International Seaways Reports Second Quarter 2023 Results
- Strong Q2 2023 results with net income of $154 million and adjusted EBITDA of $205 million
- Prepaid $75 million of outstanding debt, enhancing balance sheet
- Increased share buyback program from $26 million to $50 million
- Contracted for two newbuildings and entered new time charter agreements, increasing contracted revenues to $352 million
- Paid cumulative $1.62 per share in regular and supplemental dividends in June 2023
- None.
HIGHLIGHTS & RECENT DEVELOPMENTS
-
Net income for the second quarter was approximately
, or$154 million per diluted share, compared to net income of approximately$3.11 , or$69 million per diluted share, in the second quarter of 2022. Cumulative net income over the last twelve months is approximately$1.38 .$658 million -
Adjusted EBITDA(A) for the second quarter was approximately
.$205 million -
Total liquidity was approximately
as of June 30, 2023, including cash and short-term investments(B) of$493 million and$236 million of undrawn revolver capacity.$257 million -
Returns to Shareholders:
-
Paid a cumulative
per share in regular and supplemental dividends in June 2023.$1.62 -
Repurchased and retired 366,483 shares for approximately
, representing an average price of$14 million per share.$38.03 -
Declared a combined dividend of
per share composed of a supplemental dividend of$1.42 per share in addition to regular quarterly cash dividend of$1.30 per share to be paid in September 2023.$0.12 -
Cumulative cash returns of
paid over the last twelve months following the combined dividend in September 2023 represents$316 million 48% of net income. -
Increased authorization on the current share buyback program from
to$26 million .$50 million
-
Paid a cumulative
-
Balance Sheet Enhancements:
-
Prepaid approximately
of outstanding debt during the second quarter of 2023, which includes:$75 million -
Approximately
for two vessels under sale-leaseback financing arrangements, which were incurring an interest margin of 390 bps.$46 million -
Approximately
of the principal outstanding of the$29 million Credit Facility, which unencumbered a modern Suezmax vessel.$750 Million
-
Approximately
- As of July 3, 2023, the Company has 30 unencumbered vessels.
-
In connection with cash flows generated during the second quarter, the Company intends to evaluate further prepayments within its debt portfolio of approximately
.$50 million
-
Prepaid approximately
-
Fleet Optimization Program:
-
Contracted for two, scrubber-fitted, dual-fuel (LNG) ready, LR1 newbuildings for approximately
in aggregate for delivery in late 2025. Upon delivery, the vessels are expected to enter into our jointly-owned, Panamax International Pool, that has historically outperformed the LR1 market.$115 million -
Increased contracted revenues to
by entering into a new time charter agreement on an Aframax for three years.$352 million - Took delivery of the third and final dual-fuel (LNG) VLCC. These vessels are employed on long-term time charters with an oil major and financed under sale and leaseback arrangements with a fixed interest rate of approximately 425 bps.
-
Contracted for two, scrubber-fitted, dual-fuel (LNG) ready, LR1 newbuildings for approximately
“We generated strong earnings for the fifth consecutive quarter, built on our track record of returning substantial capital to shareholders, and took steps to further enhance our balance sheet during the second quarter,” said Lois K. Zabrocky, International Seaways’ President and CEO. “With the combined dividend of
Ms. Zabrocky added, “With our diverse fleet of crude and product tankers, expanded scale, and substantial operating leverage, we continue to take advantage of the strong market, as evidenced by healthy third quarter bookings to-date. Our optimism is fueled by attractive supply and demand fundamentals, underpinned by trends in the global energy trade, as Russian oil displacement has resulted in increases in ton-mile demand and tanker utilization. Economic activity has remained strong, and oil demand forecasts signal a pickup in the second half of the year. These factors, combined with an historically low orderbook and an ageing global fleet, drive our expectation for strong tanker earnings for the foreseeable future.”
