0001558370-22-012758.txt : 20220809 0001558370-22-012758.hdr.sgml : 20220809 20220809080125 ACCESSION NUMBER: 0001558370-22-012758 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 98 CONFORMED PERIOD OF REPORT: 20220630 FILED AS OF DATE: 20220809 DATE AS OF CHANGE: 20220809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: International Seaways, Inc. CENTRAL INDEX KEY: 0001679049 STANDARD INDUSTRIAL CLASSIFICATION: WATER TRANSPORTATION [4400] IRS NUMBER: 980467117 STATE OF INCORPORATION: 1T FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37836 FILM NUMBER: 221146476 BUSINESS ADDRESS: STREET 1: 600 THIRD AVENUE STREET 2: 39TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10016 BUSINESS PHONE: 2129534100 MAIL ADDRESS: STREET 1: 600 THIRD AVENUE STREET 2: 39TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10016 FORMER COMPANY: FORMER CONFORMED NAME: OSG International, INC DATE OF NAME CHANGE: 20160707 10-Q 1 insw-20220630x10q.htm 10-Q
0001679049--12-31falseQ220224961201949695732506743930.50P5Y0M29DP5Y1M24D00016790492021-01-012021-03-310001679049us-gaap:SubsequentEventMember2022-08-3100016790492020-08-040001679049us-gaap:RetainedEarningsMember2022-06-300001679049us-gaap:NoncontrollingInterestMember2022-06-300001679049us-gaap:CommonStockMember2022-06-300001679049us-gaap:RetainedEarningsMember2022-03-310001679049us-gaap:NoncontrollingInterestMember2022-03-310001679049us-gaap:CommonStockMember2022-03-310001679049us-gaap:RetainedEarningsMember2021-12-310001679049us-gaap:NoncontrollingInterestMember2021-12-310001679049us-gaap:CommonStockMember2021-12-310001679049us-gaap:RetainedEarningsMember2021-06-300001679049us-gaap:CommonStockMember2021-06-300001679049us-gaap:RetainedEarningsMember2021-03-310001679049us-gaap:CommonStockMember2021-03-3100016790492021-03-310001679049us-gaap:RetainedEarningsMember2020-12-310001679049us-gaap:CommonStockMember2020-12-310001679049us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001679049us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-06-300001679049us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-06-300001679049us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001679049us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310001679049us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-03-310001679049us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001679049us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001679049us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310001679049us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001679049us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-06-300001679049us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300001679049us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001679049us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-03-310001679049us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310001679049us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001679049us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001679049us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310001679049insw:LighteringServicesComponentMemberus-gaap:MaritimeEquipmentMember2022-04-012022-06-300001679049insw:LighteringServicesComponentMemberus-gaap:MaritimeEquipmentMember2022-01-012022-06-300001679049insw:LighteringServicesComponentMemberus-gaap:MaritimeEquipmentMember2021-04-012021-06-300001679049insw:LighteringServicesComponentMemberus-gaap:MaritimeEquipmentMember2021-01-012021-06-300001679049insw:CertainEmployeesAndSeniorOfficersMemberinsw:TimeBasedRestrictedStockMember2022-04-012022-04-300001679049insw:CertainEmployeesAndSeniorOfficersMemberinsw:TimeBasedRestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2022-04-012022-04-300001679049insw:CertainEmployeesAndSeniorOfficersMemberinsw:TimeBasedRestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2022-04-012022-04-300001679049srt:DirectorMemberus-gaap:RestrictedStockMember2022-01-012022-06-300001679049insw:CertainEmployeesAndSeniorOfficersMemberus-gaap:PerformanceSharesMember2022-01-012022-06-300001679049insw:CertainEmployeesAndSeniorOfficersMemberinsw:TimeBasedRestrictedStockMember2022-01-012022-06-300001679049insw:VoyageCharterLeasesMember2022-04-012022-06-300001679049insw:TimeAndBareboatCharterLeasesMember2022-04-012022-06-300001679049insw:PoolRevenueLeasesMember2022-04-012022-06-300001679049insw:VoyageCharterLeasesMember2022-01-012022-06-300001679049insw:TimeAndBareboatCharterLeasesMember2022-01-012022-06-300001679049insw:PoolRevenueLeasesMember2022-01-012022-06-300001679049insw:VoyageCharterLeasesMember2021-04-012021-06-300001679049insw:TimeAndBareboatCharterLeasesMember2021-04-012021-06-300001679049insw:PoolRevenueLeasesMember2021-04-012021-06-300001679049insw:VoyageCharterLeasesMember2021-01-012021-06-300001679049insw:TimeAndBareboatCharterLeasesMember2021-01-012021-06-300001679049insw:PoolRevenueLeasesMember2021-01-012021-06-300001679049insw:TimeCharterEquivalentServicesMemberinsw:InternationalProductCarriersSegmentMember2022-01-012022-06-300001679049insw:TimeCharterEquivalentServicesMemberinsw:InternationalCrudeTankersSegmentMember2022-01-012022-06-300001679049insw:TimeCharterEquivalentServicesMember2022-01-012022-06-300001679049insw:TimeCharterEquivalentServicesMemberus-gaap:AllOtherSegmentsMember2021-04-012021-06-300001679049insw:TimeCharterEquivalentServicesMemberinsw:InternationalProductCarriersSegmentMember2021-04-012021-06-300001679049insw:TimeCharterEquivalentServicesMemberinsw:InternationalCrudeTankersSegmentMember2021-04-012021-06-300001679049insw:TimeCharterEquivalentServicesMember2021-04-012021-06-300001679049insw:TimeCharterEquivalentServicesMemberinsw:InternationalProductCarriersSegmentMember2021-01-012021-06-300001679049insw:TimeCharterEquivalentServicesMemberinsw:InternationalCrudeTankersSegmentMember2021-01-012021-06-300001679049insw:TimeCharterEquivalentServicesMember2021-01-012021-06-300001679049insw:VoyageCharterLeasesMemberinsw:LighteringServicesComponentMemberinsw:InternationalCrudeTankersSegmentMember2022-04-012022-06-300001679049insw:VoyageCharterLeasesMemberinsw:LighteringServicesComponentMember2022-04-012022-06-300001679049insw:TimeCharterEquivalentServicesMemberus-gaap:AllOtherSegmentsMember2022-04-012022-06-300001679049insw:TimeCharterEquivalentServicesMemberinsw:InternationalProductCarriersSegmentMember2022-04-012022-06-300001679049insw:TimeCharterEquivalentServicesMemberinsw:InternationalCrudeTankersSegmentMember2022-04-012022-06-300001679049insw:TimeCharterEquivalentServicesMember2022-04-012022-06-300001679049insw:VoyageCharterLeasesMemberinsw:LighteringServicesComponentMemberinsw:InternationalCrudeTankersSegmentMember2022-01-012022-06-300001679049insw:VoyageCharterLeasesMemberinsw:LighteringServicesComponentMember2022-01-012022-06-300001679049insw:VoyageCharterLeasesMemberinsw:LighteringServicesComponentMemberinsw:InternationalCrudeTankersSegmentMember2021-04-012021-06-300001679049insw:VoyageCharterLeasesMemberinsw:LighteringServicesComponentMember2021-04-012021-06-300001679049insw:VoyageCharterLeasesMemberinsw:LighteringServicesComponentMemberinsw:InternationalCrudeTankersSegmentMember2021-01-012021-06-300001679049insw:VoyageCharterLeasesMemberinsw:LighteringServicesComponentMember2021-01-012021-06-300001679049insw:FiveTwoFiveMillionFacilityTermLoanMemberinsw:MediumRangeVessel2010BuiltMember2022-05-122022-05-120001679049insw:ThreeNineZeroMillionFacilityTermLoanMemberinsw:MediumRangeVessel2010BuiltMember2022-04-252022-04-250001679049insw:ThreeNineZeroMillionFacilityTermLoanMember2022-04-012022-06-300001679049insw:ThreeNineZeroMillionFacilityTermLoanMemberinsw:MediumRangeVessel2011BuiltMember2022-01-142022-01-140001679049insw:ThreeNineZeroMillionFacilityTermLoanMember2022-01-012022-03-310001679049insw:SevenFiveZeroMillionFacilityRevolvingLoanMember2022-06-152022-06-150001679049insw:ThreeSixZeroMillionCreditFacilityMember2022-05-242022-05-240001679049insw:ThreeNineZeroMillionCreditFacilityMember2022-05-242022-05-240001679049insw:FiveHundredAndTwentyFiveMillionCreditAgreementMember2022-05-242022-05-240001679049us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-04-012022-06-300001679049us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2022-04-012022-06-300001679049us-gaap:InterestExpenseMember2022-04-012022-06-300001679049us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-06-300001679049us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2022-01-012022-06-300001679049us-gaap:HybridInstrumentMemberus-gaap:InterestRateSwapMember2022-01-012022-06-300001679049us-gaap:InterestExpenseMember2022-01-012022-06-300001679049us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-04-012021-06-300001679049us-gaap:InterestExpenseMember2021-04-012021-06-300001679049us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300001679049us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2021-01-012021-06-300001679049us-gaap:InterestExpenseMember2021-01-012021-06-300001679049insw:SevenFiveZeroMillionFacilityRevolvingLoanMember2022-05-242022-05-2400016790492022-05-012022-05-310001679049insw:LongRangeOneVessel2011Member2022-01-012022-01-3100016790492022-06-292022-06-2900016790492022-03-282022-03-280001679049us-gaap:NoncontrollingInterestMember2021-01-012021-06-300001679049us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-04-012022-06-300001679049us-gaap:DesignatedAsHedgingInstrumentMember2022-04-012022-06-300001679049us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-06-300001679049us-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-06-300001679049us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-04-012021-06-300001679049us-gaap:HybridInstrumentMemberus-gaap:InterestRateSwapMember2021-04-012021-06-300001679049us-gaap:DesignatedAsHedgingInstrumentMember2021-04-012021-06-300001679049us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300001679049us-gaap:HybridInstrumentMemberus-gaap:InterestRateSwapMember2021-01-012021-06-300001679049us-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300001679049us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-012022-06-300001679049us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-04-012022-06-300001679049us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-06-300001679049us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-06-300001679049us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-04-012021-06-300001679049us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-04-012021-06-300001679049us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-06-300001679049us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-06-300001679049insw:TimeAndBareboatCharterLeasesMemberus-gaap:FixedPriceContractMemberinsw:InternationalProductCarriersSegmentMember2022-04-012022-06-300001679049insw:TimeAndBareboatCharterLeasesMemberus-gaap:FixedPriceContractMemberinsw:InternationalCrudeTankersSegmentMember2022-04-012022-06-300001679049insw:PoolRevenueLeasesMemberus-gaap:FixedPriceContractMemberinsw:InternationalProductCarriersSegmentMember2022-04-012022-06-300001679049insw:PoolRevenueLeasesMemberus-gaap:FixedPriceContractMemberinsw:InternationalCrudeTankersSegmentMember2022-04-012022-06-300001679049insw:TimeAndBareboatCharterLeasesMemberus-gaap:FixedPriceContractMember2022-04-012022-06-300001679049insw:PoolRevenueLeasesMemberus-gaap:FixedPriceContractMember2022-04-012022-06-300001679049insw:TimeAndBareboatCharterLeasesMemberus-gaap:FixedPriceContractMemberinsw:InternationalProductCarriersSegmentMember2022-01-012022-06-300001679049insw:TimeAndBareboatCharterLeasesMemberus-gaap:FixedPriceContractMemberinsw:InternationalCrudeTankersSegmentMember2022-01-012022-06-300001679049insw:PoolRevenueLeasesMemberus-gaap:FixedPriceContractMemberinsw:InternationalProductCarriersSegmentMember2022-01-012022-06-300001679049insw:PoolRevenueLeasesMemberus-gaap:FixedPriceContractMemberinsw:InternationalCrudeTankersSegmentMember2022-01-012022-06-300001679049insw:TimeAndBareboatCharterLeasesMemberus-gaap:FixedPriceContractMember2022-01-012022-06-300001679049insw:PoolRevenueLeasesMemberus-gaap:FixedPriceContractMember2022-01-012022-06-300001679049insw:TimeAndBareboatCharterLeasesMemberus-gaap:FixedPriceContractMemberinsw:InternationalProductCarriersSegmentMember2021-04-012021-06-300001679049insw:TimeAndBareboatCharterLeasesMemberus-gaap:FixedPriceContractMemberinsw:InternationalCrudeTankersSegmentMember2021-04-012021-06-300001679049insw:PoolRevenueLeasesMemberus-gaap:FixedPriceContractMemberinsw:InternationalProductCarriersSegmentMember2021-04-012021-06-300001679049insw:PoolRevenueLeasesMemberus-gaap:FixedPriceContractMemberinsw:InternationalCrudeTankersSegmentMember2021-04-012021-06-300001679049insw:TimeAndBareboatCharterLeasesMemberus-gaap:FixedPriceContractMember2021-04-012021-06-300001679049insw:PoolRevenueLeasesMemberus-gaap:FixedPriceContractMember2021-04-012021-06-300001679049insw:TimeAndBareboatCharterLeasesMemberus-gaap:FixedPriceContractMemberinsw:InternationalProductCarriersSegmentMember2021-01-012021-06-300001679049insw:TimeAndBareboatCharterLeasesMemberus-gaap:FixedPriceContractMemberinsw:InternationalCrudeTankersSegmentMember2021-01-012021-06-300001679049insw:PoolRevenueLeasesMemberus-gaap:FixedPriceContractMemberinsw:InternationalProductCarriersSegmentMember2021-01-012021-06-300001679049insw:PoolRevenueLeasesMemberus-gaap:FixedPriceContractMemberinsw:InternationalCrudeTankersSegmentMember2021-01-012021-06-300001679049insw:TimeAndBareboatCharterLeasesMemberus-gaap:FixedPriceContractMember2021-01-012021-06-300001679049insw:PoolRevenueLeasesMemberus-gaap:FixedPriceContractMember2021-01-012021-06-300001679049us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:BuildingMember2022-04-012022-06-300001679049insw:VoyageExpenseMemberus-gaap:BuildingMember2022-04-012022-06-300001679049insw:CharterHireExpenseMemberus-gaap:MaritimeEquipmentMember2022-04-012022-06-300001679049us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:BuildingMember2022-01-012022-06-300001679049insw:VoyageExpenseMemberus-gaap:BuildingMember2022-01-012022-06-300001679049insw:CharterHireExpenseMemberus-gaap:MaritimeEquipmentMember2022-01-012022-06-300001679049us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:BuildingMember2021-04-012021-06-300001679049insw:VoyageExpenseMemberus-gaap:BuildingMember2021-04-012021-06-300001679049insw:CharterHireExpenseMemberus-gaap:MaritimeEquipmentMember2021-04-012021-06-300001679049us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:BuildingMember2021-01-012021-06-300001679049insw:VoyageExpenseMemberus-gaap:BuildingMember2021-01-012021-06-300001679049insw:CharterHireExpenseMemberus-gaap:MaritimeEquipmentMember2021-01-012021-06-300001679049insw:EightPointFiveSeniorNotesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMember2022-06-300001679049insw:EightPointFiveSeniorNotesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMember2021-12-310001679049insw:SevenFiveZeroMillionCreditFacilityMember2021-12-310001679049insw:KaiyoLeaseFinancingMember2021-12-310001679049insw:KaishaLeaseFinancingMember2021-12-310001679049insw:HyugaLeaseFinancingMember2021-12-310001679049insw:SevenFiveZeroMillionCreditFacilityMemberus-gaap:FairValueInputsLevel2Member2022-06-300001679049insw:MacquarieCreditFacilityMemberus-gaap:FairValueInputsLevel2Member2022-06-300001679049insw:INGCreditFacilityDue2026Memberus-gaap:FairValueInputsLevel2Member2022-06-300001679049insw:ThreeSixZeroMillionFacilityTermLoanMemberus-gaap:FairValueInputsLevel2Member2021-12-310001679049insw:ThreeSixZeroMillionFacilityRevolvingLoanMemberus-gaap:FairValueInputsLevel1Member2021-12-310001679049insw:ThreeNineZeroMillionFacilityTermLoanMemberus-gaap:FairValueInputsLevel2Member2021-12-310001679049insw:MacquarieCreditFacilityMemberus-gaap:FairValueInputsLevel2Member2021-12-310001679049insw:INGCreditFacilityDue2026Memberus-gaap:FairValueInputsLevel2Member2021-12-310001679049insw:FiveTwoFiveMillionFacilityTermLoanMemberus-gaap:FairValueInputsLevel2Member2021-12-310001679049insw:FiveTwoFiveMillionFacilityRevolvingLoanMemberus-gaap:FairValueInputsLevel2Member2021-12-310001679049insw:FiveTwoFiveMillionFacilityTermLoanMemberinsw:MediumRangeVessel2010BuiltMember2022-05-120001679049insw:ThreeNineZeroMillionFacilityTermLoanMemberinsw:MediumRangeVessel2010BuiltMember2022-04-250001679049insw:ThreeNineZeroMillionFacilityTermLoanMemberinsw:MediumRangeVessel2011BuiltMember2022-01-140001679049insw:ChartersOutMember2022-06-300001679049insw:TimeChartersInMember2022-06-300001679049insw:OfficeSpaceAndLighteringWorkboatDockSpaceMember2022-06-300001679049insw:BareboatChartersInMember2022-06-300001679049insw:OfficeSpaceAndLighteringWorkboatDockSpaceMember2022-01-012022-06-300001679049us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-012022-06-300001679049us-gaap:InterestRateCapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001679049us-gaap:HybridInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001679049us-gaap:InterestRateCapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001679049us-gaap:HybridInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001679049us-gaap:InterestRateCapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001679049us-gaap:HybridInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001679049us-gaap:InterestRateCapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001679049insw:MaritimeEquipmentNewBuildsMember2022-04-012022-06-300001679049insw:MaritimeEquipmentNewBuildsMember2022-01-012022-06-300001679049insw:DualFuelLiquidNaturalGasVeryLongCrudeCarriersUnderConstructionMember2022-01-012022-06-300001679049insw:MaritimeEquipmentNewBuildsMember2021-04-012021-06-300001679049insw:DualFuelLiquidNaturalGasVeryLongCrudeCarriersUnderConstructionMember2021-01-012021-12-310001679049insw:MaritimeEquipmentNewBuildsMember2021-01-012021-06-300001679049us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001679049us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-06-300001679049us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-04-012021-06-300001679049us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-06-300001679049insw:WriteDownVesselValueToFairValueMemberinsw:InternationalCrudeTankersSegmentMember2022-01-012022-03-310001679049insw:EstimatedCostsToSellVesselMemberinsw:InternationalProductCarriersSegmentMember2022-01-012022-03-310001679049insw:EstimatedCostsToSellVesselMemberinsw:InternationalCrudeTankersSegmentMember2022-01-012022-03-310001679049insw:Panamax2004AndHandysize2006VesselMember2022-01-012022-03-310001679049insw:InternationalCrudeTankersSegmentMember2022-01-012022-03-310001679049insw:DiamondAngloShipManagementPteLtdMemberus-gaap:ScenarioPlanMember2022-06-292022-06-290001679049insw:One2008MediumRangeAndOne2002PanamaxAndOne2004PanamaxAndRemainingFour2006HandysizeProductCarriersMember2022-01-012022-06-300001679049insw:MediumRangeVessel2010Member2022-01-012022-03-310001679049insw:ToshinLeaseFinancingDue2031Memberus-gaap:FairValueInputsLevel2Member2022-06-300001679049insw:OceanYieldLeaseFinancingDue2031Memberus-gaap:FairValueInputsLevel2Member2022-06-300001679049insw:KaiyoLeaseFinancingMemberus-gaap:FairValueInputsLevel2Member2022-06-300001679049insw:KaishaLeaseFinancingMemberus-gaap:FairValueInputsLevel2Member2022-06-300001679049insw:HyugaLeaseFinancingMemberus-gaap:FairValueInputsLevel2Member2022-06-300001679049insw:COSCOLeaseFinancingDue2028Memberus-gaap:FairValueInputsLevel2Member2022-06-300001679049insw:BoCommLeaseFinancingDue2030Memberus-gaap:FairValueInputsLevel2Member2022-06-300001679049insw:ToshinLeaseFinancingDue2031Memberus-gaap:FairValueInputsLevel2Member2021-12-310001679049insw:OceanYieldLeaseFinancingDue2031Memberus-gaap:FairValueInputsLevel2Member2021-12-310001679049insw:COSCOLeaseFinancingDue2028Memberus-gaap:FairValueInputsLevel2Member2021-12-310001679049insw:BoCommLeaseFinancingDue2030Memberus-gaap:FairValueInputsLevel2Member2021-12-310001679