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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
August 7, 2024
Date of Report (Date
of earliest event reported)
International
Seaways, Inc.
(Exact
Name of Registrant as Specified in Charter)
1-37836-1
Commission
File Number
| Marshall Islands |
|
98-0467117 |
| (State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification Number) |
600 Third Avenue,
39th Floor
New York, New York
10016
(Address
of Principal Executive Offices) (Zip Code)
Registrant's
telephone number, including area code (212) 578-1600
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b)
of the Act:
| Title of each class |
Symbol |
Name of each exchange on which registered |
| Common Stock (no par value) |
INSW |
New York Stock Exchange |
| Rights to Purchase Common Stock |
N/A true |
New York Stock Exchange |
Section
2 – Financial Information
| Item 2.02 | Results of Operations and Financial
Condition. |
The following information, including the Exhibit to this
Form 8-K, is being furnished pursuant to Item 2.02 — Results of Operations and Financial Condition of Form 8-K. This information
is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated
by reference into any Securities Act of 1933 registration statements.
On August 7, 2024, International Seaways, Inc. issued
a press release, a copy of which is attached hereto as Exhibit 99.1, announcing second quarter 2024 earnings.
Section
7 – Regulation FD
| Item 7.01 | Regulation
FD Disclosure. |
The following information, including the Exhibit to this
Form 8-K, is being furnished pursuant to Item 7.01 — Regulation FD Disclosure
of Form 8-K. This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act
of 1934 and is not incorporated by reference into any Securities Act of 1933 registration statements.
On August 6, 2024, INSW’s Board of Directors declared
a combined dividend of $1.50 per share of common stock for the third quarter of 2024, comprised of a regular quarterly dividend of $0.12
per share of common stock and a supplemental dividend of $1.38 per share of common stock. Both such dividends are payable on September
25, 2024 to shareholders of record at the close of business on September 11, 2024.
Section 9 – Financial Statements
and Exhibits
| Item 9.01 | Financial Statements and
Exhibits. |
(d) Exhibits
Pursuant to General Instruction B.2 of Form 8-K, the
following exhibit is furnished with this Form 8-K.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
| |
INTERNATIONAL SEAWAYS, INC. |
| |
(Registrant) |
| |
|
| |
|
| Date: August 7, 2024 |
By: |
|
/s/ James D. Small III |
| |
|
Name: |
James D. Small III |
| Title: |
Chief Administrative Officer, Senior Vice President, Secretary and General Counsel |
EXHIBIT
INDEX
Exhibit 99.1
INTERNATIONAL SEAWAYS REPORTS
SECOND QUARTER 2024 RESULTS
New York, NY – August 7, 2024–
International Seaways, Inc. (NYSE: INSW) (the “Company,” “Seaways,” or “INSW”), one of the largest
tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the
second quarter 2024.
HIGHLIGHTS & RECENT DEVELOPMENTS
Strong Quarterly Earnings:
| · | Net income for the second quarter of 2024 was
$144.7 million, or $2.91 per diluted share. |
| · | Adjusted net income(1) for the second
quarter of 2024 was $118.0 million, or $2.37 per diluted share. |
| · | Adjusted EBITDA(1) for the second
quarter of 2024 was $167.0 million. |
Fleet Optimization Program:
| · | Took delivery of six eco MRs, built between 2014
and 2015, in the second quarter of 2024. |
| · | Sold three MRs with an average age of 15.8 years,
for net proceeds of $72 million after fees and commissions. Two vessels were delivered to the buyers during the second quarter of 2024
and the third ship was delivered in mid-July 2024. |
| · | As a result, the Seaways MR fleet average age
was reduced by one year. |
Balance Sheet Enhancements:
| · | Executed an amendment on senior secured debt
facilities, increasing our revolving credit capacity by nearly $150 million and reducing mandatory repayments by nearly $20 million per
quarter, leading to a reduction of spot cash break even costs by $3,000 per day. |
| · | Total liquidity was approximately $682 million
as of June 30, 2024, including total cash (1) of $176 million and $506 million undrawn revolving credit capacity. |
| · | Net loan-to-value remained historically low at
approximately 14% as of June 30, 2024. |
Returns to Shareholders:
| · | Paid a combined $1.75 per share in regular and
supplemental dividends in June 2024. |
| · | Declared a combined dividend of $1.50 per share
to be paid in September 2024, representing 64% of adjusted net income(1) for the second quarter. |
| · | Following the dividend payment in September 2024,
combined dividend payments over the last twelve months will aggregate to $5.82 per share, representing a dividend yield of over 12%. |
“We maintained strong momentum in the second quarter, drawing
on Seaway’s substantial cash flows to continue to execute the Company’s balanced capital allocation strategy for the benefit
of shareholders,” said Lois K. Zabrocky, International Seaways President and CEO. “We continued to renew our MR fleet, one
of the strongest earning classes, with the acquisition of six modern vessels and sales of older tonnage. At the same time, we increased
our liquidity to position the Company for future growth while returning a 12% yield to shareholders.”
