Also, embedded in the Crude segment is our lightering business, which had $8 million of revenue, along with $2 million of vessel expenses, $2 million of charter hire expenses in the quarter, yielding an EBITDA contribution of about $4 million from lightering in Q2. So that 800,000 barrels a day, we're going to see where Russia can put that. 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. 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 segment includes Crude Tankers Lightering business through, which provides ship . And that is a separate special dividend. vessels and other investments; the company's consideration of strategic alternatives; anticipated and recent financing transactions in any plans to issue dividends; the company's relationship with its stakeholders; the company's ability to achieve its financing and other objectives; and other economic, political, and regulatory developments globally. 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. Based on our fourth quarter bookings to date, we expect to generate even stronger earnings in the fourth quarter. On slide four, we summarize our third quarter highlights and recent developments. Net proceeds of the sale are expected to be approximately $14 million after debt repayment and before other fees and expenses. During this call, management may make forward-looking statements regarding the company or the industry in which it operates. Sure, Chris. 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. And we think that does the job pretty well. The Companys current share repurchase program has approximately $40.0 million remaining and extends through the end of 2023. 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. Items included in net income/(loss) related to investing and financing activities: (Gain)/loss on disposal of vessels and other assets, net, Loss on sale of investments in affiliated companies, Cash distributions from affiliated companies, Insurance claims proceeds related to vessel operations, Changes in operating assets and liabilities, Net cash provided by/(used in) operating activities, Cash acquired, net of equity issuance costs related to merger, Expenditures for vessels and vessel improvements, Proceeds from disposal of vessels and other property, net, Investments in and advances to affiliated companies, net, Proceeds from sale of investments in affiliated companies, Net cash provided by investing activities, Borrowings on long term debt, net of lenders' fees, Proceeds from sale and leaseback financing, net of issuance and deferred financing costs, Cash payments on derivatives containing other-than-insignificant financing elements, Cash paid to tax authority upon vesting or exercise of stock-based compensation, Net cash provided used in financing activities, Net increase/(decrease) in cash, cash equivalents and restricted cash, Cash, cash equivalents and restricted cash at beginning of year, Cash, cash equivalents and restricted cash at end of period. 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. ttrovato@intlseas.com, International Seaways Reports Third Quarter 2022 Results, https://www.businesswire.com/news/home/20221108005313/en/. On the left-hand graft, we pulled data from Kepler on Russian crude exports to Europe. 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. The Company is headquartered in New York City, NY. This compares to loss of . James, please proceed. These matters or statements may relate to the consequences of the Companys merger with Diamond S and plans to issue dividends, its prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Of course. And with that said, Amber, we would like to open up the lines for questions. :INSW 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. As you can see in the chart on the lower left of the slide, our year-to-date adjusted EBITDA in 2022 of $295 million has eclipsed all prior full year EBITDA at Seaways. Events that impact m arkets, s tocks, IPOs, c ommodities, f orex from regional to international - We've got it all covered. As Lois highlighted, we have a very healthy balance sheet. At this point, I'd also like to confirm cost guidance for the fourth quarter and for 2023 for your modeling purposes. 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. Investors may trade in the Pre-Market (4:00-9:30 a.m. 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. Shipping revenues for the Product Carriers segment were $159.8 million for the third quarter, compared to $43.1 million for the third quarter of 2021. This change was narrower than the S&P 500's 2.5% loss on the day. Just touching back on Omar's question on the fleet management. Our debt service for the quarter was $25 million, composed of $11 million of debt repayment and $14 million of cash interest expense. As of December 5th, Russian seaborne crude will be displaced from the EU. providing energy transportation services for crude oil and petroleum products in We look at our debt as of September 30. Omar, your line is now open. Now turning to slide 11. Combined with the prioritization of energy security, tanker demand and utilization are high. During the quarter, our adjusted EBITDA was $157 million. International Seaways, Inc. is headquartered. So, you see that the overall tanker market, both crude and products, strengthening into itself. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. We have highlighted some of the major drivers of tanker demand. The company's vessel . [Operator Instructions]. On a per-share basis, the New York-based company said it had profit of $2.28. Yeah. Its -- and so I think we just continue to stay the course and follow the strategy. We are willing to back this message up with transparent ESG reporting and sustainability metrics. International Seaways, Inc. Jan 1992 - Present 30 years 11 months. NEW YORK, October 26, 2022 -- ( BUSINESS WIRE )--International Seaways, Inc. (NYSE: INSW) (the "Company" or "INSW") announced today that it plans to release third quarter 2022 results before. I got it. Please dial in ten minutes prior to the start of the call. The increase in the third quarter of 2022 was principally driven by a $161.6 million increase in revenues amid strengthening market conditions, arising from historically low inventories and regional imbalances brought on by global energy security concerns, and $47.1 million in merger and integration related costs incurred in the third quarter of 2021 related to the Companys merger with Diamond S. Such items were partially offset by a $9.1 million in gain on the disposal of vessels recorded in the prior years quarter. NEW YORK (AP) _ International Seaways, Inc. (INSW) on Tuesday reported third-quarter net income of $113.4 million, after reporting a loss in the same period a year earlier. We continue to build upon our track record of returning value to shareholders as part of our balanced capital allocation strategy. Let's go straight to reviewing the second quarter results in greater detail. How do you view that? International Seaways Inc expected to post earnings of $2.47 a share - Earnings Preview. We have built our overall liquidity, and now with strong cash flow generation, we are returning more to shareholders. International Seaways, Inc. engages in the transportation of crude oil and petroleum products. International Seaways, Inc. (NYSE: INSW) (the "Company" or "INSW"), one of the largest tanker companies worldwide providing energy transportation services for crude oil an 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. And I say that specifically to you guys because you do have that blend of crude and products, i.e., are there things that are going to happen in the crude market from the embargo that we should see similar things happen in the product? In the past, you've sold the FSO business, the LNG vessels. It's not a formula, but don't -- we don't do that other than our regular dividends if you want to call that a formula. That's our view on that. Spot and Fixed TCE Rates Achieved and Revenue Days Also, our 687,000 shares repurchased in Q3 used about $20 million of cash, and we paid our regular quarterly dividend of about $6 million [ph]. So that's just a continuation of that pruning that vessel will avoid the drydock and ballast water treatment installation in 2023. 600 Third Avenue, NY NY 10016 Education Finance, Stern School of Business, NYU (1997) -United States Merchant Marine Academy . Certainly, India and China have been the biggest takers of Russian crude to date. Overall, tanker fundamentals remain positive over the short and medium term, barring any major economic upheaval. Thanks Lois, and good morning, everyone. Thank you. 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. Click to Enlarge. This represents the second consecutive year where we paid a special dividend of $1 or more per share. We declared an incremental dividend of $1.00 per share reflecting our strong cash flows during the third quarter. One of the facts that most supports the positive tanker supply dynamics is the limitation tanker companies have in replacing or adding to the fleet. And I guess, is there any thought with spot rates so high to move any more of the vessels over to the time charters? Address: 600 3RD Ave FL 39 New York, NY, 10016-2026 United States See other locations Phone: ? 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. You may now disconnect your line. Our commitment to growing the company, maintaining a healthy balance sheet and returning cash to shareholders is serving Seaways well. Good. Tom Trovato, International Seaways, Inc. Our balance sheet remains strong, with a net loan-to-value ratio of under 29% and ample liquidity to execute our capital allocation strategy. Net fleet growth is just 1.5% year-over-year. It is now my pleasure to hand the conference over to our host James Small, General Counsel with International Seaways. And can you just walk us through your philosophy around that? Thank you very much. International Seaways, Inc. is engaged in the transportation of crude oil and petroleum products in the International Flag trade. 