International Seaways, Inc. (NYSE:INSW) Files An 8-K Changes in Registrant’s Certifying Accountant
Item 4.01
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Changes in Registrant’s Certifying Accountant.
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Directors of International Seaways, Inc. (the “Company”)
conducted a comprehensive, competitive process to determine the
Company’s independent registered public accounting firm for the
Company’s fiscal year ending December 31, 2017. The Audit
Committee invited several accounting firms to participate in the
process, including the Company’s current independent registered
public accounting firm, PricewaterhouseCoopers LLP (“PwC”). On
May 24, 2017, the Audit Committee approved the engagement of
Ernst Young LLP (“EY”) and dismissed PwC as the Company’s
independent registered public accounting firm.
statements for the fiscal years ended December 31, 2016 and 2015
did not contain an adverse opinion or a disclaimer of opinion and
were not qualified or modified as to uncertainty, audit scope or
accounting principle.
subsequent interim period through May 24, 2017, there were (i) no
disagreements with PwC on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure, which, if not resolved to PwC’s satisfaction, would
have caused PwC to make reference thereto in their reports on the
consolidated financial statements for such years, and (ii) no
“reportable events” as defined in Item 304(a)(1)(v) of
Regulation S-K.
in this Form 8-K and requested that PwC furnish a letter
addressed to the Securities and Exchange Commission stating
whether or not it agrees with the statements above. A copy of
PwC’s letter dated May 31, 2017 is filed as Exhibit 16.1 to this
Current Report on Form 8-K.
independence and existing commercial relationships with EY, and
concluded that EY has no commercial relationship with the Company
that would impair its independence. During the fiscal years ended
December 31, 2016 and 2015, and during the subsequent interim
period through May 24, 2017, neither the Company nor anyone
acting on its behalf has consulted with EY on any of the matters
or events set forth in Item 304(a)(2) of Regulation S-K.
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(d)
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Exhibits
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Exhibit No.
16.1
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Description
Letter from PricewaterhouseCoopers LLP.
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About International Seaways, Inc. (NYSE:INSW)
International Seaways, Inc. and its subsidiaries own and operate a fleet of oceangoing vessels. The Company’s oceangoing vessels engage in the transportation of crude oil and petroleum products in the International Flag trades. The Company’s segments are International Crude Tankers and International Product Carriers. Its 55-vessel fleet consists of Ultra Large Crude Carrier (ULCC), Very Large Crude Carrier (VLCC), Aframax and Panamax crude tankers, as well as long range 1 (LR1), LR2 and medium range (MR) product carriers. Its International Crude Tankers segment is made up of a ULCC and a fleet of VLCCs, Aframaxes, and Panamaxes. Its International Product Carriers segment consists of a fleet of MRs, LR1s and an LR2 engaged in the transportation of crude and refined petroleum products. Through joint venture partnerships (the JVs), it has ownership interests in approximately four liquefied natural gas carriers and approximately two floating storage and offloading service vessels. International Seaways, Inc. (NYSE:INSW) Recent Trading Information
International Seaways, Inc. (NYSE:INSW) closed its last trading session down -0.19 at 19.78 with 177,964 shares trading hands.
