Earnings call transcript Q1 2023

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Operator

Good morning, and thank you all for standing by. I would like to welcome you all to International Seaways First Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. And after the speakers' remarks, we will conduct a question-and-answer session [Operator Instructions].

I'll now turn the conference over to your host, James Small, General Counsel.

James. ahead, go please So

James Small

Thank you, Seaways XXXX. welcome International everyone. Good call for morning, earnings of And the to Brica. first quarter

Before the like everyone we following. would off begin, advising by to with today call start on of the us I

may world and any the call, and/or and other drydock sales TCE statements construction expenses during XXXX and estimated expenses; and newbuild of revenues bookings, the in period; the vessel, G&A forward-looking the including patterns; capital production regarding outlooks ongoing conflict the and and purchases vessels the of of the and following expenditures industry the and of topics: off-hire days; hire other projected rates investments; management pandemic; vessels, charter with and products; or of stakeholders; and to of Ukraine; or between economic, statements and coronavirus may of product strategic alternatives; expectations economic regarding operates. relationship crude transactions petroleum and trading which company company's developments financing any our the regional political, to other the globally. forecasts activity financing it effects During objectives; Those consideration prospects; regulatory company issue and the achieve and changes company's recent demand its plans ability tanker dividends; strategy; company's and anticipated Russia address, the make its other and scheduled oil for and this effects the ongoing the other in without in business markets limitation, of for

perception management appropriate factors, and and based take including various other current conditions, developments, on of expected number the to by of factors statements made trends, account management into forward-looking that circumstances. in are such historical Any management's consider believes experience and future a assumptions

our could statements. risks or risks, from that assumptions, and by and the could cause annual to actual Exchange differ XX-Q results to we company's and beyond from our XX-K, are the Form actual make, and to of expectations, Securities reports future have Factors, control, Form expressed filings made are materially the those on quarterly report statements many implied US the other Commission. with which that International in cause Seaways' described subject which in those or results in Forward-looking uncertainties differ may uncertainties include on

turn Officer, Now, Lois? Ms. Executive over let President Chief me the our Lois and Zabrocky. call to

Lois Zabrocky

very the much, for morning, XXXX. Thanks Thank Good of first Seaways you James. joining earnings for everyone. quarter International call

the on of income diluted over in which section our first Investor a $XXX of far X site, combined million was strong Slide dividend to in over removes the of and found MR, net or quarter $X.XX for was the our strong $XXX Adjusted $X.XX first the quarter, $XXX quarters an have last quarter presentation three gain EBITDA, our the on cumulative Relations Following share. second our per the million. the earnings results on Based thus Web fixtures of spot we million. sale bringing per declared share,

high as start as over per in million Following $X surpasses previous on as returns in chart finally, months. nearly and Seaways’ share found the shareholders the cumulative hand XX dividends of right shareholders since to the payment XXXX. over $XXX return the upper June, years to in date three corner year dividend trailing represents And the slide, are combined, the of to

price value later delivery today's of ship, per our the XXXX quarter. is approach. VLCCs demonstrated million allocation today newbuilding and at We Two ordered in with $XX ships three in a final been capital expected delivered clearly balanced vessel's these and second the the third dual-fuel fixed in Our have success rate rate of through fixed at loan XXX worth on these to time interest are next years for a with charter value XX% share. plus be an seven will has ships a component the a profit current of ships a each. These points. million financed basis oil nearly They $XXX at contract major

exercised sale a representing discount net March delivered April. million price arrangements and a under two leaseback We value vessel also of about $XX purchase vessels for on the in other to the of one options combined, current XX%, in

Additionally, cycle. we on our in a resulted the during sold million an points that investments MR quarter gain low the $XX successful evidencing in at and sale,

million. our sheet million of million balance total the $XX dividends liquidity This toward remains The $XXX after in repayment our ending and quarter strong $XX loan. with at is term

our the we collateral increase unencumbered revolving With the credit we package. the term released amended $XXX loan, XX of facility our vessels, nearly and XX% have total Today, representing the to to million fleet. repayment on from vessels XX

levels. four we the to fixed two XX% tonnage. excluding creating our to newbuild Slide X, component during mile remain demand on revenue $XXX breakeven are year in to and three increase ton time Trade on the ships to higher soaking reduce exports our sanctions On fleet coverage ongoing oil increasing contracted the additional while our time and to over Lastly, any cash fixed due charters These focus. share the quarter, Europe charters million, of flows Russian profit [deal]. displaced about up

it's the have particularly seaborne slide, significantly has On essentially right Africa as chart and shows the constant volumes Asia, Europe, exports February. since stable side of have graph Turkish the at on relatively in imports to Turkey in significantly per Product in million are the million left heading displacement, the and and remained the that composition clear began that hand sanctions access are all in The while primarily of India Mediterranean right of Asia. day, and narrowed to exports X.X similar to destination barrels Russian clear the not Europe terms increased to increased. for side Asia to is page the of from Russia only in remain hand China. a on X while crude that the crude