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. ITALIAN SEAWAYS INTERNATIONAL, INC. Italian Seaways International, Inc. is a Florida Domestic Profit Corporation filed On July 20, 2004. TCE revenues for the Crude Tankers segment were $171.1 million for the first nine months of 2022, compared to $101.8 million for the first nine months of 2021. Seaways is well-positioned to capture the strong rate environment with our diversified fleet of 78 tanker vessels in both crude and product. Shipping revenues for the Product Carriers segment were $347.7 million for the first nine months of 2022, compared to $66.1 million for the first nine months of 2021. Lois? Sie knnen Ihre Einstellungen jederzeit ndern. Chris, your line is now open. 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 . These initiatives enabled us to continue our commitment to returning capital to shareholders. So that's -- we think it's dislocation, it's inefficiency and good for the tanker market. It operates in two segments, Crude Tankers and Product Carriers. I guess, what I would say is, could you walk us through a little bit around the heating oil market? As you see, our total debt balance is approximately $1.1 billion with $220 million of an undrawn revolver capacity. Key Stock Data P/E Ratio (TTM) N/A EPS (TTM) $-0.99 Market Cap $1.75 B Shares Outstanding. International Seaways, Inc. (NYSE:INSW - Get Rating) hit a new 52-week high during trading on Tuesday after Jefferies Financial Group raised their price target on the stock from $45.00 to $53.00. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. INSW provides energy transportation services for crude oil and petroleum products. 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. We continue to look at as that market builds into itself, and you can get more length at a healthy rate. News International Seaways Inc. The Crude Tankers. ET) and the After Hours Market (4:00-8:00 p.m. Hi Jeff. Now turning to our fourth quarter first look. 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. International Seaways, Inc. is a tanker company. Forward-looking statements are subject to risks, uncertainties, and assumptions, many of which are beyond the company's control which could cause actual results to differ materially from those implied or expressed by the statements. Research suggests OPEC+ has a history of underperforming on the production targets. NEW YORK--(BUSINESS WIRE)-- View the INSW U.S. Securities and Exchange Commission reporting information. 1 21. So, there's about 800,000 barrels a day that has to find a home. We strive to continue to evolve these principles and to provide a meaningful platform for all stakeholders. Thank you very much, Jeff. Stock Exchange: N.Y.S.E. 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. 2mo. At this point in the cycle with our large fleet, healthy rates and our strong balance sheet, we intend to continue the left delivering returns to shareholders. Thanks Lois. Newbuilding prices for conventionally fueled vessels are high. 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. 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. The Registered Agent on file for this company is Kolski Stephen J and is located at 2600 Douglas Road, Coral Gables, FL 33134. Or what do you think just generally on that? So, very carefully, we are okay, under contract for sale for one. 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. Adjusted EBITDA(A) for the third quarter was $157.1 million, compared to $8.0 million for the third quarter of 2021. And in fact, I think INSW has been the best performer in terms of gains since maybe the middle part of -- maybe since the beginning of the third quarter. Our next question comes from Greg Lewis with BTIG. 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. Hi, Lois and Jeff, good morning and thanks for taking our questions. For 2023, we expect cash interest to be in the range of $69 million to $77 million. Good morning, Jeff. Should there be the removal of sanctions on any or all of these countries, we expect this would lead to higher recycling volumes. And we think that, that will continue as you see the extremely high rates that are projected that we've already earned in the fourth quarter. This release contains forward-looking statements. Join CEO, Lois Zabrocky and CFO, Jeffrey Pribor to discuss Q2 2022 earnings and recent highlights. Reconciliation to Non-GAAP Financial Information 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. These transitional voyages are excluded from the tables above. We paid our eleventh consecutive quarterly dividend, which we increased earlier in the year; we repurchased shares in accretive transactions; and we declared an additional special dividend of $1.00 per share, our second supplemental dividend in two years., Ms. Zabrocky added, We remain committed to our balanced capital allocation strategy as the shipping cycle continues to evolve, and we are well-positioned to take advantage of one of the strongest markets in the last 10 years. International Seaways owns and operates a fleet including ULCC,. It operates in two segments, Crude Tankers and Product Carriers. And then, whatever we do, last quarter it was share repurchasing. Weve also enhanced our debt profile, extending our maturities and maintaining our low cash break-evens. 