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International Seaways, Inc. (NYSE: INSW) reported a net loss of $67.4 million in Q3 2021, significantly down from a net income of $14.0 million in Q3 2020. This loss was influenced by $38.0 million in charges related to vessel disposals and the merger with Diamond S Shipping Inc. (NYSE: DSSI), which is expected to generate $32 million in synergies by 2022. The company continued its return to shareholders with a $31.5 million special dividend and a regular dividend of $0.06 per share. Total liquidity surpassed $300 million following a refinancing of six VLCCs.
International Seaways and Diamond S Shipping have announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has completed, allowing their proposed stock-for-stock merger to advance. This marks a significant step toward the merger's anticipated closure in the third quarter of 2021, pending shareholder approval from both companies. The merger aims to consolidate operations, enhance market presence, and maximize shareholder value.
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.
Diamond S Shipping reported a net loss of $33.6 million for Q1 2021, equating to a loss of $0.84 per share. Adjusted EBITDA stood at $5.2 million, with net revenues falling to $54.7 million, down from $135.0 million in Q1 2020, largely due to weaker tanker market conditions linked to the pandemic. The company also announced a merger with International Seaways, expected to create the second-largest US-listed tanker firm by vessel count. As of March 31, 2021, net debt was $560 million, with available liquidity at $78.8 million.
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.
Diamond S Shipping reported a net loss of $57.8 million for Q4 2020, translating to a loss of $1.45 per share. Adjusted EBITDA reached $8.0 million, influenced by a $29.6 million loss linked to vessel sales and a cancelled scrubber project. Net revenues fell to $58.4 million, down from $123.1 million in Q4 2019, driven by pandemic-related challenges. The company sold two Suezmax vessels, generating about $20 million in proceeds, enhancing liquidity. Despite current market pressures, management projects a gradual improvement in tanker demand over 2021.
Diamond S Shipping Inc. (NYSE: DSSI) announced it will release its fourth quarter 2020 earnings on March 12, 2021, before market opening. A conference call for investors is scheduled for the same day at 8:00 AM ET. The Company operates 64 vessels, including Suezmax, Aframax, and medium-range product tankers, and is a significant player in the energy shipping sector. Investors can access a live webcast on the Company's website and an audio replay will be available post-conference.
Diamond S Shipping Inc. (NYSE: DSSI) has announced the safe release of four crew members who were kidnapped from the product tanker Agisilaos on November 29, 2020. The crew members were freed on January 6, 2021, and will undergo medical examinations. Diamond S expressed gratitude to all parties involved in their safe return. Due to the sensitive nature of this incident, the Company will not provide further updates.
Diamond S operates 65 vessels, including Suezmax, Aframax, and medium-range product tankers, positioning itself as a major player in the energy shipping sector.
Diamond S Shipping Inc. (NYSE: DSSI) reported an incident involving a kidnapping on its product tanker, the Agisilaos, near the port of Lome, Togo, on November 29, 2020. Four crew members were kidnapped from the vessel, which had 22 seafarers aboard. Fortunately, there are no reported injuries. Diamond S is collaborating with Capital Ship Management Corp., the ship's manager, and has notified the relevant authorities. The company is refraining from further comments to ensure the safety of the crew members still held captive.
