0001104659-20-122150.txt : 20201106 0001104659-20-122150.hdr.sgml : 20201106 20201106073018 ACCESSION NUMBER: 0001104659-20-122150 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20201106 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201106 DATE AS OF CHANGE: 20201106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: International Seaways, Inc. CENTRAL INDEX KEY: 0001679049 STANDARD INDUSTRIAL CLASSIFICATION: WATER TRANSPORTATION [4400] IRS NUMBER: 980467117 STATE OF INCORPORATION: 1T FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37836 FILM NUMBER: 201292399 BUSINESS ADDRESS: STREET 1: 600 THIRD AVENUE STREET 2: 39TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10016 BUSINESS PHONE: 2129534100 MAIL ADDRESS: STREET 1: 600 THIRD AVENUE STREET 2: 39TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10016 FORMER COMPANY: FORMER CONFORMED NAME: OSG International, INC DATE OF NAME CHANGE: 20160707 8-K 1 tm2035158-1_8k.htm FORM 8-K
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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

 

                    November 6, 2020                    

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 x

 

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. x

 

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
8.5% Senior Notes due 2023 INSW - PA 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 November 6, 2020, International Seaways, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing third quarter 2020 earnings.

 

Section 8 – Other Events

 

Item 8.01Other Events.

 

On November 6, 2020, International Seaways, Inc. announced that its Board of Directors had declared a quarterly cash dividend of $0.06 per share of common stock, payable December 23, 2020 to shareholders of record at the close of business on December 8, 2020.

 

Section 9 – Financial Statements and Exhibits

 

Item 9.01Financial 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.

 

Exhibit No. Description
99.1 Press Release dated November 6, 2020.

 

 
 

 

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: November 6, 2020 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 No. Description
99.1 Press Release dated November 6, 2020.

 

 

 

 

 

 

 

 

EX-99.1 2 tm20351581_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1 

 

 

 

INTERNATIONAL SEAWAYS REPORTS

THIRD QUARTER 2020 RESULTS

 

New York, NY – November 6, 2020 – 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 in International Flag markets, today reported results for the third quarter of 2020.

 

Highlights

 

·Net income for the third quarter was $14.0 million, or $0.50 per diluted share, compared to a net loss of $11.1 million, or $0.38 per diluted share, in the third quarter of 2019. Net income for the quarter reflects the impact of a $12.8 million impairment charge and loss on sale of vessels and a $0.7 million write-off of deferred finance costs and fees associated with the extinguishment of debt. Net income excluding these items was $27.6 million, or $0.98 per diluted share.
·Time charter equivalent (TCE) revenues(A) for the third quarter were $94.0 million, compared to $65.8 million for the third quarter of 2019.
·Adjusted EBITDA(B) for the third quarter was $54.6 million, compared to $23.8 million for the same period of 2019.
·Cash(C) was $153.7 million as of September 30, 2020; total liquidity was $193.7 million, including $40.0 million of undrawn revolver.
·Renewed share buyback program and increased authorization to a further $50 million.
·Paid a regular quarterly cash dividend of $0.06 per share in September 2020 and announced a quarterly cash dividend of $0.06 per share payable in December 2020.
·Prepaid the full $40.0 million outstanding under the Transition Term Loan Facility
·Subsequent to the end of the quarter, agreed to sell a 2002-built VLCC, Seaways Mulan, a 2003-built VLCC, Seaways Rosalyn, and a 2001-built Aframax, Seaways Fran.
·Signed 10-year extensions to our contracts for our two FSO joint ventures, which are expected to generate in excess of $322 million of contract revenues for the Company over the additional 10-year extension periods.

 

“During the third quarter, we generated solid results and increased our cash position despite current pressure on rates,” said Lois K. Zabrocky, International Seaways’ President and CEO. “Our sizeable fleet of crude and product tankers performed well during the quarter, and the four favorable time charters we executed earlier this year at very strong rates were instrumental in enabling us to optimize revenue during the current period of oil inventory destocking. Importantly, taking into consideration these time charters, two of which extend well into 2021, the contributions from our FSO JV, and our ongoing strategy of paying down debt, we have reduced our cash breakeven rate to approximately $17,500 per day.”

