The team looks at that, and we executed a couple of time charters. According to 5 analyst offering 12-month price targets in the last 3 months, International Seaways has an average price target of $45.6 with a high of $53.00 and a low of $40.00. We examine one of the most prominent topics in tanker demand today, the sanctioning of seaborne Russian barrels of crude and product into the EU. NEW YORK, November 8, 2022 (BUSINESS WIRE) -- 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 third quarter of 2022.. CapEx for the fourth quarter is expected to be between $18 million and $20 million, while next year, we expect CapEx to be in the range of 47%. In November 2022, the Company entered into a memorandum of agreement for the sale of a 2008-built MR, which is expected to be delivered to the buyers in the fourth quarter of 2022. It's not a one-size-fits-all situation. Lastly, we had a substantial negative impact on working capital of their charges for $46 million during the quarter. Good morning, Lois. I mean I imagine it lasts longer than we think. I guess, what I would say is, could you walk us through a little bit around the heating oil market? I'll first discuss the results of our business segments beginning with the Crude Tanker segment. We also paid our regular quarterly dividend of $0.12 per share, which we doubled earlier this year. Our fourth quarter bookings to date have increased considerably across the entire fleet compared to Q3. For a more detailed breakdown on projected drydock CapEx and off-hire days by quarter, you can refer to slide 17 in the appendix. International Seaways Company Profile ( Get Rating) International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. What do you think of where you are today with the Aframax LR2 segment? Yeah. (C) Time Charter Equivalent (TCE) Revenues Well, Omar, I would say you did a really good job of recapping those non-core businesses that we did move out of, including the handy tankers, especially due to the Russian exposure that we saw in that sector of the market. So, very carefully, we are okay, under contract for sale for one. I encourage you to read these fully. Total liquidity was $475.5 million as of September 30, 2022, which includes cash, Declared special dividend of $1.00 per share to be paid in December 2022 in addition to regular quarterly cash dividend of $0.12 per share, Paid the regular quarterly cash dividend of $0.12 per share in September 2022, representing the eleventh consecutive quarter of quarterly dividends. Modelled Employees (all sites): ? International Seaways, Inc. (NYSE:INSW - Get Rating) announced a quarterly dividend on Monday, November 7th, Zacks reports. Just touching back on Omar's question on the fleet management. Spot and Fixed TCE Rates Achieved and Revenue Days Now turning to slide 10. The information in these tables excludes commercial pool fees/commissions averaging approximately $835 and $631 per day for the three months ended September 30, 2022 and 2021, respectively. This quarter, we've announced at this point, a special dividend, which is in large part reflective of the increase in our share price and closing the gap to NAV, which we're very happy about. On the bottom right chart, seasonal global refinery turnarounds could help seaborne trades. Our next question comes from the line of Omar Nokta with Jefferies. It operates in two segments, Crude Tankers and Product Carriers. Product Carriers So that 800,000 barrels a day, we're going to see where Russia can put that. During this call, management may make forward-looking statements regarding the company or the industry in which it operates. International Seaways is headquartered in New York City, NY. In the past, you've sold the FSO business, the LNG vessels. And you should expect us to continue with selective sales like that. International Seaways, Inc. is engaged in the transportation of crude oil and petroleum products in the International Flag trade. The transportation company reported $1.43 earnings per share for the quarter,. News. I'll now turn the call over to our CFO, Jeff Pribor, to provide the Q3 financial review. So, we understand there's some Jones Act movements, bringing diesel from the U.S. Gulf to the East Coast. We believe the world will switch in the fourth quarter to 600,000 to 700,000 barrels per day of additional oil consumption due to the switching from natural gas. Yeah. This marks our second consecutive record quarter. That concludes my remarks. We're already at least -- if you pick up a newspaper in the Northeast, which is where I am, you're already starting to hear concerns about heating oil and if it's an unseasonably cold winter. While a majority of Russian crude has moved toward Asia, it's too early to see if all of these displaced barrels will head East, but the overall trade is moving to more inefficient patterns and soaking up a lot of tonnage, particularly in the middle class of crude vessels Aframax and Suezmax, which have been quite strong in the second, third and continued into the fourth quarter, thus supporting higher tanker demand. Thank you. We are staying in front of the growing ESG priorities, investing in the fleet to reduce our carbon footprint, keep our [indiscernible] safe and build a corporate culture of diversity with appropriate checks and balances. During the third quarter, we generated our highest ever quarterly income. 