International Seaways Inc.
05/07/2026 | Press release | Distributed by Public on 05/07/2026 06:17
Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements. Such forward-looking statements represent the Company's reasonable expectation with respect to future events or circumstances based on various factors and are subject to various risks and uncertainties and assumptions relating to the Company's operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors, many of which are beyond the control of the Company, that could cause the Company's actual results to differ materially from those indicated in these statements. Undue reliance should not be placed on any forward-looking statements and consideration should be given to the following factors when reviewing any such statement. Such factors include, but are not limited to:
| ● | the highly cyclical nature of INSW's industry; |
| ● | fluctuations in the market value of vessels; |
| ● | declines in charter rates, including spot charter rates or other market deterioration; |
| ● | an increase in the supply of vessels without a commensurate increase in demand; |
| ● | the impact of adverse weather and natural disasters; |
| ● | the adequacy of INSW's insurance to cover its losses, including in connection with maritime accidents or spill events; |
| ● | constraints on capital availability; |
| ● | changing economic, political and governmental conditions in the United States and/or abroad and general conditions in the oil and natural gas industry; |
| ● | the effect of an increase in trade protectionism, including tariffs, and potential fees on vessels entering U.S. ports that were constructed in China or are owned or operated by a Chinese entity, and potential fees on vessels entering Chinese ports that were not constructed in China and that are owned or operated by a U.S. controlled entity; |
| ● | the impact of changes in fuel prices; |
| ● | acts of piracy on ocean-going vessels; |
| ● | terrorist attacks and seizures and active international hostilities and instability, including attacks against merchant vessels in the Arabian Gulf and Strait of Hormuz by Iran, and in the Red Sea and the Gulf of Aden by Iran-backed Houthi militants based in Yemen, as well as hostilities involving Iran, the United States and Israel; |
| ● | the war between Russia and Ukraine; |
| ● | the impact of public health threats and outbreaks of other highly communicable diseases; |
| ● | the effect of the Company's indebtedness on its ability to finance operations, pursue desirable business opportunities and successfully run its business in the future; |
| ● | an event occurs that causes the rights issued under the Second Amended and Restated Rights Agreement adopted by the Company on April 9, 2026 to become exercisable; |
| ● | the Company's ability to generate sufficient cash to service its indebtedness and to comply with debt covenants; |
| ● | the Company's ability to make capital expenditures to expand the number of vessels in its fleet, and to maintain all of its vessels and to comply with existing and new regulatory standards; |
| ● | the availability and cost of third-party service providers for technical and commercial management of the Company's fleet; |
| ● | the Company's ability to renew its time charters when they expire or to enter into new time charters; |
| ● | termination or change in the nature of the Company's relationship with any of the commercial pools in which it participates and the ability of such commercial pools to pursue a profitable chartering strategy; |
| ● | competition within the Company's industry and INSW's ability to compete effectively for charters with companies with greater resources; |
| ● | the loss of a large customer or significant business relationship; |
| ● | the Company's ability to realize benefits from its past acquisitions or acquisitions or other strategic transactions it may make in the future; |
| ● | increasing operating costs and capital expenses as the Company's vessels age, including increases due to limited shipbuilder warranties or the consolidation of suppliers; |
| ● | the Company's ability to replace its operating leases on favorable terms, or at all; |
INTERNATIONAL SEAWAYS, INC.
| ● | changes in credit risk with respect to the Company's counterparties on contracts; |
| ● | the failure of contract counterparties to meet their obligations; |
| ● | the compliance by shipyards that are constructing the Company's newbuild vessels with their obligations under the shipbuilding contracts; |
| ● | the Company's ability to attract, retain and motivate key employees; |
| ● | work stoppages or other labor disruptions by employees of INSW or other companies in related industries; |
| ● | unexpected drydock costs; |
| ● | the potential for technological innovation to reduce the value of the Company's vessels and charter income derived therefrom; |
| ● | the impact of an interruption in or failure of the Company's information technology and communication systems upon the Company's ability to operate; |
| ● | seasonal variations in INSW's revenues; |
| ● | government requisition of the Company's vessels during a period of war or emergency; |
| ● | the Company's compliance with complex laws, regulations and in particular, environmental laws and regulations, including those relating to ballast water treatment and the emission of greenhouse gases and air contaminants, including from marine engines; |
| ● | legal, regulatory or market measures to address climate change, including proposals to restrict emissions of greenhouse gases ("GHGs") and other sustainability initiatives; |
| ● | increasing scrutiny and changing expectations from investors, lenders, and other market participants with respect to our sustainability and governance policies; |
| ● | any non-compliance with the U.S. Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery or corruption; |
| ● | the impact of litigation, government inquiries and investigations; |
| ● | governmental claims against the Company; |
| ● | the arrest of INSW's vessels by maritime claimants; |
| ● | changes in laws, including governing tax laws, treaties or regulations, including those relating to environmental and security matters; |
| ● | changes in worldwide trading conditions, including the impact of tariffs, trade sanctions, boycotts and other restrictions on trade; and |
| ● | pending and future tax law changes may result in significant additional taxes to INSW. |
The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements in this Quarterly Report on Form 10-Q and written and oral forward-looking statements attributable to the Company or its representatives after the date of this Quarterly Report on Form 10-Q are qualified in their entirety by the cautionary statement contained in this paragraph and in other reports hereafter filed by the Company with the Securities and Exchange Commission.
