International Seaways, Inc. Files Q1 2024 10-Q Report

TL;DR

<b>International Seaways, Inc. filed its Q1 2024 10-Q, providing financial details and operational data for the period ending March 31, 2024.</b>

AI Summary

International Seaways, Inc. (INSW) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. International Seaways, Inc. reported its Q1 2024 results on May 8, 2024. The filing covers the period ending March 31, 2024. The company is incorporated in Delaware and its fiscal year ends on December 31. Key financial data points from previous periods (2023-12-31, 2023-03-31, 2022-12-31) are referenced. The report includes details on Lightering Services, Senior Officers compensation, and various lease types.

Why It Matters

For investors and stakeholders tracking International Seaways, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational updates for International Seaways, Inc., crucial for assessing the company's current health and future prospects. The detailed breakdown of revenue segments and executive compensation offers transparency into the company's business model and management incentives.

Risk Assessment

Risk Level: — International Seaways, Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine financial disclosure.

Analyst Insight

Monitor future filings for trends in revenue growth across different charter types and changes in executive compensation.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (Quarterly report covers this period)
• 2024-05-08 — Filing Date (Date the 10-Q was submitted)
• 2024-01-01 — Q1 2024 Start Date (Beginning of the reporting quarter)

Key Players & Entities

• International Seaways, Inc. (company) — Filer of the 10-Q report
• Nadim Qureshi (person) — Director mentioned in relation to stock grants

FAQ

Industry Context

International Seaways, Inc. operates in the maritime transportation industry, focusing on the ownership and operation of large crude tankers and U.S. flag product tankers.

Regulatory Implications

The company is subject to maritime regulations and reporting requirements under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze revenue trends across different vessel segments (tankers, lightering) for Q1 2024 compared to Q1 2023.
2. Review executive compensation details and performance-based awards for alignment with company performance.
3. Track any disclosures related to fleet expansion, vessel acquisitions, or disposals in subsequent filings.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing an update from the previous year-end report (10-K) and the prior year's first quarter report (Q1 2023).

Key Financial Figures

• $750 Million — tments (1) 75,000 60,000 Level 1 $750 Million Facility Term Loan (2) ( 94,581 ) (

Filing Documents

• insw-20240331x10q.htm (10-Q) — 1806KB
• insw-20240331xex10d1.htm (EX-10.1) — 2333KB
• insw-20240331xex31d1.htm (EX-31.1) — 12KB
• insw-20240331xex31d2.htm (EX-31.2) — 12KB
• insw-20240331xex32.htm (EX-32) — 6KB
• insw-20240331x10q005.jpg (GRAPHIC) — 83KB
• insw-20240331xex10d1001.jpg (GRAPHIC) — 3KB
• 0001558370-24-007204.txt (&nbsp;) — 11971KB
• insw-20240331.xsd (EX-101.SCH) — 78KB
• insw-20240331_cal.xml (EX-101.CAL) — 66KB
• insw-20240331_def.xml (EX-101.DEF) — 391KB
• insw-20240331_lab.xml (EX-101.LAB) — 521KB
• insw-20240331_pre.xml (EX-101.PRE) — 485KB
• insw-20240331x10q_htm.xml (XML) — 1663KB

From the Filing

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 March 31, 2024 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 , 39 th Floor , New York , New York 10016 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 212 - 578-1600 (Former name, former address and former fiscal year, if changed since last report) 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 Rights to Purchase Common Stock N/A New York Stock Exchange 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, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth 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 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 7, 2024: common stock, no par value 49,373,073 shares. INTERNATIONAL SEAWAYS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS DOLLARS IN THOUSANDS (UNAUDITED) March 31, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 139,501 $ 126,760 Short-term investments 75,000 60,000 Voyage receivables, net of allowance for credit losses of $ 238 and $ 191 including unbilled receivables of $ 234,260 and $ 237,298 242,955 247,165 Other receivables 11,887 14,303 Inventories 593 1,329 Prepaid expenses and other current assets 15,086 10,342 Current portion of derivative asset 5,049 5,081 Total Current Assets 490,071 464,980 Vessels and other property, less accumulated depreciation of $ 452,717 and $ 427,274 1,890,796 1,914,426 Vessels construction in progress 11,905 11,670 Deferred drydock expenditures, net 72,884 70,880 Operating lease right-of-use assets 17,195 20,391 Pool working capital deposits 33,998 31,748 Long-term derivative asset 2,213 1,153 Other assets 32,360 6,571 Total Assets $ 2,551,422 $ 2,521,819 LIABILITIES AND EQUITY Current Liabilities: Accounts payable, accrued expenses and other current liabilities $ 42,046 $ 57,904 Current portion of operating lease liabilities 10,169 10,223 Current installments of long-term debt 127,535 127,447 Total Current Liabilities 179,750 195,574 Long-term operating lease liabilities 9,270 11,631 Long-term debt 564,203 595,229 Other liabilities 3,309 2,628 Total Liabilities 756,532 805,062 Commitments and contingencies Equity: Capital - 100,000,000 no par value shares authorized; 48,999,765 and 48,925,562 shares issued and outstanding 1,488,531 1,490,986 Retained earnings 306,659 226,834 1,795,190 1,717,820 Accumulated other comprehensive loss ( 300 ) ( 1,063 ) Total Equity 1,794,890 1,716,757 Total Liabilities and Equity $ 2,551,422 $ 2,521,819 See notes to condensed consolidated financial statements 1 INTERNATI

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