818) | ||||||||
Interest expense | $ (14,281) | $ (17,010) | $ (17,443) | $ (17,533) | $ (18,204) | $ (17,320) | $ (13,086) | $ (11,621) | (66,267) | (60,231) | (41,247) |
Loss before income taxes | $ (829) | $ (89,045) | $ (106,044) |
BUSINESS AND SEGMENT REPORTIN_5
BUSINESS AND SEGMENT REPORTING (Reconciliation of Assets of Segments to Consolidated Amounts) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | |||
Adjusted total assets | $ 1,597,694 | $ 1,726,437 | $ 1,589,644 |
Cash and cash equivalents | 89,671 | 58,313 | |
Restricted cash | 60,572 | 59,331 | |
Other unallocated amounts | 5,564 | 4,520 | |
Total assets | $ 1,753,501 | 1,848,601 | |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted total assets | $ 112,212 | $ 102,025 |
BUSINESS AND SEGMENT REPORTIN_6
BUSINESS AND SEGMENT REPORTING (Additional Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | |||
Vessels Deferred Dry Dock and Other Property | $ 1,315,641 | $ 1,347,568 | $ 1,140,363 |
International Crude Tankers Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Vessels Deferred Dry Dock and Other Property | 1,051,848 | 1,057,994 | 800,362 |
International Product Carriers Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Vessels Deferred Dry Dock and Other Property | 263,651 | 289,317 | 339,627 |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Vessels Deferred Dry Dock and Other Property | $ 142 | $ 257 | $ 374 |
VESSELS, DEFERRED DRYDOCK AND_3
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Narrative) (Details) - USD ($) $ in Thousands | Jun. 14, 2018 | Dec. 31, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2018 |
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of long-lived assets to be disposed of | $ 16,419 | ||||||||
Impairment of long-lived assets held-for-use | $ 19,037 | $ 88,408 | |||||||
Gain (loss) on disposition of property | $ (308) | (643) | 1,553 | ||||||
Payable associated with acquisition of assets | 20,935 | $ 20,935 | |||||||
Vessel/Fleet [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of long-lived assets to be disposed of | 58,021 | 225,422 | |||||||
Very Large Crude Carrier [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of long-lived assets to be disposed of | 14,226 | ||||||||
Very Large Crude Carrier Cost To Sell [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of long-lived assets to be disposed of | 361 | ||||||||
Very Large Crude Carrier Operational Costs [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of long-lived assets to be disposed of | $ 1,832 | ||||||||
1-MR Vessel [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of long-lived assets to be disposed of | 1,670 | ||||||||
12-vessels (1-ULCC, 1-VLCC, 4-Aframaxes and 6-Panamaxes) [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of long-lived assets held-for-use | 81,062 | ||||||||
3-vessels (1-Panamax and 2-MRs) [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of long-lived assets held-for-use | $ 7,346 | ||||||||
6-VLCCs [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Payments to acquire equipment | $ 120,025 | ||||||||
Purchase agreement, purchase amount | $ 434,000 | ||||||||
2-Suezmax 2017 Built Vessels [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Payments to acquire equipment | 116,000 | ||||||||
1-VLCC 2010 Built Vessel [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Payments to acquire equipment | 53,000 | ||||||||
Certain Vessels Sold [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Gain (loss) on disposition of property | (291) | 643 | 1,594 | ||||||
1 Panamax Vessel [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of long-lived assets to be disposed of | $ 948 | ||||||||
LR1 Vessel [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Payments to acquire equipment | $ 1,875 | ||||||||
Purchase agreement, purchase amount | 18,750 | 18,750 | |||||||
INSW Facilities [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Debt instrument, collateral amount | $ 799,732 | $ 799,732 | $ 433,865 | $ 52,774 |
VESSELS, DEFERRED DRYDOCK AND_4
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Vessels and Other Property) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Net, Total | $ 1,292,516 | $ 1,330,795 | ||
Vessel/Fleet and Other Property [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Net, Total | 1,292,516 | 1,330,795 | ||
Vessel/Fleet [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | 1,650,670 | 1,629,647 | $ 1,404,360 | $ 1,478,940 |
Accumulated Depreciation | (361,088) | (301,885) | (302,087) | (381,449) |
Property, Plant and Equipment, Net, Total | 1,289,582 | 1,327,762 | $ 1,102,273 | $ 1,097,491 |
Other Property [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cost | 6,714 | 8,199 | ||
Accumulated Depreciation | (3,780) | (5,166) | ||
Property, Plant and Equipment, Net, Total | $ 2,934 | $ 3,033 |
VESSELS, DEFERRED DRYDOCK AND_5
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Breakdown of Vessel Carrying Value) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Net Carrying Value | $ 1,292,516 | $ 1,292,516 | $ 1,330,795 | ||
Vessel/Fleet [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 1,650,670 | 1,650,670 | 1,629,647 | $ 1,404,360 | $ 1,478,940 |
Accumulated Depreciation | (361,088) | (361,088) | (301,885) | (302,087) | (381,449) |
Net Carrying Value | 1,289,582 | $ 1,289,582 | $ 1,327,762 | $ 1,102,273 | $ 1,097,491 |
Average Vessel Age | 9 years 4 months 24 days | 8 years 6 months | |||
Number of owned vessels | item | 34 | 36 | |||
LR1 Vessel [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Payments to acquire equipment | 1,875 | ||||
International Crude Tankers Segment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 1,301,317 | $ 1,301,317 | $ 1,266,850 | ||
Accumulated Depreciation | (271,106) | (271,106) | (224,512) | ||
Net Carrying Value | 1,030,211 | $ 1,030,211 | $ 1,042,338 | ||
Average Vessel Age | 9 years 4 months 24 days | 8 years 4 months 24 days | |||
Number of owned vessels | item | 25 | 25 | |||
International Crude Tankers Segment [Member] | VLCCs (included ULCC) [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 1,028,760 | $ 1,028,760 | $ 998,038 | ||
Accumulated Depreciation | (236,217) | (236,217) | (200,706) | ||
Net Carrying Value | 792,543 | $ 792,543 | $ 797,332 | ||
Average Vessel Age | 8 years 7 months 6 days | 7 years 7 months 6 days | |||
Number of owned vessels | item | 13 | 13 | |||
International Crude Tankers Segment [Member] | Aframaxes (LR2) [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 96,038 | $ 96,038 | $ 95,116 | ||
Accumulated Depreciation | (19,659) | (19,659) | (15,445) | ||
Net Carrying Value | 76,379 | $ 76,379 | $ 79,671 | ||
Average Vessel Age | 14 years 1 month 6 days | 13 years 1 month 6 days | |||
Number of owned vessels | item | 3 | 3 | |||
International Crude Tankers Segment [Member] | Suzemax [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 117,338 | $ 117,338 | $ 117,339 | ||
Accumulated Depreciation | (10,007) | (10,007) | (5,914) | ||
Net Carrying Value | 107,331 | $ 107,331 | $ 111,425 | ||
Average Vessel Age | 2 years 4 months 24 days | 1 year 4 months 24 days | |||
Number of owned vessels | item | 2 | 2 | |||
International Crude Tankers Segment [Member] | Panamaxes (LR1) [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 59,181 | $ 59,181 | $ 56,357 | ||
Accumulated Depreciation | (5,223) | (5,223) | (2,447) | ||
Net Carrying Value | 53,958 | $ 53,958 | $ 53,910 | ||
Average Vessel Age | 17 years 2 months 12 days | 16 years 2 months 12 days | |||
Number of owned vessels | item | 7 | 7 | |||
International Crude Tankers Segment [Member] | 1 Ultra Large Crude Carriers (ULCC), 8 Very Large Crude Carriers (VLCC), 7 Aframaxes and 7 Panamaxes [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Net Carrying Value | 305,866 | $ 305,866 | |||
Property, plant and equipment, fair value | 253,125 | 253,125 | |||
Pledged collateral market value over carrying value difference | 52,741 | 52,741 | |||
International Product Carriers Segment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 349,353 | 349,353 | $ 362,797 | ||
Accumulated Depreciation | (89,982) | (89,982) | (77,373) | ||
Net Carrying Value | 259,371 | $ 259,371 | $ 285,424 | ||
Average Vessel Age | 9 years 3 months 18 days | 9 years 1 month 6 days | |||
Number of owned vessels | item | 9 | 11 | |||
International Product Carriers Segment [Member] | Aframaxes (LR2) [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 73,681 | $ 73,681 | $ 73,681 | ||
Accumulated Depreciation | (14,714) | (14,714) | (12,009) | ||
Net Carrying Value | 58,967 | $ 58,967 | $ 61,672 | ||
Average Vessel Age | 5 years 4 months 24 days | 4 years 4 months 24 days | |||
Number of owned vessels | item | 1 | 1 | |||
International Product Carriers Segment [Member] | Panamaxes (LR1) [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 108,251 | $ 108,251 | $ 106,376 | ||
Accumulated Depreciation | (22,420) | (22,420) | (17,772) | ||
Net Carrying Value | 85,831 | $ 85,831 | $ 88,604 | ||
Average Vessel Age | 11 years | 10 years | |||
Number of owned vessels | item | 4 | 4 | |||
International Product Carriers Segment [Member] | MR Vessel [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cost | 167,421 | $ 167,421 | $ 182,740 | ||
Accumulated Depreciation | (52,848) | (52,848) | (47,592) | ||
Net Carrying Value | 114,573 | $ 114,573 | $ 135,148 | ||
Average Vessel Age | 9 years | 10 years | |||
Number of owned vessels | item | 4 | 6 | |||
International Product Carriers Segment [Member] | 1-LR2, 4 -LRs and 4-MRs vessels [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Net Carrying Value | 257,496 | $ 257,496 | |||
Property, plant and equipment, fair value | 206,500 | 206,500 | |||
Pledged collateral market value over carrying value difference | $ 50,996 | $ 50,996 |
VESSELS, DEFERRED DRYDOCK AND_6
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Vessel Activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Vessel Cost | ||||
Impairment | $ (16,419) | |||
Net Book Value | ||||
Property, Plant and Equipment, Net, Beginning Balance | $ 1,330,795 | |||
Property, Plant and Equipment, Net, Ending Balance | 1,292,516 | $ 1,330,795 | ||
Vessel/Fleet [Member] | ||||
Vessel Cost | ||||
Beginning Balance | 1,629,647 | 1,404,360 | $ 1,478,940 | |
Purchases and vessel additions | 38,138 | 459,608 | 174,108 | |
Disposals | (17,115) | (176,300) | (23,266) | |
Impairment | (58,021) | (225,422) | ||
Ending Balance | 1,650,670 | 1,629,647 | 1,404,360 | |
Accumulated Depreciation | ||||
Beginning Balance | (301,885) | (302,087) | (381,449) | |
Disposals | 1,105 | 16,097 | 2,232 | |
Depreciation | (60,308) | (56,711) | (59,883) | |
Impairment | 40,816 | 137,013 | ||
Ending Balance | (361,088) | (301,885) | (302,087) | |
Net Book Value | ||||
Property, Plant and Equipment, Net, Beginning Balance | 1,327,762 | 1,102,273 | 1,097,491 | |
Property, Plant and Equipment, Net, Ending Balance | $ 1,289,582 | $ 1,327,762 | $ 1,102,273 |
VESSELS, DEFERRED DRYDOCK AND_7
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY (Drydocking Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
VESSELS, DEFERRED DRYDOCK AND OTHER PROPERTY [Abstract] | |||
Beginning Balance | $ 16,773 | $ 30,528 | $ 30,557 |
Additions | 21,086 | 5,616 | 19,205 |
Sub-total | 37,859 | 36,144 | 49,762 |
Drydock amortization | (14,685) | (15,084) | (18,367) |
Amount charged to loss/gain on sale of vessels | (49) | (4,287) | (867) |
Ending Balance | $ 23,125 | $ 16,773 | $ 30,528 |
EQUITY METHOD INVESTMENTS (Narr
EQUITY METHOD INVESTMENTS (Narrative) (Details) $ in Thousands | Oct. 07, 2019USD ($) | Apr. 26, 2018USD ($) | Mar. 29, 2018USD ($) | Nov. 30, 2004m³ | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 30, 2018USD ($) | Jul. 14, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of joint ventures | item | 2 | ||||||||
Accumulated other comprehensive gain (loss) | $ 20,570 | $ 29,929 | |||||||
Income (loss) from equity method investments | 11,213 | 29,432 | $ 48,966 | ||||||
Other than temporary impairment - Equity method investment, Impairment Charges | 30,475 | 30,475 | |||||||
Investments in and advances to affiliated companies | 153,292 | 268,322 | |||||||
Gain on sale of equity method investment | 3,033 | ||||||||
Release other comprehensive loss upon sale of investment in affiliated companies | (21,615) | ||||||||
FSO Term Loan [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Guarantor obligations, maximum exposure, undiscounted | $ 69,592 | 93,033 | |||||||
Interest Rate Swap [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Interest rate cash flow hedge liability at fair value | $ 18,713 | ||||||||
LNG Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 49.90% | 49.90% | 49.90% | 49.90% | |||||
Investments in and advances to affiliated companies | $ 112,212 | ||||||||
Proceeds from divestiture of interest in joint venture | $ 123,000 | ||||||||
Gain on sale of equity method investment | 3,033 | $ 3,033 | |||||||
Release other comprehensive loss upon sale of investment in affiliated companies | $ 21,615 | $ (21,615) | |||||||
LNG Joint Venture [Member] | Liquid Natural Gas Carrier Vessel [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 49.90% | ||||||||
Storage volume, per carrier | m³ | 216,200 | ||||||||
Initial term of contract | 25 years | ||||||||
LNG Joint Venture [Member] | Financial Guarantee [Member] | FSO Term Loan [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 110,000 | ||||||||
LNG Joint Venture [Member] | Interest Rate Swap [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt instrument, description of variable rate basis | floating rate based on LIBOR | ||||||||