Ms. Zabrocky added, “We believe markets will continue to show
strength based on sustained attractive supply and demand fundamentals, highlighted by positive oil demand trends, higher ton-mile demand,
and limited shipyard capacity for new orders, which will inhibit any significant volume of tanker deliveries for the foreseeable future.
We expect to take further advantage of these dynamics moving forward, as we focus on building our track record of opportunistic investment
in the fleet and compelling shareholder returns.”
Jeff Pribor, the Company’s CFO stated, “Over
the last twelve months, Seaways has generated free cash flow(1) of nearly $475 million, underscoring our significant operating
leverage and boding well for future value creation. In addition, we enhanced our free cash flow(1) during the second quarter
with the execution of the new revolving credit facility that reduced our mandatory debt repayments by about $20 million per quarter and
lowered spot breakeven rates. Additionally, the new revolving credit capacity allows us to maintain a level of enhanced financial flexibility
to pursue additional growth opportunities. With a historically strong balance sheet, highlighted by liquidity of $682 million, and supported
by long-term market tailwinds, we believe we are ideally positioned to optimize shareholder returns.”
SECOND QUARTER 2024 RESULTS
Net income for the second quarter of 2024 was $144.7 million, or $2.91
per diluted share, compared to net income of $153.8 million, or $3.11 per diluted share, for the second quarter of 2023. The decrease
in results in the second quarter of 2024 was primarily driven by a decrease in TCE revenues(1) and an increase in depreciation
partially offset by gains on the sale of two vessels in the second quarter of 2024.
Shipping revenues for the second quarter were
$257.4 million, compared to $292.2 million for the second quarter of 2023. Consolidated TCE revenues(1) for the second quarter
were $251.8 million, compared to $288.3 million for the second quarter of 2023.
Adjusted EBITDA(1) for the second quarter
was $167.0 million, compared to $205.1 million for the second quarter of 2023.
Crude Tankers
Shipping revenues for the Crude Tankers segment
were $125.4 million for the second quarter of 2024, compared to $152.2 million for the second quarter of 2023. TCE revenues(1)
were $120.9 million for the second quarter, compared to $148.9 million for the second quarter of 2023. This decrease was attributable
to a decrease in spot rates as the average spot earnings of the VLCC, Suezmax and Aframax sectors were approximately $46,400, $45,000
and $31,500 per day, respectively, compared with approximately $52,300, $61,300 and $53,500 per day, respectively, during the second quarter
of 2023.
Product Carriers
Shipping revenues for the Product Carriers segment were $132.0 million
for the second quarter of 2024, compared to $140.0 million for the second quarter of 2023. TCE revenues(1) were $131.0 million
for the second quarter, compared to $139.4 million for the second quarter of 2023. This decrease is attributable to a reduction in revenue
days due to the decrease in the chartered-in fleet, vessel sales and an increase in offhire from drydocking and repairs.
FIRST HALF 2024 RESULTS
Net income for the first half of 2024 was $289.2 million, or $5.83
per diluted share, compared to net income of $326.4 million, or $6.59 per diluted share, for the first half of 2023.
Shipping revenues for the first half of 2024 were $531.8 million, compared
to $579.3 million for the first half of 2023. Consolidated TCE revenues(1) for the first half of 2024 were $522.8 million,
compared to $571.7 million for the first half of 2023.
Adjusted EBITDA(1) for the first half
of 2024 was $358.4 million, compared to $414.0 million for the first half of 2023.
Crude Tankers
Shipping revenues for the Crude Tankers
segment were $252.2 million for the first half of 2024, compared to $284.6 million for the first half of 2023. TCE revenues(1)
for the Crude Tankers segment were $244.8 million for the first half of 2024, compared to $278.2 million
for the first half of 2023.
