International Seaways, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>International Seaways, Inc. has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

International Seaways, Inc. (INSW) filed a Annual Report (10-K) with the SEC on February 29, 2024. International Seaways, Inc. reported its 2023 fiscal year results on February 29, 2024. The company operates in the Water Transportation industry. The filing is a 10-K annual report. The company's principal executive offices are located at 600 Third Avenue, 39th Floor, New York, NY 10016. The company was formerly known as OSG International, INC.

Why It Matters

For investors and stakeholders tracking International Seaways, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of International Seaways' financial health, operational performance, and strategic direction for the fiscal year 2023. Investors and analysts can use this report to assess the company's market position, identify potential risks, and evaluate future growth prospects in the water transportation sector.

Risk Assessment

Risk Level: medium — International Seaways, Inc. shows moderate risk based on this filing. The company operates in the water transportation industry, which is subject to significant cyclicality, geopolitical risks, and fluctuating fuel prices, all of which can materially impact financial performance.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand the company's exposure to market volatility and operational challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-29 — Filing Date (As of date)
• 001-37836 — SEC File Number (SEC file number)
• 0001679049 — Central Index Key (Company's Central Index Key)

Key Players & Entities

• International Seaways, Inc. (company) — Filer name
• OSG International, INC (company) — Former company name
• 600 Third Avenue, 39th Floor, New York, NY 10016 (company) — Business address
• WATER TRANSPORTATION (company) — Standard Industrial Classification

FAQ

Risk Factors

• Market Conditions and Fluctuations [high — market]: The company's financial results are significantly impacted by the cyclical nature of the tanker and LNG shipping markets, including charter rates, vessel utilization, and newbuilding and demolition activity.
• Operational Risks [medium — operational]: Risks include vessel operations, such as mechanical failures, accidents, and environmental incidents, which can lead to significant costs and reputational damage.
• Interest Rate and Foreign Exchange Risk [medium — financial]: Fluctuations in interest rates and foreign currency exchange rates can affect the company's borrowing costs and the value of its international operations.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-02-29: 10-K Filing Date — Date the annual report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview of International Seaways, Inc.)

Water Transportation

Industry sector related to the movement of goods and people by watercraft. (This is the primary industry in which International Seaways, Inc. operates.)

Key Financial Figures

• $38.24 — billion, based on the closing price of $38.24 per share of common stock on the NYSE o

Filing Documents

• insw-20231231x10k.htm (10-K) — 4906KB
• insw-20231231xex4d4.htm (EX-4.4) — 191KB
• insw-20231231xex10d9.htm (EX-10.9) — 23KB
• insw-20231231xex21.htm (EX-21) — 82KB
• insw-20231231xex23.htm (EX-23) — 4KB
• insw-20231231xex31d1.htm (EX-31.1) — 12KB
• insw-20231231xex31d2.htm (EX-31.2) — 12KB
• insw-20231231xex32.htm (EX-32) — 7KB
• insw-20231231xex97.htm (EX-97) — 93KB
• insw-20231231x10k003.jpg (GRAPHIC) — 84KB
• insw-20231231x10k004.jpg (GRAPHIC) — 59KB
• insw-20231231x10k006.jpg (GRAPHIC) — 46KB
• 0001558370-24-002108.txt (&nbsp;) — 22880KB
• insw-20231231.xsd (EX-101.SCH) — 146KB
• insw-20231231_cal.xml (EX-101.CAL) — 125KB
• insw-20231231_def.xml (EX-101.DEF) — 780KB
• insw-20231231_lab.xml (EX-101.LAB) — 1024KB
• insw-20231231_pre.xml (EX-101.PRE) — 1016KB
• insw-20231231x10k_htm.xml (XML) — 4513KB

Forward-Looking Statements

Forward-Looking Statements i Supplementary Financial Information iii Glossary iii PART I Item 1.

Business

Business 1 Our Business 1 2023 in Review 1 Our Strategy 2 Fleet Operations 4 Human Capital Management and Employees 8 Competition 10 Environmental and Security Matters Relating to Bulk Shipping 10 Inspection by Classification Societies 18 Insurance 19 Income Taxation of the Company 19 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 42 Item 1C. Cybersecurity 42 Item 2.

Properties

Properties 45 Item 3.

Legal Proceedings

Legal Proceedings 45 Item 4. Mine Safety Disclosures 45 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46 Item 6. Reserved Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 50 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 67 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 68 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 122 Item 9A.

Controls and Procedures

Controls and Procedures 122 Item 9B. Other Information 123 PART III Item 10. Directors, Executive Officers and Corporate Governance 123 Item 11.

Executive Compensation

Executive Compensation 125 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 125 Item 13. Certain Relationships and Related Transactions, and Director Independence 125 Item 14. Principal Accounting Fees and Services 125 PART IV Item 15. Exhibits, Financial Statement Schedules 126 Item 16. Form 10-K Summary 131

Signatures

Signatures 132 Table of Contents References in this Annual Report on Form 10-K to the "Company", "INSW", "we", "us", or "our" refer to International Seaways, Inc. and, unless the context otherwise requires or otherwise is expressly stated, its subsidiaries. A glossary of shipping terms (the "Glossary") that should be used as a reference when reading this Annual Report on Form 10-K can be found immediately prior to Part I. Capitalized terms that are used in this Annual Report are either defined when they are first used or in the Glossary. AVAILABLE INFORMATION The Company makes available free of charge through its internet website www.intlseas.com , its Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the Securities and Exchange Commission (the "SEC"). Our website and the information contained on that site, or connected to that site, are not incorporated by reference in this Annual Report on Form 10-K. The public may also read and copy any materials the Company files with the SEC at the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549 (information on the operation of the Public Reference Room is available by calling the SEC at 1-800-SEC-0330). The SEC also maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at https://www.sec.gov. The Company also makes available on its website, its corporate governance guidelines, its Code of Business Conduct and Ethics, insider trading policy, anti-bribery and corruption policy, incentive compensation recoupment policy, and charters of the Audit Committee, Human Resources and Compensation Committee and Corporat

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements. In addition, we may make or approve certain statements in future filings with the SEC, in press releases, or oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. Words such as "may", "will", "should", "would", "could", "appears", "believe", "intends", "expects", "estimates", "targeted", "plans", "anticipates", "goal", and similar expressions are intended to identify forward-looking statements but should not be considered as the only means through which these statements may be made. Such forward-looking statements represent the Company's reasonable expectation with respect to future events or circumstances based on various factors and are subject to various risks and uncertainties and assumptions relating to the Company's operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors, many of which are beyond the control of the Company, that could cause the Company's actual results to differ materially from those indicated in these statements. Undue reliance should not be placed on any forward-looking statements and consideration should be given to the following factors when reviewing any such statement. Such factors include, but are not limited to: the highly cyclical nature of INSW's industry; fluctuations in the market value of vessels; declines in charter rates, including spot charter rates or other market deterioration; an increase in the supply of vessels without a commensurate increase in demand; the impact of adverse weather and natural disasters , including the continuing drought in Panama, reducing water levels in the Panama Canal and thereby decreasing the daily number of vessels permitted to transit the canal, resulting in delays crossing the canal

View Full Filing

View this 10-K filing on SEC EDGAR