Derivative, fixed interest rate | 4.90% | ||||||||
Derivative, notional amount | $ 532,746 | ||||||||
Interest rate cash flow hedge liability at fair value | 37,687 | ||||||||
FSO Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 50.00% | ||||||||
Investments in and advances to affiliated companies | $ 137,083 | ||||||||
FSO Joint Venture [Member] | FSO Term Loan [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 220,000 | ||||||||
FSO Joint Venture [Member] | Interest Rate Swap [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Guarantor obligations, maximum exposure, undiscounted | 70,822 | ||||||||
Long term debt carrying amount | 264 | ||||||||
Derivative, notional amount | 139,184 | 186,066 | |||||||
Derivative, fair value, asset (liability) | 2,447 | 1,008 | |||||||
Accumulated other comprehensive gain (loss) | $ 1,224 | 504 | |||||||
FSO Joint Venture [Member] | Secured Debt [Member] | Revolver Facility [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Debt instrument, basis spread on variable rate | 2.00% | ||||||||
FSO Joint Venture [Member] | Secured Debt [Member] | FSO Term Loan [Member] | Medium-term Notes [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 110,000 | ||||||||
FSO Joint Venture [Member] | Secured Debt [Member] | FSO Revolver [Member] | Revolving Credit Agreement [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | 110,000 | ||||||||
Proceeds from long-term lines of credit | $ 110,000 | ||||||||
Debt instrument, description of variable rate basis | based on three month, six month or twelve month LIBOR | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.70% | ||||||||
Line of credit facility, commitment fee percentage paid to affiliate | 0.30% | ||||||||
FSO Joint Venture [Member] | Secured Debt [Member] | Financial Guarantee [Member] | FSO Term Loan [Member] | Medium-term Notes [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Proceeds from long-term lines of credit | $ 110,000 | ||||||||
FSO Joint Venture [Member] | Secured Debt [Member] | FSO Loan Agreement [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 220,000 | ||||||||
Debt instrument covenant debt service cover ratio | 1.10 | ||||||||
FSO Joint Venture [Member] | Secured Debt [Member] | Interest Rate Swap [Member] | Medium-term Notes [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Derivative, fixed interest rate | 4.858% | ||||||||
Other Equity Method Investments [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in and advances to affiliated companies | $ 16,209 | $ 19,122 |
EQUITY METHOD INVESTMENTS (Resu
EQUITY METHOD INVESTMENTS (Results of Operations of Equity Method Investments) (Details) - USD ($) $ in Thousands | Oct. 07, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2004 |
Shipping revenues | $ 193,446 | $ 209,571 | $ 234,916 | ||
Ship operating expenses | (103,499) | (112,541) | (106,228) | ||
Income from vessel operations | 89,947 | 97,030 | 128,688 | ||
Other income | 1,459 | 1,494 | 3,497 | ||
Interest expense | (32,752) | (40,676) | (36,831) | ||
Income tax (provision)/benefit | (3,399) | (3,433) | (1,886) | ||
Net income | 55,255 | 54,415 | 93,468 | ||
Equity in net income of affiliated companies, before consolidating and reconciling adjustments | 27,715 | 27,449 | 47,110 | ||
Gain on sale of equity method investment | 3,033 | ||||
Release other comprehensive loss upon sale of investment in affiliated companies | (21,615) | ||||
Impairment of equity method investments | (30,475) | (30,475) | |||
Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture | 2,395 | 2,395 | 2,301 | ||
Amortization of interest capitalized during vessel construction | (320) | (419) | (419) | ||
other | 5 | 7 | (26) | ||
Equity in income/(loss) of affiliated companies | 11,213 | 29,432 | 48,966 | ||
Other Equity Method Investments [Member] | |||||
Equity in net income of affiliated companies, before consolidating and reconciling adjustments | 109 | 262 | 406 | ||
Equity in income/(loss) of affiliated companies | 109 | 262 | 406 | ||
LNG Joint Venture [Member] | |||||
Shipping revenues | 87,823 | 111,118 | 115,421 | ||
Ship operating expenses | (43,853) | (58,643) | (53,474) | ||
Income from vessel operations | 43,970 | 52,475 | 61,947 | ||
Other income | 1,165 | 1,176 | 3,117 | ||
Interest expense | (23,637) | (33,088) | (35,406) | ||
Net income | $ 21,498 | $ 20,563 | $ 29,658 | ||
Equity method investment, ownership percentage | 49.90% | 49.90% | 49.90% | 49.90% | |
Equity in net income of affiliated companies, before consolidating and reconciling adjustments | $ 10,727 | $ 10,260 | $ 14,799 | ||
Gain on sale of equity method investment | $ 3,033 | 3,033 | |||
Release other comprehensive loss upon sale of investment in affiliated companies | $ 21,615 | (21,615) | |||
Amortization of interest capitalized during vessel construction | (320) | (419) | (419) | ||
other | 5 | 7 | 7 | ||
Equity in income/(loss) of affiliated companies | (8,170) | 9,848 | 14,387 | ||
LNG Joint Venture [Member] | Liquid Natural Gas Carrier Vessel [Member] | |||||
Equity method investment, ownership percentage | 49.90% | ||||
FSO Asia [Member] | |||||
Shipping revenues | 52,757 | 49,323 | 58,245 | ||
Ship operating expenses | (29,919) | (26,970) | (26,476) | ||
Income from vessel operations | 22,838 | 22,353 | 31,769 | ||
Other income | 146 | 154 | 199 | ||
Interest expense | (4,482) | (3,732) | (1,342) | ||
Income tax (provision)/benefit | (1,692) | (1,730) | (2,824) | ||
Net income | $ 16,810 | $ 17,045 | $ 27,802 | ||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | ||
Equity in net income of affiliated companies, before consolidating and reconciling adjustments | $ 8,405 | $ 8,523 | $ 13,901 | ||
Impairment of equity method investments | (15,977) | (15,977) | |||
Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture | 1,196 | 1,196 | 1,149 | ||
Equity in income/(loss) of affiliated companies | 9,601 | 9,719 | 15,050 | ||
FSO Africa [Member] | |||||
Shipping revenues | 52,866 | 49,130 | 61,250 | ||
Ship operating expenses | (29,727) | (26,928) | (26,278) | ||
Income from vessel operations | 23,139 | 22,202 | 34,972 | ||
Other income | 148 | 164 | 181 | ||
Interest expense | (4,633) | (3,856) | (83) | ||
Income tax (provision)/benefit | (1,707) | (1,703) | 938 | ||
Net income | $ 16,947 | $ 16,807 | $ 36,008 | ||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | ||
Equity in net income of affiliated companies, before consolidating and reconciling adjustments | $ 8,474 | $ 8,404 | $ 18,004 | ||
Impairment of equity method investments | (14,498) | (14,498) | |||
Amortization on deferred gain on 2009 sale of TI Africa to FSO Joint Venture | 1,199 | 1,199 | 1,152 | ||
other | (33) | ||||
Equity in income/(loss) of affiliated companies | $ 9,673 | $ 9,603 | $ 19,123 |
EQUITY METHOD INVESTMENTS (Equi
EQUITY METHOD INVESTMENTS (Equity Method Investments Balance Sheet Schedule) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Oct. 07, 2019 | Dec. 31, 2017 | |
Cash and cash equivalents | $ 2,618 | $ 20,425 | ||
Restricted cash, current portion | 11,853 | |||
Trade receivables current | 17,806 | 16,723 | ||
Other receivables | 384 | 4,522 | ||
Inventory | 2,245 | |||
Total current assets | 20,808 | 55,768 | ||
Restricted cash, long term portion | 45,247 | |||
Trade receivables non current | 11,239 | |||
Vessels less accumulated depreciation | 523,802 | 1,264,475 | ||
Deferred drydock expenditures, net | 16,378 | |||
Other assets | 4,012 | |||
Total assets | 544,610 | 1,397,119 | ||
Accounts payable and accrued expenses | 1,615 | 13,180 | ||
Income tax payable | 1,965 | |||
Current portion of long term debt | 48,824 | 93,573 | ||
Current portion of derivative liability | 1,370 | 11,570 | ||
Total current liabilities | 53,774 | 118,323 | ||
Long-term debt | 89,494 | 641,407 | ||
Long-term derivative liability | 1,077 | 27,124 | ||
Deferred tax liabilities | 6,671 | 7,713 | ||
Advances from shareholders | 46,431 | 57,331 | ||
Total Liabilities | 197,447 | 851,898 | ||
Equity | 347,163 | 545,221 | ||
Total liabilities and equity | 544,610 | 1,397,119 | ||
INSW Share of affiliate's equity, before consolidating and reconciling adjustments | 173,581 | 272,405 | ||
Impairment of equity method investments | (30,475) | (30,475) | ||
Advances from shareholders of FSO Joint Venture | 23,216 | 28,666 | ||
Unamortized deferred gain on 2009 sale of TI Africa to FSO Africa, net | (29,503) | (31,889) | ||
Unamortized interest capitalized during construction of LNG vessels | 9,856 | |||
INSW guarantee for FSO Term Loan | 264 | 673 | ||
Other | 16,209 | 19,086 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | 153,292 | 268,322 | ||
FSO Asia [Member] | ||||
Cash and cash equivalents | 917 | 2,561 | ||
Trade receivables current | 8,891 | 8,290 | ||
Other receivables | 192 | 305 | ||
Total current assets | 10,000 | 11,156 | ||
Trade receivables non current | 11,239 | |||
Vessels less accumulated depreciation | 259,583 | 276,329 | ||
Other assets | 2,084 | |||
Total assets | 269,583 | 300,808 | ||
Accounts payable and accrued expenses | 757 | 530 | ||
Income tax payable | 1,965 | |||
Current portion of long term debt | 23,968 | 23,015 | ||
Current portion of derivative liability | 673 | 148 | ||
Total current liabilities | 27,363 | 23,693 | ||
Long-term debt | 43,927 | 68,327 | ||
Long-term derivative liability | 520 | 342 | ||
Deferred tax liabilities | 4,679 | 5,861 | ||
Total Liabilities | 76,489 | 98,223 | ||
Equity | 193,094 | 202,585 | ||
Total liabilities and equity | $ 269,583 | $ 300,808 | ||
Percentage of ownership in equity investees | 50.00% | 50.00% | 50.00% | |
INSW Share of affiliate's equity, before consolidating and reconciling adjustments | $ 96,547 | $ 101,293 | ||
Impairment of equity method investments | (15,977) | (15,977) | ||
Unamortized deferred gain on 2009 sale of TI Africa to FSO Africa, net | (14,578) | (15,769) | ||
INSW guarantee for FSO Term Loan | 109 | 292 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | 66,101 | 69,839 | ||
FSO Africa [Member] | ||||
Cash and cash equivalents | 1,701 | 484 | ||
Trade receivables current | 8,915 | 8,289 | ||
Other receivables | 192 | 302 | ||
Total current assets | 10,808 | 9,075 | ||
Vessels less accumulated depreciation | 264,219 | 281,244 | ||
Other assets | 1,928 | |||
Total assets | 275,027 | 292,247 | ||
Accounts payable and accrued expenses | 858 | 380 | ||
Current portion of long term debt | 24,856 | 23,867 | ||
Current portion of derivative liability | 697 | 149 | ||
Total current liabilities | 26,411 | 24,396 | ||
Long-term debt | 45,567 | 70,857 | ||
Long-term derivative liability | 557 | 369 | ||
Deferred tax liabilities | 1,992 | 1,852 | ||
Advances from shareholders | 46,431 | 57,331 | ||
Total Liabilities | 120,958 | 154,805 | ||
Equity | 154,069 | 137,441 | ||
Total liabilities and equity | $ 275,027 | $ 292,246 | ||
Percentage of ownership in equity investees | 50.00% | 50.00% | 50.00% | |
INSW Share of affiliate's equity, before consolidating and reconciling adjustments | $ 77,034 | $ 68,720 | ||
Impairment of equity method investments | (14,498) | (14,498) | ||
Advances from shareholders of FSO Joint Venture | 23,216 | 28,666 | ||
Unamortized deferred gain on 2009 sale of TI Africa to FSO Africa, net | (14,925) | (16,120) | ||
INSW guarantee for FSO Term Loan | 155 | 381 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 70,982 | 67,149 | ||
LNG Joint Venture [Member] | ||||
Cash and cash equivalents | 17,380 | |||
Restricted cash, current portion | 11,853 | |||
Trade receivables current | 144 | |||
Other receivables | 3,915 | |||
Inventory | 2,245 | |||
Total current assets | 35,537 | |||
Restricted cash, long term portion | 45,247 | |||
Vessels less accumulated depreciation | 706,902 | |||
Deferred drydock expenditures, net | 16,378 | |||
Total assets | 804,064 | |||
Accounts payable and accrued expenses | 12,270 | |||
Current portion of long term debt | 46,691 | |||
Current portion of derivative liability | 11,273 | |||
Total current liabilities | 70,234 | |||
Long-term debt | 502,223 | |||
Long-term derivative liability | 26,413 | |||
Total Liabilities | 598,870 | |||
Equity | 205,195 | |||
Total liabilities and equity | $ 804,065 | |||
Percentage of ownership in equity investees | 49.90% | 49.90% | 49.90% | 49.90% |
INSW Share of affiliate's equity, before consolidating and reconciling adjustments | $ 102,392 | |||
Unamortized interest capitalized during construction of LNG vessels | 9,856 | |||
Other | (36) | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | 112,212 | |||
Other Equity Method Investments [Member] | ||||
Other | $ 16,209 | 19,122 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 16,209 | $ 19,122 |
EQUITY METHOD INVESTMENTS (Eq_2
EQUITY METHOD INVESTMENTS (Equity Method Investments Cash Flows) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Oct. 06, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
LNG Joint Venture [Member] | ||||
Net cash provided by operating activities | $ 43,475 | $ 57,375 | $ 37,191 | |
Cash Flows From Investing Activities | ||||
Expenditures for vessels and vessel improvements | (334) | (496) | ||
Net cash used in investing activities | (334) | (496) | ||
Cash Flows From Financing Activities | ||||
Principal repayments on debt | (34,830) | (44,124) | (41,698) | |
Cash dividends paid | (20,650) | |||
Net cash used in financing activities | (34,830) | (64,774) | (41,698) | |
Net (decrease)/increase in cash and cash equivalents | 8,311 | (7,895) | (4,507) | |
Cash, cash equivalents and restricted cash at beginning of year | 74,480 | $ 74,480 | 82,375 | 86,882 |
Cash, cash equivalents and restricted cash at end of year | 82,791 | 74,480 | 82,375 | |
FSO Asia [Member] | ||||
