TCE revenues were $82.2 mill and $385 mill, down 31% and 19%, compared with the same periods in 2015., while the net loss for 4Q16 was $57.8 mill, compared with net income of $37.6 mill for 4Q15.
The decrease reflected the impact of impairment charges of $60.1 mill recorded during the quarter.
Net loss for the full year was $18.2 mill, compared with net income of $173.2 mill for 2015.
Adjusted EBITDA for 4Q16 and full year were $37.5 mill and $222 mill, down 47% and 26%, respectively, from $71.1 mill and $299.2 mill recorded in the same periods of 2015.
Total cash on hand was $92 mill as of 31st December, 2016.
During 4Q16, the company, a spin-off from Overseas Shipholding Group (OSG), received a letter of award related to a five-year contract for its FSO joint ventures.
“We are pleased to have successfully completed the separation of International Seaways from OSG and to begin our journey as an independent public company,” said Lois Zabrocky, International Seaways’ president and CEO. “During the quarter, we also received a letter of award on a five-year contract for our FSO joint ventures, and we continue with negotiations on that project.”
She continued, “Looking forward, International Seaways has a diversified 55 vessel fleet positioned to optimise revenue through a balanced mix of contracted cash flows and spot market upside.
“Our lean and scalable model and low break-evens along with our strong financial position allow us to navigate through the volatility in the tanker cycle while providing significant operating leverage to take advantage of a market recovery.
“While we expect the year ahead to present a number of challenges, I am confident in the solid foundation we have built and the measures we continue to take to create a platform for success. We have a strong set of assets and capabilities along with the right people and strategies to effectively execute and drive shareholder value,” she said.
TCE revenues for the International Crude Tankers segment were $54.1 mill for the quarter, down 36% compared with 4Q15. This decrease was primarily due to a decline in VLCC and Aframax rates, with spot rates declining to $32,100 and $15,100 per day, respectively, resulting in a $29.2 mill decline in TCE revenues.
Shipping revenues for the International Crude Tankers segment were $58.8 mill for the quarter, down 34% compared with 4Q15.
TCE revenues for the International Product Carriers segment were $27.5 mill for the quarter, down 23% compared with4Q15. This decrease was primarily due to a decline in MR spot rates, down to $10,800 per day. This decline in blended MR rates resulted in an $11.7 mill decline in TCE revenues.
However, this decrease was partially offset by increased revenue days in the LR1 and MR fleets, due to fewer drydock and repair days, which accounted for a $3.9 mill increase in TCE revenues. Shipping revenues for the International Product Carriers segment were $27 mill for 4Q16, down 25% compared with 4Q15.