International Seaways, Inc. · NYSE:INSW
International Seaways — Q4 2024 Earnings Presentation
21 slides from International Seaways's earnings presentation, Feb 27, 2025
Slide 1: International Seaways Inc. Fourth Quarter 2024 Earnings Presentation
International Seaways Inc. Fourth Quarter 2024 Earnings Presentation February 27, 2025
Slide 2: 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 3: Business Review
Business Review Lois K. Zabrocky President & CEO
Slide 4: Fourth Quarter & FY 2024 Highlights and Recent Developments
4 Fourth Quarter & FY 2024 Highlights and Recent Developments Quarterly Earnings & Q1 2025 Fixtures Strategic Fleet Optimization Quarterly Results Quarterly Spot Fixtures(2) Vessel Swap Net Income: 36m, $0.72/sh Adj. Net Income(1): 45m, $0.90/sh Q1-25 Blended: 70% Fixed at approximately $26,500 per
Slide 5: Market Update: Tanker Demand Drivers
5 Market Update: Tanker Demand Drivers ˄ Oil demand forecasted to grow by 1 mpbd in 2025; aligned with historical CAGR ˄ Oil demand growth largely driven by Asia, which is more than 30 mbpd short on crude supply ˄ Non-OPEC production about 1.5 mpbd increase YOY, primarily from Americas (US, Brazil,
Slide 6: Market Update: Tanker Supply Drivers
6 Market Update: Tanker Supply Drivers ˄ Orderbook relative to size of the fleet: 14% ˄ Net fleet growth 1.5% YOY ˄ Average age of tanker fleet 13.75 yrs (vs. an average age of 9.4 yrs in February 2015) increasing potential candidates for removal from commercial fleet ˄ 18% of tanker fleet is over 2
Slide 7: Financial Review
Financial Review Jeffrey D. Pribor SVP & CFO
Slide 8: Q4 2024: Quarterly Results
8 Q4 2024: Quarterly Results For the three months ended Net Income & Adjusted Net Income(1) Adjusted EBITDA(1) $ million $ million Net Income Adjusted Net Income 144.5 144.4 144.7 191.5 132.1 167.0 118.0 158.8 107.6 91.7 130.0 78.2 94.8 35.8 44.6 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2023 Q1 20
Slide 9: Rollforward of Cash & Liquidity
9 Rollforward of Cash* & Liquidity *Cash & Cash Equivalents plus Short Term Investments $694m $632m $541m Free Cash Flow $78m(1) $475m $11m interest $24m $53m $95m $12m amort $18m $70m $12m $59m $20m $153m $157m 9/30/24 Adjusted EBITDA (1) Debt Service Drydock & CAPEX Working Capital Vessel purchase
Slide 10: Strong Financial Position
10 Strong Financial Position Seaways maintains a healthy balance sheet to support free cash flow generation and opportunistic growth opportunities. Balance Sheet $m Key Balance Sheet Figures $m Dec 31, Dec 31, ASSETS 2023 2024 Cash and Cash Equivalents + Short Term Investments $187 $157 Ample Cash &
Slide 11: Looking Forward
11 Looking Forward Refer to Forward Looking Statements disclaimer on slide 2 The Company is Positioned to Generate Free Cash Flow as our Spot Break Even is Well Above our Estimated Costs Q1 2025 Booked to-Date as of February 20, 2025 Forward Estimated Spot Break Even (1) $ per day Spot Time Charter
Slide 12: Investment Highlights
12 Investment Highlights Disciplined Capital Allocator • 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 nearly $1.9bn in market cap(1) • Free cash flow generated each quarter is alloc
Slide 13: Q&A
Q&A
Slide 14: Appendix
Appendix
Slide 15: Estimated Drydock and CAPEX costs and Out-of-Service Days
15 Estimated Drydock and CAPEX costs and Out-of-Service Days ($ millions, except days) 2024 Offhire Days 2025 Offhire Days (E) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 VLCC 46 82 39 97 265 VLCC 59 - 45 102 206 Suezmax 2 - - 18 20 Suezmax - 3 27 8 38 Aframax / L
Slide 16: LR1 Newbuilding Schedule
16 LR1 Newbuilding Schedule Hull Hull Amount Due Hull Hull Hull Hull Amount Due 1810 1811 ($M) 1812 1813 1814 1815 ($M) Signing AUG-23 AUG-23 OCT-23 OCT-23 APR-24 APR-24 First Payment Due NOV-23 NOV-23 5.774 JUL-24 JUL-24 OCT-24 OCT-24 3.040 Payment after steel cutting SEP-24 NOV-24 5.774 MAR-25 MAY
Slide 17: TCE Revenue and Free Cash Flow Reconciliation
17 TCE Revenue and Free Cash Flow Reconciliation TCE Revenue $000s Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 FY 2023 Time charter equivalent revenues 247,912 270,928 251,848 219,687 190,640 933,103 1,055,519 Add: Voyage expenses 2,822 3,473 5,561 5,503 3,973 18,510 16,256 Shipping revenues 250
Slide 18: Adjusted EBITDA and Net Income Reconciliation: Quarters
18 Adjusted EBITDA and Net Income Reconciliation: Quarters Adjusted EBITDA $000s Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Net income 132,114 144,490 144,723 91,688 35,823 Income tax (benefit)/provision 3,446 - - (1) (1,083) Interest expense 14,081 12,887 12,425 12,496 11,895 Depreciation and amortiza
Slide 19: Adjusted EBITDA and Net Income Reconciliation: Annual
19 Adjusted EBITDA and Net Income Reconciliation: Annual Adjusted EBITDA $000s 2020 2021 2022 2023 2024 Net income (5,531) (134,660) 387,891 556,446 416,724 Income tax (benefit)/provision 1 1,618 88 3,878 (1,084) Interest expense 36,712 36,796 57,721 65,759 49,703 Depreciation and amortization 74,34
Slide 20: Chartered In/Out Fleet
20 Chartered In/Out Fleet Please refer to Forward Looking Statements disclaimer on slide 2 Time Charter-Out ($m): Vessel Rate Charter Expiry 2025 2026 2027 2028 2029 2030 Total 2012-Built Suezmax $30,650 FEB-25 1.5 1.5 2008-Built MR $22,000 FEB-25 0.9 0.9 2008-Built MR $22,000 FEB-25 1.1 1.1 2008-Bu
Slide 21: INSW Fleet Overview as of February 27, 2025
21 INSW Fleet Overview as of February 27, 2025 Name Class Owned Built DWT Shipyard Name Class Owned Built DWT Shipyard SEAWAYS RAFFLES VLCC OWNED 2010 317,858 Hyundai HI PELAGIC TURBOT LR1 TC-In 2009 73,394 Dalian Shipyard SEAWAYS LIBERTY VLCC BB-In 2016 300,973 Shanghai Waigaoqiao SEAWAYS WAVE(1) M
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