Net cash provided by operating activities | 46,572 | 34,545 | 47,220 | |
Cash Flows From Financing Activities | ||||
Proceeds from bank loan | 108,000 | |||
Repayment of bank loan | (23,016) | (16,658) | (75,343) | |
Repayment of advances from shareholders | (125,294) | (6,500) | ||
Cash dividends paid | (25,200) | |||
Net cash used in financing activities | (48,216) | (33,952) | (81,843) | |
Net (decrease)/increase in cash and cash equivalents | (1,644) | 593 | (34,623) | |
Cash, cash equivalents and restricted cash at beginning of year | 2,561 | 2,561 | 1,968 | 36,591 |
Cash, cash equivalents and restricted cash at end of year | 917 | 2,561 | 1,968 | |
FSO Africa [Member] | ||||
Net cash provided by operating activities | 35,984 | 44,597 | 52,134 | |
Cash Flows From Financing Activities | ||||
Proceeds from bank loan | 112,000 | |||
Repayment of bank loan | (23,867) | (17,275) | ||
Repayment of advances from shareholders | (10,900) | (142,900) | (75,000) | |
Net cash used in financing activities | (34,767) | (48,175) | (75,000) | |
Net (decrease)/increase in cash and cash equivalents | 1,217 | (3,578) | (22,866) | |
Cash, cash equivalents and restricted cash at beginning of year | $ 484 | 484 | 4,062 | 26,928 |
Cash, cash equivalents and restricted cash at end of year | $ 1,701 | $ 484 | $ 4,062 |
VARIABLE INTEREST ENTITIES (V_3
VARIABLE INTEREST ENTITIES (VIEs) (Narrative) (Details) $ in Thousands | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) |
Variable Interest Entity [Line Items] | ||
Number of commercial pools | 6 | |
Number of joint ventures | 2 | |
Accounts receivable, net, current | $ | $ 83,845 | $ 94,623 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of commercial pools | 1 | |
Accounts receivable, net, current | $ | $ 20,756 |
VARIABLE INTEREST ENTITIES (V_4
VARIABLE INTEREST ENTITIES (VIEs)) (Balance Sheet Carrying Amounts Related to VIEs) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Variable Interest Entity [Line Items] | |||
Investments in Affiliated Companies | $ 153,292 | $ 268,322 | $ 378,894 |
Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Investments in Affiliated Companies | $ 140,915 | $ 139,359 |
VARIABLE INTEREST ENTITIES (V_5
VARIABLE INTEREST ENTITIES (VIEs) (Comparison of Liability to Maximum Exposure to Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Other Liabilities | $ 1,489 | $ 2,442 |
Variable Interest Entity, Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Other Liabilities | 264 | |
Maximum Exposure to Loss | $ 211,738 |
DEBT (2020 Debt Facilities) (Na
DEBT (2020 Debt Facilities) (Narrative) (Details) $ in Thousands | Jan. 28, 2020USD ($)installment | Jan. 23, 2020USD ($) | Oct. 08, 2019USD ($) | Jul. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Jun. 22, 2017USD ($) |
2020 Debt Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Minimum liquidity level, threshold amount | $ 50,000,000 | |||||
Minimum liquidity level, threshold percentage of debt | 5.00% | |||||
2020 Debt Facilities [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Threshold leverage ratio | 0.60% | |||||
2020 Debt Facilities [Member] | Period From January 28, 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Threshold ratio of consolidated EBITDA to consolidated cash interest expense | 2.25 | |||||
2020 Debt Facilities [Member] | Period Thereafter June 30, 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Threshold ratio of consolidated EBITDA to consolidated cash interest expense | 2.50 | |||||
2020 Debt Facilities [Member] | Secured Debt [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 390,000 | |||||
Core Term Loan Facility and Core Revolving Facility [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable core margin | 2.60% | |||||
Adjustments to applicable margin | 0.025% | |||||
Core Term Loan Facility and Core Revolving Facility [Member] | Leverage Ratio Less Than 4.0 [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable core margin | 2.40% | |||||
Threshold leverage ratio | 4.00% | |||||
Decrease in applicable core margin | 0.20% | |||||
Core Term Loan Facility and Core Revolving Facility [Member] | Leverage Ratio 6.0 Or Greater [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Applicable core margin | 2.80% | |||||
Threshold leverage ratio | 6.00% | |||||
Core Term Loan Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of installments | installment | 19 | |||||
Periodic payment amount | $ 9,476,000 | |||||
Frequency of payment | quarterly | |||||
Balloon payment | $ 120,000,000 | |||||
Debt Instrument Covenant, Fair Market Value of the Core Collateral Vessels, Threshold Percentage Of Outstanding Principal Amount | 135.00% | |||||
Core Term Loan Facility [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line Of Credit Accordion Amount | $ 100,000 | |||||
Core Term Loan Facility [Member] | Term Loan [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 300,000 | |||||
Core Revolving Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount drawn | $ 20,000,000 | |||||
Number of installments | installment | 10 | |||||
Periodic payment amount | $ 5,000,000 | |||||
Frequency of payment | quarterly | |||||
Core Revolving Facility [Member] | Revolver Facility [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 40,000 | |||||
Transition Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Covenant, Fair Market Value of the Core Collateral Vessels, Threshold Percentage Of Outstanding Principal Amount | 175.00% | |||||
Transition Facility [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Period after which interest rate can be increased | 18 months | |||||
Threshold percentage of debt outstanding | 40.00% | |||||
Transition Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.50% | |||||
Transition Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 4.00% | |||||
Transition Facility [Member] | Term Loan [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 50,000 | |||||
2017 Debt Facilities [Member] | Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 500,000 | |||||
Repayments of debt | $ 100,000 | $ 10,000 | ||||
2017 Debt Facilities [Member] | Revolving Credit Facility [Member] | Revolver Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 50,000 | |||||
ABN Term Loan Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | $ 23,248,000 | |||||
ABN Term Loan Facility [Member] | Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Periodic payment amount | $ 869 | |||||
Frequency of payment | quarterly | |||||
ABN Term Loan Facility [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.25% | |||||
Jefferies Finance | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | 331,519,000 | |||||
10.75% Subordinated Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repurchase of debt | $ 27,931,000 |
DEBT (2017 Debt Facilities) (Na
DEBT (2017 Debt Facilities) (Narrative) (Details) | Oct. 08, 2019USD ($) | Jul. 31, 2019USD ($) | Jun. 22, 2018USD ($) | Jun. 22, 2017USD ($) | Jul. 31, 2017USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 13, 2018 |
Debt Instrument [Line Items] | ||||||||||
Extinguishment of debt | $ 110,000,000 | $ 62,069,000 | $ 458,416,000 | |||||||
FSO Joint Venture [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument amount of dividend allowed | $ 110,000,000 | |||||||||
INSW Facilities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | 50,000,000 | |||||||||
Debt instrument, face amount | $ 628,375,000 | |||||||||
Repayments of debt | $ 458,416,000 | |||||||||
2017 Debt Facilities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument covenant on collateral fair market value | $ 300,000,000 | |||||||||
Debt instrument covenant percentage benchmark against certain fair market values | 65.00% | |||||||||
Debt instrument premium percentage of prepaid amount | 1.00% | |||||||||
Debt instrument percentage fee to debt facilities holders | 1.00% | |||||||||
Debt instrument, covenant compliance | The Company was in compliance with the above financial covenants as of December 31, 2019. | |||||||||
2017 Debt Facilities [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, interest rate, stated percentage | 6.00% | 5.50% | ||||||||
Term Loan [Member] | 2017 Debt Facilities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | 500,000,000 | |||||||||
Repayments of debt | $ 100,000,000 | $ 10,000,000 | ||||||||
Debt instrument, covenant related to base Available Amount | $ 2,056,000 | |||||||||
Repayments of unsecured debt | $ 60,000,000 | |||||||||
Debt instrument, Accordion Feature | 50,000,000 | $ 50,000,000 | ||||||||
Debt Instrument Additional Mandatory Prepayments Percentage | 75 | |||||||||
Term Loan [Member] | 2017 Debt Facilities [Member] | Scenario, Plan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of debt | $ 24,831,000 | |||||||||
Quarterly Installment Percentage of Original Principal Amount For Period One | 1.25% | |||||||||
Revolver Facility [Member] | 2017 Debt Facilities [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 |
DEBT (Sinosure Credit Facility)
DEBT (Sinosure Credit Facility) (Narrative) (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Jul. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 14, 2018USD ($) | |
Scenario, Plan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest expense coverage ratio | 2.25 | ||||
Seaways Holding Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest expense coverage ratio | 2 | ||||
6 Very Large Crude Carriers [Member] | |||||
Debt Instrument [Line Items] | |||||
Unrecorded Unconditional Purchase Obligation | $ 434,000 | ||||
Sinosure Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 310,968 | ||||
Debt instrument, basis spread on variable rate | 2.00% | ||||
Debt instrument, maturity date, description | Each of the loans under the Sinosure Credit Facility will mature 144 months after its initial utilization date. | ||||
Debt instrument covenant minimum security coverage percentage of aggregate loan principal | 135.00% | ||||
Debt instrument maximum consolidated leverage ratio | 0.60% | ||||
Debt instrument minimum consolidated liquidity unrestricted consolidated cash and cash equivalents | $ 25,000 | ||||
Debt instrument minimum consolidated liquidity total consolidated cash and cash equivalents | $ 50,000 | ||||
Debt instrument covenant percentage of total indebtedness | 5.00% | ||||
Debt instrument property aggregate covenant | $ 9,000 | ||||
Debt instrument per piece of property covenant | $ 1,500 | ||||
Debt instrument, covenant compliance | As of December 31, 2019, the Company was in compliance with all these covenants. | ||||
Debt instrument quarterly amortization payment percentage | 1.66% | ||||
Minimum [Member] | Scenario, Plan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest expense coverage ratio | 2.50 |
DEBT (ABN Term Loan Facility) (
DEBT (ABN Term Loan Facility) (Details) - ABN Term Loan Facility [Member] - USD ($) | Jun. 13, 2018 | Dec. 31, 2019 | Jun. 07, 2018 |
Debt Instrument [Line Items] | |||
Debt instrument, covenant compliance | The Company was in compliance with these covenants as of December 31, 2019. | ||
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument covenant percentage of fair market price of secured property | 55.00% | ||
Proceeds from Issuance of Long-term Debt | $ 28,463,000 | ||
Debt instrument, frequency of periodic payment | quarterly | ||
Debt instrument, periodic payment | $ 869,000 | ||
Debt instrument covenant percentage of fair market value of secured property minimum to outstanding principal | 150.00% | ||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 3.25% | ||
Term Loan [Member] | Seaways Shipping Corporation [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument covenant debt service reserve account minimum | $ 2,500,000 | ||
Debt instrument covenant dry dock reserve account maximum | 2,100,000 | ||
Debt instrument per piece of property covenant | $ 825,000 | ||
Maximum [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 29,150,000 |
DEBT (Schedule of Long-term Deb
DEBT (Schedule of Long-term Debt Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 14, 2018 | Jun. 13, 2018 | May 31, 2018 |
Debt Instrument [Line Items] | |||||
Less current portion | $ (70,350) | $ (51,555) | |||
Long-term portion | 590,745 | 759,112 | |||
2017 Debt Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 661,095 | 810,667 | |||
Less current portion | (70,350) | (51,555) | |||
Long-term portion | $ 590,745 | 759,112 | |||
Sinosure Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 310,968 | ||||
8.5% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 8.50% | ||||
10.75% Subordinated Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 10.75% | ||||
Term Loan [Member] | 2017 Debt Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 320,309 | 444,344 | |||
Unamortized discount and deferred finance costs | 11,211 | 20,032 | |||
Term Loan [Member] | ABN Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 22,638 | 25,879 | |||
Unamortized discount and deferred finance costs | 610 | 845 | |||
Senior Notes [Member] | 8.5% Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 23,858 | 23,598 | |||
Unamortized discount and deferred finance costs | 1,142 | 1,402 | |||
Debt instrument, interest rate, stated percentage | 8.50% | ||||
Subordinated Debt [Member] | 10.75% Subordinated Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 26,847 | 26,226 | |||
Unamortized discount and deferred finance costs | 1,084 | 1,705 | |||
Debt instrument, interest rate, stated percentage | 10.75% | ||||
Revolving Credit Facility [Member] | Sinosure Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 267,443 | 290,620 | |||
Unamortized discount and deferred finance costs | $ 2,262 | $ 2,664 |
