Company Quick10K Filing
International Seaways
Price17.28 EPS-0
Shares29 P/E-87
MCap506 P/FCF12
Net Debt644 EBIT64
TEV1,149 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-03-03
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-12
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-03-12
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-31
10-Q 2016-09-30 Filed 2016-12-05
8-K 2020-11-06
8-K 2020-11-02
8-K 2020-09-17
8-K 2020-08-07
8-K 2020-07-08
8-K 2020-06-22
8-K 2020-05-20
8-K 2020-05-07
8-K 2020-04-27
8-K 2020-04-02
8-K 2020-03-31
8-K 2020-03-03
8-K 2020-01-23
8-K 2020-01-15
8-K 2020-01-06
8-K 2019-11-07
8-K 2019-10-08
8-K 2019-10-07
8-K 2019-10-07
8-K 2019-08-08
8-K 2019-06-24
8-K 2019-06-05
8-K 2019-05-09
8-K 2019-04-26
8-K 2019-04-05
8-K 2019-03-12
8-K 2019-03-07
8-K 2019-01-09
8-K 2018-12-28
8-K 2018-12-12
8-K 2018-11-07
8-K 2018-09-25
8-K 2018-08-08
8-K 2018-06-18
8-K 2018-06-14
8-K 2018-06-12
8-K 2018-05-31
8-K 2018-05-24
8-K 2018-05-14
8-K 2018-05-04
8-K 2018-05-02
8-K 2018-04-26
8-K 2018-04-26
8-K 2018-04-18
8-K 2018-04-04
8-K 2018-03-08
8-K 2017-12-20

INSW 10Q Quarterly Report

Note 1 - Basis of Presentation:
Note 2 - Significant Accounting Policies:
Note 3 - Earnings per Common Share:
Note 4 - Business and Segment Reporting:
Note 5 - Vessels:
Note 6 - Equity Method Investments:
Note 7 - Variable Interest Entities ("VIES"):
Note 8 - Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures:
Note 9 - Debt:
Note 10 - Taxes:
Note 11 - Capital Stock and Stock Compensation:
Note 12 - Accumulated Other Comprehensive Loss:
Note 13 - Revenue:
Note 14 - Leases:
Note 15 - Contingencies:
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 insw-20200930xex31d1.htm
EX-31.2 insw-20200930xex31d2.htm
EX-32 insw-20200930xex32.htm

International Seaways Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
2.01.61.20.80.40.02015201620182020
Assets, Equity
0.20.10.10.0-0.0-0.12015201620182020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12015201620182020
Ops, Inv, Fin

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to         

Commission File Number        1-37836-1       

INTERNATIONAL SEAWAYS, INC.

(Exact name of registrant as specified in its charter)

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “accelerated filer”, “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No  

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

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

Former name, former address and former fiscal year, if changed since last report

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date. The number of shares outstanding of the issuer’s common stock as of November 3, 2020: common stock, no par value 27,984,807 shares.

1

INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
DOLLARS IN THOUSANDS
(UNAUDITED)

September 30,

December 31,

2020

2019

ASSETS

Current Assets:

Cash and cash equivalents

$

137,340

$

89,671

Voyage receivables, net of allowance for credit losses of $46 and $1,245

including unbilled of $67,089 and $74,355

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 of $317,249 and $364,868

1,262,469

1,292,516

Deferred drydock expenditures, net

28,785

23,125

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

Commitments and contingencies

Equity:

Capital - 100,000,000 no par value shares authorized; 27,984,807 and 29,274,452

shares issued and outstanding

1,280,811

1,313,178

Accumulated deficit

(158,957)

(270,315)

1,121,854

1,042,863

Accumulated other comprehensive loss

(35,336)

(20,570)

Total Equity

1,086,518

1,022,293

Total Liabilities and Equity

$

1,712,313

$

1,753,501

See notes to condensed consolidated financial statements

2

INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS
(UNAUDITED)

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2019

2020

2019

Shipping Revenues:

Pool revenues, including $36,977, $30,224, $178,934 and $98,115

from companies accounted for by the equity method

$

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

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)

See notes to condensed consolidated financial statements

3

INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
DOLLARS IN THOUSANDS
(UNAUDITED)

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2019

2020

2019

Net income/(loss)

$

13,981

$

(11,095)

$

111,358

$

(16,721)

Other comprehensive income/(loss), net of tax:

Net change in unrealized losses on cash flow hedges

1,119

(3,469)

(15,049)

(13,850)

Defined benefit pension and other postretirement benefit plans:

Net change in unrecognized prior service costs

(46)

35

34

39

Net change in unrecognized actuarial losses

(328)

232

249

256

Other comprehensive income/(loss), net of tax

745

(3,202)

(14,766)

(13,555)

Comprehensive income/(loss)

$

14,726

$

(14,297)

$

96,592

$

(30,276)

See notes to condensed consolidated financial statements

4

INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
DOLLARS IN THOUSANDS
(UNAUDITED)

Nine Months Ended September 30,

2020

2019

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:

Decrease in receivables

12,414

19,165

Increase/(decrease) in deferred revenue

1,622

(25)

Net change in inventories, prepaid expenses and other current assets, accounts

payable, accrued expenses and other current and long-term liabilities

(1,517)

2,238

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

See notes to condensed consolidated financial statements

5

INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
DOLLARS IN THOUSANDS
(UNAUDITED)

Accumulated

Other

Accumulated

Comprehensive

Capital

Deficit

Loss

Total

For the nine months ended

Balance at January 1, 2020

$

1,313,178

$

(270,315)

$

(20,570)

$

1,022,293

Net income

111,358

111,358

Other comprehensive loss

(14,766)

(14,766)

Dividends declared and paid

(5,091)

(5,091)

Forfeitures of vested restricted stock awards

(1,272)

(1,272)

Compensation relating to restricted stock awards

711

711

Compensation relating to restricted stock units awards

2,489

2,489

Compensation relating to stock option awards

793

793

Repurchase of common stock

(29,997)

(29,997)

Balance at September 30, 2020

$

1,280,811

$

(158,957)

$

(35,336)

$

1,086,518

Balance at January 1, 2019

$

1,309,269

$

(269,485)

$

(29,929)

$

1,009,855

Net loss

(16,721)

(16,721)

Other comprehensive loss

(13,555)

(13,555)

Forfeitures of vested restricted stock awards

(369)

(369)

Compensation relating to restricted stock awards

667

667

Compensation relating to restricted stock units awards

1,462

1,462

Compensation relating to stock option awards

783

783

Balance at September 30, 2019

$

1,311,812

$

(286,206)

$

(43,484)

$

982,122

For the three months ended

Balance at July 1, 2020

$

1,281,072

$

(172,938)

$

(36,081)

$

1,072,053

Net income

13,981

13,981

Other comprehensive income

745

745

Dividends declared and paid

(1,679)

(1,679)

Forfeitures of vested restricted stock awards

(72)