Jeffrey Pribor
SVP & CFO at International Seaways
In summary, dollars 71,000,000 of free cash flow plus $28,000,000 of vessel sales plus $82,000,000 in capital allocation gives us a net positive change in cash of $15,000,000 and an increase in undrawn RCF of $20,000,000 This equates to ending cash of $149,000,000 with $560,000,000 in undrawn revolvers for total liquidity of over $700,000,000 Moving to slide 10, We have a strong financial position detailed by the balance sheet on the left hand side of the page. Cash and liquidity remain strong at $7.00 $9,000,000 We have invested about $2,000,000 in vessels at cost, which are currently valued at about $3,000,000 And with $553,000,000 of gross debt at the end of the second quarter, our net loan to value was below 14%. An important highlight to also mention, as we previously announced, is our intention to repay the Ocean Yield loans in November. Under the accounting guidelines, we are required to classify the outstanding debt of $268,000,000 as current debt, which impacts our current ratio. I want to be clear that this does not affect our financial covenants or our ability to fund our current liabilities.