INTRODUCTION
This Management's Discussion and Analysis, which should be read in conjunction with our accompanying condensed consolidated financial statements and notes thereto, provides a discussion and analysis of our business, current developments, financial condition, cash flows and results of operations as of March 31, 2026 and for the three months ended March 31, 2026 and 2025. It is organized as follows:
| ● | General. This section provides a general description of our business, which we believe is important in understanding the results of our operations, financial condition and potential future trends. |
| ● | Operations & Oil Tanker Markets. This section provides an overview of industry operations and dynamics that have an impact on the Company's financial position and results of operations. |
INTERNATIONAL SEAWAYS, INC.
| ● | Critical Accounting Estimates and Policies. This section identifies any updates to those accounting policies that are considered important to our results of operations and financial condition, require significant judgment and involve significant management estimates. |
| ● | Results from Vessel Operations. This section provides an analysis of our results of operations presented on a business segment basis. In addition, a brief description of significant transactions and other items that affect the comparability of the results is provided, if applicable. |
| ● | Liquidity and Sources of Capital. This section provides an analysis of our cash flows, outstanding debt and commitments. Included in the analysis of our outstanding debt is a discussion of the amount of financial capacity available to fund our ongoing operations and future commitments as well as a discussion of the Company's planned and/or already executed capital allocation activities. |
| ● | Risk Management. This section provides a general overview of how the interest rate, currency and fuel price volatility risks are managed by the Company. |
This Quarterly Report on Form 10-Q includes industry data and forecasts that we have prepared based, in part, on information obtained from industry publications and surveys. Third-party industry publications, surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable. In addition, certain statements regarding our market position in this report are based on information derived from internal market studies and research reports. Unless we state otherwise, statements about the Company's relative competitive position in this report are based on our management's beliefs, internal studies and management's knowledge of industry trends.
General:
We are a provider of ocean transportation services for crude oil and refined petroleum products. We operate our vessels in the International Flag market. Our business includes two reportable segments: Crude Tankers and Product Carriers. For the three months ended March 31, 2026 and 2025, we derived 58% and 47%, respectively, of our time charter equivalent ("TCE") revenues from our Crude Tankers segment. Revenues from our Product Carriers segment constituted the balance of our TCE revenues in the 2026 and 2025 periods.
As of March 31, 2026, the Company's operating fleet consisted of 64 wholly-owned or lease financed and time chartered-in vessels aggregating 7.6 million deadweight tons ("dwt"). In addition to our operating fleet of 64 vessels, three LR1 newbuilds are scheduled for delivery to the Company between the second and third quarters of 2026, bringing the total operating and newbuild fleet to 67 vessels. Our fleet includes VLCC, Suezmax and Aframax crude tankers and LR2, LR1 and MR product carriers. In addition to the Company's operating fleet, Tankers International Suezmax Limited ("TISL"), a variable interest entity that is consolidated by the Company, has one Suezmax tanker time chartered-in from a third-party under its pool participation agreement as of March 31, 2026. See Note 8, "Variable Interest Entities ("VIEs")" to the accompanying condensed consolidated financial statements for additional information on consolidated and unconsolidated VIEs.
The Company's revenues are highly sensitive to (i) patterns of supply and demand for vessels of the size and design configurations owned and operated by the Company and the trades in which those vessels operate and (ii) the Company's vessel employment strategy.
Rates for the transportation of crude oil and refined petroleum products from which the Company earns a substantial majority of its revenues are determined by market forces such as the supply and demand for oil, the distance that cargoes must be transported, and the number of vessels expected to be available at the time such cargoes need to be transported. The demand for oil shipments is significantly affected by the state of the global economy, levels of U.S. domestic and international production and OPEC exports. The number of vessels available to transport cargo is affected by newbuilding deliveries and by the removal of existing vessels from service, principally through storage, recycling or conversions.
INTERNATIONAL SEAWAYS, INC.
The outbreak of war in the Middle East between Iran and the U.S. and Israel in late February 2026, and the seizures and attacks on vessels travelling through the Red Sea, the Gulf of Aden and the Arabian Gulf, and the effective closure of the Strait of Hormuz, have caused supply disruptions in the oil and gas markets and significant volatility in energy prices and spot charter hire rates. The sharp increase in oil prices and concerns that the supply of crude oil and petroleum products may be significantly constrained for some period of time has led a number of countries to impose export restrictions on certain oil and petroleum products. Also, while charter rates for crude tankers and product carriers initially increased and remain high following the disruption to shipping in the Middle East areas noted above, it is unlikely that the charter rates will remain at these historically high levels. We also expect the voyage expenses of the commercial pools in which we participate to be high in the near-term due to high bunker costs and being subject to additional war risks insurance premiums when the pool's vessels transit through or call to any ports or areas or the waters of any country bordering the Arabian Gulf or the Red Sea. To date, these geopolitical developments have not had a material adverse effect on INSW's operations, financial condition, results of operations or cash flow. The extent of any future impact will depend on how the situation develops, including any continued disruption in the Strait of Hormuz and its effect on global energy markets, including the restoration, and timing thereof, of damage to the existing energy infrastructure.
The Company's revenues are also affected by its vessel employment strategy, which seeks to achieve the optimal mix of spot (voyage charter) and long-term (time or bareboat charter) charters. Because shipping revenues and voyage expenses are significantly affected by the mix between voyage charters and time charters, the Company measures the performance of its fleet of vessels based on TCE revenues. Management makes economic decisions based on anticipated TCE rates and evaluates financial performance based on TCE rates achieved.
Our revenues are derived primarily from spot market voyage charters and our vessels are predominantly employed in the spot market via market-leading commercial pools. We derived approximately 82% of our total TCE revenues in the spot market for the three months ended March 31, 2026, compared with 81% for the three months ended March 31, 2025. The future minimum revenues, before reduction for brokerage commissions, expected to be received on non-cancelable time charters for three VLCCs, three Suezmaxes, one Aframax, one LR2, and six MRs, as of March 31, 2026 are as follows:
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|
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|
(Dollars in millions) |
|
Amount(1) |
|
|
2026 |
|
$ |
77.6 |
|
2027 |
|
|
54.1 |
|
2028 |
|
|
48.8 |
|
2029 |
|
|
35.0 |
|
2030 |
|
|
7.1 |
|
Future minimum revenues |
|
$ |
222.6 |
| (1) | Future minimum contracted revenues do not include the Company's share of time charters entered into by the pools in which it participates or profit-sharing above the base rate on the newbuild dual-fuel LNG VLCCs. In arriving at the minimum future charter revenues, an estimated time off-hire to perform periodic maintenance on each vessel has been deducted, although there is no assurance that such estimate will be reflective of the actual off-hire in the future. |
INTERNATIONAL SEAWAYS, INC.