Product Carriers
Shipping revenues for the Product Carriers segment
were $279.6 million for the first half of 2024, compared to $294.8 million for the first half of 2023. TCE revenues(1) for
the Product Carriers segment were $278.0 million for the first half of 2024 compared to $293.5 million for the first half of 2023.
FLEET OPTIMIZATION PROGRAM
During the second quarter, the Company took delivery
of six modern MR vessels for an aggregate consideration of $232 million. In connection with the acquisition of the six vessels, the Company
issued an aggregate 623,778 common shares to the sellers, representing 15% of the aggregate consideration. The remaining 85% of aggregate
consideration was funded with cash on hand.
The Company has sold three vessels as of July
31, 2024. In the second quarter of 2024, a 2009-built MR and a 2008-built MR were sold for aggregate net proceeds of $48 million. In July
2024, the Company sold another 2008-built MR for net proceeds of approximately $25 million. In each of the vessel sales, the Company recorded
a gain on sale, of which $28 million was recognized during the second quarter.
During the second quarter, the Company entered
into three new time charter agreements on two 2009-built MRs and a 2014-built LR2. The charters have durations of around three years and
were delivered to the charterers during the third quarter. As a result of the agreements, future contracted revenues increased by $86
million.
The Company entered into contracts and declared
options to build a total of six scrubber-fitted, dual-fuel (LNG) ready, LR1 vessels in Korea with K Shipbuilding Co, Ltd at a price in
aggregate of approximately $359 million. The vessels are expected to be delivered beginning in the second half of 2025 through the third
quarter of 2026. These vessels are expected to deliver into our niche Panamax International Pool, which has consistently outperformed
the market.
BALANCE SHEET ENHANCEMENTS
During the second quarter of 2024, the Company
repaid $12 million in mandatory payments required under its existing debt facilities and sale leaseback arrangements. For the six months
ended June 30, 2024, the Company repaid $44 million of mandatory debt payments.
In April 2024, the Company amended and extended
the $750 Million Facility, under which the Company had a remaining term loan balance of $94.6 million and undrawn revolver capacity of
$257.4 million prior to closing. The new agreement consists of a $500 million revolving credit facility (the “$500 Million RCF”)
that matures in January 2030. Under the terms of the $500 Million RCF, capacity is reduced on a quarterly basis by approximately $12.8
million each quarter, based on a 20-year age-adjusted profile of the collateral vessels. The $500 Million RCF bears an interest rate based
on term SOFR +185bps (the “margin”) and includes similar sustainability-linked features as included in the $750 Million Credit
Facility, which could impact the margin by five basis points, that are aimed at reducing the carbon footprint, targeting expenditures
toward energy efficiency improvements and maintaining a safety record above the industry average. Prior to executing the agreement, the
Company prepaid the outstanding balance on the ING Credit Facility of $20.3 million and included the collateral vessel in the $500 Million
RCF. The $500 Million RCF saves $19.5 million per quarter in mandatory debt repayments and reduces future interest expense through a margin
reduction of over 85 basis points.
In June 2024, the Company borrowed $50 million
under the $500 Million RCF. In July 2024, $30 million was repaid and the Company expects to repay an additional $20 million in August
2024. Following the repayments and amortizing capacity during the third quarter, the Company expects undrawn revolving capacity to increase
to $540 million.
RETURNS TO SHAREHOLDERS
In June 2024, the Company paid a combined dividend
of $1.75 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend
of $1.63 per share.
On August 6, 2024, the Company’s Board of
Directors declared a combined dividend of $1.50 per share of common stock, composed of a regular quarterly dividend of $0.12 per share
of common stock and a supplemental dividend of $1.38 per share of common stock. Both dividends will be paid on September 25, 2024, to
shareholders with a record date at the close of business on September 11, 2024.
The Company currently has $50 million authorized
under its share repurchase program, which expires at the end of 2025.
(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 second quarter 2024 results at 9:00 a.m. Eastern Time on Wednesday, August 7, 2024. To access the call, participants should dial
(833) 470-1428 for domestic callers and (929) 526-1599 for international callers and entering 832060. 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 14, 2024, by dialing (866) 813-9403 for domestic callers and +44 204 525 0658 for international callers, and entering
Access Code 931256.
