Welcome to our dedicated page for International Seaways news (Ticker: INSW), a resource for investors and traders seeking the latest updates and insights on International Seaways stock.
International Seaways, Inc. (NYSE: INSW) is a tanker shipping company that describes itself as one of the largest providers of energy transportation services for crude oil and petroleum products in International Flag markets. The INSW news feed on Stock Titan brings together company-issued updates and regulatory disclosures that explain how this tanker operator manages its fleet, finances and capital allocation over time.
News about International Seaways often centers on quarterly and annual earnings results, where the company reports shipping revenues, segment performance for its Crude Tankers and Product Carriers, time charter equivalent (TCE) revenues, adjusted net income and adjusted EBITDA. These releases also highlight trends in spot earnings across VLCC, Suezmax, Aframax/LR2, LR1 and MR classes, as well as the mix between spot and time charter exposure.
Another recurring news theme is fleet optimization. International Seaways regularly announces vessel sales, purchases and swaps, including transactions involving older VLCCs, MR tankers, LR1 product carriers and modern scrubber-fitted vessels. Updates on its LR1 newbuilding program in Korea with K Shipbuilding Co., Ltd., progress payments, and deliveries of new dual-fuel ready LR1s are also covered in company press releases.
The INSW news stream also includes items on financing and balance sheet activity, such as amendments to revolving credit facilities, export credit agency-backed financing for newbuildings, and the placement and pricing of senior unsecured bonds due 2030 in the Nordic bond market. Form 8-K filings and related press releases describe the terms of these facilities, financial covenants and intended uses of proceeds, including refinancing sale-and-leaseback arrangements on VLCCs.
Investors following INSW news will also see announcements about dividends and share repurchases, where the board declares combined regular and supplemental dividends based on adjusted net income and updates on the company’s share repurchase authorization. Occasionally, International Seaways issues news on workforce and culture initiatives, such as its female cadet program with V., aimed at increasing diversity in the seafaring workforce. For a consolidated view of these developments, the Stock Titan news page for INSW can be used as a reference point for the company’s ongoing operational, financial and corporate updates.
International Seaways (INSW) and Diamond S Shipping (DSSI) have announced a definitive merger agreement, creating a leading US-listed tanker company. Shareholders will own approximately 55.75% and 44.25% of the combined entity, which will boast a fleet of 100 vessels and over $1 billion in shipping revenues. The merger aims to double INSW's net asset value, achieve annual cost synergies exceeding $23 million, and enhance liquidity with a pro-forma market capitalization of around $1 billion. A special dividend of $1.10 per share will be issued to existing INSW shareholders before closing.
International Seaways and Diamond S Shipping announced a definitive merger agreement, forming a combined entity that will own 100 vessels and surpass $1 billion in shipping revenues. Post-merger, INSW shareholders will hold 55.75% while Diamond S shareholders will hold 44.25%. The strategic union aims to enhance operational capabilities, double net asset value, realize $23 million in annual cost synergies, and maintain strong financial health with a pro forma net leverage ratio of 42%. A special dividend of $1.10 per share will be paid to existing INSW shareholders prior to closing.
International Seaways reported a net loss of $5.5 million for 2020, or $0.20 per diluted share, impacted by impairments totaling $100.1 million and refinancing expenses of $14.5 million. The fourth quarter resulted in a loss of $116.9 million, a sharp decline from a net income of $15.9 million in Q4 2019. Time charter equivalent revenues dropped to $53 million, markedly down from $117.6 million year-over-year. However, the company secured 10-year contract extensions for its floating storage units, expected to generate over $322 million in revenues. Liquidity stood at $255.7 million.
International Seaways (NYSE: INSW) announced an agreement to construct three dual-fuel LNG Very Large Crude Carriers (VLCCs) at DSME in South Korea, expected to deliver in 2023. These vessels will begin seven-year time charters with Shell upon delivery, generating stable cash flows and potential profit sharing above base rates. The new ships align with environmental regulations and enhance sustainability efforts, exceeding the 2025 Phase III EEDI targets by 8%. Funding will be sourced through cash and long-term financing.
International Seaways (NYSE: INSW) plans to release its fourth quarter 2020 results before the market opens on March 12, 2021. A conference call to discuss these results will be held at 9:00 a.m. ET the same day, accessible via phone or through a live webcast on the company’s website. Audio replay will be available from 12:00 p.m. ET on March 12 until March 19, 2021. The company is a major player in energy transportation, owning a fleet of 36 vessels, including VLCCs and other tankers, and operates with a commitment to high operational efficiency.
International Seaways (NYSE: INSW) has signed the Neptune Declaration on Seafarer Wellbeing, aimed at addressing the ongoing crew change crisis exacerbated by COVID-19. This initiative, supported by over 300 maritime organizations, focuses on four key actions: prioritizing seafarers for COVID-19 vaccines, implementing health protocols, enhancing cooperation for crew changes, and ensuring air connectivity between maritime hubs. CEO Lois K. Zabrocky emphasizes the importance of crew welfare in maintaining global trade during the pandemic.
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International Seaways (NYSE: INSW) reported a net income of $14 million ($0.50/share) for Q3 2020, a turnaround from a net loss of $11.1 million in Q3 2019. This performance includes a $12.8 million impairment charge. TCE revenues rose to $94 million, up from $65.8 million year-over-year. Adjusted EBITDA was $54.6 million compared to $23.8 million last year. The company renewed a share buyback program with an additional $50 million authorization. Cash liquidity totaled $194 million. The FSO joint ventures signed ten-year extensions expected to generate over $322 million in contract revenues.
International Seaways (NYSE: INSW) announced 10-year contract extensions with North Oil Company for two joint ventures with Euronav NV, covering the FSO Asia and FSO Africa. These contracts will ensure service continuity until July and September 2032 and are expected to generate over $645 million in total contract revenues, with INSW's share exceeding $322 million. The vessels have been operating at the Al-Shaheen oil field since 2010, highlighting their commercial importance and solidifying future revenue streams.
International Seaways, Inc. (NYSE: INSW) plans to release its third quarter 2020 results on November 6, 2020, before the market opens. A conference call is scheduled for the same day at 9:00 a.m. ET to discuss the results. To participate, callers are encouraged to dial in ten minutes early. The call will also be available via a live webcast on the company’s website. An audio replay will be accessible later that day and available until November 13, 2020. International Seaways is one of the largest tanker companies globally, operating a fleet of 39 vessels.
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