| Price | 17.28 | EPS | -0 | |
| Shares | 29 | P/E | -87 | |
| MCap | 506 | P/FCF | 12 | |
| Net Debt | 644 | EBIT | 64 | |
| TEV | 1,149 | TEV/EBIT | 18 | TTM 2019-09-30, in MM, except price, ratios |
| 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 | 2020-08-07 | Earnings, Other Events, Exhibits |
| 8-K | 2020-07-08 | Officers |
| 8-K | 2020-06-22 | Shareholder Vote |
| 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 |
| 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-10.1 | tmb-20200630xex10d1.htm |
| EX-31.1 | tmb-20200630xex31d1.htm |
| EX-31.2 | tmb-20200630xex31d2.htm |
| EX-32 | tmb-20200630xex32.htm |
| Balance Sheet | Income Statement | Cash Flow |
|---|---|---|
|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
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
(Exact name of registrant as specified in its charter) |
| ||
(State or other jurisdiction of incorporation or organization) |
| (I.R.S. Employer Identification Number) |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: |
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.
Large 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 July 31, 2020: common stock, no par value
1
INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
DOLLARS IN THOUSANDS
(UNAUDITED)
June 30, | December 31, | |||||
2020 | 2019 | |||||
ASSETS | ||||||
Current Assets: | ||||||
Cash and cash equivalents | $ | | $ | | ||
Voyage receivables, net of allowance for credit losses of $ | ||||||
including unbilled of $ | | | ||||
Other receivables | | | ||||
Inventories | | | ||||
Prepaid expenses and other current assets | | | ||||
Total Current Assets | | | ||||
Restricted cash | | | ||||
Vessels and other property, less accumulated depreciation of $ | | | ||||
Deferred drydock expenditures, net | | | ||||
Operating lease right-of-use assets | | | ||||
Investments in and advances to affiliated companies | | | ||||
Other assets | | | ||||
Total Assets | $ | | $ | | ||
LIABILITIES AND EQUITY | ||||||
Current Liabilities: | ||||||
Accounts payable, accrued expenses and other current liabilities | $ | | $ | | ||
Current portion of operating lease liabilities | | | ||||
Current installments of long-term debt | | | ||||
Current portion of derivative liability | | | ||||
Total Current Liabilities | | | ||||
Long-term operating lease liabilities | | | ||||
Long-term debt | | | ||||
Long-term derivative liability | | | ||||
Other liabilities | | | ||||
Total Liabilities | | | ||||
Commitments and contingencies | ||||||
Equity: | ||||||
Capital - | ||||||
shares and | | | ||||
Accumulated deficit | ( | ( | ||||
| | |||||
Accumulated other comprehensive loss | ( | ( | ||||
Total Equity | | | ||||
Total Liabilities and Equity | $ | | $ | | ||
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 June 30, | Six Months Ended June 30, | |||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
Shipping Revenues: | ||||||||||||
Pool revenues, including $ | ||||||||||||
from companies accounted for by the equity method | $ | | $ | | $ | | $ | | ||||
Time and bareboat charter revenues | | | | | ||||||||
Voyage charter revenues | | | | | ||||||||
| | | | |||||||||
Operating Expenses: | ||||||||||||
Voyage expenses | | | | | ||||||||
Vessel expenses | | | | | ||||||||
Charter hire expenses | | | | | ||||||||
Depreciation and amortization | | | | | ||||||||
General and administrative | | | | | ||||||||
Provision for credit losses, net | ( | ( | ( | | ||||||||
Third-party debt modification fees | | | | | ||||||||
Loss on disposal of vessels and other property, including impairments | | | | | ||||||||
Total operating expenses | | | | | ||||||||
Income/(loss) from vessel operations | | ( | | | ||||||||
Equity in income of affiliated companies | | | | | ||||||||
Operating income | | | | | ||||||||
Other income/(expense) | | | ( | | ||||||||