Jeff Pribor, the Company’s CFO stated, “During the second quarter, we drew on all aspects of our balanced approach to capital allocation, which consisted of returns to shareholders, investment in the fleet, and debt repayment. We have now prepaid
SECOND QUARTER 2023 RESULTS
Net income for the second quarter of 2023 was
Shipping revenues for the second quarter were
Adjusted EBITDA for the second quarter was
Crude Tankers
Shipping revenues for the Crude Tankers segment were
Product Carriers
Shipping revenues for the Product Carriers segment were
FIRST HALF 2023 RESULTS
Net income for the first half of 2023 was
Shipping revenues for the first half of 2023 were
Adjusted EBITDA for the first half of 2023 was
Crude Tankers
TCE revenues for the Crude Tankers segment were
Product Carriers
TCE revenues for the Product Carriers segment were
DELEVERAGING INITIATIVES
During the second quarter of 2023, the Company prepaid approximately
For the seven months of 2023, the Company has extinguished approximately
FLEET OPTIMIZATION PROGRAM
The Company entered into contracts to build two, scrubber-fitted, dual-fuel (LNG) ready, LR1 vessels in
The last of three dual-fuel VLCCs in the Company’s newbuilding program was delivered in May 2023. The first and second dual-fuel VLCC’s delivered in March and April, respectively. The vessels were ordered for an aggregate contract price of
In the second quarter, the Company entered into a time charter agreement for three years on a 2017-built Aframax that commenced in late July 2023. During 2023, the Company has entered into five time charter agreements: the aforementioned Aframax, two 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
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
In the first quarter of 2023, the Company sold a 2008-built MR, which generated approximately
RETURNING CASH TO SHAREHOLDERS
In June 2023, the Company paid a combined dividend of
The Company’s Board of Directors declared a regular quarterly dividend of
During the second quarter of 2023, the Company repurchased and retired 366,483 shares of its common stock in open market purchases, at an average price of
The Company’s Board of Directors authorized an increase of the share repurchase program to
CONFERENCE CALL
The Company will host a conference call to discuss its second quarter 2023 results at 9:00 a.m. Eastern Time (“ET”) on Wednesday, August 9, 2023. To access the call, participants should dial (833) 470-1428 for domestic callers and (929) 526-1599 for international callers and entering 221822. 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 August 16, 2023, by dialing (866) 813-9403 for domestic callers and +44 204 525 0658 for international callers, and entering Access Code 318908.
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 75 vessels, including 13 VLCCs, 13 Suezmaxes, five Aframaxes/LR2s, seven LR1s and 37 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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Six Months Ended |
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June 30, |
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June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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(Unaudited) |
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Shipping Revenues: |
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Pool revenues |
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$ |
247,591 |
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$ |
164,727 |
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$ |
507,169 |
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$ |
248,489 |
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Time and bareboat charter revenues |
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26,112 |
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8,133 |
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39,262 |
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14,308 |
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Voyage charter revenues |
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18,500 |
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15,337 |
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32,902 |
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26,882 |
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Total Shipping Revenues |
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292,203 |
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188,197 |
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579,333 |
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289,679 |
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Operating Expenses: |
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Voyage expenses |
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3,868 |
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2,658 |
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7,678 |
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6,165 |
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Vessel expenses |
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65,151 |
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59,563 |
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123,920 |
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119,880 |
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Charter hire expenses |
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10,502 |
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7,693 |
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19,302 |
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15,002 |
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Depreciation and amortization |
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32,445 |
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27,256 |
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61,993 |
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54,256 |
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General and administrative |
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11,522 |
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10,847 |
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22,768 |
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21,013 |
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Third-party debt modification fees |
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13 |
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900 |
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420 |
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1,087 |
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Loss/(gain) on disposal of vessels and other assets, net of impairments |
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26 |
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(8,102 |
) |
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(10,722 |
) |
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(9,478 |
) |
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Total operating expenses |
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123,527 |
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100,815 |
