Lois, everyone. good Thanks, and morning
Net million, $X.XX share per second was in net or the for $X.XX record quarter loss XXXX. of to this diluted achieved million, the turning second to move $XX.X quarter slide second But in we In consolidated Lois before more just quarter, mentioned, million. results. to the summarize results of Let’s the as compares deck, let quarter. the share, per second the me or income a reviewing consecutive which EBITDA was directly $XX.X our $XX.X of And adjusted quarter detail. second
excluding impact $XX.X of However, on million and sale for diluted per gain a vessels, $X.X the impairment $X.XX income of net charge share. or was million,
discuss increase Slide let’s Now of go impact Tankers Aframax, first compared quarter Suezmax, our deck to and in with second beginning million the Tankers Panamax average last segment. million higher the with rates of the segments $XX year. X. quarter, to Crude TCEs blended of the $XXX VLCC, from of business the resulted in the the results the for This were starting for all Crude segment I’ll primarily sectors.
LRX last left, at for average The earned compared of across as fleets of increase average of the quarter from to earned increase were was the second to the higher revenues for impact results MR higher quarter. quarter quarter, again chart $XX million, in substantially LRX, carrier million quarter of XXXX segment, principally second all daily crude This second Product product in the daily compared in were and in compared TCE $XX the consolidated driven the reflected the $XXX rates second the looking rates fleets. revenues to $XX Overall, Now XXXX. Carriers the million last and quarter, TCE year’s top million this by year.
by the same $XX higher chart, the daily the period again, at right at rates. XXXX, for principally the was million to top the the of compared increase adjusted EBITDA million of page, Looking driven and in quarter, was $XX
half quarter, bottom sequentially, the and we high by results the first On quarter-to-quarter. million were EBITDA for Consolidated from i.e., at and second up quarter million, revenues of $XX the respectively. adjusted the page, increasing but the look $XX if TCE very
review rates to of provide QX if date. we and a Slide turn we Now, to QX XX,
in QX vessels. our healthy, are which in particularly Let the bookings discuss very thus larger me far,
day XX% days approximately per average booked per $XX,XXX at available day. Looking days $XX,XXX per $XX,XXX XX% and LRX at available Aframax the on per total XX% per far an we’ve Suezmax column, approximately an approximately at VLCC days day average at day, right of our of Panamax of of day XX% of $XX,XXX available vessels modern of and our overall. available at days $XX,XXX
booked at $XX,XXX MR the On approximately XX% day. side, average of days third per of quarter we’ve an our
mentioned, these the that our entire at in Lois we day for average As an fact VLCCs rates on of four time locked quarter. per reflect of opportunistically charters the $XX,XXX
of thus but looking For lower the quarter quarter. you far quarter, rates keep booked course, today balance that in mind healthy we’re in the are have overall, at than we the spot a in should
Now overall if our ended day operating International vessels well amortization expense rates, we June June to rate cost for months XX vessel are move and debt the These going for $XX,XXX interest. as XXXX. XX Seaways TCE cash well costs, as on as costs, this ended estimates G&A which slide. XX. The cash to our daily includes illustrated Slide months the drydocking a scheduled service as forward rates XX, was on could XXXX, break-even for – all-in earn must principal cover are costs, XX, owned the break-evens
one mentioned per attractive specifically – Lois time $XX,XXX time XX-year-old $XX,XXX another an three-year charter for and on charters, we VLCC for day time day. entered highly for four executed VLCC time VLCC the we’ve three per charters As for into earlier charter call, year
$XXX,XXX $XX,XXX VLCC rate vessels mentioned, together, We delivered those with on per rate taken also average. charters, The day I an the of in month time average charters seven time as has combined four executed, two is at just a of May. day
on from the But if fixed rate rates charters all and four daily the The $XX JV, overall earlier, our million. the ended forward the mentioned loan just XX break-even right the the then, drops of million that time charter mentioned, months full distributions prepayment taking break-even expense XX, term XX all-in Taking XXXX. to the FSO interest I outstanding $X.X FSO go far our our Lois lowers and also facility the transition which the by way rate drops $XX,XXX time consideration last time months purposes. into to guidance the page, from cost modeling year the break-even to consideration At so, revenue, for I’ll of opportunity take – to contributions included the reaffirm overall take the to like And also for further this $XX,XXX. our for per we’ve the into for you June day.
