International Seaways Reports Fourth Quarter and Full Year 2024 Results
International Seaways (NYSE: INSW) reported its Q4 and full year 2024 results, with Q4 net income of $36 million ($0.72 per share) and full-year net income of $417 million ($8.38 per share). Q4 adjusted EBITDA was $95 million, while full-year adjusted EBITDA reached $583 million.
The company maintained strong financial health with total liquidity of $632 million, including $157 million in cash and $475 million in undrawn revolving credit. The net loan-to-value ratio remained low at 15.5%. INSW executed a vessel swap, exchanging two older VLCCs and $3 million for three 2015-built MRs.
In terms of shareholder returns, INSW paid $5.77 per share in combined dividends during 2024, representing a 12% dividend yield. The company declared a new combined dividend of $0.70 per share for March 2025, representing 77% of Q4 adjusted net income.
International Seaways (NYSE: INSW) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, con un utile netto nel Q4 di 36 milioni di dollari (0,72 dollari per azione) e un utile netto annuale di 417 milioni di dollari (8,38 dollari per azione). L'EBITDA rettificato del Q4 è stato di 95 milioni di dollari, mentre l'EBITDA rettificato annuale ha raggiunto i 583 milioni di dollari.
L'azienda ha mantenuto una solida salute finanziaria con una liquidità totale di 632 milioni di dollari, di cui 157 milioni in contante e 475 milioni in linee di credito non utilizzate. Il rapporto prestito-valore netto è rimasto basso al 15,5%. INSW ha eseguito uno scambio di navi, scambiando due VLCC più vecchi e 3 milioni di dollari per tre MR costruiti nel 2015.
In termini di ritorni per gli azionisti, INSW ha pagato 5,77 dollari per azione in dividendi combinati durante il 2024, rappresentando un rendimento da dividendo del 12%. L'azienda ha dichiarato un nuovo dividendo combinato di 0,70 dollari per azione per marzo 2025, rappresentando il 77% dell'utile netto rettificato del Q4.
International Seaways (NYSE: INSW) reportó sus resultados del cuarto trimestre y del año completo 2024, con una ganancia neta en el Q4 de 36 millones de dólares (0,72 dólares por acción) y una ganancia neta anual de 417 millones de dólares (8,38 dólares por acción). El EBITDA ajustado del Q4 fue de 95 millones de dólares, mientras que el EBITDA ajustado del año completo alcanzó los 583 millones de dólares.
La compañía mantuvo una sólida salud financiera con una liquidez total de 632 millones de dólares, incluyendo 157 millones en efectivo y 475 millones en crédito rotativo no utilizado. La relación préstamo-valor neto se mantuvo baja en 15,5%. INSW ejecutó un intercambio de buques, intercambiando dos VLCC más antiguos y 3 millones de dólares por tres MR construidos en 2015.
En términos de retornos para los accionistas, INSW pagó 5,77 dólares por acción en dividendos combinados durante 2024, lo que representa un rendimiento por dividendo del 12%. La compañía declaró un nuevo dividendo combinado de 0,70 dólares por acción para marzo de 2025, lo que representa el 77% de la ganancia neta ajustada del Q4.
International Seaways (NYSE: INSW)는 2024년 4분기 및 연간 실적을 발표했으며, 4분기 순이익은 3600만 달러(주당 0.72 달러)였고, 연간 순이익은 4억 1700만 달러(주당 8.38 달러)였습니다. 4분기 조정 EBITDA는 9500만 달러였으며, 연간 조정 EBITDA는 5억 8300만 달러에 도달했습니다.
회사는 6억 3200만 달러의 총 유동성을 유지했으며, 이 중 1억 5700만 달러는 현금, 4억 7500만 달러는 사용되지 않은 회전 신용입니다. 순 대출 가치 비율은 15.5%로 낮게 유지되었습니다. INSW는 두 척의 오래된 VLCC와 300만 달러를 교환하여 2015년에 건조된 세 척의 MR을 교환했습니다.
주주 수익 측면에서 INSW는 2024년 동안 주당 5.77 달러의 총 배당금을 지급하여 12%의 배당 수익률을 나타냈습니다. 회사는 2025년 3월에 주당 0.70 달러의 새로운 총 배당금을 선언했으며, 이는 4분기 조정 순이익의 77%를 나타냅니다.
International Seaways (NYSE: INSW) a annoncé ses résultats du quatrième trimestre et de l'année complète 2024, avec un bénéfice net de 36 millions de dollars (0,72 dollar par action) pour le Q4 et un bénéfice net annuel de 417 millions de dollars (8,38 dollars par action). L'EBITDA ajusté du Q4 s'élevait à 95 millions de dollars, tandis que l'EBITDA ajusté annuel a atteint 583 millions de dollars.
