International Seaways(INSW) - 2024 Q4 - Annual Results

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].