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NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the Company or INSW), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today reported results for the third quarter of 2020. Highlights During the third quarter, we generated solid results and increased our cash position despite current pressure on rates, said Lois K. Zabrocky, International Seaways President and CEO. Our sizeable fleet of crude and product tankers performed well during the quarter, and the four favorable time charters we executed earlier this year at very strong rates were instrumental in enabling us to optimize revenue during the current period of oil inventory destocking. Importantly, taking into consideration these time charters, two of which extend well into 2021, the contributions from our FSO JV, and our ongoing strategy of paying down debt, we have reduced our cash breakeven rate to approximately $17,500 per day. Ms. Zabrocky continued, Moving forward, we remain positive on the long-term outlook of the tanker market. Our strategic focus continues to be on executing our disciplined and balanced approach to capital allocation, while continuing to advance initiatives that unlock significant value for shareholders. With this important goal in mind, we have finalized 10-year extensions for our FSO joint venture contracts, which are expected to generate in excess of $322 million of contract revenues for the Company, bolstering our contracted cash flows for another decade. In addition, and as we continue to operate in a COVID-19 environment, our priorities remain the safety of our onshore and at-sea professionals and providing best-in-class service to our leading energy customers. Jeff Pribor, the Companys CFO, added, We have succeeded in generating strong cash flows year-to-date for shareholders and deploying capital to further pay down debt and significantly enhance our financial strength. Notably, our total liquidity at quarters end was $194 million, and our net loan to value was 39%, one of the lowest among our tanker peers. We also paid our regular quarterly cash dividend of $0.06, complementing the approximate 5% of stock we have purchased in 2020 thus far. With our ample liquidity, we remain in a strong position to continue to return capital to shareholders and take advantage of strategic opportunities as they arise. Third Quarter 2020 Results Net income for the third quarter was $14.0 million, or $0.50 per diluted share, compared to a net loss of $11.1 million, or $0.38 per diluted share, in the third quarter of 2019. The increase in the third quarter of 2020 primarily reflects higher TCE revenues and substantially lower charter hire expenses and interest expense. An increase of $14.3 million in losses on disposals of vessels, and other property, including impairments served to partially offset such increases. Net income for the nine months ended September 30, 2020 was $111.4 million, or $3.88 per diluted share, compared to a net loss of $16.7 million, or $0.57 per share, for the nine months ended September 30, 2019. Consolidated TCE revenues for the third quarter of 2020 were $94.0 million, compared to $65.8 million for the third quarter of 2019. Shipping revenues for the third quarter of 2020 were $99.9 million, compared to $71.3 million for the third quarter of 2019. Consolidated TCE revenues for the nine months ended September 30,2020 were $349.1 million, compared to $222.3 million in the prior year period. Shipping revenues for the nine months ended September 30, 2020 were $364.9 million compared to $242.2 million for the prior year period. The third quarter began with some strength in the crude tanker market, carried over from the strong environment of the second quarter. The large inventory build-up seen in the second quarter as a result of overproduction and oil contango put pressure on tanker rates during the third quarter. In the third quarter of 2020, the Company recorded an impairment charge of $11.7 million for a 2002-built and 2003-built VLCC, both of which have been contracted for sale, to write-down their carrying values to their estimated fair values at September 30, 2020. Interest expense decreased by $9.0 million for the third quarter of 2020 compared to the third quarter of 2019 as a result of lower average outstanding debt balances in the current year periods compared to the 2019 periods. This was principally attributable to $110 million in principal prepayments on the 2017 Term Loan Facility during the second half of 2019, the $40 million repayment of the Transition Loan Facility in August 2020 and the use of cash in the January 2020 refinancing. In addition, lower average margins and interest rates on the refinanced portion of debt entered into by the Company during the first quarter of 2020, and lower average LIBOR rates during the third quarter of 2020 contributed to the decline in interest expense. Adjusted EBITDA was $54.6 million for the quarter, compared to $23.8 million for the third quarter of 