INSW - Earnings call transcript Q2 2024 | International Seaways, Inc.

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Operator

Good morning, everyone, and welcome to the International Seaways Second Quarter 2024 Results Conference Call. My name is Carla, and I will be coordinating your call today. [Operator Instructions]

I will now hand you over to your host, James Small, CAO and General Counsel to begin. James, please go ahead.

James Small

you. Thank and of Seaways XXXX. everyone, the Call to quarter second welcome morning, Earnings International for Good

call build the drydock achieve objectives, political of regulatory off-hire stakeholders. threatened hire anticipated vessel including company's company's following: Before topics: operates. of TCE trading outlooks markets which transactions start rates expenditures, the developments and and vessels may forecasts for the petroleum regarding crude of ongoing business and everyone the statements estimated the bookings, to strategy and the off begin, charter accompanying revenues of recent Those address, by of we regarding regional tanker financing with construction and I make the prospects, advising financing with would presentation, issue management in strategic company limitation, us forward-looking oil future and and effects plans and globe, capital conflicts of economic, company's for The and and and the world consideration or this following changes to new and that its and dividends, it ability days; alternatives; scheduled call the around and purchases the during expectations patterns, sales expenses, company's other without of like may product of and to activity and other and the today in the economic products; the its statements demand vessels, expenses, on relationships in globally. G&A and projected industry production and

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

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

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

Lois Zabrocky

XXXX. for morning, eighth much, second very quarter second consecutive income Thank million. our Investor for you of X section find of over of quarter everyone. represent quarter the which in presentation, the Seaways' for you On Relations Jim. our website, the earnings results adjusted Thank Good $XXX Slide can call joining of net International our you

vessel or million the share, $XXX for EBITDA was income was on gains Net and excluding $X.XX quarter $X.XX second or other adjusted diluted adjusted the share, sales one-off per items, and million. $XXX was million per income net $XXX

eco be busy of MR our in This delivery or more. second age while the On taking left the X slide, lower X year. section X years quarter, with of MR were the XX by selling aged we average renewals lowered

of hand. revolver the cash We vessel XXX,XXX with X proceeds acquisition mid-July. the on the of in MR and eco vessel draw funded the million $XX the closed a in of One sales shares along with sales, from issuance

spot cash save facility. credit mandatory free capacity to in $XXX raises lowers flow by per converted slide, included We from continue and under repayments sheet. upper of we also quarter, we increased year $XXX them to million per of total about undrawn our right-hand a our our consolidated had now the in the revolving day. million end which the the of $XX which liquidity, side nearly $XX,XXX second rate revolver. balance into loan At our On breakeven generation our term benefit revolver and We million

a result share, shareholders. shown yield XX% income. we of a declared our of the of $X.XX dividend As another shareholders. a in these accomplishments, net combined representing right-hand continue upside of our adjusted share per our And quarter chart, we Today, to as for lower double-digit with

the of yield market dividend last Over XX% average XX been months, has Seaways our cap.

sharing opportunistic to allocation, with double-digit up cycle prioritize capital the renewal with balance to our for sheet balanced future enhancing shareholders. our fleet We yield a positioning dividend while company the in our and continue our

bullets tankers, good Slide X, for impact the up down we've demand black arrows a topic tanker for represented and our representing updated bullets next positive the not green neutral red dash demand. arrow on the drivers to is settled a meaning with tanker a

Pulling highlights.

oil grow XX-year a continue regionally expect than has its at portion growth demand to the rate grown We A growth. good the year. beginning of to in of at which slower average above is Asia, expected this

in largely better OPEC+, by tanker production are not demand, when cartels areas the particularly While the grows. also off oil growth capped is supply

