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International Seaways Reports Third Quarter 2017 Results

NEW YORK, Nov 09, 2017 (BUSINESS WIRE) --

International Seaways, Inc. (NYSE:INSW) (the "Company" or "INSW"), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today reported results for the third quarter 2017.

Highlights

-- Net loss for the third quarter was $21.8 million, or $(0.75) per share, compared to net loss of $50.9 million, or $(1.74) per share, in the third quarter of 2016.

-- Time charter equivalent (TCE) revenues(A) for the third quarter were $56.5 million, compared to $77.2 million in the third quarter of 2016.

-- Adjusted EBITDA(B) for the third quarter was $15.8 million, compared to $37.1 million in the same period of 2016.

-- Cash was $73.4 million as of September 30, 2017; total liquidity was $123.4 million including $50 million undrawn revolver.

-- Repurchased 160,000 shares at an average price of $19.86 per share, for a total cost of $3.2 million.

-- Took delivery of two 2017-built Suezmax tanker newbuildings, the Seaways Hatteras and the Seaways Montauk, which commenced trading in a leading Suezmax pool.

-- Acquired a 2010-built VLCC, which delivered to the Company in November.

-- Sold a 2001-built MR, Overseas Petromar, which delivered to buyers in August 2017.

-- Entered into agreements to sell a 2004-built MR and a 2002-built MR, expected to close during November 2017 and the first quarter of 2018, respectively.

-- Commenced two five-year contracts for our FSO joint ventures, which are expected to generate in excess of $180 million of EBITDA for the Company over the five-year contract period.

"We have continued to benefit from our lean and scalable model with low breakevens in a challenging tanker market, while taking steps to further implement the Company's disciplined capital allocation strategy and maintain its solid contracted cashflows," said Lois K. Zabrocky, International Seaways' president and CEO. "During the quarter, we have capitalized on attractive asset values with the acquisition of two Suezmax tankers and a recent acquisition of a 2010-built VLCC. In addition to growing our diverse fleet, we took advantage of our strong balance sheet to return capital to shareholders during the quarter, as we opportunistically executed on our share repurchase program. Consistent with our focus on fleet growth and renewal, we also sold a 2001-built MR, which delivered to buyers during the quarter, and recently agreed to sell two additional MR tankers. We also commenced two five-year contracts for our FSO joint ventures during the quarter, which are expected to generate in excess of $180 million of EBITDA for the Company over the contract period."

A, B Reconciliations of these non-GAAP financial measures are included in the financial tables attached to this press release.

Ms. Zabrocky continued, "We are pleased with our initial progress growing and modernizing our fleet, which has enabled International Seaways to reduce the average age of its fleet and increase our size on a DWT basis. We remain in a strong financial position with the flexibility to pursue additional compelling growth opportunities as asset prices continue to be historically low. With our balanced fleet deployment and contracted cash flow from our joint ventures and fixed-rate charters, we also continue to maintain the ability to both optimize revenue through the current tanker cycle and benefit from a market recovery in both the product and crude tanker sectors."

Third Quarter 2017 Results

Net loss for the third quarter of 2017 was $21.8 million, or $(0.75) per diluted share, compared with net loss of $50.9 million, or $(1.74) per diluted share, in the third quarter of 2016. The net loss in the third quarter of 2017 reflects $7.3 million in vessel impairment charges and $1.2 million in debt modification fees, and a decline in TCE revenues compared with the third quarter of 2016. Net loss for the nine months ended September 30, 2017 was $15.4 million, or $(0.53) per diluted share, compared with net income of $39.5 million, or $1.36 per diluted share, for the nine months ended September 30, 2016.

Consolidated TCE revenues for the third quarter of 2017 were $56.5 million, compared to $77.2 million in the third quarter of 2016. Shipping revenues for the third quarter of 2017 were $60.0 million, compared to $80.8 million in the third quarter of 2016. Consolidated TCE revenues for the nine months ended September 30, 2017 were $209.9 million, compared to $302.8 million for last year's nine-month period. Shipping revenues for the nine months ended September 30, 2017 were $220.7 million, compared to $312.5 million in the prior year nine-month period.