 

Ms. Zabrocky continued, “Moving forward, we remain positive on the long-term outlook of the tanker market. Our strategic focus continues to be on executing our disciplined and balanced approach to capital allocation, while continuing to advance initiatives that unlock significant value for shareholders. With this important goal in mind, we have finalized 10-year extensions for our FSO joint venture contracts, which are expected to generate in excess of $322 million of contract revenues for the Company, bolstering our contracted cash flows for another decade. In addition, and as we continue to operate in a COVID-19 environment, our priorities remain the safety of our onshore and at-sea professionals and providing best-in-class service to our leading energy customers.”

 

Jeff Pribor, the Company’s CFO, added, “We have succeeded in generating strong cash flows year-to-date for shareholders and deploying capital to further pay down debt and significantly enhance our financial strength. Notably, our total liquidity at quarter’s end was $194 million, and our net loan to value was 39%, one of the lowest among our tanker peers. We also paid our regular quarterly cash dividend of $0.06, complementing the approximate 5% of stock we have purchased in 2020 thus far. With our ample liquidity, we remain in a strong position to continue to return capital to shareholders and take advantage of strategic opportunities as they arise.”

 

 1

 

 

Third Quarter 2020 Results

 

Net income for the third quarter was $14.0 million, or $0.50 per diluted share, compared to a net loss of $11.1 million, or $0.38 per diluted share, in the third quarter of 2019. The increase in the third quarter of 2020 primarily reflects higher TCE revenues and substantially lower charter hire expenses and interest expense. An increase of $14.3 million in losses on disposals of vessels, and other property, including impairments served to partially offset such increases. Net income for the nine months ended September 30, 2020 was $111.4 million, or $3.88 per diluted share, compared to a net loss of $16.7 million, or $0.57 per share, for the nine months ended September 30, 2019.

 

Consolidated TCE revenues for the third quarter of 2020 were $94.0 million, compared to $65.8 million for the third quarter of 2019. Shipping revenues for the third quarter of 2020 were $99.9 million, compared to $71.3 million for the third quarter of 2019. Consolidated TCE revenues for the nine months ended September 30,2020 were $349.1 million, compared to $222.3 million in the prior year period. Shipping revenues for the nine months ended September 30, 2020 were $364.9 million compared to $242.2 million for the prior year period.

 

The third quarter began with some strength in the crude tanker market, carried over from the strong environment of the second quarter. The large inventory build-up seen in the second quarter as a result of overproduction and oil contango put pressure on tanker rates during the third quarter.

 

In the third quarter of 2020, the Company recorded an impairment charge of $11.7 million for a 2002-built and 2003-built VLCC, both of which have been contracted for sale, to write-down their carrying values to their estimated fair values at September 30, 2020. Interest expense decreased by $9.0 million for the third quarter of 2020 compared to the third quarter of 2019 as a result of lower average outstanding debt balances in the current year periods compared to the 2019 periods. This was principally attributable to $110 million in principal prepayments on the 2017 Term Loan Facility during the second half of 2019, the $40 million repayment of the Transition Loan Facility in August 2020 and the use of cash in the January 2020 refinancing. In addition, lower average margins and interest rates on the refinanced portion of debt entered into by the Company during the first quarter of 2020, and lower average LIBOR rates during the third quarter of 2020 contributed to the decline in interest expense.

 

Adjusted EBITDA was $54.6 million for the quarter, compared to $23.8 million for the third quarter of 2019. Adjusted EBITDA was $225.1 million for the nine months ended September 30, 2020, compared to $92.5 million for the nine months ended September 30, 2019.