Operations and Oil Tanker Markets:
The International Energy Agency ("IEA") estimates global oil consumption for the first quarter of 2026 at 103.4 million barrels per day ("b/d"), up 0.5% from the same quarter in 2025. The estimate for global oil consumption for 2026 is 104.3 million b/d, unchanged from 2025 levels. OECD demand in 2026 is estimated to decrease by 0.4% to 45.7 million b/d, while non-OECD demand is estimated to increase by 0.2% to 58.6 million b/d.
Global oil production in the first quarter of 2026 was 102.8 million b/d, an increase of 0.1 million b/d from the first quarter of 2025, but sharply down from 107.5 million b/d in the fourth quarter of 2025 due to effects related to the closure of the Strait of Hormuz. OPEC crude oil production averaged 25.9 million b/d in the first quarter of 2025, a decrease of 2.6 million b/d from the fourth quarter of 2025, and a decrease of 0.9 million b/d from the first quarter of 2025. Non-OPEC production increased by 1.2 million b/d to 71.6 million b/d in the first quarter of 2026 compared with the first quarter of 2025. Oil production in the U.S. of 13.2 million b/d in the first quarter of 2026 decreased by 4.5% from the fourth quarter of 2025 but increased by 0.8% from the first quarter of 2025.
U.S. refinery throughput increased by 0.6 million b/d to 16.6 million b/d in the first quarter of 2026 compared with the fourth quarter of 2025.
U.S. crude oil imports in the first quarter of 2026 decreased by 2.7% to 6.5 million b/d compared with the first quarter of 2025, with imports from OPEC countries decreasing by 0.1 million b/d and imports from non-OPEC countries decreasing by 0.1 million b/d. China's crude oil imports in March were 11.8 million b/d, down 2.8% year-over-year. The full impact of the closure of the Strait of Hormuz won't be seen until the April figures are released, since much of the March imports were already in transit and out of the Arabian Gulf at the time of the closure.
OECD commercial crude inventories in the first quarter of 2026 increased by 4.0%, or 53 million barrels, compared with the fourth quarter of 2025. OECD commercial product inventories in the first quarter of 2026 increased by 2.6%, or 37 million barrels, compared with the fourth quarter of 2025. Inventory levels are expected to decrease during the second quarter of 2026 as the full impact of the closure of the Strait of Hormuz on exports from the Middle East Gulf sets in.
During the first quarter of 2026, the tanker fleet of vessels over 10,000 dwt increased, net of vessels recycled, by 9.2 million dwt. The crude fleet increased by 6.7 million dwt, with VLCCs, Suezmaxes and Aframaxes increasing by 3.1 million dwt, 1.3 million dwt and 2.3 million dwt, respectively. The product carrier fleet increased by 2.5 million dwt, with LR1s increasing by 0.5 million dwt and MRs increasing by 2.0 million dwt. Year-over-year, the size of the tanker fleet increased by 20.7 million dwt with the increases of 3.7
INTERNATIONAL SEAWAYS, INC.
million dwt, 4.1 million dwt, 6.3 million dwt, 0.5 million dwt and 6.1 million dwt in the VLCCs, Suezmax, Aframax, LR1 and MR fleets, respectively.
During the first quarter of 2026, the tanker orderbook increased by 22.5 million dwt from the fourth quarter of 2025. The crude tanker orderbook increased by 23.9 million dwt. The VLCC and Suezmax orderbooks increased by 19.9 million dwt and 5.2 million dwt, respectively, and the Aframax orderbook decreased by 1.1 million dwt. The product carrier orderbook decreased by 1.4 million dwt, with the LR1 orderbook decreasing by 0.6 million dwt and the MR orderbook decreasing by 0.8 million dwt. Year-over-year, the total tanker orderbook increased by 47.0 million dwt, with increases in VLCC and Suezmaxes of 38.5 million dwt and 11.8 million dwt, respectively. The LR1, Aframax and MR orderbooks decreased by 0.6 million dwt, 0.7 million dwt and 1.9 million dwt, respectively.
Tanker rates were very strong in the first quarter of 2026 compared with the fourth quarter of 2025. January and February saw stronger rates across the board compared with the fourth quarter. March, however, saw a significant increase in rates due primarily to the war among the U.S., Israel and Iran. As conditions normalize, while it is unlikely rates seen in March 2026 are sustainable, we would expect tanker markets to benefit from the rebalancing of trade flows and the replenishment of inventories.
Update on Critical Accounting Estimates and Policies:
The Company's condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require the Company to make estimates in the application of its accounting policies based on the best assumptions, judgments and opinions of management. For a description of all of the Company's material accounting policies, see Note 2, "Summary of Significant Accounting Policies," to the Company's consolidated financial statements as of and for the year ended December 31, 2025 included in the Company's Annual Report on Form 10-K. See Note 3, "Significant Accounting Policies," to the accompanying condensed consolidated financial statements for any changes or updates to the Company's critical accounting policies for the current period.
Results from Vessel Operations:
During the first quarter of 2026, income from vessel operations increased by $229.4 million to $288.6 million from $59.2 million in the first quarter of 2025. Such increase resulted principally from significantly higher TCE revenues, a $78.2 million increase in gains from vessel sales, and decreased general and administrative and vessel expenses in the current quarter.
TCE revenues in the first quarter of 2026 increased by $138.9 million, or 78%, to $317.2 million from $178.3 million in the first quarter of 2025. This increase reflects (i) an aggregate $157.0 million rates-based increase resulting from higher average daily rates earned across the Company's fleet sectors, partially offset by (ii) a $14.8 million days-based reduction in the MR sector, which reflects the Company selling several of the older vessels in its fleet, as detailed below in the "Product Carriers" discussion.
