International Seaways Q3 2023 Earnings Call Transcript

Quartr
Provided by Quartr
November 7, 2023

There are 11 speakers on the call.

Operator

Hello, everyone, and welcome to the International Seaways Third Quarter 2023 Results Conference Call. I would now like to turn the conference over to our host, James Small, General Counsel and Chief Administrative Officer. Please go ahead.

Speaker 1

Thank you, Candice. Good morning, everyone, and welcome to International Seaways Earnings Call for the Q3 of 2023. Before we start, I'd like to begin by advising everyone with us on the call today following. During this call, management may make forward looking statements regarding the company call for the industry in which it operates. Those statements may address, without limitation, the following topics: outlooks for crude and product tanker markets Changes in trading patterns forecasts of world and regional economic activity and of the demand for and production of oil and other petroleum products The effects of ongoing conflicts around the globe, the company's strategy, our business prospects, expectations regarding revenues and expenses, call, including vessel, charter hire and G and A expenses estimated bookings, TCE rates and or capital expenditures during the Q4 of 2023, 2024 or in any other period projected scheduled dry dock and off hire days purchases and sales of vessels construction of newbuild vessels and other investments the company's consideration of strategic alternatives anticipated in recent financing transactions call.

Speaker 1

And any plans to issue dividends, the company's relationships with its stakeholders, the company's ability to achieve its financing and other objectives and other economic, political and regulatory developments globally. Any such forward looking statements take into account various assumptions made by management based on a number of factors, call, including management's experience, perception of historical trends, current conditions, expected and future developments and other factors that management believes are appropriate to consider in the circumstances. Forward looking statements are subject to risks, uncertainties and assumptions, call, many of which are beyond the company's control, which could cause actual results to differ materially from those implied or expressed by the statements. Factors, risks and uncertainties that could cause International Seaways' actual results to differ include those described in our annual report on Form 10 ks for 2022, Our quarterly reports on Form 10 Q for the 1st 3 quarters of 2023 and in other filings that we have made or in the future may make Now let me turn the call over to our President and Chief Executive Officer, Ms. Lois Abroad.

Speaker 2

Lois? Presentation.

Speaker 3

Thank you very much, James. Good morning, everyone. Thank you for joining International Seaways Earnings Call call for the Q3 of 2023. Following Slide 4 of the presentation, call, which you can find on the Investor Relations section of our website. International Seaways net income for the 3rd quarter Adjusted EBITDA was $151,000,000 for the quarter and over $800,000,000 in the last 12 months.

Speaker 3

Based on our strong results in the Q3 and the spot fixtures well above our breakeven level Thus far in the Q4, we declare a combined dividend of $1.25 per share. Following this dividend payment in December, actual last 12 months returns to shareholders call with our balanced capital allocation approach. Total liquidity at the end of the quarter was over $580,000,000 presentation, comprised of $215,000,000 in cash and an undrawn revolver capacity of over $365,000,000 We added $160,000,000 of revolver capacity. After executing this new credit facility during the quarter, this facility features presentation and a 5.5 year term, all of which are critical key outcomes for Seaways. We drew about $50,000,000 on the revolver during the quarter, which has been repaid.

Speaker 3

The final results on our major senior credit facility Allowed us to repay $100,000,000 We now have a total undrawn revolving capacity call of over $400,000,000 and 30 unencumbered ships. Our fortress balance sheet highlights the success of our balanced capital allocation strategy over time. We have acquired assets. These assets are on the books for 2,000,000,000 Where the value of the fleet today is nearly $3,300,000,000 Our net loan to value is 19%. Our cash breakeven for the next 12 months is under $15,000 today.

Speaker 3

Presentation. This is an exceptionally low level and a key differentiator for International Seaways. This includes about $3,700 per day of our fixed contracted revenue That in aggregate amounts to over $344,000,000 call through to the Q1 of 2026. These 4 ships are designed to be scrubber fitted press release and they are certified as dual fuel ready. The aggregate price is $231,000,000 for the 4 vessels.

