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United
States
Securities
and Exchange Commission
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the
Securities
Exchange Act of 1934
November 7, 2023
Date of Report (Date
of earliest event reported)
International Seaways, Inc.
(Exact Name of Registrant
as Specified in Charter)
1-37836-1
Commission File Number
| Marshall Islands |
|
98-0467117 |
| (State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification Number) |
600 Third Avenue,
39th Floor
New York, New York
10016
(Address of Principal
Executive Offices) (Zip Code)
Registrant's telephone
number, including area code (212) 578-1600
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b)
of the Act:
| Title of each class |
Symbol |
Name of each exchange on which registered |
| Common Stock (no par value) |
INSW |
New York Stock Exchange |
| Rights to Purchase Common Stock |
N/A true |
New York Stock Exchange |
Section
2 – Financial Information
| Item 2.02 | Results of Operations and Financial
Condition. |
The following information, including the Exhibit to this
Form 8-K, is being furnished pursuant to Item 2.02 — Results of Operations and Financial Condition of Form 8-K. This information
is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated
by reference into any Securities Act of 1933 registration statements.
On November 7, 2023, International Seaways, Inc. issued
a press release, a copy of which is attached hereto as Exhibit 99.1, announcing third quarter 2023 earnings.
Section
7 – Regulation FD
| Item 7.01 | Regulation FD Disclosure. |
The following information, including the Exhibit to this
Form 8-K, is being furnished pursuant to Item 7.01 — Regulation FD Disclosure
of Form 8-K. This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act
of 1934 and is not incorporated by reference into any Securities Act of 1933 registration statements.
On November 6, 2023, INSW’s Board of Directors
declared a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $1.13 per share of common stock
for the fourth quarter of 2023. Both such dividends are payable on December 27, 2023 to shareholders of record at the close of business
on December 13, 2023.
Section 9 – Financial Statements
and Exhibits
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
Pursuant to General Instruction B.2 of Form 8-K, the
following exhibit is furnished with this Form 8-K.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
| |
INTERNATIONAL SEAWAYS, INC. |
| |
(Registrant) |
| |
|
| |
|
| Date: November 7, 2023 |
By |
|
/s/ James D. Small III |
| |
|
Name: |
James D. Small III |
| |
|
Title: |
Chief Administrative Officer, Senior Vice President, Secretary and General Counsel |
EXHIBIT
INDEX
Exhibit 99.1
INTERNATIONAL SEAWAYS REPORTS
THIRD QUARTER 2023 RESULTS
New
York, NY – November 7, 2023– International Seaways, Inc. (NYSE: INSW) (the “Company”, “Seaways”,
or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum
products, today reported results for the third quarter 2023.
HIGHLIGHTS & RECENT DEVELOPMENTS
| · | Net income for the third quarter was $98 million, or $1.99 per diluted share, compared to net income of
$113 million, or $2.28 per diluted share, in the third quarter of 2022. Cumulative net income over the last twelve months was $643 million. |
| · | Adjusted EBITDA(A) for the third quarter was $151
million. |
| · | Total liquidity was approximately $581 million as of September 30, 2023, including cash and short-term
investments(B) of $214 million and $367 million of undrawn revolver capacity. |
| · | As of November 1, 2023, the Company had $417 million in undrawn revolving credit capacity, approximately
$771 million in gross debt outstanding and 30 unencumbered vessels. |
| · | Balance Sheet Enhancements: |
| · | Executed a new revolving credit facility agreement (the “$160 Million Revolving Credit Facility”)
which resulted in, among other things, the: |
| · | Increase in total revolving capacity of $160 million, of which $50 million was drawn as of September 30,
2023. |
| · | Prepayment of $104 million of the principal outstanding of the $750 Million Credit Facility. |
| · | Reduction of cash break-even costs by nearly $1,000 per day to approximately $14,750 per day through lower
debt service costs. |
| · | Net loan to value is lowest in Company history at 19%. |
| · | In October 2023, the Company prepaid an additional $21 million of the $750 Million Credit Facility
and repaid the full $50 million drawn on the new $160 Million Revolving Credit Facility. |
| · | Returns to Shareholders: |
| · | Paid a combined $1.42 per share in regular and supplemental dividends in September 2023. |
| · | Declared a combined dividend of $1.25 per share composed of a supplemental dividend of $1.13 per share
and $0.12 per share of a regular quarterly cash dividend to be paid in December 2023. |
| · | Cumulative cash returns of over $320 million paid over the last twelve months through dividends and share
repurchases. |
| · | Fleet Optimization Program: |
| · | Sold a 2008-built MR for net proceeds of $13 million after debt repayment in October 2023 |
| · | Declared options for two scrubber-fitted, dual-fuel (LNG) ready, LR1 newbuildings for delivery in the
first quarter of 2026. In aggregate, the Company has four LR1s on order with a total contract price of $231 million with deliveries beginning
in the second half of 2025. |
| · | Increased contracted revenues to $344 million by entering into a new time charter agreement. |
“We continued to generate significant cash
and earnings from our diversified portfolio of crude and product tankers during the third quarter,” said Lois K. Zabrocky, International
Seaways’ President and CEO. “Seaways remains committed to returning cash to shareholders by declaring a combined dividend
of $1.25 per share for the fourth quarter. Including this declaration, aggregate dividends during 2023 will be $6.29 per share increasing
our cumulative returns to shareholders to over $320 million. Moving forward, we remain dedicated to a balanced capital allocation approach,
which enables us to pay substantial dividends, execute opportunistic share buybacks, and reinvest in our fleet to maximize long-term shareholder
value.”
