国际海运公司2025年季度报告

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller INTERNATIONAL SEAWAYS,INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INTERNATIONAL SEAWAYS, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note1— Basis of Presentation: The accompanying unaudited condensed consolidated financial statements include the accounts of InternationalSeaways,Inc. (“INSW”), a Marshall Islands corporation, and its wholly owned subsidiaries. Unless the contextindicates 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 of The accompanying unaudited condensed consolidated financial statements have been prepared in accordance withgenerally accepted accounting principles for interim financial information and with the instructions to Form10-Qand Article10 of Regulation S-X. They do not include all of the information and notes required by generallyaccepted accounting principles in the United States. In the opinion of management, all adjustments (consisting of The condensed consolidated balance sheet as of December31, 2024 has been derived from the audited financialstatements at that date but does not include all of the information and notes required by generally acceptedaccounting principles in the United States for complete financial statements. For further information, refer to the All intercompany balances and transactions within INSW have been eliminated. Risks and Uncertainties 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, theCompany’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 Note 2 — Significant Accounting Policies: For a description of all of the Company’s material accounting policies, see Note2, “Summary of SignificantAccounting Policies,” to the Company’s consolidated financial statements as of and for theyear ended 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 (Dollars in thousands) The pools in which the Company participates accounted in aggregate for96% and98% of consolidated voyagereceivables at March 31, 2025 and December 31, 2024, respectively. Deferred finance charges—Finance charges, excluding original issue discount, incurred in the arrangement ofnew debt and/or amendments resulting in the modification of existing debt are deferred and amortized to interestexpense on either an effective interest method or straight-line basis over the term of the related debt. Unamortizeddeferred finance charges of $10.5million and $11.2million relating to the $500Million Revolving Credit Facilityand the $160Million Revolving Credit Facility (See Note 8, “Debt”) as of March 31, 2025 and December 31,2024, respectively, are included in other assets in the accompanying condensed consolidated balance sheets. Interest expense relating to the amortization of deferred financing charges amounted to $0.8million and $0.8million for the three months ended March 31, 2025 and 2024, respectively. Vessels construction in progress —Interest costs are capitalized to vessels during the period that vessels are underconstruction. Interest capitalized totaled $0.7million and $0.2million during the three months ended March 31, 2025 and2024, respectively. Recently Issued Accounting Standards— The Financial Accounting Standards Board (“FASB”) AccountingStandards Codification is the sole source of authoritative GAAP other than United States Securities and ExchangeCommission (“SEC”) issued rules and regulations that apply only to SEC registrants. The FASB issues In November 2024, the FASB issued ASU No. 2024-03,Disaggregation of Income Statement Expenses. Thisguidance will require additional disclosures and disaggregation of certain costs and expenses presented on theface of the income statement. The amendments are effective for annual reporting periods beginning afterDecember 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption Note3— Earnings per Common Share: Basic earnings per common share is computed by dividing earnings, after the deduction of dividends andundistributed earnings allocated to participating securities, by the