Speaker 3

Upon delivery, these ships will trade in our niche Panamax International Joint Venture, Turning to Slide 5. We've updated our standard set of bullets on tanker demand drivers

Speaker 4

press release. With the subtle green up arrow next

Speaker 3

to the bullet represented as positive for tankers and the black dash representing neutral impacts call. Pulling some highlights. Oil demand increased in 2023 press release. On average, about 2,000,000 barrels per day over 2022 and is projected call to increase another 1,500,000 barrels per day in 2024. Scheduled growth in oil supply is about 1,500,000 barrels per day over the next 2 years, A relevant question for the tanker space is when will OPEC decide to turn some of the pumps back on press release and increased production.

Speaker 3

We believe this will bring positive sentiment and lift average time charter equivalents. On the flip side, during the duration with OPEC keeping production at bay, a presentation. As the chart on the lower right shows, current levels of commercial inventory press release. Previously, key events caused big builds and draws press release events and have included the average of 2019 2022 separately press release. As these two periods match better with the oil demand, the bottom line is that inventories are historically low, presentation, especially when combining commercial and strategic reserves.

Speaker 3

Before moving on from this slide, There are a number of outstanding geopolitical events that are sadly affecting our current tanker environment. Over the last few years over the last few months, the price cap imposed on the Russian oil has been effectively priced out due to rising crude oil costs from OPEC plus production cuts. We have seen an impact on the tanker market press release. As many ships in the Great fleet migrate into the commercial fleet, an upside over time presentation of Venezuelan crude oil. Moving to Slide 6.

Speaker 3

The supply side continues to be compelling. This component is very strong for Tanger Fundamentals. On the lower left hand chart, potential candidates in the next few years that will be at the very least removed from intensive commercial trading, On the lower right hand chart, the limited replacement of the fleet over the next few years is expected to increase the average press release. 15% of the tanker fleet today is over 18 years press release. And by 2027, we anticipate that figure to double to 30%.

Speaker 3

And the average age of the fleet, call. We believe that in order to meet growing demand call. In the next few years, that ships over 15 years old will need to stay in service beyond the next few years press release. The candidate pool for recycling presentation. Overall, we expect a great run for tankers over the next few years.

Speaker 3

Regional imbalances of oil should continue to increase the need for tankers as the growth in oil production At KeyWaves, we will continue to capture the strength of the tanker market today presentation and tomorrow. With our balanced capital allocation approach, we continue to utilize all possible levers I'm now going to turn it over to our CFO, Jeff Prebord,

Speaker 2

Looking at Slide 8, on the upper left, net income for the 2nd quarter was $98,000,000 or $1.99 per diluted share. On the upper right, you can see adjusted EBITDA for the Q3 of call. 2020 was $151,000,000 In the appendix, we provided a reconciliation from reported to adjusted earnings. While our expense guidance for the Q3 mostly fell within the range of expectations, I'd just like to point out a few items of note within our income statement. Vessel expenses were a bit higher than expected with the largest variance due to some repairs and maintenance on one VLCC and some increased spend for crew training on the new dual fuel VLCCs.

Speaker 2

G and A expenses were also higher due to increased costs for legal and regulatory matters. On the revenue side, our lightering business had another strong quarter, earning about $11,000,000 in revenue With $2,000,000 in vessel expenses, dollars 3,000,000 in charter hire and $1,000,000 of G and A, the layering business contributed about Turning to our cash bridge on Slide 9. We began the quarter with total liquidity of $493,000,000 composed of $236,000,000 in cash, dollars 257,000,000 in undrawn revolving capacity. Following along the chart from left and right on the cash bridge, we first add $151,000,000 in adjusted EBITDA from the 2nd quarter, press release. Less $54,000,000 in debt service, composed of scheduled debt repayments and cash interest expense, less our call.

Speaker 2

A drydock and capital expenditures of about $15,000,000 in the quarter and a working capital benefit of about $22,000,000 This Our definition of free cash flow of about $104,000,000 for the 3rd quarter. The remaining bars moving to the right on the cash bridge So our capital allocation for the quarter. Incremental deleveraging reflects a net prepayment of $54,000,000 in connection with executing Our new revolving credit facility or RCCF as I'll call it for short. Dollars 104,000,000 was We paid on our $750,000,000 facility to transfer collateral vessels and $50,000,000 was drawn on the new facility. With $160,000,000 in overall capacity, we also added $110,000,000 in undrawn RCF capacity call as shown in the dotted line, cash bridge.

