International Seaways(US:INSW)2025-11-06 12:30Financial Performance - Net income for Q3 2025 was $71 million, or $1.42 per diluted share, down from $92 million, or $1.84 per diluted share in Q3 2024[6][9] - Adjusted net income for Q3 2025 was $56,888,000, down from $78,233,000 in Q3 2024, representing a decrease of 27.4%[41] - Net income for the nine months ended September 30, 2025, was $181,757,000, down from $380,901,000 in the same period of 2024, representing a decline of 52.3%[31] - The company reported a net income of $70,546,000 for Q3 2025, compared to $91,688,000 in Q3 2024, a decrease of 23.1%[41] Revenue and Earnings - Shipping revenues for Q3 2025 were $196 million, compared to $225 million in Q3 2024, while TCE revenues decreased to $192 million from $220 million[10] - Total Shipping Revenues for Q3 2025 were $196,388,000, a decrease of 12.8% from $225,190,000 in Q3 2024[31] - Time Charter Equivalent (TCE) revenues for Q3 2025 were $192,468,000, compared to $219,687,000 in Q3 2024, a decline of 12.4%[44] - Adjusted EBITDA for Q3 2025 was $108 million, down from $130 million in Q3 2024[11] - EBITDA for Q3 2025 was $121,339,000, compared to $143,487,000 in Q3 2024, reflecting a decline of 15.4%[42] - Adjusted EBITDA for the nine months ended September 30, 2025, was $299,909,000, down from $488,467,000 in the same period of 2024, a decrease of 38.7%[42] Liquidity and Financial Flexibility - Total liquidity as of September 30, 2025, was $985 million, including cash of $413 million and $572 million undrawn revolving credit capacity[6] - The company successfully placed $250 million of senior unsecured bonds at a coupon rate of 7.125% to enhance financial flexibility[20] - Cash and cash equivalents increased to $412,569,000 as of September 30, 2025, compared to $157,506,000 at the end of 2024, marking a significant increase of 162.5%[32] Fleet and Operations - The fleet totaled 76 vessels as of September 30, 2025, with 62 owned and 14 chartered in[38] - The company sold five vessels with an average age of 17.7 years for proceeds of approximately $67 million during Q3 2025[15] - The company took delivery of the Seaways Alacran, the first of six LR1 newbuildings, with a total contract price of approximately $359 million[14] - The newbuild fleet includes 5 LR1 vessels with a total Dwt of 368,000, bringing the total fleet to 76 vessels[39] - The total operating fleet consists of 71 vessels with a total deadweight tonnage (Dwt) of 8,191,815[39] Market Conditions - Market conditions strengthened late in Q3 2025, with tanker demand supported by oil demand growth of about 1%[7] - The average TCE rate for VLCC in Q3 2025 was $34,809, an increase from $29,711 in Q3 2024, reflecting a growth of 17.5%[35] Expenses and Debt - Operating expenses for the nine months ended September 30, 2025, totaled $368,200,000, an increase from $346,817,000 in the same period of 2024, representing a rise of 6.4%[31] - Interest expense for the nine months ended September 30, 2025, was $30,836,000, compared to $37,808,000 in the same period of 2024, a decrease of 18.4%[31] - The company incurred third-party debt modification fees of $0 in Q3 2025, compared to $168,000 in the nine months ended September 30, 2024[42] Revenue Days - The company reported a total of 6,245 revenue days in Q3 2025, down from 6,671 revenue days in Q3 2024, a decrease of 6.4%[35] - The weighted average shares outstanding (diluted) for Q3 2025 were 49,606,210, slightly down from 49,881,317 in Q3 2024[41]