Ms. Zabrocky added, “We expect the
tanker markets’ attractive supply and demand dynamics to continue to drive strong tanker earnings for the foreseeable future. Supply
side growth remains limited due to evolving regulations and limited newbuild capacity in the near term at shipyards while the world fleet
continues to age. Positive tanker demand fundamentals are supported by increasing oil demand and higher tanker utilization from the shifting
global energy trade, with geopolitical tensions driving further focus on energy security.”
Jeff Pribor, the Company’s CFO stated, “Maintaining
a strong and diverse capital structure remains a top priority for Seaways. During the third quarter, we continued to enhance our balance
sheet, executing a new revolving credit facility agreement that increased our total revolving capacity, which together with further de-leveraging,
reduced our cash breakeven costs nearly $1,000 per day. We are pleased with our success to-date, lowering our breakeven levels to amongst
the lowest in the industry at $14,750 per day in a diversified tanker company. This further improves our ability to generate free cash,
and, combined with our ample liquidity of $581 million and net loan-to-value ratio of 19%, ensures Seaways is ideally positioned to optimize
returns to shareholders.”
THIRD QUARTER 2023 RESULTS
Net income for the third quarter of 2023 was $97.9 million, or $1.99
per diluted share, compared to net income of $113.4 million, or $2.28 per diluted share, for the third quarter of 2022. Net income for
the third quarter of 2023 reflects the write-off of deferred finance costs, debt modification fees and a loss on extinguishment of debt,
aggregating $2.8 million. Net income excluding these items was $100.7 million, or $2.04 per diluted share. The decrease in net income
for the third quarter of 2023 was primarily driven by an increase in charter hire expenses, an increase in vessel expenses, primarily
due to the impact of VLCC newbuilding deliveries combined with inflationary increases in lubes, stores and spares; and an increase in
depreciation and amortization due to the impact of VLCC newbuilding deliveries as well as increased drydockings and amortization.
Shipping revenues for the third quarter were $241.7
million, compared to $236.8 million for the third quarter of 2022. Consolidated TCE revenues for the third quarter were $236.0 million,
compared to $234.5 million for the third quarter of 2022.
Adjusted EBITDA for the third quarter was $150.9
million, compared to $157.1 million for the third quarter of 2022.
Crude Tankers
Shipping revenues for the Crude Tankers segment
were $114.3 million for the third quarter of 2023, compared to $77.1 million for the third quarter of 2022. TCE revenues were $110.8 million
for the third quarter, compared to $75.2 million for the third quarter of 2022. This increase was primarily attributable to substantially
higher spot rates as the average spot earnings of the VLCC and Suezmax sectors were approximately $41,000 and $38,700 per day, respectively,
compared with approximately $24,400 and $34,200 per day, respectively, during the third quarter of 2022. These rate increases were supplemented
by an increase in revenue days from both the VLCC and Suezmax fleets and partially offset by lower average Aframax sector spot earnings
of approximately $34,000 per day in the third quarter of 2023, compared to $38,300 per day during the third quarter of 2022.
Product Carriers
Shipping revenues for the Product Carriers segment
were $127.5 million for the third quarter, compared to $159.8 million for the third quarter of 2022. TCE revenues were $125.2 million
for the third quarter, compared to $159.4 million for the third quarter of 2022. This decrease is primarily attributed to lower spot earnings
in the MR sector that averaged approximately $26,600 per day in the third quarter of 2023, compared to $36,000 per day during the third
quarter of 2022. This rate decrease was partially offset by higher average LR1 sector spot earnings of approximately $56,300 per day in
the third quarter of 2023, compared to $41,000 per day during the third quarter of 2022.