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225,359 |
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207,925 |
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Income from vessel operations |
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168,676 |
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87,382 |
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353,974 |
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81,754 |
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Equity in results of affiliated companies |
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- |
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(5,162 |
) |
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- |
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435 |
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Operating income |
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168,676 |
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82,220 |
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353,974 |
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82,189 |
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Other income/(expense) |
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3,381 |
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(574 |
) |
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7,662 |
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(800 |
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Income before interest expense and income taxes |
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172,057 |
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81,646 |
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361,636 |
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81,389 |
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Interest expense |
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(17,914 |
) |
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(12,558 |
) |
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(34,861 |
) |
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(25,298 |
) |
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Income before income taxes |
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154,143 |
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69,088 |
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326,775 |
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56,091 |
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Income tax provision |
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(381 |
) |
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(52 |
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(380 |
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(56 |
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Net income |
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$ |
153,762 |
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$ |
69,036 |
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$ |
326,395 |
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$ |
56,035 |
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Weighted Average Number of Common Shares Outstanding: |
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Basic |
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49,029,784 |
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49,602,181 |
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49,083,897 |
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49,586,847 |
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Diluted |
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49,404,837 |
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49,878,645 |
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49,525,282 |
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49,754,876 |
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Per Share Amounts: |
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Basic net income per share |
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$ |
3.13 |
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$ |
1.39 |
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$ |
6.64 |
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$ |
1.13 |
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Diluted net income per share |
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$ |
3.11 |
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$ |
1.38 |
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$ |
6.59 |
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$ |
1.12 |
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Consolidated Balance Sheets |
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($ in thousands) |
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June 30, |
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December 31, |
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2023 |
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2022 |
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(Unaudited) |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
116,023 |
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$ |
243,744 |
Short-term investments |
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120,000 |
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80,000 |
Voyage receivables |
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241,088 |
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289,775 |
Other receivables |
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12,840 |
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12,583 |
Inventories |
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629 |
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531 |
Prepaid expenses and other current assets |
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15,079 |
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8,995 |
Advance payment on debt |
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46,427 |
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- |
Current portion of derivative asset |
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7,595 |
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6,987 |
Total Current Assets |
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559,681 |
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642,615 |
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Vessels and other property, less accumulated depreciation |
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1,977,639 |
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1,680,010 |
Vessels construction in progress |
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- |
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123,940 |
Deferred drydock expenditures, net |
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|
69,887 |
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65,611 |
Operating lease right-of-use assets |
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6,308 |
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8,471 |
Finance lease right-of-use assets |
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- |
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44,391 |