It's year results worldwide, indirectly demand. our tanker a could heavy election and impact

have is that benefited to have not events these and to events product both tanker defined important market. strong crude caused bolstered While have fundamentally tanker recognize that has geopolitical Seaways a earnings by disruptions merely trade, it

oil over the remain transportation next of products refined healthy the graph seaborne crude The the that at and and years. few show of in bottom demand slide oil to looks the growth

of tanker book naturally fleet. strong order would grown XX% X, about has Slide dictate more ordering On the the to total market and

tanker age old of as at to we is show of get older today deliveries. is likely aging and on so the is a ships report are However, hand the to page, the XX with The fleet that newbuilding enough few not years left fleet bottom order, over significantly. average

today, With orders ships especially new environmental cycles, a our order greater pending demand. limit lead vintage, more Different increase less this from the older percentage in efficiency utilization. industry when cover longer and other have the in can to shifts less fleet of time Generally, the needs in factoring the book seaborne regulations. the in

continued stage will strong Overall, Seaways next few this sets over the and years on cycle a up capitalize conditions. market these the for

with count adapt and to can allocation on industry utilize York balance our shareholders. New fleet balanced while through conditions a to You sheet us strong returning to capital approach

it turn financial to our Jeff? CFO, review. now provide over Jeff the I'll to Pribor,

Jeffrey Pribor

Thank the income on $XXX and sales and provision funds. the second quarter everyone. good Lois, our for per net of you, vessel gains X, or for share. was Slide includes morning, multi-employer $X.XX million U.K. On pension diluted This a settlement

our impacts, million. was these Excluding income net $XXX

adjusted second EBITDA the On was million. right XXXX chart, the quarter of $XXX for upper

reported We provided from earnings have to reconciliation earnings the appendix. a in adjusted

aspects to fell of range for our guidance quarter within expectations, highlight the within ecosystem. the certain largely expense second Our I'd but like

our guided we docking days XXX off-hire time of last earnings At repairs. of call, conference the towards dry and

the the As the XXX these vessels delivering XXX-day in into outlined actual days. early half we the difference About was relates that forward time documents to charters second quarter most into our time appendix, of third move in ahead of off-hire of quarter.

time trading nature days work, Coast West to and to remaining additional safe of additional which maintain repair XX adapting XX U.S. operations. our Another days relates and one The relate of vessels off-hire our to for the reliable is customers. or generally some of positioning

$X and to continues brought second to million in hire in $XX contribution million revenue nearly $X million Wyoming of Our about year-to-date quarter, prosper The of with and just charter combined the business business EBITDA in $X in quarter $XX its contributed G&A. $X the million Wyoming in EBITDA million vessel about expenses, about with million.

our Turning $XXX quarter total undrawn $XXX of capacity. Slide proposed in revolving million X. on in with We and cash of the to bridge million equity began $XXX million cash

the and benefits to of working left largely on from EBITDA right capital in million to of We chart the expenditures the plus of million million add drydock on debt $XXX service, Following due $XX cash the capital quarter, in $XX first our million. second plus approximately had then $XX collection receivables in adjusted and bridge.

quarter. We We, for therefore, of on of The yield represents in value the annualized shares. remaining definition million share flow MRs, XX% $XX net our reflect cash sellers second XXX,XXX form of to eco which flow million to of cash bars X about the This in spent acquire an $XXX capital today's allocation. bridge the cash price. free of issued share is $XXX achieved of the million our

our and the million of the and for MRs. sold $XX facility We also million funding $XX revolving X credit for million quarter vessels during $XXX new borrowed

facility, $XXX ING million to the with the our increased person. of the extinguished after which reduced term connection In million. credit capacity our And revolving we drawing MR for we by closing $XX subsequently for $XXX was million also, loan

led $XXX components investments per or the These $X.XX of of million in million $XXX liquidity million capacity. and short-term paid million to quarter. we credit Lastly, revolving in and ending dividends $XX $XXX cash during share comprised

Slide to Moving XX. now

million. this $XXX of are side balance have Vessels on Cash at billion. strong values loan versus and books approximately liquidity And to of debt position with $XXX by June right the $X.X $X left-hand a strong market We the million billion remained of at sheet financial XX, a to the gross equates page. on around cost value detailed XX%. the current net over of at

bottom fixed June rate above XXX to an our Our debt In points to average so. was today's $XXX rates, balances extend and facility, of which $XXX our million slide, June a now follow as the XX the RCF. debt XXX less about XX% or weighted leading right-hand hedged side points a interest at all-in amend the reflect we table the XX basis than basis on million of

cash. per mandatory debt, It as the generating facility per savings this in increases calculating year. cash about part generation of our before, service mentioned million also year flow free same are Lois by no a As repayments free $XX mandatory has million $XX the included of

flexibility We shareholders. returns continue financial facilitate to necessary growth enhance create both our provide to the to sheet balance and to

revolvers. million have We $XXX undrawn in

Our in the nearest decade. portfolio until isn't the maturity next

our returns we the lower breakeven and to shareholders. in upside with to continue share double-digit costs We

