International Seaways(INSW) - 2022 Q1 - Earnings Call Presentation

Financial Performance - International Seaways Inc reported a net loss of $13 million, or $026 per share in Q1 2022[9] - Adjusted EBITDA was $26 million for Q1 2022[9] - The company returned nearly $100 million to shareholders in share repurchases and dividends in the last 2 years[30] Liquidity and Balance Sheet - Available liquidity was approximately $166 million as of March 2022, including $90 million available in revolver capacity[6] - Net loan to value was 45% as of March 2022[6] - 38% of debt is fixed or hedged[24] Fleet Optimization - The company recycled two Panamax vessels in April 2022, generating net proceeds of $16 million[7] - Agreed to sell all four remaining Handysize product carriers built in 2006, expecting net proceeds of approximately $24 million in aggregate[8] - Agreed to sell one 2008-built MR, generating net proceeds of approximately $10 million[8] Market Outlook - Oil demand for 2022 is estimated to grow by around 3 million barrels per day to about 100 million barrels per day[10] - Tanker fleet size has grown 34% since the start of the pandemic[12] - Orderbook is at its lowest ever relative to the size of the fleet at 7%[12]