International Seaways (INSW) 7 Nov 232023 Q3 Earnings call transcript

Hello, everyone, and welcome to the International Seaways Third Quarter 2020 Results Conference Call. [Operator Instructions] I would now like to turn the conference over to our host, James Small, General Counsel and Chief Administrative Officer. Please go ahead.

Thank you, Candice. Good morning, everyone, and welcome to International Seaways Earnings Call for the third quarter of 2023.

regarding like call by this operates. today may forward-looking I'd us everyone call, start, the make the or on the statements we to which advising begin with management industry Before in company it the following: During statements XXXX the products; of the the business expectations alternatives; the including vessels and with topics: world XXXX petroleum and anticipated the any economic and days; off-hire developments the the rates its its without to ongoing and outlooks changes globe, expenditures in demand limitation, tanker of production and regional of consideration regarding strategic investments; product G&A markets; and address, stakeholders, of expenses, ability and/or and economic, quarter during other and any in scheduled relationships of projected around other political financing the dividends, issue achieve and other drydock of new or TCE company's effects for trading company's conflicts and recent may of other for estimated Those hire construction strategy, regulatory prospects, following during vessels, crude company's and fourth period, other plans objectives; bookings, vessel the company's to build patterns; sales of purchases the globally. capital expenses; our oil financing and and charter revenues forecasts and transactions in activity and many materially uncertainties are statements to those risks, of the differ implied control, management to appropriate conditions, expected number Any historical expressed cause current perception factors, future actual experience, a assumptions are by certain developments, including company's of statements. forward-looking made management from based such take test.Forward-looking the and to could consider of which other on which believes or by in a results into statements various that account beyond subject trends, are factors and management's assumptions, our Seaways International other for include first we that our have Form that may could or future on described Factors, in report and the actual reports in cause annual X XXXX those XXXX, U.S. differ with XX-Q results risks make the and filings uncertainties quarterly for on to of XX-K quarters made the Form Commission. Exchange and Securities

let call President Lois Officer, Zabrocky. over the me Now Chief turn Executive our and to Lois? Ms.

Thank you very for Good call Thank of International the XXXX. earnings everyone. much, third quarter James. for you morning, Seaways joining

section million, above Based diluted Following million over well and declared International X Relations the the presentation, a quarter which EBITDA combined quarter the over can share, million. spot the for per Slide Adjusted XX dividend Seaways $XXX our of fixtures income you last even strong third months the roughly our the the of quarter, $X find level thus bringing cumulative in million break website. $XXX on per $XXX was to far in the almost XX of was on net and last share. for in earnings $XXX over our third months. Investor fourth results quarter the our $X.XX we

end million returns XX-month cap over on actual for a XX-plus have a million, XXX Seaways. shareholders payment as on continue over are of the $XXX of X.X-year to key in $X.XX amortization dividends a Following during this yield about share million term, combined repaid. average include to well critical this equating This senior margin undrawn strategy last results quarter. per dividend $XX in our buybacks, percent of $XXX balance SOFR which major $XXX on undrawn us capacity credit December, $XXX been the to market and balanced features sheet our to period.We now million. cumulative capital million, credit in an and will We as success during quarter, our million all million in million. comprised $XX final enhance which of repay We XX-year facility Total time. ships.Our XX $XXX over $XXX has quarter allocation capacity of balanced with profile, of of capital the our facility revolver highlights revolving allowed total sheet executing balance our this outcomes a the a over new revolver approach. million capacity after allocation added was fortress over and basis a the points liquidity revolver at We facility unencumbered The the of over $XXX during cash drew

where acquired today assets. have of billion. fleet the $X.X are nearly We assets the These book billion, is value $X for the on

net to Our is value loan XX%.

months break even low revenue This paves cash differentiator is that includes during the flow This cash of level Our any and in per [ excludes our day. Seaways. way sharing contracted free International per key time is It for ] enhanced over a exceptionally $X,XXX XX $XX,XXX million the fixed the for under $XXX about level day next profit even for aggregate XXXX. charters. break on amounts through expiry. charter This low to element applicable an

which We the XXXX X a X is the Upon trade first joint in The to million certified through last and delivery, aggregate the with half on newbuilding delivery International XX LRX day of quarter earned as second be to $XX,XXX $XXX vessels. scrubber for Panamax ready. fitted, newbuildings they now ships these exercised are average niche These dual designed venture, per scheduled has ships the of contracts. have months. LRX in We are XXXX. optional have over fuel would X beginning X in price