Speaker 2

Also in the quarter, we paid $61,000,000 in combined regular and supplemental dividends of $1.42 per share in September. These components then led us to ending liquidity of over $581,000,000 press release. As you see on the far right, with $214,000,000 in cash and short term investments and 367,000,000 press release. Moving now to Slide 10, We have a strong financial position as detailed by the balance sheet you see on the left hand side of the slide. Here are some key items.

Speaker 2

Cash remains strong at $214,000,000 Vessels on the books at cost are approximately 2,000,000,000 relative to the current market values of over 3,000,000 and with about $855,000,000 gross debt at September 30, You can see that we brought net loan to value below 20% to just about 19%, also illustrated in the bottom right hand chart of the page. In the upper right hand table, our pro form a debt balances as of November 1 reflect Our recent debt repayments of $71,000,000 comprised of $21,000,000 of the $750,000,000 facility and $50,000,000 pay down on the new RCF, which also increased our revolver capacity to 4.17. The new RCF which we executed during the Q3 was oversubscribed even as we increased the size of the overall facility. Now because 85% of our debt portfolio is hedged or fixed, our weighted average all in interest As we mentioned in our press release this morning, we expect to continue on this trajectory of a balanced capital allocation approach. We've already repaid $770,000,000 of debt in this quarter.

Speaker 2

We've also announced our combined dividend of $1.25 per share, Consisting of the regular dividend of $0.12 per share and a $1.13 of the supplemental dividend, call, which represents approximately 60% of net income in Q3. These payments will be made in the 4th quarter call as we continue to build our track record of executing our capital allocation strategy. As Lois mentioned earlier, Including this combined dividend, our total dividend yield for calendar 2023 would be approximately 16% based on average market cap year to date. On the last slide that I'll cover, Slide 11, reflects our forward looking guidance and booked to date time charter equivalent or TCE, call. Starting with TCE pictures for the Q4 of 2023, which I'll Remind you as I always do that the actual TCE on our next earnings call may be different than what you're seeing here.

Speaker 2

But we have a blended average of call. About $34,000 a day so far this quarter with the details provided on the upper left. On the right side of the slide, you can see our cash breakevens, which we've displayed for the next 12 months reflective of the delivery of the last vessel in our currently building program of the dual fuel VLCCs the press release and related payments on principal and interest as well as the new fixed revenues before any profit share on our increased long term time charters. Overall, we've reduced our breakevens by $3,700 per day. Let me just say that again, lower than by $3,000 a day call for the Q3 of last year.

Speaker 2

When you compare this to the breakeven to our fixtures achieved to date in the quarter, it certainly looks like International CUA has generated substantial cash flows during the Q4 again. On the bottom left hand chart for the modelers out There we provided some updated guidance for expenses in the Q4 and our estimates for 2024. Call. We also include in the appendix our quarterly expected off hire and CapEx schedule for 2023 2024. I don't intend to read each call.

Speaker 2

That concludes my remarks. So I'd now like to turn the call back to Lois

Speaker 3

call. All right. Thanks so much, Jeff. On Slide 13, we provide you with Seaways investment highlights, which I summarized briefly. International Seaways has built a consistent track record of returning to shareholders, maintaining a healthy balance sheet, supplemental dividends and opportunistic share repurchases.

Speaker 3

We've returned $316,000,000 in cash returns on earnings of $658,000,000 representing a nearly 17% yield. We've improved our balance sheet over the time with 75 vessels in the crude and product tanker market. We had $2,000,000,000 in assets on the books that are worth over $3,000,000,000 in the market today. Call. For sustained robust tanker market with a growing need for seaborne transportation created At KeyWay, our highest focus is always upon safe, call.

Speaker 3

We remain focused on being a leader in ESG. I want to thank everyone for joining us. And with that, operator, we'd like to open up the lines for questions.

Operator

So our first question comes from the line of Ben Nolan of Stifel. Your line is now open. Please go ahead.

Speaker 5

Great. Thank you. So really good quarter. I have just a couple of questions. First, just as I'm thinking About the Q4, once again, things like the LR1s look really good.

Speaker 5

However, the VLCC rates Book to date were a little bit lower than what I was thinking, and I appreciate that several of them have time charter contracts on them. But Can you maybe just talk through sort of how the dynamics for the Versus in the 4th quarter thus far?

