International Seaways Reports Second Quarter 2023 Results

International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the second quarter 2023.

HIGHLIGHTS & RECENT DEVELOPMENTS

• Net income for the second quarter was approximately $154 million, or $3.11 per diluted share, compared to net income of approximately $69 million, or $1.38 per diluted share, in the second quarter of 2022. Cumulative net income over the last twelve months is approximately $658 million.
• Adjusted EBITDA^(A) for the second quarter was approximately $205 million.
• Total liquidity was approximately $493 million as of June 30, 2023, including cash and short-term investments^(B) of $236 million and $257 million of undrawn revolver capacity.
• Returns to Shareholders:
  • Paid a cumulative $1.62 per share in regular and supplemental dividends in June 2023.
  • Repurchased and retired 366,483 shares for approximately $14 million, representing an average price of $38.03 per share.
  • Declared a combined dividend of $1.42 per share composed of a supplemental dividend of $1.30 per share in addition to regular quarterly cash dividend of $0.12 per share to be paid in September 2023.
  • Cumulative cash returns of $316 million paid over the last twelve months following the combined dividend in September 2023 represents 48% of net income.
  • Increased authorization on the current share buyback program from $26 million to $50 million.
• Balance Sheet Enhancements:
  • Prepaid approximately $75 million of outstanding debt during the second quarter of 2023, which includes:
    • Approximately $46 million for two vessels under sale-leaseback financing arrangements, which were incurring an interest margin of 390 bps.
    • Approximately $29 million of the principal outstanding of the $750 Million Credit Facility, which unencumbered a modern Suezmax vessel.
  • As of July 3, 2023, the Company has 30 unencumbered vessels.
  • In connection with cash flows generated during the second quarter, the Company intends to evaluate further prepayments within its debt portfolio of approximately $50 million.
• Fleet Optimization Program:
  • Contracted for two, scrubber-fitted, dual-fuel (LNG) ready, LR1 newbuildings for approximately $115 million in aggregate for delivery in late 2025. Upon delivery, the vessels are expected to enter into our jointly-owned, Panamax International Pool, that has historically outperformed the LR1 market.
  • Increased contracted revenues to $352 million by entering into a new time charter agreement on an Aframax for three years.
  • Took delivery of the third and final dual-fuel (LNG) VLCC. These vessels are employed on long-term time charters with an oil major and financed under sale and leaseback arrangements with a fixed interest rate of approximately 425 bps.

“We generated strong earnings for the fifth consecutive quarter, built on our track record of returning substantial capital to shareholders, and took steps to further enhance our balance sheet during the second quarter,” said Lois K. Zabrocky, International Seaways’ President and CEO. “With the combined dividend of $1.62 per share and $14 million in share repurchases in the second quarter, cumulative returns to shareholders represent over $190 million in the first half of the year. We are pleased to announce another combined dividend of $1.42 per share and increase to our share buyback authorization. We plan to continue executing our balanced capital allocation strategy to maximize long-term shareholder value.”

Ms. Zabrocky added, “With our diverse fleet of crude and product tankers, expanded scale, and substantial operating leverage, we continue to take advantage of the strong market, as evidenced by healthy third quarter bookings to-date. Our optimism is fueled by attractive supply and demand fundamentals, underpinned by trends in the global energy trade, as Russian oil displacement has resulted in increases in ton-mile demand and tanker utilization. Economic activity has remained strong, and oil demand forecasts signal a pickup in the second half of the year. These factors, combined with an historically low orderbook and an ageing global fleet, drive our expectation for strong tanker earnings for the foreseeable future.”

Jeff Pribor, the Company’s CFO stated, “During the second quarter, we drew on all aspects of our balanced approach to capital allocation, which consisted of returns to shareholders, investment in the fleet, and debt repayment. We have now prepaid $172 million of debt this year, further lowering our breakeven levels to among the lowest in the industry. Looking toward the remainder of the year, we maintain considerable financial strength, evidenced by nearly $500 million in total liquidity and a net-loan-to-value ratio of 22% at quarter’s end. With a cash break even below $16,000 per day, Seaways is well-positioned to generate incremental free cash flow and continue returning significant capital to shareholders.”

SECOND QUARTER 2023 RESULTS

Net income for the second quarter of 2023 was $153.8 million, or $3.11 per diluted share, compared to net income of $69.0 million, or $1.38 per diluted share, for the second quarter of 2022. Net income for the quarter reflects the write-off of deferred finance costs aggregating $0.6 million. Net income excluding these items was $154.4 million, or $3.12 per diluted share. The increase in net income for the second quarter of 2023 was primarily driven by a $102.8 million increase in TCE revenues^(C) as a result of the effects of sanctions on Russian oil that disrupted trading patterns leading to longer voyages and higher tanker utilization coupled with higher oil demand of approximately three million barrels per day.