See Note 5, "Business and Segment Reporting," to the accompanying condensed consolidated financial statements for additional information on the Company's segments, including reconciliations of (i) time charter equivalent revenues to shipping revenues and (ii) adjusted income from vessel operations for the segments to net income, as reported in the condensed consolidated statements of operations.
INTERNATIONAL SEAWAYS, INC.
Crude Tankers
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Three Months Ended March 31, |
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(Dollars in thousands, except daily rate amounts) |
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2026 |
|
|
2025 |
|
TCE revenues |
|
$ |
184,276 |
|
$ |
84,629 |
|
Vessel expenses |
|
|
(30,396) |
|
|
(28,418) |
|
Charter hire expenses |
|
|
(4,495) |
|
|
(2,836) |
|
Depreciation and amortization |
|
|
(19,975) |
|
|
(18,702) |
|
Adjusted income from vessel operations (a) |
|
$ |
129,410 |
|
$ |
34,673 |
|
Average daily TCE rate |
|
$ |
72,811 |
|
$ |
34,528 |
|
Average number of owned vessels (b) |
|
|
25.5 |
|
|
19.5 |
|
Average number of vessels chartered-in |
|
|
3.1 |
|
|
8.9 |
|
Number of revenue days (c) |
|
|
2,531 |
|
|
2,451 |
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Number of ship-operating days: (d) |
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|
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Owned vessels |
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|
2,297 |
|
|
1,770 |
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Vessels bareboat chartered-in under leases (e) |
|
|
270 |
|
|
810 |
|
Vessels time chartered-in under operating leases (f) |
|
|
5 |
|
|
- |
|
Vessels spot chartered-in under leases (g) |
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|
4 |
|
|
- |
| (a) | Adjusted income from vessel operations by segment is before other operating income, general and administrative expenses, other operating expenses and gain on disposal of vessels and other property, net. |
| (b) | The average is calculated to reflect the addition and disposal of vessels during the period. |
| (c) | Revenue days represent ship-operating days less days that vessels were not available for employment due to repairs, drydock or lay-up. Revenue days are weighted to reflect the Company's interest in chartered-in vessels. |
| (d) | Ship-operating days represent calendar days. |
| (e) | Represents VLCCs that secured lease financing arrangements during the periods presented. In November 2025 the Company purchased six of the nine VLCCs that it had been bareboat chartering-in. |
| (f) | Represents third-party vessels time chartered-in by TISL under its variable rate pool participation agreement. |
| (g) | Represents vessels spot chartered-in by the Company's Crude Tankers Lightering business for full service lightering jobs. |
INTERNATIONAL SEAWAYS, INC.
The following table provides a breakdown of TCE rates achieved for the three months ended March 31, 2026 and 2025, between spot and fixed earnings and the related revenue days. The information in this table is based, in part, on information provided by the commercial pools in which the segment's vessels participate and excludes commercial pool fees/commissions averaging approximately $1,699 and $1,112 per day for the three months ended March 31, 2026 and 2025, respectively, as well as activity in the Crude Tankers Lightering business and revenue and revenue days for which recoveries were recorded by the Company under its loss of hire insurance policies. The fixed earnings rates in the table are net of broker/address commissions.
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2026 |
|
2025 |
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Spot Earnings |
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Fixed Earnings |
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Spot Earnings |
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Fixed Earnings |
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Three Months Ended March 31, |
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VLCC(1): |
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Average rate |
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$ |
86,693 |
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$ |
128,264 |
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$ |
33,531 |
|
$ |
37,974 |
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Revenue days |
|
|
693 |
|
|
265 |
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|
657 |
|
|
270 |
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Suezmax: |
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Average rate |
|
$ |
68,027 |
|
$ |
36,964 |
|
$ |
30,911 |
|
$ |
29,170 |
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Revenue days |
|
|
979 |
|
|
184 |
|
|
1,088 |
|
|
78 |
|
Aframax: |
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|
|
|
|
|
|
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Average rate |
|
$ |
51,379 |
|
$ |
38,511 |
|
$ |
25,422 |
|
$ |
38,502 |
|
Revenue days |
|
|
266 |
|
|
90 |
|
|
270 |
|
|
89 |
| (1) | The average rate reported in the table above for VLCCs in the three months ended March 31, 2026 represents VLCCs less than 15 years of age. The average spot TCE rate earned by the Company's VLCCs on an overall basis during such period was $84,911. Additionally, during the first quarter of 2026, the Company paid a favorable positioning pool withdrawal fee to facilitate the early exit of one of its vessels from a commercial pool ahead of its sale. Such fee is excluded from the table above because the Company was reimbursed for this fee by the purchaser of the vessel. |
During the first quarter of 2026, TCE revenues for the Crude Tankers segment increased by $99.6 million, or 118%, to $184.3 million from $84.6 million in the first quarter of 2025. Such increase principally resulted from (i) an aggregate rates-based increase in the VLCC, Suezmax and Aframax sectors of $99.4 million which resulted from the very strong rate environment during the current quarter as described in the "Operations and Oil Tanker Markets" section above, and (ii) a $2.8 million days-based increase in the VLCC sector, which reflects 96 fewer off-hire days in the current period and the net impact of the Company's acquisition of a 2020-built VLCC in November 2025, partially offset by the sales of one 2010-built VLCC and one 2011-built VLCC during the first quarter of 2025 and one 2010-built VLCC and one 2012-built VLCC during the first quarter of 2026. Partially offsetting the TCE revenue increases described above was a $2.2 million decrease in the Crude Tankers Lightering business.
Vessel expenses increased by $2.0 million to $30.4 million in the first quarter of 2026 from $28.4 million in the first quarter of 2025. Such increase was driven principally by increased costs for repairs, lubricating oils and crew. Charter hire expenses increased by $1.7 million quarter-over-quarter primarily due to increased charter hire expense in the Crude Tankers Lightering business, which reflects incremental chartered-in Aframax days for a full-service job completed during the first quarter of 2026 and increased daily rates on a portion of its chartered-in workboat fleet. In addition, charter hire expense for the first quarter of 2026 included hire due to a third party participant of TISL, the Suezmax tankers pool formed in March 2026 (as described in Note 8, "Variable Interest Entities," to the accompanying condensed consolidated financial statements). Depreciation and amortization increased by $1.3 million to $20.0 million in the current quarter from $18.7 million in the first quarter of 2025, primarily as a result of increased drydock amortization, the timing of the sales of the VLCCs and the acquired VLCC noted above.
