International Seaways Reports First Quarter 2022 Results
International Seaways reported a first quarter 2022 net loss of $13 million, or $0.26 per diluted share, showing slight improvement from a net loss of $13.4 million in Q1 2021. Consolidated TCE revenues surged to $98 million from $45.2 million YoY, mainly due to a post-merger fleet expansion. The company announced a quarterly cash dividend of $0.06 per share, marking the ninth consecutive payment. Significant fleet optimization includes the acquisition of the Seaways Eagle and the sale of older vessels, projected to generate $34 million. Adjusted EBITDA stood at $26 million, reflecting rising market dynamics.
- Consolidated TCE revenues increased to $98 million from $45.2 million YoY.
- Acquired Seaways Eagle, enhancing fleet capabilities.
- Quarterly dividend of $0.06 per share paid for the ninth consecutive quarter.
- Net proceeds from vessel sales expected to total approximately $34 million.
- Net loss of $13 million for Q1 2022, despite higher revenues.
- One-time costs impacted net loss, with adjusted loss at $14.1 million.
- Higher operating expenses offset revenue increases.
HIGHLIGHTS & RECENT DEVELOPMENTS
-
Fleet Optimization Program:
-
Purchased the Seaways Eagle, a 2011-built LR1, for effectively
$3 million Panamax International (“PI”), which historically outperforms the market. The LR1 vessel was swapped with the MR into a senior debt facility with no further mandatory repayment. -
Paid final installment on our contribution toward three newbuild, dual-fuel, LNG-powered VLCCs that are due for delivery in the first quarter of 2023. The remaining contract payments are to be funded by affiliates of the
Bank of Communications Limited (“BoComm”) under our financing agreement. The vessels will be employed on long term time charter contracts with Shell after delivery. -
In
April 2022 , the Company agreed to sell all four of its remaining Handysize vessels, built in 2006, which are expected to generate net proceeds, after debt repayment, of approximately$24 million April 2022 with the remaining three expected to be delivered during the second quarter. The Company also agreed to sell a 2008-built MR, resulting in net proceeds of approximately$10 million $3 million -
Recycled two Panamax vessels with an average age of 19 years during
April 2022 to capitalize on historically high recycle values. Net proceeds from the unencumbered vessels were about$16 million Hong Kong Convention .
-
Purchased the Seaways Eagle, a 2011-built LR1, for effectively
-
Returns to Shareholders:
-
Paid a regular quarterly cash dividend of
$0.06 March 2022 for the ninth consecutive quarter -
A cumulative
$97.4 million $19.2 million $31.5 million $46.7 million
-
Paid a regular quarterly cash dividend of
-
Balance Sheet Enhancements:
-
Refinanced one MR through sale and leaseback arrangements with Japanese leasing companies for net proceeds of approximately
$6 million -
In the second quarter, the Company agreed to refinance one additional MR on a sale and leaseback arrangement with a Japanese leasing company and expected net proceeds of approximately
$5 million
-
Refinanced one MR through sale and leaseback arrangements with Japanese leasing companies for net proceeds of approximately
-
Adjusted EBITDA(A) for first quarter was approximately
$26.0 million
-
Cash(B) was
$75.6 million March 31, 2022 ; total liquidity was$165.6 million $90.0 million
-
Net loss for the first quarter was
$13.0 million $0.26 $13.4 million $0.48 $1.4 million $14.1 million $0.28
“Following a year of significant growth, we continued to advance strategic objectives in the first quarter, further solidifying our balance sheet and optimizing our fleet by selling older tonnage in a rising price environment,” said