Seaways transfers, develop, self story oil. double commercial Russian our concept on of continues and the lifting constant of managers remain this While to sanctioning via including its handling International FTS

Slide X. to Turning

We have on updated set drivers. of demand our standard bullets tanker

for arrows of to neutral bullet not demand. the you. black tankers, tankers up a for good representing represents the these some subtle red presently I and is won't read dash topic individually, bullets next each positive green for the highlights impact on we’ll tanker With meaning arrow the but pull

and OPEC consensus of average slide, in of half In in the the the slight older the the the is While views X the to barrels of the then seasonal, second of XXXX which around is growth in first reflects global some of than We a of remain that weighted supply term and on XXXX of the first half EIA, the on more half supply day, saw growth year. most demand but for we quarter, grow second the year. demand oil inventories the of oil demand believe recession. is near for the that chart per in oil offset the left lower cautious forecast million IEA

With OPEC+ these announced to targets. seems it cuts production their that logical considerations,

and year been level the progresses. a to targets, are on monitor impacted continue to oil However, close are months. earnings We oil sentiment the we has supply demand right OPEC+ in bit believe recent few these actual very and skeptical the we particularly on lower past VLCC in production compliance as as the chart, hand as evidenced

high constraints to prices fundamentals. our sectors. the an a ordering. and compelling over ships. The is remains remains keeping with and new aging X, economic decisions story ordering still barriers This supply shipping tanker Slide newbuilding with next two side Yards quite On supply years side are on busy fleet to the other limiting

and to limited early a third over there of We are years for age the wave a expect to one new newbuilding for is XX evolve year than The delivery with and of bill further to of last page, above years estimate environmental somewhat pause now XXXX significant been continue today. fleet with contracts the tanker on the fleet oil has XX. vessels newbuilding chart In old tanker longer that reasonable downward lower contracting about more is this certain trend the the few taking regulations orders. to the left a on

to you supply trade flows, near disrupted with demand tankers and the our term term. overall we crude the Seaways growth building upon from balance fleet the the There diversified sectors. the reducing in see capital product case, sheet recession, the tanker higher returning with or positioned may return allocation is our we outlook and In The and is tankers right could in the years for be remain operating that may we and regular and well future. balanced to and well track rates With expected leverage can months. summer seasonality very for to oil our the incredibly strong, candidates next term opportunistically, expect maybe hand in tonnage tankers XX few fleet believe lower which healthy continue positive. both the outlook near Combined medium could As and our record affect near strong in commercial trading on investing chart, removed remain in the particularly fleet capture over see negative markets in is shareholders. new in cash to debt under and we of strategy, our liquidity, we that either positive on tankers our low our

to provide Jeff? over our review. now I'm CFO, it to going turn to Jeff, our financial

Jeff Pribor

everyone. Thanks Lois, and morning, good

for or million removes per for the right Similarly, vessel, million. appendix X. XX Net over $XXX Adjusted XXXX earnings $X.XX from essentially earnings Slide representing first EBITDA was which reported income million, gain net million, for period. provided month quarter over consecutive and adjusted million $XXX trailing was bringing of share. of was the a quarter the earnings. of over the month the to adjusted Turning XX upper on $XXX million to the from $XXX income, quarter the EBITDA In sale of net we $XXX income first third $XXX latest reconciliation the a chart,

our just quarter the for to items like of of a I'd out guidance expense statement. our few with fell range a point expectations, note within first income While

significant quarter consists we $X on are million and other income of holding. for balances First, was that over largely income interest that the the cash

revenue had a revenue. our side, million first in $XX the very quarter business strong lightering On with

revenue International, general vessel hire $X million lightering broader Given the $X,XXX indices. in million for Panamax about quarter. in the continues a excess our G&A, the business market on earnings Also LRX in outperform $X charter pool, expenses, million market contributed about $X day overall, and of the of to with million the side, above EBITDA $X

at can in revenues TCE bottom for $XX,XXX the day. quarter nearly you per As LRX of see the page, our the earnings were spot

to next for our XX Slide cash Turning bridge.