Excluding depreciation and amortization and general and administrative expenses, the operating loss for the Crude Tankers Lightering business was $0.3 million for the first quarter of 2026 compared with operating income of $2.8 million for the first quarter of 2025. The decrease reflects a decline in quarter-over-quarter activity levels, with 61 service support-only lightering jobs and one full-service lightering job being performed during the first quarter of 2026 compared with 85 service support-only lighterings during the first quarter of 2025.
INTERNATIONAL SEAWAYS, INC.
Product Carriers
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Three Months Ended March 31, |
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(Dollars in thousands, except daily rate amounts) |
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2026 |
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2025 |
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TCE revenues |
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$ |
132,969 |
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$ |
93,713 |
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Vessel expenses |
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|
(30,643) |
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|
(38,610) |
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Charter hire expenses |
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|
(3,201) |
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|
(6,309) |
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Depreciation and amortization |
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|
(20,592) |
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|
(21,003) |
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Adjusted income from vessel operations |
|
$ |
78,533 |
|
$ |
27,791 |
|
Average daily TCE rate |
|
$ |
39,131 |
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$ |
22,061 |
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Average number of owned vessels |
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|
34.1 |
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|
43.1 |
|
Average number of vessels chartered-in |
|
|
5.0 |
|
|
5.9 |
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Number of revenue days |
|
|
3,398 |
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|
4,248 |
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Number of ship-operating days: |
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|
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Owned vessels |
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|
3,071 |
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|
3,923 |
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Vessels bareboat chartered-in under leases (a) |
|
|
360 |
|
|
360 |
|
Vessels time chartered-in under leases |
|
|
90 |
|
|
180 |
| (a) | Represents MRs that secured lease financing arrangements during the periods presented. |
The following table provides a breakdown of TCE rates achieved for the three months ended March 31, 2026 and 2025, between spot and fixed earnings and the related revenue days. The information in this table is based, in part, on information provided by the commercial pools in which the segment's vessels participate and excludes commercial pool fees/commissions averaging approximately $814 and $767 per day for the three months ended March 31, 2026 and 2025, respectively, as well as revenue and revenue days for which recoveries were recorded by the Company under its loss of hire insurance policies. The fixed earnings rates in the table are net of broker/address commissions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2026 |
|
2025 |
||||||||
|
|
|
Spot Earnings |
|
Fixed Earnings |
|
Spot Earnings |
|
Fixed Earnings |
||||
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
LR2: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rate |
|
$ |
- |
|
$ |
39,509 |
|
$ |
- |
|
$ |
39,417 |
|
Revenue days |
|
|
- |
|
|
90 |
|
|
- |
|
|
90 |
|
LR1(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rate |
|
$ |
70,664 |
|
$ |
- |
|
$ |
27,367 |
|
$ |
- |
|
Revenue days |
|
|
507 |
|
|
- |
|
|
719 |
|
|
- |
|
MR(2): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rate |
|
$ |
37,224 |
|
$ |
22,037 |
|
$ |
21,408 |
|
$ |
21,782 |
|
Revenue days |
|
|
2,192 |
|
|
533 |
|
|
2,664 |
|
|
710 |
| (1) | In order to take advantage of market conditions and optimize economic performance, during the 2026 and 2025 periods, management employed all of the Company's LR1 product carriers, which operate in the Panamax International pool, exclusively in the transportation of crude oil cargoes. During the three months ended March 31, 2026, three LR1s were employed on transitional voyages in the spot market outside of their ordinary course operations in the Panamax International pool. Such transitional voyages are excluded from the table above. |
| (2) | During the three months ended March 31, 2025, one MR, which was acquired by the Company during the quarter, was employed on a transitional voyage in the spot market prior to joining the Norden MR Pool. Such transitional voyage is excluded from the table above. |
INTERNATIONAL SEAWAYS, INC.
During the first quarter of 2026, TCE revenues for the Product Carriers segment increased by $39.3 million, or 42%, to $133.0 million from $93.7 million in the first quarter of 2025. The increase in TCE revenues was primarily as a result of (i) an aggregate $57.6 million rates-based increase in the LR1 and MR sectors due to higher average daily blended rates earned in the current quarter. Such increase was partially offset by (ii) a $14.8 million days-based decrease in the MR sector, which reflects the net impact of the Company's sale of 13 MRs between June 2025 and March 2026, the acquisition of two MRs in January 2025 and 156 fewer off-hire days in the current quarter, and (iii) a $3.6 million days-based decrease in the LR1 sector, which resulted primarily from a 90-day quarter-over-quarter decrease in time chartered-in LR1 days, and 64 more off-hire days during the current quarter.
Vessel expenses decreased by $8.0 million to $30.6 million in the first quarter of 2026 from $38.6 million in the first quarter of 2025. Such decrease principally reflects the net sales of the MRs referenced above. Charter hire expenses decreased by $3.1 million to $3.2 million in the current quarter from $6.3 million in the first quarter of 2025, primarily as a result of the decrease in time chartered-in LR1s noted above. Depreciation and amortization decreased by $0.4 million to $20.6 million in the current quarter from $21.0 million in the prior year's quarter. Such decrease resulted primarily from the changes in the MR fleet described above, offset to a large extent by increased depreciation in the LR1 fleet. The increases in the LR1 fleet reflected the Company taking delivery of three dual-fuel ready LNG newbuild LR1s between September 2025 and March 2026, offset by the sale of two 2006-built LR1s in the third quarter of 2025.