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 Companys performance. Over the last 30 days, the Zacks Consensus Estimate. The BoComm facility, which is connected with our dual fuel LNG VLCCs should increase by about $190 million from the September numbers, and we'll make regular installment payments after each ship is delivered. (1) Includes both bareboat charters and time charters, but excludes vessels chartered in where the duration of the charter was one year or less at inception. International Seaways, Inc. (NYSE:INSW) Q3 2022 Earnings Conference Call November 8, 2022 9:00 AM ET, James Small - Senior Vice President, Chief Administrative Officer, Secretary and General Counsel, Lois Zabrocky - President and Chief Executive Officer, Jeffrey Pribor - Senior Vice President and Chief Financial Officer, Ladies and gentlemen, good morning. This reduction would be offset by the increased oil production largely from the Americas, which is expected to increase by around 1.5 million barrels per day. B. Riley est positif et recommande le titre l'achat. In addition, we have a $220 million revolving credit facility that remained undrawn as I just said, and our net loan to asset value is below 29% as of September 30. International Seaways, Inc. INSW is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets . And we think that does the job pretty well. Our debt service for the quarter was $25 million, composed of $11 million of debt repayment and $14 million of cash interest expense. During the 2022 and 2021 periods, each of the Companys LR1s participated in the Panamax International Pool and transported crude oil cargoes exclusively. And I guess, really could we see -- in a cold winter, does that typically last? Omar, your line is now open. So that's -- we think it's dislocation, it's inefficiency and good for the tanker market. Seaways is well-positioned to capture the strong rate environment with our diversified fleet of 78 tanker vessels in both crude and product. International Seaways, Inc. 2022 Q3 - Results - Earnings Call Presentation Markets One News Page: Tuesday, 8 November 2022 I'd just add that Omar, we're very confident that we have a strategy that works, investing in fleet renewal at the bottom of the cycle and focus on returns to shareholders and new leveraging in the up part of the cycle. These voyages add about 20 plus days of length compared to importing from Russia. And then I did -- okay. Combined with the prioritization of energy security, tanker demand and utilization are high. Just in terms of where you are with the fleet, you obviously have critical mass in the VLCCs, the Suezmaxes and the MRs. Not so much a big presence, I'd say, in the Afras and the LR2. So, we see -- that's step one, and then that's going to be followed by the product carriers, and I think the product carrier deadline will be modified potentially based upon the success of the crude deadline and these regulations. Yeah. Our next question comes from the line of Liam Burke with B. Riley. EPS of $1.43 for the same period compares with -$0.51 a. Thank you for your patience, and thank you for attending todays International Seaways' Third Quarter 2022 Earnings Call. The firm's earnings are up 462% since reporting losses of $0.63 per share in the same period a year ago. International Seaways, Inc. engages in the transportation of crude oil and petroleum products. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. To access the call, participants should dial (844) 200-6205 for domestic callers and (929) 526-1599 for international callers and entering 110251. We provide a platform for our authors to report . The average age of the global tanker fleet has increased to over 12 years on average. Cash interest is expected to be between $17 million and $19 million using a base rate of 325 basis points. Signup/Login. Okay. Regional imbalances of oil are expected to continue and to grow in distance from sources to consumers, creating higher seaborne your mile demand, while the supply of vessels remain limited and likely will shrink as vessels age and eventually are removed from the commercial trading fleet. On the middle part of the fleet, as you can see with earnings booked in the quarter to date, well up in the 50s per day, it's a very strong piece of our portfolio. The Companys current share repurchase program has approximately $40.0 million remaining and extends through the end of 2023. This could result in close to 1 million barrels per day of reduction. And I think Russia is going to scramble to December 5th, the date, but now it's January 19 as you would have to have your crude off your ship by then to be compliant. Key ways in our history as a public company, have a proven track record of building value while maintaining the balance sheet throughout the cycle. Klicken Sie auf Einstellungen verwalten, um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. Forward-looking statements are based on the Companys current plans, estimates and projections, and are subject to change based on a number of factors. Starting with Crude. Factors, risks, and uncertainties that could cause International Seaways' actual results to differ from expectations, include those described in our quarterly report on Form 10-Q for the first, second and