Speaker 3

Well, I guess I'd say then that rates have definitely picked up and the team at Tankers International call. So, in booking, quite strong numbers for the remaining open days in the Q4. So, overall, we're pretty happy What it looks like, Darren, maybe.

Speaker 5

Okay. So just timing kind of a thing, I guess.

Speaker 2

Yes. Hey, Bambi. The other thing is take a look at our guidance is look at the percentage, it's actually Pretty low percentage of the Q4, which is every company is going to be a little different, but based on accounting and the particular voyages they're experiencing, but There's a lot of quarter left based on what we reported at this point.

Speaker 5

Sure. Yes. I appreciate that. And then I was going to ask, the MRs in particular did really well, which It's maybe a little surprising to me given that the average age is solidly in the teens at this point. I know you kind of continue to thin out that fleet a little bit, ones and twos here.

Speaker 5

But it call. It sounds like most of those assets are unencumbered. The older ones are unencumbered at this point. Seems like you're still doing really well with them. And I know there's always a preference to have a little bit newer assets, but I mean given the strength of the market here, How do you think about where you think the average useful life within International Seaways of those assets are?

Speaker 5

I mean, could you do you think it's Possible to sweat them out to 20 years or even longer or is that just not part of the DNA for you guys?

Speaker 3

Actually, we totally do think that that's part of our strategic plan there. And if you really look at the product part of our fleet and you think about what demand has been and how it has increased the press release. The product is at a higher ton mile demand level than it has on the crude and I think the crude to catch up, but the products are just really press release. So we feel like these MRs are just a complete strength for us. And we certainly see that They are trading very competitively in the market.

Speaker 3

We've maintained them very well and they have really strong potential.

Speaker 5

Okay. And then last for me, and I know it's just something that you don't like to and Probably can't talk to you. But with respect to the strategic investor kind of issues that have Been going on over the last, I don't know, year and a half or so. Just curious if there's any incremental dialogue or if things are relatively quiet

Speaker 3

press release. I guess what I would say is that we've been running and we'll continue to run a seaway for all of our shareholders, all of our stakeholders. We've been posting extremely strong performance and the returns that we've been able to deliver to all of our shareholders.

Speaker 5

Right. Well, there's no question about that. So, appreciate it. Thank you.

Speaker 3

Thank you.

Speaker 6

Thanks, Ben.

Operator

Thank you. Our next question comes from the line of Sherif

Speaker 7

Hey, good morning. Thanks for taking my question.

Speaker 3

Good morning.

Speaker 4

So

Speaker 7

during the quarter you fixed the 2,008 press release. You sold MR, then you sold another MR last month. And I think Ben's question touched on this, but looking at the fleet, There's still a handful of similar vessels or more than a handful. So I'm curious what kind of time charter opportunities you're seeing for these 13 to 15 year old MRs and given where asset press release. How do you balance that with the chance to recycle that capital elsewhere?

Speaker 3

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

Speaker 8

I think you've kind of teed it up for us on the answer. We're going to continue our prudent asset allocation, especially in the MR sector. So Because the rates have been so good on the MR side, we see increasing opportunities for charters. What we're looking for is multiyear charters for some of the shifts around the 2,008, 2,009 vintage. And like you said for us, we've prudently sort of pruned the fleet in terms of selling them slowly.

Speaker 8

But To your question and to Ben's question, we want to keep the exposure in that MR side because the rates have been so good for us and for our shareholders.

Speaker 7

All right. Thank you. And then Turning to the LNG newbuilds, the LR1s, will those be

Speaker 6

able to run on LNG as soon as

Speaker 7

they hit the water? Or is there some additional CapEx required to get them running On LNG. And then more broadly, just in terms of bunkering, how extensive do you expect for fueling LNG fueling capability to be by 2026, Considering LR1, for example, can call a more diverse set of ports than, say, the LCC.

Speaker 3

So I guess I would start with, we have at Sea Rays already on the water 3 fully dual fuel LNG vessels VLCCs that are using LNG On a common basis and it is definitely for sure that they have a lower need for multiple bunkering ports and that is going very well for us. The 3 LO1s are certified for classified for dual fuel Bill, our Chief Technical Officer, Bill, why don't you jump in a little bit and just share a little bit more on that?

