$INSW
International Seaways, Inc.

2024 Q2 Form 10-Q Financial Statement

#000155837024007204 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $257.4M $274.4M
YoY Change -11.91% -4.43%
Cost Of Revenue $77.94M $71.09M
YoY Change -1.09% 1.17%
Gross Profit $179.5M $203.3M
YoY Change -15.9% -6.25%
Gross Profit Margin 69.72% 74.09%
Selling, General & Admin $14.40M $14.79M
YoY Change 17.57% 19.65%
% of Gross Profit 8.02% 7.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.52M $34.15M
YoY Change 12.55% 15.58%
% of Gross Profit 20.35% 16.8%
Operating Expenses $52.37M $48.94M
YoY Change 17.18% 16.78%
Operating Profit $154.8M $154.4M
YoY Change -8.23% -16.66%
Interest Expense -$12.25M $12.89M
YoY Change -168.35% -23.96%
% of Operating Profit -7.91% 8.35%
Other Income/Expense, Net $2.360M $2.954M
YoY Change -30.2% -31.0%
Pretax Income $144.7M $144.5M
YoY Change -6.11% -16.3%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $144.7M $144.5M
YoY Change -5.88% -16.3%
Net Earnings / Revenue 56.22% 52.66%
Basic Earnings Per Share $2.93 $2.95
Diluted Earnings Per Share $2.91 $2.92
COMMON SHARES
Basic Shares Outstanding 49.37M 48.93M
Diluted Shares Outstanding 49.72M 49.38M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $176.1M $214.5M
YoY Change -25.37% -17.88%
Cash & Equivalents $176.1M $139.5M
Short-Term Investments $0.00 $75.00M
Other Short-Term Assets $16.76M $20.14M
YoY Change -75.75% -51.0%
Inventory $1.850M $593.0K
Prepaid Expenses
Receivables $223.1M $243.0M
Other Receivables $16.78M $11.89M
Total Short-Term Assets $434.6M $490.1M
YoY Change -22.35% -12.89%
LONG-TERM ASSETS
Property, Plant & Equipment $2.082B $1.891B
YoY Change 5.25% 6.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $33.24M $34.00M
YoY Change 2.2% -0.23%
Other Assets $17.32M $32.36M
YoY Change 235.83% 242.76%
Total Long-Term Assets $2.240B $2.061B
YoY Change 6.87% 2.61%
TOTAL ASSETS
Total Short-Term Assets $434.6M $490.1M
Total Long-Term Assets $2.240B $2.061B
Total Assets $2.675B $2.551B
YoY Change 0.72% -0.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $52.12M $42.05M
YoY Change 10.79% -20.96%
Accrued Expenses $10.02M $10.17M
YoY Change 2116.15% 2264.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $49.60M $127.5M
YoY Change -75.17% -18.0%
Total Short-Term Liabilities $111.7M $179.8M
YoY Change -54.82% -20.98%
LONG-TERM LIABILITIES
Long-Term Debt $663.1M $564.2M
YoY Change -14.8% -27.4%
Other Long-Term Liabilities $5.489M $3.309M
YoY Change 139.07% 76.29%
Total Long-Term Liabilities $668.5M $567.5M
YoY Change -14.35% -27.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $111.7M $179.8M
Total Long-Term Liabilities $668.5M $567.5M
Total Liabilities $787.2M $756.5M
YoY Change -23.97% -25.41%
SHAREHOLDERS EQUITY
Retained Earnings $364.5M $306.7M
YoY Change 186.14% 480.08%
Common Stock $1.524B $1.489B
YoY Change 2.5% -0.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.887B $1.795B
YoY Change
Total Liabilities & Shareholders Equity $2.675B $2.551B
YoY Change 0.72% -0.78%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $144.7M $144.5M
YoY Change -5.88% -16.3%
Depreciation, Depletion And Amortization $36.52M $34.15M
YoY Change 12.55% 15.58%
Cash From Operating Activities $167.9M $156.4M
YoY Change -13.27% -29.15%
INVESTING ACTIVITIES
Capital Expenditures $176.6M $27.12M
YoY Change 45.42% -59.67%
Acquisitions
YoY Change
Other Investing Activities $123.0M -$15.78M
YoY Change -922.98% 216.97%
Cash From Investing Activities -$53.51M -$42.90M
YoY Change -60.76% -40.6%
FINANCING ACTIVITIES
Cash Dividend Paid $64.70M
YoY Change -34.18%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $19.54M
YoY Change -85.79%
Cash From Financing Activities -77.79M -100.8M
YoY Change -32.83% -53.72%
NET CHANGE
Cash From Operating Activities 167.9M 156.4M
Cash From Investing Activities -53.51M -42.90M
Cash From Financing Activities -77.79M -100.8M
Net Change In Cash 36.64M 12.74M
YoY Change -162.6% -118.41%
FREE CASH FLOW
Cash From Operating Activities $167.9M $156.4M
Capital Expenditures $176.6M $27.12M
Free Cash Flow -$8.616M $129.3M
YoY Change -111.93% -15.79%

Facts In Submission

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CY2023Q1 insw Proceeds From Costs Sale Of Property Plant And Equipment
ProceedsFromCostsSaleOfPropertyPlantAndEquipment
20021000
CY2024Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
701000
CY2023Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
524000
CY2024Q1 us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
75000000
CY2023Q1 us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
90000000
CY2024Q1 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
60000000
CY2023Q1 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
65000000
CY2024Q1 insw Proceeds From Payments To Pool Working Capital Deposits
ProceedsFromPaymentsToPoolWorkingCapitalDeposits
-782000
CY2023Q1 insw Proceeds From Payments To Pool Working Capital Deposits
ProceedsFromPaymentsToPoolWorkingCapitalDeposits
0
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-42903000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-72225000
CY2024Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
19538000
CY2023Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
137449000
CY2024Q1 insw Proceeds From Sale And Leaseback Financing Net Of Issuance And Deferred Financing Costs
ProceedsFromSaleAndLeasebackFinancingNetOfIssuanceAndDeferredFinancingCosts
0
CY2023Q1 insw Proceeds From Sale And Leaseback Financing Net Of Issuance And Deferred Financing Costs
ProceedsFromSaleAndLeasebackFinancingNetOfIssuanceAndDeferredFinancingCosts
55722000
CY2024Q1 insw Payments Of Sale And Leaseback Financing
PaymentsOfSaleAndLeasebackFinancing
12146000
CY2023Q1 insw Payments Of Sale And Leaseback Financing
PaymentsOfSaleAndLeasebackFinancing
34619000
CY2024Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
306000
CY2023Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
514000
CY2024Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
64662000
CY2023Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
98313000
CY2024Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4146000
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2619000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-100798000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-217792000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