Pool working capital deposits |
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32,521 |
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35,593 |
Long-term derivative asset |
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4,462 |
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4,662 |
Other assets |
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5,158 |
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10,041 |
Total Assets |
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$ |
2,655,656 |
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$ |
2,615,334 |
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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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$ |
47,044 |
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$ |
51,069 |
Current portion of operating lease liabilities |
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452 |
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1,596 |
Current portion of finance lease liabilities |
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- |
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41,870 |
Current installments of long-term debt |
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199,785 |
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162,854 |
Total Current Liabilities |
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247,281 |
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257,389 |
Long-term operating lease liabilities |
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7,539 |
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7,740 |
Long-term debt |
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778,266 |
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860,578 |
Other liabilities |
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2,296 |
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1,875 |
Total Liabilities |
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1,035,382 |
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1,127,582 |
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Equity: |
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Total Equity |
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1,620,274 |
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1,487,752 |
Total Liabilities and Equity |
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$ |
2,655,656 |
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$ |
2,615,334 |
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Consolidated Statements of Cash Flows |
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($ in thousands) |
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Six Months Ended June 30, |
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2023 |
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2022 |
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(Unaudited) |
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(Unaudited) |
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Cash Flows from Operating Activities: |
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Net income |
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$ |
326,395 |
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$ |
56,035 |
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Items included in net income not affecting cash flows: |
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Depreciation and amortization |
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61,993 |
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54,256 |
|
Loss on write-down of vessels and other assets |
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|
— |
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|
1,697 |
|
Amortization of debt discount and other deferred financing costs |
|
|
3,128 |
|
|
|
1,955 |
|
Amortization of time charter hire contracts acquired |
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|
— |
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|
|
684 |
|
Deferred financing costs write-off |
|
|
721 |
|
|
|
261 |
|
Stock compensation |
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|
3,873 |
|
|
|
2,728 |
|
Equity in results of affiliated companies |
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20 |
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|
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(10,017 |
) |
Other – net |
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|
(1,560 |
) |
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|
(327 |
) |
Items included in net income related to investing and financing activities: |
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|
|
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Gain on disposal of vessels and other assets, net |
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|
(10,722 |
) |
|
|
(11,175 |
) |
Loss on sale of investments in affiliated companies |
|
|
— |
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|
|
9,512 |
|
Cash distributions from affiliated companies |
|
|
— |
|
|
|
2,250 |
|
Payments for drydocking |
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|
(18,992 |
) |
|
|
(25,789 |
) |
Insurance claims proceeds related to vessel operations |
|
|
2,698 |
|
|
|
2,035 |
|
Changes in operating assets and liabilities |
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|
46,902 |
|
|
|
(69,260 |
) |
Net cash provided by operating activities |
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|
414,456 |
|
|
|
14,845 |
|
Cash Flows from Investing Activities: |
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Expenditures for vessels, vessel improvements and vessels under construction |
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|
(188,068 |
) |
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|
(53,801 |
) |
Proceeds from disposal of vessels and other property, net |
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|
20,070 |
|
|
|
79,614 |
|
Expenditures for other property |
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|
(586 |
) |
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|
(509 |
) |
Investments in short-term time deposits |
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(175,000 |
) |
|
|
— |
|
Proceeds from maturities of short-term time deposits |
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|
135,000 |
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|
|
— |
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Pool working capital deposits |
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— |
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(838 |
) |
Proceeds from sale of investments in affiliated companies |
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|
— |
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|
140,069 |
|
Net cash (used in)/provided by investing activities |
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(208,584 |
) |
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|
164,535 |
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Cash Flows from Financing Activities: |
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Issuance of debt, net of issuance and deferred financing costs |
