Lois, good Thanks, morning, and everyone.
Let's move more reviewing detail. first results quarter in to directly the
X, Slide our let summarize just me to go results. we Before consolidated
million with first second said, net compared EBITDA the of income $X.XX quarter of the in last with or of share per compared Adjusted net net for share quarter positive Lois $XX.X a diluted As quarter $XX.X our this million the first in per year. last first consecutive with income million, loss $XX.X was of is or quarter, $X.XX diluted year. million $X.X
lower quarter first factors I'll company other in the be by income over X the of while. loss by charter leverage sale-leaseback revenues transactions as significant XXXX, respect first offset and of would result fleet. growing hire net and in March an go property, a in increase to that also International through operating increase $XX.X million, and With TCE million, and in results driven strong a XXXX. of of principally continued an little and expenses, the decreasing our Aframaxes its disposal These with modernizing $X.X for in the lightering and Our Seaways vessels business, success of partially quarter company's increases compared expenses executing vessel were were
increase also business this attributable the days tanker the crude for higher increase and from to also the blended where day, in of profile improving Suezmax, X. of in The hire XX,XXX the year XX,XXX the results lightering Aframax $XX.X the TCE segment fleet, capacity and turn the Crude beginning revenues Now first I'll Tankers if first our for you the Tankers and million discuss the the $XX.X approximately respectively. activity in company's segment. last and VLCC first to compared the of in the to Panamax per revenue quarter segments, last compared million quarter XX,XXX, increasing age rates average were year. business could XX,XXX, rates Slide climbed sectors, to increased and quarter with This in Crude of sector of our primarily impact reflects is VLCC, to year. success resulted
Now increased chart $XX.X quarter in quarter million revenues if last in tanker into product consolidated as for turn product segment. reflected -- of Overall, VLCC the the XXXX was respectively. quarter first well revenues the million quarter, carrier across compared of $XX.X the year. the of the This in and last the driven the first we TCE top million TCE $XX.X year, were million to of first page, impact MR the rates $XX,XXX left and average to were from rising our this higher average for and per sector. $XX to resulted of fleets, raising in and rates compared daily by and $XX,XXX product revenue crude carrier increase as the rates daily principally with fleets spot day, LRX higher increase as earned days blended approximately -- LRX, by
period at to chart year. compared quarter million And by last for Looking driven again, of million increase on in $X.X right of top was the adjusted daily is rates. EBITDA $XX.X the same the the primarily higher the this page,
half bottom sequentially the look the at we quarter-to-quarter. On results page,
from increasing TCE EBITDA respectively. quarter, for first million million, $X.X $X.X slightly the were consolidated and So up and quarter revenues fourth the
and QX Now out X, we turn modern fleet Slide and Spot in rates if broken and review for first VLCCs VLCCs over the XX we a to quarter old. our are fourth our years update give -- QX look.
at calls rates. higher regarding the previous VLCCs low earn for on spot As cycle, modern rates I've mentioned points VLCCs in
of recovers, an seen VLCCs narrow more will will closely market the in group. booked of lower significantly now average XX at for As $XX,XXX booked We've available modern but of our approximately an QX day, have a thus LRX the specifically average day, spot far, XXXX. $XX,XXX this approximately spot that available and LRX been at days at are VLCC XX% higher and at our days for bookings QX, recent reflect approximately for XX% We've $XX,XXX gap than old available $XX,XXX day, those a XX% days XX% vessels at for of days available approximately per quarters. than per $XX,XXX rates are of days evidence modern of Suezmax of average over day, QX years Panamax overall discuss approximately I'll still QX and an day. XX% of of our of a the Aframax VLCCs spot spot of which
per the side, have days XX% $XX,XXX at MR day. approximately On of been our booked
vessels drops Now vessels cost need interest. from reaffirm need all purposes. the owned our operating daily strong was our The $XX,XXX, to cover, which drydock, net of earn breakeven like that per cover rate cost reiterate conditions. for consideration Panamaxes, the note, and and principle means day the XXXX. take as for X optimizing breakeven overall position for XX, And just $XX,XXX for opportunity cash into -- scheduled highlights X for past, about $XX,XXX if to were of talking have market rates which operating in to breakeven this to JV, per breakeven. the ended taking the guidance the are for VLCCs, diverse cash Afras, To $XX,XXX per to to -- we well flow rate costs, of down as modeling an we in owned could for turn March as company rates Slide service, overall months costs $XX,XXX XX, MRs. $XX,XXX our year at to March XXXX, I'd amortization distributions International for our Seaways months to G&A, Suezmaxes, these $XX,XXX day ended all XX, for time day in also cover for TCE
day; Vs, running various which fees and expenses Suezmax, similar $X,XXX management daily For to regular for day; expect Panamax, $X,XXX for $X,XXX per day. as per costs, follows: MRs, be classes a Aframax, OpEx, all $X,XXX $X,XXX for We per and other includes insurance, day; day; and per related
time CapEx For days down details that that. to and this we've drydock quarter, detail the hire in Slide in so on refer given broken and off expense projected on XX, you by appendix please to
expense $XX.X I cost fees interest that the total includes your million second Now also $XX.X quarter for note will continuing guidance portion of about deferred expected which financing of with for the million. would million, be $X.X for modeling, noncash at about
the repayments calls of debt remainder million our in $XX.X Additionally, for principal scheduled for XXXX.
all-in, second quarter, to $XX.X portion and For $X.X be the income at includes of G&A expect quarter. we which And in in million the depreciation about million noncash the million in it about and $X.X finally, we amortization $XXX,XXX. equity for would second expect
me bit lightering. of update an on let a provide little Now
out for especially very calls, relatively given our part we growth but As these the U.S. small, the pointed business, in important lightering have often reverse a it's of exports our of in Gulf.