Speaker 4

Sure, Lois. Thanks. Yes, those 4 LR1s will not be able to run an LNG from day 1, but will require CapEx Down the road, as we see the fuel markets, the regulatory standards, the customer Expectations all evolve over the next 5 plus years or so.

Operator

Thank you. Our next question comes from the line of

Speaker 9

Thank you, operator. Good morning, Lois and Jeff. Thanks call. Just turning to the current demand landscape, we of course see the continued ton mile demand expansion related to the dislocation of the Russian trade. Press release.

Speaker 9

Including any congestion issues, bottlenecking. I guess, in other words, are there any short lived or temporary factors impacting rates currently that could unwind in the next few months.

Speaker 3

Well, it's interesting. Press release. Short term factors, I don't know how short term, we're definitely seeing an impact with the reduced press draft at the Panama Canal and that's a true bottleneck out there in the market. I do think that will persist for a few months here and press conference call. It does impact the tanker trade because you're getting a lot of congestion there and that does drive a little bit of a longer ton mile situation.

Speaker 3

I would say that's something of a temporary factor. And definitely in Q4 from everything that we see, inventories are drying and this is a really strong demand signal,

Speaker 9

Turning to a little bit more esoteric question here on the balance sheet, Jeff, could you talk about the $75,000,000 of short term investments that sit there in terms of What those are, the duration, kind of how liquid are those investments and when they might be converted to cash?

Speaker 2

It's just our cash management. What we've been doing is instead of just overnight money market funds, which are yielding quite well, but we laddered out some of the investments into time deposits with typically our facility banks, our relationship banks and Per GAAP, if you go out a little bit, it just doesn't get to be listed as cash. It comes out of the short term investment, but it's a CD. So And our longest is 6 months. So it looks and quacks a lot like cash, but It's listed as a short term investment.

Speaker 2

So I think you can definitely see it as cash. Yes, go ahead, sir.

Speaker 9

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

Speaker 2

Well, sure. I mean, I think you've heard while we're describing we have a balance of cash presentation. And revolver, we think that's a good mix for security and optionality. But It's nice getting above 5% on our money market funds and then when you Stand out a little bit with CDs, we're lately moving at another 50 basis points or thereabout. So We actually have a lot of our cash is earning more than substantial part of the debt that we have that's here fixed or swaps.

Speaker 2

That's kind of a nice situation to be in. So we're certainly happy with that extra interest income we're making these days and The Treasury Department is working hard on that and we'll keep sweating those assets like we do the ships.

Speaker 9

Yes, makes sense. Last question for me is just turning back to the 4 LR1s. Can you talk a bit about the cadence Related to the installment payments for those 4 vessels?

Speaker 3

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

Speaker 2

Press conference call. Maybe we'll try to make sure we can they have an FDC way to explain that, but it's very typical back end loaded, where it's Not too much upfront. I'd say we probably only have the first two will require deposits maybe in the coming quarter. So for Here's our modeling. I think I'd go with that.

Speaker 2

And then we'll the rest will be Back end loaded and we'll the extent we can with confidentiality, we'll get more information on it. But pretty typical New build scheduled, but of the back end loaded variety.

Speaker 5

Got it.

Speaker 9

All right. Appreciate it. Thank you.

Operator

I would now like to open the line for Omar Nochtar of Jefferies.

Speaker 6

I had a couple of questions, but then maybe just perhaps just a quick follow-up to the last one from Chris About the LR1s, I did notice at least the way it reads on the balance sheet that perhaps there wasn't a deposit made on those 2 initial LR1s that were ordered last quarter. Is that right? Or were those sort of accounted for differently?

Speaker 3

No, no. You're correct, Omar. It's a very clever pickup there. We have received the refund guarantees and those are fully in place. And of course, that is the time at which you make your down call, so that will be made in the Q4.

Speaker 6

Okay, got it. Thanks, Lois. And then Just sort of maybe talking about the capital returns, you've obviously generated a good amount of cash flow consistently now for the past several quarters. You've been paying out supplemental dividends. And Jeff, in your comments, you talked about how the ratio is basically 60% Of quarterly earnings that looks to be a bit higher than the say $40,000,000 to maybe $50,000,000 in the past few quarters.

