Insweb Corp (NYSE: INSW) reported Q3 EPS of ($1.04), $0.29 worse than the analyst estimate of ($0.75). Revenue for the quarter came in at $60.94 million versus the consensus estimate of $55.93 million.

• Net loss for the third quarter was $47.8 million, or $1.64 per share, compared to net loss of $21.8 million, or $0.75 per share, in the third quarter of 2017. Net loss this quarter reflects the impact of a loss on vessel sales, including held for sale impairment charges, of $17.4 million. Net loss excluding these items was $30.4 million, or $1.04 per share.
• Time charter equivalent (TCE) revenues(A) for the third quarter were $51.3 million, compared to $56.5 million in the third quarter of 2017.
• Adjusted EBITDA(B) for the third quarter was $6.3 million, compared to $16.0 million in the same period of 2017.
• Cash(C) was $123.9 million as of September 30, 2018; total liquidity was $173.9 million, including $50.0 million undrawn revolver.
• Announced contract to install scrubbers on seven of its modern VLCCs, intended to be funded with available liquidity. A further 3 options were declared in October for a total of 10 scrubbers to be installed.
• Sold a 2002-built Panamax and agreed to sell a 2001-built VLCC during the quarter, which delivered to its buyer in October.

“During the third quarter, we maintained a lean and scalable model, total liquidity of $173.9 million and took steps to enhance our earnings power ahead of a market recovery, as we operated through a low point in the tanker cycle,” said Lois K. Zabrocky, International Seaways’ president and CEO. “Following a comprehensive analysis, we signed agreements to install Clean Marine scrubbers, a leading provider with systems well suited to tankers, on our modern VLCC fleet with engineering and installation to be provided by Hyundai Global System. We believe the decision to install scrubbers on our largest ships is consistent with our commitment to the environment and will provide the Company with an economic advantage. As part of our fleet growth and modernization program, which has resulted in the Company reducing the average age of its fleet by 26% and increasing DWT by 13%, we have continued to take steps to improve the age profile of our fleet with the recent sale of two older vessels with an average age of 17.6 years.”

Ms. Zabrocky continued, “We remain well positioned to take advantage of a market recovery in the crude and product tanker sectors. We have begun seeing a much stronger rate environment develop, reinforcing our view that we have passed the cycle’s lowest point based on supportive long-term supply and demand fundamentals. Complementing our significant spot market upside, we also continue to maintain a level of predictable cash flows from our fixed rate charters and joint ventures.”

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