049insw:FloatingStorageAndOffloadingServiceJointVentureMember2022-06-072022-06-070001679049insw:LngJointVentureAndTiAfricaAndTiAsiaLimitedMember2022-06-300001679049insw:FloatingStorageAndOffloadingServiceJointVentureMember2022-06-0600016790492022-08-042022-08-0400016790492021-02-232021-02-230001679049us-gaap:SubsequentEventMember2022-08-0400016790492022-06-0700016790492022-02-280001679049us-gaap:SubsequentEventMember2022-08-042022-08-0400016790492022-06-072022-06-0700016790492022-02-282022-02-2800016790492022-05-310001679049insw:SevenFiveZeroMillionCreditFacilityMember2022-06-022022-06-020001679049insw:NonCurrentPortionOfDerivativeLiabilityMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-300001679049insw:CurrentPortionOfDerivativeLiabilityMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-300001679049insw:NonCurrentPortionOfDerivativeLiabilityMember2022-06-300001679049insw:CurrentPortionOfDerivativeLiabilityMember2022-06-300001679049insw:NonCurrentPortionOfDerivativeLiabilityMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001679049insw:CurrentPortionOfDerivativeLiabilityMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001679049insw:NonCurrentPortionOfDerivativeLiabilityMember2021-12-310001679049insw:CurrentPortionOfDerivativeLiabilityMember2021-12-3100016790492022-05-222022-05-2200016790492021-11-012021-11-300001679049insw:SevenFiveZeroMillionCreditFacilityMember2022-06-020001679049us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2022-06-300001679049us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2021-12-310001679049insw:NonCurrentPortionOfDerivativeAssetMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-300001679049insw:CurrentPortionOfDerivativeAssetMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-300001679049insw:NonCurrentPortionOfDerivativeAssetMember2022-06-300001679049insw:CurrentPortionOfDerivativeAssetMember2022-06-300001679049insw:NonCurrentPortionOfDerivativeAssetMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001679049insw:NonCurrentPortionOfDerivativeAssetMember2021-12-310001679049us-gaap:RevolvingCreditFacilityMemberinsw:SevenFiveZeroMillionCreditFacilityMember2022-06-300001679049insw:CoreTermLoanFacilityAndCoreTransitionFacilityAndSinosureCreditFacilityAnd8.5SeniorNotesMemberinsw:TermLoanMember2022-06-300001679049us-gaap:RevolvingCreditFacilityMemberinsw:ThreeNineZeroMillionSecuredDebtFacilityMember2021-12-310001679049insw:CoreTermLoanFacilityAndCoreTransitionFacilityAndSinosureCreditFacilityAnd8.5SeniorNotesMemberinsw:TermLoanMember2021-12-310001679049insw:ToshinLeaseFinancingDue2031Member2022-06-300001679049insw:OceanYieldLeaseFinancingDue2031Member2022-06-300001679049insw:MacquarieCreditFacilityMember2022-06-300001679049insw:KaiyoLeaseFinancingMember2022-06-300001679049insw:KaishaLeaseFinancingMember2022-06-300001679049insw:INGCreditFacilityDue2026Member2022-06-300001679049insw:HyugaLeaseFinancingMember2022-06-300001679049insw:COSCOLeaseFinancingDue2028Member2022-06-300001679049insw:BoCommLeaseFinancingDue2030Member2022-06-300001679049insw:ToshinLeaseFinancingDue2031Member2021-12-310001679049insw:OceanYieldLeaseFinancingDue2031Member2021-12-310001679049insw:MacquarieCreditFacilityMember2021-12-310001679049insw:INGCreditFacilityDue2026Member2021-12-310001679049insw:COSCOLeaseFinancingDue2028Member2021-12-310001679049insw:BoCommLeaseFinancingDue2030Member2021-12-310001679049insw:SevenFiveZeroMillionFacilityRevolvingLoanMember2022-05-202022-05-200001679049insw:EightPointFiveSeniorNotesMemberus-gaap:SubsequentEventMember2022-08-050001679049insw:EightPointFiveSeniorNotesMember2022-08-050001679049insw:EightPointFiveSeniorNotesMemberus-gaap:SeniorNotesMember2022-06-300001679049insw:EightPointFiveSeniorNotesMemberus-gaap:SeniorNotesMember2021-12-310001679049insw:ThreeSixZeroMillionFacilityTermLoanMemberinsw:TermLoanMember2022-06-300001679049insw:ThreeSixZeroMillionFacilityRevolvingLoanMemberinsw:RevolverFacilityMember2022-06-300001679049insw:ThreeNineZeroMillionFacilityTermLoanMemberinsw:TermLoanMember2022-06-300001679049insw:FiveTwoFiveMillionFacilityTermLoanMemberinsw:TermLoanMember2022-06-300001679049insw:FiveTwoFiveMillionFacilityRevolvingLoanMemberinsw:RevolverFacilityMember2022-06-300001679049insw:ThreeNineZeroMillionFacilityTermLoanMember2022-06-300001679049insw:SevenFiveZeroMillionCreditFacilityMember2022-06-3000016790492022-06-020001679049insw:ThreeNineZeroMillionFacilityTermLoanMember2022-05-310001679049insw:FiveTwoFiveMillionFacilityTermLoanMember2022-05-310001679049insw:ThreeSixZeroMillionCreditFacilityMember2022-05-240001679049insw:ThreeNineZeroMillionCreditFacilityMember2022-05-240001679049insw:FiveHundredAndTwentyFiveMillionCreditAgreementMember2022-05-240001679049insw:SevenFiveZeroMillionFacilityTermLoanMember2022-05-200001679049insw:SevenFiveZeroMillionFacilityRevolvingLoanMember2022-05-200001679049insw:SevenFiveZeroMillionCreditFacilityMember2022-05-200001679049insw:ThreeSixZeroMillionFacilityTermLoanMemberinsw:TermLoanMember2021-12-310001679049insw:ThreeSixZeroMillionFacilityRevolvingLoanMemberinsw:RevolverFacilityMember2021-12-310001679049insw:ThreeNineZeroMillionFacilityTermLoanMemberinsw:TermLoanMember2021-12-310001679049insw:FiveTwoFiveMillionFacilityTermLoanMemberinsw:TermLoanMember2021-12-310001679049insw:FiveTwoFiveMillionFacilityRevolvingLoanMemberinsw:RevolverFacilityMember2021-12-310001679049insw:ThreeNineZeroMillionSecuredDebtFacilityMember2021-12-310001679049insw:FiveHundredAndTwentyFiveMillionCreditAgreementMember2021-12-310001679049insw:PoolRevenueLeasesMemberus-gaap:SalesRevenueProductLineMemberus-gaap:ProductConcentrationRiskMember2022-01-012022-06-300001679049insw:PoolRevenueLeasesMemberus-gaap:SalesRevenueProductLineMemberus-gaap:ProductConcentrationRiskMember2021-01-012021-12-3100016790492021-07-1600016790492020-12-310001679049us-gaap:FairValueInputsLevel1Member2022-06-300001679049us-gaap:FairValueInputsLevel1Member2021-12-310001679049us-gaap:FairValueInputsLevel2Memberinsw:InternationalProductCarriersSegmentMember2022-06-300001679049us-gaap:FairValueInputsLevel2Memberinsw:InternationalCrudeTankersSegmentMember2022-06-300001679049insw:InternationalProductCarriersSegmentMember2022-01-012022-03-310001679049us-gaap:EmployeeStockOptionMember2022-04-012022-06-300001679049us-gaap:EmployeeStockOptionMember2022-01-012022-06-300001679049us-gaap:EmployeeStockOptionMember2021-04-012021-06-300001679049us-gaap:EmployeeStockOptionMember2021-01-012021-06-300001679049us-gaap:RestrictedStockUnitsRSUMemberus-gaap:RetainedEarningsMember2022-04-012022-06-300001679049us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonStockMember2022-04-012