DEBT (Senior and Subordinated N
DEBT (Senior and Subordinated Notes) (Narrative) (Details) - USD ($) | Sep. 17, 2018 | Jun. 13, 2018 | May 31, 2018 | Jun. 22, 2017 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||||||
Recapitalization costs | $ 30,000 | $ 1,306,000 | $ 9,240,000 | |||||
Extinguishment of debt | $ 110,000,000 | $ 62,069,000 | 458,416,000 | |||||
8.5% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | ||||||
10.75% Subordinated Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, interest rate, stated percentage | 10.75% | 10.75% | ||||||
Debt instrument, covenant compliance | The Company was in compliance with the covenants under the Subordinated Notes Indenture as of December 31, 2019. | |||||||
Extinguishment of debt | $ 992,000 | $ 992,000 | ||||||
INSW Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 628,375,000 | |||||||
Repayments of debt | $ 458,416,000 | |||||||
2017 Debt Facilities [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, covenant compliance | The Company was in compliance with the above financial covenants as of December 31, 2019. | |||||||
Debt Instrument Percentage Fee to Debt Facilities Holders | 1.00% | 1.00% | ||||||
Repayment of debt offer amount | $ 60,000,000 | |||||||
Senior Notes [Member] | 8.5% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 25,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 8.50% | |||||||
Debt instrument, maturity date, description | notes due 2023 | |||||||
Proceeds from issuance of senior long-term debt | $ 23,458,000 | |||||||
Debt instrument, redemption price, percentage | 100.00% | |||||||
Debt instrument covenant limitation on total borrowings percentage of total assets | 70.00% | 70.00% | ||||||
Debt instrument covenant net worth | $ 600,000,000 | $ 600,000,000 | ||||||
Debt instrument, covenant compliance | The Company was in compliance with financial covenants under the 8.5% Senior Notes as of December 31, 2019. | |||||||
Debt instrument, maturity date | Jun. 30, 2023 | |||||||
Subordinated Debt [Member] | 10.75% Subordinated Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 30,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 10.75% | |||||||
Debt instrument, maturity date, description | notes due 2023 | |||||||
Proceeds from issuance of subordinated long-term debt | $ 28,000,000 | |||||||
Repayments of Subordinated Debt | $ 2,069,000 | $ 27,931,000 | ||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 100.00% | 100.00% | ||||||
Debt Instrument Percentage Fee to Debt Facilities Holders | 0.50% | |||||||
Scenario, Plan [Member] | Senior Notes [Member] | 8.5% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage | 101.00% |
DEBT (Debt Modification, Repurc
DEBT (Debt Modification, Repurchases and Extinguishment) (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 22, 2017USD ($) | |
Debt Instrument [Line Items] | ||||
Write off of deferred debt issuance cost | $ 3,558,000 | $ 2,400,000 | $ 7,020,000 | |
Gain (loss) on repurchase of debt instrument | (1,100,000) | (1,295,000) | ||
Gain (Loss) on extinguishment of debt | (1,100,000) | (1,295,000) | ||
ABN Term Loan Facility and Sinosure Credit Facility and 8.50% Senior Notes and 10.75% Subordinated Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Related Commitment Fees and Debt Issuance Costs | 7,677,000 | |||
Deferred finance costs, gross | 7,568,000 | |||
Payments of Debt Issuance Costs | 109,000 | |||
ABN Term Loan Facility and Sinosure Credit Facility and 8.50% Senior Notes and 10.75% and 2017 Debt Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Related Commitment Fees and Debt Issuance Costs | 14,648,000 | |||
2017 Debt Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred finance costs, gross | 15,067,000 | |||
Payments of Debt Issuance Costs | 24,307,000 | |||
Gains (losses) on restructuring of debt | 2,400,000 | |||
Write off of deferred debt issuance cost | 9,240,000 | |||
Gain (Loss) on Extinguishment of Debt, before Write off of Debt Issuance Cost | 7,020,000 | |||
2017 Second Amendment Debt Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred finance costs, gross | 4,479,000 | |||
Payments of Debt Issuance Costs | 6,971,000 | |||
2017 Second Amendment Debt Facilities Deemed Extinguishment of Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Payments of Debt Issuance Costs | 1,295,000 | |||
2017 Second Amendment Debt Facilities Remaining [Member] | ||||
Debt Instrument [Line Items] | ||||
Payments of Debt Issuance Costs | 2,492,000 | |||
2017 Second Amendment Debt Facilities Third Party Fees [Member] | ||||
Debt Instrument [Line Items] | ||||
Payments of Debt Issuance Costs | 1,197,000 | |||
INSW Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 628,375,000 | |||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | |||
Revolving Credit Facility [Member] | INSW Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred finance costs, gross | $ 274,000 | $ 413,000 | ||
Term Loan [Member] | 2017 Debt Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | |||
Debt Instrument Additional Mandatory Prepayments Percentage | 75 | |||
Debt instrument, covenant related to base Available Amount | $ 2,056,000 | |||
Write off of deferred debt issuance cost | 3,558,000 | |||
Gain (Loss) on extinguishment of debt | $ (4,658,000) | |||
Debt instrument prepayment percentage | 1.00% | |||
Debt instrument prepayment fee amount | $ 1,100,000 |
DEBT (Contractual Obligation, F
DEBT (Contractual Obligation, Fiscal Year Maturity Schedule Table 2) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INSW Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Contractual interest (including default interest) | $ 64,982 | $ 58,878 | $ 39,784 |
INSW Facilities, due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Contractual interest (including default interest) | 16,743 | ||
Revolving Credit Facility [Member] | Sinosure Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Contractual interest (including default interest) | 14,903 | 8,350 | |
Term Loan [Member] | Debt Facilities 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Contractual interest (including default interest) | 41,483 | 45,601 | 22,546 |
Term Loan [Member] | ABN Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Contractual interest (including default interest) | 1,716 | 1,024 | |
Revolver Facility [Member] | Debt Facilities 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Contractual interest (including default interest) | 848 | 475 | $ 495 |
Senior Notes [Member] | 8.5% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Contractual interest (including default interest) | 2,390 | 1,396 | |
Subordinated Debt [Member] | 10.75% Subordinated Notes [Member] | |||
Debt Instrument [Line Items] | |||
Contractual interest (including default interest) | $ 3,642 | $ 2,032 |
DEBT (Schedule of Interest Paid
DEBT (Schedule of Interest Paid Excluding Deferred Financing Fees and Capitalized Interest) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INSW Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Interest paid, net | $ 57,801 | $ 54,128 | $ 33,367 |
INSW Facilities, due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Interest paid, net | 16,732 | ||
Term Loan [Member] | Debt Facilities 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Interest paid, net | 36,236 | 42,825 | 16,319 |
Term Loan [Member] | ABN Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest paid, net | 1,504 | 795 | |
Revolver Facility [Member] | Debt Facilities 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Interest paid, net | 710 | 442 | $ 316 |
Senior Notes [Member] | 8.5% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest paid, net | 2,130 | 1,250 | |
Subordinated Debt [Member] | 10.75% Subordinated Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest paid, net | 3,021 | 1,591 | |
Revolving Credit Facility [Member] | Sinosure Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest paid, net | $ 14,200 | $ 7,225 |
DEBT (Contractual Obligation,_2
DEBT (Contractual Obligation, Fiscal Year Maturity Schedule Table 1) (Details) - INSW Facilities [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Schedule Of Long Term Debt Maturities Repayments Of Principal Line Items | |
2020 | $ 70,350 |
2021 | 45,520 |
2022 | 296,814 |
2023 | 89,330 |
2024 | 23,579 |
Thereafter | 151,811 |
Long-term Debt, Total | $ 677,404 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 23, 2020 | Jul. 31, 2019 | Mar. 21, 2019 | Mar. 20, 2019 | |
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||
Extinguishment of debt | $ 110,000 | $ 62,069 | $ 458,416 | |||||
Change in fair value of interest rate collar recorded through earnings | 923 | |||||||
Reclassification from AOCI to Earnings | 469 | |||||||
Interest Rate Cap/Collar [Member] | ||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||
Derivative, notional amount | $ 350,000 | $ 350,000 | ||||||
Derivative, cap interest rate | 2.605% | 2.605% | ||||||
Derivative, maturity date | Dec. 31, 2020 | |||||||
Change in fair value of interest rate collar recorded through earnings | $ 923 | |||||||
Subsequent Event [Member] | Interest Rate Swap [Member] | ||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||
Derivative, notional amount | $ 250,000 | |||||||
Derivative, fixed interest rate | 1.97% | |||||||
Average floor rate | 0.00% | |||||||
Current Period Through December 31 2020 [Member] | ||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||
Average cap rate | 1.98% | |||||||
Average floor rate | 1.98% | |||||||
December 31, 2020 Through December 31, 2022 [Member] | ||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||
Average cap rate | 2.26% | |||||||
Average floor rate | 1.25% | |||||||
Sinosure Credit Facility [Member] | ||||||||
Fair Value Of Financial Instruments Derivatives And Fair Value Disclosures [Line Items] | ||||||||
Derivative, fixed interest rate | 2.76% | 2.99% | ||||||
Derivative, maturity date | Mar. 21, 2025 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Other Than Derivatives) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 13, 2018 | May 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Restricted cash | $ 60,572 | $ 59,331 | ||
Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 150,243 | 117,644 | ||
Sinosure Credit Facility [Member] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Payable, Fair Value Disclosure | $ (269,705) | (293,284) | ||
8.5% Senior Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 8.50% | |||
8.5% Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes Payable, Fair Value Disclosure | (22,960) | |||
10.75% Subordinated Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 10.75% | |||
Term Loan [Member] | INSW Facilities [Member] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Payable, Fair Value Disclosure | $ (333,177) | (459,731) | ||
Term Loan [Member] | ABN Term Loan Facility [Member] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Payable, Fair Value Disclosure | $ (23,248) | (26,724) | ||
Senior Notes [Member] | 8.5% Senior Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 8.50% | |||
Debt instrument, maturity date | Jun. 30, 2023 | |||
Senior Notes [Member] | 8.5% Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes Payable, Fair Value Disclosure | $ (26,120) | |||
Subordinated Debt [Member] | 10.75% Subordinated Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 10.75% | |||
Subordinated Debt [Member] | 10.75% Subordinated Notes [Member] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes Payable, Fair Value Disclosure | (32,649) | (29,094) | ||
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 150,243 | 117,644 | ||
Fair Value, Inputs, Level 1 [Member] | 8.5% Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes Payable, Fair Value Disclosure | (22,960) | |||
Fair Value, Inputs, Level 1 [Member] | Senior Notes [Member] | 8.5% Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes Payable, Fair Value Disclosure | (26,120) | |||
Fair Value, Inputs, Level 2 [Member] | Sinosure Credit Facility [Member] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Payable, Fair Value Disclosure | (269,705) | (293,284) | ||
Fair Value, Inputs, Level 2 [Member] | Term Loan [Member] | INSW Facilities [Member] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Payable, Fair Value Disclosure | (333,177) | (459,731) | ||
Fair Value, Inputs, Level 2 [Member] | Term Loan [Member] | ABN Term Loan Facility [Member] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Payable, Fair Value Disclosure | (23,248) | (26,724) | ||
Fair Value, Inputs, Level 2 [Member] | Subordinated Debt [Member] | 10.75% Subordinated Notes [Member] | Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes Payable, Fair Value Disclosure | $ (32,649) | $ (29,094) |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Fair Value of Derivative Instruments) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments in Hedges, Liabilities, at Fair Value | $ (10,159) | |
Designated as Hedging Instrument [Member] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 1,164 | |
Derivative Instruments in Hedges, Liabilities, at Fair Value | (2,629) | |
Designated as Hedging Instrument [Member] | Interest Rate Cap/Collar [Member] | Current Portion of Derivative Asset [Member] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 460 | |
Designated as Hedging Instrument [Member] | Interest Rate Cap/Collar [Member] | Non Current Portion of Derivative Asset [Member] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 704 | |
Designated as Hedging Instrument [Member] | Interest Rate Cap/Collar [Member] | Current Portion of Derivative Liability [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | ||