THIRD QUARTER YEAR-TO-DATE 2023 RESULTS
Net income for the first nine months of 2023 was
$424.3 million, or $8.58 per diluted share, compared to net income of $169.5 million, or $3.40 per diluted share, for the first nine months
of 2022.
Shipping revenues for the first nine months of
2023 were $821.0 million, compared to $526.5 million for the first nine months of 2022. Consolidated TCE revenues for the first nine months
of 2023 were $807.6 million, compared to $518.1 million for the first nine months of 2022.
Adjusted EBITDA for the first nine months of 2023
was $565.0 million, compared to $294.8 million for the first nine months of 2022.
Crude Tankers
TCE revenues for the Crude Tankers segment were
$389.0 million for the first nine months of 2023, compared to $171.1 million for the first nine months of 2022. Shipping revenues for
the Crude Tankers segment were $398.8 million for the first nine months of 2023, compared to $178.8 million for the first nine months
of 2022.
Product Carriers
TCE revenues for the Product Carriers segment
were $418.6 million for the first nine months of 2023 compared to $346.9 million for the first nine months of 2022. Shipping revenues
for the Product Carriers segment were $422.2 million for the first nine months of 2023, compared to $347.7 million for the first nine
months of 2022.
DELEVERAGING INITIATIVES
During the third quarter of 2023, the Company
entered into a new revolving credit facility agreement (the “$160 Million Revolving Credit Facility”, or the “Revolver”),
which resulted in an increase in total revolving capacity by $160 million. The Revolver matures in March 2029 and capacity is reduced
on a quarterly basis based on a 20-year age-adjusted profile of the five collateral vessels. The Revolver bears an interest rate of term
SOFR+190bps (the “margin”) and includes similar sustainability-linked features as included in the $750 Million Credit Facility,
which could impact the margin by 7.5 basis points. The Company drew $50 million under the Revolver to partially fund a prepayment of $104
million of the principal outstanding on the $750 Million Credit Facility and the release of four vessels from its collateral package.
During October 2023, the Company repaid the $50 million outstanding on the Revolver.
For the first ten months of 2023, the Company
has extinguished approximately $316 million of debt. During the first quarter, the Company amended the $750 Million Credit Facility, which
included a prepayment of $97 million on the term loan, increased the capacity of the revolving credit facility tranche by $40 million
and released 22 vessels from the collateral package. During the second quarter, the Company prepaid approximately $75 million in debt
with the exercise of purchase options for two vessels under sale-leaseback agreements for $46 million and the prepayment of $29 million
on the $750 Million Credit Facility, which also released another vessel from the collateral package. During the third quarter, a net prepayment
of $54 million resulted from the aforementioned activities. In October, the Company prepaid approximately $71 million of debt, consisting
of approximately $21 million on the $750 Million Credit Facility that released one additional vessel from the collateral package and $50
million payment on the Revolver. The Company also paid approximately $19 million on the $750 Million Credit Facility in connection with
the sales of two 2008-built MRs during 2023.
As of November 1, 2023, the Company has approximately
$771 million in outstanding debt, 30 unencumbered vessels and undrawn revolving credit capacity of approximately $417 million.
RETURNING CASH TO SHAREHOLDERS
In September 2023, the Company paid a combined
dividend of $1.42 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental
dividend of $1.30 per share. For the nine months ended September 30, 2023, the Company has paid combined dividends of approximately
$5.04 per share.
On November 6, 2023, the Company’s
Board of Directors declared a combined dividend of $1.25 per share of common stock, composed of a regular quarterly dividend of $0.12
per share of common stock and a supplemental dividend of $1.13 per share of common stock. Both dividends will be paid on December 27,
2023, to shareholders with a record date at the close of business on December 13, 2023.
For the nine months ended September 30, 2023,
the Company repurchased and retired 366,483 shares of its common stock in open market purchases, at an average price of $38.03 at an aggregate
cost of approximately $14 million. The Company has $50 million authorized under its share repurchase program, which was increased in the
second quarter of 2023. In November 2023, the Company’s Board of Directors extended the expiry of the program to the end of
2025.
FLEET OPTIMIZATION PROGRAM
The Company entered into contracts and declared
options to build a total of four scrubber-fitted, dual-fuel (LNG) ready, LR1 vessels in Korea with K Shipbuilding Co, Ltd at a price in
aggregate of approximately $231 million. Two contracts were executed in August 2023 with two additional options that were exercised
in October 2023. The vessels are expected to be delivered beginning in the second half of 2025 through the first quarter of 2026.
