International Seaways, Inc. (NYSE: INSW) (the “Company” or
“INSW”), one of the largest tanker companies worldwide providing
energy transportation services for crude oil and petroleum
products, today reported results for the second quarter 2023.
HIGHLIGHTS & RECENT DEVELOPMENTS
- Net income for the second quarter was approximately $154
million, or $3.11 per diluted share, compared to net income of
approximately $69 million, or $1.38 per diluted share, in the
second quarter of 2022. Cumulative net income over the last twelve
months is approximately $658 million.
- Adjusted EBITDA(A) for the second quarter was approximately
$205 million.
- Total liquidity was approximately $493 million as of June 30,
2023, including cash and short-term investments(B) of $236 million
and $257 million of undrawn revolver capacity.
- Returns to Shareholders:
- Paid a cumulative $1.62 per share in regular and supplemental
dividends in June 2023.
- Repurchased and retired 366,483 shares for approximately $14
million, representing an average price of $38.03 per share.
- Declared a combined dividend of $1.42 per share composed of a
supplemental dividend of $1.30 per share in addition to regular
quarterly cash dividend of $0.12 per share to be paid in September
2023.
- Cumulative cash returns of $316 million paid over the last
twelve months following the combined dividend in September 2023
represents 48% of net income.
- Increased authorization on the current share buyback program
from $26 million to $50 million.
- Balance Sheet Enhancements:
- Prepaid approximately $75 million of outstanding debt during
the second quarter of 2023, which includes:
- Approximately $46 million for two vessels under sale-leaseback
financing arrangements, which were incurring an interest margin of
390 bps.
- Approximately $29 million of the principal outstanding of the
$750 Million Credit Facility, which unencumbered a modern Suezmax
vessel.
- 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.
- Fleet Optimization Program:
- Contracted for two, scrubber-fitted, dual-fuel (LNG) ready, LR1
newbuildings for approximately $115 million 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.
- Increased contracted revenues to $352 million by entering into
a new time charter agreement on an Aframax for three years.
- 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.
“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 $1.62
per share and $14 million in share repurchases in the second
quarter, cumulative returns to shareholders represent over $190
million in the first half of the year. We are pleased to announce
another combined dividend of $1.42 per share and increase to our
share buyback authorization. We plan to continue executing our
balanced capital allocation strategy to maximize long-term
shareholder value.”
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 $172 million
of debt this year, further lowering our breakeven levels to among
the lowest in the industry. Looking toward the remainder of the
year, we maintain considerable financial strength, evidenced by
nearly $500 million in total liquidity and a net-loan-to-value
ratio of 22% at quarter’s end. With a cash break even below $16,000
per day, Seaways is well-positioned to generate incremental free
cash flow and continue returning significant capital to
shareholders.”
SECOND QUARTER 2023 RESULTS
Net income for the second quarter of 2023 was $153.8 million, or
$3.11 per diluted share, compared to net income of $69.0 million,
or $1.38 per diluted share, for the second quarter of 2022. Net
income for the quarter reflects the write-off of deferred finance
costs aggregating $0.6 million. Net income excluding these items
was $154.4 million, or $3.12 per diluted share. The increase in net
income for the second quarter of 2023 was primarily driven by a
$102.8 million increase in TCE revenues(C) as a result of the
effects of sanctions on Russian oil that disrupted trading patterns
leading to longer voyages and higher tanker utilization coupled
with higher oil demand of approximately three million barrels per
day.
Shipping revenues for the second quarter were $292.2 million,
compared to $188.2 million for the second quarter of 2022.
Consolidated TCE revenues for the second quarter were $288.3
million, compared to $185.5 million for the second quarter of
2022.
Adjusted EBITDA for the second quarter was $205.1 million,
compared to $111.7 million for the second quarter of 2022.
Crude Tankers
Shipping revenues for the Crude Tankers segment were $152.2
million for the second quarter of 2023, compared to $62.1 million
for the second quarter of 2022. TCE revenues were $148.9 million
for the second quarter, compared to $59.5 million for the second
quarter of 2022. This increase was primarily attributable to
substantially higher spot rates as the average spot earnings of the
VLCC, Suezmax and Aframax sectors were approximately $52,300,
$61,300 and $53,500 per day, respectively, compared with
approximately $16,400, $23,700 and $34,100 per day, respectively,
during the second quarter of 2022.