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 82 vessels, including 13 VLCCs, 13 Suezmaxes, five Aframaxes/LR2s, 13
LR1s (including six newbuildings), and 38 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 (the
“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 to plans to issue
dividends, the Company’s prospects, including statements regarding vessel acquisitions and disposals, 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 2023 for the Company and in similar sections of other filings
made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements.
Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the
date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously
or hereafter filed by the Company with the SEC.
Investor Relations & Media Contact:
Tom Trovato, International Seaways, Inc.
(212) 578-1602
ttrovato@intlseas.com
Category: Earnings
Consolidated Statements of Operations
($ in thousands, except per share amounts)
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, | | |
June 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| Shipping Revenues: | |
| | | |
| | | |
| | | |
| | |
| Pool revenues | |
$ | 207,681 | | |
$ | 247,591 | | |
$ | 433,963 | | |
$ | 507,169 | |
| Time and bareboat charter revenues | |
| 31,139 | | |
| 26,112 | | |
| 62,188 | | |
| 39,262 | |
| Voyage charter revenues | |
| 18,589 | | |
| 18,500 | | |
| 35,659 | | |
| 32,902 | |
| Total Shipping Revenues | |
| 257,409 | | |
| 292,203 | | |
| 531,810 | | |
| 579,333 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating Expenses: | |
| | | |
| | | |
| | | |
| | |
| Voyage expenses | |
| 5,561 | | |
| 3,868 | | |
| 9,034 | | |
| 7,678 | |
| Vessel expenses | |
| 67,840 | | |
| 65,151 | | |
| 131,221 | | |
| 123,920 | |
| Charter hire expenses | |
| 6,948 | | |
| 10,502 | | |
| 13,596 | | |
| 19,302 | |
| Depreciation and amortization | |
| 36,517 | | |
| 32,445 | | |
| 70,670 | | |
| 61,993 | |
| General and administrative | |
| 11,985 | | |
| 11,522 | | |
| 24,083 | | |
| 22,768 | |
| Other operating expenses | |
| 1,454 | | |
| — | | |
| 1,730 | | |
| — | |
| Third-party debt modification fees | |
| 168 | | |
| 13 | | |
| 168 | | |
| 420 | |
| (Gain)/loss on disposal of vessels and other assets, net | |
| (27,852 | ) | |
| 26 | | |
| (27,903 | ) | |
| (10,722 | ) |
| Total operating expenses | |
| 102,621 | | |
| 123,527 | | |
| 222,599 | | |
| 225,359 | |
| Income from vessel operations | |
| 154,788 | | |
| 168,676 | | |
| 309,211 | | |
| 353,974 | |
| Other income | |
| 2,360 | | |
| 3,381 | | |
| 5,314 | | |
| 7,662 | |
| Income before interest expense and income taxes | |
| 157,148 | | |
| 172,057 | | |
| 314,525 | | |
| 361,636 | |
| Interest expense | |
| (12,425 | ) | |
| (17,914 | ) | |
| (25,312 | ) | |
| (34,861 | ) |
| Income before income taxes | |
| 144,723 | | |
| 154,143 | | |
| 289,213 | | |
| 326,775 | |
| Income tax provision | |
| - | | |
| (381 | ) | |
| - | | |
| (380 | ) |
| Net income | |
$ | 144,723 | | |
$ | 153,762 | | |
$ | 289,213 | | |
$ | 326,395 | |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted Average Number of Common Shares Outstanding: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 49,387,193 | | |
| 49,029,784 | | |
| 49,180,019 | | |
| 49,083,897 | |
| Diluted | |
| 49,721,858 | | |
| 49,404,837 | | |
| 49,550,928 | | |
| 49,525,282 | |
| | |
| | | |
| | | |
| | | |
| | |
| Per Share Amounts: | |
| | | |
| | | |
| | | |
| | |
| Basic net income per share | |
$ | 2.93 | | |
$ | 3.13 | | |
$ | 5.88 | | |
$ | 6.64 | |
| Diluted net income per share | |
$ | 2.91 | | |
$ | 3.11 | | |
$ | 5.83 | | |
$ | 6.59 | |
Consolidated Balance Sheets
($ in thousands)
| | |
June 30, | | |
December 31, | |
| | |
2024 | | |
2023 | |
| | |
(Unaudited) | | |
| |
| ASSETS | |
| | | |
| | |