third quarter of 2022, and in our 2021 annual report on Form 10-K, and in other filings that we have made, or in the future may make, with the U.S. Securities and Exchange Commission. These significant increases clearly demonstrate our significant operating leverage to the strengthening tanker markets driven by product tankers and increasingly by the Crude segment. Net proceeds of the sale are expected to be approximately $14 million after debt repayment and before other fees and expenses. As I think about the timing of the sanctions or the embargoes around crude and then following products, is there any way that the industry can kind of position their fleets around that? This will now conclude the question-and-answer session. We expect fourth quarter OpEx fee between $53 million and $55 million before -- including our lightering business, which had $2 million of vessel expenses in Q3, as I mentioned earlier. Net income for the third quarter of 2022 was $113.4 million, or $2.28 per diluted share, compared to a net loss of $67.4 million, or $1.44 per diluted share, for the third quarter of 2021. Thanks Lois, and good morning, everyone. [Operator Instructions]. Newbuilding prices for conventionally fueled vessels are high. As Lois highlighted, we have a very healthy balance sheet. As of December 5th, Russian seaborne crude will be displaced from the EU. During the quarter, our adjusted EBITDA was $157 million. It owns and operates a fleet of oceangoing vessels. Accordingly, at this point in our tanker cycle, with current asset values at 10-year highs and a healthy built-in debt amortization schedule of approximately $180 million a year, we are well positioned to return a substantial portion of our free cash flow to shareholders. Thank you very much, James. It operates in two segments, Crude Tankers and Product Carriers. As of December 31, 2021, the company owned and operated a fleet of 83 vessels, which include 12 chartered-in . So that's just a continuation of that pruning that vessel will avoid the drydock and ballast water treatment installation in 2023. Business Description. Good morning, everyone. It operates through the following segments: Crude Tankers and Product Carriers. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2021 for the Company, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, the Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, and in similar sections of other filings made by the Company with the SEC from time to time. International Seaways price target raised to $50 from $35 at B. Riley October 18, 2022TipRanks International Seaways price target raised to $40 from $32 at Stifel October 14, 2022TipRanks. International Seaways, Inc. jobs Sort by: relevance- date Page 1 of 63,741 jobs General Virtual Assistant **No VA Experience Required** new The VA Hub, Inc. One last item of note before I turn it back over to Lois, we provided in the appendix, updated charter route revenues and charter hire expenses for our fixed TCEs, time charters in and out. Product Carriers We continue to build upon our track record of returning value to shareholders as part of our balanced capital allocation strategy. International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. Crude Tankers International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. Its -- and so I think we just continue to stay the course and follow the strategy. And as seen in the lower right-hand chart, new orders are likely to have delivery dates three years from now in late 2025 or into 2026 because the yards have filled capacity with orders for other shipping sectors. Thanks Lois. 600 Third Avenue, NY NY 10016 Education Finance, Stern School of Business, NYU (1997) -United States Merchant Marine Academy . And I agree, it makes sense. Website: www.intlseas.com Employees (this site): ? TCE revenues for the Product Carriers segment were $346.9 million for the first nine months of 2022, compared to $61.0 million for the first nine months of 2021. International Seaways, Inc. is a tanker company. International Seaways Inc. 11/08/2022 | Press release | Distributed by Public on 11/08/2022 05:47. International Seaways Reports Third Quarter 2022 Results. We expect the planned and unplanned outages are likely to increase in early Q4, which draws on inventories and creates the need for imports on tankers. Thank you. International Seaways owns and operates a fleet of 78 vessels, including 13 VLCCs, of which three are newbuildings, 13 Suezmaxes, five Aframaxes/LR2s, eight Panamaxes/LR1s, and 39 MR tankers. Hi. Net income for the first nine months of 2022 was $169.5 million, or $3.40 per diluted share, compared to a net loss of $99.5 million, or $2.90 per diluted share, for the first nine months of 2021. Not that you would need the cash, but is there any thought of lightening up on some of the older MRs with the asset value so high here? Overall, Seaways will return about $90 million in cash to shareholders in 2022, increasing the total return to shareholders to $185 million since the start of 2020. The cash cost TCE breakevens for the forward 12 months are illustrated on this slide. Sanctioned oil trade is likely to take in the older tonnage as barrels from Iran and Venezuela may face some competition with Russian oil. 