all Suezmax, similar follows: expect daily and to VLCC, For regular potential the and remainder of per excluding various COVID-XX. any insurance, XXXX, costs, management $X,XXX; attributable to $X,XXX; we as for other related fees our for includes OpEx, expenses day, $X,XXX and which $X,XXX; Aframax, day; per always, impact another Panamax, running classes, as MRs be $X,XXX
after of non-cash – transition mid-August, interest composed $XX and in Continuing to into it taking to modeling CapEx for turn balance For XX of deferred interest days your offhire discounts for million in you details interest the and $X update expected projected expense rate Slide on those Slide component million of million a which drydock of for – XXXX XX cost is million quarter, $X.X guidance on mark-to-market expense the please a can refer by of the the be color, of charge and full-year $XX unamortized or there. cash appendix an with are is account related charges. fees non-cash amortization payoff is loan to also
million transition from I beginning So, call additionally, QX, our quarterly previously. a guidance million down would you per quarter will for $XX payments of also principal in after which in loan, payoff that the the give is scheduled $XX debt
is in there the of For year. G&A $XX of expect which in with million items, cash about XXXX, relatively non-cash has been last line we $X which million, of be region to
expect million about in and for income JVs equity our about and quarter. we per $XX million from $X Finally, depreciation amortization
bridge. if XX, go to cash Slide could Now we for our
left from the second of and quarter with $XXX cash Moving right, million. we to total liquidity began
this income million the is figure, from the includes a back million. million deducted then in During from reach quarter $X cash cash which were add non-cash, of distributions equity to JVs, so but the $XX quarter, generated adjusted $X amount EBITDA. which This therefore the JVs, we
positive other we charges expected total impact million $XX our I’m principal to that we was $XX of – result $XX net of $XX non-cash expect million revolver, ended million We The working quarter capital of undrawn and was only shareholders debt into and of million. interest with $XXX account million cash in was that $XXX and the million. in liquidity and Cash on the million. return cash yielding payment drydocking CapEx. taking the of $XX
Now go I’d about sheet. Slide talk our could XX, briefly we if like to balance to
compared had $X.X to debt XXXX, long-term short-term. $XXX of million As billion we $XX of XX, assets, of and June million
mentioned, facility, as a had of that remained addition, credit we June revolving $XX as XX. In million undrawn
see stands at net you the on of our As loan-to-value total can cap at debt stands slide, net to XX%, our where of right-side our the fleet conventional XX%.
not metrics you that books, times XX%. means footnote tells net on EBITDA X. footnote As attention X of to that the footnote – our of QX FSO, therefore, XXX with drop – to include debt facility. X just Since is from in kind you value I’d the the its that in core XXX you number that indicates our – taking your book the will value as means X.X our LTM metric take $XXX if basis of the call margin account is to also points to basis debt that drops that points EBITDA and million
back repurchase Now briefly over Lois, finally, share the to to call like turning I’d program. before discuss our
repurchased months first the shares. of $XX year, million the of we six During
for share of million. first Specifically, total a at price XXXX, $XX during shares per we $XX.XX of repurchased quarter average XXX,XXX of the an cost
of of million. a quarter, the an per $XX.XX at total XXX,XXX $XX share we shares repurchased for second average price During cost
X% in nearly nearly $XX August, comments. outstanding the million. turn which now For remarks. financial repurchase closing I’d call our for represented of program amount to million, our concludes the a That Lois my authorized of the of year-to-date back of $XX renewal shares. Board her repurchasing In share to like total
