UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Mark One)
For the quarterly period ended
OR
For the transition period from to
Commission File Number
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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.
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).
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.
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
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
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 May 5, 2023: common stock, no par value
INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
DOLLARS IN THOUSANDS
(UNAUDITED)
March 31, 2023 |
| December 31, 2022 | ||||
ASSETS | ||||||
Current Assets: | ||||||
Cash and cash equivalents | $ | | $ | | ||
Short-term investments | | | ||||
Restricted cash | | | ||||
Voyage receivables, net of allowance for credit losses of $ | ||||||
including unbilled receivables of $ | | | ||||
Other receivables | | | ||||
Inventories | | | ||||
Prepaid expenses and other current assets | | | ||||
Current portion of derivative asset | | | ||||
Total Current Assets | | | ||||
Vessels and other property, less accumulated depreciation of $ | | | ||||
Vessels construction in progress | | | ||||
Deferred drydock expenditures, net | | | ||||
Operating lease right-of-use assets | | | ||||
Finance lease right-of-use assets | | | ||||
Pool working capital deposits | | | ||||
Long-term derivative asset | | | ||||
Other assets | | | ||||
Total Assets | $ | | $ | | ||
LIABILITIES AND EQUITY | ||||||
Current Liabilities: | ||||||
Accounts payable, accrued expenses and other current liabilities | $ | | $ | | ||
Current portion of operating lease liabilities | | | ||||
Current portion of finance lease liabilities | | | ||||
Current installments of long-term debt | | | ||||
Total Current Liabilities | | | ||||
Long-term operating lease liabilities | | | ||||
Long-term debt | | | ||||
Other liabilities | | | ||||
Total Liabilities | | | ||||
Commitments and contingencies | ||||||
Equity: | ||||||
Capital - | ||||||
shares issued and outstanding | | | ||||
Retained earnings/(accumulated deficit) | | ( | ||||
| | |||||
Accumulated other comprehensive income | | | ||||
Total Equity | | | ||||
Total Liabilities and Equity | $ | | $ | |
See notes to condensed consolidated financial statements
1
INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS
(UNAUDITED)
Three Months Ended March 31, | ||||||
2023 | 2022 | |||||
Shipping Revenues: | ||||||
Pool revenues, including $ | ||||||
from companies accounted for by the equity method | $ | | $ | | ||
Time charter revenues | | | ||||
Voyage charter revenues | | | ||||
| | |||||
Operating Expenses: | ||||||
Voyage expenses | | | ||||
Vessel expenses | | | ||||
Charter hire expenses | | | ||||
Depreciation and amortization | | | ||||
General and administrative | | | ||||
Third-party debt modification fees | | | ||||
Gain on disposal of vessels and other assets, net of impairments | ( | ( | ||||
Total operating expenses | | | ||||
Income/(loss) from vessel operations | | ( | ||||
Equity in results of affiliated companies | | | ||||
Operating income/(loss) | | ( | ||||
Other income/(expense) | | ( | ||||
Income/(loss) before interest expense and income taxes | | ( | ||||
Interest expense | ( | ( | ||||
Income/(loss) before income taxes | | ( | ||||
Income tax benefit/(provision) | | ( | ||||
Net income/(loss) | $ | | $ | ( | ||
Weighted Average Number of Common Shares Outstanding: | ||||||
Basic | | | ||||
Diluted | | | ||||
Per Share Amounts: | ||||||
Basic net income/(loss) per share | $ | | $ | ( | ||
Diluted net income/(loss) per share | $ | | $ | ( |
See notes to condensed consolidated financial statements
2
INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
DOLLARS IN THOUSANDS
(UNAUDITED)
Three Months Ended March 31, | ||||||
2023 | 2022 | |||||
Net income/(loss) | $ | | $ | ( | ||
Other comprehensive income/(loss), net of tax: | ||||||
Net change in unrealized income/(losses) on cash flow hedges | ( | | ||||
Defined benefit pension and other postretirement benefit plans: | ||||||
Net change in unrecognized prior service costs | ( | | ||||
Net change in unrecognized actuarial losses | ( | | ||||
Other comprehensive (loss)/income, net of tax | ( | | ||||
Comprehensive income/(loss) | $ | | $ | ( |
See notes to condensed consolidated financial statements
3
INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
DOLLARS IN THOUSANDS
(UNAUDITED)
Three Months Ended March 31, | ||||||
2023 | 2022 | |||||
Cash Flows from Operating Activities: | ||||||
Net income/(loss) | $ | | $ | ( | ||
Items included in net income/(loss) not affecting cash flows: | ||||||
Depreciation and amortization | | | ||||