La société a maintenu une solide santé financière avec une liquidité totale de 632 millions de dollars, dont 157 millions en espèces et 475 millions en crédit renouvelable non tiré. Le ratio prêt-valeur nette est resté bas à 15,5%. INSW a effectué un échange de navires, échangeant deux VLCC plus anciens et 3 millions de dollars contre trois MR construits en 2015.
En termes de rendements pour les actionnaires, INSW a versé 5,77 dollars par action en dividendes combinés en 2024, représentant un rendement en dividende de 12%. La société a déclaré un nouveau dividende combiné de 0,70 dollar par action pour mars 2025, représentant 77% du bénéfice net ajusté du Q4.
International Seaways (NYSE: INSW) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, mit einem Nettogewinn im Q4 von 36 Millionen USD (0,72 USD pro Aktie) und einem Nettogewinn für das gesamte Jahr von 417 Millionen USD (8,38 USD pro Aktie). Das angepasste EBITDA im Q4 betrug 95 Millionen USD, während das angepasste EBITDA für das gesamte Jahr 583 Millionen USD erreichte.
Das Unternehmen wies eine starke finanzielle Gesundheit mit einer Gesamtl liquidität von 632 Millionen USD auf, darunter 157 Millionen USD in bar und 475 Millionen USD in nicht genutztem revolvierenden Kredit. Das Netto-Darlehenswertverhältnis blieb mit 15,5% niedrig. INSW führte einen Schiffswechsel durch, indem es zwei ältere VLCCs und 3 Millionen USD gegen drei 2015 gebaute MRs eintauschte.
In Bezug auf die Renditen für Aktionäre zahlte INSW 2024 insgesamt 5,77 USD pro Aktie in Dividenden, was einer Dividendenrendite von 12% entspricht. Das Unternehmen erklärte eine neue kombinierte Dividende von 0,70 USD pro Aktie für März 2025, was 77% des angepassten Nettogewinns im Q4 entspricht.
- Strong liquidity position of $632 million
- Low net loan-to-value ratio of 15.5%
- Significant shareholder returns with $5.77/share in 2024 dividends (12% yield)
- Fleet modernization through vessel swap program
- $310 million in future contracted revenues from time charter agreements
- Q4 net income declined to $36M from $132M year-over-year
- Full year 2024 net income decreased to $417M from $556M in 2023
- Lower TCE revenues in both Crude and Product Carrier segments
- Decreased spot rates across all vessel categories
Insights
International Seaways delivered $417 million in net income ($8.38 per share) for 2024, demonstrating resilience despite market softening from 2023's exceptional rates. Q4 results of $36 million ($0.72 per share) reflect the cyclical nature of tanker markets, with rates declining across all vessel classes - VLCCs earning
The company's strategic fleet optimization deserves attention. By swapping two aging VLCCs for three younger MRs, INSW is tactically shifting its fleet composition toward product tankers, likely anticipating refined product trade growth outpacing crude movements. This complements their six dual-fuel LR1 newbuilds scheduled for 2025-2026 delivery, which will join their specialized Panamax International Pool - a niche arrangement that historically outperforms market rates.
INSW's balance sheet transformation is particularly impressive. Converting term loans to revolving facilities saves over
The dividend strategy balances growth with shareholder returns -
INSW's 14 vessels on time charter (
International Seaways' fleet optimization strategy reveals a sophisticated approach to tanker market positioning. Their vessel swap - exchanging two likely 15+ year-old VLCCs for three 9-year-old MRs - accomplishes multiple strategic objectives simultaneously. Beyond the obvious fleet age reduction, this transaction shifts capacity toward the product tanker segment, which is poised to benefit from the ongoing global refinery reconfiguration that's increasing ton-mile demand for refined products.
The company's newbuilding program for six dual-fuel LR1s represents approximately
INSW's participation in the Panamax International Pool merits attention. This specialized arrangement for their LR1s has consistently outperformed standard market rates by optimizing triangulation opportunities, minimizing ballast legs, and securing premium routes through enhanced collective bargaining power. This operational efficiency helps explain how INSW maintains strong earnings even when headline rates moderate.
The company's balance sheet transformation from term loans to revolving facilities is perhaps its most underappreciated advantage. Beyond saving
The
HIGHLIGHTS & RECENT DEVELOPMENTS
Annual and Quarterly Results:
-
Net income for the fourth quarter was
$36 million $0.72 $417 million $8.38 -
Adjusted net income(1), defined as net income excluding special items, for the fourth quarter of 2024 was
$45 million -
Adjusted EBITDA(1) for the fourth quarter was
$95 million $583 million
Fleet Optimization Program:
-
Executed vessel swap (the “swap”), exchanging two of the Company’s oldest VLCCs and
$3 million
Robust Balance Sheet:
-
Total liquidity was approximately
$632 million $157 million $475 million -
Utilized
$70 million -
Net loan-to-value remained low at approximately
15.5% as of December 31, 2024.