2019. Adjusted EBITDA was $225.1 million for the nine months ended September 30, 2020, compared to $92.5 million for the nine months ended September 30, 2019. Crude Tankers TCE revenues for the Crude Tankers segment were $79.8 million for the quarter compared to $49.4 million for the third quarter of 2019. This increase primarily resulted from the impact of higher average rates in the VLCC, Suezmax, and Panamax sectors, with average spot earnings climbing to approximately $35,800, $28,200, and $15,500 per day, respectively, aggregating approximately $33.9 million. Also contributing was a 214-day increase in VLCC revenue days, which includes 110 days covered under the Companys loss of hire insurance policy related to an off-hire period for the Seaways Mulan, as it was held by Indonesian authorities from February 8, 2020 through June 8, 2020 and was not redelivered back to the Tankers International Pool until June 28, 2020. The Company received $4.1 million from its insurance provider as a result of this recovery. Shipping revenues for the Crude Tankers segment were $83.6 million for the third quarter of 2020 compared to $54.9 million for the third quarter of 2019. TCE revenues for the Crude Tankers segment were $274.5 million for the nine months ended September 30, 2020, compared to $167.0 million for the same period last year. Shipping revenues for the Crude Tankers segment were $287.7 million for the nine months ended September 30, 2020, compared to $186.7 million for the same period last year. Product Carriers TCE revenues for the Product Carriers segment were $14.2 million for the quarter, compared to $16.4 million for the third quarter of 2019. Higher period-over-period average daily blended rates earned by the LR2 and MR fleets, with average spot rates rising to approximately $21,500 and $14,400 per day, respectively, accounted for an increase in TCE revenues of approximately $0.8 million. This was offset by a $2.6 million days-based decline arising primarily from a 283-day decrease in MR revenue days in the third quarter, which resulted principally from the redelivery of four time chartered-in MRs to their owners between the third quarter of 2019 and July 2020. Shipping revenues for the Product Carriers segment were $16.2 million for the third quarter of 2020, compared to $16.4 million for the third quarter of 2019. TCE revenues for the Product Carriers segment were $74.5 million for the nine months ended September 30,2020, compared to $55.3 million in the 2019 nine-month period. Shipping revenues for the Product Carriers segment were $77.2 million for the nine months ended September 30, 2020, compared to $55.4 million for the same period last year. Share Repurchases During the quarter, the Companys Board of Directors authorized a renewal of the share repurchase program in the amount of $30 million. On October 28, 2020, the Board of Directors increased the share repurchase program authorization to $50 million. No shares were acquired under the repurchase program in the third quarter. Debt Prepayment During the third quarter of 2020, the Company prepaid the $40.0 million outstanding principal balance under the Transition Term Loan Facility using available cash on hand, increasing the number of unencumbered ships in our fleet to 14. Payment of Regular Cash Dividend The Companys Board of Directors declared a regular quarterly cash dividend of $0.06 per share of common stock on October 28, 2020. The dividend will be paid on December 23, 2020 to shareholders of record at the close of business on December 8, 2020. Vessel Sales Subsequent to quarter end, the Company agreed to sell a 2002-built VLCC, Seaways Mulan, a 2003-built VLCC, Seaways Rosalyn, and a 2001-built Aframax, Seaways Fran, for delivery to buyers between November 2020 and January 2021. 10-Year Contract Extensions for FSO Joint Venture In October 2020, the FSO Joint Venture signed a 10-year extension on each of the existing service contracts with North Oil Company (NOC), relating to the two FSO service vessels. The extensions will commence in direct continuation of the existing contracts, which were originally scheduled to expire during the third quarter of 2022. Conference Call The Company will host a conference call to discuss its third quarter 2020 results at 9:00 a.m. Eastern Time (ET) on Friday, November 6, 2020. To access the call, participants should dial (855) 940-9471 for domestic callers and (412) 317-5211 for international callers. Please dial in ten minutes prior to the start of the call. A live webcast of the conference call will be available from the Investor Relations section of the Companys website at www.intlseas.com. An audio replay of the conference call will be available starting at 12:00 p.m. ET on Friday, November 6, 2020 through 11:59 p.m. ET on Friday, November 13, 2020 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10149198. About International Seaways, Inc. International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 39 vessels, including 13 VLCCs, two Suezmaxes, five