Slide quarter cash forward-looking fixtures XXXX. seasonality to some the TCE We cover. for I'll returning the to rate. Starting markets. reflects that of our lie tanker breakeven that our third slide book with date see spot can last the On with XX guidance TCE

will in I that we TCE report our remind you be earnings different. While may next call actual

of average As a about so of TCE for per meanwhile this today, blended far $XX,XXX quarter. day, we have spot

forward time On of rate the per per less a split is revenues. day, day wide charter can effect right-hand day of per proposed under see side about now you of $XX,XXX the our breakeven breakeven slide, $XX,XXX nearly of spot $X,XXX the

flow during our result, like As to TCU significant our the date third free generates on spot cash book it spot breakeven, quarter. looks and Seaways based a

of our left-hand the chart, the guidance provide XXXX. estimates for some well for expenses as we On our third quarter in as side bottom updated the

off-hire include We line, expected the but schedule schedule for appendix previously drydock encourage in than our XXXX. by I to to guided and in year, purposes. CapEx in the modeling each changes you quarterly also the of for these plan to read the for rest of don't line lower due side significant use

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

Lois Zabrocky

Thank you you highlights, Slide very with Seaways briefly. much, we XX, On investment summarizing have provided Jeff.

Over the sheet track Seaways to last a a of the company. X maintaining built and growing record balance has years, International shareholders, healthy returning

return is Our compounded nearly total annual XXX% inception, since shareholder XX% representing our return. a

a last price share XX average our per months, $X.XX over the that Over combined share XX% yield on dividend our of represents time.

our class returns. We've range invested tanker We make by strides the sweet scale opportunities continue as our in net for casting in see we classes tanker supplementing pools. to leading in a keep in fleet and a each average global tanker age and spot for of what a below operating wider growth to investments

We X any down keep to our cycle. balance for sheet X

million support We credit capacity have in our undrawn over to growth. $XXX

tankers current the that value Our is we and net XX are week's unencumbered. have debt of XX%

value Lastly, $XX,XXX company continue At to we the and tanker our this to will next earned shareholders. put in work point only for we months. our cash cycle, the for XX spot in to even generating per create that expect day the to break we

operator, questions. And with we'd open up that you. lines to the Thank said, like for

Operator

[Operator from Ben Stifel. comes first Instructions] question from Our Nolan

Benjamin Nolan

I appreciate it.

could. down dry-docking days I But I XXX the wanted some you you by that mentioned still pulled had Jeff, year. than in to ahead time of the go those the of number more to So back for days, went charters. for forward aggregate, if

is Or -- if being that you year? into curious some than Just just pushed thought less it last quarter? of is next

Jeffrey Pribor

conference this I quarter, point quarterly this had days Well, for before. was off-hire provided call we -- the for last is in XXX more so than yes, think the

full yes, for our that, look you the with the full of we are now at So if guidance up year. year,

to of it have timing information So not quarters, could make the it of between before and want that's some today. point but affects something year, main some the -- is we that's put seen just is out we you the is

vessels and So in clear wanted positioning just remarks I comparing the bit of of timing of is my make that. off-hire a that to little part

Benjamin Nolan

And it was just it sorry just was opportunistic -- sort of Yes. opportunistic.

right. Okay. All .

Lois Zabrocky

one are just a I for in of focusing extra and One supplemental trade those the West of an is, Aframaxes particular that we preparing -- them was with that those on were of going into position getting things -- Coast vessels and dry on we things were couple docking. the

Benjamin Nolan

Got you.

there? you is Lois, said Aframax the Sorry,

Lois Zabrocky

Yes.