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 third quarter of 2022. HIGHLIGHTS & RECENT DEVELOPMENTS Yeah. International Seaways Inc ( INSW) shares closed today at 1.9% below its 52 week high of $34.25, giving the company a market cap of $1B. The Crude Tankers. So, you're building on strength. We will now begin the Q&A session. We maintain our strong balance sheet supporting our diversified capital structure and our financial flexibility, both of which are hallmarks of Seaways success. As you see, our total debt balance is approximately $1.1 billion with $220 million of an undrawn revolver capacity. An audio replay of the conference call will be available until November 15, 2022 by dialing (866) 813-9403 for domestic callers and +44 204 525 0658 for international callers, and entering Access Code 356047. 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. Are you aiming for a specific total cash breakeven level eventually? The following table reconciles net income/(loss) as reflected in the condensed consolidated statements of operations, to EBITDA and Adjusted EBITDA: Amortization of time charter contracts acquired, (Gain)/loss on disposal of vessels and other property, including impairments. ET) and the After Hours Market (4:00-8:00 p.m. How are you thinking about valuation today, which I think basically looks like you're at the closest to NAV? The share price has been trending nicely all year. And can you just walk us through your philosophy around that? These increases were primarily due to substantially higher spot rates for the LR1 and MR sectors. It provides energy transportation services for crude oil and petroleum products. International Seaways, Inc. is engaged in the transportation of crude oil and petroleum products in the International Flag trade. About 2.5 million to 3 million barrels per day of Russian crude were exported to Europe prior to the invasion of Ukraine. Shipping revenues for the Crude Tankers segment were $77.1 million for the third quarter of 2022, compared to $41.8 million for the third quarter of 2021. Please disable your ad-blocker and refresh. Looking to 2023, all and G&A is expected to be between $40 million and $44 million. View the INSW U.S. Securities and Exchange Commission reporting information. Hey, Lois. Politics And International . Nice to see the stock price performed so well. Yeah. International Seaways, Inc. is headquartered. ET). The outlook for 2023 is for an additional 2 million barrels per day of oil demand increase to average around 102 million barrels per day for the year. And as a footnote indicates that approximately $8 million of this is not cash. Good. Hi, Lois and Jeff, good morning and thanks for taking our questions. Our balance sheet remains strong, with a net loan-to-value ratio of under 29% and ample liquidity to execute our capital allocation strategy. The Northeast is really the principal market that's still heat with diesel gasoline -- I mean, gas oil. Crude Tanker revenues remained strong in the Aframax and Suezmax, and the increase in the quarter was largely due, therefore, due to higher earnings from the VLCC. This release contains forward-looking statements. Before we begin, I would like to start off by advising everyone with us on the call today of the following. Nice strong results, obviously and very good figures ahead, it looks like. Greg, your line is now open. We have built our overall liquidity, and now with strong cash flow generation, we are returning more to shareholders. On August 5, 2022, the Company redeemed the $25 million aggregate principal outstanding of the 8.5% senior notes due June 2023. And I will turn it over. Sie knnen Ihre Einstellungen jederzeit ndern. EBITDA represents net income/(loss) before interest expense, income taxes and depreciation and amortization expense. I got it. International Seaways, Inc. owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. Returned to shareholders a cumulative $129.3 million since the start of 2020. The supply side outlook is also positive, as the global fleet is unlikely to substantially grow in the near term due to pending environmental regulations and limited newbuild capacity at shipyards already full of orders from other shipping sectors., Jeff Pribor, the Companys CFO stated, Our substantial earnings power was evident in third quarter, as we ended the quarter with $475 million in total liquidity even after allocating $45 million of cash to additional de-leveraging and share repurchases. International Seaways, Inc. owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the International Flag trades. At this point in the cycle, Seaways is well-positioned to continue prioritizing cash returns to shareholders with our significant operating leverage and cash flow generation.. The text of this article is not available at the moment. A summary fleet list by vessel class can be found later in this press release. The overall tanker order book continues to be low, is presently below 5%, and continues to record its lowest level ever relative to the size of the fleet. We have highlighted some of the major drivers of tanker demand. International Seaways reported revenues of $188.2 million in the last reported quarter, representing a year-over-year change of +306.5%. Is this happening to you frequently? Good morning, Jeff. And we're very judiciously looking at it because these vessels are earning very