 

Crude Tankers

 

TCE revenues for the Crude Tankers segment were $79.8 million for the quarter compared to $49.4 million for the third quarter of 2019. This increase primarily resulted from the impact of higher average rates in the VLCC, Suezmax, and Panamax sectors, with average spot earnings climbing to approximately $35,800, $28,200, and $15,500 per day, respectively, aggregating approximately $33.9 million. Also contributing was a 214-day increase in VLCC revenue days, which includes 110 days covered under the Company’s loss of hire insurance policy related to an off-hire period for the Seaways Mulan, as it was held by Indonesian authorities from February 8, 2020 through June 8, 2020 and was not redelivered back to the Tankers International Pool until June 28, 2020. The Company received $4.1 million from its insurance provider as a result of this recovery. Shipping revenues for the Crude Tankers segment were $83.6 million for the third quarter of 2020 compared to $54.9 million for the third quarter of 2019. TCE revenues for the Crude Tankers segment were $274.5 million for the nine months ended September 30, 2020, compared to $167.0 million for the same period last year. Shipping revenues for the Crude Tankers segment were $287.7 million for the nine months ended September 30, 2020, compared to $186.7 million for the same period last year.

 

 2

 

 

Product Carriers

 

TCE revenues for the Product Carriers segment were $14.2 million for the quarter, compared to $16.4 million for the third quarter of 2019. Higher period-over-period average daily blended rates earned by the LR2 and MR fleets, with average spot rates rising to approximately $21,500 and $14,400 per day, respectively, accounted for an increase in TCE revenues of approximately $0.8 million. This was offset by a $2.6 million days-based decline arising primarily from a 283-day decrease in MR revenue days in the third quarter, which resulted principally from the redelivery of four time chartered-in MRs to their owners between the third quarter of 2019 and July 2020. Shipping revenues for the Product Carriers segment were $16.2 million for the third quarter of 2020, compared to $16.4 million for the third quarter of 2019. TCE revenues for the Product Carriers segment were $74.5 million for the nine months ended September 30,2020, compared to $55.3 million in the 2019 nine-month period. Shipping revenues for the Product Carriers segment were $77.2 million for the nine months ended September 30, 2020, compared to $55.4 million for the same period last year.

 

Share Repurchases

 

During the quarter, the Company’s Board of Directors authorized a renewal of the share repurchase program in the amount of $30 million. On October 28, 2020, the Board of Directors increased the share repurchase program authorization to $50 million. No shares were acquired under the repurchase program in the third quarter.

 

Debt Prepayment

 

During the third quarter of 2020, the Company prepaid the $40.0 million outstanding principal balance under the Transition Term Loan Facility using available cash on hand, increasing the number of unencumbered ships in our fleet to 14.

 

Payment of Regular Cash Dividend

 

The Company’s Board of Directors declared a regular quarterly cash dividend of $0.06 per share of common stock on October 28, 2020. The dividend will be paid on December 23, 2020 to shareholders of record at the close of business on December 8, 2020.

 

Vessel Sales

 

Subsequent to quarter end, the Company agreed to sell a 2002-built VLCC, Seaways Mulan, a 2003-built VLCC, Seaways Rosalyn, and a 2001-built Aframax, Seaways Fran, for delivery to buyers between November 2020 and January 2021.

 

10-Year Contract Extensions for FSO Joint Venture

 

In October 2020, the FSO Joint Venture signed a 10-year extension on each of the existing service contracts with North Oil Company (“NOC”), relating to the two FSO service vessels. The extensions will commence in direct continuation of the existing contracts, which were originally scheduled to expire during the third quarter of 2022.

 

 3

 

 

Conference Call

 

The Company will host a conference call to discuss its third quarter 2020 results at 9:00 a.m. Eastern Time (“ET”) on Friday, November 6, 2020. To access the call, participants should dial (855) 940-9471 for domestic callers and (412) 317-5211 for international callers. 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 www.intlseas.com.

 

An audio replay of the conference call will be available starting at 12:00 p.m. ET on Friday, November 6, 2020 through 11:59 p.m. ET on Friday, November 13, 2020 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10149198.

 

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 39 vessels, including 13 VLCCs, two Suezmaxes, five Aframaxes/LR2s, 13 Panamaxes/LR1s and 4 MR tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. 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 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 to the Company’s plans to issue dividends, its prospects, including statements regarding vessel acquisitions, 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 2019 for the Company, the Quarterly Report on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, 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:

 

David Siever, International Seaways, Inc.