Loss on write-down of vessels and other assets | | | ||||
Amortization of debt discount and other deferred financing costs | | | ||||
Amortization of time charter hire contracts acquired | | | ||||
Deferred financing costs write-off | | | ||||
Stock compensation | | | ||||
Equity in results of affiliated companies | | ( | ||||
Other – net | ( | | ||||
Items included in net income/(loss) related to investing and financing activities: | ||||||
Gain on disposal of vessels and other assets, net | ( | ( | ||||
Cash distributions from affiliated companies | | | ||||
Payments for drydocking | ( | ( | ||||
Insurance claims proceeds related to vessel operations | | | ||||
Changes in operating assets and liabilities: | ||||||
Decrease/(increase) in receivables | | ( | ||||
Decrease in deferred revenue | ( | | ||||
Net change in inventories, prepaid expenses and other current assets, accounts | ||||||
payable, accrued expenses and other current and long-term liabilities | ( | ( | ||||
Net cash provided by/(used in) operating activities | | ( | ||||
Cash Flows from Investing Activities: | ||||||
Expenditures for vessels, vessel improvements and vessels under construction | ( | ( | ||||
Proceeds from disposal of vessels and other property, net | | | ||||
Expenditures for other property | ( | ( | ||||
Investments in short-term time deposits | ( | | ||||
Proceeds from maturities of short-term time deposits | | | ||||
Pool working capital deposits | | ( | ||||
Net cash used in investing activities | ( | ( | ||||
Cash Flows from Financing Activities: | ||||||
Repayments of debt | ( | ( | ||||
Proceeds from sale and leaseback financing, net of issuance and deferred financing costs | | | ||||
Payments on sale and leaseback financing and finance lease | ( | ( | ||||
Payments of deferred financing costs | ( | | ||||
Borrowings on revolving credit facilities | | | ||||
Cash dividends paid | ( | ( | ||||
Cash paid to tax authority upon vesting or exercise of stock-based compensation | ( | ( | ||||
Net cash (used in)/provided by financing activities | ( | | ||||
Net 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 | $ | | $ | |
See notes to condensed consolidated financial statements
4
INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
DOLLARS IN THOUSANDS
(UNAUDITED)
Retained | Accumulated | ||||||||||||||
Earnings / | Other | ||||||||||||||
(Accumulated | Comprehensive | Noncontrolling | |||||||||||||
Capital | Deficit) | Income/(loss) | Interests | Total | |||||||||||
For the three months ended | |||||||||||||||
Balance at January 1, 2023 | $ | | $ | ( | $ | | $ | — | $ | | |||||
Net income | | | | | | ||||||||||
Other comprehensive loss | | | ( | | ( | ||||||||||
Dividends declared | | ( | | | ( | ||||||||||
Forfeitures of vested restricted stock awards and exercised stock options | ( | | | | ( | ||||||||||
Compensation relating to restricted stock awards | | | | | | ||||||||||
Compensation relating to restricted stock units awards | | | | | | ||||||||||
Compensation relating to stock option awards | | | | | | ||||||||||
Balance at March 31, 2023 | $ | | $ | | $ | | $ | — | $ | | |||||
Balance at January 1, 2022 | $ | | $ | ( | $ | ( | $ | | $ | | |||||
Net loss | | ( | | | ( | ||||||||||
Other comprehensive income | | | | | | ||||||||||
Dividends declared | ( | | | — | ( | ||||||||||
Forfeitures of vested restricted stock awards | ( | | | | ( | ||||||||||
Compensation relating to restricted stock awards | | | | | | ||||||||||
Compensation relating to restricted stock units awards | | | | | | ||||||||||
Compensation relating to stock option awards | | | | | | ||||||||||
Balance at March 31, 2022 | $ | | $ | ( | $ | ( | $ | | $ | |
See notes to condensed consolidated financial statements
5
INTERNATIONAL SEAWAYS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1 — Basis of Presentation:
The accompanying unaudited condensed consolidated financial statements include the accounts of International Seaways, Inc. (“INSW”), a Marshall Islands corporation, and its wholly owned subsidiaries. Unless the context indicates otherwise, references to “INSW”, the “Company”, “we”, “us” or “our”, refer to International Seaways, Inc. and its subsidiaries. As of March 31, 2023, the Company’s operating fleet consisted of
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by generally accepted accounting principles in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results have been included. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
The condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
All intercompany balances and transactions within INSW have been eliminated. Investments in 50% or less owned affiliated companies, in which INSW exercises significant influence, are accounted for by the equity method.
Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the condensed consolidated balance sheet for the fiscal year ended December 31, 2022 to reclassify $
Note 2 — Significant Accounting Policies:
For a description of all of the Company’s material accounting policies, see Note 2, “Summary of Significant Accounting Policies,” to the Company’s consolidated financial statements as of and for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K. The following is a summary of any changes or updates to the Company’s critical accounting policies for the current period:
Concentration of Credit Risk — The allowance for credit losses is recognized as an allowance or contra-asset and reflects our best estimate of probable losses inherent in the voyage receivables balance. Activity for allowance for credit losses is summarized as follows:
6
INTERNATIONAL SEAWAYS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(Dollars in thousands) | Allowance for Credit Losses - | ||
Balance at December 31, 2022 | $ | | |
Reversal of expected credit losses | ( | ||
Balance at March 31, 2023 | $ | |
During the three months ended March 31, 2023 and 2022, the Company did not have any individual customers who accounted for 10% or more of its revenues apart from the pools in which it participates. The pools in which the Company participates accounted in aggregate for
Deferred finance charges — Finance charges, excluding original issue discount, incurred in the arrangement and/or amendments resulting in the modification of debt are deferred and amortized to interest expense on either an effective interest method or straight-line basis over the term of the related debt. Unamortized deferred finance charges of $
Interest expense relating to the amortization of deferred financing charges amounted to $
Vessels construction in progress — Interest costs are capitalized to vessels during the period that vessels are under construction. Interest capitalized totaled $
Recently Issued Accounting Standards — The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the sole source of authoritative GAAP other than United States Securities and Exchange Commission ("SEC') issued rules and regulations that apply only to SEC registrants. The FASB issues Accounting Standards Updates ("ASU") to communicate changes to the codification. The Company considered the applicability and impact of all ASUs issued during the quarter ended March 31, 2023 and determined that they were either not applicable or not expected to have a material impact on the Company’s consolidated financial statements.
Note 3 — Earnings per Common Share:
Basic earnings per common share is computed by dividing earnings, after the deduction of dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period.
The computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units not classified as participating securities. Participating securities are defined by ASC 260, Earnings Per Share, as unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents and are included in the computation of earnings per share pursuant to the two-class method.