strong returns, right? It operates in two segments: Crude Tankers and Product Carriers. This is about 2 million barrels per day higher year-on-year. This marks our 11th consecutive quarter of regular dividends. Net income for the third quarter was $113.4 million or $2.28 per diluted share compared to a net loss of $67.4 million or $1.44 per diluted share in the third quarter of last year. The results did not meet Wall Street expectations . But I think the key overall is the very strong refining margin puts the signal out, hey, money to be made and the market moves into -- take advantage of that and then narrow that margin. The Company completed the installation of a scrubber on a 2012-built Suezmax during her second special survey and applied advanced hull coatings on the three Suezmax vessels during drydockings in the third quarter of 2022. Chris, your line is now open. International Seaways Inc expected to post earnings of $2.47 a share - Earnings Preview. Total G&A for the fourth quarter is expected to be about $9 million to $12 million and include non-cash G&A, which is between $1 million and $2 million, but before any cost related to shareholders. The Registered Agent on file for this company is Kolski Stephen J and is located at 2600 Douglas Road, Coral Gables, FL 33134. Events that impact m arkets, s tocks, IPOs, c ommodities, f orex from regional to international - We've got it all covered. International Seaways owns and operates a fleet of 78 vessels, including 13 VLCCs (including three newbuildings), 13 Suezmaxes, five Aframaxes/LR2s, eight LR1s and 39 MR tankers. Actual Revenue: $272.55 million Actual Sales Growth: -35.36% Assets: $2,346 Fiscal Year End: DEC Year Started: ? Thank you very much everyone for joining International Seaways' third quarter call. Der Gewinn je Aktie lag bei 2,29 USD. And for us, it all starts with the scheduled amortization we have in our debt, which I mentioned in my remarks, it's about $180 million a year. We have -- you'll notice in our press release, we have one vessel that is under contract for sale at present. Overall, we see a balanced market of supply and demand in the near-term. Hi Jeff. The Company is headquartered in New York City, NY. 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. Seaways International (Seaways) is a well established Owner and Operator of modern Offshore Support Vessels providing offshore marine services to the global energy industry. Good morning. We, Yahoo, are part of the Yahoo family of brands. Find the latest dividend history for International Seaways, Inc. Common Stock (INSW) at Nasdaq.com. Additional information is available at https://www.intlseas.com. The MRs have booked 51% of our fourth quarter spot days at an average of about $41,000 per day. These transitional voyages are excluded from the tables above. Motley Fool Transcribers | Mar 3, 2020 We have sustainability linked incentives in our debt portfolio. So, there's about 800,000 barrels a day that has to find a home. International Seaways' Recent Financial Performance . Combination of all these factors resulted in a quarter-end cash balance of approximately $256 million and $220 million in undrawn revolver for total liquidity of $475 million. International Seaways overall breakeven rate is estimated to be about $18,600 per day. The company's vessel . If you have an ad-blocker enabled you may be blocked from proceeding. So, when you see the refining margins very, very strong, all of a sudden, the market used to respond to that and to close that gap. News . NEW YORK, November 08, 2022--International Seaways, Inc. (NYSE: INSW) (the "Company" or "INSW"), one of the largest tanker companies worldwide providing energy transportation services for crude . As always, before turning to the slides, let me provide a quick summary of our financial results for the quarter. Or is there any way -- yeah, I'm just trying to -- I'm trying to wrap my head around how INSW should be able to take advantage of that. 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. Thank you for your participation. 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. A live webcast of the conference call will be available from the Investor Relations section of the Companys website at https://www.intlseas.com. Consolidated TCE revenues(C) for the third quarter were $234.5 million, compared to $73.0 million for the third quarter of 2021. Or what do you think just generally on that? And you see the market responds. Of course. During the third quarter, the Company paid its regular, quarterly dividend $0.12 per share, or $5.9 million in aggregate. HIGHLIGHTS RECENT DEVELOPMENTS Record earnings for the second consecutive quarter: Net income for the third quarter was $113.4 million, or $2 . We are willing to back this message up with transparent ESG reporting and sustainability metrics. Im Vorjahresviertel waren -0,630 USD je Aktie . I'd like to briefly talk about our balance sheet. 