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|
— |
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|
641,050 |
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Repayments of debt |
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(192,856 |
) |
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|
(717,913 |
) |
Proceeds from sale and leaseback financing, net of issuance and deferred financing costs |
|
|
169,717 |
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|
60,076 |
|
Payments and advance payment on sale and leaseback financing and finance lease |
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|
(112,786 |
) |
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|
(18,816 |
) |
Payments of deferred financing costs |
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|
(1,146 |
) |
|
|
(556 |
) |
Repurchase of common stock |
|
|
(13,948 |
) |
|
|
— |
|
Cash dividends paid |
|
|
(177,565 |
) |
|
|
(8,941 |
) |
Cash paid to tax authority upon vesting or exercise of stock-based compensation |
|
|
(5,009 |
) |
|
|
(1,493 |
) |
Net cash used in financing activities |
|
|
(333,593 |
) |
|
|
(46,593 |
) |
Net (decrease)/increase in cash, cash equivalents and restricted cash |
|
|
(127,721 |
) |
|
|
132,787 |
|
Cash, cash equivalents and restricted cash at beginning of year |
|
|
243,744 |
|
|
|
98,933 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
116,023 |
|
|
$ |
231,720 |
|
Spot and Fixed TCE Rates Achieved and Revenue Days
The following tables provide a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months ended June 30, 2023 and the comparable period of 2022. Revenue days in the quarter ended June 30, 2023 totaled 6,742 compared with 6,688 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
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Three Months Ended June 30, 2023 |
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Three Months Ended June 30, 2022 |
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Spot |
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Fixed |
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Total |
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Spot |
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Fixed |
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Total |
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Crude Tankers |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VLCC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
52,307 |
|
$ |
43,056 |
|
|
|
|
$ |
16,441 |
|
$ |
43,903 |
|
|
|
Number of Revenue Days |
|
|
781 |
|
|
294 |
|
|
1,075 |
|
|
808 |
|
|
91 |
|
|
899 |
Suezmax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
61,267 |
|
$ |
30,990 |
|
|
|
|
$ |
23,684 |
|
$ |
26,698 |
|
|
|
Number of Revenue Days |
|
|
988 |
|
|
181 |
|
|
1,169 |
|
|
963 |
|
|
91 |
|
|
1,054 |
Aframax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
53,482 |
|
$ |
- |
|
|
|
|
$ |
34,116 |
|
$ |
- |
|
|
|
Number of Revenue Days |
|
|
364 |
|
|
- |
|
|
364 |
|
|
326 |
|
|
- |
|
|
326 |
Total Crude Tankers Revenue Days |
|
|
2,133 |
|
|
475 |
|
|
2,608 |
|
|
2,097 |
|
|
182 |
|
|
2,279 |
Product Carriers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aframax (LR2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
25,594 |
|
$ |
17,829 |
|
|
|
|
$ |
- |
|
$ |
17,143 |
|
|
|
Number of Revenue Days |
|
|
41 |
|
|
50 |
|
|
91 |
|
|
- |
|
|
91 |
|
|
91 |
Panamax (LR1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
63,608 |
|
$ |
- |
|
|
|
|
$ |
25,910 |
|
$ |
- |
|
|
|
Number of Revenue Days |
|
|
780 |
|
|
- |
|
|
780 |
|
|
787 |
|
|
- |
|
|
787 |
MR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
28,331 |
|
$ |
20,819 |
|
|
|
|
$ |
30,463 |
|
$ |
19,175 |
|
|
|
Number of Revenue Days |
|
|
2,954 |
|
|
309 |
|
|
3,263 |
|
|
3,386 |
|
|
19 |
|
|
3,405 |
Handy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average TCE Rate |
|
$ |
- |
|
$ |
- |
|
|
|
|
$ |
19,521 |
|
$ |
- |
|
|
|
Number of Revenue Days |
|
|
- |
|
|
- |
|
|
- |
|
|
126 |
|
|
- |
|
|
126 |
Total Product Carriers Revenue Days |
|
|
3,775 |
|
|
359 |
|
|
4,134 |
|
|
4,299 |
|
|
110 |
|
|
4,409 |
Total Revenue Days |
|
|
5,908 |
|
|
834 |
|
|
6,742 |
|
|
6,396 |
|
|
292 |
|
|
6,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30, 2023, INSW’s fleet totaled 74 vessels, of which 59 were owned and 15 were chartered in.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total at June 30, 2023 |
|||
Vessel Fleet and Type |
|
Vessels Owned |
|
|
Vessels
|
|
|
Total
|
|
|
Total Dwt |
Operating Fleet |
|
|
|
|
|
|
|
|
|
|
|
VLCC |
|
4 |
|
|
9 |
|
|
13 |
|
|
3,910,572 |
Suezmax |
|
13 |
|
|
- |
|
|
13 |
|
|
2,061,754 |
Aframax |
|
3 |
|
|
1 |
|
|
4 |
|
|
452,375 |
Crude Tankers |
|
20 |
|
|
10 |
|
|
30 |
|
|
6,424,701 |
|
|
|
|
|
|
|
|
|
|
|
|
LR2 |
|
- |
|
|
1 |
|
|
1 |
|
|
112,691 |
LR1 |
|
6 |
|
|
- |
|
|
6 |
|
|
447,702 |
MR |
|
33 |
|
|
4 |
|
|
37 |
|
|
1,853,675 |
Product Carriers |
|
39 |
|
|
5 |
|
|
44 |
|
|
2,414,068 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Fleet |
|
59 |
|
|
15 |
|
|
74 |
|
|
8,838,769 |
(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 June 30, |
|
Six Months Ended June 30, |
|||||||||||
($ in thousands) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||||
Net income |
|
$ |
153,762 |
|
$ |
69,036 |
|
|
$ |
326,395 |
|
|
$ |
56,035 |
|
Income tax provision |
|
|
381 |
|
|
52 |
|
|
|
380 |
|
|
|
56 |
|
Interest expense |
|
|
17,914 |
|
|
12,558 |
|
|
|
34,861 |
|
|
|
25,298 |
|
Depreciation and amortization |
|
|
32,445 |
|
|
27,256 |
|
|
|
61,993 |
|
|
|
54,256 |
|
EBITDA |
|
|
204,502 |
|
|
108,902 |
|
|
|
423,629 |
|
|
|
135,645 |
|
Amortization of time charter contracts acquired |
|
|
- |
|
|
344 |
|
|
|
- |
|
|
|
684 |
|
Third-party debt modification fees |
|
|
13 |
|
|
900 |
|
|
|
420 |
|
|
|
1,087 |
|
Loss/(gain) on disposal of vessels and other assets, net of impairments |
|
|
26 |
|
|
(8,102 |
) |
|
|
(10,722 |
) |
|
|
(9,478 |
) |
Loss on sale of investments in affiliated companies |
|
|
- |
|
|
9,512 |
|
|
|
- |
|
|
|
9,512 |
|
Write-off of deferred financing costs |
|
|
555 |
|
|
128 |
|
|
|
721 |
|
|
|
261 |
|
Adjusted EBITDA |
|
$ |
205,096 |
|
$ |
111,684 |
|
|
$ |
414,048 |
|
|
$ |
137,711 |
|
(B) Cash
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|||
($ in thousands) |
2023 |
|
2022 |
|||
Cash and cash equivalents |
$ |
116,023 |
|
$ |
243,744 |
|
Short-term investments |
|
120,000 |
|
|
80,000 |
|
Total Cash |
$ |
236,023 |
|
$ |
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 June 30, |
|
Six Months Ended June 30, |
||||||||
($ in thousands) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Time charter equivalent revenues |
|
$ |
288,335 |
|
$ |
185,539 |
|
$ |
571,655 |
|
$ |
283,514 |
Add: Voyage expenses |
|
|
3,868 |
|
|
2,658 |
|
|
7,678 |
|
|
6,165 |
Shipping revenues |
|
$ |
292,203 |
|
$ |
188,197 |
|
$ |
579,333 |
|
$ |
289,679 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230809884003/en/
Investor Relations & Media Contact:
Tom Trovato, International Seaways, Inc.
(212) 578-1602
ttrovato@intlseas.com
Source: International Seaways, Inc.
FAQ
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