International Seaways, Inc. · NYSE:INSW
International Seaways — Shareholder Meeting (June 2024)
13 slides from International Seaways's shareholder meeting presentation, Jun 12, 2024
Slide 1: Annual Meeting of Stockholders
International Seaways, Inc. Annual Meeting of Stockholders June 12, 2024
Slide 2: Rules of Conduct (1/2)
Rules of Conduct (1/2) This is a private business meeting of International Seaways, Inc., and only stockholders as of April 16, 2024 (the “Record Date”) or their proxies may attend and participate in the virtual Annual Meeting (in addition to members of the Company’s management and board of director
Slide 3: Rules of Conduct (continued 2/2)
Rules of Conduct (continued 2/2) 6. To allow us to answer questions from as many stockholders as possible, we will limit each stockholder to one question. We ask that questions be succinct and cover only one topic per question. Please confine your comments and questions to matters relevant to all st
Slide 4: Agenda
Agenda 1. Welcome Remarks and Introduction of Directors and Management Team 2. Call to Order and Opening of Polls 3. Introduction of Items to be Presented to Stockholders A. Election of Directors B. Ratification of Appointment of Independent Registered Public Accountants C. Advisory Vote to Approve
Slide 5: Business Review
Business Review Lois K. Zabrocky President & CEO 5
Slide 6: Disclaimer
Disclaimer Forward-Looking Statements During the course of this presentation, the Company (International Seaways, Inc. (INSW)) may make forward-looking statements or provide forward-looking information. All statements other than statements of historical facts should be considered forward-looking sta
Slide 7: Core Objectives Met in 2023
Core Objectives Met in 2023 Capitalized on Significant Operating Leverage Significantly Strengthened Balance Sheet 2023 Earnings Surpassed Prior Records Balance Sheet Metrics Best in Our History Adjusted EBITDA(1) Dec 2021 Dec 2022 Dec 2023 Mar 2024 Total Liquidity $m 240 541 601 626 Net Debt $m 998
Slide 8: Tanker Demand
Tanker Demand Seaborne Transportation Supported by Structural Imbalances of Crude Oil Production, Refinery Throughput & Product Demand MBPD EUROPE RUSSIA+ includes all former Soviet Union + SHORT CRUDE SHORT PRODUCTS LONG CRUDE LONG PRODUCTS 5.7 5.4 5.3 5.3 1.6 1.7 1.5 1.7 (8.2) (8.1) (8.2) (7.8) (8
Slide 9: Tanker Supply
Tanker Supply Tankers on Order Will Not Replace the Fleet that May Age Out of the Commercial Fleet » Little Availability to Order Due to Other Shipping Sectors All Charts Reflect Oil Tankers over 10k DWT Vessels On Order Not Replacing Older Fleet While Tanker Orders Have Risen… 0-4 yrs 5-9 yrs 10+ y
Slide 10: Investment Highlights
Investment Highlights • Transformed company approximately $0.4bn market cap at time of spin-off in 2016 through today into one of the top 3 US publicly traded tanker companies by DWT with $3.1bn in market cap(1) • Invested approximately $2bn in assets at low points in the cycle (valued at over $3.7b
Slide 11: Q&A
Q&A 11
Slide 12: Appendix
Appendix
Slide 13: Appendix Materials
Appendix Materials Adjusted EBITDA Reconciliation to GAAP $000s 2017 2018 2019 2020 2021 2022 2023 Net income / (loss) (106,088) (88,940) (830) (5,531) (134,660) 387,891 556,446 Income tax provision/(benefit) 44 (105) 1 1 1,618 88 3,878 Interest expense 40,438 60,231 66,267 36,712 36,796 57,721 65,7
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