| Current Assets: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 176,141 | | |
$ | 126,760 | |
| Short-term investments | |
| - | | |
| 60,000 | |
| Voyage receivables | |
| 223,079 | | |
| 247,165 | |
| Other receivables | |
| 16,785 | | |
| 14,303 | |
| Inventories | |
| 1,850 | | |
| 1,329 | |
| Prepaid expenses and other current assets | |
| 12,228 | | |
| 10,342 | |
| Current portion of derivative asset | |
| 4,532 | | |
| 5,081 | |
| Total Current Assets | |
| 434,615 | | |
| 464,980 | |
| | |
| | | |
| | |
| Vessels and other property, less accumulated depreciation | |
| 2,081,508 | | |
| 1,914,426 | |
| Vessels construction in progress | |
| 12,137 | | |
| 11,670 | |
| Deferred drydock expenditures, net | |
| 79,184 | | |
| 70,880 | |
| Operating lease right-of-use assets | |
| 14,778 | | |
| 20,391 | |
| Pool working capital deposits | |
| 33,238 | | |
| 31,748 | |
| Long-term derivative asset | |
| 1,888 | | |
| 1,153 | |
| Other assets | |
| 17,322 | | |
| 6,571 | |
| Total Assets | |
$ | 2,674,670 | | |
$ | 2,521,819 | |
| | |
| | | |
| | |
| LIABILITIES AND EQUITY | |
| | | |
| | |
| Current Liabilities: | |
| | | |
| | |
| Accounts payable, accrued expenses and other current liabilities | |
$ | 52,118 | | |
$ | 57,904 | |
| Current portion of operating lease liabilities | |
| 10,017 | | |
| 10,223 | |
| Current installments of long-term debt | |
| 49,598 | | |
| 127,447 | |
| Total Current Liabilities | |
| 111,733 | | |
| 195,574 | |
| Long-term operating lease liabilities | |
| 6,958 | | |
| 11,631 | |
| Long-term debt | |
| 663,054 | | |
| 595,229 | |
| Other liabilities | |
| 5,489 | | |
| 2,628 | |
| Total Liabilities | |
| 787,234 | | |
| 805,062 | |
| | |
| | | |
| | |
| Equity: | |
| | | |
| | |
| Total Equity | |
| 1,887,436 | | |
| 1,716,757 | |
| Total Liabilities and Equity | |
$ | 2,674,670 | | |
$ | 2,521,819 | |
Consolidated Statements of Cash Flows
($
in thousands)
| | |
Six Months Ended June 30, | |
| | |
2024 | | |
2023 | |
| | |
(Unaudited) | | |
(Unaudited) | |
| Cash Flows from Operating Activities: | |
| | | |
| | |
| Net income | |
$ | 289,213 | | |
$ | 326,395 | |
| Items included in net income not affecting cash flows: | |
| | | |
| | |
| Depreciation and amortization | |
| 70,670 | | |
| 61,993 | |
| Amortization of debt discount and other deferred financing costs | |
| 2,059 | | |
| 3,128 | |
| Deferred financing costs write-off | |
| — | | |
| 721 | |
| Stock compensation | |
| 3,633 | | |
| 3,873 | |
| Earnings of affiliated companies | |
| — | | |
| 20 | |
| Other – net | |
| (433 | ) | |
| (1,560 | ) |
| Items included in net income related to investing and financing activities: | |
| | | |
| | |
| Gain on disposal of vessels and other assets, net | |
| (27,903 | ) | |
| (10,722 | ) |
| Payments for drydocking | |
| (24,425 | ) | |
| (18,992 | ) |
| Insurance claims proceeds related to vessel operations | |
| 888 | | |
| 2,698 | |
| Changes in operating assets and liabilities | |
| 10,679 | | |
| 46,902 | |
| Net cash provided by operating activities | |
| 324,381 | | |
| 414,456 | |
| Cash Flows from Investing Activities: | |
| | | |
| | |
| Expenditures for vessels, vessel improvements and vessels under construction | |
| (202,875 | ) | |
| (188,068 | ) |
| Proceeds from disposal of vessels and other property, net | |
| 48,043 | | |
| 20,070 | |
| Expenditures for other property | |
| (801 | ) | |
| (586 | ) |
| Investments in short-term time deposits | |
| (75,000 | ) | |
| (175,000 | ) |
| Proceeds from maturities of short-term time deposits | |
| 135,000 | | |
| 135,000 | |
| Pool working capital deposits | |
| (782 | ) | |
| — | |
| Net cash used in investing activities | |
| (96,415 | ) | |
| (208,584 | ) |
| Cash Flows from Financing Activities: | |
| | | |
| | |
| Borrowing on revolving credit facilities | |
| 50,000 | | |
| — | |
| Repayments of debt | |