see undrawn an revolving $XXX in was with credit $XXX in million $XXX million You began of and we of liquidity the capacity. million, composed which year can cash

EBITDA adjusted of bump capital cash working along we remaining The the a for our of Following for service show about million] less left pulled in bars the the and flow debt allocation to we capital scheduled expense, capital $XXX less the levers the on and cash bridge We $XXX $XX right free added chart of [quarter]. quarter, and [$XX in strategy maintenance about in of our all just interest in million our the composed debt of from cash first for the the therefore, bridge, million. first expenditures repayments million quarter, cash million drydock definition in achieved $XX quarter.

Aframaxes purchase that we instance, term sale million more for on to options credit $XX of repay amount [Technical one had for of Difficulty] March amortization million $X in two on facility. the as million MR of second on forward of proceeds the and was $XXX secure senior opted in sold the main end capacity than will paid and repaid $XX million quarter our million escrow per rather final save loan we vessels made our leaseback. cash We on vessel, reduce of built $XX $XX and payment about facility, been For on We our March was loan the reduce of scheduled for portion that exercised ups. put on which in was breakeven which term day April. over our the a by XXXX

short then which that million call. other dividends, we combined led The deferred we per liquidity quarter costs us of at and $XXX announced $X end over the $XX with quarter end on Altogether, and and [taxespaidus.com]. and of $X $XXX undrawn paid investments Finally, financing or earnings capacity. cash in mostly composed the [energy] million in in -- our last revolving cash shares $XXX components was the million million to these of the short-term at term million of is of

amendment the credit facility. connection As revolving during previously capacity mentioned, quarter increased was the with in of the the

XX. Slide to moving Now

balance corresponding the million, the have as vessel shown financial represents to to very continue a strong position $XX at on million. a the escrow with Cash cash related of liability. amount by of $XXX lease as I sheet of side Restricted page. We the [MAX] said, strong left-hand purchase the remains

in Vessels equates market the be just over values, on April quarter, stand to the $X current of approximately With at the will eliminated. completion with of gross the the a which versus to million billion books value sale that about well $XXX about loan $X.X debt XX%. are after those net in billion

hand paying side generation shareholders right we show of in debt. over few after the quarters our strength flow and On the leverage, a cash last to which wanted the further returning of operating even page, to substantial significant results down cash

program approach. VLCC Two morning, were continue in As of we we this our the of three allocation quarter. balanced second trajectory delivered our press expect this to dual-fuel capital newbuildings on mentioned in releases

We we we exploring options in facilities maybe $XX of expect of or repay which also some our use in debt. million. But to their repay, are portion. to entirety portfolio the total around cash repayment to intend overall, on Currently, the we a either existing intend

$X.XX which of we our We the of share, continue consists as be These have per share per and second supplemental dividend the track quarter $X.XX will a $X.XX record dividend. combined dividend share regular per executing payments strategy. in of build to also made capital allocation our announced of our

TCE our actual TCEs second report this. on nearly than a cover, $XX,XXX our that XXXX. fixtures looking book call spot quarter Slide date will of levels. be our now, I'll you different of fleet the And and I'll guidance with as time slide earnings breakeven we of shows last we have will next The that as remind TCE blended for XX, probably equivalents day forward aligned for the But Starting always, charter with a wide quarter. cash to average

hand same our well the as you our a months, reflective increased $X,XXX our and could we of new the from closer charters. can principal see a on side, last year. profit the on right if point which long quarter breakeven of on was for in be displayed reduction revenues period, actually our quarter-to-date, day share for it our related quarter increase breakevens, Seaways. you the and On like delivery of for But breakeven have these before as over XXX the by Altogether, term the we’ve approximately cash consider to payments basis vessel our fixtures program you first another rates breakeven newbuilding forward-looking to XX the When certainly the reduced interest the any compare time last fixed to bank looks strong rates International quarter day. second $XXX

and have hand of some bottom such modelers side left XXXX. there, you for guidance updated given the the for we in chart expenses as QX On those remainder out of the

read encourage purposes. each you to appendix the won't I these schedule CapEx modeling include XXXX. of hire line-by-line this item for in also use quarterly our We and expected for off presentation but

now my comments. to like back her closing remarks. to turn the I'd That Lois call concludes for

