International Seaways, Inc. · NYSE:INSW
International Seaways — Shareholder Meeting (June 2023)
12 slides from International Seaways's shareholder meeting presentation, Jun 6, 2023
Slide 1: International Seaways, Inc. Annual Meeting of Stockholders
International Seaways, Inc. Annual Meeting of Stockholders June 6, 2023
Slide 2: Rules of Conduct (1/2)
Rules of Conduct (1/2) Welcome to our 2023 Annual Meeting. In fairness to all stockholders in attendance, please observe the following Rules of Conduct. 1. All attendees must register at the registration desk before entering the room or, if attending virtually, you will need the 16-digit control num
Slide 3: Rules of Conduct (continued 2/2)
Rules of Conduct (continued 2/2) 9. The Chair of the Annual Meeting may answer the question directly or invite another Company representative or the Company’s independent registered public accountants to respond. 10. Banners, posters, buttons, leaflets, articles of clothing or other methods of prese
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: Highlights & Recent Developments
Highlights & Recent Developments 2022: A Banner Year for International Seaways Key Statistics for 2022 Market Strength in Segments Where We Just Expanded in Prior Year… Spot Earnings $ per day 2018 2019 2020 2021 2022 International Seaways has a proven track VLCC $18,900 $31,700 $46,900 $13,600 $29,
Slide 8: Capital Allocation
Capital Allocation Building a Track Record in a Balanced Approach Returns to Shareholders OVER $370 MILLION IN RETURNS SINCE 2020 LONG-TERM OUTPERFORMANCE: TOTAL SHAREHOLDER RETURN(1) Regular Dividend Supplemental Dividend Repurchase INSW Peer Group Declared 400% 98 350% 90 91 300% 12 20 250% 58 200
Slide 9: Market Outlook Summary
Market Outlook Summary • Tanker revenues around mid-cycle levels • Oil demand above pre-pandemic levels; recessionary concerns could curb global oil demand Strong Tanker Markets Near • Sanctions on Russian crude and refined products driving ton-mile demand • Inventories around 10-year averages • Oil
Slide 10: Investment Highlights
Investment Highlights • Transformed company from spin-off & approximately $0.4bn market cap in 2016 through today into one of the top 3 US publicly traded tanker companies by DWT with $1.9bn in market cap(1) Disciplined Capital Allocator • Invested approximately $2bn in assets at low points in the c
Slide 11: Appendix
Appendix (a
Slide 12: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation $000s 2018 2019 2020 2021 2022 Net income / (loss) (88,940) (830) (5,531) (134,660) 387,891 Income tax provision (105) 1 1 1,618 88 Interest expense 60,231 66,267 36,712 36,796 57,721 Depreciation and amortization 72,428 75,653 74,343 86,674 110,388 Noncontrolling Inte
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