| (39,851 | ) | |
| (192,856 | ) |
| Proceeds from sale and leaseback financing, net of issuance and deferred financing costs | |
| — | | |
| 169,717 | |
| Payments and advance payment on sale and leaseback financing and finance lease | |
| (24,325 | ) | |
| (112,786 | ) |
| Payments of deferred financing costs | |
| (5,759 | ) | |
| (1,146 | ) |
| Repurchase of common stock | |
| — | | |
| (13,948 | ) |
| Cash dividends paid | |
| (151,595 | ) | |
| (177,565 | ) |
| Cash paid to tax authority upon vesting or exercise of stock-based compensation | |
| (7,055 | ) | |
| (5,009 | ) |
| Net cash used in financing activities | |
| (178,585 | ) | |
| (333,593 | ) |
| Net increase/(decrease) in cash and cash equivalents | |
| 49,381 | | |
| (127,721 | ) |
| Cash and cash equivalents at beginning of year | |
| 126,760 | | |
| 243,744 | |
| Cash and cash equivalents cash at end of period | |
$ | 176,141 | | |
$ | 116,023 | |
Spot and Fixed TCE Rates Achieved and Revenue Days
The following tables provides a breakdown of TCE rates achieved for
spot and fixed charters and the related revenue days for the three months ended June 30, 2024 and the comparable period of 2023. Revenue
days in the quarter ended June 30, 2024 totaled 6,234 compared with 6,742 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
$858 and $859 per day for the three months ended June 30, 2024 and 2023, respectively.
| | |
Three
Months Ended June 30, 2024 | | |
Three
Months Ended June 30, 2023 | |
| | |
Spot | | |
Fixed | | |
Total | | |
Spot | | |
Fixed | | |
Total | |
| Crude Tankers | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| VLCC | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Average TCE Rate | |
$ | 46,350 | | |
$ | 37,339 | | |
| | | |
$ | 52,307 | | |
$ | 43,056 | | |
| | |
| Number of Revenue
Days | |
| 828 | | |
| 273 | | |
| 1,101 | | |
| 781 | | |
| 294 | | |
| 1,075 | |
| Suezmax | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Average TCE Rate | |
$ | 45,045 | | |
$ | 31,044 | | |
| | | |
$ | 61,267 | | |
$ | 30,990 | | |
| | |
| Number of Revenue
Days | |
| 1,001 | | |
| 182 | | |
| 1,183 | | |
| 988 | | |
| 181 | | |
| 1,169 | |
| Aframax | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Average TCE Rate | |
$ | 31,450 | | |
$ | 38,500 | | |
| | | |
$ | 53,482 | | |
$ | - | | |
| | |
| Number
of Revenue Days | |
| 190 | | |
| 91 | | |
| 281 | | |
| 364 | | |
| - | | |
| 364 | |
| Total
Crude Tankers Revenue Days | |
| 2,019 | | |
| 546 | | |
| 2,565 | | |
| 2,133 | | |
| 475 | | |
| 2,608 | |
| Product
Carriers | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Aframax (LR2) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Average TCE Rate | |
$ | 55,485 | | |
$ | - | | |
| | | |
$ | 25,594 | | |
$ | 17,829 | | |
| | |
| Number of Revenue
Days | |
| 58 | | |
| - | | |
| 58 | | |
| 41 | | |
| 50 | | |
| 91 | |
| Panamax (LR1) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Average TCE Rate | |
$ | 53,066 | | |
$ | - | | |
| | | |
$ | 63,606 | | |
$ | - | | |
| | |
| Number of Revenue
Days | |
| 506 | | |
| - | | |
| 506 | | |
| 780 | | |
| - | | |
| 780 | |
| MR | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Average TCE Rate | |
$ | 35,007 | | |
$ | 21,553 | | |
| | | |
$ | 28,331 | | |
$ | 20,819 | | |
| | |
| Number
of Revenue Days | |
| 2,597 | | |
| 508 | | |
| 3,105 | | |
| 2,954 | | |
| 309 | | |
| 3,263 | |
| Total
Product Carriers Revenue Days | |
| 3,161 | | |
| 508 | | |
| 3,669 | | |
| 3,775 | | |
| 359 | | |
| 4,134 | |
| Total
Revenue Days | |
| 5,180 | | |
| 1,054 | | |
| 6,234 | | |
| 5,908 | | |
| 834 | | |
| 6,742 | |
Revenue days in the above table excludes 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 June 30, 2024, INSW’s fleet totaled 83 vessels, of which
63 were owned, 14 were chartered in and six contracted newbuildings.