Operating loss for the quarter was $11.0 million, compared to operating loss of $35.3 million for the third quarter of 2016. Operating income for the nine months ended September 30, 2017 was $20.2 million, compared to operating income of $70.5 million for the 2016 nine-month period.

Adjusted EBITDA was $15.8 million for the quarter, compared to $37.1 million in the third quarter of 2016, principally driven by lower daily rates. Adjusted EBITDA was $94.0 million for the 2017 nine-month period, compared to $184.5 million for the 2016 period.

Crude Tankers

TCE revenues for the Crude Tankers segment were $34.9 million for the quarter, compared to $50.2 million in the third quarter of 2016. This decrease resulted primarily from the impact of significantly lower average blended rates in the VLCC, Aframax and Panamax sectors, with spot rates declining to $16,200, $10,800 and $11,100 per day, respectively, aggregating approximately $14.1 million. The decline also reflects decreased revenue in the Crude Tankers Lightering business due to hurricane-related disruptions and lower full-service lightering margins and fewer revenue days in the Panamax and Aframax sectors, resulting from an increase in drydock days. The addition of the two 2017-built Suezmaxes, each of which delivered to the Company in July, partially offset the declines in revenue. Shipping revenues for the Crude Tankers segment were $38.3 million for the quarter, compared to $53.5 million in the third quarter of 2016. TCE revenues for the Crude Tankers segment were $136.7 million for the nine months ended September 30, 2017, compared to $204.1 million for the 2016 nine-month period. Shipping revenues for the Crude Tankers segment were $146.1 million for the nine months ended September 30, 2017, compared to $212.9 million in the 2016 nine-month period.

Product Carriers

TCE revenues for the Product Carriers segment were $21.6 million for the quarter, compared to $27.0 million in the third quarter of 2016. This decrease was primarily due to a decline in average daily blended rates earned by the MR, LR1 and LR2 fleets, with spot rates declining to $10,100, $11,100 and $12,000 per day, respectively. The decline in blended MR, LR1 and LR2 rates accounted for $5.0 million of the decline in TCE revenues. Shipping revenues for the Product Carriers segment were $21.7 million for the quarter, compared to $27.2 million in the third quarter of 2016. TCE revenues for the Product Carriers segment were $73.2 million for the nine months ended September 30, 2017, compared to $98.8 million for the 2016 nine-month period. Shipping revenues for the Product Carriers segment were $74.6 million for the 2017 nine-month period, compared to $99.6 million for the same period in 2016.

Share Repurchases

During the quarter, the Company repurchased and retired 160,000 shares of its common stock in open-market purchases at an average price of $19.86 per share, for a total cost of $3.2 million. The Company has $26.8 million remaining under its existing $30.0 million share repurchase plan, which was initiated in May 2017.

Suezmax Newbuilding Deliveries and VLCC Acquisition

During the quarter, the Company took delivery of the Seaways Hatteras and the Seaways Montauk, 159,000 DWT 2017-built Suezmax tanker newbuildings constructed at Hyundai Samho Heavy Industries shipyard. Both commenced trading in the Blue Fin Suezmax pool.

Subsequent to quarter's end, the Company entered into an agreement to acquire a 2010-built VLCC for $53 million. The vessel delivered to the Company in November and will commence trading in the Tankers International pool. International Seaways funded the vessel acquisition from available liquidity.

MR Vessel Sales

During the quarter, the Company sold a 2001-built MR, which was delivered to buyers in August 2017, and recognized a gain of $1.9 million. Subsequent to quarter's end, the Company entered into agreements for the sale of a 2004-built MR and a 2002-built MR, which are scheduled to be delivered to buyers during November 2017 and the first quarter of 2018, respectively.

Five-Year Contracts for FSO Joint Venture Commence

During the quarter, the previously announced five-year contracts for the Company's FSO joint ventures with Euronav NV commenced with North Oil Company (NOC), the new operator of the Al Shaheen oil field, off the coast of Qatar, whose shareholders are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited.