Returns to Shareholders:
-
Paid a combined
$1.20 -
Paid
$5.77 12% dividend yield on the average share price over the same period. -
Declared a combined dividend of
$0.70 77% of adjusted net income(1) for the fourth quarter.
“We delivered another strong year of financial results and took advantage of a solid rate environment to further advance Seaways’ balanced capital allocation strategy,” said Lois K. Zabrocky, International Seaways President and CEO. “For the second consecutive year, we returned over
Ms. Zabrocky added, “Seaways continues to be opportunistic with fleet renewal across our variety of asset classes with acquisitions of modern, eco tonnage and divestitures of older vessels, exemplified by our most recent vessel swap. With a healthy balance sheet, we are committed to disciplined growth while returning significant value to shareholders. Looking ahead, we are optimistic about the market’s direction, supported by favorable supply-demand dynamics, higher ton-mile demand and continued disruptions due to geopolitical uncertainty.”
Jeff Pribor, the Company’s CFO stated, “We are pleased with our success enhancing our capital structure during the year by converting our term loans into revolving capacity, which saved more than
FOURTH QUARTER 2024 RESULTS
Net income for the fourth quarter of 2024 was approximately
Shipping revenues for the fourth quarter were
Adjusted EBITDA(1) for the fourth quarter was
Crude Tankers
Shipping revenues for the Crude Tankers segment were
Product Carriers
Shipping revenues for the Product Carriers segment were
FULL YEAR 2024 RESULTS
Net income for the year ended December 31, 2024, was
Shipping revenues for the year ended December 31, 2024, were
Adjusted EBITDA(1) for the year ended December 31, 2024 was
Crude Tankers
Shipping revenues for the Crude Tankers segment were
Product Carriers
Shipping revenues for the Product Carriers segment were
FLEET OPTIMIZATION PROGRAM
During the fourth quarter of 2024, the Company agreed to deliver two VLCCs and
During 2024, the Company also took delivery of six modern MR vessels for an aggregate consideration of
During 2024, the Company sold three additional vessels for aggregate net proceeds of
During 2024, the Company entered into three time charter agreements on two 2009-built MRs and a 2014-built LR2. As of January 1, 2025, the Company has 14 vessels on time charter agreements with an average duration of approximately 2.2 years and total future contracted revenues through expiry of approximately
The Company has contracts to build six scrubber-fitted, dual-fuel (LNG) ready, LR1 vessels in
BALANCE SHEET ENHANCEMENTS
During the fourth quarter of 2024, the Company borrowed
In April 2024, the Company amended and extended the
Aggregate undrawn revolving capacity was
In the first quarter of 2025, the Company prepaid
RETURNS TO SHAREHOLDERS
In December 2024, the Company paid a combined dividend of
During 2024, the Company paid combined dividends of
On February 26, 2025, the Company’s Board of Directors declared a combined dividend of
During 2024, the Company repurchased and retired 501,646 shares of its common stock in open market purchases, at an average price of
In November 2024, the Company’s Board of Directors authorized an increase to
(1) This is a non-GAAP financial measure used throughout this press release; please refer to the section “Reconciliation to Non-GAAP Financial Information” for explanations of our non-GAAP financial measures and the reconciliations of reported GAAP to non-GAAP financial measures.
CONFERENCE CALL
The Company will host a conference call to discuss its fourth quarter and full year 2024 results at 9:00 a.m. Eastern Time on Thursday, February 27, 2025. To access the call, participants should dial (833) 470-1428 for domestic callers and (929) 526-1599 for international callers and entering 121343. 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 March 6, 2025, by dialing (866) 813-9403 for domestic callers and +44 204 525 0658 for international callers, and entering Access Code 472302.