022-06-300001679049us-gaap:RestrictedStockUnitsRSUMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001679049us-gaap:RestrictedStockMemberus-gaap:RetainedEarningsMember2022-04-012022-06-300001679049us-gaap:RestrictedStockMemberus-gaap:CommonStockMember2022-04-012022-06-300001679049us-gaap:RestrictedStockMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001679049us-gaap:RestrictedStockUnitsRSUMemberus-gaap:RetainedEarningsMember2022-01-012022-06-300001679049us-gaap:RestrictedStockUnitsRSUMemberus-gaap:NoncontrollingInterestMember2022-01-012022-06-300001679049us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonStockMember2022-01-012022-06-300001679049us-gaap:RestrictedStockUnitsRSUMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001679049us-gaap:RestrictedStockMemberus-gaap:RetainedEarningsMember2022-01-012022-06-300001679049us-gaap:RestrictedStockMemberus-gaap:NoncontrollingInterestMember2022-01-012022-06-300001679049us-gaap:RestrictedStockMemberus-gaap:CommonStockMember2022-01-012022-06-300001679049us-gaap:RestrictedStockMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001679049us-gaap:RestrictedStockUnitsRSUMemberus-gaap:RetainedEarningsMember2021-04-012021-06-300001679049us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonStockMember2021-04-012021-06-300001679049us-gaap:RestrictedStockUnitsRSUMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001679049us-gaap:RestrictedStockMemberus-gaap:RetainedEarningsMember2021-04-012021-06-300001679049us-gaap:RestrictedStockMemberus-gaap:CommonStockMember2021-04-012021-06-300001679049us-gaap:RestrictedStockMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001679049us-gaap:RestrictedStockUnitsRSUMember2021-04-012021-06-300001679049us-gaap:RestrictedStockUnitsRSUMemberus-gaap:RetainedEarningsMember2021-01-012021-06-300001679049us-gaap:RestrictedStockUnitsRSUMemberus-gaap:NoncontrollingInterestMember2021-01-012021-06-300001679049us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonStockMember2021-01-012021-06-300001679049us-gaap:RestrictedStockUnitsRSUMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001679049us-gaap:RestrictedStockMemberus-gaap:RetainedEarningsMember2021-01-012021-06-300001679049us-gaap:RestrictedStockMemberus-gaap:NoncontrollingInterestMember2021-01-012021-06-300001679049us-gaap:RestrictedStockMemberus-gaap:CommonStockMember2021-01-012021-06-300001679049us-gaap:RestrictedStockMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001679049us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-06-300001679049us-gaap:RestrictedStockMember2021-01-012021-06-300001679049us-gaap:RetainedEarningsMember2022-04-012022-06-300001679049us-gaap:CommonStockMember2022-04-012022-06-300001679049us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001679049us-gaap:RetainedEarningsMember2022-01-012022-06-300001679049us-gaap:NoncontrollingInterestMember2022-01-012022-06-300001679049us-gaap:CommonStockMember2022-01-012022-06-300001679049us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001679049us-gaap:RetainedEarningsMember2021-04-012021-06-300001679049us-gaap:CommonStockMember2021-04-012021-06-300001679049us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001679049us-gaap:RetainedEarningsMember2021-01-012021-06-300001679049us-gaap:CommonStockMember2021-01-012021-06-300001679049us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001679049us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberinsw:FloatingStorageAndOffloadingServiceJointVentureMember2022-06-300001679049insw:TimeChartersInMemberinsw:LongRangeOneVesselMember2022-06-300001679049insw:AframaxesMember2022-06-300001679049insw:DiamondAngloShipManagementPteLtdMember2022-06-292022-06-290001679049insw:EHoldingsMemberinsw:DiamondAngloShipManagementPteLtdMember2022-01-012022-06-300001679049insw:DiamondAngloShipManagementPteLtdMember2022-01-012022-06-300001679049insw:CertainEmployeesAndSeniorOfficersMemberus-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2022-01-012022-06-300001679049insw:CertainEmployeesAndSeniorOfficersMemberus-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMember2022-01-012022-06-300001679049us-gaap:RestrictedStockUnitsRSUMember2022-04-012022-06-300001679049us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001679049insw:KaishaLeaseFinancingMember2022-05-122022-05-120001679049insw:KaiyoLeaseFinancingMember2022-04-252022-04-250001679049insw:HyugaLeaseFinancingMember2022-01-142022-01-140001679049insw:KaishaLeaseFinancingMember2022-05-120001679049insw:KaiyoLeaseFinancingMember2022-04-250001679049insw:HyugaLeaseFinancingMember2022-01-140001679049insw:KaishaLeaseFinancingMemberinsw:MediumRangeVessel2010BuiltMember2022-05-120001679049insw:KaiyoLeaseFinancingMemberinsw:MediumRangeVessel2010BuiltMember2022-04-250001679049insw:HyugaLeaseFinancingMemberinsw:MediumRangeVessel2011BuiltMember2022-01-140001679049insw:RemainingFourYearsMemberinsw:KaishaLeaseFinancingMember2022-05-122022-05-120001679049insw:FirstFourYearsMemberinsw:KaishaLeaseFinancingMember2022-05-122022-05-120001679049insw:RemainingFourYearsMemberinsw:KaiyoLeaseFinancingMember2022-04-252022-04-250001679049insw:FirstFourYearsMemberinsw:KaiyoLeaseFinancingMember2022-04-252022-04-250001679049insw:SecondThreeYearsMemberinsw:HyugaLeaseFinancingMember2022-01-142022-01-140001679049insw:LastThreeYearsMemberinsw:HyugaLeaseFinancingMember2022-01-142022-01-140001679049insw:FirstThreeYearsMemberinsw:HyugaLeaseFinancingMember2022-01-142022-01-140001679049insw:ShareholdersRightPlanMember2022-05-082022-05-080001679049insw:CertainEmployeesAndSeniorOfficersMemberus-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2022-01-012022-06-300001679049insw:DualFuelLiquidNaturalGasVeryLongCrudeCarriersUnderConstructionMember2022-06-300001679049insw:DualFuelLiquidNaturalGasVeryLongCrudeCarriersUnderConstructionMember2021-12-310001679049insw:MediumRangeVessel2010Member2022-01-012022-01-310001679049insw:PreMergerInternationalSeawaysShareholdersMember2021-07-162021-07-160001679049insw:DiamondSShareholdersMember2021-07-162021-07-160001679049us-gaap:RestrictedStockMember2022-04-012022-06-300001679049us-gaap:RestrictedStockMember2022-01-012022-06-300001679049us-gaap:RestrictedStockMember2021-04-012021-06-300001679049us-gaap:RestrictedStockUnitsRSUMemberus-gaap:RestrictedStockMember2021-01-012021-06-300001679049insw:TimeChartersInMember2022-01-012022-06-300001679049insw:BareboatChartersInMember2022-01-012022-06-300001679049insw:VoyageCharterLeasesVariablePaymentsMemberus-gaap:FixedPriceContractMemberinsw:InternationalProductCarriersSegmentMember2022-04-012022-06-300001679049insw:VoyageCharterLeasesVariablePaymentsMemberus-gaap:FixedPriceContractMemberinsw:InternationalCrudeTankersSegmentMember2022-04-012022-06-300001679049insw:VoyageCharterLeasesVariablePaymentsMemberus-gaap:FixedPriceContractMember2022-04-012022-06-300001679049insw:VoyageCharterLeasesVariablePaymentsMemberus-gaap:FixedPriceContractMemberinsw:InternationalProductCarriersSegmentMember2022-01-012022-06-300001679049insw:VoyageCharterLeasesVariablePaymentsMemberus-gaap:FixedPriceContractMemberinsw:InternationalCrudeTankersSegmentMember2022-01-012022-06-300001679049insw:VoyageCharterLeasesVariablePaymentsMemberus-gaap:FixedPriceContractMember2022-01-012022-06-300001679049insw:VoyageCharterLeasesVariablePaymentsMemberus-gaap:FixedPriceContractMemberinsw:InternationalProductCarriersSegmentMember2021-01-012021-06-300001679049insw:VoyageCharterLeasesVariablePaymentsMemberus-gaap:FixedPriceContractMember2021-01-012021-06-300001679049us-gaap:AllOtherSegmentsMember2022-04-012022-06-300001679049insw:InternationalProductCarriersSegmentMember2022-04-012022-06-300001679049insw:InternationalCrudeTankersSegmentMember2022-04-012022-06-300001679049us-gaap:AllOtherSegmentsMember2022-01-012022-06-300001679049insw:InternationalProductCarriersSegmentMember2022-01-012022-06-300001679049insw:InternationalCrudeTankersSegmentMember2022-01-012022-06-300001679049us-gaap:AllOtherSegmentsMember2021-04-012021-06-300001679049insw:InternationalProductCarriersSegmentMember2021-04-012021-06-300001679049insw:InternationalCrudeTankersSegmentMember2021-04-012021-06-300001679049us-gaap:AllOtherSegmentsMember2021-01-012021-06-300001679049insw:InternationalProductCarriersSegmentMember2021-01-012021-06-300001679049insw:InternationalCrudeTankersSegmentMember2021-01-012021-06-300001679049insw:InternationalCrudeTankersSegmentMember2022-03-310001679049insw:TwoFloatingStorageAndOffloadingVesselsMemberinsw:InternationalCrudeTankersSegmentMember2022-06-300001679049us-gaap:MaritimeEquipmentMember2022-06-300001679049insw:MaritimeEquipmentNotIncludingNewBuildsMember2022-06-300001679049insw:MaritimeEquipmentNewBuildsMember2022-06-300001679049insw:BareboatChartersInMemberinsw:AframaxesMember2022-01-012022-06-300001679049insw:VeryLargeCrudeCarrierMember2022-01-012022-06-300001679049insw:SuezmaxVesselMember2022-01-012022-06-300001679049insw:LongRangeTwoVesselMember2022-01-012022-06-300001679049insw:TimeBasedRestrictedStockMember2022-01-012022-06-300001679049insw:ShareholdersRightPlanMember2022-05-080001679049insw:ChartersOutMember2022-01-012022-06-300001679049insw:FloatingStorageAndOffloadingServiceJointVentureMemberinsw:TwoFloatingStorageAndOffloadingVesselsMember2022-01-012022-06-300001679049us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-06-300001679049insw:VoyageCharterLeasesNonVariablePaymentsMemberus-gaap:FixedPriceContractMemberinsw:InternationalProductCarriersSegmentMember2022-04-012022-06-300001679049insw:VoyageCharterLeasesNonVariablePaymentsMemberus-gaap:FixedPriceContractMemberinsw:InternationalCrudeTankersSegmentMember2022-04-012022-06-300001679049insw:VoyageCharterLeasesNonVariablePaymentsMemberus-gaap:FixedPriceContractMember2022-04-012022-06-300001679049insw:VoyageCharterLeasesNonVariablePaymentsMemberus-gaap:FixedPriceContractMemberinsw:InternationalProductCarriersSegmentMember2022-01-012022-06-300001679049insw:VoyageCharterLeasesNonVariablePaymentsMemberus-gaap:FixedPriceContractMemberinsw:InternationalCrudeTankersSegmentMember2022-01-012022-06-300001679049insw:VoyageCharterLeasesNonVariablePaymentsMemberus-gaap:FixedPriceContractMember2022-01-012022-06-300001679049insw:VoyageCharterLeasesNonVariablePaymentsMemberus-gaap:FixedPriceContractMemberinsw:InternationalProductCarriersSegmentMember2021-04-012021-06-300001679049insw:VoyageCharterLeasesNonVariablePaymentsMemberus-gaap:FixedPriceContractMemberinsw:InternationalCrudeTankersSegmentMember2021-04-012021-06-300001679049insw:VoyageCharterLeasesNonVariablePaymentsMemberus-gaap:FixedPriceContractMember2021-04-012021-06-300001679049insw:VoyageCharterLeasesNonVariablePaymentsMemberus-gaap:FixedPriceContractMemberinsw:InternationalProductCarriersSegmentMember2021-01-012021-06-300001679049insw:VoyageCharterLeasesNonVariablePaymentsMemberus-gaap:FixedPriceContractMemberinsw:InternationalCrudeTankersSegmentMember2021-01-012021-06-300001679049insw:VoyageCharterLeasesNonVariablePaymentsMemberus-gaap:FixedPriceContractMember2021-01-012021-06-300001679049insw:MerchantNavyRatingsPensionFundMember2022-01-012022-06-300001679049insw:SevenFiveZeroMillionCreditFacilityMember2022-05-202022-05-200001679049srt:MinimumMemberinsw:SevenFiveZeroMillionFacilityTermLoanMember2022-05-202022-05-200001679049srt:MaximumMemberinsw:SevenFiveZeroMillionFacilityTermLoanMember2022-05-202022-05-200001679049insw:SevenFiveZeroMillionFacilityTermLoanMember2022-05-202022-05-2000016790492022-01-012022-03-310001679049srt:MaximumMember2022-01-012022-06-3000016790492022-04-012022-06-3000016790492021-12-310001679049insw:EightPointFiveSeniorNotesMemberus-gaap:SubsequentEventMember2022-08-052022-08-050001679049insw:SevenFiveZeroMillionFacilityTermLoanMember2022-05-242022-05-240001679049insw:EightPointFiveSeniorNotesMemberus-gaap:SeniorNotesMemberus-gaap:SubsequentEventMember2022-08-050001679049insw:CoreTermLoanFacilityAndCoreRevolvingFacilityMember2022-01-012022-06-300001679049srt:MinimumMemberinsw:SevenFiveZeroMillionCreditFacilityMember2022-05-242022-05-240001679049insw:SevenFiveZeroMillionCreditFacilityMember2022-05-242022-05-240001679049insw:DualFuelLiquidNaturalGasVeryLongCrudeCarriersUnderConstructionMember2021-03-112021-03-1100016790492022-03-310001679049insw:VesselOperationsMember2022-01-012022-06-3000016790492021-04-012021-06-300001679049insw:VesselOperationsMember2021-01-012021-06-3000016790492021-07-162021-07-1600016790492021-07-150001679049insw:DiamondSShippingIncMember2021-07-160001679049insw:DiamondSShippingIncMemberus-gaap:CommonStockMember2021-07-162021-07-1600016790492021-01-012021-06-300001679049us-gaap:AllOtherSegmentsMember2022-06-300001679049insw:InternationalProductCarriersSegmentMember2022-06-300001679049insw:InternationalCrudeTankersSegmentMember2022-06-3000016790492022-06-300001679049us-gaap:AllOtherSegmentsMember2021-06-300001679049insw:InternationalProductCarriersSegmentMember2021-06-300001679049insw:InternationalCrudeTankersSegmentMember2021-06-3000016790492021-06-300001679049us-gaap:CommonStockMember2022-01-012022-06-300001679049insw:EightPointFiveSeniorNotesMember2022-01-012022-06-3000016790492022-08-0400016790492022-01-012022-06-30insw:segmentxbrli:sharesiso4217:USDxbrli:pureinsw:installmentinsw:iteminsw:contractinsw:leaseinsw:propertyiso4217:USDxbrli:shares