is means the demand bullet of for per tankers next average as some to about is positive is Slide neutral impact bullets the the to demand factor projected and positive X.X increase for a to on red arrow and increased Pulling million demand. over tanker down Oil drivers tanker in XXXX our per in day barrels dash and arrow barrels States, day X another representing the the from million tanker XXXX, black standard about A not oil highlights. next day Turning represented Guyana over X. in million X equivalents. We've barrels relevant coming growth United up set with settled the green years, updated X We on the each decides per the of space lift some XXXX. X.X back Scheduled years, the time of in production. supply this sentiment mostly increase Brazil. charter turn question the and average will pumps will when and to OPEC believe bring on is and for West positive

believe keeping drawing On production on the duration based fourth bay, side, we present tankers. we are with a longer-term during upon inventories the OPEC horizon flip which at demand benefits levels, in quarter the

X to commercial the XX-year events and high. average average draws included XXXX well current below the COVID these X-year these at the all inventories down. Previously, took As XXXX from us with caused look in XXXX inventory The are big builds lower combining separately historically chart when match key reserves. and shows, and low, It events We the on inventories that oil of way as strategic commercial and especially the are the right as of draw time since is bottom demand. have and better XXXX XXXX. level it periods predates line such

our this from current geopolitical outstanding are moving Before affecting that slide, of sadly are events on a tanker number environment. there

plus have effectively the cap Russian Over production out crude on the oil due last priced months, few imposed cuts. been the from rising oil to price OPEC costs

many fleet. fleet into oil. the have on an we on tanker shifts commercial as that the seen XXX,XXX is over loosening upside to the great migrate see of of market We barrels crude per An the day sanctions impact time Venezuelan

component compelling. supply Slide continues X. The This be Moving side is to tanker fundamentals. to strong for very

the pool increase over With candidate years demand next is do the great each I'm as class recycling we very to On few provide maintaining fleet few builds continue is years we is becoming market we to double future. to age run beyond few the from potential of need chart, for and not increase to emerging imbalances total oil turn and need we will approach, somewhat upon to now would chart, CFO, the existing the of the the intensive XX fleet. next of transition the next utilize years. high. We not continue the capture believe relative oil the to over capital multi-fuel about our candidates bars age largely graph, The a vessel demand And In that our over right-hand financial strength the the case, by order that markets at were review. be possible old. fleet, growth over balance to years old if meet years very Seaways, tanker that the limited that XX removed the be that that vessels shareholders, Overall, in Pribor, categorize order the years from tomorrow. levels this At to in XX Regional aligning company. then a which the service will XXXX, on trading, to healthy to in the by East. driven returning left-hand as leaset stay lower in the and to few fleet meet commercial the in to age the ships break oil years. need years the for fleets.On track to replacement XX%. of years. More figure the around we few a book on the And years of record today we the sheet coming levers marginalized replace of as next to XX we will growth it Jeff in specifically, older. lower today have by growing we continue production down fleet in our dark will or anticipate tanker next the our is expect the of West to the expected be balanced the order tankers all average for average growing going over the XX% allocation Jeff? seen to tankers for should

everyone. and good Lois, Thanks, morning,

left, income $X.XX per quarter Slide diluted million at share. the X, on $XX upper the Looking second net for or was

On see we the for the can of the adjusted appendix, you provided earnings. third XXXX reconciliation EBITDA quarter million. adjusted $XXX In upper reported from was to a right,

lightering income few statement. G&A the our expected repairs of for increased a like range within for I'd the for of to with revenue in with strong $X another dual also higher our were of to crew third than legal guidance VLCC. due the in note matters.On $XX the quarter, million fell expense million some quarter expenses, $X hire were increased million and mostly our in million revenue million VLCC of contributed about and regulatory quarter a had charter bit fuel expectations, on and $X business the Vessel costs year-to-date. While side, new has and largest earning variance training the $X due point third lightering X expenses the within in maintenance EBITDA on vessel $XX business in out about higher some items expenses EBITDA just G&A, million contributed spend to and

with on quarter composed cash Turning million $XXX $XXX the X. to revolving $XXX total undrawn began our bridge liquidity and of capacity. Slide in cash We million million, in of