Upon delivery, these vessels are expected to deliver into our niche, Panamax International Pool, which has consistently outperformed the
market.
In the third quarter, the Company entered into
a time charter agreement for three years on a 2008-built MR. During 2023, the Company has entered into six, time charter agreements: one
2017-built Aframax, three 2008-built MRs, one 2011-built MR and one 2012-built Suezmax. The charters have durations of two to three years
and have increased contracted future revenues to approximately $344 million remaining under time charter agreements from October 1,
2023 through charter expiry, excluding any applicable profit share.
During 2023, the Company sold two 2008-built MRs,
which generated approximately $24 million in net proceeds after debt repayment, including one MR that delivered to buyers in October 2023.
During 2023, the Company took delivery of three
dual-fuel VLCC newbuildings. The vessels were ordered for an aggregate contract price of $288 million, which are financed under sale leaseback
arrangements at a fixed rate of approximately $4.25%. The vessels have commenced long-term time charters with an oil major for the next
seven years at a base rate of $31,000 per day plus a profit share component.
In December 2022, the Company exercised its
purchase options on two 2009-built Aframax vessels under sale leaseback arrangement, which were accounted for as operating leases prior
to declaration of the options. The aggregate purchase price, net of prepaid charter hire of both vessels was approximately $41 million,
representing a discount at the time of approximately 45% to the market value of these vessels.
CONFERENCE CALL
The
Company will host a conference call to discuss its third quarter 2023 results at 9:00 a.m. Eastern Time (“ET”) on Tuesday,
November 7, 2023. To access the call, participants should dial (833) 470-1428 for domestic callers and (929) 526-1599 for international
callers and entering 300167. Please dial in ten minutes prior to the start of the call. A live webcast of the conference call will be
available from the Investor Relations section of the Company’s website at https://www.intlseas.com.
An audio replay of the conference call will be
available until November 14, 2023, by dialing (866) 813-9403 for domestic callers and +44 204 525 0658 for international callers,
and entering Access Code 180542.
ABOUT INTERNATIONAL SEAWAYS, INC.
International
Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil
and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 76 vessels, including 13 VLCCs,
13 Suezmaxes, five Aframaxes/LR2s, nine LR1s, of which two are newbuildings, and 36 MR tankers. International Seaways has an experienced
team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International
Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.
Forward-Looking Statements
This release contains forward-looking statements.
In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (SEC),
in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical
facts should be considered forward-looking statements. These matters or statements may relate plans to issue dividends, the Company’s
prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of
strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections,
and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in
the Annual Report on Form 10-K for 2022 for the Company, the Quarterly Report on Form 10-Q for the quarter ended March 31,
2023, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation
to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable
to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained
in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.
Investor Relations & Media Contact:
Tom Trovato, International Seaways, Inc.
(212) 578-1602
ttrovato@intlseas.com
Category: Earnings
Consolidated Statements of Operations
($
in thousands, except per share amounts)
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| Shipping Revenues: | |
| | | |
| | | |
| | | |
| | |
| Pool revenues | |
$ | 194,465 | | |
$ | 215,240 | | |
$ | 701,634 | | |
$ | 463,729 | |
| Time and bareboat charter revenues | |
| 27,587 | | |
| 8,487 | | |
| 66,849 | | |
| 22,795 | |
| Voyage charter revenues | |
| 19,656 | | |
