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, 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 Companys consolidated financial statements. ? Information about the Companys reportable segments as of and for each of the years in the three-year period ended December 31, 2018 follows: ? ? ? ? ? ? ? Crude Product ? Tankers Carriers Other Totals ? 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 ? 2016 ? Shipping revenues $ 271,764 $ 126,555 $ - $ 398,319 ? Time charter equivalent revenues 258,171 126,314 560 385,045 ? Depreciation and amortization 52,395 26,696 794 79,885 ? Loss on disposal of vessels and other property, ? including impairments 7,585 71,456 162 79,203 ? Adjusted income from vessel operations 111,768 13,327 710 125,805 ? Equity in income of affiliated companies 5,584 - 11,265 16,849 ? Investments in and advances to affiliated companies at December 31, 2016 266,470 15,296 76,915 358,681 ? Adjusted total assets at December 31, 2016 1,066,184 422,579 76,915 1,565,678 ? Expenditures for vessels and vessel improvements 691 1,297 - 1,988 ? Payments for drydockings 7,636 1,622 - 9,258 ? Reconciliations of time charter equivalent revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow: ? ? ? ? ? For the year ended December 31, 2018 2017 2016 ? Time charter equivalent revenues $ 243,100 $ 274,995 $ 385,045 ? Add: Voyage expenses 27,261 15,106 13,274 ? Shipping revenues $ 270,361 $ 290,101 $ 398,319 ? ? 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 (loss)/income from vessel operations of the segments to loss before income taxes, as reported in the consolidated statements of operations follow: ? ? ? ? ? For the year ended December 31, 2018 2017 2016 ? Total adjusted (loss)/income from vessel operations ? of all segments $ (9,241) $ 13,207 $ 125,805 ? General and administrative expenses (24,304) (24,453) (30,352) ? Third-party debt modification fees (1,306) (9,240) - ? Separation and transition costs - (604) (9,043) ? Loss on disposal of vessels and other property, ? including impairments (19,680) (86,855) (79,203) ? Consolidated (loss)/income from vessel operations (54,531) (107,945) 7,207 ? Equity in income of affiliated companies 29,432 48,966 16,849 ? Other expense (3,715) (5,818) (1,346) ? Interest expense (60,231) (41,247) (40,362) ? Reorganization items, net - - (131) ? Loss before income taxes $ (89,045) $ (106,044) $ (17,783) ? Reconciliations of total assets of the segments to amounts included in the consolidated balance sheets follow: ? ? ? ? At December 31, 2018 2017 ? Total assets of all segments $ 1,726,437 $ 1,589,644 ? Corporate unrestricted cash and cash equivalents 58,313 60,027 ? Restricted cash 59,331 10,579 ? Other unallocated amounts 4,520 4,234 ? Consolidated total assets $ 1,848,601 $ 1,664,484 ? Certain additional information about the Companys operations for each of the years in the three year period ended December 31, 2018 follows: ? ? ? ? ? Crude Product ? Tankers Carriers Other Consolidated ? 2018 ? Total vessels, deferred drydock and other property at December 31, 2018 $ 1,057,994 $ 289,317 $ 257 $ 1,347,568 ? 2017 ? Total vessels, deferred drydock and other property at December 31, 2017 $ 800,362 $ 339,627 $ 374 $ 1,140,363 ? 2016 ? Total vessels, deferred drydock and other property at December 31, 2016 $ 753,028 $ 377,095 $ 484 $ 1,130,607