Income before interest expense and income taxes | | | | | ||||||||
Interest expense | ( | ( | ( | ( | ||||||||
Income/(loss) before income taxes | | ( | | ( | ||||||||
Income tax 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
3
INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
DOLLARS IN THOUSANDS
(UNAUDITED)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
Net income/(loss) | $ | | $ | ( | $ | | $ | ( | ||||
Other comprehensive (loss)/income, net of tax: | ||||||||||||
Net change in unrealized 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, net of tax | ( | ( | ( | ( | ||||||||
Comprehensive income/(loss) | $ | | $ | ( | $ | | $ | ( | ||||
See notes to condensed consolidated financial statements
4
INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
DOLLARS IN THOUSANDS
(UNAUDITED)
Six Months Ended June 30, | ||||||
2020 | 2019 | |||||
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 | | | ||||
Deferred financing costs write-off | | | ||||
Stock compensation, non-cash | | | ||||
Earnings of affiliated companies | ( | ( | ||||
Change in fair value of interest rate collar recorded through earnings | | | ||||
Other – net | | | ||||
Items included in net income/(loss) related to investing and financing activities: | ||||||
(Gain)/loss on disposal of vessels and other property, net | ( | | ||||
Loss on extinguishment of debt | | | ||||
Cash distributions from affiliated companies | | | ||||
Payments for drydocking | ( | ( | ||||
Insurance claims proceeds related to vessel operations | | | ||||
Changes in operating assets and liabilities: | ||||||
(Increase)/decrease in receivables | ( | | ||||
Increase/(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 operating activities | | | ||||
Cash Flows from Investing Activities: | ||||||
Expenditures for vessels and vessel improvements | ( | ( | ||||
Proceeds from disposal of vessels and other property | | | ||||
Expenditures for other property | ( | ( | ||||
Investments in and advances to affiliated companies, net | ( | | ||||
Repayments of advances from affiliated companies | | | ||||
Net cash (used in)/provided by investing activities | ( | | ||||
Cash Flows from Financing Activities: | ||||||
Issuance of debt, net of issuance and deferred financing costs | | | ||||
Extinguishment of debt | ( | | ||||
Payments on debt | ( | ( | ||||
Cash dividends paid | ( | | ||||
Repurchases of common stock | ( | | ||||
Cash paid to tax authority upon vesting of stock-based compensation | ( | ( | ||||
Other – net | ( | ( | ||||
Net cash used in financing activities | ( | ( | ||||
Net (decrease)/increase 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
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 six months ended | |||||||||||||
Balance at January 1, 2020 | $ | | $ | ( | $ | ( | $ | | |||||
Net income | | | | | |||||||||
Other comprehensive loss | | | ( | ( | |||||||||
Dividends declared and paid | ( | | | ( | |||||||||
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 | | | | | |||||||||
Repurchase of common stock | ( | | | ( | |||||||||
Balance at June 30, 2020 | $ | | $ | ( | $ | ( | $ | | |||||
Balance at January 1, 2019 | $ | | $ | ( | $ | ( | $ | | |||||
Net loss | | ( | | ( | |||||||||
Other comprehensive loss | | | ( | ( | |||||||||
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 June 30, 2019 | $ | | $ | ( | $ | ( | $ | | |||||
For the three months ended | |||||||||||||
Balance at April 1, 2020 | $ | | $ | ( | $ | ( | $ | | |||||
Net income | | | | | |||||||||
Other comprehensive loss | | | ( | ( | |||||||||
Dividends declared and paid | ( | | | ( | |||||||||
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 | | | | | |||||||||
Repurchase of common stock | ( | | | ( | |||||||||
Balance at June 30, 2020 | $ | | $ | ( | $ | ( | $ | | |||||
Balance at April 1, 2019 | $ | | $ | ( | $ | ( | $ | | |||||
Net loss | | ( | |||||||||||