| 13,102 | | |
| 52,558 | | |
| 39,984 | |
| Total Shipping Revenues | |
| 241,708 | | |
| 236,829 | | |
| 821,041 | | |
| 526,508 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating Expenses: | |
| | | |
| | | |
| | | |
| | |
| Voyage expenses | |
| 5,756 | | |
| 2,283 | | |
| 13,434 | | |
| 8,448 | |
| Vessel expenses | |
| 64,596 | | |
| 58,565 | | |
| 188,516 | | |
| 178,445 | |
| Charter hire expenses | |
| 11,297 | | |
| 7,797 | | |
| 30,599 | | |
| 22,799 | |
| Depreciation and amortization | |
| 33,363 | | |
| 27,728 | | |
| 95,356 | | |
| 81,984 | |
| General and administrative | |
| 12,314 | | |
| 11,839 | | |
| 35,082 | | |
| 32,852 | |
| Third-party debt modification fees | |
| 148 | | |
| 71 | | |
| 568 | | |
| 1,158 | |
| Loss/(gain) on disposal of vessels and other assets, net of impairments | |
| 74 | | |
| 139 | | |
| (10,648 | ) | |
| (9,339 | ) |
| Total operating expenses | |
| 127,548 | | |
| 108,422 | | |
| 352,907 | | |
| 316,347 | |
| Income from vessel operations | |
| 114,160 | | |
| 128,407 | | |
| 468,134 | | |
| 210,161 | |
| Equity in results of affiliated companies | |
| - | | |
| (1 | ) | |
| - | | |
| 434 | |
| Operating income | |
| 114,160 | | |
| 128,406 | | |
| 468,134 | | |
| 210,595 | |
| Other income/(expense) | |
| 646 | | |
| 360 | | |
| 8,308 | | |
| (440 | ) |
| Income before interest expense and income taxes | |
| 114,806 | | |
| 128,766 | | |
| 476,442 | | |
| 210,155 | |
| Interest expense | |
| (16,817 | ) | |
| (15,332 | ) | |
| (51,678 | ) | |
| (40,630 | ) |
| Income before income taxes | |
| 97,989 | | |
| 113,434 | | |
| 424,764 | | |
| 169,525 | |
| Income tax provision | |
| (52 | ) | |
| (7 | ) | |
| (432 | ) | |
| (63 | ) |
| Net income | |
$ | 97,937 | | |
$ | 113,427 | | |
$ | 424,332 | | |
$ | 169,462 | |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted Average Number of Common Shares Outstanding: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 48,861,356 | | |
| 49,312,716 | | |
| 49,008,901 | | |
| 49,493,315 | |
| Diluted | |
| 49,275,022 | | |
| 49,743,700 | | |
| 49,442,825 | | |
| 49,758,196 | |
| | |
| | | |
| | | |
| | | |
| | |
| Per Share Amounts: | |
| | | |
| | | |
| | | |
| | |
| Basic net income per share | |
$ | 2.00 | | |
$ | 2.30 | | |
$ | 8.65 | | |
$ | 3.42 | |
| Diluted net income per share | |
$ | 1.99 | | |
$ | 2.28 | | |
$ | 8.58 | | |
$ | 3.40 | |
| Consolidated Balance Sheets | |
| | |
| |
| ($ in thousands) | |
| | |
| |
| | |
September 30, | | |
December 31, | |
| | |
2023 | | |
2022 | |
| | |
(Unaudited) | | |
| |
| ASSETS | |
| | | |
| | |
| Current Assets: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 138,976 | | |
$ | 243,744 | |
| Short-term investments | |
| 75,000 | | |
| 80,000 | |
| Voyage receivables | |
| 219,827 | | |
| 289,775 | |
| Other receivables | |
| 11,285 | | |
| 12,583 | |
| Inventories | |
| 1,143 | | |
| 531 | |
| Prepaid expenses and other current assets | |
| 11,567 | | |
| 8,995 | |
| Current portion of derivative asset | |
| 7,092 | | |
| 6,987 | |
| Vessels held for sale | |
| 8,985 | | |
| - | |
| Total Current Assets | |
| 473,875 | | |
| 642,615 | |
| | |
| | | |
| | |
| Vessels and other property, less accumulated depreciation | |
| 1,947,740 | | |
| 1,680,010 | |
| Vessels construction in progress | |
| - | | |
| 123,940 | |
| Deferred drydock expenditures, net | |
| 72,314 | | |
| 65,611 | |
| Operating lease right-of-use assets | |
| 22,738 | | |
| 8,471 | |
| Finance lease right-of-use assets | |
| - | | |
| 44,391 | |
| Pool working capital deposits | |
| 33,501 | | |
| 35,593 | |
| Long-term derivative asset | |
| 4,520 | | |
| 4,662 | |
| Other assets | |
| 6,334 | | |
| 10,041 | |
| Total Assets | |
$ | 2,561,022 | | |
$ | 2,615,334 | |
| | |
| | | |
| | |
| LIABILITIES AND EQUITY | |
| | | |
| | |
| Current Liabilities: | |
| | | |
| | |
| Accounts payable, accrued expenses and other current liabilities | |
$ | 42,850 | | |
$ | 51,069 | |
| Current portion of operating lease liabilities | |
| 9,784 | | |
| 1,596 | |
| Current portion of finance lease liabilities | |
| - | | |
| 41,870 | |
| Current installments of long-term debt | |
| 134,703 | | |
| 162,854 | |
| Total Current Liabilities | |
| 187,337 | | |
| 257,389 | |
| Long-term operating lease liabilities | |
