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 2020-06-30 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

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-10.1 tmb-20200630xex10d1.htm
EX-31.1 tmb-20200630xex31d1.htm
EX-31.2 tmb-20200630xex31d2.htm
EX-32 tmb-20200630xex32.htm

International Seaways Earnings 2020-06-30

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 June 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 July 31, 2020: common stock, no par value 27,983,771 shares.

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

$

128,063

$

89,671

Voyage receivables, net of allowance for credit losses of $62 and $1,245

including unbilled of $96,324 and $74,355

100,876

83,845

Other receivables

5,003

3,938

Inventories

1,878

3,896

Prepaid expenses and other current assets

6,412

5,994

Total Current Assets

242,232

187,344

Restricted cash

16,398

60,572

Vessels and other property, less accumulated depreciation of $347,172 and $364,868

1,287,478

1,292,516

Deferred drydock expenditures, net

28,115

23,125

Operating lease right-of-use assets

26,386

33,718

Investments in and advances to affiliated companies

155,191

153,292

Other assets

3,156

2,934

Total Assets

$

1,758,956

$

1,753,501

LIABILITIES AND EQUITY

Current Liabilities:

Accounts payable, accrued expenses and other current liabilities

$

29,424

$

27,554

Current portion of operating lease liabilities

10,411

12,958

Current installments of long-term debt

81,483

70,350

Current portion of derivative liability

9,227

3,614

Total Current Liabilities

130,545

114,476

Long-term operating lease liabilities

13,504

17,953

Long-term debt

523,414

590,745

Long-term derivative liability

18,191

6,545

Other liabilities

1,249

1,489

Total Liabilities

686,903

731,208

Commitments and contingencies

Equity:

Capital - 100,000,000 no par value shares authorized; 27,974,378 and 29,274,452

shares issued and outstanding

1,281,072

1,313,178

Accumulated deficit

(172,938)

(270,315)

1,108,134

1,042,863

Accumulated other comprehensive loss

(36,081)

(20,570)

Total Equity

1,072,053

1,022,293

Total Liabilities and Equity

$

1,758,956

$

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 June 30,

Six Months Ended June 30,

2020

2019

2020

2019

Shipping Revenues:

Pool revenues, including $71,282, $26,731, $141,957 and $67,891

from companies accounted for by the equity method

$

100,059

$

44,713

$

201,268

$

112,350

Time and bareboat charter revenues

26,655

6,541

35,259

12,061

Voyage charter revenues

13,011

17,756

28,535

46,473

139,725

69,010

265,062

170,884

Operating Expenses:

Voyage expenses

4,436

6,523

10,042

14,368

Vessel expenses

30,278

30,746

63,238

61,284

Charter hire expenses

7,540

13,033

17,771

30,218

Depreciation and amortization

18,880

18,818

37,147

37,747

General and administrative

6,694

6,297

14,128

13,070

Provision for credit losses, net

(129)

(21)

(67)

1,277

Third-party debt modification fees

232

30

Loss on disposal of vessels and other property, including impairments

4,134

1,548

1,330

1,500

Total operating expenses

71,833

76,944

143,821

159,494

Income/(loss) from vessel operations

67,892

(7,934)

121,241

11,390

Equity in income of affiliated companies

5,205

8,015

10,316

16,085

Operating income

73,097

81

131,557

27,475

Other income/(expense)

143

839

(13,289)

1,875

Income before interest expense and income taxes

73,240

920

118,268

29,350

Interest expense

(8,881)

(17,443)

(20,890)

(34,976)

Income/(loss) before income taxes

64,359

(16,523)

97,378

(5,626)

Income tax provision

(1)

(1)

Net income/(loss)

$

64,358

$

(16,523)

$

97,377

$

(5,626)

Weighted Average Number of Common Shares Outstanding:

Basic

28,469,969

29,220,345

28,812,299

29,200,897

Diluted

28,639,780

29,220,345

28,989,146

29,200,897

Per Share Amounts:

Basic net income/(loss) per share

$

2.26

$

(0.57)

$

3.37

$

(0.19)

Diluted net income/(loss) per share

$

2.24

$

(0.57)

$

3.35

$

(0.19)

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)

$

64,358

$

(16,523)

$

97,377

$

(5,626)

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

Net change in unrealized losses on cash flow hedges

(1,183)

(7,203)

(16,168)

(10,381)

Defined benefit pension and other postretirement benefit plans:

Net change in unrecognized prior service costs

8

30

80

4

Net change in unrecognized actuarial losses

56

197

577

24

Other comprehensive loss, net of tax

(1,119)

(6,976)

(15,511)

(10,353)

Comprehensive income/(loss)

$

63,239

$

(23,499)

$

81,866

$

(15,979)

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)

$

97,377

$

(5,626)

Items included in net income/(loss) not affecting cash flows:

Depreciation and amortization

37,147

37,747

Loss on write-down of vessels and other assets

5,469

Amortization of debt discount and other deferred financing costs

1,708

3,560

Deferred financing costs write-off

12,501

Stock compensation, non-cash

2,503

1,821

Earnings of affiliated companies

(10,209)

(16,367)

Change in fair value of interest rate collar recorded through earnings

1,271

Other – net

512

227

Items included in net income/(loss) related to investing and financing activities:

(Gain)/loss on disposal of vessels and other property, net

(4,139)

1,500

Loss on extinguishment of debt

1,014

Cash distributions from affiliated companies

5,250

6,528

Payments for drydocking

(12,513)

(10,878)

Insurance claims proceeds related to vessel operations

570

640

Changes in operating assets and liabilities:

(Increase)/decrease in receivables

(17,031)

20,163

Increase/(decrease) in deferred revenue

2,970

(15)

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

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

3,290

4,478

Net cash provided by operating activities

127,690

43,778

Cash Flows from Investing Activities:

Expenditures for vessels and vessel improvements

(40,949)

(5,356)

Proceeds from disposal of vessels and other property

13,578

9,090

Expenditures for other property

(348)

(301)

Investments in and advances to affiliated companies, net

(46)

434

Repayments of advances from affiliated companies

5,272

Net cash (used in)/provided by investing activities

(27,765)

9,139

Cash Flows from Financing Activities:

Issuance of debt, net of issuance and deferred financing costs

362,989

Extinguishment of debt

(382,699)

Payments on debt

(51,266)

(19,652)

Cash dividends paid

(3,412)

Repurchases of common stock

(29,997)

Cash paid to tax authority upon vesting of stock-based compensation

(1,200)

(359)

Other – net

(122)

(258)

Net cash used in financing activities

(105,707)

(20,269)

Net (decrease)/increase in cash, cash equivalents and restricted cash

(5,782)

32,648

Cash, cash equivalents and restricted cash at beginning of year

150,243

117,644

Cash, cash equivalents and restricted cash at end of period

$

144,461

$

150,292

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

$

1,313,178

$

(270,315)

$

(20,570)

$

1,022,293

Net income

97,377

97,377

Other comprehensive loss

(15,511)

(15,511)

Dividends declared and paid

(3,412)

(3,412)

Forfeitures of vested restricted stock awards

(1,200)

(1,200)

Compensation relating to restricted stock awards

406

406

Compensation relating to restricted stock units awards

1,589

1,589

Compensation relating to stock option awards

508

508

Repurchase of common stock

(29,997)

(29,997)

Balance at June 30, 2020

$

1,281,072

$

(172,938)

$

(36,081)

$

1,072,053

Balance at January 1, 2019

$

1,309,269

$

(269,485)

$

(29,929)

$

1,009,855

Net loss

(5,626)

(5,626)

Other comprehensive loss

(10,353)

(10,353)

Forfeitures of vested restricted stock awards

(359)

(359)

Compensation relating to restricted stock awards

434

434

Compensation relating to restricted stock units awards

883

883

Compensation relating to stock option awards

504

504

Balance at June 30, 2019

$

1,310,731

$

(275,111)

$

(40,282)

$

995,338

For the three months ended

Balance at April 1, 2020

$

1,301,938

$

(237,296)

$

(34,962)

$

1,029,680

Net income

64,358

64,358

Other comprehensive loss

(1,119)

(1,119)

Dividends declared and paid

(1,683)

(1,683)

Forfeitures of vested restricted stock awards

(495)

(495)

Compensation relating to restricted stock awards

177

177

Compensation relating to restricted stock units awards

834

834

Compensation relating to stock option awards

286

286

Repurchase of common stock

(19,985)

(19,985)

Balance at June 30, 2020

$

1,281,072

$

(172,938)

$

(36,081)

$

1,072,053

Balance at April 1, 2019

$

1,309,881

$

(258,588)

$

(33,306)

$

1,017,987

Net loss

(16,523)