Lois Zabrocky

you low points I Thank At that read a assets you strive Slide recent XX, summarized we you cycle. that in commitment to and briefly International we We we to Jeff. provide in On comprehensive its on encourage highlights. all record. we for at find very entirety to Seaways, here. you a track Seaways and review execute have much, buy investment our stakeholders the will just

the ships shareholders worth billion balance we have that generated in Our are well assets have We record distributed we today. a over and nearly over we about balanced debt, billion reduce quarter, invested and track to that show prices. earnings that capital our and sheet $X $X bought in half we to discounted and $XXX we half now then at Last approach. two other million allocation said

This healthy, shareholders of to sheet our $XXX million remains million million quarter to towards with is of very liquidity, balance much low loan [Indiscernible]. another of asset and fleet $XX And same, historically the the significant value and net earnings reduction. debt XX% with $XX

our on a in seaborne role fleet have distances breakeven much tanker are expected tanker demand. high and The the on the models, regulations ESG. today We cash transportation set a we growing less horizon. of the to company are take for has remain creating for between that we consumption, oil supply barriers fundamentals across compelling demand being leader to flexible with strategically aging levels the we market, replacement, comp and in advantage globally this, towards anticipate and low of robust sustained focused positioned operating mindful ahead On a environmental the

borrowing, in up all sustainability to we with open a And backed continue strive clauses principles meaningful questions. would these of much. to We provide and for very have stakeholders. up for our like you cost lines with this the platform to that, we to evolve operator, Thank

James Small

you. Operator, hear we can't

Operator

[Operator Instructions] BTIG. from The first Greg question is on the line Lewis with

Greg Lewis

talk before, the on want to market you purchase balance. that strong plus contracts, But of the do was that on mentioned back was price I the newbuilds which the in could You the clarify? Was price on of the the mentioned with $XX XXXish? we the that about [Indiscernible]. the Lois cash on current the or million LP XX%

Lois Zabrocky

price. market current the on is That

Greg Lewis

So -- okay, we're based great. what we I bought on it, pretty much were mean, we --

than So me, cash, then I cycles and challenging as and know. about think you've Jeff more as can Lois seen cycles we be

-- As you market realizing know. we and but we're a not think like that, never in about

levels, on be What actually realizing like, of that expected that way CapEx realizing some seems when kind forward, any are it's back the As this you're fair it like interest of of into like I just higher. we making good -- that we higher, real rates these cash melt more that to should think think a balance it? should and cash income without about now. that Is balance about thinking year is the cash so balance going next around as rate sustained to a about we recovery, ahead an kind really and half continue see look of money forward

Lois Zabrocky

I really spot fundamentals going we sentiment very believe structural And we're be second and for strong Well, the have that yet that in still the has Greg, OPEC in to cutting. with to the market market presently, The yet, market reacted we there's demand think, still in strong strong half. future.

the sheet unencumbering So on returning as and have focused hopefully brings I'm balance the way on well this down think spot that good well our been set debt, that But are ships really very to let prepared through balance way it. of going up as to that we've we and a to Jeff very really we and expound paying presently, sweet shareholders, striking where the for whatever that. surf we're is market

Jeff Pribor

I Like it think remember we was Greg, years. XX last cycles. through a be actually normal couple sort the forgot for that we've said, about on rates of been all interest And when cash, to right, your getting you

a however to as short paid liquidity to want don't keep. I in and cushion great that next more cash, long fundamentally we and it Difficulty] And it cushion, we a portion downturn a between changes is whenever has which revolver have want vessels, So think we [Technical frankly, be. undrawn against a good clear are themselves want might which cash, which our it's be just nice to of unencumbered to view, the cash have might or that be

same. right thing to Lois the return was It's to so at it. about all this stays the we as returns do think with I point that down of paying the shareholders cycle, continue talking debt,

fairly is of that's your significant interest but back back I it's the of have our a portion we've higher, a a So interest just on time higher, where out Greg, on is, are kind hedged a cash why rates like I and future, little your it's normal conventionally debt portion debt, is think think okay. it or fixed to where to little