The new contracts, which are for the FSO Africa and FSO Asia, are expected to generate in excess of $360 million of EBITDA for the joint venture over their five-year terms. Based on International Seaways' 50% ownership in the joint venture, the five-year contracts are expected to generate in excess of $180 million of EBITDA for the Company.

Conference Call

The Company will host a conference call to discuss its third quarter 2017 results at 10:00 a.m. Eastern Time ("ET") on Thursday, November 9, 2017.

To access the call, participants should dial (855) 940-9471 for domestic callers and (412) 317-5211 for international callers. Please dial in ten minutes prior to the start of the call.

A live webcast of the conference call will be available from the Investor Relations section of the Company's website at http://www.intlseas.com/

An audio replay of the conference call will be available starting at 12:00 p.m. ET on Thursday, November 9, 2017 through 11:59 p.m. ET on Thursday, November 16, 2017 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10113875.

About International Seaways, Inc.

International Seaways, Inc. (NYSE:INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 57 vessels, including one ULCC, nine VLCCs, two Suezmaxes, eight Aframaxes/LR2s, 12 Panamaxes/LR1s and 19 MR tankers. Through joint ventures, it has ownership interests in four liquefied natural gas carriers and two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at www.intlseas.com.

Forward-Looking Statements

This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company's plans to issue dividends, its prospects, including statements regarding trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company's current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for the Company and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

                                                                                                                                                                                                                                                      
Consolidated Statements of Operations
                                                                                                                                                                                                                                                                                                                                                                                                                                   
($ in thousands, except per share amounts)                                                                                                                                         Three Months Ended                                                                                                                                                                             Nine Months Ended
                                                                                                                                                                                      September 30,                                                                                                                                           September 30,
                                                                                                                -------------------- --------------------------------------------------------------------------------------------------------------------------------------------        -------------------- -------------------- --------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                       2017               2016               2017               2016     
                                                                                                                -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------
                                                                                                                                                          (Unaudited)                                                                                    (Unaudited)                                                                                    (Unaudited)                                                                                    (Unaudited)
Shipping Revenues:
Pool revenues                                                                                                                                           $     37,798                                                                                   $     42,854                                                                                   $    129,910                                                                                   $    200,088
Time and bareboat charter revenues                                                                                                                            12,024                                                                                         24,012                                                                                         43,816                                                                                         74,355
Voyage charter revenues                                                                                                 10,146             13,905             46,949             38,066  
                                                                                                                -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------
     Total Shipping Revenues                                                                                            59,968             80,771            220,675            312,509  
                                                                                                                -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                   
Operating Expenses:
Voyage expenses                                                                                                                                                3,479                                                                                          3,605                                                                                         10,774                                                                                          9,679
Vessel expenses                                                                                                                                               37,095                                                                                         35,401                                                                                        106,196                                                                                        104,939
Charter hire expenses                                                                                                                                          9,958                                                                                          9,613                                                                                         32,345                                                                                         26,422
Depreciation and amortization                                                                                                                                 20,528                                                                                         20,376                                                                                         58,243                                                                                         60,482
General and administrative                                                                                                                                     6,603                                                                                          7,732                                                                                         18,143                                                                                         23,643
Third-party debt modification fees                                                                                                                             1,191                                                                                              -                                                                                          9,130                                                                                              -
Separation and transition costs                                                                                                                                 (543 )                                                                                        2,162                                                                                            488                                                                                          3,425
Loss on disposal of vessels and other property, including impairments                                                    5,406             49,640              5,406             49,469  
                                                                                                                -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------
Total operating expenses                                                                                                83,717            128,529            240,725            278,059  
                                                                                                                -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------
(Loss)/income from vessel operations                                                                                                                         (23,749 )                                                                                      (47,758 )                                                                                      (20,050 )                                                                                       34,450
Equity in income of affiliated companies                                                                                12,796             12,488             40,268             36,093  
                                                                                                                -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------
Operating (loss)/income                                                                                                                                      (10,953 )                                                                                      (35,270 )                                                                                       20,218                                                                                         70,543
Other income/(expense)                                                                                                     190             (2,244 )                              (6,484 )                              (1,003 )
                                                                                                                -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------
(Loss)/income before interest expense, reorganization items and                                                                                              (10,763 )                                                                                      (37,514 )                                                                                       13,734                                                                                         69,540
income taxes
Interest expense                                                                                                       (11,030 )                              (9,519 )                             (29,071 )                             (29,951 )
                                                                                                                -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------
(Loss)/income before reorganization items and income taxes                                                                                                   (21,793 )                                                                                      (47,033 )                                                                                      (15,337 )                                                                                       39,589
Reorganization items, net                                                                                                    -             (3,849 )                                   -                102  
                                                                                                                -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------
(Loss)/income before income taxes                                                                                                                            (21,793 )                                                                                      (50,882 )                                                                                      (15,337 )                                                                                       39,691
Income tax (provision)/benefit                                                                                             (23 )                                  20                (31 )                                (157 )
                                                                                                                -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- --------------------
Net (loss)/income                                                                                                                    $    (21,816 )                                                              $    (50,862 )                                                              $    (15,368 )                                                              $     39,534  
                                                                                                                ==================== ==================== ========== ====================                      ==================== ==================== ========== ====================                      ==================== ==================== ========== ====================                      ==================== ==================== ========== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                   
Weighted Average Number of Common Shares Outstanding:
     Basic                                                                                                                                                29,202,437                                                                                     29,157,387                                                                                     29,192,392                                                                                     29,157,387
     Diluted                                                                                                                                              29,202,437                                                                                     29,157,387                                                                                     29,192,392                                                                                     29,157,387
                                                                                                                                                                                                                                                                                                                                                                                                                                   
