国际海运公司2025年季度报告

reporting company”, and “emerging growth company” in Rule12b-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 Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒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 indicates otherwise, references to “INSW”, the “Company”, “we”, “us” or “our”, refer to InternationalSeaways,Inc. and its subsidiaries. As of March 31, 2025, the Company’s operating fleet consisted of78wholly- owned or lease financed and time chartered-in oceangoing vessels, engaged primarily in the transportation ofcrude oil and refined petroleum products in the International Flag trade through its wholly owned subsidiaries. Inaddition to our operating fleet,sixLR1 newbuilds are scheduled for delivery to the Company between the secondhalf of 2025 and third quarter of 2026, bringing the total operating and newbuild fleet to84vessels. normal recurring accruals) considered necessary for a fair presentation of the results have been included.Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that maybe expected for theyear ending December31, 2025.The condensed consolidated balance sheet as of December31, 2024 has been derived from the audited financial theyear ended December31, 2024.All intercompany balances and transactions within INSW have been eliminated. The unaudited condensed consolidated financial statements presented herein reflect estimates and assumptionsmade by management at March 31, 2025. These estimates and assumptions affect, among other things, the Company’s long-lived asset valuations; freight and other income tax contingencies; and the allowance forexpected credit losses and bad debt. Events and changes in circumstances arising after May 8, 2025, including those resulting from the impacts of macroeconomic volatility with respect to trade and tariffs, as well as theongoing international conflicts, will be reflected in management’s estimates and assumptions for future periods. December31, 2024 included in the Company’s Annual Report on Form10-K. The following is a summary of anychanges or updates to the Company’s critical accounting policies for the current period: Concentration of Credit Risk—The allowance for credit losses is recognized as an allowance or contra-asset andreflects our best estimate of probable losses inherent in the voyage receivables balance. Activity for allowance for comparable GAAP measure, because it assists Company management in making decisions regarding thedeployment and use of its vessels and in evaluating their financial performance.Reconciliations of total adjusted income from vessel operations of the segments to net income, as reported in the (Dollars in thousands) Total adjusted income from vessel operations of all segments$62,464$166,746General and administrative expenses(13,217)(12,098)Other operating expenses(95)(276)Gain on disposal of vessels and other assets, net10,02151 Interest expenseNet income Derivatives designated as hedging instruments: Total$1,594$291$326December 31, 2024:Derivatives designated as hedging instruments: The following tables present information with respect to gains and losses on derivative positions reflected in thecondensed consolidated statements of operations or in the condensed consolidated statements of comprehensiveincome.The effect of cash flow hedging relationships recognized in other comprehensive (loss)/income excludingamounts reclassified from accumulated other comprehensive income for the three months ended March 31, 2025 (Dollars in thousands)Derivatives designated as hedging instruments: Interest rate swaps$(181)$3,098Total other comprehensive (loss)/income$(181)$3,098 operations for the three months ended March 31, 2025 and 2024 follows: Three Months Ended March 31,(Dollars in thousands)20252024Derivatives designated as hedging instruments: See Note11, “Accumulated Other Comprehensive Loss,” for disclosures relating to the impact of derivative instruments on accumulated other comprehensive income/(loss). The following table presents the fair values, which are pre-tax, for assets and liabilities measured on a recurring (Dollars in thousands)March 31, 2025December 31,2024Fair Value LevelDerivative Assets (interest rate swaps)$2,211$3,334Level 2(1) approach. These valuation models take into account contract terms such as maturity, as well as other inputs such as interest rate yield curves and creditworthiness of the counterparty and the Company. enterprises with possible application from January 1, 2024 or later, depending on implementatio