(212) 578-1635

dsiever@intlseas.com

 

Category: Earnings

 4

 

 

Consolidated Statements of Operations
($ in thousands, except per share amounts)

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2020   2019   2020   2019 
   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) 
Shipping Revenues:                    
Pool revenues  $49,217   $46,278   $250,485   $158,628 
Time and bareboat charter revenues   31,294    7,638    66,553    19,699 
Voyage charter revenues   19,372    17,362    47,907    63,835 
     Total Shipping Revenues   99,883    71,278    364,945    242,162 
                     
Operating Expenses:                    
Voyage expenses   5,851    5,470    15,893    19,838 
Vessel expenses   31,501    30,350    94,739    91,634 
Charter hire expenses   6,442    14,381    24,213    44,599 
Depreciation and amortization   19,014    18,961    56,161    56,708 
General and administrative   7,422    6,449    21,550    19,519 
Provision for credit losses, net   (13)   (18)   (80)   1,259 
Third-party debt modification fees   -    -    232    30 
Loss/(gain) on disposal of vessels and other property,                    
   including impairments   12,834    (1,472)   14,164    28 
Total operating expenses   83,051    74,121    226,872    233,615 
Income/(loss) from vessel operations   16,832    (2,843)   138,073    8,547 
Equity in income of affiliated companies   5,356    8,474    15,672    24,559 
Operating income   22,188    5,631    153,745    33,106 
Other (expense)/income   (208)   284    (13,497)   2,159 
Income before interest expense and income taxes   21,980    5,915    140,248    35,265 
Interest expense   (7,999)   (17,010)   (28,889)   (51,986)
Income/(loss) before income taxes   13,981    (11,095)   111,359    (16,721)
Income tax provision   -    -    (1)   - 
Net Income/(loss)  $13,981   $(11,095)  $111,358   $(16,721)
                     
Weighted Average Number of Common Shares Outstanding:                    
Basic   27,932,928    29,249,233    28,517,037    29,217,188 
Diluted   28,026,005    29,249,233    28,665,961    29,217,188 
                     
Per Share Amounts:                    
Basic net income/(loss) per share  $0.50   $(0.38)  $3.90   $(0.57)
Diluted net income/(loss) per share  $0.50   $(0.38)  $3.88   $(0.57)

 

 5

 

 

Consolidated Balance Sheets        
($ in thousands)        
   September 30,   December 31, 
   2020   2019 
   (Unaudited)   (Unaudited) 
ASSETS          
Current Assets:          
Cash and cash equivalents  $137,340   $89,671 
Voyage receivables   71,431    83,845 
Other receivables   4,702    3,938 
Inventories   1,400    3,896 
Prepaid expenses and other current assets   5,372    5,994 
Total Current Assets   220,245    187,344 
           
Restricted Cash   16,314    60,572 
Vessels and other property, less accumulated depreciation   1,262,469    1,292,516 
Deferred drydock expenditures, net   28,785    23,125 
Total Vessels, Deferred Drydock and Other Property   1,291,254    1,315,641 
Operating lease right-of-use assets   24,013    33,718 
Investments in and advances to affiliated companies   156,589    153,292 
Long-term derivative asset   973    - 
Other assets   2,925    2,934 
Total Assets  $1,712,313   $1,753,501 
           
LIABILITIES AND EQUITY          
Current Liabilities:          
Accounts payable, accrued expenses and other current liabilities  $27,355   $27,554 
Current portion of operating lease liabilities   9,949    12,958 
Current installments of long-term debt   61,483    70,350 
Current portion of derivative liability   4,035    3,614 
Total Current Liabilities   102,822    114,476 
Long-term operating lease liabilities   11,593    17,953 
Long-term debt   489,194    590,745 
Long-term derivative liability   6,200    6,545 
Other liabilities   15,986    1,489 
Total Liabilities   625,795    731,208 
           
