International Seaways, Inc. (NYSE:INSW) Q1 2024 Earnings Call Transcript

Derek Solon: Sure, Lois. Thanks, Sherif. The only color I could really add to what Lois said is, that there are, like Lois said, most of the berths available will be in 2027. And then for us, on these LR1s specifically, what we try to highlight is, while there are other LR1s being built at other yards, our LR1s are still built to the old Panamax Canal beam, that 32.2-meter beam. So that’s been part of the reason for our strong earnings, is being able to go through the canal, trade on both sides, the Pacific and the Atlantic. And these new buildings will do the same, while most of the new-built LR1s are around 38-meter beams. So really built for that clean trade, and can’t really compete with us on the crude trade in the Americas.

Sherif Elmaghrabi: That’s interesting, though, color. Thanks, Lois and Derek.

Operator: Thank you. There are no questions registered at this time. So I will pass the call back over to CEO, Lois Zabrocky for any closing remarks.

Lois Zabrocky: I just want to thank everyone for joining us for our first quarter earnings call at International Seaways. And we’ll talk to you soon. Thank you.

Operator: That concludes today’s call. Thank you for your participation. You may now disconnect your line.