Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. So for a part one of that, J, I mean, those FSOs have had been on the field since 2010 without one day of offhire, and so they are both highly efficient units and they really improve that quality of that crude exports. However, excluding the impact of a $4.1 million charge for impairment and gain on sale of vessels, net income was $68.5 million, or $2.39 per diluted share. Recently, the IEA has taken a more positive view on demand restoration, increasing their demand forecast to 92 million barrels per day for all of 2020 and 97 million barrels per day for 2021. Specifically, during the first quarter of 2020, we repurchased 490,592 shares at an average price of $20.41 per share for a total cost of $10 million. Cash interest and principal payment on our debt was $30 million. Mr. Rigdon currently serves as a director of Professional Rental Tools, LLC. Yes. I think it was like 2.3% or something. We just think it’s good to work it down to lower levels, because then you can always relever to help you make a capital allocation decision that’s smart, whether that’s buying a vessel, because you’ve got to the right time to do it, or a few vessels or doing more share repurchasing or whatever it is. With over 27 years of experience in HR, Finance and International Trading, he also handles Corporate Social Responsibility initiatives of the Group and is the Secretary of Parvataneni Foundation (an entity set up for social and philanthropic activities). Previously at Tidewater, Mr. Rigdon served as an Executive Vice President from 2000 to 2002, a Senior Vice President from 1997 to 2000, and a Vice President from 1992 to 1997. The philosophy of Seaways is to grow while delivering value to its clientele. So that’s why we like – starting with level to maximize it benefited your equity when you’re acquiring vessels and then working it down. Looking sort of longer-term, do you see an opportunistically moving in time charter market as you see the cycle to reduce volatility? Although, we remain positive on the long-term outlook for the tanker market, the combination of June OPEC production cuts, reduced demand for floating storage and inventory destocking, we have pushed rates down from the highs that we saw earlier this year. We’ve still seen over or close to 3 million barrels a day, still crude exporting out of the U.S. Gulf. With that out of the way, I would like to turn the call over to our President and Chief Executive Officer, Ms. Lois Zabrocky. We already had, those 14 unencumbered ships worth $200 million in today’s market. I know it’s been a long crazy call. These cookies do not store any personal information. Tidewater owns and operates one of the largest fleets of OSVs (Offshore Support Vessels) in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide. Sorry about that. At this time I’ll also take – like to take the opportunity to reaffirm our cost guidance for the year for modeling purposes. We continue to have one of the lowest leverage profiles in the public shipping sector, with our net loan-to-value further improving to 38%. Our next question comes from Ben Nolan of Stifel. So we’re watching very closely. degree from Emory University and an M.B.A. degree from Harvard Business School. And I’m thinking that it may be shorter rather than longer. We also use third-party cookies that help us analyze and understand how you use this website. So I think that the market, particularly on the Vs has held up remarkably for the type of demand destruction that we have seen. Moving to the next bullet. Parvataneni Vivek Anand (Vivek) is one of the Promoters and a Whole-time Director in Seaways, since 1994. Seaways ability to operate smoothly during this challenging time is a testament to the team’s dedication and we thank everyone for their continued hard work and commitment to Seaways. And I know that you guys are pretty critical thinkers. There you are. So, I would also give you guidance that additionally, after the payoff of the transition loan, our debt will call for a $15 million in scheduled quarterly principal payments beginning in Q3, which is down from $20 million per quarter previously. Thank you. And I think that has also helped the larger crude market hold itself up a bit going through this period. Mr. Fagerstal held the positions of Executive Vice President, Chief Financial Officer and director of Era Group Inc. (NYSE: “ERA”) from 2011 to 2012 and was the Senior Vice President and Chief Financial Officer and director of Chiles Offshore Inc. (AMEX: “COD”) from 1997 to 2002. Specifically, we secured four VLCC time charters, for periods ranging from seven to 36 months at an average of $73,000 per day. As rates moderate, scrapping is likely to increase. We just did something in this quarter. Holger Knaack President 2020-21 Mr. Anderson was previously an executive of Express Energy Services from 2004 through 2015, serving as its President and Chief Executive Officer from 2008 to 2015. Now finally, before turning the call back over to Lois, I’d like to briefly discuss our share repurchase program. But opting out of some of these cookies may have an effect on your browsing experience. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. And you see that, the business will continue to change. Turning to Slide 6, we provide an update on oil supply and demand. We’re pleased to have posted our second consecutive quarter of record earnings, while continuing to implement our disciplined and accretive capital allocation strategy, unlocking value for our shareholders. Thanks, again. Going forward, we remain positive on the long-term outlook for the tanker market and our priority is to provide safe, reliable service to our leading energy customers and to ensure the safety of our onshore and at-sea professionals, as we continue to operate in the challenging COVID-19 environment. I’ll now turn the call over to Jeff to provide additional details on our second quarter results. I’ll first discuss the results of our business segments beginning with the Crude Tankers segment. And this has reduced the effective VLCC fleet size. Please go ahead. Given that many of our dedicated crew members have been on board vessels for longer than the original contract. I mean, Jeff, I’m going to let you compose your answer there for a second, because I would suggest that, that your ideal leverage is going to depend upon where you are in our cyclical business, and that it’s not always the same answer. Thank you very much. And the markets will stay down as we go through the destocking, but that could six months, could be 12 months, something like that. Okay, great. And Lois, you’re absolutely right, like net-to-value is a number that’s very tricky, because it depends on what’s – what could be 50% net loan-to-value and the peak could become quickly 75% loan-to-value and then companies got into trouble with that before. I really appreciate you getting back here. He joined us in 2012. He joined us in 2009. Good morning, everyone. International Seaways, Inc. (NYSE:INSW) Q2 2020 Earnings Conference Call August 7, 2020 9:00 AM ET, Lois Zabrocky - President and Chief Executive Officer, Jeffrey Pribor - Senior Vice President and Chief Financial Officer. It’s – and realizing that there’s a lot of mini cycle – there has become a lot of mini cycles within bigger cycles over the last few years, just kind of curious how you’re thinking about that? This will reduce our already low cash break-even by an additional $1,800 per day to under $15,000 per day.

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