Greg Lewis

gives company of have flexibility. looks the like it a I through you kind you cash mean, built this, with cycle

about was of hear I maybe degree. continuing of benefit SPR the a benefit -- the kind it I to wanted out some just Jeff, then releases we're hoping, kind weekly that. the to I in to on see lightering and Could was you your -- So thoughts those called lightering is to that lightering? months? ships you is guess, or Lois, And lightering, the there question how of much And way quantify those actually the we've the of last go kind part the on any two to farther release releases then once the executed SPR couple what helping beyond volumes doing market afield. SPR the over is, then Like there's

Lois Zabrocky

X.X out Gulf. interesting. certainly we mean, a barrels US week last I That's of exported day the know million

more by So for that say QX I the how really well on by that you of tough assists. robust that very releases rates. a lightering, the as activity give water quantification tanker put seaborne know barrels On the that and bolster those side. exports Pretty their was we level to the as bolstered would

of that in for second know for EBITDA the million seasonally little more that has think think then, You volumes to able $X be jobs. be look XX the that half I we moderate put barrels and repeat bit in quarter, don't lower like And them of reflecting out to on would it's like it XX XX, SPR, We water. would that been QX. lower

to volumes a next we days that as well. helping the look bit kind XX to So can of seeing little forward probably probably over XX

Jeff Pribor

one been, out little last been, inventories? they mean of lot of when SPR bit people, Like, and of add OPEC have a that just freaked mean might year. does Greg, opinion, about were Whereas because higher I demand? observation? does surprise Can what than sales a observers, my might made mainly a what oh, of in inventories probably cut. that a lot that have And relatively about releases otherwise kind

in. it think I where So that's comes

Lois Zabrocky

down seen XXX inventory. crude of the is barrels the like but in it million we've US And already, come

coming week there has lot week. QX out over So a in of what been was

Operator

Nolan Ben of Stifel. have now We

Ben Nolan

of a have couple I questions.

bit The a little more -- macro to first it's of relates a question. type

years Suezmaxes and the Suezmaxes been lately dynamic since been it's of a be versus is? things the are market little I VLCC one like the what the order? ordering Why think that about fleet what a about would more But as optimistic is of Vs order -- and everything. little book it ordered. relates has a guys interesting that though. a the There has whole the You makes to has lot and crude what talked people mostly a tankers been been bit in about two expressed I'm curious bit an age

Lois Zabrocky

I LRXs, I would those that, thought ordered, the to that were to and have and the course, both with our you I in guess, war. going you Russian of MRs of say almost been go ships just seen strength incredible sectors

Suezmaxes doesn't has very that shock it little more yards. build So the been pretty -- flexible still me. a even I on But incredibly a seen mean, Suezmaxes, few I you more say. crude. on mean we I are and reduced, in big they're much would the them haven't can

and your normal we like fleet or pretty year overall, X% below still X% each think low. of not which a be we So book. in to should X% are replacement theory, you losing that structurally a times, in around And so looks full order in still we’re

Ben Nolan

what you I'm I going But the doing getting more about years curious know I LNG. with see so level and mean, newbuildings. different been whether mean, starting have ago few just few happening of bit that maybe customers helpful. a low think not really guys a ago mean, maybe can in VLCCs are obviously, Along reverse it, to years, we conversation. okay, let's a little have a been has interested all? your you be need to than this inquiry [Indiscernible] month the But and or clearly, at if those are other ship there that it's did We do. I is a a you any in guys conversation. lines I saying, never would or -- guys that's you talking hey, numbers a so.

Lois Zabrocky

mean, that, -- majors are I I say structured. I very are are they would Yes. certainly very they forward-looking, oil think

we to have So discussions. and them worked engage

what may upon you these, using. fuel, for fuel not clear type depending exactly be not for it's I super your dual sectors. different think on size, work still LNG vessel of is The all XXX% that should dual

and yet So be there innovated space. learned is lot this to a in

Jeff Pribor

but in completion it's program putting time remarked again of as these completion vessels as it Ben, the before, the to gained intellectual from the and on of there an spent come asset thing, building company I think we this lot to trials of is it and three a them One vessel delivery and to now our we property appropriate see is, through with what having out we seeing and have the say customer.

So I a to phone here. that the there we to inquiry, is expect reverse going ringing be think if be

Ben Nolan

in the And guys the I last Are then options you any those just me, in. that had that of one you repurchase more of vessels of for some know you did the there fleet the leased purchase have on?

