International Seaways Posts Q4 Loss On Impairment Charges - Quick Facts

(RTTNews) - International Seaways, Inc. (INSW) reported a net loss for the fourth quarter of 2016 of $57.8 million, or $1.98 per share, compared to net income of $37.6 million, or $1.29 per share in the fourth quarter of 2015. Adjusted EBITDA was $37.5 million for the quarter, a decrease of $33.5 million compared with the fourth quarter of 2015, driven by lower daily rates.

Operating loss for the quarter was $47.8 million, compared to operating income of $49.9 million for the fourth quarter of 2015. The company said the decrease reflects the impact of impairment charges of $60.1 million recorded in the current quarter, $5.6 million of separation and transition costs and the decline in TCE revenues.

Consolidated TCE revenues for the fourth quarter of 2016 were $82.2 million, a decrease of 31%, compared with the fourth quarter of 2015. Shipping revenues were $85.8 million, a decrease of $39.2 million compared with the fourth quarter of 2015.