Weighted average shares of unvested restricted common stock considered to be participating securities totaled
7
INTERNATIONAL SEAWAYS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Reconciliations of the numerator of the basic and diluted earnings per share computations are as follows:
Three Months Ended March 31, | ||||||
(Dollars in thousands) | 2023 | 2022 | ||||
Net income/(loss) allocated to: | ||||||
Common Stockholders | $ | | $ | ( | ||
Participating securities | | | ||||
$ | | $ | ( |
For the three months ended March 31, 2023 earnings per share calculations, there was
Note 4 — Business and Segment Reporting:
The Company has
Information about the Company’s reportable segments as of and for the three months ended March 31, 2023 and 2022 follows:
Crude | Product | |||||||||||
(Dollars in thousands) | Tankers | Carriers | Other | Totals | ||||||||
Three months ended March 31, 2023: | ||||||||||||
Shipping revenues | $ | | $ | | $ | | $ | | ||||
Time charter equivalent revenues | | | | | ||||||||
Depreciation and amortization | | | | | ||||||||
Gain on disposal of vessels and other assets | | ( | | ( | ||||||||
Adjusted income/(loss) from vessel operations | | | ( | | ||||||||
Adjusted total assets at March 31, 2023 | | | | | ||||||||
Expenditures for vessels and vessel improvements | | | | | ||||||||
Payments for drydocking | | | | | ||||||||
Three months ended March 31, 2022: | ||||||||||||
Shipping revenues | $ | | $ | | $ | | $ | | ||||
Time charter equivalent revenues | | | | | ||||||||
Depreciation and amortization | | | | | ||||||||
Loss/(gain) on disposal of vessels and other assets, net of impairments | | ( | | ( | ||||||||
Adjusted (loss)/income from vessel operations | ( | | ( | | ||||||||
Equity in results of affiliated companies | | | | | ||||||||
Investments in and advances to affiliated companies at March 31, 2022 | | | | | ||||||||
Adjusted total assets at March 31, 2022 | | | | | ||||||||
Expenditures for vessels and vessel improvements | | | | | ||||||||
Payments for drydocking | | | | |
8
INTERNATIONAL SEAWAYS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Reconciliations of time charter equivalent (“TCE”) revenues of the segments to shipping revenues as reported in the condensed statements of operations follow:
Three Months Ended March 31, | ||||||
(Dollars in thousands) | 2023 | 2022 | ||||
Time charter equivalent revenues | $ | | $ | | ||
Add: Voyage expenses | | | ||||
Shipping revenues | $ | | $ | |
Consistent with general practice in the shipping industry, the Company uses time charter equivalent revenues, which represent 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, provide 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.
Reconciliations of total adjusted income from vessel operations of the segments to income/(loss) before income taxes, as reported in the condensed consolidated statements of operations follow:
Three Months Ended March 31, | ||||||
(Dollars in thousands) | 2023 | 2022 | ||||
Total adjusted income from vessel operations of all segments | $ | | $ | | ||
General and administrative expenses | ( | ( | ||||
Third-party debt modification fees | ( | ( | ||||
Gain on disposal of vessels and other assets, net of impairments | | | ||||
Consolidated income/(loss) from vessel operations | | ( | ||||
Equity in results of affiliated companies | | | ||||
Other income/(expense) | | ( | ||||
Interest expense | ( | ( | ||||
Income/(loss) before income taxes | $ | | $ | ( |
Reconciliations of total assets of the segments to amounts included in the condensed consolidated balance sheets follow:
(Dollars in thousands) | March 31, 2023 | March 31, 2022 | ||||
Adjusted total assets of all segments | $ | | $ | | ||
Corporate unrestricted cash and cash equivalents | | | ||||
Restricted cash | | | ||||
Short-term investments | | | ||||
Other unallocated amounts | | | ||||
Consolidated total assets | $ | | $ | |
Note 5 — Vessels:
Impairment of Vessels and Other Property
During the three months ended March 31, 2023, the Company gave consideration as to whether events or changes in circumstances had occurred since December 31, 2022, that could indicate that the carrying amounts of the vessels in the Company’s fleet may not be recoverable. The Company determined that none of the vessels in the Company’s fleet met held-for-sale criteria as of March 31, 2023 and no held-for-use impairment indicators existed for the Company’s vessels as of March 31, 2023.
9
INTERNATIONAL SEAWAYS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
The Company recognized a loss of approximately $
Vessel Acquisitions and Construction Commitments
On March 7, 2023, the first of Company’s three newbuild dual-fuel LNG VLCCs was delivered by the shipyard and shortly thereafter commenced its employment under a seven-year time charter contract with an oil major. The remaining commitments on the contracts for the construction of other two VLCCs as of March 31, 2023 was $
The second of the Company’s three newbuild dual-fuel LNG VLCC was delivered to the Company on April 11, 2023 and the third VLCC is expected to deliver before the end of the second quarter of 2023.