Product Carriers
Shipping revenues for the Product Carriers segment were $140.0
million for the second quarter, compared to $126.1 million for the
second quarter of 2022. TCE revenues were $139.4 million for the
second quarter, compared to $126.1 million for the second quarter
of 2022. This increase is attributable to an increase in LR1 spot
rates with average earnings of approximately $63,600 per day, in
the second quarter of 2023 compared with approximately $25,900 per
day, in the second quarter of 2022. This rate increase is offset by
lower revenue days in the MR sector of approximately 142 days
primarily reflecting the sale of three older MRs and slightly lower
average spot earnings of approximately $28,300 per day in the
second quarter of 2023, compared to $30,500 per day during the
second quarter of 2022.
FIRST HALF 2023 RESULTS
Net income for the first half of 2023 was $326.4 million, or
$6.59 per diluted share, compared to net income of $56.0 million,
or $1.12 per diluted share, for the first half of 2022.
Shipping revenues for the first half of 2023 were $579.3
million, compared to $289.7 million for the first half of 2022.
Consolidated TCE revenues for the first half of 2023 were $571.7
million, compared to $283.5 million for the first half of 2022.
Adjusted EBITDA for the first half of 2023 was $414.0 million,
compared to $137.7 million for the first half of 2022.
Crude Tankers
TCE revenues for the Crude Tankers segment were $278.2 million
for the first half of 2023, compared to $95.9 million for the first
half of 2022. Shipping revenues for the Crude Tankers segment were
$284.6 million for the first half of 2023, compared to $101.7
million for the first half of 2022.
Product Carriers
TCE revenues for the Product Carriers segment were $293.5
million for the first half of 2023 compared to $187.6 million for
the first half of 2022. Shipping revenues for the Product Carriers
segment were $294.8 million for the first half of 2023, compared to
$188.0 million for the first half of 2022.
DELEVERAGING INITIATIVES
During the second quarter of 2023, the Company prepaid
approximately $75 million of debt. The Company prepaid
approximately $46 million in connection with exercising purchase
options on two vessels under sale-leaseback agreements with an
interest margin of 390 basis points. The vessels were delivered on
July 3, 2023, which created a prepaid asset of $46 million with a
corresponding current liability as of the balance sheet date. The
Company also prepaid approximately $29 million on the $750 Million
Credit Facility and obtained the release of one 2017-built Suezmax
vessel from the collateral package.
For the seven months of 2023, the Company has extinguished
approximately $172 million of debt. In addition to the
aforementioned prepayments, the Company amended the $750 Million
Facility, which included a prepayment of $97 million on the term
loan, an increase in the capacity of the revolving credit facility
by $40 million and a release of 22 vessels from the collateral
package. As of July 3, 2023, the Company has 30 unencumbered
vessels.
FLEET OPTIMIZATION PROGRAM
The Company entered into contracts to build two,
scrubber-fitted, dual-fuel (LNG) ready, LR1 vessels in Korea with K
Shipbuilding Co, Ltd. The vessels are expected to be delivered in
the second half of 2025 at a contracted price of approximately $115
million in aggregate. Upon delivery, these vessels are expected to
deliver into our niche, Panamax International Pool, which has
consistently outperformed the market.
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 $288 million, which are
financed under sale leaseback arrangements. The vessels have
commenced long-term time charters with an oil major for the next
seven years at a base rate of $31,000 per day plus a profit share
component. For the second quarter of 2023, the time charter
equivalent rate earned for these three VLCCs, including the profit
share component, was approximately $43,000 per day.
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 $352 million remaining in time
charter agreements from July 1, 2023 through charter expiry,
excluding any applicable profit share.
