International Seaways Q3 2024 10-Q Filed

TL;DR

INSW Q3 10-Q is in. Financials and ops details for shipping giant.

AI Summary

International Seaways, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial figures and operational metrics are presented, reflecting the company's activities in the water transportation sector.

Why It Matters

This filing provides investors with the latest financial health and operational status of International Seaways, Inc., crucial for understanding its performance in the shipping market.

Risk Assessment

Risk Level: medium — The company operates in the volatile shipping industry, which is subject to global economic conditions, geopolitical events, and fluctuating charter rates.

Key Numbers

• 48,925,562 — Revenues (For the period ending 2024-09-30)
• 49,192,838 — Revenues (For the prior comparable period)

Key Players & Entities

• International Seaways, Inc. (company) — Filer of the 10-Q
• 0001558370-24-014765 (other) — Accession Number for the filing
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date
• 48925562 (dollar_amount) — Revenue for the period
• 49192838 (dollar_amount) — Revenue for the prior comparable period

FAQ

Filing Documents

• insw-20240930x10q.htm (10-Q) — 2666KB
• insw-20240930xex31d1.htm (EX-31.1) — 12KB
• insw-20240930xex31d2.htm (EX-31.2) — 12KB
• insw-20240930xex32.htm (EX-32) — 6KB
• insw-20240930x10q005.jpg (GRAPHIC) — 97KB
• 0001558370-24-014765.txt ( ) — 12265KB
• insw-20240930.xsd (EX-101.SCH) — 85KB
• insw-20240930_cal.xml (EX-101.CAL) — 72KB
• insw-20240930_def.xml (EX-101.DEF) — 416KB
• insw-20240930_lab.xml (EX-101.LAB) — 571KB
• insw-20240930_pre.xml (EX-101.PRE) — 523KB
• insw-20240930x10q_htm.xml (XML) — 2551KB

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 September 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 November 4, 2024: common stock, no par value, 49,192,838 shares. INTERNATIONAL SEAWAYS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS DOLLARS IN THOUSANDS (UNAUDITED) September 30, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 103,309 $ 126,760 Short-term investments 50,000 60,000 Voyage receivables, net of allowance for credit losses of $ 190 and $ 191 including unbilled receivables of $ 185,262 and $ 237,298 191,093 247,165 Other receivables 15,682 14,303 Inventories 378 1,329 Prepaid expenses and other current assets 9,721 10,342 Current portion of derivative asset 2,087 5,081 Total Current Assets 372,270 464,980 Vessels and other property, less accumulated depreciation of $ 502,936 and $ 427,274 2,045,331 1,914,426 Vessels construction in progress 24,401 11,670 Deferred drydock expenditures, net 82,628 70,880 Operating lease right-of-use assets 12,295 20,391 Pool working capital deposits 33,794 31,748 Long-term derivative asset 214 1,153 Other assets 16,913 6,571 Total Assets $ 2,587,846 $ 2,521,819 LIABILITIES AND EQUITY Current Liabilities: Accounts payable, accrued expenses and other current liabilities $ 45,796 $ 57,904 Current portion of operating lease liabilities 7,673 10,223 Current installments of long-term debt 49,823 127,447 Total Current Liabilities 103,292 195,574 Long-term operating lease liabilities 6,773 11,631 Long-term debt 600,689 595,229 Other liabilities 2,462 2,628 Total Liabilities 713,216 805,062 Commitments and contingencies Equity: Capital - 100,000,000 no par value shares authorized; 49,192,838 and 48,925,562 shares issued and outstanding 1,501,503 1,490,986 Retained earnings 382,350 226,834 1,883,853 1,717,820 Accumulated other comprehensive loss ( 9,223 ) ( 1,063 ) Total Equity 1,874,630 1,716,757 Total Liabilities and Equity $ 2,587,846 $ 2,521,819 See notes to condensed consolidated financial statements 1

View Full Filing

View this 10-Q filing on SEC EDGAR