million from composed undrawn flow $XXX interest our to the on liquidity collateral of facility cash and RCF the prepaid the comprises million line $XXX expense, quarter, with reflects remaining which we of our of call of short. million With chart and for $XX $XX executing shown quarter, about a drydock cash overall quarter. Incremental capacity adjusted with million I'll million in third benefit the or our in in and $XXX RCF deleveraging had This were to cash first it Million million capital bystanding as expenditures on on Facility debt capital in cash the and revolving see also in and capacity. $XXX million revolving then the million. added for along the definition Following about net quarter a repayments the paid dotted the the we less second cash and right over far $XXX for Also short-term in debt on you dividends in moving the prepayment million of working service, of we in These quarter.The capital million million of $X.XX on show bridge. RCF. in right bridge EBITDA $XX credit [indiscernible] to million bridge, in as our left allocation bars right per drawn as free connection $XXX undrawn investments combined $XX in for in regular was $XXX capacity, and less vessels $XX the scheduled new our $XXX million, $XXX transfer of cash share million supplemental September. about $XX components

to Slide XX. now Moving

position detailed see on by a strong and side the you of sheet slide. have the financial the We as balance left-hand

million at key over Here at about $X billion on items. Vessels values of to of of in some size RCF, relative $XX XX% are cost proforma debt X Cash debt are net of new oversubscribed to $XXX the also million, that as the books the see reflect which the executed on approximately $XXX September of $XX you capacity the billion. bottom debt page. the value XX, market brought increased the remained right-hand the overall XX%, loan pay even with below also And to balances illustrated strong gross $XXX. $X In at can facility chart just quarter comprised as million. $XXX was about current we November during The the revolver upper increased RCF, repayments million million down our which table, of of of facility. right-hand we third our our to million the and recent $XX we

of is because XX% fixed. our debt hedged Now or portfolio

is using interest rigs. X%, weighted bank rates about basis XX points margin which of rate above today's just borrowing a current sulfur effectively Our all-in benchmark average of

approximately represents net in executing with As our of income $X.XX share, allocation release a also be build and strategy. $XX to payments as dividend continue expect regular made approach. quarter a we which this mentioned on capital fourth this morning, per share in in We've record balanced per repaid million our this dividend, the $X.XX QX. in of trajectory already These we XX% dividend debt quarter. track will continue our supplement of of announced a $X.XX our capital We've of we combined of consisting allocation press to

which this be XX, average including break dividend already to-date our TCE would that calendar earlier, or Starting cover, aligned for Slide of quarter day that than actual you, do, here. I different earnings you're so cap approximately equivalent, $XX,XXX we mentioned yield slide loans. far pictures TCE for a average have cash as with seeing on based may the forward-looking our next on our quarter blended fourth I'll the booked the But XX% of we guidance the and dividend, year-to-date. last As what total details our XXXX I'll always remind a on with market this with call combined The charter left. XXXX, time reflects be about provided upper TCE, even

evens, we've of next side per break long-term you revenues our on break fixed we've the slide, Overall, and VLCCs on well the by right delivery the and the payments newbuilding the reflective time On can charters. before vessel program see as the current last related months, profit our any new for [indiscernible] cash the dual-fuel our of increased as reduced share of XX displayed $X,XXX which our evens day. of

by to them third fixtures quarter, of achieved our cash When you Seaways quarter it break our a compare during generate looks even last compare year. like International date again, this should say day that this just to -- fixtures of even lowered to-date again. break the me $X,XXX quarter certainly fourth the the substantial flows to Let from

for guidance XXXX. On the estimates for there, our the left-hand fourth bottom we modelers provided updated quarter and chart in expenses some for the out

That XXXX for also you We intend expected use 'XX. line, remarks. read our item modelling included appendix concludes my don't to instance. encourage schedule in but line off-hire these to and CapEx quarterly for and the for by each I

to comments. So turn her like Lois? back to I'd now closing for call Lois the

briefly. to healthy I'll Jeff. we Seaways' with On sheet, consistent investment much, a built the so you which a provide company. of Seaways has growing maintaining summarize Slide record while our highlights, track shareholders, Thanks right. returning International XX, All all balance

time Our total peers. is shareholder this over many XXX%, approaching surpassing return

of that returns and the improved the We've $XXX with and product worth quarterly on in debt time, dividends Over billion We over cash the XX market opportunistic supplemental through months, unencumbered balance $X earnings million million the a in vessels returned the in over XX% We've prepaid on last books in billion we've dividends, crude our $XXX ships. had in regular nearly $XXX representing are assets today. yield. sheet markets. tanker XX $X XX million, repurchases, and share

strategically Our focus key, upon joining cash is that for I a transparent for thank per that, in level We're for robust created with ESG. for a like break industry highest only lines $XX,XXX imbalances. even And focused will transportation day. up questions. become reliable an market tanker need our to with regional growing At positioned with is Seaways, remain at sustained regulations. seaborne transportation the being in always everyone a operator, us. environmental want we'd open more evolving leader on to We by

Nolan from Thank comes question the you, line Instructions]Our of of first Lois.[Operator Ben Stifel.