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 84 vessels, including 11 VLCCs, 13 Suezmaxes, five Aframaxes/LR2s, 14 LR1s (including six newbuildings), and 41 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
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
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Consolidated Statements of Operations |
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($ in thousands, except per share amounts) |
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Three Months Ended |
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Fiscal Year Ended |
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December 31, |
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December 31, |
|||||||
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2024 |
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2023 |
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2024 |
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2023 |
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|
(Unaudited) |
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(Unaudited) |
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Shipping Revenues: |
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Pool revenues |
|
$ |
145,194 |
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$ |
204,174 |
|
$ |
749,164 |
|
$ |
905,808 |
Time and bareboat charter revenues |
|
|
38,089 |
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|
29,695 |
|
|
137,119 |
|
|
96,544 |
Voyage charter revenues |
|
|
11,330 |
|
|
16,865 |
|
|
65,330 |
|
|
69,423 |
Total Shipping Revenues |
|
|
194,613 |
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|
250,734 |
|
|
951,613 |
|
|
1,071,775 |
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Operating Expenses: |
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Voyage expenses |
|
|
3,973 |
|
|
2,822 |
|
|
18,510 |
|
|
16,256 |
Vessel expenses |
|
|
73,171 |
|
|
71,023 |
|
|
275,661 |
|
|
259,539 |
Charter hire expenses |
|
|
8,998 |
|
|
8,805 |
|
|
29,839 |
|
|
39,404 |
Depreciation and amortization |
|
|
39,466 |
|
|
33,682 |
|
|
149,440 |
|
|
129,038 |
General and administrative |
|
|
15,113 |
|
|
12,391 |
|
|
52,607 |
|
|
47,473 |
Other operating expenses |
|
|
105 |
|
|
|
|
|
2,820 |
|
|
|
Third-party debt modification fees |
|
|
- |
|
|
- |
|
|
168 |
|
|
568 |
(Gain)/loss on disposal of vessels and other assets, net of impairments |
|
|
8,745 |
|
|
(25,286) |
|
|
(32,657) |
|
|
(35,934) |
Total operating expenses |
|
|
149,571 |
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|
103,437 |
|
|
496,388 |
|
|
456,344 |
Income from vessel operations |
|
|
45,042 |
|
|
147,297 |
|
|
455,225 |
|
|
615,431 |
Other income |
|
|
1,593 |
|
|
2,344 |
|
|
10,118 |
|
|
10,652 |
Income before interest expense and income taxes |
|
|
46,635 |
|
|
149,641 |
|
|
465,343 |
|
|
626,083 |
Interest expense |
|
|
(11,895) |
|
|
(14,081) |
|
|
(49,703) |
|
|
(65,759) |
Income before income taxes |
|
|
34,740 |
|
|
135,560 |
|
|
415,640 |
|
|
560,324 |
Income tax benefit/(provision) |
|
|
1,083 |
|
|
(3,446) |
|
|
1,084 |
|
|
(3,878) |
Net income |
|
$ |
35,823 |
|
$ |
132,114 |
|
$ |
416,724 |
|
$ |
556,446 |
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|
|
|
|
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|
|
Weighted Average Number of Common Shares Outstanding: |
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|
|
Basic |
|
|
49,175,563 |
|
|
48,888,084 |
|
|
49,270,496 |
|
|
48,978,452 |
Diluted |
|
|
49,546,868 |
|
|
49,343,856 |
|
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49,680,127 |
|
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49,428,967 |
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Per Share Amounts: |
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Basic net income per share |
|
$ |
0.73 |
|
$ |
2.70 |
|
$ |
8.45 |
|
$ |
11.35 |
Diluted net income per share |
|
$ |
0.72 |
|
$ |
2.68 |
|
$ |
8.38 |
|
$ |
11.25 |
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Consolidated Balance Sheets |
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($ in thousands) |
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December 31, |
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December 31, |
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2024 |
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2023 |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
157,506 |
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$ |
126,760 |
Short-term investments |
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- |
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60,000 |
Voyage receivables |
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|
185,521 |
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|
247,165 |
Other receivables |
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|
13,771 |
|
|
14,303 |
Inventories |
|
|
1,875 |
|
|
1,329 |
Prepaid expenses and other current assets |
|
|
15,570 |
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|
10,342 |
Current portion of derivative asset |
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|
2,080 |
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|
5,081 |
Total Current Assets |
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376,323 |
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|
464,980 |
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Vessels and other property, less accumulated depreciation |
