International Seaways Reports First Quarter 2022 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 first quarter of 2022.
HIGHLIGHTS & RECENT DEVELOPMENTS
Fleet Optimization Program:
- Purchased the Seaways Eagle, a 2011-built LR1, for effectively $3 million and the sale of a 2010-built MR. The Seaways Eagle was delivered into our niche joint venture, Panamax International (“PI”), which historically outperforms the market. The LR1 vessel was swapped with the MR into a senior debt facility with no further mandatory repayment.
- Paid final installment on our contribution toward three newbuild, dual-fuel, LNG-powered VLCCs that are due for delivery in the first quarter of 2023. The remaining contract payments are to be funded by affiliates of the Bank of Communications Limited (“BoComm”) under our financing agreement. The vessels will be employed on long term time charter contracts with Shell after delivery.
- In April 2022, the Company agreed to sell all four of its remaining Handysize vessels, built in 2006, which are expected to generate net proceeds, after debt repayment, of approximately $24 million in aggregate. One of the four vessels has already been delivered to the buyers in April 2022 with the remaining three expected to be delivered during the second quarter. The Company also agreed to sell a 2008-built MR, resulting in net proceeds of approx....