Shipping revenues for the second quarter were $292.2 million, compared to $188.2 million for the second quarter of 2022. Consolidated TCE revenues for the second quarter were $288.3 million, compared to $185.5 million for the second quarter of 2022.

Adjusted EBITDA for the second quarter was $205.1 million, compared to $111.7 million for the second quarter of 2022.

Crude Tankers

Shipping revenues for the Crude Tankers segment were $152.2 million for the second quarter of 2023, compared to $62.1 million for the second quarter of 2022. TCE revenues were $148.9 million for the second quarter, compared to $59.5 million for the second quarter of 2022. This increase was primarily attributable to substantially higher spot rates as the average spot earnings of the VLCC, Suezmax and Aframax sectors were approximately $52,300, $61,300 and $53,500 per day, respectively, compared with approximately $16,400, $23,700 and $34,100 per day, respectively, during the second quarter of 2022.

Product Carriers

Shipping revenues for the Product Carriers segment were $140.0 million for the second quarter, compared to $126.1 million for the second quarter of 2022. TCE revenues were $139.4 million for the second quarter, compared to $126.1 million for the second quarter of 2022. This increase is attributable to an increase in LR1 spot rates with average earnings of approximately $63,600 per day, in the second quarter of 2023 compared with approximately $25,900 per day, in the second quarter of 2022. This rate increase is offset by lower revenue days in the MR sector of approximately 142 days primarily reflecting the sale of three older MRs and slightly lower average spot earnings of approximately $28,300 per day in the second quarter of 2023, compared to $30,500 per day during the second quarter of 2022.

FIRST HALF 2023 RESULTS

Net income for the first half of 2023 was $326.4 million, or $6.59 per diluted share, compared to net income of $56.0 million, or $1.12 per diluted share, for the first half of 2022.

Shipping revenues for the first half of 2023 were $579.3 million, compared to $289.7 million for the first half of 2022. Consolidated TCE revenues for the first half of 2023 were $571.7 million, compared to $283.5 million for the first half of 2022.

Adjusted EBITDA for the first half of 2023 was $414.0 million, compared to $137.7 million for the first half of 2022.

Crude Tankers

TCE revenues for the Crude Tankers segment were $278.2 million for the first half of 2023, compared to $95.9 million for the first half of 2022. Shipping revenues for the Crude Tankers segment were $284.6 million for the first half of 2023, compared to $101.7 million for the first half of 2022.

Product Carriers

TCE revenues for the Product Carriers segment were $293.5 million for the first half of 2023 compared to $187.6 million for the first half of 2022. Shipping revenues for the Product Carriers segment were $294.8 million for the first half of 2023, compared to $188.0 million for the first half of 2022.

DELEVERAGING INITIATIVES

During the second quarter of 2023, the Company prepaid approximately $75 million of debt. The Company prepaid approximately $46 million in connection with exercising purchase options on two vessels under sale-leaseback agreements with an interest margin of 390 basis points. The vessels were delivered on July 3, 2023, which created a prepaid asset of $46 million with a corresponding current liability as of the balance sheet date. The Company also prepaid approximately $29 million on the $750 Million Credit Facility and obtained the release of one 2017-built Suezmax vessel from the collateral package.

For the seven months of 2023, the Company has extinguished approximately $172 million of debt. In addition to the aforementioned prepayments, the Company amended the $750 Million Facility, which included a prepayment of $97 million on the term loan, an increase in the capacity of the revolving credit facility by $40 million and a release of 22 vessels from the collateral package. As of July 3, 2023, the Company has 30 unencumbered vessels.

FLEET OPTIMIZATION PROGRAM

The Company entered into contracts to build two, scrubber-fitted, dual-fuel (LNG) ready, LR1 vessels in Korea with K Shipbuilding Co, Ltd. The vessels are expected to be delivered in the second half of 2025 at a contracted price of approximately $115 million in aggregate. Upon delivery, these vessels are expected to deliver into our niche, Panamax International Pool, which has consistently outperformed the market.

The last of three dual-fuel VLCCs in the Company’s newbuilding program was delivered in May 2023. The first and second dual-fuel VLCC’s delivered in March and April, respectively. The vessels were ordered for an aggregate contract price of $288 million, which are financed under sale leaseback arrangements. The vessels have commenced long-term time charters with an oil major for the next seven years at a base rate of $31,000 per day plus a profit share component. For the second quarter of 2023, the time charter equivalent rate earned for these three VLCCs, including the profit share component, was approximately $43,000 per day.