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2,050,211 |
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1,914,426 |
Vessels construction in progress |
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37,020 |
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|
11,670 |
Deferred drydock expenditures, net |
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90,209 |
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|
70,880 |
Operating lease right-of-use assets |
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21,229 |
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20,391 |
Pool working capital deposits |
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35,372 |
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31,748 |
Long-term derivative asset |
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|
801 |
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1,153 |
Other assets |
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25,232 |
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|
6,571 |
Total Assets |
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$ |
2,636,397 |
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$ |
2,521,819 |
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LIABILITIES AND EQUITY |
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Current Liabilities: |
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Accounts payable, accrued expenses and other current liabilities |
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$ |
66,264 |
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$ |
57,904 |
Current portion of operating lease liabilities |
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14,617 |
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10,223 |
Current installments of long-term debt |
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|
50,054 |
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|
127,359 |
Total Current Liabilities |
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130,935 |
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|
195,486 |
Long-term operating lease liabilities |
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|
8,715 |
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|
11,631 |
Long-term debt |
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638,353 |
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595,317 |
Other liabilities |
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|
2,346 |
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|
2,628 |
Total Liabilities |
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|
780,349 |
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|
805,062 |
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Equity: |
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Total Equity |
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|
1,856,048 |
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|
1,716,757 |
Total Liabilities and Equity |
|
$ |
2,636,397 |
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$ |
2,521,819 |
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Consolidated Statements of Cash Flows |
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($ in thousands) |
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Fiscal Year Ended December 31, |
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2024 |
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2023 |
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Cash Flows from Operating Activities: |
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|
|
Net income |
|
$ |
416,724 |
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$ |
556,446 |
Items included in net income not affecting cash flows: |
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|
|
Depreciation and amortization |
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|
149,440 |
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|
129,038 |
Loss on write-down of vessels and other assets |
|
|
8,700 |
|
|
— |
Amortization of debt discount and other deferred financing costs |
|
|
4,110 |
|
|
5,623 |
Deferred financing costs write-off |
|
|
— |
|
|
2,686 |
Stock compensation |
|
|
9,000 |
|
|
8,518 |
Earnings of affiliated companies |
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|
(241) |
|
|
20 |
Other – net |
|
|
(312) |
|
|
(2,562) |
Items included in net income related to investing and financing activities: |
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|
|
|
|
|
Gain on disposal of vessels and other assets, net |
|
|
(41,357) |
|
|
(35,934) |
Loss on extinguishment of debt |
|
|
— |
|
|
1,323 |
Payments for drydocking |
|
|
(58,642) |
|
|
(34,539) |
Insurance claims proceeds related to vessel operations |
|
|
1,073 |
|
|
3,156 |
Changes in operating assets and liabilities |
|
|
58,643 |
|
|
54,627 |
Net cash provided by operating activities |
|
|
547,138 |
|
|
688,402 |
Cash Flows from Investing Activities: |
|
|
|
|
|
|
Expenditures for vessels, vessel improvements and vessels under construction |
|
|
(278,794) |
|
|
(205,159) |
Security deposits for vessel exchange transactions |
|
|
(5,000) |
|
|
— |
Proceeds from disposal of vessels and other assets |
|
|
71,895 |
|
|
66,002 |
Expenditures for other property |
|
|
(1,386) |
|
|
(1,471) |
Pool working capital deposits |
|
|
(1,732) |
|
|
(3,639) |
Investments in short-term time deposits |
|
|
(125,000) |
|
|
(235,000) |
Proceeds from maturities of short-term time deposits |
|
|
185,000 |
|
|
255,000 |
Net cash used in investing activities |