Equity:          
Total Equity   1,086,518    1,022,293 
Total Liabilities and Equity  $1,712,313   $1,753,501 

 

 6

 

 

Consolidated Statements of Cash Flows        
($ in thousands)        
   Nine Months Ended September 30, 
   2020   2019 
   (Unaudited)   (Unaudited) 
Cash Flows from Operating Activities:          
Net income/(loss)  $111,358   $(16,721)
Items included in net income/(loss) not affecting cash flows:          
Depreciation and amortization   56,161    56,708 
Loss on write-down of vessels and other assets   17,136    - 
Amortization of debt discount and other deferred financing costs   2,338    5,373 
Deferred financing costs write-off   13,073    343 
Stock compensation, non-cash   3,993    2,912 
Earnings of affiliated companies   (15,566)   (24,945)
Change in fair value of interest rate collar recorded through earnings   1,271    - 
Other – net   904    538 
Items included in net income/(loss) related to investing and financing activities:          
(Gain)/loss on disposal of vessels and other property, net   (2,972)   28 
Loss on extinguishment of debt   1,195    100 
Cash distributions from affiliated companies   8,500    10,214 
Payments for drydocking   (15,825)   (13,539)
Insurance claims proceeds related to vessel operations   4,706    967 
Changes in operating assets and liabilities   12,519    21,378 
Net cash provided by operating activities   198,791    43,356 
Cash Flows from Investing Activities:          
Expenditures for vessels and vessel improvements   (46,449)   (9,797)
Proceeds from disposal of vessels and other property   13,564    15,762 
Expenditures for other property   (493)   (406)
Investments in and advances to affiliated companies, net   2,347    2,104 
Repayments of advances from affiliated companies   -    4,836 
   Net cash (used in)/provided by investing activities   (31,031)   12,499 
Cash Flows from Financing Activities:          
Issuance of debt, net of issuance and deferred financing costs   362,989    - 
Extinguishment of debt   (422,699)   (10,000)
Premium and fees on extinguishment of debt   (163)   (100)
Payments on debt   (66,636)   (38,531)
Payments on derivatives containing other-than-insignificant financing element   (1,331)   - 
Cash dividends paid   (5,091)   - 
Repurchases of common stock   (29,997)   - 
Cash paid to tax authority upon vesting of stock-based compensation   (1,272)   (369)
Other – net   (149)   (277)
   Net cash used in financing activities   (164,349)   (49,277)
Net increase in cash, cash equivalents and restricted cash   3,411    6,578 
Cash, cash equivalents and restricted cash at beginning of year   150,243    117,644 
Cash, cash equivalents and restricted cash at end of period  $153,654   $124,222 

 

 7

 

 

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 September 30, 2020 and the comparable periods of 2019. Revenue days in the quarter ended September 30, 2020 totaled 3,123 compared with 3,529 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 $654 and $689 per day for the three months ended September 30, 2020 and 2019, respectively.

 

   Three Months Ended September 30, 2020   Three Months Ended September 30, 2019 
   Spot   Fixed   Total   Spot   Fixed   Total 
Crude Tankers                              
VLCC                              
Average TCE Rate  $35,740   $73,399        $22,434   $-      
Number of Revenue Days   810    362    1,172    1,068    -    1,068 
Suezmax                              
Average TCE Rate  $28,246   $-        $18,470   $-      
Number of Revenue Days   180    -    180    184    -    184 
Aframax                              
Average TCE Rate  $10,860   $-        $15,342   $-      
Number of Revenue Days   368    -    368    368    -    368 
Panamax                              
Average TCE Rate  $15,508   $15,790        $7,846   $13,772      
Number of Revenue Days   118    269    387    92    551    643 
Total Crude Tankers Revenue Days   1,476    631    2,107    1,712    551    2,263 
Product Carriers                              
LR2                              
Average TCE Rate  $21,505   $-        $17,253   $-      
Number of Revenue Days   92    -    92    87    -    87 
LR1                              
Average TCE Rate  $14,900   $-        $15,475   $-      
Number of Revenue Days   534    -    534    506    -    506 
MR                              
Average TCE Rate  $14,368   $-        $11,430   $-      
Number of Revenue Days   390    -    390    673    -    673 
Total Product Carriers Revenue Days   1,016    -    1,016    1,266    -    1,266 
Total Revenue Days   2,492    631    3,123    2,978    551    3,529 

 

Revenue days in the above table exclude days related to full service lighterings and days for which recoveries were recorded under the Company’s loss of hire insurance policies.

