International Seaways Stock Price, News & Analysis

International Seaways, Inc. (NYSE: INSW) announced a $60.0 million share repurchase program, with $20.0 million utilized in August to repurchase 687,740 shares at an average price of $29.08 each. The shares will be retired, leaving approximately $40.0 million available under the program. This buyback aims to enhance shareholder value and indicates the company's confidence in its financial health as it continues to operate one of the largest fleets in the tanker industry.

International Seaways, Inc. (NYSE: INSW) reported a second-quarter 2022 net income of $69.0 million, or $1.38 per diluted share, rebounding from a net loss of $18.8 million in Q2 2021. Adjusted EBITDA reached $111.7 million, driven by higher TCE revenues of $185.5 million. The company executed a $140 million sale of its FSO joint venture, streamlined debt with a new $750 million credit facility, and doubled its quarterly dividend to $0.12 per share. Total liquidity was $451.7 million. Strong demand and supply constraints in the oil market are expected to sustain profitable operations.

International Seaways, Inc. (NYSE: INSW) plans to release its second quarter 2022 results on August 9, 2022, before market open. Following the release, the Company will host a conference call for investors at 9:00 AM ET. Dial-in numbers include US: +1 (844) 200-6205 and International: +1 (929) 526-1599. An audio replay will be available post-call until August 16, 2022. International Seaways is a leading tanker company with a fleet of 78 vessels, providing energy transportation services globally.

International Seaways, Inc. (NYSE: INSW) has completed the sale of its 50% interest in two floating storage and offshore vessels to Euronav NV for a total value of $300 million, netting approximately $140 million in cash. This sale, approved by North Oil Company, aims to strengthen INSW's balance sheet. Additionally, the Board declared a cash dividend of $0.12 per share for Q2 2022, an increase from the previous $0.06 per share, payable on June 29, 2022.

International Seaways (NYSE: INSW) issued a statement in response to an open letter from Famatown Finance, revealing its commitment to shareholder value and strategic growth. The company highlights a 52% stock increase year-to-date, driven by the acquisition of Diamond S Shipping, which has significantly enhanced its fleet and earnings. A recent stockholder rights plan was adopted to protect against hostile takeovers, particularly from competitors. The Board, with extensive experience, is engaged with shareholders and will evaluate the Famatown letter cautiously.

International Seaways, Inc. (NYSE: INSW) announced the adoption of a limited duration stockholder rights plan aimed at protecting the long-term interests of its investors. The Rights Plan prevents any individual or group from gaining control of the company through market accumulation without offering all stockholders a fair control premium. Each outstanding share will receive one right, exercisable if ownership exceeds 17.5% without board approval. The plan is effective immediately and will expire on May 7, 2023. Further details will be available in SEC filings.

International Seaways reported a first quarter 2022 net loss of $13 million, or $0.26 per diluted share, showing slight improvement from a net loss of $13.4 million in Q1 2021. Consolidated TCE revenues surged to $98 million from $45.2 million YoY, mainly due to a post-merger fleet expansion. The company announced a quarterly cash dividend of $0.06 per share, marking the ninth consecutive payment. Significant fleet optimization includes the acquisition of the Seaways Eagle and the sale of older vessels, projected to generate $34 million. Adjusted EBITDA stood at $26 million, reflecting rising market dynamics.

International Seaways, Inc. (NYSE: INSW) announced it will release its first quarter 2022 results on May 4, 2022, before the market opens. A conference call will follow at 8:30 a.m. ET for investors, with a live webcast available on the Company’s website. An audio replay can be accessed from 11:30 a.m. ET on the same day until 11:59 p.m. ET on May 11, 2022. The Company operates a fleet of 84 vessels and is a major player in energy transportation services worldwide.