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Business and segmental reporting | 12 Months Ended
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Dec. 31, 2024
Business and segmental reporting |
Business and segmental reporting | 3. Business and Segment Reporting The Company primarily engages in the ocean transportation of petroleum and chemical products internationally through its fleet of tankers. These tankers are not bound to specific ports or schedules, allowing them to respond to market opportunities by moving between trade lanes and geographical areas. The Company charters its vessels to its customers through a combination of spot and time-charter arrangements, with the majority of its revenue generated from spot voyages, which typically last less than three months. ​ The CODM reviews overall operating results on a fleet-wide basis using time charter equivalent rates (“TCE”) and consolidated expenses. When the Company charters-out a vessel, the charterer is free to trade the vessel worldwide (subject to certain sanctions-related restrictions and certain operational-related constraints), making the disclosure of geographic information impracticable. The Company operates under one reportable segment for its vessel operations, based on how internally reported financial information is reviewed by the CODM to analyze performance, make decisions and allocate resources. ​ The accounting policies of the vessel operations segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the vessel operations segment and decides how to allocate resources based on consolidated net income. The Company does not have intra-entity sales or transfers. The Company’s CODM is the senior management team that includes the chief executive officer, president and chief financial officer, chief operating officer, senior vice president of commercial and the senior director of corporate services. ​ The CODM uses consolidated net income to analyze income generated by the Company’s assets and how to allocate the corresponding cash flow according to the Company’s capital and resources focusing on maintaining the Company’s fleet, deleveraging, pursuing accretive growth opportunities, and returning capital to shareholders. ​ The CODM monitors budget versus actual results and the results of publicly reported competitors to assess the performance of the segment and establish a basis for management’s discretionary compensation. ​ ​ The following table presents the Company’s revenue contributions by nature of vessel employment. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended December 31
In thousands of U.S. Dollars |  | 2024 |  | 2023 |  | 2022
Spot charters (1) | ​ | 392,107 |  | 395,577 |  | 437,189
Time charters (2) | ​ | 13,635 |  | — |  | 7,917
Pooling arrangements (3) | ​ | — |  | — |  | 3
Other revenue (4) | ​ | 42 | ​ | 401 | ​ | 632
​ | ​ | 405,784 |  | 395,978 |  | 445,741
​ (1) Represents revenue recognized by the Company associated with charters that were accounted for in accordance with ASC 606. (2) Represents revenue recognized by the Company associated with charters that were accounted for in accordance with ASC 842. (3) Represents revenue recognized by the Company associated with pooling arrangements that were accounted for in accordance with the guidance for collaborative arrangements. (4) Represents revenue recognized by the Company associated with the management of one third-party chemical tanker employed under spot charters that was accounted for in accordance with ASC 606.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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