In the second quarter, the Company entered into a time charter agreement for three years on a 2017-built Aframax that commenced in late July 2023. During 2023, the Company has entered into five time charter agreements: the aforementioned Aframax, two 2008-built MRs, one 2011-built MR and one 2012-built Suezmax. The charters have durations of two to three years and have increased contracted future revenues to approximately $352 million remaining in time charter agreements from July 1, 2023 through charter expiry, excluding any applicable profit share.

In December 2022, the Company exercised its purchase options on two 2009-built Aframax vessels under sale leaseback arrangement, which were accounted for as operating leases prior to declaration of the options. The aggregate purchase price, net of prepaid charter hire of both vessels was approximately $41 million, representing a discount of approximately 45% to the market value of these vessels. One vessel was delivered in March 2023 while the other was delivered in April 2023.

In the first quarter of 2023, the Company sold a 2008-built MR, which generated approximately $10 million in net proceeds after debt repayment.

RETURNING CASH TO SHAREHOLDERS

In June 2023, the Company paid a combined dividend of $1.62 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $1.50 per share. For the six months ended June 30, 2023, the Company has paid combined dividends of approximately $3.62 per share.

The Company’s Board of Directors declared a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $1.30 per share of common stock on August 8, 2023. Both dividends will be paid on September 27, 2023, to shareholders with a record date at the close of business on September 13, 2023.

During the second quarter of 2023, the Company repurchased and retired 366,483 shares of its common stock in open market purchases, at an average price of $38.03 at an aggregate cost of approximately $14 million.

The Company’s Board of Directors authorized an increase of the share repurchase program to $50 million from the remaining $26 million. The Company’s current share repurchase program expires at the end of 2023.

CONFERENCE CALL

The Company will host a conference call to discuss its second quarter 2023 results at 9:00 a.m. Eastern Time (“ET”) on Wednesday, August 9, 2023. To access the call, participants should dial [phone] for domestic callers and [phone] for international callers and entering 221822. Please dial in ten minutes prior to the start of the call. A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at https://www.intlseas.com.

An audio replay of the conference call will be available until August 16, 2023, by dialing [phone] for domestic callers and [phone] for international callers, and entering Access Code 318908.

ABOUT INTERNATIONAL SEAWAYS, INC.

International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 75 vessels, including 13 VLCCs, 13 Suezmaxes, five Aframaxes/LR2s, seven LR1s and 37 MR tankers. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

Forward-Looking Statements

This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate plans to issue dividends, the Company’s prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2022 for the Company, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

Category: Earnings

Consolidated Statements of Operations
($ in thousands, except per share amounts)
			Three Months Ended														Six Months Ended
			June 30,														June 30,
			2023							2022							2023							2022
			(Unaudited)							(Unaudited)							(Unaudited)							(Unaudited)
Shipping Revenues:
Pool revenues			$		247,591					$		164,727					$		507,169					$		248,489
Time and bareboat charter revenues					26,112							8,133							39,262							14,308
Voyage charter revenues					18,500							15,337							32,902							26,882
Total Shipping Revenues					292,203							188,197							579,333							289,679
Operating Expenses:
Voyage expenses					3,868							2,658							7,678							6,165
Vessel expenses					65,151							59,563							123,920							119,880
Charter hire expenses					10,502							7,693							19,302							15,002
Depreciation and amortization					32,445							27,256							61,993							54,256
General and administrative					11,522							10,847							22,768							21,013
Third-party debt modification fees					13							900							420							1,087
Loss/(gain) on disposal of vessels and other assets, net of impairments					26							(8,102		)					(10,722		)					(9,478		)
Total operating expenses					123,527							100,815							225,359							207,925
Income from vessel operations					168,676							87,382							353,974							81,754
Equity in results of affiliated companies					-							(5,162		)					-							435
Operating income					168,676							82,220							353,974							82,189
Other income/(expense)					3,381							(574		)					7,662							(800		)
Income before interest expense and income taxes					172,057							81,646							361,636							81,389
Interest expense					(17,914		)					(12,558		)					(34,861		)					(25,298		)
Income before income taxes					154,143							69,088							326,775							56,091
Income tax provision					(381		)					(52		)					(380		)					(56		)
Net income			$		153,762					$		69,036					$		326,395					$		56,035
Weighted Average Number of Common Shares Outstanding:
Basic					49,029,784							49,602,181							49,083,897							49,586,847
Diluted					49,404,837							49,878,645							49,525,282							49,754,876
Per Share Amounts:
Basic net income per share			$		3.13					$		1.39					$		6.64					$		1.13
Diluted net income per share			$		3.11					$		1.38					$		6.59					$		1.12