FIRST QUARTER 2022 RESULTS
Net loss for the first quarter of 2022 was
Consolidated TCE revenues(C) for the first quarter were
Adjusted EBITDA(A) for the first quarter was
Crude Tankers
TCE revenues for the Crude Tankers segment were
Product Carriers
TCE revenues for the Product Carriers segment were
BALANCE SHEET ENHANCEMENTS
The Company executed a number of liquidity enhancing and financial diversification initiatives during the first four months of 2022:
-
In
January 2022 , we entered into a nine-year lease financing arrangement withHyuga Kaiun Co., Ltd. for the sale and leaseback of a 2011-built MR that was previously encumbered under the$390 Million $5.7 million $390 Million -
In
April 2022 , we entered into an eight-year lease financing arrangement withKaiyo Ltd. for the sale and leaseback of a 2010-built MR that was previously encumbered under the$390 Million $5.4 million $390 Million
During the first quarter of 2022, the Company sold a 2010-built MR and purchased a 2011-built LR1 with the same counterparty. The transaction resulted in a net cost to the Company of approximately
During 2022, the Company agreed to sell two Panamaxes, built between 2002 and 2004, delivered to the buyers in
In
The Company also agreed to sell a 2008-built MR in the second quarter, which is expected to generate proceeds, net of debt repayment, of approximately
CONFERENCE CALL
The Company will host a conference call to discuss its first quarter 2022 results at
An audio replay of the conference call will be available until
ABOUT
Forward-Looking Statements
This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the
Category: Earnings
Consolidated Statements of Operations |
||||||||||||||||||||
($ in thousands, except per share amounts) |
||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
2022 |
|
2021 |
||||||||||||||||
|
|
(Unaudited) |
|
(Unaudited) |
||||||||||||||||
Shipping Revenues: |
|
|
|
|
|
|
||||||||||||||
Pool revenues |
|
$ |
83,762 |
|
|
$ |
24,659 |
|
||||||||||||
Time and bareboat charter revenues |
|
|
6,175 |
|
|
|
14,698 |
|
||||||||||||
Voyage charter revenues |
|
|
11,545 |
|
|
|
7,399 |
|
||||||||||||
Total Shipping Revenues |
|
|
101,482 |
|
|
|
46,756 |
|
||||||||||||
|
|
|
|
|
|
|
||||||||||||||
Operating Expenses: |
|
|
|
|
|
|
||||||||||||||
Voyage expenses |
|
|
3,507 |
|
|
|
1,587 |
|
||||||||||||
Vessel expenses |
|
|
60,317 |
|
|
|
26,327 |
|
||||||||||||
Charter hire expenses |
|
|
7,309 |
|
|
|
5,741 |
|
||||||||||||
Depreciation and amortization |
|
|
27,000 |
|
|
|
16,754 |
|
||||||||||||
General and administrative |
|
|
10,166 |
|
|
|
8,181 |
|
||||||||||||
Third-party debt modification fees |
|
|
187 |
|
|
|
— |
|
||||||||||||
(Gain)/loss on disposal of vessels and other property, net of impairments |
|
|
(1,376 |
) |
|
|
11 |
|
||||||||||||
Total operating expenses |
|
|
107,110 |
|
|
|
58,601 |
|
||||||||||||
Loss from vessel operations |
|
|
(5,628 |
) |
|
|
(11,845 |
) |
||||||||||||
Equity in income of affiliated companies |
|
|
5,597 |
|
|
|
5,468 |
|
||||||||||||
Operating loss |
|
|
(31 |
) |
|
|
(6,377 |
) |
||||||||||||
Other (expense)/income |
|
|
(226 |
) |
|
|
292 |
|
||||||||||||
Loss before interest expense and income taxes |
|
|
(257 |
) |
|
|
(6,085 |
) |
||||||||||||
Interest expense |
|
|
(12,740 |
) |
|
|
(7,280 |
) |
||||||||||||
Loss before income taxes |
|
|
(12,997 |
) |
|
|
(13,365 |
) |
||||||||||||
Income tax provision |
|
|
(4 |
) |
|
|
— |
|
||||||||||||
Net loss attributable to the Company |
$ |
(13,001 |
) |
$ |
(13,365 |
) |
||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
Weighted Average Number of Common Shares Outstanding: |
|
|
|
|
|
|
||||||||||||||
Basic and diluted |
|
|
49,571,337 |
|
|
|
28,023,815 |
|
||||||||||||
|
|
|