| 14,021 | | |
| 7,740 | |
| Long-term debt | |
| 706,999 | | |
| 860,578 | |
| Other liabilities | |
| 2,588 | | |
| 1,875 | |
| Total Liabilities | |
| 910,945 | | |
| 1,127,582 | |
| | |
| | | |
| | |
| Equity: | |
| | | |
| | |
| Total Equity | |
| 1,650,077 | | |
| 1,487,752 | |
| Total Liabilities and Equity | |
$ | 2,561,022 | | |
$ | 2,615,334 | |
| Consolidated Statements of Cash Flows | |
| | |
| |
| ($ in thousands) | |
| | |
| |
| | |
Nine Months Ended September 30, | |
| | |
2023 | | |
2022 | |
| | |
(Unaudited) | | |
(Unaudited) | |
| Cash Flows from Operating Activities: | |
| | | |
| | |
| Net income | |
$ | 424,332 | | |
$ | 169,462 | |
| Items included in net income not affecting cash flows: | |
| | | |
| | |
| Depreciation and amortization | |
| 95,356 | | |
| 81,984 | |
| Loss on write-down of vessels and other assets | |
| — | | |
| 1,697 | |
| Amortization of debt discount and other deferred financing costs | |
| 4,491 | | |
| 3,630 | |
| Amortization of time charter hire contracts acquired | |
| — | | |
| 842 | |
| Deferred financing costs write-off | |
| 1,952 | | |
| 610 | |
| Stock compensation | |
| 5,912 | | |
| 4,447 | |
| Equity in results of affiliated companies | |
| 20 | | |
| (10,017 | ) |
| Other – net | |
| (2,140 | ) | |
| (774 | ) |
| Items included in net income related to investing and financing activities: | |
| | | |
| | |
| Gain on disposal of vessels and other assets, net | |
| (10,648 | ) | |
| (11,036 | ) |
| Loss on extinguishment of debt | |
| 1,323 | | |
| — | |
| Loss on sale of investments in affiliated companies | |
| — | | |
| 9,513 | |
| Cash distributions from affiliated companies | |
| — | | |
| 2,250 | |
| Payments for drydocking | |
| (27,622 | ) | |
| (36,280 | ) |
| Insurance claims proceeds related to vessel operations | |
| 2,858 | | |
| 4,545 | |
| Changes in operating assets and liabilities | |
| 67,085 | | |
| (114,672 | ) |
| Net cash provided by operating activities | |
| 562,919 | | |
| 106,201 | |
| Cash Flows from Investing Activities: | |
| | | |
| | |
| Expenditures for vessels, vessel improvements and vessels under construction | |
| (192,218 | ) | |
| (87,603 | ) |
| Proceeds from disposal of vessels and other property, net | |
| 20,036 | | |
| 79,476 | |
| Expenditures for other property | |
| (1,035 | ) | |
| (674 | ) |
| Investments in short-term time deposits | |
| (210,000 | ) | |
| (80,000 | ) |
| Proceeds from maturities of short-term time deposits | |
| 215,000 | | |
| — | |
| Pool working capital deposits | |
| (1,334 | ) | |
| 1,862 | |
| Proceeds from sale of investments in affiliated companies | |
| — | | |
| 138,966 | |
| Net cash (used in)/provided by investing activities | |
| (169,551 | ) | |
| 52,027 | |
| Cash Flows from Financing Activities: | |
| | | |
| | |
| Borrowings on long term debt, net of lenders' fees | |
| — | | |
| 641,050 | |
| Borrowings on revolving credit facilities | |
| 50,000 | | |
| — | |
| Repayments of debt | |
| (323,685 | ) | |
| (744,034 | ) |
| Proceeds from sale and leaseback financing, net of issuance and deferred financing costs | |
| 169,717 | | |
| 88,791 | |
| Payments and advance payment on sale and leaseback financing and finance lease | |
| (123,732 | ) | |
| (28,640 | ) |
| Payments of deferred financing costs | |
| (3,006 | ) | |
| (782 | ) |
| Premium and fees on extinguishment of debt | |
| (1,323 | ) | |
| — | |
| Repurchase of common stock | |
| (13,948 | ) | |
| (20,017 | ) |
| Cash dividends paid | |
| (247,001 | ) | |
| (14,830 | ) |
| Cash paid to tax authority upon vesting or exercise of stock-based compensation | |
| (5,158 | ) | |
| (3,174 | ) |
| Net cash used in financing activities | |
| (498,136 | ) | |
| (81,636 | ) |
| Net (decrease)/increase in cash, cash equivalents and restricted cash | |
| (104,768 | ) | |
| 76,592 | |
| Cash, cash equivalents and restricted cash at beginning of year | |
| 243,744 | | |
| 98,933 | |
| Cash, cash equivalents and restricted cash at end of period | |
$ | 138,976 | | |
$ | 175,525 | |
Spot and Fixed TCE Rates Achieved and Revenue Days
The following tables provides a breakdown of TCE rates achieved for
spot and fixed charters and the related revenue days for the three months ended September 30, 2023 and the comparable period of 2022.