Per Share Amounts:
Basic and diluted net (loss)/income per share                                                                                        $      (0.75 )                                                                                 $      (1.74 )                                                                                 $      (0.53 )                                                                                 $       1.36
                                                                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                    
Consolidated Balance Sheets
($ in thousands)
                                                                                                                                                                                       
                                                                                                                              September 30,                                December 31,
                                                                                                                                       2017                     2016
                                                                                                           -------------------------------  -------------------- -------------------- --------------------
                                                                                                                                (Unaudited)                                                    (Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents                                                                                                           $73,390                                                        $92,001
Voyage receivables                                                                                                                   58,764                                                         66,918
Other receivables                                                                                                                     4,608                                                          5,302
Inventories                                                                                                                           1,659                                                          1,338
Prepaid expenses and other current assets                                                                          6,155                    5,350
                                                                                                           -------------------- ----------- -------------------- -------------------- --------------------
     Total Current Assets                                                                                                           144,576                                                        170,909
                                                                                                                                                                                       
Vessels and other property, less accumulated depreciation                                                                         1,161,767                                                      1,100,050
Deferred drydock expenditures, net                                                                                35,330                   30,557
                                                                                                           -------------------- ----------- -------------------- -------------------- --------------------
     Total Vessels, Deferred Drydock and Other Property                                                        1,197,097                1,130,607
                                                                                                           -------------------- ----------- -------------------- -------------------- --------------------
Investments in and advances to affiliated companies                                                                                 380,718                                                        358,681
Other assets                                                                                                       1,934                    2,324
                                                                                                           -------------------- ----------- -------------------- -------------------- --------------------
     Total Assets                                                                                             $1,724,325               $1,662,521
                                                                                                           ==================== =========== ==================== ==================== ====================
                                                                                                                                                                                       
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable, accrued expenses and other current liabilities                                                                    $24,210                                                        $38,237
Payable to OSG                                                                                                                          285                                                            683
Current installments of long-term debt                                                                            13,750                    6,183
                                                                                                           -------------------- ----------- -------------------- -------------------- --------------------
     Total Current Liabilities                                                                                                       38,245                                                         45,103
Long-term debt                                                                                                                      511,948                                                        433,468
Other liabilities                                                                                                  5,046                    4,438
                                                                                                           -------------------- ----------- -------------------- -------------------- --------------------
     Total Liabilities                                                                                                              555,239                                                        483,009
                                                                                                                                                                                       