|
|
|
|
||||||||||||||
Per Share Amounts: |
|
|
|
|
|
|
||||||||||||||
Basic and diluted net loss per share |
|
$ |
(0.26 |
) |
|
$ |
(0.48 |
) |
||||||||||||
Consolidated Balance Sheets |
||||||
($ in thousands) |
||||||
|
|
|
|
|
||
|
|
2022 |
|
2021 |
||
|
|
(Unaudited) |
|
(Unaudited) |
||
ASSETS |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
74,553 |
|
$ |
97,883 |
Voyage receivables |
|
|
120,465 |
|
|
107,096 |
Other receivables |
|
|
7,368 |
|
|
5,651 |
Inventories |
|
|
2,335 |
|
|
2,110 |
Prepaid expenses and other current assets |
|
|
16,558 |
|
|
11,759 |
Current portion of derivative asset |
|
|
2,061 |
|
|
- |
Vessels held for sale |
|
|
23,148 |
|
|
- |
Total Current Assets |
|
|
246,488 |
|
|
224,499 |
|
|
|
|
|
|
|
Restricted cash |
|
|
1,051 |
|
|
1,050 |
Vessels and other property, less accumulated depreciation |
|
|
1,773,264 |
|
|
1,802,850 |
Vessels construction in progress |
|
|
60,034 |
|
|
49,291 |
Deferred drydock expenditures, net |
|
|
60,473 |
|
|
55,753 |
Operating lease right-of-use assets |
|
|
23,425 |
|
|
23,168 |
Investments in and advances to affiliated companies |
|
|
183,361 |
|
|
180,331 |
Long-term derivative asset |
|
|
5,959 |
|
|
1,296 |
Time charter contracts acquired, net |
|
|
502 |
|
|
842 |
Other assets |
|
|
12,036 |
|
|
7,700 |
Total Assets |
|
$ |
2,366,593 |
|
$ |
2,346,780 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
Accounts payable, accrued expenses and other current liabilities |
|
$ |
56,116 |
|
$ |
44,964 |
Current portion of operating lease liabilities |
|
|
10,767 |
|
|
8,393 |
Current installments of long-term debt |
|
|
178,391 |
|
|
178,715 |
Current portion of derivative liability |
|
|
- |
|
|
2,539 |
Total Current Liabilities |
|
|
245,274 |
|
|
234,611 |
Long-term operating lease liabilities |
|
|
10,814 |
|
|
12,522 |
Long-term debt |
|
|
943,032 |
|
|
926,270 |
Long-term derivative liability |
|
|
- |
|
|
757 |
Other liabilities |
|
|
2,023 |
|
|
2,288 |
Total Liabilities |
|
|
1,201,143 |
|
|
1,176,448 |
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
Total Equity |
|
|
1,165,450 |
|
|
1,170,332 |
Total Liabilities and Equity |
|
$ |
2,366,593 |
|
$ |
2,346,780 |
Consolidated Statements of Cash Flows |
||||||||
($ in thousands) |
||||||||
|
|
Three Months Ended |
||||||
|
|
2022 |
|
2021 |
||||
|
|
(Unaudited) |
|
(Unaudited) |
||||
Cash Flows from Operating Activities: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(13,001 |
) |
|
$ |
(13,365 |
) |
Items included in net loss not affecting cash flows: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
27,000 |
|
|
|
16,754 |
|
Loss on write-down of vessels and other assets |
|
|
1,697 |
|
|
|
— |
|
Amortization of debt discount and other deferred financing costs |
|
|
855 |
|
|
|
540 |
|
Amortization of time charter hire contracts acquired |
|
|
340 |
|
|
|
— |
|
Deferred financing costs write-off |
|
|
133 |
|
|
|
— |
|
Stock compensation |
|
|
1,108 |
|
|
|
1,037 |
|
Earnings of affiliated companies |
|
|
(5,597 |
) |
|
|
(5,468 |
) |
Write-off of registration statement costs |
|
|
— |
|
|
|
694 |
|
Other – net |
|
|
580 |
|
|
|
425 |
|
Items included in net loss related to investing and financing activities: |
|
|
|
|
|
|
||
(Gain)/loss on disposal of vessels and other assets, net |
|
|
(3,073 |
) |
|
|
11 |
|
Cash distributions from affiliated companies |
|
|
2,250 |
|
|
|
2,825 |
|
Payments for drydocking |
|
|
(17,570 |
) |
|
|
(8,594 |
) |
Insurance claims proceeds related to vessel operations |
|
|
954 |
|
|
|
528 |
|
Changes in operating assets and liabilities |
|
|
(15,457 |
) |
|
|
(16,393 |
) |
Net cash used in by operating activities |
|
|
(19,781 |
) |
|
|
(21,006 |
) |
Cash Flows from Investing Activities: |
|
|
|
|
|
|
||
