Good everyone. quarter our you Thank Thank to very morning, James. results. joining you call third discuss earnings Seaways' much, for
Seaways marks quarter, highest to we with Combined third rose is of the carriers strong more than This During the income. tanker demand International ever utilization are with energy barrels X the second day generated follow and security, demand capturing with quarter. suit increasing consecutive quarterly Crude our from the record in oil prioritization quarter. second our quarter, high. earnings per the million product the rates. tanker
well. balance maintaining growing cash and shareholders healthy company, Our sheet serving is commitment the to to returning Seaways a
have returning more We built liquidity, shareholders. we flow to our strong are overall generation, now with and cash
at all $XXX.X $X.XX generated income we as asset profitable across quarterly diversified net On per earned quarter share. developments. our highlights $X.XX per $X We have share, dividend our per million slide addition of our announced quarter, classes. the million EBITDA a share of third special operated regular and In four, third adjusted and or we $XXX.X fleet levels summarize of in recent to dividend of
in EBITDA left can of chart prior year-to-date the XXXX of eclipsed full As year has in lower at the on EBITDA slide, million Seaways. see $XXX you adjusted the all our
We Based XX in ended to of supporting Using taking XXX,XXX capacity. last the We net We fourth strong maintain in repurchased our financial the fourth $XXX balance $XXX for which during on value quarter. strongest the to both third expect diversified shares quarter low $XXX price million, earnings quarter of million price. success. of is advantage $XX, strong our the current and our the $XX markets and in Seaways the are million, quarter We our capital well our below with total a liquidity value, of an sheet generate stronger loan of revolver including we structure at bookings over today's are very cash to hallmarks flexibility, years. million even XX%. date, at our average approximately
also of our quarterly This consecutive per earlier dividend which we year. our regular We this XXth $X.XX share, regular doubled of paid quarter marks dividends.
where pleased as XXXX, declared represents and year million result flow moment of total we're per quarter, have We paid return share. dividend shareholders to to dividends this regular the return in increasing Seaways $XX $X million second to generation, of dividend more the a or will XXXX. Overall, declared to strong share. a since $X cash $XXX have per special a we start a for about of special shareholders ago, in consecutive of as mentioned This the our cash
of left our our track this our At and of We to strategy. as shareholders intend returning rates the the continue capital fleet, in to returns strong shareholders. large to part point balance sheet, continue allocation balanced healthy we cycle to our delivering record build value upon with
barrels a structural with of today, Turning cargoes from exported EU. to slide tanker most one This seaborne in shift will prominent the We of into Russia. the sanctioning and create five. the examine demand product Russian crude trade routes of in topics
to data were per graft, day to continue barrels to left-hand invasion around Europe. pulled the to into X million Today, of we crude barrels million exports the prior flow X.X On Russian Kepler to EU. on the from X Europe crude exported the of seaborne Ukraine. million Russian About
of the pulling from plus incremental been Europe length also add part as to overall has increasing EU. displaced from Xth, crude compared barrels We Russian As is that note will the additional fourth due the their the would consumption effect. of Russia. voyages a will imports of we there in natural switch America. the and in West December importing days We Africa out seaborne switch sanctions Europe crude here AG, about believe be to EU from oil. oil These of natural XX Russian backed will world crude the as to the from barrels switching from displacement expect day of be gas take XXX,XXX of quarter gas. Overall, to XXX,XXX per further to
see Asia, barrels the displaced early but patterns moving thus demand. crude class of of to trade Russian Suezmax, have in head these supporting a is toward Aframax to if particularly been While tonnage, all it's majority too and of moved will East, inefficient tanker of overall into has more soaking lot which crude the quite strong higher in fourth a continued and and middle vessels third quarter, the up second, the
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six. Turning to slide
XXXX of about million In barrels demand year-on-year. tanker have some barrels expect to around for three day barrels oil Oil for day driving the fourth barrels through quarters per demand million day, per This to barrels of X XXXX. we be demand. close major the year. day million is million has demand XXX average We XXXX under to about million increase oil per for additional outlook The per just year is the above barrels of day. first million per the XXX averaged the XX XXX higher highlighted an X quarter, the day of per drivers average
high persists, forward. Of course, going these as inflation recessionary could estimates concerns adjust
the by X.X history largely be While million the put strategic million need OPEC+ will this since the increased replenished, The the day. we that the XXX a FPR, of far in which Kuwait day, on the oil should means been by at the year, there announced The the expect could levels, which it. result for petroleum import slide, This and since per just in we barrels much petroleum OPEC+ production XXX the This on demand. is levels close million cease quarters, which can OECD Americas, offset FPR This been the cuts. but further is production the been a per that reduction. you X to XXXX. could demand barrels with also market day last decision tanker has in leading had production and balanced how down XXX tankers. Overall, beginning not therefore see be for States barrels likely reserve has short covering barrels underperforming oil increase drawn declined the already production market replace years, create several of we nearly to replace Research lowest million in reduction Saudi, inventory million not more XX United a disruptions the to lower barrels XXXX. eventually cuts this near-term. focus and targets. to strategic below the If In barrels believe of supply. are a of of expected would have and We releases globe during has side UAE, these we'll Iraq the left-hand further per of across reserve of to total will flaws are demand has suggests create soon see from supply the and around OPEC,
blends United States, this for would of are inventories in sour the produced further medium provide much demand. tanker As not drawn support the
planned Refinery help November. early or trades. April seasonal outages On could and right September typically global turnarounds the refinery to from March chart, in happen seaborne bottom
in lowest they can a while. chart, global you the the see were in been CDU As in outages have September
unplanned early draws the for on planned creates imports increase We outages tankers. expect are and in and on likely inventories need the to QX, which
continues the XX% about supply with strong, remain the market age tonnage switch earnings. major a lead XXX tanker seven, will the higher near-term order over On face vessels, disruption As of for the has as expect get remain of will tanker combination likely especially and a oil or expect result tanker trade been slide we book the there which dark we continue positive as factors, we is main be all trade. demand removal sanctions from from older the around fleet at Russian to this all trade. on thus competition tanker vessels low, Russian the any of volumes. highest The may in removed overall presently is Russian to for XX is in drivers fleet Venezuela to older size of to the The of recycling the continues lowest in global below XX Iran about on and is average. on The to the commercial these fleet. level the to countries, take into Sanctioned seen years increased means the oil age year-over-year. be be has is growth its just tanker Net fleet average have oil. X.X% of of This ever X%, of relative This trading it fleet fleet. trade XX far would the years. over stands the only barrels record and some to this Should more to
lower delivery capacity in seen the that contracting XXXX to the positive as in sectors. because see orders dates lowest from is the have tanker dynamics to newbuild limitation in facts In now by XX-plus yards have supports tanker shipping chart, in late have the the of companies can new you chart, left-hand replacing years. into lower three filled the XXXX right-hand orders most or One the is far with fleet. the for adding or years supply And other are likely that
Overall, uncertainty high. rate with tanker and with we healthy useful both financial any conventionally fundamentals the Pribor, capture it's will prices shareholders. about balanced of to upheaval. Newbuilding environmental regulations, diversified strong in building well-positioned the pending QX major deliver Jeff the our is continue to economic life. its Seaways and a to debt allocation term, decade our fleet until economic over for with sheet fueled vessels expect call difficult and turn vessels And the short reduce shift rationalize remain the With are environment CFO, provide tanker our balance middle level to not the to barring medium our that in and strategy, of invest crude our XX review. product. now capital the fleet I'll our liquidity, Jeff? over return cash opportunistically, to positive
