Value Investor’s Edge Live #14: International Seaways’ Management On The Tanker Markets

J Mintzmyer of Value Investor's Edge Live spoke with Lois Zabrocky and Jeff Pribor, CEO and CFO of International Seaways (INSW), to discuss their views on the tanker markets and IMO 2020. This followed on INSW's investor day in January, and comes in advance of the company's Q4 earnings report. Topics Covered 1:15 minute mark - Any surprises or different impacts in the markets? 3:00 - Impact from the lightering business? Additional EBITDA? 5:00 - Rate and fixture guidance? Old VLs doing well, Aframaxes poor? 7:45 - Difference between spot and TC fixture guidance? 8:45 - How do today’s rates compare to last year’s levels? 10:00 - Anything else impacting the market? Just seasonality? 12:45 - How are the Suezmax and Aframax spot markets doing? 13:30 - Priorities for cash flow allocation post-refinancing? 16:30 - Plans for INSW-A baby bonds? Call this summer? 19:15 - How do you balance dividends and repurchases now? 23:30 - Thoughts on current NAV range? How far underneath? 27:00 - What are some of the top risk factors in this market? 31:00 - If China imports from US, what sources are they replacing? 36:45 - Current status of the scrubber program? Any additions? 40:00 - All 2020 capex ($70M) internally financed from cash? 40:45 - More risks in the market which aren’t getting reviewed? 42:30 - Willing to look for time-charters? Where are they at now? 49:15 - Viewpoints on FSO joint-venture? Core to business? 53:00 - Closing comments- MR market, any resilience there?