Other Operating Income
Other operating income totaling $1.9 million during the first quarter of 2026 represents fees earned by the Company's wholly owned subsidiaries - Tankers (UK) Agencies Limited ("TUKA") and Tankers (UK) Suezmax Agencies Limited ("TUKSA") for commercial management services rendered to vessel owners participating in the VLCC and Suezmax tanker pools operated by Tankers International Limited ("TIL") and TISL, respectively. See Note 8, "Variable Interest Entities ("VIEs")," to the accompanying condensed consolidated financial statements for additional information on consolidated and unconsolidated VIEs.
General and Administrative Expenses
During the first quarter of 2026, general and administrative expenses decreased by $3.9 million to $9.3 million from $13.2 million in the first quarter of 2025. The primary driver for the quarter-over-quarter decrease was a $5.8 million decrease in legal fees, which in part reflected the recovery of $4.8 million in damages awarded to the Company by an arbitration tribunal in England in connection with a commercial dispute that arose in 2023. See Note 16, "Contingencies," to the accompanying condensed consolidated financial statements for additional information. Partially offsetting the decrease was an increase in compensation and benefits costs of $1.4 million, which was primarily driven by the consolidation of the operating expenses of TUKA and TUKSA. The costs incurred by TUKA and TUKSA are substantially recovered by the Company through pool management fees charged to TIL and TISL, as discussed in the "Other Operating Income" section above.
Other Operating Expenses
See Note 15, "Other Operating Expenses," to the accompanying condensed consolidated financial statements for additional information on these expenses.
Other Income
Other income of $2.6 million and $1.8 million for the three months ended March 31, 2026 and 2025, respectively, is primarily comprised of interest income earned on invested cash. The quarter-over-quarter increase in interest income reflects the impact of a higher average balance of invested cash during the three months ended March 31, 2026.
INTERNATIONAL SEAWAYS, INC.
Interest Expense
The components of interest expense are as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
||||
|
(Dollars in thousands) |
|
|
2026 |
|
|
2025 |
|
Interest before items shown below |
|
$ |
10,532 |
|
$ |
12,589 |
|
Interest cost on defined benefit pension obligation |
|
|
207 |
|
|
197 |
|
Impact of interest rate hedge derivatives |
|
|
(475) |
|
|
(596) |
|
Capitalized interest |
|
|
(1,305) |
|
|
(738) |
|
Interest expense |
|
$ |
8,959 |
|
$ |
11,452 |
Interest expense decreased during the first quarter of 2026 compared to the first quarter of 2025 as a result of (i) a reduction in the average outstanding principal balance under the Company's floating rate debt facilities, due to voluntary repayments of certain of such facilities, (ii) the repayment in full of the OCY Lease Financing in November 2025, and (iii) the decline of SOFR rates during the first quarter of 2026 compared to 2025. See Note 10, "Debt," in the accompanying condensed consolidated financial statements for further information on the Company's debt facilities.
Taxes
The Company believes it will qualify for an exemption from U.S. federal income taxes under Section 883 of the U.S. Internal Revenue Code of 1986, as amended (the "Code") and U.S. Treasury Department regulations for the 2026 calendar year, so long as less than 50 percent of the total value of the Company's stock is held by one or more shareholders who own 5% or more of the Company's stock for more than half of the days of 2026. There can be no assurance at this time that INSW will continue to qualify for the Section 883 exemption beyond calendar year 2026. Should the Company not qualify for the exemption in the future, INSW will be subject to U.S. federal income taxation of 4% of its U.S. source shipping income on a gross basis without the benefit of deductions. Shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the U.S. will be considered to be 50% derived from sources within the United States. Shipping income attributable to transportation that both begins and ends in the U.S. would be considered to be 100% derived from sources within the United States, but INSW does not and cannot engage in transportation that gives rise to such income, except pursuant to any applicable waiver given by the U.S. government.
All of the Company's vessel-owning subsidiaries and certain intermediate holding company subsidiaries are domiciled in Bermuda. The Bermuda Corporate Income Tax Act (the "Bermuda CIT Act") provides an exclusion for Qualifying International Shipping Income (as defined in the Bermuda CIT Act), provided that applicable economic substance requirements relating to strategic or commercial management in Bermuda are satisfied. In compliance with the Bermuda CIT Act and applicable economic substance requirements, the strategic management of the Company's international shipping income-generating subsidiaries and their intermediate parent holding companies is carried out from Bermuda. Based on the foregoing, the Company currently expects that its international shipping income will qualify for the Qualifying International Shipping Income exclusion under the Bermuda CIT Act. Under current Bermuda tax law, including the Bermuda CIT Act, Bermuda does not impose withholding taxes on distributions from the Company's Bermuda subsidiaries.
EBITDA and Adjusted EBITDA
EBITDA represents net income before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA are presented to provide investors with meaningful additional information that management uses to monitor ongoing operating results and evaluate trends over comparative periods. EBITDA and Adjusted EBITDA do not represent, and should not be considered a substitute for, net income or cash flows from operations determined in accordance with GAAP.
INTERNATIONAL SEAWAYS, INC.
EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results reported under GAAP. Some of the limitations are:
| ● | EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; |
| ● | EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and |
| ● | EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. |
While EBITDA and Adjusted EBITDA are frequently used by companies as a measure of operating results and performance, neither of those items as prepared by the Company is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation.
The following table reconciles net income, as reflected in the condensed consolidated statements of operations, to EBITDA and Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
||||
|
(Dollars in thousands) |
|
|
2026 |
|
|
2025 |
|
Net income |
|
$ |
286,143 |
|
$ |
49,565 |
|
Interest expense |
|
|
8,959 |
|
|
11,452 |
|
Depreciation and amortization |
|
|
40,567 |
|
|
39,705 |
|
EBITDA |
|
|
335,669 |
|
|
100,722 |
|
Gain on disposal of vessels and other assets, net |
|
|
(88,171) |
|
|
(10,021) |
|
Holding gain on previously held equity interest |
|
|
(3,919) |
|
|
- |
|
Adjusted EBITDA |
|
$ |
243,579 |
|
$ |
90,701 |
Liquidity and Sources of Capital:
Our business is capital intensive. Our ability to successfully implement our strategy is dependent on the continued availability of capital on attractive terms. In addition, our ability to successfully operate our business to meet near-term and long-term debt repayment obligations is dependent on maintaining sufficient liquidity.