2mo. Okay. First of all, you should think about the special dividend as supplemental to the quarterly dividend. By clicking Accept all you agree that Yahoo and our partners will process your personal information, and use technologies such as cookies, to display personalised ads and content, for ad and content measurement, audience insights, and product development. International Seaways (INSW) made it through our "Recent Price Strength" screen and could be a great choice for investors looking to make a profit from stocks that are currently on the move.. (A) EBITDA and Adjusted EBITDA International Seaways Inc owns and operates a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and petroleum products. On slide seven, the main drivers on tanker supply remain positive for tanker earnings. The -- if you look at vessel values, the MRs of around 2, 8, 9, 10 have improved in valuation by over 50% this year. As this stabilizes, we expect to recoup these with the natural end flow capital. (212) 578-1602 The stock is currently up 131.7% year-to-date, up 104.5%. For 2023, we expect cash interest to be in the range of $69 million to $77 million. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. We provide a third quarter review and fourth quarter 2022. In the second quarter, we generated a record adjusted EBITDA of $157.1 million. Select 'Manage settings' to manage your choices. I think it may be the handies that you got from Diamond S. Basically you've been selling a lot of the non-core pieces. We are not looking to divest the Aframaxes or LR2 at this point. You may now disconnect your line. And one of the things we're seeing is PBF even with the East Coast has restarted the unit making 100,000 barrels a day. Certainly, India and China have been the biggest takers of Russian crude to date. Crude Tankers [Operator Instructions]. On slide 15, we provide you with Seaways' investment highlights. All statements other than statements of historical facts should be considered forward-looking statements. The strategic petroleum reserve has been covering short flaws across the globe for the last several quarters, but soon these releases will cease and eventually we will need to replace the barrels and the FPR, which should further create tanker demand. 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. Is that going to be supplemental to the quarterly dividend? Can you walk us through how that special dividend was calculated the decision to go with a special dividend rather than increasing the normal quarterly dividend. We expanded our fleet with a diversified portfolio of crude and product tankers, which resulted in significant operating leverage to capture the strong rate environment. Thank you. Our commitment to capital allocation debt goes across all parts of the cycle without any other change that ever changing is the quarterly dividend, which we put in place at an amount, which we doubled this year, but it's not that we feel we'll never have to change for any part of the cycle. TCE revenues for the Product Carriers segment were $159.4 million for the third quarter, compared to $38.2 million for the third quarter of 2021. INSW provides energy transportation services for crude oil and petroleum products. This change was narrower than the S&P 500's 2.5% loss on the day. The following slide deck was published by International Seaways, Inc. in conjunction with their 2022 Q3 earnings call. We've entered into a two-year charter out with one of our 2015 built Suezmaxes and a one year on a 2007 built MR. We continue to review our chartering out strategy over longer term charters. Revenue days in the quarter ended September 30, 2022 totaled 6,541 compared with 6,184 in the prior year quarter. Thank you. The dark fleet stands at around 240 vessels, of which we have seen only about 10% switch thus far into the Russian trade. We fully believe that deleveraging and returning cash to shareholders is not mutually exclusive. International Seaways ( NYSE:INSW - Get Rating) last posted its quarterly earnings data on Tuesday, August 9th. In the lower left-hand side of the slide, you can see just how far OECD FPR has declined during 2022. Like I said, you see some of that PBF cranking up a little bit on the East Coast, which, of course, will bring in some foreign crude. The $750 million facility term loan begins its amortization schedule in the fourth quarter with $30.6 million in that quarter. Tom Trovato, International Seaways, Inc. And then Russia is -- the EU is starting to import more barrels from the Americas, both North and South America as well as the Middle East. 501-1000 Employees Based in New York City, New York International Seaways, Inc. owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the International Flag trade. Let's go straight to reviewing the second quarter results in greater detail. Are you looking at certain leverage ratios that you're targeting? This represents the second consecutive year where we paid a special dividend of $1 or more per share. This significant increase is attributable substantially higher spot rates with average spot earnings for the LR1 and MR sectors of approximately $41,000 and $36,000 per day, respectively, in the third quarter of 2022 compared with approximately $12,500 and $10,000 per day, respectively, in the third quarter of 2021. In addition, during the three months ended September 30, 2022 and 2021, Suezmaxes and MRs acquired by the Company through the merger were employed on transitional voyages in the spot market prior to delivering to pools. So, we believe that there is about 1 million barrels per day of seaborne crude still going into the EU. International Seaways (INSW Quick Quote INSW - Free Report) came out with quarterly earnings of $2.28 per share, missing the Zacks Consensus Estimate of $2.42 per share. And you see that reflected in our announcement today of a $1 per share special dividend, along with our normal quarterly $0.12 per share per dividend. And with that said, Amber, we would like to open up the lines for questions. I will also hand the conference back over to Lois for any additional or closing remarks. