Lois, everyone. Thank you, good morning, and
detail. Let's reviewing the in move directly first quarter to more results
Net $XX.X a a of results. $X.XX million quickly $XX.X of or the This the Before $X.X consolidated per a net loss equity TCE year, net the on per income me a million. first of our for with turning summarize to quarter and quarter X, or share was first decline quarter last during $X.X loss period in affiliated and million XXXX of reduction income companies of vessel in net loss reflects to compared revenues share disposals the in compared negative XXXX. Slide million $X.XX let of
Lois net $X.XX As million loss was or vessel $XX.X excluding per this mentioned, sales loss share. in
driven Now QX left MRs was to please to year In This quarter net first lower $XX.X rates the of revenue consolidated XXXX. in due X. TCE top older million, compared turn as and by principally -- well and million last sale decrease of to $XX.X to of the quarter quarter XXXX fewer Slide the for XXXX ULCC days this the right last compared company's were days four principally between on chart August February the daily on first the year. the as revenues of idle page,
for associated during quarter. the on and preparing vessels sale the revenues negative costs costs with had a impact Additionally,
LRX the $XX XXXX-built top VLCC Crude of second for quarter compared the fleets, two million Tanker compared to decline of segments Carrier per rates XXXX. with $XX which Crude partially of and and the the budget average to MR full-service with $XX left. quarter MR, $X first me reduction all and to in accounted business sale sector, spot year last being Seaways Tanker TCEs were ULCC for quarter a offset in This the daily respectively. as LRX $XX,XXX decline earned was first $XX,XXX, of for million the by fleet the by in for of decrease impact contributed the far the to also reducing vessels now the discuss $X entirety due for An the $XX million Raphael the year. kind one segment the was compared additional of were sectors, the that days in August in decline. of revenue revenue blended rates by to of Let of the we last XXXX. December million our at quarter primarily our year. TCE decrease only blended This was due the VLCC the quarter February to last the primarily increased revenues to for million and in Lightering results sale of to a acquired the being million idle half in segment revenues end of a the at LRX The held average represents Product was a million rates impact the late Also, jobs lower business overall the lower of of LRX, the for in segment MR, vessels due Tanker contributed puts particularly beginning $XX decline decrease rates and TCE declining and XXXX-built Crude and day, This decrease. revenues. the the bareboat chartered-in in XXXX, of of between the XXXX XXXX. $XX,XXX redelivery January This four vessel Suezmax
the right-hand same the mentioned mainly quarter $XX million in the on side of of daily costs reflects for to of $X the chart first adjusted compared previously lower million decrease sale. the of XXXX. first quarter the page, last vessels in the quarter preparing at and to top year for rates was compared Looking This EBITDA period the
the QX you terms million the see bottom 'XX. $XX to the In LTM the for of in at million was $XXX chart can XX trailing adjusted the months, compared EBITDA right of slide,
booked Turning to have page. the spot all in Slide summary The period, for broken modern fleet for VLCCs our in points spot the lower at of made the overall out rates. older as low rates VLCCs financial top the such point cycles, a and we that tanker QX, now we the quarter, and Reiterating last rates at VLCCs the XX. QX the chart in for current earned
for recovers, our even for gap the we've benefit reflect on fleet In however, and significantly to for implementing more strategy. As growth. VLCC the from market is improved the and term the older gap if based progress VLCCs those modern VLCCs, overall this will will positioned growth persists, rates Seaways significant short renewal closely rates well the the made narrow
shows our our combined vessels QX provide diversified for in MRs, to demand, as We the this fleet, first of slide, forward spot the quarter. forward time Going the and day, an in market spot note day, per large earnings an top, we to available our believe a quarter XX% approximately modern remarks, day, per ticking for at of $XX,XXX day, days of a the discussed crude rate an the at quarter. at $XX,XXX in finally, average $XX,XXX markets day, spot vessels earned working expected the a of the LRX $XX,XXX XX% while despite XX% at as At overall we've weak approximately of over our the our we the the part approximately days of days as available from LRXs have LRX MR regarding XX% an across fleet second rate Panamax spot XX% approximately in our and by QX just that the VLCCs per strategy. XX% bottom days upward at highlighted. available and VLCCs a the of approximately look of in average rates $XX,XXX benefits smaller Suezmax booker day an of spot of entirety begun her restrictions, chart and to of Aframax of days second visibility days maximum of of spot have charter in effort $XX,XXX also average and spot of OPEC at and increase an Overall, average the close robust at remains because Lois Panamax's
is crude point I'd recovery $XX fleet $X,XXX $X,XXX International in increase in the and and product the for that flow, upside positioned increase our enhance spot over turn cash Before over in the cash modernization significant million class $XX and growth vessel result increase we had will $XX,XXX both progress to we respectively. next to million in slide, while a market of like have Seaways on an increase out would and in in $XXX what revenue every potential days our add implementing has sectors. and rates our capitalizing to million flow, strategy tanker A
Now to turn if I Slide please could ask to you XX.
