you, morning and Thank everyone. Lois good
reviewing Let's fourth the quarter more results directly in to detail. move
$X.XX Net or quarter reflect fourth $X.X million net the in $X.XX $X.X Before $X let of give per consolidated XX, XXXX. share getting of summary or results. share $XX.X million we a including charges loss income results quarter or impairment with our for diluted of to sales loss The of impact was diluted fourth a income just me quick per slide compared on was items, If exclude per these vessel $X.XX share. XXXX the of million the net million.
interest leverage in in operating Our and company's in charter affiliated the slight income driven and compared the a by the decrease million strong to in Reflected well and These increases were decrease and revenues income a fourth its $XX.X of partially in to vessel of significant the increase its attributed decrease charge International feet. in a TCE business in fourth success results expenses, companies in quarter as net a expenses. were vessel offset principally Seaways increase as hire impairment quarter $XX.X XXXX modernizing and of of factors in an million, equity expense. by were growing lightering
XXXX $XX,XXX Suezmax increased days blended last increase Now, TCEs please per from segment. day Crude approximately in to of resulted XX. turn the with if rates revenue rates results to increase the VLCC, respectively. segment the all discuss $XX,XXX, to quarter in into of compared reflects success with the with fourth were higher the quarter our quarter The $XX,XXX first the fleet, for million activity would $XX.X business VLCC slide This average our in also million attributable quarter and of and for and the sectors business lightering beginning was age of fourth spot and company's the the the the compared capacity Tankers to the higher Crude Aframax the Tankers profile in climbing of impact sector XXXX. segments improving I'll you in $XX.X primarily year. of and
tankers to product for $XX.X the to $XX.X compared million Turning of last revenues in were segment. quarter million fourth the year. TCE quarter the
was in rates chart consolidated million by on were a revenue While average This offset LRX the mostly last per compared and top rates of and approximately reflected MR the days this rates $XX,XXX on of this by the carrier fleets, XXXX this higher daily MR is increase Overall resulting earned to the in to daily sector is and with as the earned $XX of across respectively. higher was a spot $XX,XXX blended for primarily decrease from impact product impact by in left, of the fleets decrease, the XXXX. day quarter driven of decline million quarter compared principally quarter $XX.X – in year. TCE this fourth and the revenues in crude average the fourth
daily at to XXXX. million top adjusted page, right rates. this the was the on million higher the the chart period Again, EBITDA quarter driven same compared the Looking for $XX.X of increase by was principally $XX.X in
consolidated we for quarter, increasing from $XX.X and million the of $XX.X and half respectively. were TCE where million fourth bottom third the the revenues up quarter sequentially look substantially at EBITDA results adjusted the On page,
turn if provide slide update. to QX review QX we a Now, we XX, earnings and
As out spot to XX we we years fleet. in quarter, breaking addition over did rates VLCCs our out the last spot the for modern in rates broken for old VLCCs
higher I rates in points regarding on call low reiterated for at rates. As the modern Vs tanker VLCCs the previous cycle spot on are
due product. are As environment gap evidence QX, for strong bookings Latin saw this quarter. strong in now I higher of our fourth also product will the than which rate narrows QX are the significantly. tanker market American recovers, to demand. far, We higher bookings reflecting thus the this continued crude and discuss And some
spot modern those a XX a years So we for approximately average of $XX,XXX booked of spot available at days $XX,XXX Suezmax $XX,XXX of XX% average at average an spot Panamax/LRX days available Aframax day, and spot approximately at VLCCs at of average vessels days XX% day XX% day, available XX% of old available available for far, VLCCs -- per days XX% average of approximately approximately an $XX,XXX per of of an VLCC QX an of day, $XX,XXX over days approximately of available at an LRX per and day.