Expenditures for vessels and vessel improvements |
|
|
(37,989 |
) |
|
|
(3,281 |
) |
Proceeds from disposal of vessels and other property, net |
|
|
24,257 |
|
|
|
(11 |
) |
Expenditures for other property |
|
|
(390 |
) |
|
|
(179 |
) |
Investments in and advances to affiliated companies, net |
|
|
(527 |
) |
|
|
54 |
|
Net cash provided by investing activities |
|
|
(14,649 |
) |
|
|
(3,417 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
|
|
||
Extinguishment of debt |
|
|
(10,981 |
) |
|
|
— |
|
Payments on debt |
|
|
(35,284 |
) |
|
|
(15,371 |
) |
Proceeds from sale and leaseback financing, net of issuance and deferred financing costs |
|
|
20,401 |
|
|
|
— |
|
Payments on sale and leaseback financing |
|
|
(9,085 |
) |
|
|
— |
|
Borrowings on revolving credit facilities |
|
|
50,000 |
|
|
|
— |
|
Cash payments on derivatives containing other-than-insignificant financing element |
|
|
— |
|
|
|
(1,312 |
) |
Cash dividends paid |
|
|
(2,980 |
) |
|
|
(1,681 |
) |
Cash paid to tax authority upon vesting of stock-based compensation |
|
|
(970 |
) |
|
|
(489 |
) |
Net cash provided by/(used in) financing activities |
|
|
11,101 |
|
|
|
(18,853 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
|
(23,329 |
) |
|
|
(43,276 |
) |
Cash, cash equivalents and restricted cash at beginning of year |
|
|
98,933 |
|
|
|
215,677 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
75,604 |
|
|
$ |
172,401 |
|
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
|
|
Three Months Ended |
|
Three Months Ended |
||||||||||||||
|
|
Spot |
|
Fixed |
|
Total |
|
Spot |
|
Fixed |
|
Total |
||||||
Crude Tankers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VLCC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
12,269 |
|
$ |
45,179 |
|
|
|
|
$ |
15,721 |
|
$ |
47,438 |
|
|
|
Number of Revenue Days |
|
|
801 |
|
|
35 |
|
|
836 |
|
|
759 |
|
|
155 |
|
|
914 |
Suezmax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
13,610 |
|
$ |
26,618 |
|
|
|
|
$ |
12,215 |
|
$ |
- |
|
|
|
Number of Revenue Days |
|
|
1,060 |
|
|
90 |
|
|
1,150 |
|
|
180 |
|
|
- |
|
|
180 |
Aframax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
13,216 |
|
$ |
- |
|
|
|
|
$ |
11,665 |
|
$ |
- |
|
|
|
Number of Revenue Days |
|
|
307 |
|
|
- |
|
|
307 |
|
|
270 |
|
|
- |
|
|
270 |
Panamax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
20,551 |
|
$ |
- |
|
|
|
|
$ |
14,172 |
|
$ |
10,688 |
|
|
|
Number of Revenue Days |
|
|
70 |
|
|
- |
|
|
70 |
|
|
90 |
|
|
516 |
|
|
606 |
Total Crude Tankers Revenue Days |
|
|
2,238 |
|
|
125 |
|
|
2,363 |
|
|
1,299 |
|
|
671 |
|
|
1,970 |
Product Carriers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aframax (LR2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
- |
|
$ |
17,145 |
|
|
|
|
$ |
- |
|
$ |
17,780 |
|
|
|
Number of Revenue Days |
|
|
- |
|
|
90 |
|
|
90 |
|
|
- |
|
|
90 |
|
|
90 |
Panamax (LR1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
20,300 |
|
$ |
- |
|
|
|
|
$ |
12,860 |
|
$ |
- |
|
|
|
Number of Revenue Days |
|
|
678 |
|
|
- |
|
|
678 |
|
|
374 |
|
|
- |
|
|
374 |
MR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
14,030 |
|
$ |
15,119 |
|
|
|
|
$ |
7,449 |
|
$ |
- |
|
|
|
Number of Revenue Days |
|
|
3,115 |
|
|
56 |
|
|
3,171 |
|
|
375 |
|
|
- |
|
|
375 |
Handy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
12,251 |
|
$ |
- |
|
|
|
|
$ |
- |
|
$ |
- |
|
|
|
Number of Revenue Days |
|
|
343 |
|
|
- |
|
|
343 |
|
|
- |
|
|
- |
|
|
- |
Total Product Carriers Revenue Days |
|
|
4,136 |
|
|
146 |
|
|
4,282 |
|
|
749 |
|
|
90 |
|
|
839 |
Total Revenue Days |
|
|
6,374 |
|
|
271 |
|
|
6,645 |
|
|
2,048 |
|
|
761 |
|
|
2,809 |
Revenue days in the above tables exclude days for which recoveries were recorded under the Company’s loss of hire insurance policies.