Revenue days in the quarter ended September 30, 2023 totaled 6,663 compared with 6,541 in the prior year quarter. A summary fleet
list by vessel class can be found later in this press release. The information in these tables excludes commercial pool fees/commissions
averaging approximately $874 and $835 per day for the three months ended September 30, 2023 and 2022, respectively.
| | |
Three Months Ended September 30,
2023 | | |
Three Months Ended September 30,
2022 | |
| | |
Spot | | |
Fixed | | |
Total | | |
Spot | | |
Fixed | | |
Total | |
| Crude Tankers | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| VLCC | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Average TCE Rate | |
$ | 40,961 | | |
$ | 35,319 | | |
| | | |
$ | 24,427 | | |
$ | 43,905 | | |
| | |
| Number of Revenue Days | |
| 870 | | |
| 297 | | |
| 1,167 | | |
| 812 | | |
| 92 | | |
| 904 | |
| Suezmax | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| | |
| Average TCE Rate | |
$ | 38,708 | | |
$ | 30,973 | | |
| | | |
$ | 34,244 | | |
$ | 27,685 | | |
| | |
| Number of Revenue Days | |
| 1,012 | | |
| 184 | | |
| 1,196 | | |
| 849 | | |
| 92 | | |
| 941 | |
| Aframax | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| | |
| Average TCE Rate | |
$ | 34,046 | | |
$ | 38,652 | | |
| | | |
$ | 38,287 | | |
$ | - | | |
| | |
| Number of Revenue Days | |
| 232 | | |
| 73 | | |
| 305 | | |
| 366 | | |
| - | | |
| 366 | |
| Total Crude Tankers Revenue Days | |
| 2,114 | | |
| 554 | | |
| 2,668 | | |
| 2,027 | | |
| 184 | | |
| 2,211 | |
| Product Carriers | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Aframax (LR2) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Average TCE Rate | |
$ | 32,603 | | |
$ | - | | |
| | | |
$ | - | | |
$ | 17,149 | | |
| | |
| Number of Revenue Days | |
| 92 | | |
| - | | |
| 92 | | |
| - | | |
| 89 | | |
| 89 | |
| Panamax (LR1) | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| | |
| Average TCE Rate | |
$ | 56,295 | | |
$ | - | | |
| | | |
$ | 40,973 | | |
$ | - | | |
| | |
| Number of Revenue Days | |
| 685 | | |
| - | | |
| 685 | | |
| 830 | | |
| - | | |
| 830 | |
| MR | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| | |
| Average TCE Rate | |
$ | 26,563 | | |
$ | 21,200 | | |
| | | |
$ | 35,986 | | |
$ | - | | |
| | |
| Number of Revenue Days | |
| 2,836 | | |
| 382 | | |
| 3,218 | | |
| 3,411 | | |
| - | | |
| 3,411 | |
| Total Product Carriers Revenue Days | |
| 3,613 | | |
| 382 | | |
| 3,995 | | |
| 4,241 | | |
| 89 | | |
| 4,330 | |
| Total Revenue Days | |
| 5,727 | | |
| 936 | | |
| 6,663 | | |
| 6,268 | | |
| 273 | | |
| 6,541 | |
Revenue days in the above tables exclude days related to full service
lighterings and days for which recoveries were recorded under the Company’s loss of hire insurance policies.
During the 2023 and 2022 periods, each of the Company’s LR1s
participated in the Panamax International Pool and transported crude oil cargoes exclusively.
Fleet Information
As of September 30, 2023, INSW’s fleet totaled 77 vessels,
of which 63 were owned and 14 were chartered in.