 

 8

 

 

Fleet Information

 

As of September 30, 2020, INSW’s owned and operated 39 vessels, 34 of which were owned, 3 of which were chartered in, and 2 FSOs were held through joint venture partnerships.

 

   Vessels Owned   Vessels Chartered-in   Total at September 30, 2020 
Vessel Type  Number   Weighted by Ownership   Number   Weighted by Ownership   Total Vessels   Vessels Weighted by Ownership   Total Dwt 
Operating Fleet                                   
FSO   2    1.0    -    -    2    1.0    864,046 
VLCC   13    13.0    -    -    13    13.0    3,947,222 
Suezmax   2    2.0    -    -    2    2.0    316,864 
Aframax   2    2.0    2    2.0    4    4.0    450,804 
Panamax   7    7.0    -    -    7    7.0    487,365 
Crude Tankers   26    25.0    2    2.0    28    27.0    6,066,301 
                                    
LR2   1    1.00    -    -    1    1.0    112,691 
LR1   5    5.00    1    1.0    6    6.0    443,077 
MR   4    4.00    0    0.0    4    4.0    201,225 
Product Carriers   10    10.00    1    1.0    11    11.0    756,993 
                                    
                                    
                                    
Total Operating Fleet   36    35.0    3    3.0    39    38.0    6,823,294 

 

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) 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:

 

 9

 

 

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
($ in thousands)  2020   2019   2020   2019 
Time charter equivalent revenues  $94,032   $65,808   $349,052   $222,324 
Add: Voyage expenses   5,851    5,470    15,893    19,838 
Shipping revenues  $99,883   $71,278   $364,945   $242,162 

 

(B) EBITDA and Adjusted EBITDA

 

EBITDA represents net income/(loss) 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/(loss) as reflected in the condensed consolidated statements of operations, to EBITDA and Adjusted EBITDA:

 

   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
($ in thousands)  2020   2019   2020   2019 
Net income/(loss)  $13,981   $(11,095)  $111,358   $(16,721)
Income tax provision   -    -    1    - 
Interest expense   7,999    17,010    28,889    51,986 
Depreciation and amortization   19,014    18,961    56,161    56,708 
EBITDA   40,994    24,876    196,409    91,973 
Third-party debt modification fees   -    -    232    30 
Loss/(gain) on disposal of vessels and other property,                    
including impairments   12,834    (1,472)   14,164    28 
Write-off of deferred financing costs   572    343    13,073    343 
Loss on extinguishment of debt   181    100    1,195    100 
Adjusted EBITDA  $54,581   $23,847   $225,073   $92,474 

 

(C) Total Cash

         
   September 30,   December 31, 
($ in thousands)  2020   2019 
Cash and cash equivalents  $137,340   $89,671 
Restricted cash   16,314    60,572 
Total Cash  $153,654   $150,243 

 

 10

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Cover
Nov. 06, 2020
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 06, 2020
Entity File Number 1-37836-1
Entity Registrant Name International Seaways, Inc.
Entity Central Index Key 0001679049
Entity Tax Identification Number 98-0467117
Entity Incorporation, State or Country Code 1T
Entity Address, Address Line One 600 Third Avenue
Entity Address, Address Line Two 39th Floor
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10016
City Area Code 212
Local Phone Number 578-1600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period true
Common Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Stock (no par value)
Trading Symbol INSW
Security Exchange Name NYSE
8.5% Senior Notes due 2023 [Member]  
Document Information [Line Items]  
Title of 12(b) Security 8.5% Senior Notes due 2023
Trading Symbol INSW - PA
Security Exchange Name NYSE
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