12741000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-69195000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
126760000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
243744000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
139501000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
174549000
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
1716757000
CY2024Q1 us-gaap Profit Loss
ProfitLoss
144490000
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
763000
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
64665000
CY2024Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
4146000
CY2024Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
99000
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
1794890000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
1487752000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
172633000
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-4062000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
98321000
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
2619000
CY2023Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
220000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
1557283000
CY2024Q1 insw Number Of Vessels In Fleet
NumberOfVesselsInFleet
79
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Concentration of Credit Risk</i> <b style="font-weight:bold;">— </b>The allowance for credit losses is recognized as an allowance or contra-asset and reflects our best estimate of probable losses inherent in the voyage receivables balance. Activity for allowance for credit losses is summarized as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:77.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:middle;width:1.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:middle;width:18.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:77.93%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">(Dollars in thousands)</i></p></td><td style="vertical-align:middle;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:middle;white-space:nowrap;width:1.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:middle;width:18.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Allowance for Credit Losses - <br/>Voyage Receivables</p></td></tr><tr><td style="vertical-align:middle;width:77.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Balance at December 31, 2023</p></td><td style="vertical-align:middle;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:middle;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.34%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 191</p></td></tr><tr><td style="vertical-align:middle;width:77.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Provision for expected credit losses</p></td><td style="vertical-align:middle;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:middle;white-space:nowrap;width:1.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 47</p></td></tr><tr><td style="vertical-align:middle;width:77.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Balance at March 31, 2024</p></td><td style="vertical-align:middle;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:middle;white-space:nowrap;width:1.86%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:middle;white-space:nowrap;width:18.34%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 238</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">During the three months ended March 31, 2024 and 2023, the Company did not have any individual customers who accounted for 10% or more of its revenues apart from the pools in which it participates. The pools in which the Company participates accounted in aggregate for 96% and 95% of consolidated voyage receivables at March 31, 2024 and December 31, 2023, respectively.</p>
CY2024Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
77000
CY2023Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
167000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
144490000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
172633000
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
191000
CY2024Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-47000
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
238000
CY2024Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
800000
CY2023Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1300000
CY2024Q1 insw Participating Securities Allocated Portion Of Income
ParticipatingSecuritiesAllocatedPortionOfIncome
27897
CY2023Q1 insw Participating Securities Allocated Portion Of Income
ParticipatingSecuritiesAllocatedPortionOfIncome
48890
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
144413000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
172466000
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
405106
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
507718
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
633945
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
852546
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
274401000
CY2024Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
34153000
CY2024Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
51000
CY2024Q1 insw Operating Income Loss Allocable To Segments
OperatingIncomeLossAllocableToSegments
166746000
CY2024Q1 insw Adjusted Assets
AdjustedAssets
2311527000
CY2024Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
26420000
CY2024Q1 insw Payments For Drydocking
PaymentsForDrydocking
9971000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
287130000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
29548000
CY2023Q1 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
10748000
CY2023Q1 insw Operating Income Loss Allocable To Segments
OperatingIncomeLossAllocableToSegments
186203000
CY2023Q1 insw Adjusted Assets
AdjustedAssets
2264607000
CY2023Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
66722000
CY2023Q1 insw Payments For Drydocking
PaymentsForDrydocking
12978000
CY2024Q1 us-gaap Revenue Not From Contract With Customer Other
RevenueNotFromContractWithCustomerOther
270928000
CY2023Q1 us-gaap Revenue Not From Contract With Customer Other
RevenueNotFromContractWithCustomerOther
283320000
CY2024Q1 insw Voyage Expenses
VoyageExpenses
3473000
CY2023Q1 insw Voyage Expenses
VoyageExpenses
3810000
