International Seaways, Inc. (NYSE:INSW) Q4 2024 Earnings Conference Call February 27, 2025 9:00 AM ET Company Participants James Small - General Counsel, Senior Vice President, Secretary and Chief Administrative Officer Lois Zabrocky - President and Chief Executive Officer Jeffrey Pribor - Senior Vice President and Chief Financial Officer Derek Solon - Senior Vice President and Chief Commercial Officer Conference Call Participants Ben Nolan - Stifel Nicolaus Omar Nokta - Jefferies Chris Robertson - Deutsche ...

International Seaways Inc. Fourth Quarter 2024 Earnings Presentation February 27, 2025 Disclaimer Forward-Looking Statements During the course of this presentation, the Company (International Seaways, Inc. (INSW)) may make forward-looking statements or provide forward-looking information. All statements other than statements of historical facts should be considered forward-looking statements. Some of these statements include words such as ''outlook,'' ''believe,'' ''expect,'' ''potential,'' ''continue,'' "g ...

International Seaways (INSW) came out with quarterly earnings of $0.90 per share, beating the Zacks Consensus Estimate of $0.70 per share. This compares to earnings of $2.18 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 28.57%. A quarter ago, it was expected that this company would post earnings of $1.42 per share when it actually produced earnings of $1.57, delivering a surprise of 10.56%.Over the last four quarters, the co ...

Table of Contents SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 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 1-378 ...

Financial Performance - Net income for Q4 2024 was $36 million, or $0.72 per diluted share, down from $132 million, or $2.68 per diluted share in Q4 2023[6]. - Full year 2024 net income was $417 million, or $8.38 per diluted share, compared to $556 million, or $11.25 per diluted share in 2023[11]. - Total Shipping Revenues for Q4 2024 were $194,613, a decrease of 22.4% from $250,734 in Q4 2023[34]. - Net income for the fiscal year 2024 was $416,724, down 25.1% from $556,446 in 2023[37]. - Basic net income per share for Q4 2024 was $0.73, compared to $2.70 in Q4 2023, reflecting a decline of 72.9%[34]. - Adjusted net income for the three months ended December 31, 2024, was $44,568, compared to $107,562 in the same period of 2023, a decrease of approximately 58.6%[48]. - The company reported a net income of $35,823 for the three months ended December 31, 2024, compared to $132,114 in the same period of 2023, a decrease of approximately 72.9%[48]. - EBITDA for the fiscal year 2024 was $614,783,000, down 18.6% from $755,121,000 in fiscal year 2023[50]. - Free cash flow for Q4 2024 was $78,226,000, compared to $91,438,000 in Q4 2023, reflecting a decrease of 14.4%[52]. Revenue and Expenses - Shipping revenues for the year ended December 31, 2024, were $952 million, down from $1,072 million in 2023[12]. - Adjusted EBITDA for the full year 2024 was $583 million, compared to $724 million in 2023[13]. - Operating expenses for the fiscal year 2024 totaled $496,388, an increase of 8.8% from $456,344 in 2023[34]. - Cash flows from operating activities for fiscal year 2024 were $547,138, down 20.5% from $688,402 in 2023[37]. - Time charter equivalent revenues for Q4 2024 were $190,640,000, a decline of 23.1% from $247,912,000 in Q4 2023[56]. - Interest expense for the fiscal year 2024 was $49,703,000, a decrease of 24.4% from $65,759,000 in fiscal year 2023[50]. - Depreciation and amortization for Q4 2024 was $39,466,000, an increase of 17.5% from $33,682,000 in Q4 2023[50]. Shareholder Returns - The company returned over $300 million to shareholders in 2024, representing a 12% yield on average market capitalization[4]. - A combined dividend of $0.70 per share was declared for Q1 2025, representing 77% of adjusted net income for Q4 2024[5]. Liquidity and Capital Structure - Total liquidity was approximately $632 million as of December 31, 2024, including $157 million in cash and $475 million in undrawn revolving credit capacity[5]. - The net loan-to-value ratio remained low at approximately 15.5% as of December 31, 2024[5]. - Cash and cash equivalents at the end of fiscal year 2024 increased to $157,506 from $126,760 in 2023[37]. - Total cash as of December 31, 2024, was $157,506,000, an increase of 24.3% from $126,760,000 as of December 31, 2023[50]. - The company repurchased $25,000 in common stock during fiscal year 2024[37]. Fleet and Investments - The fleet optimization program included a vessel swap that involved exchanging two VLCCs and $3 million for three 2015-built MRs[3]. - The company has contracts to build six scrubber-fitted, dual-fuel LR1 vessels at a total price of approximately $359 million, with deliveries expected from Q3 2025 to Q3 2026[20]. - The company invested $278,794 in vessels and improvements during fiscal year 2024, up from $205,159 in 2023[37]. - The company's fleet totaled 84 vessels as of February 27, 2025, with 69 owned and 15 chartered in[44]. - Total operating fleet DWT (deadweight tonnage) was 9,033,866 as of February 28, 2025[45]. - The company announced the acquisition of six MRs for a total contract price of $232 million, with 10% paid as a deposit in Q1 2024[53]. Operational Metrics - Total revenue days for the quarter ended December 31, 2024, were 6,697, an increase from 6,471 in the prior year quarter, representing a growth of approximately 3.5%[39]. - Total revenue days for the fiscal year ended December 31, 2024, were 25,904, down from 26,292 in 2023, reflecting a decrease of about 1.5%[41]. - The average TCE rate for VLCC in the three months ended December 31, 2024, was $35,572, compared to $42,991 in the same period of 2023, indicating a decline of approximately 17.2%[40]. - The average TCE rate for MR product carriers in the fiscal year ended December 31, 2024, was $30,887, compared to $29,479 in 2023, showing an increase of about 4.8%[41]. - The average TCE rate for Suezmax in the three months ended December 31, 2024, was $29,700, down from $47,318 in the same period of 2023, a decline of approximately 37.2%[40].

