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 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 (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.