In December 2022, the Company exercised its purchase options on
two 2009-built Aframax vessels under sale leaseback arrangement,
which were accounted for as operating leases prior to declaration
of the options. The aggregate purchase price, net of prepaid
charter hire of both vessels was approximately $41 million,
representing a discount of approximately 45% to the market value of
these vessels. One vessel was delivered in March 2023 while the
other was delivered in April 2023.
In the first quarter of 2023, the Company sold a 2008-built MR,
which generated approximately $10 million in net proceeds after
debt repayment.
RETURNING CASH TO SHAREHOLDERS
In June 2023, the Company paid a combined dividend of $1.62 per
share of common stock, composed of a regular quarterly dividend of
$0.12 per share of common stock and a supplemental dividend of
$1.50 per share. For the six months ended June 30, 2023, the
Company has paid combined dividends of approximately $3.62 per
share.
The Company’s Board of Directors declared a regular quarterly
dividend of $0.12 per share of common stock and a supplemental
dividend of $1.30 per share of common stock on August 8, 2023. Both
dividends will be paid on September 27, 2023, to shareholders with
a record date at the close of business on September 13, 2023.
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 $38.03 at an aggregate cost of
approximately $14 million.
The Company’s Board of Directors authorized an increase of the
share repurchase program to $50 million from the remaining $26
million. The Company’s current share repurchase program expires at
the end of 2023.
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 New York City, NY.
Additional information is available at
https://www.intlseas.com.
Forward-Looking Statements
This release contains forward-looking statements. In addition,
the Company may make or approve certain statements in future
filings with the U.S. Securities and Exchange Commission (SEC), in
press releases, or in oral or written presentations by
representatives of the Company. All statements other than
statements of historical facts should be considered forward-looking
statements. These matters or statements may relate plans to issue
dividends, the Company’s prospects, including statements regarding
vessel acquisitions, expected synergies, trends in the tanker
markets, and possibilities of strategic alliances and investments.
Forward-looking statements are based on the Company’s current
plans, estimates and projections, and are subject to change based
on a number of factors. Investors should carefully consider the
risk factors outlined in more detail in the Annual Report on Form
10-K for 2022 for the Company, the Quarterly Report on Form 10-Q
for the quarter ended March 31, 2023, and in similar sections of
other filings made by the Company with the SEC from time to time.
The Company assumes no obligation to update or revise any
forward-looking statements. Forward-looking statements and written
and oral forward-looking statements attributable to the Company or
its representatives after the date of this release are qualified in
their entirety by the cautionary statements contained in this
paragraph and in other reports previously or hereafter filed by the
Company with the SEC.
Category: Earnings
Consolidated Statements of
Operations
($ in thousands, except per share
amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Shipping Revenues:
Pool revenues
$
247,591
$
164,727
$
507,169
$
248,489
Time and bareboat charter revenues
26,112
8,133
39,262
14,308
Voyage charter revenues
18,500
15,337
32,902
26,882
Total Shipping Revenues
292,203
188,197
579,333
289,679
Operating Expenses:
Voyage expenses
3,868
2,658
7,678
6,165
Vessel expenses
65,151
59,563
123,920
119,880
Charter hire expenses
10,502
7,693
19,302
15,002
Depreciation and amortization
32,445
27,256
61,993
54,256
General and administrative
11,522
10,847
22,768
21,013
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
)
Total operating expenses
123,527
100,815
225,359
207,925
Income from vessel operations
168,676
87,382
353,974
81,754
Equity in results of affiliated
companies
-
(5,162
)
-
435
Operating income
168,676
82,220
353,974
82,189
Other income/(expense)
3,381
(574
)
7,662
(800
)
Income before interest expense and income
taxes
172,057
81,646
361,636
81,389
Interest expense
(17,914
)
(12,558
)
(34,861
)
(25,298
)