Jeff Pribor

Yes.

the portion, for off could talked reduce have portion about is and though or as our slightly fixed debt fruits higher which facilities, or of accounted to to we hanging opportunities hanging debt that we’ve are that There that -- maybe some more of We will of stuff. sense cost our debt some a even fixed today. lower makes for sale fruits be looking low stick all or facilities leaseback our at high the hedge incrementally

for So yes, you can look that…

Operator

have now We Nokta Omar with Jefferies.

Omar Nokta

I things. wanted just to couple up follow a with

how it's forward as XX earned the day. Just be How in some expect been or quarter. In half, a Panamax before second we XQ, so the that the rate you should elevated first far developing? whether a into the past XX,XXX rest second for one of you, real overall. piece here, becoming niche to you've nice we of your it's can the of it, we that segment type to fleet market to But quarter this continue for revenue contributor LRX we continues this business see could guided off, and move this a be about obviously, as thinking And time? quarter to has

Lois Zabrocky

Omar, markets the trading I off crude Presently would and in and those say of across somewhat. the that, PPP LRXs course -- have crude America. dirty all right now are backed

will we that extra International to the Panamax rates. beyond our will And And near to and spot. market continue with that that anticipate still very course, joint post the Ultra of benefit Flopec. it venture we and continue expect that's However, strong host broader

Omar Nokta

business -- a of we want can't kind really can And it's I'm that past, a sense even just is don't don't there and to this being index doing, I asked the of of you've have is guess being really but in recall. just to a sure very how there relationship customer-to-customer we able I'm is see sort performing. sort that not have I track of pretty to a able or or box, if, say route I the Is sense that's almost how but black it of good a sure

Lois Zabrocky

say Tom maybe follow are because I with is What we do would have indices benchmarked. market offline, that that, our up indices we'll

beneficial. So think be if that I could that we do might

Omar Nokta

Yes, into sorry obviously but to remarkable how… get the -- just it's

Lois Zabrocky

some cetera, No, There routes. there are reflect et that benchmarks that that routes are as and we reflective use trade.

Omar Nokta

source of of and the LNG these you've price? of look the give -- out, in how sense LNG for dual discussion you've as a utilized? utilized, them, ships taken that to third cheaper two, fuel maybe got to the then they've and just Any US terms ask color clearly, operationally US just And type delivery how future as the first can being because having -- And a access you've delivery of of been is with propulsion a coming to on one’s fuel at VLCCs? whatnot, are thereby wanted you up currently the used cargos deployed follow just being get -- VLCCs the the And portion forward shortly. taken up there's to so respect far maybe a to lot that. what's but how about the Wanted are these to being then of lifting

Lois Zabrocky

start So all we make using us, want I on steady trades, to of not going They great, Singapore, be sort as bunker sure trading more And into trade course your Vs, US to mean, them that typical these of that system the so operating for the of VLCC those in get for smooth effective fully are operational a So right? is routes, and we're everything right? they're on them presently. and system mix mean, as we we to you those need three I right? service. used are learn is we golf So LNG So spots. the propulsion, Fujairah, LNG

Omar Nokta

as guys. LNG the just learn does it And I it able as vessel, simple or well to LNG I'll have to were talking. of one, without is just of in always have it maybe run one that? component And The kind you watching thought it of we

Lois Zabrocky

fully run on have You don't one able fuel, Yes, run, the able it’s have on run we to able -- is fully We can a to to conventional. blend. guy but conventional on it's don't on run right?

that probably bunker always in will is sustainability my are deck, add, if with And the additional tanks on options of you. head need then traveling have that and some We anything likely to LNG we to. we'll there's share

Operator

We Chris Deutsche Robertson Bank. now of have

Chris Robertson

Thanks for and questions answering taking the today. time our

the about across but about allocation relates only repurchases not thinking some as looking share talk Just your recent capital shares at coming dividends with doing maybe in on, over the months? to strategy the Can it tanker here you space. the you're how Jeff, pullback,

