Company Quick10K Filing
International Seaways
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 2020-05-20 Regulation FD, Exhibits
8-K 2020-05-07 Earnings, Exhibits
8-K 2020-04-27 Enter Agreement, Exhibits
8-K 2020-04-02 Officers, Exhibits
8-K 2020-03-31 Regulation FD, Exhibits
8-K 2020-03-03 Earnings, Other Events, Exhibits
8-K 2020-01-23 Enter Agreement, Leave Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2020-01-15 Regulation FD, Exhibits
8-K 2020-01-06 Enter Agreement
8-K 2019-11-07 Earnings, Exhibits
8-K 2019-10-08 Regulation FD, Exhibits
8-K 2019-10-07 Enter Agreement, M&A, Exhibits
8-K 2019-10-07 Regulation FD, Exhibits
8-K 2019-08-08 Earnings, Exhibits
8-K 2019-06-24 Enter Agreement, Exhibits
8-K 2019-06-05 Shareholder Vote
8-K 2019-05-09 Earnings, Exhibits
8-K 2019-04-26 Regulation FD, Exhibits
8-K 2019-04-05 Exhibits
8-K 2019-03-12 Earnings, Exhibits
8-K 2019-03-07 Enter Agreement, Exhibits
8-K 2019-01-09 Enter Agreement, Exhibits
8-K 2018-12-28 Enter Agreement, Exhibits
8-K 2018-12-12 Regulation FD, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-09-25 Other Events, Exhibits
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-06-18 Regulation FD, Exhibits
8-K 2018-06-14 Regulation FD, Exhibits
8-K 2018-06-12 M&A, Off-BS Arrangement
8-K 2018-05-31 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-24 Shareholder Vote
8-K 2018-05-14 Other Events, Exhibits
8-K 2018-05-04 Earnings, Exhibits
8-K 2018-05-02 Earnings, Regulation FD, Exhibits
8-K 2018-04-26 Regulation FD, Exhibits
8-K 2018-04-26 Enter Agreement, Off-BS Arrangement
8-K 2018-04-18 Enter Agreement
8-K 2018-04-04 Officers
8-K 2018-03-08 Earnings, Exhibits
8-K 2017-12-20 Enter Agreement

International Seaways Financials

INSW Metrics, Comps, Filings

Quarterly | Annual

Business

The Company's vessel operations are organized into two segments: Crude Tankers and Product Carriers. Our 48-vessel fleet consists of VLCC, Suezmax, Aframax, and Panamax crude tankers, as well as LR1, LR2 and MR product carriers. Through joint venture partnerships, our fleet also includes ownership interests in four LNG carriers and two FSO service vessels (together the “JV Vessels”).

INSW generally charters its vessels to customers either for specific voyages at spot rates through the services of pools in which the Company participates, or for specific periods of time at fixed daily amounts through time charters or bareboat charters. Spot market rates are highly volatile, while time charter and bareboat charter rates provide more predictable streams of TCE revenues because they are fixed for specific periods of time. For a more detailed discussion on factors influencing spot and time charter markets, see “— Fleet Operations — Commercial Management” below.

With a focus on strengthening the Company's fleet profile and earnings power ahead of an anticipated market recovery, the Company has opportunistically disposed of some of its older vessel tonnage and invested over $600 million in modern vessels at historically low asset prices since its November 2016 spin-off from its former parent company. These investments included the acquisition of two Suezmax newbuilding resales and a 2010-built VLCC during the second half of 2017 and the acquisition of six 300,000 DWT VLCCs consisting of five 2016-built and one 2015-built (collectively, the "Six VLCCs") during 2018. The Company also disposed of 13 owned vessels with an average age of 16.3 years during 2017 and 2018. As of December 31, 2018, the Company's fleet renewal program has reduced the average age of the Company's owned and operated fleet by approximately three years from 11.5 years at the end of 2016 to 8.7 years at the end of 2018 while increasing the deadweight tonnage of the Company's fleet by approximately 11.5%.


Valuation ($BB)

Market Cap, Enterprise Value

Balance Sheet ($BB)

Assets, Equity

Income Statement ($BB Quarterly)

Revenue, G Profit, Net Income

Cash Flow ($BB Quarterly)

Ops, Inv, Fin

Comps ($MM TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Golar LNG Partners (GMLP) 742 0% 2,241 1,481 0 0 0 0 1,756
Tidewater (TDW) 618 26% -9.6 -10% 1,754 679 478 124 -171 -71 679
Doriang (LPG) 596 0% 12.4 2% 1,642 688 242 0 31 96 1,191
Knot Offshore Partners (KNOP) 591 0% 1,837 1,105 0 0 0 0 1,636
DHT Holdings (DHT) 581 0% 1,864 1,002 0 0 0 0 1,548
DryShips (DRYS) 540 0% 1,011 374 0 0 0 0 675
Navigator Holdings (NVGS) 513 0% 1,833 878 0 0 0 0 1,117
Marine Products (MPX) 509 22% 15.3 21% 119 37 244 55 25 32 486
International Seaways (INSW) 506 0% 9.5 -0% 1,829 846 343 0 -6 121 1,149
Costamare (CMRE) 505 0% 3,051 1,694 0 0 0 0 1,655
Teekay Offshore Partners (TOO) 505 0% 5,312 3,853 0 0 0 0 3,413
Scorpio Bulkers (SALT) 399 0% -3.4 -19% 1,704 843 100 0 -324 -324 1,098
Genco Shipping & Trading (GNK) 391 0% 18.4 -2% 1,562 564 393 0 -39 40 743
Eagle Bulk Shipping (EGLE) 357 0% 15.1 -0% 970 479 308 0 -4 47 706
Teekay (TK) 337 0% 8,392 5,525 0 0 0 0 3,195
Diana Shipping (DSX) 330 0% 1,188 560 0 0 0 0 713
SEACOR Marine Holdings (SMHI) 319 27% -21.4 -10% 1,041 546 227 60 -101 -33 708
Nordic American Tankers (NAT) 288 0% 1,071 469 0 0 0 0 675
MCBC Holdings (MCFT) 275 24% 8.3 8% 257 176 483 115 22 46 383
Teekay Tankers (TNK) 252 0% 2,161 1,214 0 0 0 0 934

Balance Sheet ($MM)2016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash11092101121736091143124118137150124
Accounts Receivable51676763595851627495967475
Inventory1112234543443
PP&E1,1431,1001,0861,0901,1621,1051,0191,4061,3541,3311,3211,2921,285
Assets1,7091,6631,6831,7011,7241,6641,6121,9461,8871,8491,8911,8651,829
Accounts Payable301
Long-Term Debt439440440476526553521838828811806795768
Liabilities485483482510555579549896879839873870846
Stockholders' Equity1,2251,1801,2011,1911,1691,0861,0641,0511,0081,0101,018995982
Income Statement ($MM)2016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Revenue8186898060695257611011026971
Cost of Revenue
Gross Profit
R&D
SG&A1056577665766
Tax-0000000-00-0
Net Income-51-581857-22-91-29-19-48711-13-11
Cash Flow ($MM)2016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-30
Cash Operating-1411-7-415-82420-0
Cash Investing-2-0-8659344363
Cash Financing-2-245-343-15-7-13-29