Liquidity
As of March 31, 2026, we had total liquidity on a consolidated basis of $917.9 million comprised of $376.8 million of cash and short-term investments and $541.1 million of undrawn revolver capacity.
Working capital at March 31, 2026 and December 31, 2025 was $575.7 million and $268.2 million, respectively. Current assets are highly liquid, consisting principally of cash, interest-bearing deposits, and receivables. Current liabilities include current installments of long-term debt of $28.2 million and $25.8 million at March 31, 2026 and December 31, 2025, respectively.
The Company's cash and cash equivalents increased by $24.9 million during the three months ended March 31, 2026. The increase principally reflects the net impact of (i) $141.1 million of cash provided by operating activities; (ii) $222.8 million of proceeds from the disposal of vessels and other assets; (iii) $42.6 million of borrowings under the ECA Credit Facility; (iv) $185 million in net cash invested in short-term investments; (v) $71.0 million in other expenditures for vessels, vessel improvements and other property, of which $69.4 million was construction in progress payments; (vi) $4.5 million cash consideration paid for the purchase of equity method investment, net of cash acquired; (vii) $106.4 million of cash dividends paid to shareholders; and (viii) $6.3 million in regularly scheduled principal amortization of the Company's lease financing arrangements and ECA Credit Facility.
INTERNATIONAL SEAWAYS, INC.
Our cash and cash equivalents balances generally exceed Federal Deposit Insurance Corporation insured limits. We place our cash and cash equivalents in what we believe to be credit-worthy financial institutions. In addition, certain of our money market accounts invest in U.S. Treasury securities or other obligations issued or guaranteed by the U.S. government or its agencies, floating rate and variable demand notes of U.S. and foreign corporations, commercial paper rated in the highest category by Moody's Investor Services and Standard & Poor's, certificates of deposit and time deposits, asset-backed securities, and repurchase agreements.
As of March 31, 2026, we had total debt outstanding of $602.1 million (net of deferred financing costs of $12.4 million) and net debt to capital of 9.3%, compared with 16.5% at December 31, 2025.
Sources, Uses and Management of Capital
Focused on our business strategy goals, during 2026 to date, we have continued to (i) make substantial returns to shareholders and (ii) use incremental liquidity generated from operations and the proceeds from disposal of older tonnage at strong prices to enhance our balance sheet and liquidity position as well as invest in renewing and growing our fleet.
In addition to future operating cash flows, our other future sources of funds are proceeds from issuances of equity securities, additional borrowings as permitted under our loan agreements and proceeds from the opportunistic sales of our vessels. Our current uses of funds are to fund working capital requirements, maintain the quality of our vessels, purchase vessels, pay newbuilding construction costs, comply with international shipping standards and environmental laws and regulations, repay or repurchase our outstanding loan facilities, pay a regular quarterly cash dividend, and from time to time, repurchase shares of our common stock and pay supplemental cash dividends.
The following is a summary of the significant capital allocation and strategic fleet optimization activities we executed so far during 2026 and sources of capital we have at our disposal for future use as well as the Company's current commitments for future uses of capital:
Returns to Shareholders
On February 25, 2026, the Company's Board of Directors declared a regular quarterly cash dividend of $0.12 per share of common stock and a supplemental cash dividend of $2.03 per share of common stock. Both dividends totaling $106.4 million in the aggregate were paid on March 30, 2026 to stockholders of record as of March 20, 2026.
On May 6, 2026, the Company's Board of Directors declared a regular quarterly cash dividend of $0.12 per share of common stock and a supplemental dividend of $4.43 per share of common stock. Both dividends will be paid on June 26, 2026 to stockholders of record as of June 12, 2026.
Fleet Renewal and Growth
We executed the following fleet renewal and growth transactions:
| ● | Completed the sales and deliveries to buyers of one 2007-built MR, four 2008-built MRs, one 2010-built VLCC, and one 2012-built VLCC for net proceeds of $222.8 million. |
| ● | Acquired all of the outstanding capital stock of TUKA, a privately-held joint venture between the Company and CMB.Tech, which serves as the commercial manager for the VLCC pool company - TIL, for a total purchase consideration of $10.0 million (which includes the fair value of our previously held equity interest in TUKA). |
| ● | Took delivery in March 2026 and April 2026 of the third and fourth of six LR1 newbuildings under construction in Korea with K Shipbuilding Co., Ltd. The aggregate contract price for the six scrubber-fitted, dual-fuel ready LR1 vessels is approximately $359 million. As of March 31, 2026, the Company has approximately $121.7 million in remaining |
INTERNATIONAL SEAWAYS, INC.
| construction costs, of which approximately $115.6 million is expected to be drawn from the ECA Credit Facility in accordance with the delivery schedule. The remaining two LR1s are expected to be delivered in the third quarter of 2026. |
As of March 31, 2026, the Company has contractual commitments for the construction of three dual-fuel ready LR1s and the purchase and installation of various performance efficiency devices for the fleet. The Company's debt service commitments and aggregate purchase commitments for vessel construction and betterments as of March 31, 2026, are presented in the Aggregate Contractual Obligations Table below.
Outlook
Our strong balance sheet, as evidenced by a substantial level of liquidity, 25 unencumbered vessels as of March 31, 2026, and diversified financing sources with debt maturities spread out between 2030 and 2038, positions us to support our operations over the next twelve months as we continue to advance our vessel employment strategy, which seeks to achieve an optimal mix of spot (voyage charter) and long-term (time charter) charters. Our balance sheet strength and balanced fleet position us to continue pursuing our disciplined capital allocation strategy of fleet renewal, incremental debt reduction and returns to shareholders and pursue potential strategic opportunities that may arise within the diverse sectors in which we operate.
