International Seaways, Inc. (INSW) Financial Statements (2024 and earlier)

Company Profile

Business Address 600 THIRD AVENUE
NEW YORK, NY 10016
State of Incorp.
Fiscal Year End December 31
Industry (SIC) 44 - Water Transportation (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments323,74497,883199,39089,67158,31360,027
Cash and cash equivalents243,74497,883199,39089,67158,31360,027
Short-term investments80,000     
Receivables302,358112,74747,84187,78399,86962,598
Inventory, net of allowances, customer advances and progress billings5312,1103,6013,8963,0663,270
Inventory5312,1103,6013,8963,0663,270
Derivative instruments and hedges, assets6,987   460 
Asset, held-for-sale, not part of disposal group      
Other undisclosed current assets8,99511,7596,0025,9945,9125,897
Total current assets:642,615224,499256,834187,344167,620131,792
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization 44,391   
Operating lease, right-of-use asset8,47123,16821,58833,718
Property, plant and equipment1,680,0101,802,8501,108,2141,292,5161,330,7951,104,727
Long-term investments and receivables36,414180,331141,924153,292268,322378,894
Long-term investments36,414180,331141,924153,292268,322378,894
Intangible assets, net (including goodwill)  842    
Intangible assets, net (excluding goodwill)  842    
Derivative instruments and hedges4,6621,2962,129 704 
Restricted cash and investments  1,05016,28760,57259,33110,579
Other noncurrent assets9,2207,7003,2292,9345,0562,856
Other undisclosed noncurrent assets189,551105,04436,33423,12516,77335,636
Total noncurrent assets:1,972,7192,122,2811,329,7051,566,1571,680,9811,532,692
TOTAL ASSETS:2,615,3342,346,7801,586,5391,753,5011,848,6011,664,484
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities 24,71522,99516,01214,8568,99112,077
Interest and dividends payable7,7235433705947703,437
Taxes payable53    
Employee-related liabilities9,9096,9196,2935,5854,5105,897
Accounts payable 1,8261,6072,6094,9881,164330
Accrued liabilities 5,25713,8736,7403,6892,5472,413
Deferred revenue 2,9623533,060272
Debt204,724178,71561,48383,30851,55524,063
Derivative instruments and hedges, liabilities  2,5394,1213,614707 
Customer advances and deposits450918
Other liabilities 9413,7861,2121,7252,6502,082
Other undisclosed current liabilities24,04726,22323,00810,70110,9178,095
Total current liabilities:257,389234,611108,896114,47675,27047,235
Noncurrent Liabilities
Long-term debt and lease obligation860,578938,792484,585608,698759,112528,874
Long-term debt, excluding current maturities860,578926,270474,332590,745759,112528,874
Liabilities, other than long-term debt9,6153,04521,0168,0344,3642,721
Other liabilities1,8752,28814,8611,4892,4422,721
Operating lease, liability7,74012,52210,25317,953
Derivative instruments and hedges, liabilities  7576,1556,5451,922 
Total noncurrent liabilities:870,193941,837505,601616,732763,476531,595
Total liabilities:1,127,5821,176,448614,497731,208838,746578,830
Equity
Equity, attributable to parent1,487,7521,169,748972,0421,022,2931,009,8551,085,654
Common stock1,502,2351,591,4461,280,5011,313,1781,309,2691,306,606
Accumulated other comprehensive income (loss)6,964(12,360)(32,613)(20,570)(29,929)(40,407)
Retained earnings (accumulated deficit)(21,447)(409,338)(275,846)(270,315)(269,485)(180,545)
Equity, attributable to noncontrolling interest  584    
Total equity:1,487,7521,170,332972,0421,022,2931,009,8551,085,654
TOTAL LIABILITIES AND EQUITY:2,615,3342,346,7801,586,5391,753,5011,848,6011,664,484

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues864,665272,546421,648366,184270,361290,101
Revenue, net93,155112,754
Cost of revenue(393,537)(358,642)(252,344)(253,405)(247,685)(247,023)
Gross profit:471,128(86,096)169,304112,77922,67643,078
Operating expenses(28,474)(26,041)(129,424)(57,611)(77,207)(151,306)
Operating income (loss):442,654(112,137)39,88055,168(54,531)(108,228)
Nonoperating income (expense)2,332(5,947)(12,817)(943)(3,715)676
Investment income, nonoperating     1,300676
Other nonoperating income (expense)2,332(5,947)(12,817)(943)(418) 
Interest and debt expense(57,721)(36,796)(36,712)(66,267)(60,231)(40,438)
Income (loss) from continuing operations before equity method investments, income taxes:387,265(154,880)(9,649)(12,042)(118,477)(147,990)
Income from equity method investments71421,8384,11911,21329,43248,966
Other undisclosed loss from continuing operations before income taxes      (7,020)
Income (loss) from continuing operations before income taxes:387,979(133,042)(5,530)(829)(89,045)(106,044)
Income tax expense (benefit)(88)(1,618)(1)(1)105(44)
Income (loss) from continuing operations:387,891(134,660)(5,531)(830)(88,940)(106,088)
Loss before gain (loss) on sale of properties:(134,660)(5,531)(830)(88,940)(106,088)
Net income (loss):387,891(134,660)(5,531)(830)(88,940)(106,088)
Net income attributable to noncontrolling interest  1,168    
Net income (loss) attributable to parent:387,891(133,492)(5,531)(830)(88,940)(106,088)
Other undisclosed net loss available to common stockholders, basic      
Net income (loss) available to common stockholders, diluted:387,891(133,492)(5,531)(830)(88,940)(106,088)

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income (loss):387,891(134,660)(5,531)(830)(88,940)(106,088)
Other comprehensive income (loss)19,32420,253(12,043)9,35910,47811,860
Comprehensive income (loss):407,215(114,407)(17,574)8,529(78,462)(94,228)
Comprehensive income, net of tax, attributable to noncontrolling interest  1,168    
Comprehensive income (loss), net of tax, attributable to parent:407,215(113,239)(17,574)8,529(78,462)(94,228)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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