Speaker 6

Press release. I know, obviously, it's a Board decision, but just in general, as we kind of think about future payouts, obviously, subject to Strong numbers coming from International Seaways. But in general, is 60% like a new threshold we should think about When we consider what the potential supplemental business will be like in strong upcoming quarters.

Speaker 3

Please go ahead,

Speaker 2

Thanks, Lois. Hi, Omar. Yes, I would just review the press release. Our history to answer your question, our viewer history, we over the last four quarters really wanted to balance Incrementally deleveraging versus the scheduled amortization on the one hand to Lower our cost and lower our breakeven and give out a good dividend yield. And it typically is examined or analyzed or as you have by way of a payout ratio, but at its lowest And I both pointed out our remarks that it's added up to $6.29 pro form a for the last dividend for the calendar year.

Speaker 2

So It's been a good yield. But also to towards answering your question, with the debt paydowns that we Described from the last quarter's new facility and the payments already in Q4 And kind of where we are with a lot of this really what I call high quality debt that's at rates that are either fixed or swapped Lower than we're earning on our interest on our cash. It makes sense that We're sort of able to pay a little more in terms of payout ratio this quarter. Press release. And I think that that's kind of a situation or a healthy situation that we'll remain in.

Speaker 2

We've got a good amortization, Good healthy amount of amortization still there in our scheduled in our debt. So it will be naturally reducing call quite a bit during the course of 2024. So if the tanker market continues in the good press release. I think you should expect dividend payouts to continue like we are doing them now. I hope that's a response.

Speaker 6

Yes, that's very good. I was actually surprised you were willing to actually answer

Speaker 2

the

Speaker 6

I mean, clearly, the balance sheet has been much stronger shape and it just seems to continue to go in that direction. Maybe just one kind of final one, just regarding the new buildings. You have the 4 LR1s now. You have the niche Trade in South America where those trade and are expected to trade. Do you have options for more?

Speaker 6

Is there a potential more to add

Speaker 3

press release. Well, Omar, I think what's really important for us was that we felt that With this really strong base of cargo and relationship that we've built over the years that we wanted to have before as our foundational units. And then we consistently have had in charters and different

Speaker 6

Got it. Well, thank you, Lois, and thanks, Jeff. I'll turn it over.

Speaker 3

Thank you.

Speaker 6

Thanks, Alan.

Operator

Thank you. Our final question comes from the line of Liam Burke of B. Riley. Your line is now open. Please go ahead.

Speaker 10

For the Q4, your partial fixtures on the Suezmax are on a daily rate basis or outdistancing to the VLCCs. You mentioned earlier that the VLCCs have moved up off of those partial fixtures. But Are you seeing the same move with the Suezmaxes? And are they continuing to outdistance the VLCC rates?

Speaker 3

Yes. So what I would say is that you've seen the whole crude space pick up consistent with the last press 18 months, the middle part of the space, the Panamaxes, Aframaxes and the Suezmaxes that are kind of focused on Delivering into Europe, shorter haul crews have really been superstars and that continues. So we've seen the Suezmax pick up. Press release. They're still very strong, and the whole crude space moved up after really the first cyclicality we saw this summer

Speaker 10

And Jeff, you highlighted the $3,000 per day Which of that is financial related in terms of lower principal payments, interest, etcetera?

Speaker 2

Hi, Liam. It's mainly the latter. I think we gave guidance that we're Working hard to keep expenses in a good place, but it's but the achievements in terms of Lower freight units are primarily from reducing interest costs and debt and also reducing amortization on debt when you lower the principal amount that's due, the presentation goes down as well and the new revolving credit facility shifting more to that from term, it also press release. So it's primarily the balance sheet. Great.

Speaker 2

But also the time charters, as you can tell We were talking about breakevens on spot vessels, so it's also benefited from a commercial department putting on Incremental more time frame. So it's those 2 factors.

Speaker 10

Okay, great. Thank you, Lois. Thank you, Jeff.

Speaker 3

Thank you.

Operator

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

Speaker 3

Thank you, Candice. I just want to thank everyone for joining International Seaways. Press conference call. We're broadcasting here from Bahri Dubai International Tanker Week where we're press release. And we really appreciate your interest in International Seaways and wish everyone to stay well.

Speaker 3

Thank you very much.

Operator

Ladies and gentlemen, this concludes today's International Seaways Third Quarter 2023 Results Call.

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