|
|
(155,017) |
|
|
(124,267) |
Cash Flows from Financing Activities: |
|
|
|
|
|
|
Borrowings on revolving credit facilities |
|
|
120,000 |
|
|
50,000 |
Repayments on revolving credit facilities |
|
|
(70,000) |
|
|
(50,000) |
Repayments of debt |
|
|
(39,851) |
|
|
(382,050) |
Premium and fees on extinguishment of debt |
|
|
— |
|
|
(1,323) |
Proceeds from sale and leaseback financing, net of issuance and deferred financing costs |
|
|
— |
|
|
169,717 |
Payments on sale and leaseback financing and finance lease |
|
|
(49,294) |
|
|
(135,965) |
Payments of deferred financing costs |
|
|
(5,759) |
|
|
(3,577) |
Cash dividends paid |
|
|
(284,416) |
|
|
(308,154) |
Repurchase of common stock |
|
|
(25,000) |
|
|
(13,948) |
Cash paid to tax authority upon vesting or exercise of stock-based compensation |
|
|
(7,055) |
|
|
(5,819) |
Net cash used in financing activities |
|
|
(361,375) |
|
|
(681,119) |
Net decrease in cash and cash equivalents |
|
|
30,746 |
|
|
(116,984) |
Cash and cash equivalents at beginning of year |
|
|
126,760 |
|
|
243,744 |
Cash and cash equivalents at end of period |
|
$ |
157,506 |
|
$ |
126,760 |
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 and fiscal year ended December 31, 2024 and the comparable periods of 2023. Revenue days in the quarter ended December 31, 2024 totaled 6,697 compared with 6,471 in the prior year quarter. Revenue days in the year ended December 31, 2024 totaled 25,904 compared with 26,292 in the prior year. 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
|
|
Three Months Ended December 31, 2024 |
|
Three Months Ended December 31, 2023 |
||||||||||||||
|
|
Spot |
|
Fixed |
|
Total |
|
Spot |
|
Fixed |
|
Total |
||||||
Crude Tankers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VLCC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
35,572 |
|
$ |
32,947 |
|
|
|
|
$ |
42,991 |
|
$ |
38,826 |
|
|
|
Number of Revenue Days |
|
|
823 |
|
|
276 |
|
|
1,099 |
|
|
837 |
|
|
276 |
|
|
1,113 |
Suezmax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
29,700 |
|
$ |
30,855 |
|
|
|
|
$ |
47,318 |
|
$ |
30,989 |
|
|
|
Number of Revenue Days |
|
|
1,023 |
|
|
154 |
|
|
1,177 |
|
|
1,006 |
|
|
184 |
|
|
1,190 |
Aframax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
31,212 |
|
$ |
38,500 |
|
|
|
|
$ |
43,952 |
|
$ |
38,499 |
|
|
|
Number of Revenue Days |
|
|
276 |
|
|
92 |
|
|
368 |
|
|
256 |
|
|
92 |
|
|
348 |
Total Crude Tankers Revenue Days |
|
|
2,122 |
|
|
522 |
|
|
2,644 |
|
|
2,099 |
|
|
552 |
|
|
2,651 |
Product Carriers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aframax (LR2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
- |
|
$ |
39,501 |
|
|
|
|
$ |
43,666 |
|
$ |
- |
|
|
|
Number of Revenue Days |
|
|
- |
|
|
92 |
|
|
92 |
|
|
92 |
|
|
- |
|
|
92 |
Panamax (LR1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
37,103 |
|
$ |
- |
|
|
|
|
$ |
46,199 |
|
$ |
- |
|
|
|
Number of Revenue Days |
|
|
715 |
|
|
- |
|
|
715 |
|
|
561 |
|
|
- |
|
|
561 |
MR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
21,488 |
|
$ |
21,954 |
|
|
|
|
$ |
31,493 |
|
$ |
21,599 |
|
|
|
Number of Revenue Days |
|
|
2,520 |
|
|
726 |
|
|
3,246 |
|
|
2,738 |
|
|
429 |
|
|
3,167 |
Total Product Carriers Revenue Days |
|
|
3,235 |
|
|
818 |
|
|
4,053 |
|
|
3,391 |
|
|
429 |
|
|
3,820 |
Total Revenue Days |
|
|
5,357 |
|
|
1,340 |
|
|
6,697 |
|
|
5,490 |
|
|
981 |
|
|
6,471 |
Fiscal Year Ended December 31, 2024 |
Fiscal Year Ended December 31, 2023 |
|||||||||||||||||
|
|
Spot |
|
Fixed |
|
Total |
|
Spot |
|
Fixed |
|
Total |
||||||
Crude Tankers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VLCC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
39,011 |
|
$ |
35,758 |
|
|
|
|
$ |
45,483 |
|
$ |
40,098 |
|
|
|
Number of Revenue Days |
|
|
3,395 |
|
|
1,098 |
|
|
4,493 |
|
|
3,269 |
|
|
979 |
|
|
4,248 |
Suezmax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
39,303 |
|
$ |
30,971 |
|
|
|
|
$ |
51,293 |
|
$ |
31,065 |
|
|
|
Number of Revenue Days |
|
|
4,036 |
|
|
702 |
|
|
4,738 |
|
|
4,002 |
|
|
680 |
|
|
4,682 |
Aframax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
32,433 |
|
$ |
38,518 |
|
|
|
|
$ |
46,841 |
|
$ |
38,566 |
|
|
|
Number of Revenue Days |
|
|
873 |
|
|
365 |
|
|
1,238 |
|
|
1,182 |
|
|
164 |
|
|
1,346 |
Total Crude Tankers Revenue Days |
|
|
8,304 |
|
|
2,165 |
|
|
10,469 |
|
|
8,453 |
|
|
1,823 |
|
|
10,276 |
Product Carriers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LR2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
53,159 |
|
$ |
39,500 |
|
|
|
|
$ |
35,842 |
|
$ |
18,588 |
|
|
|
Number of Revenue Days |
|
|
149 |
|
|
161 |
|
|
310 |
|
|
225 |
|
|
140 |
|
|
365 |
LR1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
49,915 |
|
$ |
- |
|
|
|
|
$ |
60,428 |
|
$ |
- |
|
|
|
Number of Revenue Days |
|
|
2,386 |
|
|
- |
|
|
2,386 |
|
|
2,826 |
|
|
- |
|
|
2,826 |
MR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
30,887 |
|
$ |
21,809 |
|
|
|
|
$ |
29,479 |
|
$ |
21,040 |
|
|
|
Number of Revenue Days |
|
|
10,348 |
|
|
2,391 |
|
|
12,739 |
|
|
11,615 |
|
|
1,210 |
|
|
12,825 |
Total Product Carriers Revenue Days |
|
|
12,883 |
|
|
2,552 |
|
|
15,435 |
|
|
14,666 |
|
|
1,350 |
|
|
16,016 |
Total Revenue Days |
|
|
21,187 |
|
|
4,717 |
|
|
25,904 |
|
|
23,119 |
|
|
3,173 |
|
|
26,292 |
Revenue days in the above tables exclude days related to full service lighterings. In addition, during 2024 and 2023, certain of the Company’s vessels were employed on transitional voyages, which are excluded from the table above.