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to         

Commission File Number        1-37836-1       

INTERNATIONAL SEAWAYS, INC.

(Exact name of registrant as specified in its charter)

Marshall Islands

    

98-0467117

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification Number)

600 Third Avenue, 39th Floor, New York, New York

10016

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: 212-578-1600

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “accelerated filer”, “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No  

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock (no par value)

INSW

New York Stock Exchange

Rights to Purchase Common Stock

N/A

New York Stock Exchange

Former name, former address and former fiscal year, if changed since last report

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date. The number of shares outstanding of the issuer’s common stock as of August 4, 2022: common stock, no par value 49,695,732 shares.

INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
DOLLARS IN THOUSANDS
(UNAUDITED)

June 30, 2022

    

December 31, 2021

ASSETS

Current Assets:

Cash and cash equivalents

$

230,666

$

97,883

Voyage receivables, net of allowance for credit losses of $68 and $31

including unbilled receivables of $176,234 and $100,137

181,905

107,096

Other receivables

6,779

5,651

Inventories

804

2,110

Prepaid expenses and other current assets

14,086

11,759

Current portion of derivative asset

763

Total Current Assets

435,003

224,499

Restricted cash

1,054

1,050

Vessels and other property, less accumulated depreciation of $287,846 and $249,336

1,723,742

1,802,850

Vessels construction in progress

71,036

49,291

Deferred drydock expenditures, net

57,592

55,753

Operating lease right-of-use assets

20,917

23,168

Investments in and advances to affiliated companies

39,832

180,331

Long-term derivative asset

1,296

Time charter contracts acquired, net

159

842

Other assets

14,906

7,700

Total Assets

$

2,364,241

$

2,346,780

LIABILITIES AND EQUITY

Current Liabilities:

Accounts payable, accrued expenses and other current liabilities

$

38,237

$

44,964

Current portion of operating lease liabilities

9,875

8,393

Current installments of long-term debt

160,790

178,715

Current portion of derivative liability

2,539

Total Current Liabilities

208,902

234,611

Long-term operating lease liabilities

9,172

12,522

Long-term debt

912,900

926,270

Long-term derivative liability

529

757

Other liabilities

1,590

2,288

Total Liabilities

1,133,093

1,176,448

Commitments and contingencies

Equity:

Capital - 100,000,000 no par value shares authorized; 49,695,732 and 49,612,019

shares issued and outstanding

1,583,740

1,591,446

Accumulated deficit

(353,303)

(409,338)

1,230,437

1,182,108

Accumulated other comprehensive income/(loss)

127

(12,360)

Total equity before noncontrolling interests

1,230,564

1,169,748

Noncontrolling interests

584

584

Total Equity

1,231,148

1,170,332

Total Liabilities and Equity

$

2,364,241

$

2,346,780

See notes to condensed consolidated financial statements

1

INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS
(UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

Shipping Revenues:

Pool revenues, including $31,114, $17,857, $54,385 and $35,104

from companies accounted for by the equity method

$

164,727

$

26,455

$

248,489

$

51,114

Time and bareboat charter revenues

8,133

11,714

14,308

26,412

Voyage charter revenues

15,337

8,135

26,882

15,534

188,197

46,304

289,679

93,060

Operating Expenses:

Voyage expenses

2,658

1,586

6,165

3,173

Vessel expenses

59,563

27,877

119,880

54,204

Charter hire expenses

7,693

5,863

15,002

11,604

Depreciation and amortization

27,256

17,079

54,256

33,833

General and administrative

10,847

6,831

21,013

15,012

Third-party debt modification fees

900

1,087

Merger and integration related costs

481

481

(Gain)/loss on disposal of vessels and other assets, net of impairments

(8,102)

4,005

(9,478)

4,016

Total operating expenses

100,815

63,722

207,925

122,323

Income/(loss) from vessel operations

87,382

(17,418)

81,754

(29,263)

Equity in (loss)/income of affiliated companies

(5,162)

5,375

435

10,843

Operating income/(loss)

82,220

(12,043)

82,189

(18,420)

Other (expense)/income

(574)

267

(800)

559

Income/(loss) before interest expense and income taxes

81,646

(11,776)

81,389

(17,861)

Interest expense

(12,558)

(7,006)

(25,298)

(14,286)

Income/(loss) before income taxes

69,088

(18,782)

56,091

(32,147)

Income tax provision

(52)

(1)

(56)

(1)

Net income/(loss) attributable to the Company

$

69,036

$

(18,783)

$

56,035

$

(32,148)

Weighted Average Number of Common Shares Outstanding:

Basic

49,602,181

28,051,946

49,586,847

28,037,957

Diluted

49,878,645

28,051,946

49,754,876

28,037,957

Per Share Amounts:

Basic net earnings/(loss) per share

$

1.39

$

(0.67)

$

1.13

$

(1.15)

Diluted net earnings/(loss) per share

$

1.38

$

(0.67)

$

1.12

$

(1.15)

See notes to condensed consolidated financial statements

2

INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
DOLLARS IN THOUSANDS
(UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

2022

2021

Net income/(loss)

$

69,036

$

(18,783)

$

56,035

$

(32,148)

Other comprehensive income/(loss), net of tax:

Net change in unrealized gains/(losses) on cash flow hedges

966

(461)

11,728

9,822

Defined benefit pension and other postretirement benefit plans:

Net change in unrecognized prior service costs

73

(7)

99

(15)

Net change in unrecognized actuarial losses

489

(55)

660

(111)

Other comprehensive income/(loss), net of tax

1,528

(523)

12,487

9,696

Comprehensive income/(loss) attributable to the Company

$

70,564

$

(19,306)

$

68,522

$

(22,452)

See notes to condensed consolidated financial statements

3

INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
DOLLARS IN THOUSANDS
(UNAUDITED)

Six Months Ended June 30,

2022

2021

Cash Flows from Operating Activities:

Net income/(loss)

$

56,035

$

(32,148)

Items included in net income/(loss) not affecting cash flows:

Depreciation and amortization

54,256

33,833

Loss on write-down of vessels and other assets

1,697

3,497

Amortization of debt discount and other deferred financing costs

1,955

1,077

Amortization of time charter hire contracts acquired

684

Deferred financing costs write-off

261

Stock compensation

2,728

2,263

Earnings of affiliated companies

(10,017)

(10,843)

Write-off of registration statement costs

694

Other – net

(327)

831

Items included in net income/(loss) related to investing and financing activities:

(Gain)/loss on disposal of vessels and other assets, net

(11,175)

519

Loss on sale of investments in affiliated companies

9,512

Cash distributions from affiliated companies

2,250

3,625

Payments for drydocking

(25,789)

(14,720)

Insurance claims proceeds related to vessel operations

2,035

710

Changes in operating assets and liabilities:

Increase in receivables

(74,809)

(7,619)

Decrease in deferred revenue

(2,995)

Net change in inventories, prepaid expenses and other current assets, accounts

payable, accrued expenses and other current and long-term liabilities

5,549

(1,242)

Net cash provided by/(used in) operating activities

14,845

(22,518)

Cash Flows from Investing Activities:

Expenditures for vessels and vessel improvements

(53,801)

(24,130)

Proceeds from disposal of vessels and other property, net

79,614

3,431

Expenditures for other property

(509)

(271)

Investments in and advances to affiliated companies, net

(838)

(95)

Proceeds from sale of investments in affiliated companies

140,069

Net cash provided by/(used in) investing activities

164,535

(21,065)

Cash Flows from Financing Activities:

Borrowings on long term debt, net of lenders' fees

641,050

Payments of deferred financing costs

(556)

(49)

Repayments of debt

(717,913)

(30,742)

Proceeds from sale and leaseback financing, net of issuance and deferred financing costs

60,076

Payments on sale and leaseback financing

(18,816)

Cash payments on derivatives containing other-than-insignificant financing elements

(2,623)

Common stock issuance costs

(717)

Cash dividends paid

(8,941)

(3,369)

Cash paid to tax authority upon vesting of stock-based compensation

(1,493)

(1,030)

Net cash used in financing activities

(46,593)

(38,530)

Net increase/(decrease) in cash, cash equivalents and restricted cash

132,787

(82,113)

Cash, cash equivalents and restricted cash at beginning of year

98,933

215,677

Cash, cash equivalents and restricted cash at end of period

$

231,720

$

133,564

See notes to condensed consolidated financial statements

4

INTERNATIONAL SEAWAYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
DOLLARS IN THOUSANDS
(UNAUDITED)