$X,XXX; day means XXXX. service for $XX,XXX ended company low for all-in our earn are essentially G&A consideration operating scheduled far the as the and rate cash cash Suezmax, $XX,XXX day VLCCs, targeted $X,XXX; per XXXX $XX,XXX various principal MRs, XX follows: overall Suezmax, Aframax, Aframax, $X,XXX; The per of classes rate corresponds owned for was last cost in the months blue little note, on the more dark operating the a and cash as revenue months JVs, across must XX expense. XXXX, on breakeven by CapEx, XX, left, as last are detail These $XX,XXX the ended blue Seaways fleet year class the from the per taking were spread expenses, and $XXX VLCCs Suezmax, the follows: a $X,XXX expense MRs, vessels were day Aframax, were XX, a Given for VLCCs March challenging day day. one Providing breakeven Of a you columns overall day operations per day, CapEx, for cycles. by the debt amounts points cover interest during bars, little XX for day, per the for the was rates full bars per a cash right, Panamax, breakeven view chart, light our $XXX well the but $X,XXX; $X,XXX; rates, $X,XXX; month going on or Working daily rates for day per per was Panamax as day. our for costs, slide $X,XXX were $X,XXX; from the XX dry-docking, breakeven months per $XX,XXX per day. OpEx $X,XXX. to flow from from across per Panamax, vessel which QX, day, to the and forward, the to the class, and see our even Dry-dock the $X,XXX; which for $XX per on the Suezmax the and TCE MRs. VLCCs, distributions it's March different most into day dropped MRs, as amortization $XX.X $XX,XXX to million fixed the $XX,XXX none, vessel $X,XXX company Aframax, and were breakeven day International tanker can costs, Panamax,
Going forward million $XX.X of for day. significantly to and savings dry-dock and due on than dry-dock a all per guidance expenses vessel XXXX, of the or million cash be selling the older CapEx previous for vessels. $X,XXX expect to is This our of CapEx result year, per we lower as $XX
XX last $XX.X the for was day. months G&A which per yellow to million or corresponds bar cash Our on page, $X,XXX this per the vessel
target vessel VLCC per $X,XXX day. for This we debt With million from day. was is $XX.X for $XX.X per respect facility months per Our to per debt to in the per or or excludes day. XXXX, which our vessels service, $X,XXX term white, Debt acquisition. vessel $XX.X be all million last XX of service the or $X,XXX for is XXXX loan expect million
for if the quarter. cash could we this to the XX, bridge provides Now turn Slide
the right, we $XX total began cash a of So left with first million. to from quarter moving of
EBITDA, is of $X $X this amount million includes which generated the adjusted million JVs, non-cash During from item. equity the income a in quarter, we
for the reach deducted cash order it's $X JV in distributions million. to therefore figure, the So cash was a
$XX the was on vessels changes positive maintenance expended the million impact $X revolver Total finally, financing, non-cash $XX of before million was of is We under $X had working million. of end that to million. million sale service $XX than million of so million. The QX. of amounts with the approximately XX, in quarter; dry-docking at result, the announced the end we $XX liquidity by Debt $XX after as speak. contributed of as the million addition, $XX revolver. capital in our increased million from $XXX repaying in than repayment $XXX December we the today result by end and In net million FSO cash, course the liquidity These even quarter of more of at $XX million items therefore expended CapEx, a a the XXXX, higher
to sheet. talk we please can XX, balance slide. Left-hand side of me Let turn Slide about you to ask the and the
of billion As of had XX, March of million we $XXX long-term $X.X debt. vessels, against
sort the slide, are side a believe credit before you quarter, addition, on values during $XX as the as noted middle, book remains our repaying we fair of two ventures, after the that said joint representative revolving which -- right-hand see million facility I In $XX have left-hand we the have million of the their we undrawn. values. At for bottom of
the end value quarter, before $XXX LNG, $XXX of a book new had the million. credit As of on again, and the drawing facility, of the the FSO and million
right, Overall, the market to can contracted upside at spot sheet see cash XX%. turns. combined bottom as flows low of challenging opportunity vessels and the with provide a while to and value debt at total capital balance you net cash protection XX.X%, significant in strong environment, and Looking our our on the provides breakevens revenue stood loan
our to as credit we in in April, and say for in slide minute; facility, of as represents just ownership million ventures. wanted the proceeds a I see mention, our from drawdown well a away joint the XX% which Moving $XXX JV the
purposes, the Shaheen FSO and July including Asia LIBOR joint Field, VLCCs in of to Africa, the contracts Oil partially to rate of XXXX down the FSO Qatar fund the the plus off coast We new facility five Al and Oil over the -- expect has announced of previous interest previously and from for X% The to general steps XXXX the the venture corporate North terms of general the September use remaining respectively. the year Company, with operator for an agreement for proceeds acquire Euronav.
have price. In VLCCs, cash are purchase acquisition financing we terms to the the pleased funded the of now of
assume debt, debt is continue which of the unassured vessels. we acquisition, to to portion by currently secured the expect For this the
our XX, Slide we've chartered-in fleet. and Turning to outlined chartered-out
Regarding days day we XXX of blended our XXXX. in eight vessels, chartered-out rate fixed a at have $XX,XXX a
we MR Regarding have that XXXX. time been four extended our vessels, charter-ins have into chartered-in
these two expenses a result sale offset as that for of remaining is charter $X.X through And bareboat-ins comments. in of Aframax that the XXXX of million. charter we MR remaining two vessels, For XXXX, hire We hire QX delivered $XX.X with bareboat-ins expense charter million. for in XXXX. my actually $X.X executed leasebacks remaining XXXX expenses That hire with XXXX of concludes million deliver March we
So Lois I'd the back now closing turn remarks. like to call to for her