During the 2022 and 2021 periods, each of the Company’s LR1s participated in the
Fleet Information
As of
|
|
Vessels Owned |
|
Vessels Chartered-in(1) |
|
Total at |
||||||||
|
|
Number |
|
Weighted by
|
|
Number |
|
Weighted by
|
|
Total
|
|
Vessels
|
|
Total Dwt |
Operating Fleet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VLCC |
|
4 |
|
4 |
|
6 |
|
6 |
|
10 |
|
10 |
|
3,012,171 |
Suezmax |
|
13 |
|
13 |
|
- |
|
- |
|
13 |
|
13 |
|
2,061,971 |
Aframax |
|
1 |
|
1 |
|
3 |
|
3 |
|
4 |
|
4 |
|
452,375 |
Panamax |
|
2 |
|
2 |
|
- |
|
- |
|
2 |
|
2 |
|
139,100 |
Crude Tankers |
|
20 |
|
20 |
|
9 |
|
9 |
|
29 |
|
29 |
|
5,665,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LR2 |
|
- |
|
- |
|
1 |
|
1 |
|
1 |
|
1 |
|
112,691 |
LR1 |
|
6 |
|
6 |
|
2 |
|
2 |
|
8 |
|
8 |
|
595,134 |
MR |
|
38 |
|
38 |
|
2 |
|
2 |
|
40 |
|
40 |
|
2,008,245 |
Handy |
|
4 |
|
4 |
|
- |
|
- |
|
4 |
|
4 |
|
148,696 |
Product Carriers |
|
48 |
|
48 |
|
5 |
|
5 |
|
53 |
|
53 |
|
2,864,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FSO |
|
2 |
|
1 |
|
- |
|
- |
|
2 |
|
1 |
|
864,046 |
JV Vessels |
|
2 |
|
1 |
|
0 |
|
0 |
|
2 |
|
1 |
|
864,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Fleet |
|
70 |
|
69 |
|
14 |
|
14 |
|
84 |
|
83 |
|
9,394,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Newbuild Fleet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VLCC |
|
3 |
|
3 |
|
- |
|
- |
|
3 |
|
3 |
|
900,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Newbuild Fleet |
|
3 |
|
3 |
|
- |
|
- |
|
3 |
|
3 |
|
900,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating and Newbuild Fleet |
|
73 |
|
72 |
|
14 |
|
14 |
|
87 |
|
86 |
|
10,294,429 |
(1) |
Includes both bareboat charters and time 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/(loss) 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 loss as reflected in the condensed consolidated statements of operations, to EBITDA and Adjusted EBITDA:
|
|
Three Months Ended |
||||||
($ in thousands) |
|
2022 |
|
2021 |
||||
Net loss |
|
$ |
(13,001 |
) |
|
$ |
(13,365 |
) |
Income tax provision |
|
|
4 |
|
|
|
- |
|
Interest expense |
|
|
12,740 |
|
|
|
7,280 |
|
Depreciation and amortization |
|
|
27,000 |
|
|
|
16,754 |
|
EBITDA |
|
|
26,743 |
|
|
|
10,669 |
|
Amortization of time charter contracts acquired |
|
|
340 |
|
|
|
- |
|
Third-party debt modification fees |
|
|
187 |
|
|
|
- |
|
(Gain)/loss on disposal of vessels and other property, including impairments |
|
|
(1,376 |
) |
|
|
11 |
|
Write-off of deferred financing costs |
|
|
133 |
|
|
|
- |
|
Adjusted EBITDA |
|
$ |
26,027 |
|
|
$ |
10,680 |
|
(B) Cash
|
|
|
|
|||
($ in thousands) |
2022 |
|
2021 |
|||
Cash and cash equivalents |
$ |
74,553 |
|
$ |
97,883 |
|
Restricted cash |
|
1,051 |
|
|
1,050 |
|
Total Cash |
$ |
75,604 |
|
$ |
98,933 |
|
(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 |
||||||||||||||||
($ in thousands) |
|
2022 |
|
2021 |
||||||||||||||
Time charter equivalent revenues |
|
$ |
97,975 |
|
$ |
45,169 |
||||||||||||
Add: Voyage expenses |
|
|
3,507 |
|
|
1,587 |
||||||||||||
Shipping revenues |
|
$ |
101,482 |
|
$ |
46,756 |
||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220503006311/en/
Investor Relations & Media Contact:
(212) 578-1602
ttrovato@intlseas.com
Source:
FAQ
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