an XX% the our booked day. On we quarter MR days spot of $XX,XXX per first average approximately of side, at
what cost overall day for slide day for must where six Panamaxes for $XX,XXX These TCE day the XXXX. turn in rate consistent this with for challenging $XX,XXX year. the discuss QX December which cash experienced as ended $XX,XXX all-in XXXX $XX,XXX provide did XX rates December as and are we scheduled Now day taking in into rate $XX,XXX obviously breakeven company cost our XX. JVs note, per to to per please cover such expense. At schedules, for XXXX and which cash for drops breakevens Suezmax, MRs. rates guidance costs, as principal means the cost VLCCs, of last XX, six service helps all we were markets breakevens. The time, from well months we also Seaways $XX,XXX overall International Aframax, per the like owned distributions to Of QX was debt months daily for I $XX,XXX interest operating a ended for our amortization G&A and vessels earn for breakeven to account, for dry-docking,
VLCCs XXXX, management regular related classes to fees as $X,XXX $X,XXX; per costs, and For OpEx $X,XXX and Suezmax $X,XXX $X,XXX follows day. for we for Aframax and Panamax day; expenses insurance, similar be includes other day; expect all MR which per various per our daily day; running per
scrubber guidance which $XX The represents Suezmax; VLCCs deferred XX older $XX.X treatment dry-dock XXXX water interest cash million $XX.X systems of installments For and million systems for for interest CapEx payment days and million for expense we expect expenses days; your is million, and $XX.X of modeling, for you days; with of amortization for VLCCs. the and XXXX, of and be importantly in million days; fleet and and the principally $X.X the to expect expect unamortized balance respectively. we Continuing XX for for $XX.X on fees. guidance XX expenses, XXX we days days; the MRs XXX modern service cost expense with VLCCs XXX discounts ballast Panamax/LRX these would out XXXX LRX, days. we million modern following Aframax is zero To give go and our our for for
in cost repayments million for scheduled our Additionally, debt $XX.X it's XXXX. principal in
expect G&A, For of which in $X.X about we XXXX to million. the be region of that non-cash $XX.X all course of in includes million in amount charges
income million $XX.X of which $XX.X look $XX.X but QX in configuration for for about guidance the about of million you expect -- quarter-to-quarter, from for equity the of at quarter first terms also in depreciation XXXX. give fleet, current based million amortization, Finally, XXXX and the we'll on and can you we
Now deck $XXX to right. slide We go we a if quarter you cash from XX, million. go back began moving which to the is fourth to bridge left the with of our total
of During million the million This income from which item. JVs, $XX EBITDA. equity quarter, includes a we generated $X non-cash is the in
deducted we which a in So cash Then add JVs, order $X in figure. it's from reach the to the cash million the quarter. therefore distributions were
we two VLCC and our was QX. million maintenance QX. was $XX representing installments we final payments payments weekend addition, at an spent the and on of $XX the schedule million for on debt higher amount the debt the paid slightly and is sale purchased Cash of which dry-docking normal closed contributed four CapEx, million, older interest principles $XX spent fell end on that as than in $XX In six vessels million
charge So in was the QX. cash
in quarter the total cash liquidity million. ended million we million gives million with capital which part the undrawn a which working $XX that $XXX rising to due is was result rate net -- large The changes had Finally, and of impact a in $XX receivables. in items environment rise negative other part approximately yielding non-cash and in build in revolver a $XXX to
you just if to compared minute. $XXX could over turn the to had million sheet $X.X balance of billion tanker conventional slide XX, a debt. December close for we assets Now go long-term At XX to of
In said a XX $XX as million addition, December as I today. as undrawn and have revolving undrawn of we facility credit of
provide we on the protects column XX%. our you of a to debt vessels significant our environment is strong challenging under can year balance upside the moderate right-hand see while collateral as As with our loan XX%, the leverage slide, Overall, in stood value at net us where total turns. capital sheet to last market spot like believe
net values On ventures, the believe fair the of of At we've joint bottom slide, had in the $XXX and representing of which matured debt book facilities outlined a our later. values we $X.XX and are representative XXXX of of side for $XXX the noted two we JVs combined of million right-hand end their respectively, the FSO the which slide or LNG, fourth At share. values. importantly million quarter book our the all
if slide Now to can turn we XX.
the rates view market. XX-year rates spot by the average and which a which by impact XXXX. scenarios tanker average last far the rate; XXXX INSW to relative rates historical to mid-cycle as the vessels, In the peak in earned environment we specific mean we three represented is XXXX for the a lows, left, presented rate right: is of On order recent peak XXXX the first trough to show the we we rising the the by demonstrate are second
adjusted rates at ever year. levels returns XXXX see million in $XXX per course based a that would VLCCs seeing adjusted or generated nearly can million super we annualized million share. budget that $XX And based If rates, EBITDA approximately on to-date unlevered or QX would terms EBITDA return over share. $XXX return way we're on QX we again, adjusted per we that You the $X.XX generate to of of experience should of and mid-cycle we Looked last the of levels of six acquired cycle on we're the another experiencing XX% EBITDA. in $XXX rates represent
modernization how both in potential our has success product for growth the As sectors. upside the develops, significantly enhanced strategy our implementing fleet regardless recovery our capitalizing and well of market as the in on and environment crude rate
also an share of per a rates back spot in Lois. to corresponds increase in my increase As per now call be I'd $XX.X comments, like reminder million concludes to cash over $X.XX annum. to $X,XXX would flow, every turn so which the the That