Core Viewpoint - International Seaways (INSW) is expected to report a significant decline in earnings and revenues for the fourth quarter of 2024, reflecting challenges in the tanker market and overall economic conditions [2][4]. Earnings Estimates - The Zacks Consensus Estimate for INSW's earnings has been revised downward by 34% to 70 cents per share, which is a 67.9% decline from the fourth quarter of 2023 actuals [2]. - Revenue estimates for the upcoming quarter are pegged at $177.7 million, indicating a 29.1% decrease from the previous year's actuals [2]. Earnings Performance History - INSW has a strong earnings surprise record, surpassing the Zacks Consensus Estimate in three of the last four quarters, with an average beat of 8.2% [3]. Market Conditions - The tanker market is currently facing bearish conditions, with low tanker rates due to a slowdown in global economic growth, oversupply of vessels, and subdued demand impacting shipping rates [4]. Segment Performance - Shipping revenues are anticipated to decline in the December quarter, particularly in the Crude Tankers and Product Carriers segments. However, INSW's diverse fleet may help mitigate some of the negative impacts [5]. Cost Management - Efforts to control costs are expected to positively influence INSW's bottom-line performance in the upcoming quarter [5]. Earnings Prediction - The model predicts an earnings beat for INSW, supported by a positive Earnings ESP of +48.58% and a Zacks Rank of 3 (Hold) [6][7]. Stock Performance - INSW's shares have outperformed the Zacks Transportation—Shipping industry and competitors like Star Bulk Carriers (SBLK) and Seanergy Maritime Holdings (SHIP) over the past 30 days, driven by effective cost control measures [8].

Company Overview - International Seaways (INSW) is expected to report a year-over-year decline in earnings, with a projected EPS of $0.70, reflecting a decrease of 67.9% compared to the previous year [3] - Revenues are anticipated to be $177.66 million, down 29.1% from the same quarter last year [3] Earnings Expectations - The earnings report is scheduled for release on February 27, 2025, and the actual results will significantly influence the stock price depending on whether they meet or exceed expectations [2] - The consensus EPS estimate has been revised down by 40.71% over the last 30 days, indicating a reassessment by analysts [4] Earnings Surprise Prediction - The Most Accurate Estimate for International Seaways is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +16.19% [10][11] - The company holds a Zacks Rank of 3, suggesting a likelihood of beating the consensus EPS estimate [11] Historical Performance - In the last reported quarter, International Seaways exceeded the expected EPS of $1.42 by delivering $1.57, resulting in a surprise of +10.56% [12] - Over the past four quarters, the company has beaten consensus EPS estimates three times [13] Industry Context - In the Zacks Transportation - Shipping industry, Golden Ocean Group (GOGL) is also expected to report earnings, with an EPS estimate of $0.20, reflecting a year-over-year decline of 37.5% [17] - Golden Ocean Group's revenue is projected to be $183.58 million, down 6.7% from the previous year [17] - The consensus EPS estimate for Golden Ocean Group has remained unchanged over the last 30 days, resulting in an Earnings ESP of 0.00% [18]

kokouu Listen here or on the go via Apple Podcasts and Spotify Shipping expert J Mintzmyer returns to update investors on his top stocks for 2025. Why invest in shipping? (1:45) Top tanker pick is International Seaways (15:15). Star Bulk Carriers, top dry bulk stock (25:40). Hedging geopolitical risks (34:00). Why ZIM is currently more of a trade than an investment (37:05). This is an excerpt from Seeking Alpha's recent live event, Top Stocks 2025. Learn more about J's service, Value Investor's Edge ...

Group 1 - Capital Link is hosting a series of online Company Presentations featuring senior management teams from leading listed maritime companies to discuss business development, strategy, growth prospects, and sector outlook [1] - The Company Presentation Series will include sessions lasting no more than 45 minutes, consisting of a company slide presentation followed by a live Q&A [2] - Institutional investors can request one-on-one meetings with company management by contacting Capital Link [2] Group 2 - The first two presentations will feature Scorpio Tankers Inc. on January 7, 2025, at 11:00 AM ET and International Seaways, Inc. on January 9, 2025, at 10:00 AM ET [6]

Group 1 - International Seaways Inc. (NYSE: INSW) will be added to the S&P SmallCap 600 index effective prior to the opening of trading on December 30, 2024 [2] - Consolidated Communications Holdings (NASD: CNSL) will be removed from the S&P SmallCap 600 index as part of the same change [2] - The acquisition of Consolidated Communications by Searchlight Capital Partners and British Columbia Investment Management Corporation (BCI) is expected to be completed soon, pending final closing conditions [2] Group 2 - S&P Dow Jones Indices is recognized as the largest global resource for index-based concepts, data, and research, with a significant amount of assets invested in products based on its indices [3] - The S&P 500 and the Dow Jones Industrial Average are among the iconic financial market indicators provided by S&P Dow Jones Indices [3] - S&P DJI has a long history of innovation in index development since the first index was created in 1884 [3]