| | |
| | |
| | |
Total at June 30, 2024 | |
| Vessel Fleet and Type | |
Vessels Owned | | |
Vessels
Chartered-in1 | | |
Total Vessels | | |
Total Dwt | |
| Operating Fleet | |
| | | |
| | | |
| | | |
| | |
| VLCC | |
| 4 | | |
| 9 | | |
| 13 | | |
| 3,910,572 | |
| Suezmax | |
| 13 | | |
| - | | |
| 13 | | |
| 2,061,754 | |
| Aframax | |
| 4 | | |
| - | | |
| 4 | | |
| 452,375 | |
| Crude Tankers | |
| 21 | | |
| 9 | | |
| 30 | | |
| 6,424,701 | |
| | |
| | | |
| | | |
| | | |
| | |
| LR2 | |
| 1 | | |
| - | | |
| 1 | | |
| 112,691 | |
| LR1 | |
| 6 | | |
| 1 | | |
| 7 | | |
| 522,698 | |
| MR | |
| 35 | | |
| 4 | | |
| 39 | | |
| 1,951,525 | |
| Product Carriers | |
| 42 | | |
| 5 | | |
| 47 | | |
| 2,586,914 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total Operating Fleet | |
| 63 | | |
| 14 | | |
| 77 | | |
| 9,011,615 | |
| | |
| | | |
| | | |
| | | |
| | |
| Newbuild Fleet | |
| | | |
| | | |
| | | |
| | |
| LR1 | |
| 6 | | |
| - | | |
| 6 | | |
| 441,600 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total Newbuild Fleet | |
| 6 | | |
| - | | |
| 6 | | |
| 441,600 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total Operating and Newbuild Fleet | |
| 69 | | |
| 14 | | |
| 83 | | |
| 9,453,215 | |
(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
June 30, | | |
Six Months Ended
June 30, | |
| ($ in thousands) | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Net income | |
$ | 144,723 | | |
$ | 153,762 | | |
$ | 289,213 | | |
$ | 326,395 | |
| Third-party debt modification fees | |
| 168 | | |
| 13 | | |
| 168 | | |
| 420 | |
| Write-off of deferred financing costs | |
| - | | |
| 555 | | |
| - | | |
| 721 | |
| (Gain)/loss on disposal of vessels and other assets, net of impairments | |
| (27,852 | ) | |
| 26 | | |
| (27,903 | ) | |
| (10,722 | ) |
| Provision for settlement of multi-employer pension plan obligations | |
| 975 | | |
| - | | |
| 975 | | |
| - | |
| Adjusted Net Income | |
$ | 118,014 | | |
$ | 154,356 | | |
$ | 262,453 | | |
$ | 316,814 | |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted average shares outstanding (diluted) | |
| 49,721,858 | | |
| 49,404,837 | | |
| 49,550,928 | | |
| 49,525,282 | |
| Adjusted net income per diluted share | |
$ | 2.37 | | |
$ | 3.12 | | |
$ | 5.30 | | |
$ | 6.40 | |
(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
June 30, | | |
Six Months Ended
June 30, | |
| ($ in thousands) | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Net income | |
$ | 144,723 | | |
$ | 153,762 | | |
$ | 289,213 | | |
$ | 326,395 | |
| Income tax provision | |
| - | | |
| 381 | | |
| - | | |
| 380 | |
| Interest expense | |
| 12,425 | | |
| 17,914 | | |
| 25,312 | | |
| 34,861 | |
| Depreciation and amortization | |
| 36,517 | | |
| 32,445 | | |
| 70,670 | | |
| 61,993 | |
| EBITDA | |
| 193,665 | | |
| 204,502 | | |
| 385,195 | | |
| 423,629 | |
| Third-party debt modification fees | |
| 168 | | |
| 13 | | |
| 168 | | |
| 420 | |
| Write-off of deferred financing costs | |
| - | | |
| 555 | | |
| - | | |
| 721 | |
| (Gain)/loss on disposal of vessels and other assets, net | |
| (27,852 | ) | |
| 26 | | |
| (27,903 | ) | |
| (10,722 | ) |
| Provision for settlement of multi-employer pension plan obligations | |
| 975 | | |
| - | | |
| 975 | | |
| | |
| Adjusted EBITDA | |
$ | 166,956 | | |
$ | 205,096 | | |
$ | 358,435 | | |
$ | 414,048 | |
(C) Cash
| | |
June 30, | | |
December 31, | |
| ($ in thousands) | |
2024 | | |
2023 | |
| Cash and cash equivalents | |
$ | 176,141 | | |
$ | 126,760 | |
| Short-term investments | |
| - | | |
| 60,000 | |
| Total Cash | |
