International Seaways, Inc. (NYSE:INSW) Q3 2019 Earnings Conference Call Transcript
Nov 07, 2019 • 09:00 am ET
Good morning and welcome to the International Seaways Inc. Third Quarter 2019 Earnings Conference Call. [Operator Instructions]
I would now like to turn the conference over to James Small, General Counsel. Please go ahead.
James D. Small
Thank you. Good morning everyone and welcome to International Seaways earnings release conference call for the third quarter of 2019.
Before we begin, I would like to start off by advising everyone on the call with us today of the following. During this call, management may make forward-looking statements regarding the company or the industry in which it operates. Those statements may address without limitation the following topics. Outlook for the crude tanker and product carrier markets; changing oil trading patterns; forecasts of world and regional economic activity; and of demand for and production of oil and other petroleum products; the company's strategy; purchases and sales of vessels and other investments; anticipated financing transactions; expectations regarding revenues and expenses, including vessel charter hire and G&A expenses; estimated bookings and TCE rates in the fourth quarter of 2019 or other periods; estimated capital expenditures for the fourth quarter of 2019 or other periods; projected scheduled dry-dock and off-hire days; the company's consideration of strategic alternatives; the company's ability to achieve its financing and other objectives; and other economic, political and regulatory developments around the world.
Any such forward-looking statements take into account various assumptions made by management based on a number of factors, including management's experience and perception of historical trends, current conditions, expected and future developments, and other factors that management believes are appropriate to consider in the circumstances. Forward-looking statements are subject to risks, uncertainties and assumptions, many of which are beyond the company's control, which could cause actual results to differ materially from those implied or expressed by those statements. Factors, risks and uncertainties that could cause International Seaways actual results to differ from expectations, include those described in its annual report on Form 10-K for 2018, its quarterly report on Form 10-Q for the third quarter of 2019 and in other filings that we have made or in the future may make with the US Securities and Exchange Commission.
With that out of the way, I'd like to turn the call over to our President and Chief Executive Officer, Ms. Lois Zabrocky. Lois?
Lois K. Zabrocky
Thank you very much, James. Good morning, everyone. Thank you for joining Seaways earnings call to discuss our third quarter 2019 results.
If you turn to Slide 4, we review our third quarter highlights and our recent accomplishments. During the quarter and subsequent to the end -- to its end, we have implemented multiple initiatives that strengthened our commercial prospects and optimize shareholder value. In October, we drew upon our successful and ongoing relationship with Nakilat to monetize our ownership interest in our LNG Joint Venture for $123 million in cash. This is an important accomplishment, as we unlocked significant value for shareholders, evidenced by the approximately $100 million increase in our market cap on the day of the announcement. In