Jeff Pribor

have shy certainly the of kind formula values, have have that's three $XX the good share going at we forward. won't of with you We drop And that Yes, share that per said declared we we at you when have share, we feel And to over supplemental and I'm available group quarter, the that quarters that the think do in months we the right at second some capital $X respect repurchase in I But has purchase. that -- accretive yes, do. flexible. year a these dividends the to regular looking were last returned back, -- repurchase we look last but allocation the repurchasing know, thing or that. not last flow to returns that gives share includes of whether true And we was We to that peer of are the I the think proud a move. forward, programs We're part better whole but that cash we cognizant an these we are would Taking be dividends and are XX share a to say, of had. we're right a we prices cushion. how allocate ability as look everything, as us capital. glad as don't I to use be asked step we've generating million open

Chris Robertson

thus You the really looking But a haven't the been targets Brent impact it volumes time trading kind guess I impacted on tangible little I is guys mean, that below now a spent ahead versus seems still the $XX. here the talking about far. production of OPEC price actuals.

and has you needs downside Arabia that be do out IMF risk or at compliance the on either to way impacted? barrel said balance meeting there some additional deepened per extended the for volumes think balance or the we $XX in to there get see government. think I any cuts that Is sheet the Saudi where trying would will the the water to next come actually

Lois Zabrocky

that Monday the the Asia, But X.X% on also from GDP X.X%, year. to IMF this XX% possible. X.X% and growth of that, GDP It's raised said will they worldwide equal or have

last see we see out way here is starting a to higher bit -- strong that than year-on-year love So we with transportation that's is golden year. but uneven, because China very week that, little

seeing are strong a pricing little from Asian East. month, Saudis, the but for are this we demand cut bit destinations, The mildly. So they they very pretty

watching So very it we are closely.

head pull more -- it's as it we Asia like course, the into looks second could possible. with But still the West certainly half. still we Of strength than are

Chris Robertson

highlighted bit me, segment product a been faring relatively just some at and mentioned has order is looking the that better from on the to you at fleet segments, for crude basis. there that And the kind lower side you with a question Last ordering book LRXs of ratios both at think you quarters? ordering that of in to take kind downside the kind the the there in orders additional on might pause near you think in term coming side, of sentiment Do least market or a product more and the the risk do MRs. is given uncertainty current the

Lois Zabrocky

it of I are I books we we would in to values continue Order would of our technology -- don't are is remarks, think a a continue The think think I we forward, that little kind evolve. bit to regulations see to going a the mark. the question high. move an of said abatement. bit

comes reality. that to Let's see if

Operator

Thank on line from question of now Riley. B. you. the have We our Liam final Burke

Liam Burke

older you level. to the the or MRs as year taking and age, fleet? keep you selling begin them them Are operating of Lois, to move do satisfy or to the them out consider above XX

Lois Zabrocky

that here we well kind prune we to quarter they maintained. a one first employed, are sold they the them, it's but XXXX continue balance, in fully You that highly right? of and day, see a So they're are marketable,

way that we judicious we our continue to in optimization, So the fleet that's ongoing. of do kind just are just

Liam Burke

being every been that But flexibility you've you component And clear do has quarters? of about dividend Jeff, -- of anticipate terms capital not very quarter the the in allocation. during the or providing formulaic program next quarter special a

Jeff Pribor

raised Liam, last we I done that we where put it in not year. was It it. that think I the that's is we mean, what all long regular program we've dividend. doubled a have ago

call, at someone XX, So expect said the flow we to thank future, in that continue. addition in word supplement as we're from like What as with we're we cycle, in some where free we so $X.XX points of at, there's shareholders. significant share to look dividend. are say to you a And that's clear. what else per in going we And paying down point this to we a we're we're when are quarter regular that upside can, I an we at dividend, why supplemental you cycle debt, I trying cash cycle getting you're -- love dividend. sharing whether company, use the it, saying regular that now point, the captured that through And then we're that, for to in mean, -- at is the we'll -- some look the right? increase and

repurchase. And don't as the down equal, shareholders. or a via the continues all should so expect will particular to pull have question, you do that said. pay we in continue and we things being formula, we'll But shareholders some We'll to that debt last share coming continue as said share if to quarters, I share the same possibly with dividend levers, we'll some

Operator

now like to Thank back you. it to Lois I'd any hand final for remarks.

Lois Zabrocky

joining for very New today, the great everyone thank weekend. a and on to International Exchange. Seaways Stock want much, have Thank I you INSW York

Operator

lovely can have Thank today's day, for you you I a that your call. confirm may and Please lines. disconnect conclude this joining. now

International Seaways (INSW) 5 May 232023 Q1 Earnings call transcript