XX Page now. additional expand I'd on we've deck, you upon So of to like given the information that
charge a earlier that me You And to for mentioned a things. that can loss on. X million $X.X in Lois XXXX in related assist reflects out see of $X.X generated and let QX, credit EBITDA that provision few modeling, customer lightering to million point figure a
significantly hire Seaways you it can as quarter; it into separate segment our for secondly, up is -- figures. can financials, by EBITDA, First, and see, not quarter up purposes, International it charter reporting lightering into revenue, rolls consolidated in rolls and vary a
need our with sure reported be models hire for figures, So and lined up to to chartered OpEx estimates make lightering revenue included.
bit maintenance. guidance, first than forward, lightering primarily quarter quarter is terms the looking a due refinery In to of U.S. activity second little lower
as track results, you'll well that annualizing was EBITDA. XXXX, expect recall, suggest would annual XXXX first on ahead we we to the of $X.X for XXXX So up we're which, be million a but would not -- quarter still
just with I give guidance -- those this me to bear model modeling opportunity do you to Now while that of detailed you minute for to give a you company, the way on for of lightering. more the
to lightering intercompany is at But on X is of workboats, charter be suggest a that hire This consider from day the for lightering was X March. baseline quarter, time eliminated way I day. easiest the charter the charter million Aframax at it being million as that the the would Seaways charter. had months consolidated will which Aframax, intercompany X That per and is, beginning $X.XX $XX,XXX vessels hire, to therefore, $X.X out Aframax relates GAAP. on in $XX,XXX XXXX-built So expense consolidation of a our chartered in to for intercompany quarter, the a an second commencing Portland the perspective, to is quarterly model that at chartered along with side,
do So that's way the best to that.
in will this during therefore, expense accompanied business, be have meet that Aframaxes quarter will service other that'll -- lightering charter course, also the baseline, new above chartered of and expect be by revenue. We to additional but
the expense, as the from page, quarter requirements. meet spot in an XXXX, see you $X.X As such of that was million $XX on of revenue example, additional hire first charter chartering to million
continuing of million detailed good a done added with estimate XXXX gave G&A $X.X first just G&A a give reasonable I of included and for for of should daily consistent the gave the lightering points. couple you. per you let vessel run I'm But this is in a a me million million ago. I quarterly guidance overall in Also I OpEx $X.X to please previously is this rates almost OpEx So more from to $X.X your which note minute lightering is modeling here, quarterly with and the promise, estimates the be quarter The rate. for
revenue. the at for lightering the sum estimate OpEx, doing the all hire know summing if to way, your up are, adds of plus a to of I which best period, summary, of detailed lightering, of expense many model look up, charter you're EBITDA in So is it you G&A,
me all there I get thanks to information that, models. with those helpful on bearing wanted you that with So to but of for be out building
move moving bridge. So Slide we cash of to on we left now from right, to began can It's $XXX cash the our with total million. XX. And quarter
During million reach is million. add noncash, and which distributions $XX the the income in which quarter, so then for were therefore which EBITDA, $X cash adjusted the of cash back but deduct we equity includes from JVs, JVs, figure, a $X million to we generated it
million. we CapEx. on In docking dry and the paydown spent $XX debt quarter, $X maintenance in and million addition was Cash interest on principal
were working in in and items $X.X changes noncash Finally, other capital modest impact. a million negative
And ended million B, with that the revolver, and on otherwise $XXX approximately quarter day undrawn cash just the on we April. the liquidity first million the Loan quarterly Term net business total was I the so $XXX the of was yielding quarter $X.X would note result end, at million installment of $XX of due of million. of paid
could Now to if Slide you turn XX.
just about the for minute sheet. me talk Let balance a
debt. of mentioned, And XX, As of million compared of addition, March we that had $X.X in to XXXX, $XX long-term have we million revolving credit as undrawn. billion a asset facility $XXX I is
you right-hand see stood at loan at the our XX%. debt XX%, on total As our column is capital value to can the slide, to while net on
we've values noted $XXX per respectively, and quarter, book $XXX a On representing LNG of for the also million combined $X.XX end values share. of right-hand book side, At FSO the joint net first our had the the and JVs X ventures. million,
later. bottom the our which, slide, all in of we've importantly, XXXX debt or mature On facilities, the outlined of
to Slide turning Now XX.
rates market. relative impact tanker show XXXX a which environment a the spot rate view vessels, demonstrate we far lows. But is left, the of to Seaways earned this XXXX the rising importance slide that trough to for we of the by On as
last quarter, did right. you the given X scenarios we've to specific As we
average mean for represented call, historical we is rates last XX-year average first XXXX is we recent the peak the and So scenario the the rates; by rate; by XXXX. are which what a peak second midcycle,
company that EBITDA. $XXX can a level environment of our rates $X.XX share. our cycle be of see would share course, strategy market nearly develops, fleet super on again, on that our the rates of million potential And average experience midcycle generate Regardless of that represent about. the capitalizing adjusted significantly You rates, growth for rate XXXX crude our we'd of the return levels, would upside million our annualized has the EBITDA $XX of product recovery therefore generate and If to fortunate based adjusted or how should modernization fleet in enhanced Lois implementing we the $XXX or sectors talked earnings. million to both over or of EBITDA success enough and $XXX has a
class million would As every in share. $XX $X,XXX increase a vessel and per $X.XX result vessel increase spot in an cash in rates reminder, flow in -- of earnings every
that the concludes like, back closing turn I'd remarks call therefore, to comments. for Lois her my Now to