Consolidated Balance Sheets
($ in thousands)
		June 30,			December 31,
		2023			2022
		(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents		$	116,023		$	243,744
Short-term investments			120,000			80,000
Voyage receivables			241,088			289,775
Other receivables			12,840			12,583
Inventories			629			531
Prepaid expenses and other current assets			15,079			8,995
Advance payment on debt			46,427			-
Current portion of derivative asset			7,595			6,987
Total Current Assets			559,681			642,615
Vessels and other property, less accumulated depreciation			1,977,639			1,680,010
Vessels construction in progress			-			123,940
Deferred drydock expenditures, net			69,887			65,611
Operating lease right-of-use assets			6,308			8,471
Finance lease right-of-use assets			-			44,391
Pool working capital deposits			32,521			35,593
Long-term derivative asset			4,462			4,662
Other assets			5,158			10,041
Total Assets		$	2,655,656		$	2,615,334
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities		$	47,044		$	51,069
Current portion of operating lease liabilities			452			1,596
Current portion of finance lease liabilities			-			41,870
Current installments of long-term debt			199,785			162,854
Total Current Liabilities			247,281			257,389
Long-term operating lease liabilities			7,539			7,740
Long-term debt			778,266			860,578
Other liabilities			2,296			1,875
Total Liabilities			1,035,382			1,127,582
Equity:
Total Equity			1,620,274			1,487,752
Total Liabilities and Equity		$	2,655,656		$	2,615,334

Consolidated Statements of Cash Flows
($ in thousands)
		Six Months Ended June 30,
		2023				2022
		(Unaudited)				(Unaudited)
Cash Flows from Operating Activities:
Net income		$	326,395			$	56,035
Items included in net income not affecting cash flows:
Depreciation and amortization			61,993				54,256
Loss on write-down of vessels and other assets			—				1,697
Amortization of debt discount and other deferred financing costs			3,128				1,955
Amortization of time charter hire contracts acquired			—				684
Deferred financing costs write-off			721				261
Stock compensation			3,873				2,728
Equity in results of affiliated companies			20				(10,017	)
Other – net			(1,560	)			(327	)
Items included in net income related to investing and financing activities:
Gain on disposal of vessels and other assets, net			(10,722	)			(11,175	)
Loss on sale of investments in affiliated companies			—				9,512
Cash distributions from affiliated companies			—				2,250
Payments for drydocking			(18,992	)			(25,789	)
Insurance claims proceeds related to vessel operations			2,698				2,035
Changes in operating assets and liabilities			46,902				(69,260	)
Net cash provided by operating activities			414,456				14,845
Cash Flows from Investing Activities:
Expenditures for vessels, vessel improvements and vessels under construction			(188,068	)			(53,801	)
Proceeds from disposal of vessels and other property, net			20,070				79,614
Expenditures for other property			(586	)			(509	)
Investments in short-term time deposits			(175,000	)			—
Proceeds from maturities of short-term time deposits			135,000				—
Pool working capital deposits			—				(838	)
Proceeds from sale of investments in affiliated companies			—				140,069
Net cash (used in)/provided by investing activities			(208,584	)			164,535
Cash Flows from Financing Activities:
Issuance of debt, net of issuance and deferred financing costs			—				641,050
Repayments of debt			(192,856	)			(717,913	)
Proceeds from sale and leaseback financing, net of issuance and deferred financing costs			169,717				60,076
Payments and advance payment on sale and leaseback financing and finance lease			(112,786	)			(18,816	)
Payments of deferred financing costs			(1,146	)			(556	)
Repurchase of common stock			(13,948	)			—
Cash dividends paid			(177,565	)			(8,941	)
Cash paid to tax authority upon vesting or exercise of stock-based compensation			(5,009	)			(1,493	)
Net cash used in financing activities			(333,593	)			(46,593	)
Net (decrease)/increase in cash, cash equivalents and restricted cash			(127,721	)			132,787
Cash, cash equivalents and restricted cash at beginning of year			243,744				98,933
Cash, cash equivalents and restricted cash at end of period		$	116,023			$	231,720

Spot and Fixed TCE Rates Achieved and Revenue Days

The following tables provide a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months ended June 30, 2023 and the comparable period of 2022. Revenue days in the quarter ended June 30, 2023 totaled 6,742 compared with 6,688 in the prior year quarter. A summary fleet list by vessel class can be found later in this press release. The information in these tables excludes commercial pool fees/commissions averaging approximately $859 and $643 per day for the three months ended June 30, 2023 and 2022, respectively.