During the 2024 and 2023 periods, each of the Company’s LR1s participated in the Panamax International Pool and transported crude oil cargoes exclusively.
Fleet Information
As of February 27, 2025, INSW’s fleet totaled 84 vessels, of which 69 were owned and 15 were chartered in.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total at February 28, 2025 |
|||
Vessel Fleet and Type |
|
Vessels Owned |
|
|
Vessels Chartered-in1 |
|
|
Total Vessels |
|
|
Total Dwt |
Operating Fleet |
|
|
|
|
|
|
|
|
|
|
|
VLCC |
|
2 |
|
|
9 |
|
|
11 |
|
|
3,317,858 |
Suezmax |
|
13 |
|
|
- |
|
|
13 |
|
|
2,061,754 |
Aframax |
|
4 |
|
|
- |
|
|
4 |
|
|
452,375 |
Crude Tankers |
|
19 |
|
|
9 |
|
|
28 |
|
|
5,831,987 |
|
|
|
|
|
|
|
|
|
|
|
|
LR2 |
|
1 |
|
|
- |
|
|
1 |
|
|
112,691 |
LR1 |
|
6 |
|
|
2 |
|
|
8 |
|
|
596,092 |
MR |
|
37 |
|
|
4 |
|
|
41 |
|
|
2,051,496 |
Product Carriers |
|
44 |
|
|
6 |
|
|
50 |
|
|
2,760,279 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Fleet |
|
63 |
|
|
15 |
|
|
78 |
|
|
8,592,266 |
|
|
|
|
|
|
|
|
|
|
|
|
Newbuild Fleet |
|
|
|
|
|
|
|
|
|
|
|
LR1 |
|
6 |
|
|
- |
|
|
6 |
|
|
441,600 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Newbuild Fleet |
|
6 |
|
|
- |
|
|
6 |
|
|
441,600 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating and Newbuild Fleet |
|
69 |
|
|
15 |
|
|
84 |
|
|
9,033,866 |
(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) Adjusted Net Income
Adjusted net income consists of Net Income adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. This measure does not represent or substitute net income or any other financial item that is determined in accordance with GAAP. While Adjusted net income is frequently used as a measure of operating results and performance, it may not be necessarily comparable with other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income, as reflected in the consolidated statement of operations, to Adjusted net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Fiscal Year Ended December 31, |
||||||||
($ in thousands) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net income |
|
$ |
35,823 |
|
$ |
132,114 |
|
$ |
416,724 |
|
$ |
556,446 |
Third-party debt modification fees |
|
|
- |
|
|
- |
|
|
168 |
|
|
568 |
Write-off of deferred financing costs |
|
|
- |
|
|
734 |
|
|
- |
|
|
2,686 |
Loss/(gain) on disposal of vessels and other assets, net of impairments |
|
|
8,745 |
|
|
(25,286) |
|
|
(32,657) |
|
|
(35,934) |
Provision for settlement of multi-employer pension plan obligations |
|
|
- |
|
|
- |
|
|
1,019 |
|
|
- |
Loss on extinguishment of debt |
|
|
- |
|
|
- |
|
|
- |
|
|
1,323 |
Adjusted Net Income |
|
$ |
44,568 |
|
$ |
107,562 |
|
$ |
385,254 |
|
$ |
525,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (diluted) |
|
|
49,546,868 |
|
|
49,343,856 |
|
|
49,680,127 |
|
|
49,428,967 |
Adjusted Net Income per diluted share |
|
$ |
0.90 |
|
$ |
2.18 |
|
$ |
7.75 |
|
$ |
10.62 |
(B) 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 December 31, |
|
Fiscal Year Ended December 31, |
||||||||
($ in thousands) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net income |
|
$ |
35,823 |
|
$ |
132,114 |
|
$ |
416,724 |
|
$ |
556,446 |
Income tax (benefit)/provision |
|
|
(1,083) |
|
|
3,446 |
|
|
(1,084) |
|
|
3,878 |
Interest expense |
|
|
11,895 |
|
|
14,081 |
|
|
49,703 |
|
|
65,759 |
Depreciation and amortization |
|
|
39,466 |
|
|
33,682 |
|
|
149,440 |
|
|
129,038 |
EBITDA |
|
|
86,101 |
|
|
183,323 |
|
|
614,783 |
|
|
755,121 |
Third-party debt modification fees |
|
|
- |
|
|
- |
|
|
168 |
|
|
568 |
Write-off of deferred financing costs |
|
|
- |
|
|
734 |
|
|
- |
|
|
2,686 |