Designated as Hedging Instrument [Member] | Interest Rate Cap/Collar [Member] | Non Current Portion of Derivative Liability [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Current Portion of Derivative Liability [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | (2,384) | (707) |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Non Current Portion of Derivative Liability [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | (5,968) | $ (1,922) |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap/Collar [Member] | Current Portion of Derivative Liability [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | (1,230) | |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap/Collar [Member] | Non Current Portion of Derivative Liability [Member] | ||
Derivative Instruments in Hedges, Liabilities, at Fair Value | $ (577) |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Effect of Cash Flow Hedging Relationships) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Expense, Total | $ 14,281 | $ 17,010 | $ 17,443 | $ 17,533 | $ 18,204 | $ 17,320 | $ 13,086 | $ 11,621 | $ 66,267 | $ 60,231 | $ 41,247 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Cap/Collar [Member] | |||||||||||
Unrealized (loss) gain on derivative instruments | (3,795) | 261 | (8) | ||||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||||||||||
Unrealized (loss) gain on derivative instruments | (16,189) | (1,948) | (1,132) | ||||||||
Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||||||
Unrealized (loss) gain on derivative instruments | (19,126) | $ (1,687) | $ (1,140) | ||||||||
Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Cap/Collar [Member] | |||||||||||
Unrealized (loss) gain on derivative instruments | $ 858 |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | $ (29,303) | $ (11,058) | $ (12,983) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Cap/Collar [Member] | |||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | 99 | 21 | 131 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | 1,467 | 471 | |
Cash Flow Hedging [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Cap/Collar [Member] | |||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | (65) | ||
Cash Flow Hedging [Member] | Not Designated as Hedging Instrument [Member] | Interest Expense [Member] | |||
Effective portion of gain/(loss) reclassified from accumulated other comprehensive loss | $ 1,501 | $ 492 | $ 131 |
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) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Interest Rate Swaps and Collar [Member] | ||
Derivative liability | $ (10,159) | |
Interest Rate Swaps and Collar [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative liability | $ (10,159) | |
Interest Rate Cap/Collar [Member] | ||
Derivative Asset | $ 1,164 | |
Interest Rate Cap/Collar [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Asset | 1,164 | |
Interest Rate Swap [Member] | ||
Derivative liability | (2,629) | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative liability | $ (2,629) |
ACCOUNTS PAYABLE, ACCRUED EXP_3
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Schedule of Accounts Payable, Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | ||
Accounts payable | $ 4,988 | $ 1,164 |
Payroll and benefits | 5,585 | 4,510 |
Interest | 594 | 770 |
Due to owners on chartered in vessels | 1,108 | 870 |
Accrued drydock, repairs and vessel betterment costs | 3,150 | 1,974 |
Bunkers and lubricants | 538 | 1,833 |
Charter revenues received in advance | 272 | 450 |
Insurance | 539 | 573 |
Accrued vessel expenses | 8,003 | 6,816 |
Accrued general and administrative expenses | 1,052 | 1,398 |
Other | 1,725 | 2,650 |
Total accounts payable, accrued expense and other current liabilities | $ 27,554 | $ 23,008 |
TAXES (Narrative) (Details)
TAXES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Taxes [Abstract] | ||
Percent of shipping income subject to U.S. federal taxation | 4.00% | |
Operating loss carryforwards | $ 10,804 | $ 8,441 |
Indefinite-lived net operating loss carryforwards | 10,804 | |
Operating loss carryforwards, valuation allowance | 4,181 | 3,990 |
Increase (decrease) in valuation allowance | 191 | |
Unrecognized tax benefits, interest on income taxes accrued | $ 5 | $ 4 |
TAXES (Components of Income Tax
TAXES (Components of Income Tax (Provisions) and Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Taxes [Abstract] | ||||||
Current | $ (1) | $ 105 | $ (44) | |||
Income tax (provision)/benefit | $ 116 | $ (3) | $ (8) | $ (1) | $ 105 | $ (44) |
TAXES (Reconciliation of Effect
TAXES (Reconciliation of Effective to Statutory Tax Rate) (Details) - MARSHALL ISLANDS [Member] - Foreign Tax Authority [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Adjustments due to: | |||
Change in valuation allowance | 0.66% | (0.66%) | (0.78%) |
Liquidation of subsidiaries | 0.88% | ||
Income subject to tax in other jurisdictions | (0.83%) | 0.54% | (0.06%) |
Effective tax rate | (0.17%) | (0.12%) | 0.04% |
TAXES (Components of Deferred T
TAXES (Components of Deferred Tax Liabilities and Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 1,836 | $ 1,435 |
Excess of tax over book basis of depreciable assets | 548 | 548 |
Pensions | 1,797 | 2,007 |
Total deferred tax assets | 4,181 | 3,990 |
Less: Valuation allowance | (4,181) | (3,990) |
Net deferred tax assets | ||
Net noncurrent deferred tax assets |
TAXES (Reconciliation of Amount
TAXES (Reconciliation of Amounts of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Taxes [Abstract] | ||
Balance of unrecognized tax benefits as of January 1, | $ 7 | $ 153 |
Increases for positions taken in prior years | 1 | |
Decreases for positions taken in prior years | (70) | |
Settlement | (77) | |
Balance of unrecognized tax benefits as of December 31, | $ 7 | $ 7 |
RELATED PARTIES (Narrative) (De
RELATED PARTIES (Narrative) (Details) - USD ($) $ in Thousands | Mar. 29, 2017 | Apr. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 29, 2018 | Jul. 14, 2017 |
Cash distributions from affiliated companies | $ 13,855 | $ 43,622 | $ 21,220 | ||||
Qatar Gas Transport Company Limited Nakilat Joint Venture [Member] | Corporate Joint Venture [Member] | |||||||
Guarantor obligation fee | 100 | ||||||
INSW Facilities [Member] | |||||||
Line of credit facility, maximum borrowing capacity | $ 50,000 | ||||||
FSO Term Loan [Member] | |||||||
Guarantor obligations, maximum exposure, undiscounted | 69,592 | $ 93,033 | |||||
LNG Joint Venture [Member] | |||||||
Annual fee to related party | 145 | ||||||
Proceeds from secured lines of credit | $ 220,000 | ||||||
LNG Joint Venture [Member] | FSO Term Loan [Member] | Financial Guarantee [Member] | |||||||
Line of credit facility, maximum borrowing capacity | $ 110,000 | ||||||
FSO Joint Venture [Member] | Equity Method Investee [Member] | |||||||
Guarantor obligations, maximum exposure, undiscounted | 70,822 | ||||||
Guarantor obligations, current carrying value | $ 264 | ||||||
FSO Joint Venture [Member] | FSO Term Loan [Member] | |||||||
Line of credit facility, maximum borrowing capacity | $ 220,000 | ||||||
FSO Joint Venture [Member] | FSO Term Loan [Member] | Medium-term Notes [Member] | Secured Debt [Member] | |||||||
Debt instrument covenant liquid assets minimal threshold amount | $ 50,000 | ||||||
Debt instrument covenant total indebtednesss percentage | 5.00% | ||||||
Debt instrument covenant cash on hand | $ 30,000 | ||||||
Line of credit facility, maximum borrowing capacity | $ 110,000 |
CAPITAL STOCK AND STOCK COMPE_3
CAPITAL STOCK AND STOCK COMPENSATION (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2019USD ($)$ / sharesshares | Jul. 31, 2019$ / sharesshares | Apr. 30, 2019shares | Apr. 30, 2018$ / sharesshares | Mar. 31, 2020$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Mar. 05, 2019USD ($) | May 02, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock or unit expense | $ | $ 3,216,000 | $ 2,272,000 | $ 2,982,000 | |||||||
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term | 7 years 7 months 17 days | |||||||||
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average remaining contractual term | 6 years 8 months 19 days | |||||||||
Stock options, compensation expense (income) | $ | $ 1,062,000 | $ 890,000 | $ 826,000 | |||||||
Share based compensation expense, unrecognized | $ | $ 5,772,000 | $ 5,772,000 | ||||||||
Share based compensation expense, unrecognized, period | 1 year 6 months 7 days | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | shares | 21,589 | 28,002 | 13,961 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 17.07 | $ 17.07 | $ 17.81 | $ 18.66 | ||||||
Stock Repurchased and Retired During Period, Shares | shares | 0 | 0 | 160,000 | |||||||
Stock Repurchased and Retired During Period, Value | $ | $ 3,177,000 | |||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 19.86 | |||||||||
Stock repurchase program, authorized amount | $ | $ 30,000,000 | $ 30,000,000 | ||||||||
Subsequent Event [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | shares | 4,381 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 29.76 | |||||||||
Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Payout Percentage | 130.00% | |||||||||
Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Payout Percentage | 150.00% | |||||||||
Certain Employees and Senior Officers [Member] | 2019 Award [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Grant date, value, per share | shares | 17.21 | |||||||||
Time Based Restricted Stock [Member] | Certain Employees and Senior Officers [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted | shares | 44,466 | 26,451 | ||||||||
Granted, per share | $ 27.66 | $ 19 | ||||||||
Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted | shares | 55,534 | |||||||||
Granted, per share | $ 17.46 | $ 19.73 | ||||||||
Performance Shares [Member] | Executive Officer [Member] | February 14, 2017 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted | shares | 11,882 | |||||||||
Grant date, value, per share | shares | 17.21 | |||||||||
Share based award payout percentage of target achieved | 126.00% | |||||||||
Performance Shares [Member] | Executive Officer [Member] | Share-based Compensation Award, Tranche One [Member] | February 14, 2017 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted | shares | 11,882 | |||||||||
Granted, per share | $ 17.46 | |||||||||
Share based award payout percentage of target achieved | 72.00% | |||||||||
Performance Shares [Member] | Certain Employees and Senior Officers [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted | shares | 63,994 | |||||||||
Granted, per share | $ 17.21 | |||||||||
Convertible into Restricted Stock Units [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted | shares | 29,206 | |||||||||
Convertible into Restricted Stock Units [Member] | 2015 Award [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted | shares | 11,383 | |||||||||
Upper range, price | $ 19.13 | |||||||||
Performance Shares Based on Total Shareholder Return (TSR) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted, per share | $ 18.87 | $ 24.35 | ||||||||
Performance Shares Based on Total Shareholder Return (TSR) [Member] | 2017 Award [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share based award payout percentage of target achieved | 150.00% | |||||||||
Performance Shares Based on Total Shareholder Return (TSR) [Member] | Certain Employees and Senior Officers [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted, per share | $ 16.68 | |||||||||
Employee Stock Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted, options | shares | 137,847 | 124,955 | 148,271 | |||||||
Employee Stock Option [Member] | Certain Employees and Senior Officers [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted, options | shares | 137,847 | 124,955 | 148,271 | |||||||
Grants, options, per share | $ 7.99 | $ 7.76 | $ 8.48 | |||||||
Employee Stock Option [Member] | Certain Employees and Senior Officers [Member] | 2018 Awarded [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Grant date, value, per share | shares | 17.46 | |||||||||
Employee Stock Option [Member] | Certain Employees and Senior Officers [Member] | 2017 Award [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Lower range, price | $ 18.21 | |||||||||
Upper range, price | $ 22.42 | |||||||||
Spin Off Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Fair value assumptions, risk free interest rate | 2.36% | 2.67% | ||||||||
Options outstanding, intrinsic value | $ | $ 5,681,000 | $ 5,681,000 | ||||||||
Options exercisable, intrinsic value | $ | $ 2,697,000 | $ 2,697,000 | ||||||||
Spin Off Options Outstanding [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation, shares authorized under stock option plans, exercise price range, outstanding options, weighted average exercise price | $ 19.25 | $ 19.25 | ||||||||
Spin Off Options Exercisable [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based compensation, shares authorized under stock option plans, exercise price range, outstanding options, weighted average exercise price | $ 20.68 | $ 20.68 | ||||||||
Management Incentive Compensation Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares authorized, share plans | shares | 2,000,000 | 2,000,000 | ||||||||
Management Incentive Compensation Plan [Member] | Time Based Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted | shares | 63,998 | 55,536 | 66,503 | |||||||
Granted, per share | $ 17.21 | $ 17.46 | $ 18.91 | |||||||
Management Incentive Compensation Plan [Member] | Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted | shares | 30,856 | |||||||||