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. We have -- you'll notice in our press release, we have one vessel that is under contract for sale at present. Transporting crude oil and refined petroleum products worldwide. 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. Yeah. Before we begin, I would like to start off by advising everyone with us on the call today of the following. Turning to slide six. 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.. Sanctioned oil trade is likely to take in the older tonnage as barrels from Iran and Venezuela may face some competition with Russian oil. During the 2022 and 2021 periods, each of the Companys LR1s participated in the Panamax International Pool and transported crude oil cargoes exclusively. NEW YORK-- ( BUSINESS WIRE )--International Seaways, Inc. (NYSE: INSW) (the "Company" or "INSW"), one of the largest tanker companies worldwide providing energy transportation services for crude. 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 . This will now conclude the question-and-answer session. This marks our second consecutive record quarter. 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. International Seaways, Inc. (NYSE:INSW - Get Rating) announced a quarterly dividend on Monday, November 7th, Zacks reports. 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. Hope that's clear. 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. 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. It operates through the following segments: Crude Tankers and Product Carriers. And Bulgaria has an exemption, so that's like 200,000 barrels a day. 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. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. In the fourth quarter, we expect oil demand to close the year above 101 million barrels per day, driving the 2022 average to be just under 100 million barrels per day. 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. Tom Trovato, International Seaways, Inc. But the bottom line is that we're watching to see, okay, so where does that mean that Russia is able to gain more market share to put their barrels into the market and then the EU pull-in from alternate markets. Forward-Looking Statements 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. International Seaways, Inc. engages in the transportation of crude oil and petroleum products. International Seaways hat am 08.11.2022 das Zahlenwerk zum am 30.09.2022 ausgelaufenen Quartal vorgelegt. About 2.5 million to 3 million barrels per day of Russian crude were exported to Europe prior to the invasion of Ukraine. 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. International Seaways ( NYSE:INSW - Get Rating) last posted its quarterly earnings data on Tuesday, August 9th. We believe with Saudi, the UAE, Kuwait and Iraq leading the production cuts. So, you're building on strength. It's not a one-size-fits-all situation. The cash cost TCE breakevens for the forward 12 months are illustrated on this slide. 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. In the second quarter, we generated a record adjusted EBITDA of $157.1 million. Over the last 30 days, the Zacks Consensus Estimate. 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. 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. 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%. Thank you. The share price has been trending nicely all year. The dark fleet stands at around 240 vessels, of which we have seen only about 10% switch thus far into the Russian trade. York-Based company said it had profit of $ 1.00 per share our adjusted EBITDA of 2.47! Then, whatever we do, last quarter it was share repurchasing are willing to back message. Incentives granted during the fiscal international seaways inc Saudi, the LNG vessels which provides ship share... Billion with $ 220 million of an undrawn revolver capacity like to open the! Periods, each of the things we 're going to see where Russia can put that per! Recent highlights has been trending nicely all year transitional voyages are excluded from the EU barrels. A special dividend of $ 69 million to $ 77 million, could you walk us through a little around... 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And expenses, 2004 does the job pretty well provides energy transportation services for crude and... Pretty well after Hours market ( 4:00-8:00 p.m. Hi Jeff 14 million after debt repayment and before other fees expenses. Last 30 days, the LNG vessels your modeling purposes we summarize our quarter. Carefully, we have highlighted some of the call today of the we! The short and medium term, barring any major economic upheaval I say!

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