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
274401000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
287130000
CY2024Q1 insw Lease Cancellation Period Notice
LeaseCancellationPeriodNotice
P90D
CY2024Q1 insw Adjusted Assets
AdjustedAssets
2311527000
CY2023Q1 insw Adjusted Assets
AdjustedAssets
2264607000
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
139501000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
156220000
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
18329000
CY2024Q1 us-gaap Short Term Investments
ShortTermInvestments
75000000
CY2023Q1 us-gaap Short Term Investments
ShortTermInvestments
105000000
CY2024Q1 us-gaap Other Assets
OtherAssets
25394000
CY2023Q1 us-gaap Other Assets
OtherAssets
27374000
CY2024Q1 us-gaap Assets
Assets
2551422000
CY2023Q1 us-gaap Assets
Assets
2571530000
CY2024Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
23000000
CY2024Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
750000000
CY2024Q1 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
310500000
CY2024Q1 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
200000
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
691738000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
722676000
CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
127535000
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
127447000
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
564203000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
595229000
CY2024Q1 us-gaap Debt Instrument Covenant Compliance
DebtInstrumentCovenantCompliance
The Company was in compliance with the financial and non-financial covenants under all of its financing arrangements as of March 31, 2024.
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
12800000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
18400000
CY2024Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
12100000
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
19100000
CY2024Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2024-02-28
CY2024Q1 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.12
CY2024Q1 insw Supplemental Dividends Payable Amount Per Share
SupplementalDividendsPayableAmountPerShare
1.20
CY2024Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
64700000
CY2024Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2024-03-28
CY2024Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2024-03-14
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Purchased For Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward
0
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Purchased For Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward
0
CY2024Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
102523
CY2023Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
59292
CY2024Q1 insw Shares Paid For Tax Withholding For Share Based Compensation Per Share Amount
SharesPaidForTaxWithholdingForShareBasedCompensationPerShareAmount
52.94
CY2023Q1 insw Shares Paid For Tax Withholding For Share Based Compensation Per Share Amount
SharesPaidForTaxWithholdingForShareBasedCompensationPerShareAmount
55.16
CY2024Q1 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
10022000
CY2023Q4 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
9349000
CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
10322000
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
10412000
CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-300000
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-1063000
CY2024Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-2425000
CY2023Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-2384000
CY2024Q1 us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
5300000
CY2024Q1 us-gaap Revenues
Revenues
274401000
CY2023Q1 us-gaap Revenues
Revenues
287130000
CY2023Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
6512000
CY2023Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1029000
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0
CY2024Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
6583000
CY2024Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
690000
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0
CY2024Q1 us-gaap Capitalized Contract Cost Gross
CapitalizedContractCostGross
0
CY2024Q1 insw Number Of Major Categories Of Leases
NumberOfMajorCategoriesOfLeases
2
CY2024Q1 us-gaap Lease Cost
LeaseCost
4003000
CY2023Q1 us-gaap Lease Cost
LeaseCost
6445000
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
264000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
937000
CY2024Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
0
CY2023Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
23955000
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
17195000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
20391000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
10169000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
10223000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9270000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11631000
CY2024Q1 insw Operating And Financing Lease Liability
OperatingAndFinancingLeaseLiability
19439000
CY2023Q4 insw Operating And Financing Lease Liability
OperatingAndFinancingLeaseLiability
21854000
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0581
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0590
CY2024Q1 insw Operating Leases Due In Two Years Operating Days
OperatingLeasesDueInTwoYearsOperatingDays
P163D
CY2023Q3 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
25000000
CY2023Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
0001558370-24-007204-index-headers.html Edgar Link pending
0001558370-24-007204-index.html Edgar Link pending
0001558370-24-007204.txt Edgar Link pending
0001558370-24-007204-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
insw-20240331.xsd Edgar Link pending
insw-20240331x10q.htm Edgar Link pending
insw-20240331x10q005.jpg Edgar Link pending
insw-20240331xex10d1.htm Edgar Link pending
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insw-20240331_cal.xml Edgar Link unprocessable
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insw-20240331x10q_htm.xml Edgar Link completed
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report.css Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable