International Seaways provides energy transportation services for crude oil and petroleum products through an oceangoing tanker fleet operating in International Flag markets. Company news centers on results from its crude tanker and product carrier operations, including VLCC, Suezmax, Aframax/LR2, LR1 and MR vessels, as well as market conditions affecting tanker earnings.
Recurring updates also cover capital allocation, dividends, liquidity, debt financing, fleet transactions, newbuilding activity, and the company's ownership of Tankers International, a commercial and administrative management pool for VLCC tonnage with Suezmax pool activity. Announcements frequently pair operating results with fleet strategy and balance sheet actions.
International Seaways, Inc. (NYSE: INSW) will release its third-quarter 2021 results before market open on November 9, 2021.
A conference call to discuss the results will be held at 9:00 a.m. ET on the same day. Participants can join by calling (844) 200-6205 for domestic or (929) 526-1599 for international access.
A live webcast will be available on the company's website. An audio replay will be accessible from 12:00 p.m. ET on November 9 to November 16, 2021.
International Seaways (NYSE: INSW) has announced a refinancing agreement for six vessels with Ocean Yield ASA, utilizing a sale leaseback structure. This deal, expected to close in early November 2021, will generate approximately $375 million to replace an existing $228 million Sinosure facility and bolster liquidity by around $150 million. The transaction is strategically aligned with the company's capital structure and anticipates a recovery in the tanker market. Leadership emphasizes this move as a step towards enhancing shareholder value amidst ongoing market changes.
International Seaways (NYSE: INSW) reported a second-quarter net loss of $18.8 million, or $0.67 per diluted share, compared to a net income of $64.4 million in the same period last year. The company completed its merger with Diamond S Shipping, creating the largest U.S.-listed diversified tanker company. It projects annual synergies of $32 million from the merger by 2022. As of June 30, 2021, cash totaled $133.6 million. INSW paid a $31.5 million special dividend, or $1.12 per share, and a regular quarterly dividend of $0.06 per share, emphasizing shareholder returns despite financial losses.
International Seaways, Inc. (NYSE: INSW) plans to release its second quarter 2021 results before the market opens on August 9, 2021. A conference call is scheduled for the same day at 9:00 a.m. ET to discuss these results. Participants can join the call by dialing specific numbers for domestic and international callers. A replay will be available shortly after the call concludes. The company operates a fleet of 102 vessels and provides energy transportation services, focusing on operational efficiency and customer service.
International Seaways (NYSE: INSW) has finalized its merger with Diamond S Shipping (NYSE: DSSI), creating one of the largest tanker companies globally.
The new entity operates over 100 vessels, combining strengths in crude and product markets, with anticipated cost synergies exceeding $23 million and revenue synergies of $9 million by the end of 2022.
INSW shareholders will retain approximately 55.75% of the combined equity, while a special dividend of $1.12 per share was distributed on July 15, 2021, marking a significant step in enhancing the company's market position.
International Seaways, Inc. (NYSE: INSW) announces CFO Jeff Pribor's participation in the Future of Shipping Virtual Conference on June 29, 2021. Hosted by Maxim Group LLC and M-Vest, this conference will feature discussions on industry developments and market trends across various shipping sectors, including tankers. Pribor will join experts in a panel titled 'Tanker Industry Update: Future Vessel Supply and Industry Trends' from 10:30 AM to 11:30 AM ET. International Seaways operates a fleet of 36 vessels, focusing on crude oil and petroleum transportation.
International Seaways and Diamond S Shipping announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, a key step toward completing their proposed stock-for-stock merger. This expiration satisfies one condition for the merger, which is anticipated to finalize in Q3 2021, pending shareholder approval and other customary conditions. The companies will continue to provide updates as they proceed with the transaction, reinforcing their commitment to enhancing shareholder value through this merger.
International Seaways reported a net loss of $13.4 million, or $0.48 per diluted share for Q1 2021, down from a net income of $33 million in Q1 2020. TCE revenues decreased significantly to $45.2 million from $119.7 million year-over-year. The company announced a merger with Diamond S Shipping, enhancing their fleet to 100 vessels and expected shipping revenues exceeding $1 billion. A special dividend of approximately $1.10 per share is planned for shareholders before the merger. Cash stood at $172.4 million as of March 31, 2021.
International Seaways, Inc. (NYSE: INSW) plans to release its first quarter 2021 results on May 6, 2021, before market open. A conference call will be held at 10:00 a.m. ET on the same day, accessible through a dedicated phone line and a live webcast on the company's website. An audio replay will be available post-call until May 13, 2021. International Seaways operates a fleet of 36 vessels and is a major player in energy transportation for crude oil and petroleum products worldwide. The company emphasizes high operational efficiency and customer service.
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.