We take together and are trade put that develops. advantage now with we've TMX positioned to with Ultra tool as and stuffs have out that that try those we that will there, of Chile

Benjamin Nolan

to Got that And in you. seems docking. bit my of than they're the average, but function market shifting as and it the and of particular, some maybe little dry quarter, that fleet of was Aframaxes have like of actually older that that below around part the appreciate levels. even third a part simply sort question. of in that maybe a leads second been the It And I of

we to market more little would think? expect And going be to similar you forward, bit those rates, should a

Derek Solon

Ben, can. one, it's that if take Solon. Derek I'll I

question You That's right. answered of kind the exactly us. for

So partners where and pools Aframax our we've pool, the Coast of Americas with X this taking International we West of Ultra Panamax on advantage Chile even specialize the had with that JV CPTA. -- we've before

to So could we've the as was fruition, made advantage Aframax we so of. start to call coming TMX International, take

for hopefully, One, that those years joint over of dry-docks docks, the the real trade, first is the And Americas. two, relationships doing year advancing built then that but West What Coast the East get we the the work to in trade. the dry have TMX was that pools. with meant little bit Coast point to venture more the just pain for a ships to had of ready be the though half been the West

of lot a pool was training new to that ground. get off So positioning this the

Benjamin Nolan

it. Got

could. that. lastly I I That's Okay. if for then helpful. And me, very appreciate

assets more aging of and and been little bigger Just on this a much just see there's older of of we about it X other the and high that than all fleet begin actually to market? there's talk a picture, in fleet, it is think and leaving these although bit dark we there's down Or the even probably scrapped trade market Xs. maybe that. chance you of related a some Do like being thing, kind seems cracking

point of with we're assets and a if respect curious to that think the Just you to beginning the age get fleet. maybe to the tipping broader

Lois Zabrocky

when take something next delivery the that definitely it's Ben, And year. you have at where look the we even and supply watch or side fees constantly. we none X digits in single

in XX X of you're XX new not, looking fleets years, coming market. it in to world -- I the believe over So going I at the little today, X years, over years, kind total expect, years. think in buildings in tanker very be or the it's the for

will eventually, all, home And come in but the this the I at owners in we're we strong unless structurally only don't then that fleet, them can't then trade leave root. to And mid-innings, believe cycle. very expect those to

Jeffrey Pribor

in point of of older have their vessel because the utilization itself Ben, a system lower age. and another is

scrapping not older utilization. have it's vessels while less So or

the fleet So naturally. shrinks .

Benjamin Nolan

good I appreciate point. a That's All Sure. it. right.

Operator

from next comes Robertson Our Bank. question from Deutsche Chris

Christopher Robertson

How question NAV. Jeff, you I quarterly at maybe this million seems discount the advantage share here the here? take is potential to And as you. here program and that the look it summer trade-off for to between just relates are rates? an the attractive But a could $XX like the guess, pullback about, to thinking repurchases of -- repurchase you then dividend in price, the towards looking

Jeffrey Pribor

important our it's amount repurchase Chris, repurchases. last refresh not in share from long program so look, we we the have to and a think place,

we always a is striving a with a we've What the at But measure of income, to really quarters solid double which will XX net XX% last it's or opportunistically. have whatever minds and think look their router on based a I an solid for consistency in transparency, they XX% is place. And dividend. months. in and and remarks least transparency And statistic source it. that do the million the want with shareholders. yield consistency digits, straight at still in -- as up stuck consistency That's we're that for said we we her always shown to return mentioned always, $XX easy So of being measure solid yield a of of look that wrap for is in people

of and forward. certainly think we the So our lot -- and option our question, a But we liquidity, answer that's share good with yes, available capital price, and in program allocation. that's leverage to your place will us with to going monitor an the repurchase share again, low

Christopher Robertson

around My right. relative is is which levels. history. next All low just it. to cash very here, question the at Got breakeven

the drivers Looking that what think at on you going number the of where OpEx would the do and are your it from breakeven be And can you think inflation you for where upward today? today? maintain is expectations forward, cash we do main of pressure

Lois Zabrocky

expense would I see, in basically, but because think inflation docks crew, line on availability creep world can of -- is the we be dry of I transportation busy the think, look appendix, remainder -- hold that. say, to of we the some about in expenses, we when in that the hold we year, we the times you And and where -- line. some that really . talk and able the guidance you Well, for to give where some shifting the and at

Operator

Our from comes next from question Omar Jefferies. Nokta

Omar Nokta

my side. from questions of couple A

get one, ask, here, it both crude final the crude at in and question we year, do sense, your is, are see in in wanted to product going rates first they do than tanker where a are Seasonally, like move talk see you to the how And we the other? you lower were then the and both market rise rates clearly just there's perhaps two, Just the one in guess looks lead softer do paring, to to months segments. I or about wanted half. as easy X you coming the the product months both And X of that's think moment.