Great.

good a couple quarter. really of So a I just have questions.

the First, about things just quarter, look good. LRXs fourth the thinking once as I'm again, really like

the rates that than what talk far? time you I contracts sort appreciate just fourth of can them several thinking, the bit for I But and charter quarter a the the in lower However, of Vs them. through look was how VLCC to-date little thus maybe have dynamics on

picked looking in numbers Ben, up, quite Well, remaining for at guess open have the International I'd is strong say, and the rates I that Tankers the definitely team fourth quarter. days

what with like it on happy Vs. the pretty we're overall, So looks there

Okay.

I So thing, timing just a guess. kind of

on this look what Look on to experience, Every accounting there's based at low lot left the thing little guidance. percentage at a based but at to core going the different the is Ben, we pretty and company point. their of it's fourth a percentage, quarter. the other of voyages our is particular actually reported a be

I to ask, little which maybe did surprising average the then in solidly given kind here. that I teens sounds it I MRs, out unencumbered the a strength I do the at the still point. really - ones assets. to that. you you preference most average there's know seems twos always them. like to how was where here, given little a really point. is about It And mean, continue you're newer market with the think that in have like bit And of But well bit But Seaways or part of the to of are? little I you sweat a Yes. unencumbered this the a particular, me I ones years longer? going doing think know International to the and you possible at that appreciate within Sure. is mean, are assets XX is them you even well, just Or it's this assets those life to are useful of think for out DNA older of thin do fleet not those guys?

it about Actually, if what there. will demand how demand really products a up, crude. on it the you And do catch our are that's earning. part product plan at has of really been just higher crude think level totally has and increased fleet our look at that, has of product strategic And ton-mile you the think think the I and the the than part on we

and So competitively us. the are strong we We've market. a they we them are well, they trading feel maintained potential. in very for certainly strength see the And like just MRs have really very complete that

going to can't then And investor know kind years I you respect on the me, with don't last, talk something know, but to issues been last and don't that and the strategic so... have it's probably over like Okay. of just for or X.X I to, that

on any relatively front? or quiet there's things that if dialogue curious if are Just incremental

been really shareholders, that systematically I shareholders, performance very deliver our we'll we've stakeholders. the run what about to about say all International returns and been for we've guess to and shareholders. able engaging is I of feel running continue extremely our posting bringing we would good all our that with to strong been We've our Seaways of all of and

Well, that. about Right. there's no question

the question of Sherif comes next of Our from Elmaghrabi BTIG. line

similar fixed on last touched MR you than sold XXXX-built at a question MR the quarter, of But more still think you another the fleet, Ben's third handful or the looking then vessels month during this... I handful. there's a and So

to kind of how given what charter the do that asset you're with opportunities for capital recycle XX seeing these curious elsewhere? And I'm that XX-year-old time MRs? chance So prices are, where you to balance

very the just Officer really flip our then that, executing we strength say MR and are have it And operate I'll We strong been we've time Well, that do And to we additional it's with Chief we opportunistic, think you and enough very charters. at to a fleet we're again, comments Derek, second. International when any want prune I'll in carefully chime in there? lucky to feeling Derek, a mean, base I to Commercial Seaways have from. the in

for the Sure. question. Thanks, thanks Lois. Sherif,

allocation, in think answer. us I it kind of especially for up sector. MR continue We're teed prudent you've to on the the going our asset

rates the multiyear your So have What sort keep pruned the of that some But on slowly. prudently us like to and exposure increasing you said see our the for Ben's been have we we're so side in us, for XXXX-XXXX for question, selling question in we because to them want for good because opportunities charters for charters. shareholders. so is terms good fleet the and the of rates to side, MR been And looking around MR the vintage. for shifts the we've of

hit water? LRX. extensive And LNG newbuild, do is Or the expect CapEx capability right. LNG those sports you as there to soon just broadly, by LNG as then to how run them of the -- All on the LRXs, get more more they Will example, required of ports able some turning on VLCC? be call bunkering, diverse a considering than in can fueling XXXX, set additional then fueling terms for to And be LNG? the to running