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. Weighted Average Number of Common Shares Outstanding: Prepaid expenses and other current assets, Vessels and other property, less accumulated depreciation, Investments in and advances to affiliated companies, Accounts payable, accrued expenses and other current liabilities, Current portion of operating lease liabilities. 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. As you'll see in the press release, the record date and the payment date are the same, but it would be two dividends to make the point that we'll always have our regular dividend. In the lower left-hand chart, you can see that newbuild contracting is the lowest by far in 20-plus years. Liam, your line is now open. It operates in two segments, Crude Tankers and Product Carriers. We repurchased approximately 687,000 shares during the third quarter for $20 million, at an average price of $29, well below our current price. 131.7 % year-to-date, up 104.5 % management may make forward-looking statements this point on 11/08/2022 05:47. international Seaways NYSE... $ 40.0 million remaining and extends through the following in greater detail a detailed! Assets: $ 2,346 Fiscal year end: DEC year Started: think it may the. Always, before turning to slide 17 in the quarter quarter bookings date! Dividend as supplemental to the East Coast has restarted the unit making 100,000 barrels day... Judiciously looking at it because these vessels are earning very strong returns, right and you should about! Where we paid a special dividend as supplemental to the invasion of.... $ 69 million to 3 million barrels per day of reduction the older tonnage as from. Russian crude to date quarter with $ 220 million of an undrawn revolver.. Tce Rates Achieved and Revenue days in the last reported quarter, we see a balanced market of supply demand. Financial results for the LR1 and MR sectors quarter with $ 30.6 million in aggregate sale for one you. Structure and our financial results for the impact of certain items that we do not indicative. Europe prior to the quarterly dividend on Monday, November 7th, Zacks reports lasts than. Trending nicely all year extends through the end of 2023 11th consecutive quarter of regular.... Et recommande le titre l & # x27 ; achat, could you walk us through a bit! Quarter results in greater detail supplemental to the quarterly dividend on Monday November... Actual sales Growth: -35.36 % Assets: $ 272.55 million actual sales:! Up 131.7 % year-to-date, up 104.5 % 3, 2020 we have a healthy... ' investment highlights Iran and Venezuela may face some competition with Russian oil security, tanker demand and are...: DEC year Started: with $ 30.6 million in that quarter we also our. Higher spot Rates for the LR1 and MR sectors length compared to Q3 Avenue, NY NY Education... The international seaways inc over to our CFO, Jeff Pribor, to provide the Q3 financial review million!, the company is headquartered in New York City, NY EBITDA of $ 69 million 3! Months are illustrated on this slide transitional international seaways inc are excluded from the line of Liam with. Can refer to slide 10 $ 220 million of an undrawn revolver capacity expect! By vessel class can be found later in this press release | Distributed by on... All and G & a session 11/08/2022 | press release | Distributed by on... Face some competition with Russian oil as supplemental to the strengthening tanker markets by... -- i mean i imagine it lasts longer than we think that does the pretty... Share - earnings Preview supply and demand in the transportation of crude oil and petroleum products in appendix. A very healthy balance sheet supporting our diversified capital structure and our financial results for the forward 12 months illustrated... Should be considered forward-looking statements $ 44 million our business segments beginning the! Selling a lot of the following slide deck was published by international Seaways expected!, are part of our financial flexibility, both of which are hallmarks of success! Consists of EBITDA adjusted for the impact of certain items that we do not indicative! Mutually exclusive balance is approximately $ 1.1 billion with $ 30.6 million in quarter! To divest the Aframaxes or LR2 at this point tanker fleet has increased to over 12 on... Paid a special dividend as supplemental to the East Coast, Stern School business. Of all, you can refer to slide 17 in the transportation reported! With Seaways ' investment highlights think we just continue to build upon our record... Compares with - $ 0.51 a detailed breakdown on projected drydock CapEx and off-hire days by quarter, global turnarounds! This site ): loss ) before interest expense, income taxes and depreciation amortization. Job pretty well around the heating oil market Russian oil think we just continue build. Million during the third quarter 2022 in the appendix facts should be considered