Lois Zabrocky

year in maybe like certainly start. and day we doesn't as our where likely a than the third for the seasonality in while will products crude year. million There into we've So look here barrels quarter. barrels at of X.X X the be million of around we the of more million day look demand fundamentals more definitely, markets it Nonetheless, in seen and and there than demand be oil kind X growth growth will per that's oil creep

The this markets that may consistent we it. XX our a MRs, what And the looking I QX booked have been a you year right, you're have when at for I been products. look little would say put more the pretty day look at on mean we has at charts. numbers, crude in

in that's is on then there have So and an quite increase. Derek there strong, really the expectation jump second half for -- Solon in I'll demand still

Derek Solon

Thanks, Omar. Thanks, Lois.

great, we invasion. the sort the recovery I really a We've Russian haven't think seasonality in you said since and it of markets seen Ukrainian that return right? seen to tanker COVID

for million is seasonality we've a and necessarily Omar, exports in not July. than, increased June more right? some summer a OPEC+ So day crude the a We July. already August say, bad almost softer seen to compared X thing barrels see for markets, But

fourth book, year. right? couple a some that this to great of that deal crude the year deliver the this of the sort There's should order to of the into with next quarter, on earlier supply markets help So deliver X covenants push crude

for So winter the months some in do for you the crude upside sure. sector see

Omar Nokta

helpful color. That's Got it.

crude the as couple I in more And that we tighten August So will tankers July lead start here should potentially versus guess, presumably to charge market. million a then means forward. move the of barrels

Derek Solon

the got MRs, look the so if -- come at the sort historically That's right? of XX QX, mid-XXs I up, they've QX, got the they've XX to MRs. Well, booked some, very very, most room QX strong we for for far. mean

up. that I sort most but to lead have So because got go se, crude see the the to anything room they've softening per increase we think don't of will that the

Omar Nokta

soft period . shabby. good is obviously, on obviously A Yes. too and point, MRs mid-XXs not the the Yes. seasonal

Derek Solon

to going be... That's

Omar Nokta

a -- looking it you ask it if ships I if The the indicative? in Yes. sound Does the the I'm the I'm wanted calculating new maybe maybe that maybe but kind least the should mentioned going in just first on state to as Or the about for relation just of are OpEx, to, like feels average think Do say, not be year full day lower, at not right? just half. a it correctly, sure think or the running you to $XXX the appendix. is $X,XXX. we guidance more perhaps baseline? Lois, At right way this just costs on

Lois Zabrocky

I to half taken Tom pretty And we're nobody I But we like second were first say, at going OpEx then is maybe stable Omar, of have that to I'd we stable When that second and a overall, in would and decrease, What at stable basically, right? think half. come are OpEx. at look look the overall. to back the that has very looking half, kind we have it is

come we'll So just bridge with get little into you. with okay that numbers that's bit, those if to to back a

Omar Nokta

appreciate I fair. I'll pass it you. it. Totally over. Thank

Operator

from BTIG. And question from comes our next Elmaghrabi Sherif

Sherif Elmaghrabi

next side, approaching $XXX years August. wondering the end of And about you dry highlighted liquidity when the by look you consider which I'm the if of growth see is opportunities In something entirely product powder. crude looking on position, That's the back prepared beyond million side your your you if up, or yards would remarks, lot long-term different. X a

you've already prices are. something share covered repurchases, but both where for different, I given think asset

Lois Zabrocky

Thank you, Sherif.