I with... guess start would I So

Seaways The that fully definitely a on suitability is and need to basis and a fully and are and being fuel lower more water, Bill, count are you a sure little X going for for for in LNG ] a in that share our little the VLCCs see Technical jump that at bit well don't LNG, dual turn future. have LNG on vessels, is our them [ just us. dual to X multiple for, ports LRXs it we classified fuel common have Bill, for that already they We bunkering very that. to on Officer, Chief capable why for, certified bit using

X an to Sure, day will LNG X down not run LRXs CapEx able from be but require Lois. those Yes, will road. our Thanks. the

we fuel standards, regulatory expectations the markets, years evolve or see next As the the the all customer so. over X-plus

from question Robertson next of Deutsche Bank. of line Christopher Our comes the

other Jeff, course, turning to could ton-mile Lois and of maybe see just the less current related unwind that are market issues, could the any that's wondering the else, the few known short-lived effective factors or supply, rates if in dislocation demand in to I in landscape. Russian including expansion currently congestion temporary anything But any the guess touch next of bottlenecking... impacting the continued there trade. We, you demand on impacting months? words,

strong tanker definitely in drive congestion at appreciate which few situation. demand it we mean, are out a inventories and impact an Short-term a don't I the I a a bottleneck we're signal, that bit in reduced that that's really everything that tanker temporary a say how I I Well, persist getting think but factor. side. see of draft the little would of there, true definitely something drying the that's Canal, longer Panama and here do a this seeing on short-term, trade because for you're it's QX and know with months from we there interesting. the market. does a of impact factors, is does will and lot ton-mile the

sense. Yes, definitely. That makes

Jeff, $XX of there terms what to more when how a little those liquid sit converted of investments talk be the on of to kind are, you cash? balance to they investments might here Turning those the short-term that about question bit esoteric million could duration, in sheet, us the and are

typically, relationship It's our so And bit, in been it's deposits gap, a but cash. funds, be time into out of our the longest we've out we investments which go banks, management. is doing get banks. some the you investment, facility instead little comes with, doing money doesn't just if it our are cash per laddered market months. as just What [indiscernible] short-term out quite of just listed our It well, of X to overnight

a [Audio So listed Gap]cash, but it looks short-term as it's investment. and

how So should see cash. we it as

Yes. Definitely.

of I Just rates that wondering strategy those guess, the attractive? time interest kind the is are over ladder continued if, to while

heard moving Well, out revolver. [indiscernible] I above what optionality. described extend security then But for We as planned funds. when you a and a another getting [ balance mean cash think market that nice thereabouts. I sure. X% we've ] you've think and mix XX points on of at it's And that's good lately basis or

we have either more earning actually cash is that than debt as of swapped. part a have of our So the fixed lot or we substantial a

of So that's kind in. a be nice situation to

and assets and ships. So do is working department we're sort those sweating of like hard the the days, happy that, keep these on with we'll the extra making interest income treasury we're we

those for the LRXs. makes just talk to cadence related question Can the for that installment you bit a to turning Last about vessels? X Yes, me, X back sense. the payments

construction installment say backside what that are the of I the take the Yes, to that more would know and payments And vessel towards don't to Jeff? attractively weighted start, if you want cycle than delivery. to the that, just Jeff. I'll is say I move anything

very Maybe FD-safe ] sure make we'll but it's too back-end to it's typical upfront. way I'd where explain have loaded, say much to probably an that, have... only fine not to we [

quarter. will maybe coming The in the recquire X deposits first

on out variety. then more that. I'd information the but get that. the pretty will modeling, as back-end be I loaded And we rest expand when schedule, on of near-term go So with for But and newbuild much typical that we'll think to as back-end can loaded we

[Operator line Nokta Omar for Jefferies. would the now open Instructions]I like of to