Restricted stock or unit expense | $ | $ 0 | |||||||||
Management Incentive Compensation Plan [Member] | Spin Off Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Fair value assumptions, expected dividend rate | 0.00% | 0.00% | 0.00% | |||||||
Fair value assumptions, expected volatility factor | $ | 0.46 | 0.42 | 0.44 | |||||||
Management Incentive Compensation Plan [Member] | Spin Off Options [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Fair value assumptions, risk free interest rate | 1.95% | |||||||||
Management Incentive Compensation Plan [Member] | Spin Off Options [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Fair value assumptions, risk free interest rate | 2.11% | |||||||||
Management Incentive Compensation Plan [Member] | Spin Off Options Outstanding [Member] | Exercise Prices Ranging from $17.21 to $30.93 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Lower range, price | $ 17.21 | |||||||||
Upper range, price | 30.93 | |||||||||
Management Incentive Compensation Plan [Member] | Spin Off Options Exercisable [Member] | Exercise Prices Ranging from $17.46 to $30.93 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Lower range, price | 17.46 | |||||||||
Upper range, price | $ 30.93 | |||||||||
Non-Employee Director Incentive Compensation Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares authorized, share plans | shares | 400,000 | 400,000 | ||||||||
Non-Employee Director Incentive Compensation Plan [Member] | Restricted Stock [Member] | Directors [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted | shares | 51,107 | 47,501 | 38,938 | |||||||
Granted, per share | $ 18 | $ 18.82 | $ 20.03 |
CAPITAL STOCK AND STOCK COMPE_4
CAPITAL STOCK AND STOCK COMPENSATION (Restricted Stock Activity) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Common Stock and Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Nonvested Shares Outstanding Beginning Balance | 352,864 | 230,201 | 174,177 | 117,258 |
Granted | 270,096 | 173,573 | 165,503 | |
Forfeited | (20,570) | (19,995) | ||
Vested | (126,863) | (97,554) | (108,584) | |
Nonvested Shares Outstanding Ending Balance | 352,864 | 230,201 | 174,177 | |
Lower range, price | $ 17.46 | $ 18.62 | $ 18.21 | |
Upper range, price | $ 29.61 | $ 24.05 | $ 19.13 | |
Shares paid for tax withholding for share based compensation | 21,529 | 21,752 | 18,144 | |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 55,534 | |||
Performance Shares Achieved [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 8,198 | 3,120 |
CAPITAL STOCK AND STOCK COMPE_5
CAPITAL STOCK AND STOCK COMPENSATION (Stock Option Activity) (Details) - Employee Stock Option [Member] - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding Beginning Balance | 400,785 | 275,830 | 127,559 |
Granted | 137,847 | 124,955 | 148,271 |
Exercised | |||
Options Outstanding Ending Balance | 538,632 | 400,785 | 275,830 |
Options Exercisable | 294,555 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | |
Unrecognized prior service credits | $ 1,441 |
Unrecognized prior service credits, net of tax | 1,081 |
Unrecognized actuarial losses | 9,148 |
Unrecognized actuarial losses, net of tax | 7,757 |
Prior service credit expected to be recognized, next fiscal year | 77 |
Actuarial losses expected to be recognized, next fiscal year | 320 |
Derivative instruments, gain (loss) reclassification from accumulated oci to income, estimated net amount to be transferred | $ 4,871 |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE LOSS (Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | ||
Unrealized losses on derivative instruments | $ (11,732) | $ (21,520) |
Items not yet recognized as a component of net periodic benefit cost (pension plans) | (8,838) | (8,409) |
Accumulated other comprehensive loss | $ (20,570) | $ (29,929) |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE LOSS (Changes in Components of AOCI, Net of Related Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance, beginning | $ 1,009,855 | $ 1,085,654 | $ 1,179,512 |
Other Comprehensive Income, net of tax | 9,359 | 10,478 | 11,860 |
Balance, ending | 1,022,293 | 1,009,855 | 1,085,654 |
Accumulated Other Comprehensive Loss [Member] | |||
Balance, beginning | (29,929) | (40,407) | (52,267) |
Current period change, excluding amounts reclassified from accumulated other comprehensive loss | (19,944) | (580) | (1,123) |
Amounts reclassified from accumulated other comprehensive loss | 29,303 | 11,058 | 12,983 |
Other Comprehensive Income, net of tax | 9,359 | 10,478 | 11,860 |
Balance, ending | (20,570) | (29,929) | (40,407) |
Unrealized losses on cash flow hedges [Member] | |||
Balance, beginning | (21,520) | (28,989) | (40,317) |
Current period change, excluding amounts reclassified from accumulated other comprehensive loss | (19,126) | (1,687) | (1,140) |
Amounts reclassified from accumulated other comprehensive loss | 28,914 | 9,156 | 12,468 |
Balance, ending | (11,732) | (21,520) | (28,989) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance, beginning | (8,409) | (11,418) | (11,950) |
Current period change, excluding amounts reclassified from accumulated other comprehensive loss | (818) | 1,107 | 17 |
Amounts reclassified from accumulated other comprehensive loss | 389 | 1,902 | 515 |
Balance, ending | $ (8,838) | $ (8,409) | $ (11,418) |
ACCUMULATED OTHER COMPREHENSI_6
ACCUMULATED OTHER COMPREHENSIVE LOSS (Amounts Reclassified out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrealized losses on available-for-sale securities: | |||||||||||
Equity in income of affiliated companies | $ (829) | $ (89,045) | $ (106,044) | ||||||||
Income (loss) from equity method investments | 11,213 | 29,432 | 48,966 | ||||||||
Interest expense | $ 14,281 | $ 17,010 | $ 17,443 | $ 17,533 | $ 18,204 | $ 17,320 | $ 13,086 | $ 11,621 | 66,267 | 60,231 | 41,247 |
Other income/(loss) | (943) | (3,715) | (5,818) | ||||||||
Total reclassified out of AOCL, before tax | (29,303) | (11,058) | (12,983) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized losses on cash flow hedges [Member] | |||||||||||
Unrealized losses on available-for-sale securities: | |||||||||||
Other income/(loss) | 389 | 1,902 | 515 | ||||||||
Interest Rate Swap [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized losses on cash flow hedges [Member] | |||||||||||
Unrealized losses on available-for-sale securities: | |||||||||||
Income (loss) from equity method investments | (26,490) | (8,664) | (12,337) | ||||||||
Interest expense | 1,467 | 471 | |||||||||
Interest Rate Cap/Collar [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Unrealized losses on available-for-sale securities: | |||||||||||
Interest expense | 858 | ||||||||||
Interest Rate Cap/Collar [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized losses on cash flow hedges [Member] | |||||||||||
Unrealized losses on available-for-sale securities: | |||||||||||
Interest expense | $ 99 | $ 21 | $ 131 |
REVENUE (Narrative) (Details)
REVENUE (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUE [Abstract] | |||||||||||
Revenues, Total | $ 124,022 | $ 71,278 | $ 69,010 | $ 101,874 | $ 100,548 | $ 60,926 | $ 56,909 | $ 51,978 | $ 366,184 | $ 270,361 | $ 290,101 |
Contract with customer, performance obligation satisfied in previous period | (493) | $ (39) | |||||||||
Capitalized contract cost, gross | $ 0 | $ 0 |
REVENUE (Schedule of Disaggrega
REVENUE (Schedule of Disaggregated Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, non lease | $ 366,184 | $ 270,361 | $ 290,101 | ||||||||
Shipping revenues | $ 124,022 | $ 71,278 | $ 69,010 | $ 101,874 | $ 100,548 | $ 60,926 | $ 56,909 | $ 51,978 | 366,184 | 270,361 | 290,101 |
Pool Revenue Leases [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Shipping revenues | 254,055 | 177,206 | 177,347 | ||||||||
Time and Bareboat Charter Leases [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Shipping revenues | 27,625 | 25,961 | 55,106 | ||||||||
Voyage Charter Leases [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Shipping revenues | 84,504 | 67,194 | 57,648 | ||||||||
Fixed-Price Contract [Member] | Pool Revenue Leases [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, operating leases | 254,055 | 177,206 | |||||||||
Fixed-Price Contract [Member] | Time and Bareboat Charter Leases [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, operating leases | 27,625 | 25,961 | |||||||||
Fixed-Price Contract [Member] | Voyage Charter Leases [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, operating leases | 2,574 | 1,346 | |||||||||
Revenue, lease non-variable | 30,220 | 20,782 | |||||||||
Time-and-materials Contract [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, non lease | 51,710 | 45,066 | |||||||||
International Crude Tankers Segment [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, non lease | 285,356 | 202,396 | 192,426 | ||||||||
International Crude Tankers Segment [Member] | Fixed-Price Contract [Member] | Pool Revenue Leases [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, operating leases | 173,751 | 111,214 | |||||||||
International Crude Tankers Segment [Member] | Fixed-Price Contract [Member] | Time and Bareboat Charter Leases [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, operating leases | 27,535 | 24,088 | |||||||||
International Crude Tankers Segment [Member] | Fixed-Price Contract [Member] | Voyage Charter Leases [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, operating leases | 2,574 | 1,346 | |||||||||
Revenue, lease non-variable | 29,786 | 20,682 | |||||||||
International Crude Tankers Segment [Member] | Time-and-materials Contract [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, non lease | 51,710 | 45,066 | |||||||||
International Product Carriers Segment [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, non lease | 80,828 | 67,965 | $ 97,675 | ||||||||
International Product Carriers Segment [Member] | Fixed-Price Contract [Member] | Pool Revenue Leases [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, operating leases | 80,304 | 65,992 | |||||||||
International Product Carriers Segment [Member] | Fixed-Price Contract [Member] | Time and Bareboat Charter Leases [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, operating leases | 90 | 1,873 | |||||||||
International Product Carriers Segment [Member] | Fixed-Price Contract [Member] | Voyage Charter Leases [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, lease non-variable | $ 434 | $ 100 |
REVENUE (Schedule of Contract R
REVENUE (Schedule of Contract Related Receivables, Assets and Liabilities with Customers) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
REVENUE [Abstract] | ||
Voyage receivables - receivables | $ 2,727 | $ 6,632 |
Contract asset (voyage receivables unbilled receivables) | $ 1,931 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lessee, operating lease, option to extend | time charters contain renewal options to extend the leases for 12 months |
Lease, operating lease, existence of option to extend | true |
LEASES (Schedule of lease cost)
LEASES (Schedule of lease cost) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Total lease cost | $ 27,198 |
Vessel/Fleet [Member] | Charter Hire Expense [Member] | |
Operating lease, cost | 15,089 |
Short-term lease, cost | 10,769 |
Office Space [Member] | General and Administrative Expense [Member] | |
Operating lease, cost | 996 |
Short-term lease, cost | 116 |
Office Space [Member] | Voyage Expense [Member] | |
Operating lease, cost | 168 |
Short-term lease, cost | 52 |
Office Space [Member] | Vessel Expense [Member] | |
Short-term lease, cost | 8 |
Lightering Services Component [Member] | Vessel/Fleet [Member] | |
Short-term lease, cost | $ 10,586 |
LEASES (Supplemental lease info
LEASES (Supplemental lease information) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities | |
Operating cash flows used for operating leases | $ 16,178 |
Operating lease right-of-use assets | $ 33,718 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Operating lease right-of-use assets |
Current portion of operating lease liabilities | $ (12,958) |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current portion of operating lease liabilities |
Long-term operating lease liabilities | $ (17,953) |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-term operating lease liabilities |
Total operating lease liabilities | $ (30,911) |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Total operating lease liabilities |
Weighted average remaining lease term - operating leases | 3 years 2 months 27 days |
Weighted average discount rate - operating leases | 7.16% |
LEASES (Bareboat and Time Chart
LEASES (Bareboat and Time Charters-In) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Line Items] | ||
Total operating lease liabilities | $ 30,911 | |
2019, prior to ASC 842 adoption | $ 12,934 | |
2020, operating days | 1421 days | |
Bareboat Charters-In [Member] | ||
Leases [Line Items] | ||
2020 | 6,295 | |
2021 | 6,278 | |
2022 | 6,278 | |
2023 | 4,532 | |
Total lease payments | 23,383 | |
less imputed interest | (2,931) | |
Total operating lease liabilities | $ 20,452 | |
2019, prior to ASC 842 adoption | $ 6,278 | |
2020, prior to ASC 842 adoption | 6,295 | |
2021, prior to ASC 842 adoption | 6,278 | |
2022, prior to ASC 842 adoption | 6,278 | |
2023, prior to ASC 842 adoption | 4,782 | |
Net minimum lease payments, prior to ASC 842 adoption | $ 29,911 | |
2020, operating days | 732 days | 730 days |
2021, operating days | 730 days | 732 days |
2022, operating days | 730 days | 730 days |
2023, operating days | 556 days | 730 days |
2024, operating days | 556 days | |
Operating days, total | 2748 days | 3478 days |