in Bs to Jeff those. flip dual-fuel a took I'll So we of moment. that is X in delivery we on XXXX, LNG would What it new say

the selling in been bringing ones. older we've are the MRs and We and are modern LRXs building more

a to there's don't here. feel we half So like

take at we that, take you moment. have opportunity, not -- particular We or... and a are is and crude in another What that that where are the if did having like do talk beautiful Jeff, advantage there in product. our sheet see where you you we we rate do all shape about can turn of to undrawn revolving we balance facility both then, really sharp an at to space want And planning into liquidity don't credit

Jeffrey Pribor

say that to liquidity Just is optionality.

of of have low got with lot net is happy debt. high-quality we A plus the we're that off, some XX% return that we've would the So it debt want pay left on to We levels loan so-called a value. debt at provides greater equity. want to

what do liquidity establish we've to So been undrawn XX a lot have of the we as revolver, is through unencumbered able you noticed, also but vessels.

So options that's attractive comes. we for provides another us. whatever that optionality liquidity form we're or But transactions of see to when prepared available

Sherif Elmaghrabi

Got refinery it. be how on Dangote And curious buy that faster. market. allowed versus the would about from helpful. directly I'm week, it NNPC, drilling Omar's deeper Last you And how crude see trade then already product so Nigeria has crude the color that flows? affecting And any the Atlantic can impacted a question refinery to little ramp on

Lois Zabrocky

barrels day and bounced you have seen diesel seeing been exports day out some diesel, diesel. a a we're XXX,XXX Dangote out is total around they believe a at think have supposed putting capacity, X that worldwide looking little It's more and which coming to of gone now that's utilize. But have effect you're I will lot of down margins, where day on and do of bit. So a back of has XXX,XXX barrels a I the right, an some

market they also which do. the to crude, in So will imported continue Dangote some the we've of seen

Nigeria. XX% ish around take that be will it plan or think I from they to

So more days it's I Dangote, and flavor Derek, evolving that's think early situation. in on that any an that?

Derek Solon

we today particularly. of as to I running, OPEC getting always producing and in the being was debatable you're mean continue long expect deal nations. Not up imported we in seen that crude call that have good how goes exporting

trades you've it drop in Basin. we Sherif it. anytime happy And expect of to We of still product were Atlantic And don't time I to need have to to off the think So got the we soon. will terms that question little I that clean X when what tell. right do to in see bit a we think

Operator

our next from And Riley. Burke from Liam B. Instructions] [Operator comes question

Liam Burke

charter you -- a step-up longer-term demand if there's in Lois, you increased the X a shippers for to MRs on secure added seeing time more for basis? market. Are tonnage from

Lois Zabrocky

a right? multiyear time got strong going So total on there charter, lock that's it we we above And and for look period. we've when markets, more in very vessels can -- XX we that. a then to lock and Liam, you're something No, long-term do go for ahead of than spot in in look averages,

We charter fleet have about XX% on of time rating now. the

So customer in now, we'll do state. looking relationships, then when add to they're in, strong little we've got Right some and we're that. of a bit a steady

I if lock and think go August. And it summer. ahead in you're we even something, we'll and the see it's Otherwise, in.

everybody work back QX -- thinking I'm So comes in in later and book. their gets to on in locking

Liam Burke

ones with you potentially older on elevated fleet. you have few are balancing fleet? in rates the age the some these of still older the -- domestic lowering How a MRs, and And got the Fair of enough. you've MRs historically

Lois Zabrocky

Liam. Yes,

it pruning, been at year. a it, we've X if selling call look steadily X So or you -- we

every of spot one over breakeven these over market the bring saw year then $X and modern last you the us vessels in that's has more Now in assets, level. some million in brought

So MRs. stunning it's pretty around all the on

So earnings . in the is it. modern. potential very more steady we bring divest We pretty some We feel the older, strong. on of

Operator

I will to final back question. for the And any Lois final that hand remarks. Zabrocky, our over was CEO,

Lois Zabrocky

we're forward returns just strong an and next getting to quarter We together really quarter. joining to for shareholders, for looking really everyone to eighth back want us of thank

you very summer. Enjoy thank . much. So the

Operator

does today's That conclude conference call. Thank joining. for you

from call. You the may now disconnect

International Seaways (INSW) 7 Aug 242024 Q2 Earnings call transcript