                                                                                                                                                                                       
                                                                                                                                                                                       
Equity:
     Total Equity                                                                                              1,169,086                1,179,512
                                                                                                           -------------------- ----------- -------------------- -------------------- --------------------
     Total Liabilities and Equity                                                                             $1,724,325               $1,662,521
                                                                                                           ==================== =========== ==================== ==================== ====================
                                                                                                                                                                                       
                                                                                                                                   
Consolidated Statements of Cash Flows
($ in thousands)
                                                                                                                                                                                 Nine Months Ended
                                                                                                                                                                                                      September 30,
                                                                                                               ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                             2017                                                     2016  
                                                                                                               ----------------------------------------------------------------------- -------------------- -------------------- -----------------------------------------------------------------------
                                                                                                                                                                           (Unaudited)                                                                                                       (Unaudited)
Cash Flows from Operating Activities:
Net (loss)/income                                                                                                                                      $  (15,368 )                                                                                                      $   39,534
Items included in net income not affecting cash flows:
   Depreciation and amortization                                                                                                                           58,243                                                                                                            60,482
   Loss on write-down of vessels                                                                                                                            7,346                                                                                                            49,640
   Amortization of debt discount and other deferred financing costs                                                                                         5,159                                                                                                             4,652
   Deferred financing costs write-off                                                                                                                       7,020                                                                                                             5,097
   Direct and allocated stock compensation, non-cash                                                                                                        2,733                                                                                                             2,157
   Undistributed earnings of affiliated companies                                                                                                         (40,388 )                                                                                                         (36,743 )
   Allocated reorganization items, non-cash                                                                                                                     -                                                                                                              (102 )
   Other - net                                                                                                                                   132                                                                                                                 -
Items included in net income related to investing and financing
activities:
   Gain on disposal of vessels and other property                                                                                                          (1,940 )                                                                                                            (171 )
   Allocated general and administrative expenses recorded as capital                                                                                            -                                                                                                             1,220
   contributions
   Discount on repurchase of debt                                                                                                                               -                                                                                                            (3,755 )
Payments for drydocking                                                                                                                                   (19,787 )                                                                                                          (4,933 )
Deferred financing costs paid for loan modification                                                                                                             -                                                                                                            (8,273 )
Changes in operating assets and liabilities                                                                          (6,831 )                              22,369  
                                                                                                               -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------------------- -------------------- -------- --------------------
   Net cash (used in)/provided by operating activities                                                               (3,681 )                             131,174  
                                                                                                               -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------------------- -------------------- -------- --------------------
Cash Flows from Investing Activities:
Decrease in restricted cash                                                                                                                                     -                                                                                                             8,989
Expenditures for vessels and vessel improvements                                                                                                         (118,369 )                                                                                                            (591 )
Proceeds from disposal of vessels and other property                                                                                                        7,662                                                                                                                 -
Expenditures for other property                                                                                                                              (406 )                                                                                                             (72 )
Investments in and advances to affiliated companies                                                                                                        (1,880 )                                                                                                            (987 )
Repayments of advances from affiliated companies                                                                     26,500             18,500  
                                                                                                               -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------------------- -------------------- -------- --------------------
   Net cash (used in)/provided by investing activities                                                              (86,493 )                              25,839  
                                                                                                               -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------------------- -------------------- -------- --------------------
Cash Flows from Financing Activities:
Issuance of debt, net of issuance and deferred financing costs                                                                                            584,963                                                                                                                 -
Extinguishment of debt                                                                                                                                   (458,416 )                                                                                                         (65,167 )
Payments on debt                                                                                                                                          (51,546 )                                                                                                         (88,520 )
Dividend payments to OSG                                                                                                                                        -                                                                                                          (202,000 )
Repurchases of common stock                                                                                                                                (3,177 )                                                                                                               -
Cash paid to tax authority upon vesting of stock-based compensation                                                    (261 )                                 (26 )
                                                                                                               -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------------------- -------------------- -------- --------------------
   Net cash provided by/(used in) financing activities                                                               71,563           (355,713 )
                                                                                                               -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------------------- -------------------- -------- --------------------
Net decrease in cash and cash equivalents                                                                                                                 (18,611 )                                                                                                        (198,700 )
Cash and cash equivalents at beginning of year                                                                       92,001            308,858  
                                                                                                               -------------------- -------------------- -------- -------------------- -------------------- -------------------- -------------------- -------------------- -------- --------------------
Cash and cash equivalents at end of period                                                                                          $   73,390                            $  110,158  
                                                                                                               ==================== ==================== ======== ==================== ==================== ==================== ==================== ==================== ======== ====================
                                                                                                                                                                                                                                                       