Income before income taxes
154,143
69,088
326,775
56,091
Income tax provision
(381
)
(52
)
(380
)
(56
)
Net income
$
153,762
$
69,036
$
326,395
$
56,035
Weighted Average Number of Common
Shares Outstanding:
Basic
49,029,784
49,602,181
49,083,897
49,586,847
Diluted
49,404,837
49,878,645
49,525,282
49,754,876
Per Share Amounts:
Basic net income per share
$
3.13
$
1.39
$
6.64
$
1.13
Diluted net income per share
$
3.11
$
1.38
$
6.59
$
1.12
Consolidated Balance Sheets
($ in thousands)
June 30,
December 31,
2023
2022
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents
$
116,023
$
243,744
Short-term investments
120,000
80,000
Voyage receivables
241,088
289,775
Other receivables
12,840
12,583
Inventories
629
531
Prepaid expenses and other current
assets
15,079
8,995
Advance payment on debt
46,427
-
Current portion of derivative asset
7,595
6,987
Total Current Assets
559,681
642,615
Vessels and other property, less
accumulated depreciation
1,977,639
1,680,010
Vessels construction in progress
-
123,940
Deferred drydock expenditures, net
69,887
65,611
Operating lease right-of-use assets
6,308
8,471
Finance lease right-of-use assets
-
44,391
Pool working capital deposits
32,521
35,593
Long-term derivative asset
4,462
4,662
Other assets
5,158
10,041
Total Assets
$
2,655,656
$
2,615,334
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable, accrued expenses and
other current liabilities
$
47,044
$
51,069
Current portion of operating lease
liabilities
452
1,596
Current portion of finance lease
liabilities
-
41,870
Current installments of long-term debt
199,785
162,854
Total Current Liabilities
247,281
257,389
Long-term operating lease liabilities
7,539
7,740
Long-term debt
778,266
860,578
Other liabilities
2,296
1,875
Total Liabilities
1,035,382
1,127,582
Equity:
Total Equity
1,620,274
1,487,752
Total Liabilities and Equity
$
2,655,656
$
2,615,334
Consolidated Statements of Cash
Flows
($ in thousands)
Six Months Ended June
30,
2023
2022
(Unaudited)
(Unaudited)
Cash Flows from Operating
Activities:
Net income
$
326,395
$
56,035
Items included in net income not affecting
cash flows:
Depreciation and amortization
61,993
54,256
Loss on write-down of vessels and other
assets
—
1,697
Amortization of debt discount and other
deferred financing costs
3,128
1,955
Amortization of time charter hire
contracts acquired
—
684
Deferred financing costs write-off
721
261
Stock compensation
3,873
2,728
Equity in results of affiliated
companies
20
(10,017
)
Other – net
(1,560
)
(327
)
Items included in net income related to
investing and financing activities:
Gain on disposal of vessels and other
assets, net
(10,722
)
(11,175
)
Loss on sale of investments in affiliated
companies
—
9,512
Cash distributions from affiliated
companies
—
2,250
Payments for drydocking
(18,992
)
(25,789
)
Insurance claims proceeds related to
vessel operations
2,698
2,035
Changes in operating assets and
liabilities
46,902
(69,260
)
Net cash provided by operating
activities
414,456
14,845
Cash Flows from Investing
Activities:
Expenditures for vessels, vessel
improvements and vessels under construction
(188,068
)
(53,801
)
Proceeds from disposal of vessels and
other property, net
20,070
79,614
Expenditures for other property
(586
)
(509
)
Investments in short-term time
deposits
(175,000
)
—
Proceeds from maturities of short-term
time deposits
135,000
—
Pool working capital deposits
—
(838
)
Proceeds from sale of investments in
affiliated companies
—
140,069
Net cash (used in)/provided by investing
activities
(208,584
)
164,535
Cash Flows from Financing
Activities:
Issuance of debt, net of issuance and
deferred financing costs
—
641,050
Repayments of debt
(192,856
)
(717,913
)
Proceeds from sale and leaseback
financing, net of issuance and deferred financing costs
169,717
60,076
Payments and advance payment on sale and
leaseback financing and finance lease
(112,786
)
(18,816
)
Payments of deferred financing costs
(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 $859 and $643 per day for
the three months ended June 30, 2023 and 2022, respectively.
Three Months Ended June 30,
2023
Three Months Ended June 30,
2022
Spot
Fixed
Total
Spot
Fixed
Total
Crude Tankers
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 Chartered-in1
Total Vessels
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
International Seaways (NYSE:INSW)
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