Accumulated

Other

Accumulated

Comprehensive

Noncontrolling

Capital

Deficit

Income/(Loss)

Interests

Total

For the six months ended

Balance at January 1, 2022

$

1,591,446

$

(409,338)

$

(12,360)

$

584

$

1,170,332

Net income

56,035

56,035

Other comprehensive income

12,487

12,487

Dividends declared

(8,941)

(8,941)

Forfeitures of vested restricted stock awards

(1,493)

(1,493)

Compensation relating to restricted stock awards

583

583

Compensation relating to restricted stock units awards

1,607

1,607

Compensation relating to stock option awards

538

538

Balance at June 30, 2022

$

1,583,740

$

(353,303)

$

127

$

584

$

1,231,148

Balance at January 1, 2021

$

1,280,501

$

(275,846)

$

(32,613)

$

972,042

Net loss

(32,148)

(32,148)

Other comprehensive income

9,696

9,696

Dividends declared

(3,369)

(3,369)

Forfeitures of vested restricted stock awards

(1,030)

(1,030)

Compensation relating to restricted stock awards

460

460

Compensation relating to restricted stock units awards

1,192

1,192

Compensation relating to stock option awards

611

611

Balance at June 30, 2021

$

1,278,365

$

(307,994)

$

(22,917)

$

$

947,454

For the three months ended

Balance at April 1, 2022

$

1,588,606

$

(422,339)

$

(1,401)

$

584

$

1,165,450

Net income

69,036

69,036

Other comprehensive income

1,528

1,528

Dividends declared

(5,963)

(5,963)

Forfeitures of vested restricted stock awards

(523)

(523)

Compensation relating to restricted stock awards

287

287

Compensation relating to restricted stock units awards

1,106

1,106

Compensation relating to stock option awards

227

227

Balance at June 30, 2022

$

1,583,740

$

(353,303)

$

127

$

584

$

1,231,148

Balance at April 1, 2021

$

1,279,368

$

(289,211)

$

(22,394)

$

$

967,763

Net loss

(18,783)

(18,783)

Other comprehensive loss

(523)

(523)

Dividends declared

(1,688)

(1,688)

Forfeitures of vested restricted stock awards

(541)

(541)

Compensation relating to restricted stock awards

258

258

Compensation relating to restricted stock units awards

650

650

Compensation relating to stock option awards

318

318

Balance at June 30, 2021

$

1,278,365

$

(307,994)

$

(22,917)

$

$

947,454

See notes to condensed consolidated financial statements

5

INTERNATIONAL SEAWAYS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Note 1 — Basis of Presentation:

The accompanying unaudited condensed consolidated financial statements include the accounts of International Seaways, Inc. (“INSW”), a Marshall Islands corporation, and its wholly owned subsidiaries. Unless the context indicates otherwise, references to “INSW”, the “Company”, “we”, “us” or “our”, refer to International Seaways, Inc. and its subsidiaries. As of June 30, 2022, the Company’s operating fleet consisted of 75 wholly-owned, finance leased or bareboat chartered-in and time-chartered-in oceangoing vessels, engaged primarily in the transportation of crude oil and refined petroleum products in the International Flag trade through its wholly owned subsidiaries. In addition to its operating fleet, three dual-fuel LNG-powered VLCC newbuilds are scheduled for delivery to the Company in the first quarter of 2023, bringing the total operating and newbuild fleet to 78 vessels as of June 30, 2022.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by generally accepted accounting principles in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results have been included. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.

The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles in the United States for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

All intercompany balances and transactions within INSW have been eliminated. Investments in 50% or less owned affiliated companies, in which INSW exercises significant influence, are accounted for by the equity method.

Note 2 — Merger Transaction:

Completion of Merger Transaction

On July 16, 2021 (the “Effective Time”), pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) dated as of March 30, 2021, by and among INSW, Diamond S Shipping Inc., a Republic of the Marshall Islands corporation (“Diamond S”), and Dispatch Transaction Sub, Inc., a Republic of the Marshall Islands corporation and wholly-owned subsidiary of INSW (“Merger Sub”), Merger Sub merged with and into Diamond S (the “Merger”), with Diamond S surviving such merger as a wholly owned subsidiary of INSW. Immediately following the Effective Time, the Company contributed all of the outstanding stock of Diamond S to International Seaways Operating Corporation, a direct wholly-owned subsidiary of the Company.

At the Effective Time, each common share of Diamond S (the “Diamond S Common Shares”) issued and outstanding immediately prior to the Effective Time (excluding Diamond S Common Shares owned by Diamond S, the Company, Merger Sub or any of their respective direct or indirect wholly-owned subsidiaries) was cancelled in exchange for the right to receive 0.55375 of a share of common stock of the Company (the “INSW Common Stock”) and cash payable in respect of fractional shares. The aforementioned 0.55375 exchange ratio set forth in the Merger Agreement resulted in the issuance of 22,536,647 shares of INSW Common Stock, with the pre-Merger INSW shareholders and the former Diamond S shareholders owning approximately 55.75% and 44.25%, respectively, of the 50,674,393 issued and outstanding common stock of the Company immediately following the Effective Time.

As provided for under the terms of the Merger Agreement, on July 15, 2021, prior to the Effective Time, INSW paid a special dividend to its shareholders of record as of July 14, 2021 in an aggregate amount equal to $31.5 million ($1.12 per share).

6

INTERNATIONAL SEAWAYS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Note 3 — Significant Accounting Policies:

For a description of all of the Company’s material accounting policies, see Note 2, “Summary of Significant Accounting Policies,” to the Company’s consolidated financial statements as of and for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K. The following is a summary of any changes or updates to the Company’s critical accounting policies for the current period:

Cash, cash equivalents and restricted cash Interest-bearing deposits that are highly liquid investments and have a maturity of three months or less when purchased are included in cash and cash equivalents. Restricted cash of $1.1 million as of June 30, 2022 and December 31, 2021 represents legally restricted cash relating to the Company’s Macquarie Credit Facility (See Note 10, “Debt”). Such facilities stipulate that cash accounts be maintained which are limited in their use to pay expenses related to drydocking the vessels and servicing the debt facilities.

Concentration of Credit Risk 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:

(Dollars in thousands)

Allowance for Credit Losses -
Voyage Receivables

Balance at December 31, 2021

$

31

Provision for expected credit losses

37

Balance at June 30, 2022

$

68

During the three and six months ended June 30, 2022 and 2021, 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 97% and 93% of consolidated voyage receivables at June 30, 2022 and December 31, 2021, respectively.

Deferred finance charges Finance charges, excluding original issue discount, incurred in the arrangement and/or amendments resulting in the modification of debt are deferred and amortized to interest expense on either an effective interest method or straight-line basis over the term of the related debt. Unamortized deferred finance charges of $7.3 million relating to the $750 Million Facility Revolving Loan and BoComm Lease Financing as of June 30, 2022 and $3.7 million relating to the $390 Million Facility Revolving Loan and BoComm Lease Financing (See Note 10, “Debt”) as of December 31, 2021, respectively, are included in other assets in the accompanying condensed consolidated balance sheets. Unamortized deferred financing charges of $15.9 million and $9.9 million relating to the Company’s outstanding debt facilities as of June 30, 2022 and December 31, 2021, respectively, are included in long-term debt in the accompanying condensed consolidated balance sheets. Interest expense relating to the amortization of deferred financing charges amounted to $