Spot and Fixed TCE Rates Achieved and Revenue Days

The following tables provides a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months ended September 30, 2017 and the comparable period of 2016. Revenue days in the quarter ended September 30, 2017 totaled 4,345 compared with 4,350 in the prior year quarter. A summary fleet list by vessel class can be found later in this press release.

                                                                                                                                                                                                            
------------------------------------- -------------------- -------------------- -------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------- -------------------- -----------------------------------------------------------------------------------------------------------------------------
                                                                              Three Months Ended September 30, 2017                                                                          Three Months Ended September 30, 2016                                   
                                                                                -------------------- ----------------------------------------------------------------------------------------------------------------------------- -------------------- -------------------- -----------------------------------------------------------------------------------------------------------------------------
                                 Spot                   Fixed                  Total                      Spot                   Fixed                  Total
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
  Crude Tankers                                                        
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
  ULCC                                                                                                                                                                                                  
     Average TCE Rate                                                                                    $ --                                   $32,175                                                                                                              $ --                                   $44,850
     Number of Revenue Days                                                                                --                                        92                                        92                                                                      --                                        92                                        92
  VLCC
     Average TCE Rate                                                                                             $16,171                                   $27,760                                                                                                                       $25,797                                   $40,034
     Number of Revenue Days                                                                                           635                                        90                                       725                                                                                 569                                       145                                       714
  Suezmax
     Average TCE Rate                                                                                             $14,464                          $ --                                                                                                              $ --                          $ --
     Number of Revenue Days                                                                                           133                            --                                       133                                                                      --                            --                            --
  Aframax
     Average TCE Rate                                                                                             $10,762                          $ --                                                                                                                       $15,370                          $ --
     Number of Revenue Days                                                                                           588                            --                                       588                                                                                 643                            --                                       643
  Panamax
     Average TCE Rate                                                                                             $11,118                                   $12,014                                                                                                                       $13,837                                   $21,140
     Number of Revenue Days                                  267                    376                    643                        415                    271                    686  
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
  Total Crude Tankers Revenue Days                         1,623                    558                  2,181                      1,627                    508                  2,135  
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Product Carriers                                                                                                                                   
---------------------------------------------------------------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
  LR2
     Average TCE Rate                                                                                             $11,964                          $ --                                                                                                                       $17,992                          $ --
     Number of Revenue Days                                                                                            91                            --                                        91                                                                                  92                            --                                        92
  LR1
     Average TCE Rate                                                                                             $11,078                                   $13,685                                                                                                                       $15,312                                   $21,613
     Number of Revenue Days                                                                                           251                                       100                                       351                                                                                  92                                       270                                       362
  MR
     Average TCE Rate                                                                                             $10,063                                    $5,294                                                                                                                       $10,690                                   $11,543
     Number of Revenue Days                                1,630                     92                  1,722                      1,577                    184                  1,761  
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
  Total Product Carriers Revenue Days                      1,972                    192                  2,164                      1,761                    454                  2,215  
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
  TOTAL REVENUE DAYS                                       3,595                    750                  4,345                      3,388                    962                  4,350  
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                    

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