Aframaxes/LR2s, 13 Panamaxes/LR1s and 4 MR tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com. Forward-Looking Statements This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Companys plans to issue dividends, its prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Companys current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2019 for the Company, the Quarterly Report on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC. Consolidated Statements of Operations ($ in thousands, except per share amounts) Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Shipping Revenues: Pool revenues $ 49,217 $ 46,278 $ 250,485 $ 158,628 Time and bareboat charter revenues 31,294 7,638 66,553 19,699 Voyage charter revenues 19,372 17,362 47,907 63,835 Total Shipping Revenues 99,883 71,278 364,945 242,162 Operating Expenses: Voyage expenses 5,851 5,470 15,893 19,838 Vessel expenses 31,501 30,350 94,739 91,634 Charter hire expenses 6,442 14,381 24,213 44,599 Depreciation and amortization 19,014 18,961 56,161 56,708 General and administrative 7,422 6,449 21,550 19,519 Provision for credit losses, net (13) (18) (80) 1,259 Third-party debt modification fees - - 232 30 Loss/(gain) on disposal of vessels and other property, including impairments 12,834 (1,472) 14,164 28 Total operating expenses 83,051 74,121 226,872 233,615 Income/(loss) from vessel operations 16,832 (2,843) 138,073 8,547 Equity in income of affiliated companies 5,356 8,474 15,672 24,559 Operating income 22,188 5,631 153,745 33,106 Other (expense)/income (208) 284 (13,497) 2,159 Income before interest expense and income taxes 21,980 5,915 140,248 35,265 Interest expense (7,999) (17,010) (28,889) (51,986) Income/(loss) before income taxes 13,981 (11,095) 111,359 (16,721) Income tax provision - - (1) - Net Income/(loss) $ 13,981 $ (11,095) $ 111,358 $ (16,721) Weighted Average Number of Common Shares Outstanding: Basic 27,932,928 29,249,233 28,517,037 29,217,188 Diluted 28,026,005 29,249,233 28,665,961 29,217,188 Per Share Amounts: Basic net income/(loss) per share $ 0.50 $ (0.38) $ 3.90 $ (0.57) Diluted net income/(loss) per share $ 0.50 $ (0.38) $ 3.88 $ (0.57) Consolidated Balance Sheets ($ in thousands) September 30, December 31, 2020 2019 (Unaudited) (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 137,340 $ 89,671 Voyage receivables 71,431 83,845 Other receivables 4,702 3,938 Inventories 1,400 3,896 Prepaid expenses and other current assets 5,372 5,994 Total Current Assets 220,245 187,344 Restricted Cash 16,314 60,572 Vessels and other property, less accumulated depreciation 1,262,469 1,292,516 Deferred drydock expenditures, net 28,785 23,125 Total Vessels, Deferred Drydock and Other Property 1,291,254 1,315,641 Operating lease right-of-use assets 24,013 33,718 Investments in and advances to affiliated companies 156,589 153,292 Long-term derivative asset 973 - Other assets 2,925 2,934 Total Assets $ 1,712,313 $ 1,753,501 LIABILITIES AND EQUITY Current Liabilities: Accounts payable, accrued expenses and other current liabilities $ 27,355 $ 27,554 Current portion of operating lease liabilities 9,949 12,958 Current installments of long-term debt 61,483 70,350 Current portion of derivative liability 4,035 3,614 Total Current Liabilities 102,822 114,476 Long-term operating lease liabilities 11,593 17,953 Long-term debt 489,194 590,745 Long-term derivative liability 6,200 6,545 Other liabilities 15,986 1,489 Total Liabilities 625,795 731,208 Equity: Total Equity 1,086,518 1,022,293 Total Liabilities and Equity $ 1,712,313 $ 1,753,501 Consolidated Statements of Cash Flows ($ in thousands) Nine Months Ended September 30, 2020 2019 (Unaudited) (Unaudited) Cash Flows from Operating Activities: Net income/(loss) $ 111,358 $ (16,721) Items included in net income/(loss) not affecting cash flows: Depreciation and amortization 56,161 56,708 Loss on write-down of vessels and other assets 17,136 - Amortization of debt discount and other deferred financing costs 2,338 5,373 Deferred financing costs write-off 13,073 343 Stock compensation, non-cash 3,993 2,912 Earnings of affiliated companies (15,566) (24,945) Change in fair value of interest rate collar recorded through earnings 1,271 - Other net 904 538 Items included in net income/(loss) related to investing and financing activities: (Gain)/loss on disposal of vessels and other property, net (2,972) 28 Loss on extinguishment of debt 1,195 100 Cash distributions from affiliated companies 8,500 10,214 Payments for drydocking (15,825) (13,539) Insurance claims proceeds related to vessel operations 4,706 967 Changes in operating assets and liabilities 12,519 21,378 Net cash provided by operating activities 198,791 43,356 Cash Flows from Investing Activities: Expenditures for vessels and vessel improvements (46,449) (9,797) Proceeds from disposal of vessels and other property 13,564 15,762 Expenditures for other property (493) (406) Investments in and advances to affiliated companies, net 2,347 2,104 Repayments of advances from affiliated companies - 4,836 