International Seaways’ (INSW) net income for the first quarter was $10.9 mill, compared to a net loss of $29.3 mill in 1Q18.
TCE revenues for 1Q19 were $94.0 mill, compared to $48.8 mill in 1Q18.
Adjusted EBITDA for the first quarter was $47.3 mill, compared to $6.5 mill in the same period of 2018.
As of 31st March INSW’s cash was $137.2 mill and total liquidity was $187.2 mill, including $50 mill undrawn revolver.
“During the first quarter, we generated strong cash flow and earnings, as our significant operating leverage to a strengthening market enabled International Seaways to take advantage of a rate environment that was favorable for the majority of the quarter,” said Lois Zabrocky, INSW’s president and CEO. “We also further strengthened our balance sheet during the quarter, increasing total liquidity to $187.2 mill, $19.5 mill higher than at 31st December, 2018, and $46 mill higher than one year ago.”
She added, “With a sizeable fleet and significant upside to a market recovery in the crude and product tanker sectors, we remain well positioned to capitalise on supportive long-term tanker fundamentals, driven by strong and sustained global oil demand, increasing US gulf exports and a manageable orderbook.
“We also continue to expect to benefit from incremental demand for both our crude and product tankers as a result of IMO 2020 low sulfur regulations, which we believe will begin to impact the market in the second half of the year. Along with these positive developments, our disciplined capital allocation strategy, strong corporate governance standards and commitment to provide safe, reliable service to our energy customers puts us in an excellent position to create lasting shareholder value going forward,” Zabrocky concluded.