Aggregate Contractual Obligations
A summary of the Company's long-term contractual obligations as of March 31, 2026 follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beyond |
|
|
|
|
(Dollars in thousands) |
|
|
2026 |
|
|
2027 |
|
|
2028 |
|
|
2029 |
|
|
2030 |
|
|
2030 |
|
|
Total |
|
$500 Million Revolving Credit Facility(1) |
|
$ |
1,983 |
|
$ |
2,338 |
|
$ |
2,010 |
|
$ |
1,671 |
|
$ |
125 |
|
$ |
- |
|
$ |
8,127 |
|
$160 Million Revolving Credit Facility(1) |
|
|
669 |
|
|
811 |
|
|
730 |
|
|
161 |
|
|
- |
|
|
- |
|
|
2,371 |
|
ECA Credit Facility - floating rate(2) |
|
|
8,322 |
|
|
11,830 |
|
|
11,581 |
|
|
11,281 |
|
|
10,995 |
|
|
119,717 |
|
|
173,726 |
|
2030 Bonds - fixed rate |
|
|
8,906 |
|
|
17,812 |
|
|
17,812 |
|
|
17,813 |
|
|
267,813 |
|
|
- |
|
|
330,156 |
|
BoComm Lease Financing - fixed rate(3) |
|
|
17,902 |
|
|
23,761 |
|
|
23,827 |
|
|
23,762 |
|
|
142,272 |
|
|
- |
|
|
231,524 |
|
Toshin Lease Financing - fixed rate(3) |
|
|
1,620 |
|
|
2,151 |
|
|
2,223 |
|
|
2,052 |
|
|
2,052 |
|
|
2,829 |
|
|
12,927 |
|
Hyuga Lease Financing - fixed rate(3) |
|
|
1,674 |
|
|
2,232 |
|
|
2,160 |
|
|
2,160 |
|
|
2,256 |
|
|
2,000 |
|
|
12,482 |
|
Kaiyo Lease Financing - fixed rate(3) |
|
|
1,847 |
|
|
2,214 |
|
|
2,214 |
|
|
2,214 |
|
|
2,127 |
|
|
- |
|
|
10,616 |
|
Kaisha Lease Financing - fixed rate(3) |
|
|
1,663 |
|
|
2,214 |
|
|
2,214 |
|
|
2,214 |
|
|
2,287 |
|
|
- |
|
|
10,592 |
|
Operating lease obligations(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter-in |
|
|
925 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
925 |
|
Office space and vessel equipment |
|
|
977 |
|
|
1,328 |
|
|
1,155 |
|
|
1,077 |
|
|
1,077 |
|
|
2,602 |
|
|
8,216 |
|
Vessel and vessel betterment commitments(5) |
|
|
122,049 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
122,049 |
|
Total |
|
$ |
168,537 |
|
$ |
66,691 |
|
$ |
65,926 |
|
$ |
64,405 |
|
$ |
431,004 |
|
$ |
127,148 |
|
$ |
923,711 |
| (1) | Amounts shown include unused revolver capacity commitment fees. |
| (2) | Amounts shown include unused commitment fees and contractual interest obligations on $123.1 million of outstanding floating rate debt estimated based on the applicable margin for the ECA Credit Facility of 1.1% and the fixed rate stated in the interest rate swaps (assigned for hedge accounting purposes) of 2.84% through the swap maturity date of February 22, 2027 for $91.1 million; the effective three-month SOFR rate of 3.7% as of March 31, 2026 was used for the remaining outstanding principal under the ECA Credit Facility. |
| (3) | Amounts shown include contractual implicit interest obligations of the lease financing under the bareboat charters. |
| (4) | As of March 31, 2026, the Company had a charter-in commitment for one vessel on a lease that is accounted for as an operating lease. The full amounts due under office space leases are discounted and reflected on the Company's consolidated condensed balance sheet as lease liabilities with corresponding right of use asset balances. |
INTERNATIONAL SEAWAYS, INC.
| (5) | Represents the Company's commitments for the purchase and installation of various performance efficiency devices for the fleet, and the remaining commitments for the construction of three dual-fuel ready LR1s. |
Risk Management:
The Company is exposed to market risk from changes in interest rates, which could impact its results of operations and financial condition. The Company manages this exposure to market risk through its regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. To manage its interest rate risk exposure associated with changes in variable interest rate payments due on its credit facilities in a cost-effective manner, the Company, from time-to-time, enters into interest rate swap, collar or cap agreements, in which it agrees to exchange various combinations of fixed and variable interest rates based on agreed upon notional amounts or to receive payments if floating interest rates rise above a specified cap rate. The Company uses such derivative financial instruments as risk management tools and not for speculative or trading purposes. In addition, derivative financial instruments are entered into with a diversified group of major financial institutions in order to manage exposure to nonperformance on such instruments by the counterparties.
At March 31, 2026, there have been no material changes in the information disclosed in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations -Risk Management" and "- Interest Rate Sensitivity" set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
Available Information
The Company makes available free of charge through its internet website, www.intlseas.com, its Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the Securities and Exchange Commission.
The SEC maintains a web site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at https://www.sec.gov.
The Company also makes available on its website, its corporate governance guidelines, its Code of Business Conduct and Ethics, insider trading policy, anti-bribery and corruption policy, incentive compensation recoupment policy, and charters of the Audit Committee, the Human Resources and Compensation Committee, Sustainability and Safety Committee and the Corporate Governance and Risk Assessment Committee of the Board of Directors. The Company is required to disclose any amendment to a provision of its Code of Business Conduct and Ethics. The Company intends to use its website as a method of disseminating this disclosure, as permitted by applicable SEC rules. Any such disclosure will be posted to the Company website within four business days following the date of any such amendment. Neither our website nor the information contained on that site, or connected to that site, is incorporated by reference into this Quarterly Report on Form 10-Q.
INTERNATIONAL SEAWAYS, INC.
International Seaways Inc. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 07, 2026 at 12:17 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]