In December 2022 the Company tendered notice of its intention to exercise its options to purchase two 2009-built Aframaxes that it had been bareboat chartering-in. The aggregate purchase price for the two vessels was $
Disposal/Sales of Vessels
During the quarter ended March 31, 2023, the Company delivered a 2008-built MR to the buyer and recognized a gain of $
Note 6 — Variable Interest Entities (“VIEs”):
Unconsolidated VIEs
As of March 31, 2023, all of the
The following table presents the carrying amounts of assets and liabilities in the condensed consolidated balance sheet related to the unconsolidated VIEs as of March 31, 2023:
(Dollars in thousands) | Condensed | |||||
Pool working capital deposits | $ | |
In accordance with accounting guidance, the Company evaluated its maximum exposure to loss related to these unconsolidated VIEs by assuming a complete loss of the Company’s investment in these VIEs. The table below compares the Company’s liability in the condensed consolidated balance sheet to the maximum exposure to loss at March 31, 2023:
(Dollars in thousands) | Condensed | Maximum Exposure to | ||||
Other Liabilities | $ | – | $ | |
In addition, as of March 31, 2023, the Company had approximately $
10
INTERNATIONAL SEAWAYS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 7 — Fair Value of Financial Instruments, Derivatives and Fair Value Disclosures:
The estimated fair values of the Company’s financial instruments, other than derivatives that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows:
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | Fair Value Level | ||||||
Cash and cash equivalents (1) | $ | | $ | | Level 1 | ||||
Short-term investments (2) | | | Level 1 | ||||||
$ | ( | ( | Level 2 | ||||||
ING Credit Facility (3) | ( | ( | Level 2 | ||||||
Ocean Yield Lease Financing (3) | ( | ( | Level 2 | ||||||
BoComm Lease Financing (4) | ( | ( | Level 2 | ||||||
Toshin Lease Financing (4) | ( | ( | Level 2 | ||||||
Hyuga Lease Financing (4) | ( | ( | Level 2 | ||||||
COSCO Lease Financing (3) | ( | ( | Level 2 | ||||||
Kaiyo Lease Financing (4) | ( | ( | Level 2 | ||||||
Kaisha Lease Financing (4) | ( | ( | Level 2 |
(1) | Includes current restricted cash of $ |
(2) | Short-term investments consist of time deposits with original maturities of between 91 and 180 days. |
(3) | Floating rate debt – the fair value of floating rate debt has been determined using level 2 inputs and is considered to be equal to the carrying value since it bears a variable interest rate, which is reset every three months. |
(4) | Fixed rate debt – the fair value of fixed rate debt has been determined using level 2 inputs by discounting the expected cash flows of the outstanding debt. |
Derivatives
In May 2022, in connection with the refinancing of its $
Also, as of March 31, 2023, approximately $
On June 2, 2022, the Company entered into amortizing interest rate swap agreements covering a notional amount of $
11
INTERNATIONAL SEAWAYS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Derivatives are recorded on a net basis by counterparty when a legal right of offset exists. The Company had the following amounts recorded on a net basis by transaction in the accompanying unaudited condensed consolidated balance sheets related to the Company’s use of derivatives as of March 31, 2023 and December 31, 2022:
(Dollars in thousands) | Current portion of derivative asset | Long-term derivative | Current portion of derivative liabilities | Long-term derivative | Other | ||||||||||
March 31, 2023: | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Interest rate swaps | $ | | $ | | $ | | $ | | $ | | |||||
Total | $ | | $ | | $ | | $ | | $ | | |||||
December 31, 2022: | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||
Interest rate swaps | $ | | $ | | $ | | $ | | $ | | |||||
Total | $ | | $ | | $ | | $ | | $ | |
The following tables present information with respect to gains and losses on derivative positions reflected in the condensed consolidated statements of operations or in the condensed consolidated statements of comprehensive income.
The effect of cash flow hedging relationships recognized in other comprehensive income/(loss) excluding amounts reclassified from accumulated other comprehensive income/(loss), including hedges of equity method investees, for the three months ended March 31, 2023 and 2022 follows:
Three Months Ended March 31, | ||||||
(Dollars in thousands) | 2023 | 2022 | ||||
Derivatives designated as hedging instruments: | ||||||
Interest rate swaps | $ | ( | $ | | ||
Total other comprehensive (loss)/income | $ | ( | $ | |
The effect of cash flow hedging relationships on the condensed consolidated statement of operatio