Time Charters-In [Member] | ||
Leases [Line Items] | ||
2020 | $ 6,302 | |
2021 | 2,170 | |
Total lease payments | 8,472 | |
less imputed interest | (339) | |
Total operating lease liabilities | $ 8,133 | |
Net minimum lease payments, prior to ASC 842 adoption | $ 12,934 | |
2020, operating days | 1269 days | |
2021, operating days | 408 days | |
Operating days, total | 1677 days | 1421 days |
Time Charters In Excluded From Operating Liability [Member] | ||
Leases [Line Items] | ||
2019, prior to ASC 842 adoption | $ 5,530 | |
Lightering Services Component [Member] | Time Charters-In [Member] | ||
Leases [Line Items] | ||
2019, prior to ASC 842 adoption | $ 3,615 |
LEASES (Future Minimum Lease Ob
LEASES (Future Minimum Lease Obligations for Office Space) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Line Items] | ||
Total operating lease liabilities | $ 30,911 | |
2019, prior to ASC 842 adoption | $ 12,934 | |
Office Space And Lightering Workboat Dock Space [Member] | ||
Leases [Line Items] | ||
2020 | 1,166 | |
2021 | 838 | |
2022 | 173 | |
2023 | 178 | |
2024 | 178 | |
Total lease payments | 2,533 | |
less imputed interest | (207) | |
Total operating lease liabilities | $ 2,326 | |
2019, prior to ASC 842 adoption | 1,219 | |
2020, prior to ASC 842 adoption | 1,152 | |
2021, prior to ASC 842 adoption | 665 | |
Net minimum lease payments, prior to ASC 842 adoption | $ 3,036 |
LEASES (Future Minimum Revenues
LEASES (Future Minimum Revenues on Charters-Out) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||
2019, prior to ASC 842 adoption | $ 2,587 | |
Future minimum revenues, prior to ASC 842 adoption | $ 2,587 | |
2019, revenue days | 221 days | |
Revenue Days | 221 days | |
Charters-Out [Member] | ||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||
2020 | $ 7,901 | |
Net minimum lease payments | $ 7,901 | |
2019, revenue days | 489 days | |
Revenue Days | 489 days |
PENSION AND OTHER POSTRETIREM_3
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, target plan asset allocations | 100.00% | |||
Equity Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, target plan asset allocations | 80.00% | |||
Fixed Income Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, target plan asset allocations | 20.00% | |||
Foreign Plan [Member] | Scheme Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, contributions by employer | $ 639 | $ 0 | $ 787 | |
Foreign Plan [Member] | Scheme Plan [Member] | Scenario, Forecast | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined benefit plan, contributions by employer | $ 683 |
PENSION AND OTHER POSTRETIREM_4
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in benefit obligation: | |||
Prior service cost | $ 64 | ||
Interest cost on benefit obligation | $ 657 | $ 707 | 797 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | |||
Fair value of plan assets at year end | 26,994 | ||
Foreign Plan [Member] | Scheme Plan [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 23,814 | 31,527 | |
Prior service cost | 152 | ||
Interest cost on benefit obligation | 657 | 707 | |
Actuarial losses/(gains) | 2,761 | (2,848) | |
Benefits paid | (820) | (696) | |
Settlements | (3,706) | ||
Foreign exchange losses/(gains) | 1,069 | (1,322) | |
Benefit obligation at year end | 27,481 | 23,814 | 31,527 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 22,785 | 29,527 | |
Actual return on plan assets | 3,341 | (1,009) | |
Employer contributions | 639 | 0 | 787 |
Benefits paid | (820) | (696) | |
Settlements | (3,761) | ||
Foreign exchange gains/(losses) | 1,049 | (1,276) | |
Fair value of plan assets at year end | 26,994 | 22,785 | $ 29,527 |
Unfunded status at December 31 | $ (487) | $ (1,029) |
PENSION AND OTHER POSTRETIREM_5
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Domestic Plans with Accumulated Benefit Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Pension and Other Postretirement Benefit Plans [Abstract] | ||
Projected benefit obligation | $ 27,481 | $ 23,814 |
Accumulated benefit obligation | 27,481 | 23,814 |
Fair value of plan assets | $ 26,994 | $ 22,785 |
PENSION AND OTHER POSTRETIREM_6
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Components of Expense, Domestic Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components of expense: | |||
Defined benefit plan, service cost | $ 64 | ||
Defined benefit plan, interest cost | $ 657 | $ 707 | 797 |
Expected return on plan assets | (1,017) | (1,029) | (1,041) |
Amortization of prior-service costs | 74 | 71 | 68 |
Recognized net actuarial loss | 315 | 388 | 447 |
Recognized settlement loss | 1,442 | ||
Net periodic (benefit)/cost | $ 29 | $ 1,579 | $ 335 |
PENSION AND OTHER POSTRETIREM_7
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Weighted-Average Assumptions Used to Determine Benefit Obligations) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Pension and Other Postretirement Benefit Plans [Abstract] | ||
Discount rate | 2.00% | 2.80% |
PENSION AND OTHER POSTRETIREM_8
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Assumptions Used to Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension and Other Postretirement Benefit Plans [Abstract] | |||
Discount rate | 2.80% | 2.40% | 2.60% |
Expected (long-term) return on plan assets | 4.46% | 3.85% | 3.85% |
Rate of future compensation increases |
PENSION AND OTHER POSTRETIREM_9
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Pension and Other Postretirement Benefit Plans [Abstract] | |
2020 | $ 822 |
2021 | 827 |
2022 | 843 |
2023 | 871 |
2024 | 997 |
Years 2025-2029 | 6,059 |
Defined Benefit Plan Expected Future Benefit Payments | $ 10,419 |
PENSION AND OTHER POSTRETIRE_10
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Fair Values of Pension Plan Assets) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined benefit plan, fair value of plan assets | $ 26,994 |
Cash and Cash Equivalents [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined benefit plan, fair value of plan assets | 549 |
Government Debt Securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined benefit plan, fair value of plan assets | 26,445 |
Fair Value, Inputs, Level 1 [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined benefit plan, fair value of plan assets | 549 |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined benefit plan, fair value of plan assets | 549 |
Fair Value, Inputs, Level 2 [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined benefit plan, fair value of plan assets | 26,445 |
Fair Value, Inputs, Level 2 [Member] | Government Debt Securities [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined benefit plan, fair value of plan assets | $ 26,445 |
OTHER EXPENSE (Schedule of Othe
OTHER EXPENSE (Schedule of Other Nonoperating Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment income: | |||
Investment income - interest | $ 2,767 | $ 1,300 | $ 676 |
Net actuarial gain/(loss) on defined benefit pension plan | 628 | (902) | 526 |
Write off of deferred debt issuance cost | (3,558) | (2,400) | (7,020) |
Loss on extinguishment of debt | (1,100) | (1,295) | |
Other | 320 | (418) | |
Nonoperating Income (Expense), Total | $ (943) | $ (3,715) | $ (5,818) |
2019 AND 2018 QUARTERLY RESUL_3
2019 AND 2018 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
2019 AND 2018 QUARTERLY RESULTS OF OPERATIONS [Abstract] | |||||||||||
Shipping revenues | $ 124,022 | $ 71,278 | $ 69,010 | $ 101,874 | $ 100,548 | $ 60,926 | $ 56,909 | $ 51,978 | $ 366,184 | $ 270,361 | $ 290,101 |
Gain/(loss) on disposal of vessels and other property, net of impairments | (280) | 1,472 | (1,548) | 48 | (2,487) | (17,360) | 6,740 | (6,573) | (308) | (19,680) | (86,855) |
Income/(loss) from vessel operations | 46,621 | (2,843) | (7,934) | 19,324 | 17,865 | (36,021) | (9,669) | (26,706) | 55,168 | (54,531) | (107,945) |
Interest expense | (14,281) | (17,010) | (17,443) | (17,533) | (18,204) | (17,320) | (13,086) | (11,621) | (66,267) | (60,231) | (41,247) |
Income tax benefit/(provision) | 116 | (3) | (8) | (1) | 105 | (44) | |||||
Net Income/(Loss) | $ 15,891 | $ (11,095) | $ (16,523) | $ 10,897 | $ 6,958 | $ (47,786) | $ (18,796) | $ (29,316) | $ (830) | $ (88,940) | $ (106,088) |
Basic and Diluted net income/(loss) per share | $ 0.54 | $ (0.38) | $ (0.57) | $ 0.37 | $ 0.24 | $ (1.64) | $ (0.65) | $ (1.01) | $ (0.03) | $ (3.05) | $ (3.64) |
Other than temporary impairment - Equity method investment, Impairment Charges | $ 30,475 | $ 30,475 |
CONTINGENCIES (Narrative) (Deta
CONTINGENCIES (Narrative) (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2017USD ($) | |
Galveston Accident [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 25,000 |
Schedule I Condensed Financial
Schedule I Condensed Financial Information Parent - CONDENSED BALANCE SHEETS (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||||
Cash and cash equivalents | $ 89,671 | $ 58,313 | ||
Other receivables | 3,938 | 5,246 | ||
Prepaid expenses and other current assets | 5,994 | 5,912 | ||
Total Current Assets | 187,344 | 167,620 | ||
Restricted cash | 60,572 | 59,331 | ||
Investments in and advances to affiliated companies | 153,292 | 268,322 | ||
Other assets | 2,934 | 5,056 | ||
Total Assets | 1,753,501 | 1,848,601 | ||
Current Liabilities: | ||||
Accounts payable, accrued expenses and other current liabilities | 27,554 | 23,008 | ||
Total Current Liabilities | 114,476 | 75,270 | ||
Long-term debt | 590,745 | 759,112 | ||
Total Liabilities | 731,208 | 838,746 | ||
Equity: | ||||
Capital - 100,000,000 no par value shares authorized; 29,274,452 and 29,184,501 shares issued and outstanding | 1,313,178 | 1,309,269 | ||
Accumulated deficit | (270,315) | (269,485) | ||
Stockholders Equity Subtotal | 1,042,863 | 1,039,784 | ||
Accumulated other comprehensive loss | (20,570) | (29,929) | ||
Total Equity | 1,022,293 | 1,009,855 | $ 1,085,654 | $ 1,179,512 |
Total Liabilities and Equity | 1,753,501 | 1,848,601 | ||
Parent Company [Member] | Reportable Legal Entities [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 9,059 | 159 | ||
Other receivables | 5 | |||
Prepaid expenses and other current assets | 1,055 | 556 | ||
Total Current Assets | 10,114 | 720 | ||
Restricted cash | 4,000 | 4,000 | ||
Investment in subsidiaries | 1,057,519 | 941,872 | ||
Investments in and advances to affiliated companies | 112,212 | |||
Intercompany receivables | 1,597 | 1,611 | ||
Other assets | 596 | 282 | ||
Total Assets | 1,073,826 | 1,060,697 | ||
Current Liabilities: | ||||
Accounts payable, accrued expenses and other current liabilities | 728 | 875 | ||
Total Current Liabilities | 728 | 875 | ||
Long-term debt | 50,705 | 49,824 | ||
Intercompany payables | 100 | 143 | ||
Total Liabilities | 51,533 | 50,842 | ||
Equity: | ||||
Capital - 100,000,000 no par value shares authorized; 29,274,452 and 29,184,501 shares issued and outstanding | 1,313,178 | 1,309,269 | ||
Accumulated deficit | (270,315) | (269,485) | ||
Stockholders Equity Subtotal | 1,042,863 | 1,039,784 | ||
Accumulated other comprehensive loss | (20,570) | (29,929) | ||
Total Equity | 1,022,293 | 1,009,855 | ||
Total Liabilities and Equity | $ 1,073,826 | $ 1,060,697 |
Schedule I Condensed Financia_2
Schedule I Condensed Financial Information Parent - CONSOLIDATED BALANCE SHEETS (Balance Sheet Extra) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Unbilled voyage receivable (in dollars) | $ 74,355 | $ 87,725 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares, issued | 29,274,452 | 29,184,501 |
Common stock, shares, outstanding | 29,274,452 | 29,184,501 |
Parent Company [Member] | Reportable Legal Entities [Member] | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares, issued | 29,274,452 | 29,184,501 |
Common stock, shares, outstanding | 29,274,452 | 29,184,501 |
Schedule I Condensed Financia_3
Schedule I Condensed Financial Information Parent - CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shipping revenues | $ 124,022 | $ 71,278 | $ 69,010 | $ 101,874 | $ 100,548 | $ 60,926 | $ 56,909 | $ 51,978 | $ 366,184 | $ 270,361 | $ 290,101 |
Operating Expenses: | |||||||||||
Voyage expenses | 26,265 | 27,261 | 15,106 | ||||||||
Vessel expenses | 123,205 | 135,003 | 141,235 | ||||||||
Charter hire expenses | 57,512 | 44,910 | 41,700 | ||||||||
Depreciation and amortization | 75,653 | 72,428 | 78,853 | ||||||||
General and administrative | 26,798 | 24,304 | 24,453 | ||||||||
Third-party debt modification fees | 30 | 1,306 | 9,240 | ||||||||
Separation and transition costs | 604 | ||||||||||
Loss on disposal of vessels and other property, including impairments | 280 | (1,472) | 1,548 | (48) | 2,487 | 17,360 | (6,740) | 6,573 | 308 | 19,680 | 86,855 |
Total operating expenses | 311,016 | 324,892 | 398,046 | ||||||||
Income/(loss) from vessel operations | 46,621 | (2,843) | (7,934) | 19,324 | 17,865 | (36,021) | (9,669) | (26,706) | 55,168 | (54,531) | (107,945) |
Equity in income of affiliated companies | 11,213 | 29,432 | 48,966 | ||||||||
Operating income/(loss) | 66,381 | (25,099) | (58,979) | ||||||||
Other income/(loss) | (943) | (3,715) | (5,818) | ||||||||
Income/(loss) before interest expense and income taxes | 65,438 | (28,814) | (64,797) | ||||||||
Interest expense | (14,281) | (17,010) | (17,443) | (17,533) | (18,204) | (17,320) | (13,086) | (11,621) | (66,267) | (60,231) | (41,247) |
Loss before income taxes | (829) | (89,045) | (106,044) | ||||||||
Income tax benefit/(provision) | 116 | (3) | (8) | (1) | 105 | (44) | |||||
Net loss | $ 15,891 | $ (11,095) | $ (16,523) | $ 10,897 | $ 6,958 | $ (47,786) | $ (18,796) | $ (29,316) | (830) | (88,940) | (106,088) |
Other Comprehensive Income/(Loss), net of tax: | |||||||||||
Net change in unrealized losses on cash flow hedges | 9,788 | 7,469 | 11,328 | ||||||||