$ | 176,141 | | |
$ | 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) | |
2023 | | |
2024 | |
| For the three months ended: | |
June
30 | | |
September
30 | | |
December
31 | | |
March
31 | | |
June
30 | |
| Net
cash provided by operating activities (1) | |
$ | 193,634 | | |
$ | 148,463 | | |
$ | 125,483 | | |
$ | 156,442 | | |
$ | 167,939 | |
| Repayments
of debt (1) | |
| (55,407 | ) | |
| (132,152 | ) | |
| (108,365 | ) | |
| (19,538 | ) | |
| - | |
| Payments
on sale and leaseback (1) | |
| (78,167 | ) | |
| (10,946 | ) | |
| (12,233 | ) | |
| (12,146 | ) | |
| (12,179 | ) |
| Less: optional prepayments (2) | |
| 92,482 | | |
| 104,312 | (3) | |
| 88,382 | | |
| - | | |
| - | |
| Expenditures
for vessels (1) | |
| (121,366 | ) | |
| (4,150 | ) | |
| (12,941 | ) | |
| (26,420 | ) | |
| (176,455 | ) |
| Expenditures
for other property (1) | |
| (62 | ) | |
| (449 | ) | |
| (436 | ) | |
| (701 | ) | |
| (100 | ) |
| Less: payments for acquiring vessels
(2) | |
| 115,162 | | |
| - | | |
| 11,548 | | |
| 23,200 | | |
| 174,896 | |
| Free cash flow | |
$ | 146,276 | | |
$ | 105,078 | | |
$ | 91,438 | | |
$ | 120,837 | | |
$ | 154,101 | |
| (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 period ended September
30, 2023, Repayments of Debt include the line item Premium and fees on extinguishment of debt. |
| (2) | Payments for vessels under construction represent the contractual
payments on three dual-fuel VLCCs that delivered in the first half of 2023 and contractual payments for the LR1 newbuildings in Q4 2023.
In the three months ended 2024, the Company announced the acquisition of 6 eco MRs for a total contract price of $232 million, of which
10% was paid in deposit in the same quarter. The vessels delivered during the second quarter of 2024. |
| (3) | In connection with the execution of the revolving credit facility
(“$160 Million Facility”) in the third quarter of 2023, the Company drew $50 million as of September 30, 2023. During October
2023, the Company repaid the outstanding amounts on the facility. |
(E) Time Charter Equivalent (TCE) Revenues
Consistent with general practice in the shipping industry, the Company
uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter
to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information
in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions
regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments
to shipping revenues as reported in the consolidated statements of operations follow:
| | |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| ($ in thousands) | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Time charter equivalent revenues | |
$ | 251,848 | | |
$ | 288,335 | | |
$ | 522,776 | | |
$ | 571,655 | |
| Add: Voyage expenses | |
| 5,561 | | |
| 3,868 | | |
| 9,034 | | |
| 7,678 | |
| Shipping revenues | |
$ | 257,409 | | |
$ | 292,203 | | |
$ | 531,810 | | |
$ | 579,333 | |
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- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X |
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| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
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dei_TradingSymbol |
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dei_ |
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| Period Type: |
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| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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| X |
- Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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