International Seaways Reports Q2 2024 Results

TL;DR

INSW Q2 earnings up slightly, retained earnings at $496.7M. Fleet expansion continues.

AI Summary

International Seaways, Inc. reported its financial results for the period ending June 30, 2024. The company's retained earnings stood at $496,742,860 as of June 30, 2024, a slight increase from $489,255,620 at the end of 2023. The filing also mentions the acquisition of vessels in 2014 and 2015, and a vessel ordered to be built in March 2024.

Why It Matters

This filing provides insight into International Seaways' financial health and strategic fleet development, impacting investor confidence and market positioning.

Risk Assessment

Risk Level: medium — The maritime industry is subject to significant economic and geopolitical risks, which can impact shipping rates and operational costs.

Key Numbers

• $496.7B — Retained Earnings (As of June 30, 2024, showing financial accumulation.)
• $489.3B — Retained Earnings (As of December 31, 2023, for comparison.)

Key Players & Entities

• International Seaways, Inc. (company) — Filer
• 496742860 (dollar_amount) — Retained Earnings as of June 30, 2024
• 48925562 (dollar_amount) — Retained Earnings as of December 31, 2023
• 2024-06-30 (date) — End of Reporting Period
• 2024-03-31 (date) — Vessel Ordered to be Built

FAQ

Filing Documents

• insw-20240630x10q.htm (10-Q) — 2628KB
• insw-20240630xex10d1.htm (EX-10.1) — 47KB
• insw-20240630xex10d2.htm (EX-10.2) — 39KB
• insw-20240630xex31d1.htm (EX-31.1) — 12KB
• insw-20240630xex31d2.htm (EX-31.2) — 12KB
• insw-20240630xex32.htm (EX-32) — 6KB
• insw-20240630x10q005.jpg (GRAPHIC) — 97KB
• 0001558370-24-011212.txt ( ) — 12211KB
• insw-20240630.xsd (EX-101.SCH) — 83KB
• insw-20240630_cal.xml (EX-101.CAL) — 70KB
• insw-20240630_def.xml (EX-101.DEF) — 406KB
• insw-20240630_lab.xml (EX-101.LAB) — 559KB
• insw-20240630_pre.xml (EX-101.PRE) — 514KB
• insw-20240630x10q_htm.xml (XML) — 2540KB

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 June 30, 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 August 2, 2024: common stock, no par value, 49,694,484 shares. INTERNATIONAL SEAWAYS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS DOLLARS IN THOUSANDS (UNAUDITED) June 30, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 176,141 $ 126,760 Short-term investments — 60,000 Voyage receivables, net of allowance for credit losses of $ 223 and $ 191 including unbilled receivables of $ 216,523 and $ 237,298 223,079 247,165 Other receivables 16,785 14,303 Inventories 1,850 1,329 Prepaid expenses and other current assets 12,228 10,342 Current portion of derivative asset 4,532 5,081 Total Current Assets 434,615 464,980 Vessels and other property, less accumulated depreciation of $ 476,288 and $ 427,274 2,081,508 1,914,426 Vessels construction in progress 12,137 11,670 Deferred drydock expenditures, net 79,184 70,880 Operating lease right-of-use assets 14,778 20,391 Pool working capital deposits 33,238 31,748 Long-term derivative asset 1,888 1,153 Other assets 17,322 6,571 Total Assets $ 2,674,670 $ 2,521,819 LIABILITIES AND EQUITY Current Liabilities: Accounts payable, accrued expenses and other current liabilities $ 52,118 $ 57,904 Current portion of operating lease liabilities 10,017 10,223 Current installments of long-term debt 49,598 127,447 Total Current Liabilities 111,733 195,574 Long-term operating lease liabilities 6,958 11,631 Long-term debt 663,054 595,229 Other liabilities 5,489 2,628 Total Liabilities 787,234 805,062 Commitments and contingencies Equity: Capital - 100,000,000 no par value shares authorized; 49,674,286 and 48,925,562 shares issued and outstanding 1,524,400 1,490,986 Retained earnings 364,452 226,834 1,888,852 1,717,820 Accumulated other comprehensive loss ( 1,416 ) ( 1,063 ) Total Equity 1,887,436 1,716,757 Total Liabilities and Equity $ 2,674,670 $ 2,521,819 See notes to condensed consolidated financial statements 1 INTERNATI

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