Loss/(gain) on disposal of vessels and other assets, net of impairments |
|
|
8,745 |
|
|
(25,286) |
|
|
(32,657) |
|
|
(35,934) |
Provision for settlement of multi-employer pension plan obligations |
|
|
- |
|
|
- |
|
|
1,019 |
|
|
- |
Loss on extinguishment of debt |
|
|
- |
|
|
- |
|
|
- |
|
|
1,323 |
Adjusted EBITDA |
|
$ |
94,846 |
|
$ |
158,771 |
|
$ |
583,313 |
|
$ |
723,764 |
(C) Cash
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
||
($ in thousands) |
2024 |
|
2023 |
||
Cash and cash equivalents |
$ |
157,506 |
|
$ |
126,760 |
Short-term investments |
|
- |
|
|
60,000 |
Total Cash |
$ |
157,506 |
|
$ |
186,760 |
(D) Free Cash Flow
Free cash flow represents cash flows from operating activities, less mandatory repayments of debt (including those under sale and leaseback agreements) less capital expenditures excluding payments made to acquire a vessel or vessels, which the Company believes is useful to investors in understanding the net cash generated from its core business activities after certain mandatory obligations.
($ in thousands) |
Three Months Ended December 31, |
Fiscal Year Ended December 31, |
||||||||||
For the three months ended: |
2024 |
|
2023 |
2024 |
|
2023 |
||||||
Net cash provided by operating activities (1) |
$ |
93,622 |
$ |
125,483 |
$ |
547,138 |
$ |
688,402 |
||||
Repayments of debt (1) |
- |
(58,365) |
(39,851) |
(383,373) |
||||||||
Payments on sale and leaseback (1) |
(12,463) |
(12,233) |
(49,294) |
(135,965) |
||||||||
Less: optional prepayments |
- |
38,382 |
20,313 |
(3) |
364,493 |
|||||||
Expenditures for vessels (1) |
(67,205) |
(12,941) |
(283,794) |
(205,159) |
||||||||
Expenditures for other property (1) |
(506) |
(436) |
(1,386) |
(1,471) |
||||||||
Less: payments for acquiring vessels (2) |
|
64,778 |
|
11,548 |
|
274,728 |
|
184,291 |
||||
Free Cash Flow |
$ |
78,226 |
$ |
91,438 |
$ |
467,854 |
$ |
511,218 |
||||
(1) |
|
Reflects current period balance on the face of the Consolidated Statement of Cash Flows, less the prior quarter’s balance on the face of the Consolidated Statement of Cash Flows. The captions have been adjusted for summary purposes; the complete list of captions are as follows, in order as in the table above: Net cash provided by operating activities, Repayments of debt, Payments and advance payment on sale and leaseback financing and finance lease, Expenditures for vessels, vessel improvements and vessels under construction, and Expenditures for other property. For the fiscal year ended December 31, 2023, Repayments of Debt include the line item Premium and fees on extinguishment of debt. |
(2) |
|
Payments for acquiring vessels include the contractual payments on three dual-fuel VLCCs that delivered in the first half of 2023 and the LR1 newbuildings. In addition, during the three months ended March 31, 2024, the Company announced the acquisition of six MRs for a total contract price of |
(3) |
|
In connection with the execution of the |
(E) 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 December 31, |
|
Fiscal Year Ended December 31, |
||||||||
($ in thousands) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Time charter equivalent revenues |
|
$ |
190,640 |
|
$ |
247,912 |
|
$ |
933,103 |
|
$ |
1,055,519 |
Add: Voyage expenses |
|
|
3,973 |
|
|
2,822 |
|
|
18,510 |
|
|
16,256 |
Shipping revenues |
|
$ |
194,613 |
|
$ |
250,734 |
|
$ |
951,613 |
|
$ |
1,071,775 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250226842749/en/
Investor Relations & Media Contact:
Tom Trovato, International Seaways, Inc.
(212) 578-1602
ttrovato@intlseas.com
Source: International Seaways, Inc.
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