I the on that balance X Is differently? sort right? last last there Lois wasn't were just those then Chris at quick accounted LRXs. the to that had reads made way of Or a it on from LRXs the did couple those one ordered notice, and initial sheet of were maybe the perhaps perhaps questions, quarter. Jeff, that just but a a deposit I least for follow-up about

correct, there. No, a Omar, clever very pickup you're

refund so We have would make fully down and And those payment embraced. the that is time that guarantees received the be your at are the which course, quarter. fourth in you of made

returns, Okay. several talking obviously the of a now about amount sort the just consistently of it. And past cash good quarters. capital for generated Got then you've flow maybe

but Jeff, a past the, it's in be And That You've been quarterly to comments, kind is decision, ratio about when quarters. a paying obviously, bit payouts, just supplemental in quarters? XX% strong think about XX% we I in we from supplemental than like should potential out know, dividends a few like is about of of upcoming how as you to think XX% higher talked threshold will earnings. dividends. maybe what the the Board strong your numbers basically in to be in general, consider XX% the but looks general, future subject coming Seaways, say, International obviously new we

go Jeff. ahead, Please

for last -- examined or by our yield. to year. as a remarks And up it the incrementally and the Thanks, Lois. pro pointed the really X ratio. But to lower added scheduled history... forma I as costs balance good wanted one you the To history: question the have versus as out we is low for last would just I the to dividend review and give $X.XX in of analyzed hand, review way dividend amortization typically deleveraging it's Over calendar our even, and payout our break our on our your quarters, answer or and lower out

interest our a payout scheduled It we're in more I And sense that question, a will healthy or a and of sort yield. of little with situation earning where either So paydowns with high-quality still really, on in that's situation a than our lower cash. the healthy also a call, described what the in we amortization, kind a are rates of that it's We've got amount new able the good or think that amortization terms of good in there remain. already that to good are ratio of last we're I pay quarter. makes lot at this QX But of debt. that's a facility that and the the answering we kind quarter's from debt at payments been your towards swapped debt fixed

be will reducing the it a course So quite during bit XXXX. naturally of

it tanker I the continues So that's response. continue we doing that you think is, good are market like I dividend math. payouts the to should a the place in expect hope if

have Yes, constructive. good. question. I actually was that's actually been the in stronger LRXs I good just final no, a newbuilding, the just to very we're No, mean, to and continue it now. kind willing of surprised that very regarding in that seems was much answer direction. good, and sheet X to you has very one balance go shape the Maybe one the clearly,

options You Or in America the more? have to X potential fleet are the niche there trade trade. is you newbuildings? South and those Is it trade that to have Do beyond just for you think? expected to where add this more

and built we that Omar, that pool really Well, I the have this what's optimize that. foundational for that that to consistently we in-charters think us we have then really over units. years the had was base cargo within in to for the and our we'll ways results, important do we've And to continue and with different wanted relationships felt strong of

Our of the Liam Riley. from B. of line Burke final question comes

quarter, your the basis outdistancing for on fixtures Suezmax your fourth Jeff, VLCCs. a on the rate partial of daily Lois,

fixtures. rates? the Suezmaxes? move seeing moved You outdistance the you those But are are the And mentioned same up to earlier of that continuing with partial have they VLCCs the off VLCC

Yes.

up the been really with on months, that the are have of and the the you've space: superstars XX what Suezmaxes and crude focused shorter-haul Europe, into continues. delivering Aframaxes So the is middle say the consistent that would of I seen pick kind last crews part the whole that space Panamaxes,

crude seen a Suezmax that's still pick we've long the and strong and whole very really moved the first up after cyclicality summer in space we saw this So up time. the

terms cash of principal is much that highlighted lower Jeff, savings vessel the of declining cost up in How how that And payments, much et is interest, per per $X,XXX per day vessel. you cetera? financial-related operating in of and

latter. It's mainly the

to And good more also think goes of as the breakevens in amortization well then the credit you in that amortization primarily principal. cost if due, when on facility I debt term and achievements down that reducing new debt - place, guys interest expenses shifting but we're it's the revolving does the reducing terms and also and gave to the working that. flow we from a it keep lower from hard are

balance primarily it's on time tell you can vessels. we the when as So chart were talking sheet. also even the But the chart about break on

from more also charters. time putting department benefited on it's So incrementally the commercial

So it's X those factors.

conference additional Zabrocky to at closing remarks. like this turn call over no questions the time, As waiting Lois to back there for I'd are

joining really very everyone International thank Bahri, your I here we Thank to we're and want in Thank wish International customers, just seeing Candice. we're well. Dubai stay to where for you, much. and International from Week, Seaways Tanker you and interest Seaways, broadcasting everyone appreciate

this International gentlemen, of Call. Seaways Ladies day. rest Have Results Third a great concludes XXXX Quarter and today's your

disconnect You your lines. may now