| | |
| | |
| | |
Total at September 30, 2023 | |
| Vessel Fleet and Type | |
Vessels Owned | | |
Vessels Chartered-in1 | | |
Total Vessels | | |
Total Dwt | |
| Operating Fleet | |
| | | |
| | | |
| | | |
| | |
| VLCC | |
| 4 | | |
| 9 | | |
| 13 | | |
| 3,910,572 | |
| Suezmax | |
| 13 | | |
| - | | |
| 13 | | |
| 2,061,754 | |
| Aframax | |
| 4 | | |
| - | | |
| 4 | | |
| 452,375 | |
| Crude Tankers | |
| 21 | | |
| 9 | | |
| 30 | | |
| 6,424,701 | |
| | |
| | | |
| | | |
| | | |
| | |
| LR2 | |
| 1 | | |
| - | | |
| 1 | | |
| 112,691 | |
| LR1 | |
| 6 | | |
| 1 | | |
| 7 | | |
| 552,698 | |
| MR | |
| 33 | | |
| 4 | | |
| 37 | | |
| 1,853,675 | |
| Product Carriers | |
| 40 | | |
| 5 | | |
| 45 | | |
| 2,489,064 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total Operating Fleet | |
| 61 | | |
| 14 | | |
| 75 | | |
| 8,913,765 | |
| | |
| | | |
| | | |
| | | |
| | |
| Newbuild Fleet | |
| | | |
| | | |
| | | |
| | |
| LR1 | |
| 2 | | |
| - | | |
| 2 | | |
| 147,200 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total Newbuild Fleet | |
| 2 | | |
| - | | |
| 2 | | |
| 147,200 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total Operating and Newbuild Fleet | |
| 63 | | |
| 14 | | |
| 77 | | |
| 9,060,965 | |
(1) Includes bareboat charters, but excludes vessels chartered
in where the duration of the charter was one year or less at inception.
Reconciliation to Non-GAAP Financial Information
The Company believes that, in addition to conventional measures prepared
in accordance with GAAP, the following non-GAAP measures may provide certain investors with additional information that will better enable
them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information,
and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.
(A) EBITDA
and Adjusted EBITDA
EBITDA represents net income before interest expense, income taxes,
and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not
consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute
for, net income or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and
Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA
and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted
EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments,
on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is
necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following
table reconciles net income as reflected in the condensed consolidated statements of operations, to EBITDA and Adjusted EBITDA:
| | |
Three Months Ended
September 30, | | |
Nine Months Ended
September 30, | |
| ($ in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Net income | |
$ | 97,937 | | |
$ | 113,427 | | |
$ | 424,332 | | |
$ | 169,462 | |
| Income tax provision | |
| 52 | | |
| 7 | | |
| 432 | | |
| 63 | |
| Interest expense | |
| 16,817 | | |
| 15,332 | | |
| 51,678 | | |
| 40,630 | |
| Depreciation and amortization | |
| 33,363 | | |
| 27,728 | | |
| 95,356 | | |
| 81,984 | |
| EBITDA | |
| 148,169 | | |
| 156,494 | | |
| 571,798 | | |
| 292,139 | |
| Amortization of time charter contracts acquired | |
| - | | |
| 159 | | |
| - | | |
| 842 | |
| Third-party debt modification fees | |
| 148 | | |
| 71 | | |
| 568 | | |
| 1,158 | |
| Gain on sale of interest in DASM | |
| - | | |
| (135 | ) | |
| - | | |
| (135 | ) |
| Loss/(gain) on disposal of vessels and other assets, net of impairments | |
| 74 | | |
| 139 | | |
| (10,648 | ) | |
| (9,339 | ) |
| Loss on sale of investments in affiliated companies | |
| - | | |
| 1 | | |
| - | | |
| 9,513 | |
| Write-off of deferred financing costs | |
| 1,343 | | |
| 349 | | |
| 1,952 | | |
| 610 | |
| Loss on extinguishment of debt | |
| 1,211 | | |
| - | | |
| 1,323 | | |
| - | |
| Adjusted EBITDA | |
$ | 150,946 | | |
$ | 157,078 | | |
$ | 564,994 | | |
$ | 294,788 | |
(B) Cash
| | |
September 30, | | |
December 31, | |
| ($ in thousands) | |
2023 | | |
2022 | |
| Cash and cash equivalents | |
$ | 138,976 | | |
$ | 243,744 | |
| Short-term investments | |
| 75,000 | | |
| 80,000 | |
| Total Cash | |
$ | 213,976 | | |
$ | 323,744 | |
(C) Time
Charter Equivalent (TCE) Revenues
Consistent with general practice in the shipping industry, the Company
uses TCE 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. Reconciliation of TCE revenues of the segments
to shipping revenues as reported in the consolidated statements of operations follow:
| | |
Three Months Ended September 30, | | |
Nine Months Ended September 30, | |
| ($ in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Time charter equivalent revenues | |
$ | 235,952 | | |
$ | 234,546 | | |
$ | 807,607 | | |
$ | 518,060 | |
| Add: Voyage expenses | |
| 5,756 | | |
| 2,283 | | |
| 13,434 | | |
| 8,448 | |
| Shipping revenues | |
$ | 241,708 | | |
$ | 236,829 | | |
$ | 821,041 | | |
$ | 526,508 | |
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dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=insw_RightscommonstockMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
International Seaways (NYSE:INSW)
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