Net cash (used in)/provided by investing activities (31,031) 12,499 Cash Flows from Financing Activities: Issuance of debt, net of issuance and deferred financing costs 362,989 - Extinguishment of debt (422,699) (10,000) Premium and fees on extinguishment of debt (163) (100) Payments on debt (66,636) (38,531) Payments on derivatives containing other-than-insignificant financing element (1,331) - Cash dividends paid (5,091) - Repurchases of common stock (29,997) - Cash paid to tax authority upon vesting of stock-based compensation (1,272) (369) Other net (149) (277) Net cash used in financing activities (164,349) (49,277) Net increase in cash, cash equivalents and restricted cash 3,411 6,578 Cash, cash equivalents and restricted cash at beginning of year 150,243 117,644 Cash, cash equivalents and restricted cash at end of period $ 153,654 $ 124,222 Spot and Fixed TCE Rates Achieved and Revenue Days The following tables provides a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months ended September 30, 2020 and the comparable periods of 2019. Revenue days in the quarter ended September 30, 2020 totaled 3,123 compared with 3,529 in the prior year quarter. A summary fleet list by vessel class can be found later in this press release. The information in these tables excludes commercial pool fees/commissions averaging approximately $654 and $689 per day for the three months ended September 30, 2020 and 2019, respectively. Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Spot Fixed Total Spot Fixed Total Crude Tankers VLCC Average TCE Rate $ 35,740 $ 73,399 $ 22,434 $ - Number of Revenue Days 810 362 1,172 1,068 - 1,068 Suezmax Average TCE Rate $ 28,246 $ - $ 18,470 $ - Number of Revenue Days 180 - 180 184 - 184 Aframax Average TCE Rate $ 10,860 $ - $ 15,342 $ - Number of Revenue Days 368 - 368 368 - 368 Panamax Average TCE Rate $ 15,508 $ 15,790 $ 7,846 $ 13,772 Number of Revenue Days 118 269 387 92 551 643 Total Crude Tankers Revenue Days 1,476 631 2,107 1,712 551 2,263 Product Carriers LR2 Average TCE Rate $ 21,505 $ - $ 17,253 $ - Number of Revenue Days 92 - 92 87 - 87 LR1 Average TCE Rate $ 14,900 $ - $ 15,475 $ - Number of Revenue Days 534 - 534 506 - 506 MR Average TCE Rate $ 14,368 $ - $ 11,430 $ - Number of Revenue Days 390 - 390 673 - 673 Total Product Carriers Revenue Days 1,016 - 1,016 1,266 - 1,266 Total Revenue Days 2,492 631 3,123 2,978 551 3,529 Revenue days in the above table exclude days related to full service lighterings and days for which recoveries were recorded under the Companys loss of hire insurance policies. Fleet Information As of September 30, 2020, INSWs owned and operated 39 vessels, 34 of which were owned, 3 of which were chartered in, and 2 FSOs were held through joint venture partnerships. Vessels Owned Vessels Chartered-in Total at September 30, 2020 Vessel Type Number Weighted by Ownership Number Weighted by Ownership Total Vessels Vessels Weighted by Ownership Total Dwt Operating Fleet FSO 2 1.0 - - 2 1.0 864,046 VLCC 13 13.0 - - 13 13.0 3,947,222 Suezmax 2 2.0 - - 2 2.0 316,864 Aframax 2 2.0 2 2.0 4 4.0 450,804 Panamax 7 7.0 - - 7 7.0 487,365 Crude Tankers 26 25.0 2 2.0 28 27.0 6,066,301 LR2 1 1.00 - - 1 1.0 112,691 LR1 5 5.00 1 1.0 6 6.0 443,077 MR 4 4.00 0 0.0 4 4.0 201,225 Product Carriers 10 10.00 1 1.0 11 11.0 756,993 Total Operating Fleet 36 35.0 3 3.0 39 38.0 6,823,294 Reconciliation to Non-GAAP Financial Information The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures may provide certain investors with additional information that will better enable them to evaluate the Companys performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP. (A) Time Charter Equivalent (TCE) Revenues Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2020 2019 2020 2019 Time charter equivalent revenues $ 94,032 $ 65,808 $ 349,052 $ 222,324 Add: Voyage expenses 5,851 5,470 15,893 19,838 Shipping revenues $ 99,883 $ 71,278 $ 364,945 $ 242,162 (B) EBITDA and Adjusted EBITDA EBITDA represents net income/(loss) before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income/(loss) as reflected in the condensed consolidated statements of operations, to EBITDA and Adjusted EBITDA: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2020 2019 2020 2019 Net income/(loss) $ 13,981 $ (11,095) $ 111,358 $ (16,721) Income tax provision - - 1 - Interest expense 7,999 17,010 28,889 51,986 Depreciation and amortization 19,014 18,961 56,161 56,708 EBITDA 40,994 24,876 196,409 91,973 Third-party debt modification fees - - 232 30 Loss/(gain) on disposal of vessels and other property, including impairments 12,834 (1,472) 14,164 28 Write-off of deferred financing costs 572 343 13,073 343 Loss on extinguishment of debt 181 100 1,195 100 Adjusted EBITDA $ 54,581 $ 23,847 $ 225,073 $ 92,474 (C) Total Cash September 30, December 31, ($ in thousands) 2020 2019 Cash and cash equivalents $ 137,340 $ 89,671 Restricted cash 16,314 60,572 Total Cash $ 153,654 $ 150,243 Category: Earnings

Answer: International Seaways Reports Third Quarter 2020 Results