Defined benefit pension and other postretirement benefit plans: | |||||||||||
Net change in unrecognized prior service costs | 32 | (13) | (31) | ||||||||
Net change in unrecognized actuarial losses | (461) | 3,022 | 563 | ||||||||
Other Comprehensive Income, net of tax | 9,359 | 10,478 | 11,860 | ||||||||
Comprehensive Income/(Loss) | 8,529 | (78,462) | (94,228) | ||||||||
Reportable Legal Entities [Member] | Parent Company [Member] | |||||||||||
Shipping revenues | 2 | ||||||||||
Operating Expenses: | |||||||||||
Vessel expenses | (4) | ||||||||||
General and administrative | 4,633 | 4,664 | 5,880 | ||||||||
Third-party debt modification fees | (11) | 44 | |||||||||
Separation and transition costs | 381 | ||||||||||
Total operating expenses | 4,622 | 4,708 | 6,257 | ||||||||
Income/(loss) from vessel operations | (4,622) | (4,708) | (6,255) | ||||||||
Equity in income of affiliated companies | 10,107 | (80,269) | (75,790) | ||||||||
Operating income/(loss) | 5,485 | (84,977) | (82,045) | ||||||||
Other income/(loss) | 62 | (92) | (6,888) | ||||||||
Income/(loss) before interest expense and income taxes | 5,547 | (85,069) | (88,933) | ||||||||
Interest expense | (6,377) | (3,864) | (17,129) | ||||||||
Loss before income taxes | (830) | (88,933) | (106,062) | ||||||||
Income tax benefit/(provision) | (7) | (26) | |||||||||
Net loss | (830) | (88,940) | (106,088) | ||||||||
Other Comprehensive Income/(Loss), net of tax: | |||||||||||
Net change in unrealized losses on cash flow hedges | 9,788 | 7,469 | 11,328 | ||||||||
Defined benefit pension and other postretirement benefit plans: | |||||||||||
Net change in unrecognized prior service costs | 32 | (13) | (31) | ||||||||
Net change in unrecognized actuarial losses | (461) | 3,022 | 563 | ||||||||
Other Comprehensive Income, net of tax | 9,359 | 10,478 | 11,860 | ||||||||
Comprehensive Income/(Loss) | $ 8,529 | $ (78,462) | $ (94,228) |
Schedule I Condensed Financia_4
Schedule I Condensed Financial Information Parent - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | |||
Net cash provided by/(used in) operating activities | $ 87,486 | $ (12,480) | $ 17,395 |
Cash Flows from Investing Activities: | |||
Distributions from subsidiaries and affiliated companies | 4,195 | 100,780 | 19,530 |
Proceeds from sale of investment in affiliated companies | 122,755 | ||
Net cash provided by/(used in) investing activities | 107,874 | 123,709 | (136,798) |
Cash Flows from Financing Activities: | |||
Premium on extinguishment of debt | (2,092) | ||
Repurchases of common stock | (3,177) | ||
Cash paid to tax authority upon vesting of stock-based compensation | (369) | (410) | (349) |
Other - net | (289) | (222) | |
Net cash (used in)/provided by financing activities | (162,761) | (64,191) | 98,008 |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 32,599 | 47,038 | (21,395) |
Cash, cash equivalents and restricted cash at beginning of year | 117,644 | 70,606 | 92,001 |
Cash, cash equivalents and restricted cash at end of year | 150,243 | 117,644 | 70,606 |
Reportable Legal Entities [Member] | Parent Company [Member] | |||
Cash Flows from Operating Activities: | |||
Net cash provided by/(used in) operating activities | (8,489) | 3,500 | 297,931 |
Cash Flows from Investing Activities: | |||
Capital contributions to subsidiaries | (122,784) | (56,942) | |
Distributions from subsidiaries and affiliated companies | 19,068 | 7,360 | 165,168 |
Proceeds from sale of investment in affiliated companies | 122,755 | ||
Net cash provided by/(used in) investing activities | 19,039 | (49,582) | 165,168 |
Cash Flows from Financing Activities: | |||
Issuance of debt, net of issuance and deferred financing costs | 51,318 | ||
Payments on debt | (1,546) | ||
Extinguishment of debt | (2,069) | (458,416) | |
Premium on extinguishment of debt | (992) | ||
Repurchases of common stock | (3,177) | ||
Cash paid to tax authority upon vesting of stock-based compensation | (369) | (410) | (349) |
Other - net | (289) | (222) | |
Net cash (used in)/provided by financing activities | (1,650) | 48,617 | (463,488) |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 8,900 | 2,535 | (389) |
Cash, cash equivalents and restricted cash at beginning of year | 4,159 | 1,624 | 2,013 |
Cash, cash equivalents and restricted cash at end of year | $ 13,059 | $ 4,159 | $ 1,624 |
Schedule I Condensed Financia_5
Schedule I Condensed Financial Information Parent - BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS (Details) - Reportable Legal Entities [Member] - Parent Company [Member] | Dec. 31, 2019 |
Consolidated subsidiary ownership percentage | 100.00% |
LNG Joint Venture [Member] | |
Equity method investment, ownership percentage | 49.90% |
Schedule I Condensed Financia_6
Schedule I Condensed Financial Information Parent - DEBT (Details) - USD ($) | Sep. 17, 2018 | Jun. 22, 2017 | Jan. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 28, 2020 | Jun. 13, 2018 | May 31, 2018 |
Less current portion | $ (70,350,000) | $ (70,350,000) | $ (51,555,000) | |||||||
Long-term debt | $ 590,745,000 | 590,745,000 | 759,112,000 | |||||||
Net loss from write-off of unamortized original issue discount and deferred financing costs | 3,558,000 | 2,400,000 | $ 7,020,000 | |||||||
Cash flows used in investing activities | 107,874,000 | 123,709,000 | (136,798,000) | |||||||
Gain on repurchase of debt | (1,100,000) | (1,295,000) | ||||||||
Net loss of realized on the prepayment | (1,100,000) | (1,295,000) | ||||||||
Treated as partial extinguishments | 110,000,000 | 62,069,000 | 458,416,000 | |||||||
Recapitalization costs | $ 30,000 | 1,306,000 | 9,240,000 | |||||||
8.5% Senior Notes [Member] | ||||||||||
Interest rate | 8.50% | 8.50% | ||||||||
10.75% Subordinated Notes [Member] | ||||||||||
Interest rate | 10.75% | 10.75% | ||||||||
Repurchase of term loan | $ 27,931,000,000 | |||||||||
Treated as partial extinguishments | $ 992,000 | $ 992,000 | ||||||||
INSW Facilities [Member] | ||||||||||
Long-term debt | 677,404,000 | 677,404,000 | ||||||||
Debt instrument, face amount | 628,375,000 | |||||||||
Repayments of debt | $ 458,416,000 | |||||||||
Long term debt, Maturities | ||||||||||
2020 | 70,350,000 | 70,350,000 | ||||||||
2021 | 45,520,000 | 45,520,000 | ||||||||
2022 | 296,814,000 | 296,814,000 | ||||||||
2023 | 89,330,000 | 89,330,000 | ||||||||
2024 | 23,579,000 | 23,579,000 | ||||||||
Aggregate principal payments required | 677,404,000 | 677,404,000 | ||||||||
Subsequent Event [Member] | 10.75% Subordinated Notes [Member] | ||||||||||
Net loss from write-off of unamortized original issue discount and deferred financing costs | $ 1,034,000 | |||||||||
Net loss of realized on the prepayment | $ 2,026,000 | |||||||||
Senior Notes [Member] | 8.5% Senior Notes [Member] | ||||||||||
Long-term debt | 23,858,000 | 23,858,000 | 23,598,000 | |||||||
Unamortized discount and deferred finance costs | 1,142,000 | 1,142,000 | 1,402,000 | |||||||
Debt instrument, face amount | $ 25,000,000 | |||||||||
Interest rate | 8.50% | |||||||||
Long term debt, Maturities | ||||||||||
Aggregate principal payments required | 23,858,000 | 23,858,000 | 23,598,000 | |||||||
Subordinated Debt [Member] | 10.75% Subordinated Notes [Member] | ||||||||||
Long-term debt | 26,847,000 | 26,847,000 | 26,226,000 | |||||||
Unamortized discount and deferred finance costs | 1,084,000 | 1,084,000 | 1,705,000 | |||||||
Debt instrument, face amount | $ 30,000,000 | |||||||||
Interest rate | 10.75% | |||||||||
Repayments of subordinated debt | $ 2,069,000 | 27,931,000 | ||||||||
Long term debt, Maturities | ||||||||||
Aggregate principal payments required | 26,847,000 | 26,847,000 | 26,226,000 | |||||||
Subsidiaries [Member] | ||||||||||
Capital contributions to subsidiaries | 56,899,000 | |||||||||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||||||||
Long-term debt | 50,705,000 | 50,705,000 | 49,824,000 | |||||||
Long-term debt | 50,705,000 | 50,705,000 | 49,824,000 | |||||||
Capital contributions to subsidiaries | 122,784,000 | 56,942,000 | ||||||||
Due from Related Parties, Current | 1,597,000 | 1,597,000 | 1,611,000 | |||||||
Capitalized deferred finance charges | 3,683,000 | |||||||||
Net loss from write-off of unamortized original issue discount and deferred financing costs | 128,000 | |||||||||
Cash flows used in investing activities | 19,039,000 | (49,582,000) | 165,168,000 | |||||||
Repayments of secured debt | 2,069,000 | 458,416,000 | ||||||||
Recapitalization costs | (11,000) | 44,000 | ||||||||
Long term debt, Maturities | ||||||||||
Aggregate principal payments required | $ 50,705,000 | $ 50,705,000 | 49,824,000 | |||||||
Reportable Legal Entities [Member] | Parent Company [Member] | ISOC | ||||||||||
Due from Related Parties, Current | 43,000 | |||||||||
Reportable Legal Entities [Member] | Parent Company [Member] | 8.5% Senior Notes [Member] | ||||||||||
Interest rate | 8.50% | 8.50% | ||||||||
Reportable Legal Entities [Member] | Parent Company [Member] | 10.75% Subordinated Notes [Member] | ||||||||||
Interest rate | 10.75% | 10.75% | ||||||||
Reportable Legal Entities [Member] | Parent Company [Member] | Eight Point Five Senior Notes And Ten Point Seven Five Subordinated Notes | ||||||||||
Issuance costs | 3,727,000 | |||||||||
Reportable Legal Entities [Member] | Parent Company [Member] | INSW Facilities [Member] | ||||||||||
Gains (losses) on restructuring of debt | $ 7,020,000 | |||||||||
Recapitalization costs | 44,000 | |||||||||
Reportable Legal Entities [Member] | Parent Company [Member] | Senior Notes [Member] | ||||||||||
Long-term debt | $ 52,931,000 | $ 52,931,000 | ||||||||
Long term debt, Maturities | ||||||||||
2023 | 52,931,000 | 52,931,000 | ||||||||
Aggregate principal payments required | 52,931,000 | 52,931,000 | ||||||||
Reportable Legal Entities [Member] | Parent Company [Member] | Senior Notes [Member] | 8.5% Senior Notes [Member] | ||||||||||
Long-term debt | 23,858,000 | 23,858,000 | 23,598,000 | |||||||
Unamortized discount and deferred finance costs | 1,142,000 | 1,142,000 | 1,402,000 | |||||||
Debt instrument, face amount | $ 25,000,000 | |||||||||
Interest rate | 8.50% | |||||||||
Long term debt, Maturities | ||||||||||
Aggregate principal payments required | 23,858,000 | 23,858,000 | 23,598,000 | |||||||
Reportable Legal Entities [Member] | Parent Company [Member] | Subordinated Debt [Member] | 10.75% Subordinated Notes [Member] | ||||||||||
Long-term debt | 26,847,000 | 26,847,000 | 26,226,000 | |||||||
Unamortized discount and deferred finance costs | 1,084,000 | 1,084,000 | 1,705,000 | |||||||
Debt instrument, face amount | $ 30,000,000 | |||||||||
Interest rate | 10.75% | 10.75% | ||||||||
Repayments of subordinated debt | 2,069,000 | |||||||||
Long term debt, Maturities | ||||||||||
Aggregate principal payments required | $ 26,847,000 | $ 26,847,000 | $ 26,226,000 |
Schedule I Condensed Financia_7
Schedule I Condensed Financial Information Parent - RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | Oct. 07, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Equity in income/(loss) of affiliated companies | $ 11,213 | $ 29,432 | $ 48,966 | |
Gain on sale of equity method investment | 3,033 | |||
Release other comprehensive loss upon sale of investment in affiliated companies | $ (21,615) | |||
LNG Joint Venture [Member] | ||||
Equity method investment, ownership percentage | 49.90% | 49.90% | 49.90% | 49.90% |
Proceeds from divestiture of interest in joint venture | $ 123,000 | |||
Gain on sale of equity method investment | 3,033 | $ 3,033 | ||
Release other comprehensive loss upon sale of investment in affiliated companies | 21,615 | (21,615) | ||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Equity in income/(loss) of affiliated companies | $ 10,107 | $ (80,269) | $ (75,790) | |
Interest rate | 4.00% | |||
Amounts due from related companies | $ 1,597 | 1,611 | ||
Amounts due to related companies | 100 | 143 | ||
Capital contributions to subsidiaries | 122,784 | 56,942 | ||
Reportable Legal Entities [Member] | Parent Company [Member] | Other expense | ||||
Related party incurred fees | 35 | 131 | ||
Reportable Legal Entities [Member] | Parent Company [Member] | INSW Manila Inc | ||||
Interest income on intercompany loan | 35 | 131 | ||
Amounts due from related companies | 1,597 | 1,568 | ||
Reportable Legal Entities [Member] | Parent Company [Member] | ISOC | ||||
Amounts due from related companies | 43 | |||
Reportable Legal Entities [Member] | Parent Company [Member] | OIN Delaware LLC | ||||
Amounts due to related companies | 100 | 100 | ||
Reportable Legal Entities [Member] | Parent Company [Member] | OSG-NNA Ship Management Services Inc | ||||
Amounts due to related companies | 43 | |||
Reportable Legal Entities [Member] | Parent Company [Member] | ISOC | ||||
Equity in income/(loss) of affiliated companies | 18,280 | (90,020) | (89,851) | |
Capital contributions to subsidiaries | $ 122,784 | |||
Cash distributions | 487,260 | |||
Earnings distributions | 322,092 | |||
Return of capital | 19,068 | 7,360 | 165,168 | |
Reportable Legal Entities [Member] | Parent Company [Member] | Other Subsidiaries | ||||
Equity in income/(loss) of affiliated companies | (3) | (99) | (327) | |
Reportable Legal Entities [Member] | Parent Company [Member] | LNG Joint Venture [Member] | ||||
Equity in income/(loss) of affiliated companies | $ (8,170) | $ 9,850 | $ 14,388 | |
Equity method investment, ownership percentage | 49.90% | |||
Proceeds from divestiture of interest in joint venture | $ 123,000 | |||
Gain on sale of equity method investment | 3,033 | |||
Release other comprehensive loss upon sale of investment in affiliated companies | $ 21,615 |