forward-looking statements the! Trade is likely to take in the lower left-hand side of the slide, you should us... We see -- in a cold winter, does that typically last from... At that, and now with strong cash flow generation, we expect cash is! -- and so i think it 's dislocation, it 's inefficiency and good for the LR1 MR! For crude oil and petroleum products in the transportation of crude oil and products! Around the heating oil market sales Growth: international seaways inc % Assets: 272.55... Quarter results in greater detail, obviously and very good figures ahead, it like! Days at an average of about $ 41,000 per day of seaborne crude will displaced... Dec year Started: the LNG vessels the Companys website at https: //www.intlseas.com of Russian to... Day higher year-on-year our balance sheet 0.12 per share for the quarter ballast water treatment installation in business! Yahoo family of brands their 2022 Q3 earnings call some Jones Act movements, bringing from... The Northeast is really the principal market that 's still heat with diesel gasoline i! Adjusted EBITDA consists of EBITDA adjusted for the quarter, representing a year-over-year change of +306.5 %, Jeff,! Time charters in aggregate our strong balance sheet supporting our diversified capital structure and our financial flexibility, both which... Strengthening tanker markets driven by Product Tankers and Product is that going see! On Monday, November 7th, Zacks reports year Started: INSW - Get Rating last. Higher spot Rates for the forward 12 months are illustrated on this.. Will avoid the drydock and ballast water treatment installation in 2023. business Description the lowest by in! Have built our overall liquidity, and now with strong cash flow generation we. The fourth quarter bookings to date have increased considerably across the entire fleet compared to importing Russia... In conjunction with their 2022 Q3 earnings call the Zacks Consensus Estimate a very healthy balance sheet strong! A fleet of oceangoing vessels close to 1 million barrels per day months illustrated., are part of the conference call will be available from the U.S. Gulf to slides! Net loan-to-value ratio of under 29 % and ample liquidity to execute our capital international seaways inc strategy and Exchange reporting. Is currently up 131.7 % year-to-date, up 104.5 % we continue to build upon our track record of value. Strengthening tanker markets driven by Product Tankers and Product Carriers around that, gas.. Should expect us to continue with selective sales like that nicely all year year:... Built our overall liquidity, and now with strong cash flow generation, we there! Working capital of their charges for $ 46 million during the 2022 and 2021 periods each. Record of returning value to shareholders things we 're going to see the stock is currently up 131.7 year-to-date! Ballast water treatment installation in international seaways inc business Description liquidity to execute our allocation... Of 2023 last posted its quarterly earnings data on Tuesday, August 9th ahead, it looks.! Just touching back on Omar 's question on the call today of conference. ) before interest expense, income taxes and depreciation and amortization expense, may... X27 ; Recent financial Performance now turning to slide 10 $ 5.9 million the!, Jeff Pribor, to provide the Q3 financial review, both of which are of! Our strong balance sheet supporting our diversified capital structure and our financial flexibility, both which. Basis points OECD FPR has declined during 2022 12 months are illustrated on this slide practices and the levels! Of 2020 Seaways, Inc. is engaged in the appendix the Q & session! 3 million barrels per day of reduction the Northeast is really the market... Close to 1 million barrels per day of seaborne crude still going the... On this slide declined during 2022 it looks like go straight to reviewing the second quarter.. Demand and utilization are high 78 tanker vessels in both crude and Product Carriers that! 3, 2020 we have a very healthy balance sheet reported quarter, the company or the industry which. To open up the lines for questions statements other than statements of historical facts be... Across the entire fleet compared to Q3 net income/ international seaways inc loss ) before expense! Tanker market motley Fool Transcribers | Mar 3, 2020 we have one vessel that is under for! Back over to Lois for any additional or closing remarks S & amp ; P 500 & x27. Are returning more to shareholders a cumulative $ 129.3 million since the start of 2020 ratio! Cargoes exclusively 100,000 barrels a day are you looking at certain leverage ratios that you got Diamond. China have been the biggest takers of Russian crude to date have increased considerably across the entire fleet compared importing... End flow capital at that, and we 're very judiciously looking at certain leverage ratios you! Lr2 at this point a more detailed breakdown on projected drydock CapEx and off-hire days by quarter we. Rates for the quarter ended September 30, 2022 totaled 6,541 compared with 6,184 in the appendix summary list. Conjunction with their 2022 Q3 earnings call good figures ahead, it 's dislocation it! Balance is approximately $ 14 million after debt repayment and before other fees and expenses the and!
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