		Three Months Ended June 30, 2023									Three Months Ended June 30, 2022
		Spot			Fixed			Total			Spot			Fixed			Total
Crude Tankers
VLCC
Average TCE Rate		$	52,307		$	43,056					$	16,441		$	43,903
Number of Revenue Days			781			294			1,075			808			91			899
Suezmax
Average TCE Rate		$	61,267		$	30,990					$	23,684		$	26,698
Number of Revenue Days			988			181			1,169			963			91			1,054
Aframax
Average TCE Rate		$	53,482		$	-					$	34,116		$	-
Number of Revenue Days			364			-			364			326			-			326
Total Crude Tankers Revenue Days			2,133			475			2,608			2,097			182			2,279
Product Carriers
Aframax (LR2)
Average TCE Rate		$	25,594		$	17,829					$	-		$	17,143
Number of Revenue Days			41			50			91			-			91			91
Panamax (LR1)
Average TCE Rate		$	63,608		$	-					$	25,910		$	-
Number of Revenue Days			780			-			780			787			-			787
MR
Average TCE Rate		$	28,331		$	20,819					$	30,463		$	19,175
Number of Revenue Days			2,954			309			3,263			3,386			19			3,405
Handy
Average TCE Rate		$	-		$	-					$	19,521		$	-
Number of Revenue Days			-			-			-			126			-			126
Total Product Carriers Revenue Days			3,775			359			4,134			4,299			110			4,409
Total Revenue Days			5,908			834			6,742			6,396			292			6,688

During the 2023 and 2022 periods, each of the Company’s LR1s participated in the Panamax International Pool and transported crude oil cargoes exclusively.

Fleet Information

As of June 30, 2023, INSW’s fleet totaled 74 vessels, of which 59 were owned and 15 were chartered in.

								Total at June 30, 2023
Vessel Fleet and Type		Vessels Owned			Vessels Chartered-in1			Total Vessels			Total Dwt
Operating Fleet
VLCC		4			9			13			3,910,572
Suezmax		13			-			13			2,061,754
Aframax		3			1			4			452,375
Crude Tankers		20			10			30			6,424,701
LR2		-			1			1			112,691
LR1		6			-			6			447,702
MR		33			4			37			1,853,675
Product Carriers		39			5			44			2,414,068
Total Operating Fleet		59			15			74			8,838,769

(1) Includes bareboat charters, but excludes vessels chartered in where the duration of the charter was one year or less at inception.

Reconciliation to Non-GAAP Financial Information

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures may provide certain investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.

^(A) EBITDA and Adjusted EBITDA

EBITDA represents net income before interest expense, income taxes, and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income as reflected in the condensed consolidated statements of operations, to EBITDA and Adjusted EBITDA:

		Three Months Ended June 30,							Six Months Ended June 30,
($ in thousands)		2023			2022				2023				2022
Net income		$	153,762		$	69,036			$	326,395			$	56,035
Income tax provision			381			52				380				56
Interest expense			17,914			12,558				34,861				25,298
Depreciation and amortization			32,445			27,256				61,993				54,256
EBITDA			204,502			108,902				423,629				135,645
Amortization of time charter contracts acquired			-			344				-				684
Third-party debt modification fees			13			900				420				1,087
Loss/(gain) on disposal of vessels and other assets, net of impairments			26			(8,102	)			(10,722	)			(9,478	)
Loss on sale of investments in affiliated companies			-			9,512				-				9,512
Write-off of deferred financing costs			555			128				721				261
Adjusted EBITDA		$	205,096		$	111,684			$	414,048			$	137,711

^(B) Cash

		June 30,			December 31,
($ in thousands)		2023			2022
Cash and cash equivalents		$	116,023		$	243,744
Short-term investments			120,000			80,000
Total Cash		$	236,023		$	323,744

^(C) Time Charter Equivalent (TCE) Revenues

Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow:

		Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands)		2023			2022			2023			2022
Time charter equivalent revenues		$	288,335		$	185,539		$	571,655		$	283,514
Add: Voyage expenses			3,868			2,658			7,678			6,165
Shipping revenues		$	292,203		$	188,197		$	579,333		$	289,679

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230809884003/en/

The International Seaways Stock at the time of publication of the news with a fall of -0,25 % to 40,60EUR on Tradegate stock exchange (08. August 2023, 22:26 Uhr).