International Seaways Continues Returning Cash to Shareholders With Repurchase of Shares

Rhea-AI Summary

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.

Positive

• Share repurchase program totaling $60.0 million demonstrates strong financial position.
• $20.0 million spent to repurchase 687,740 shares enhances shareholder value.
• Remaining $40.0 million under the repurchase program supports future buybacks.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, announced today that in connection with its recently renewed $60.0 million share repurchase program, the Company has repurchased 687,740 shares of its common stock in open-market purchases in August, at an average price of $29.08 per share, for a total cost of approximately $20.0 million. The shares repurchased will be retired. The Company has approximately $40.0 million available under the current $60.0 million share repurchase program.

ABOUT INTERNATIONAL SEAWAYS, INC.
International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 78 vessels, including 13 VLCCs (including three newbuildings), 13 Suezmaxes, five Aframaxes/LR2s, eight LR1s and 39 MR tankers. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

Forward-Looking Statements
This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the consequences of the Company’s merger with Diamond S and plans to issue dividends, its prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2021 for the Company, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, the Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220822005664/en/

Investor Relations & Media:

Tom Trovato, International Seaways, Inc.

(212) 578-1602

ttrovato@intlseas.com

Source: International Seaways, Inc.

FAQ

What is the purpose of the recent share repurchase by International Seaways, Inc. (INSW)?

The $60.0 million share repurchase program aims to enhance shareholder value and signals confidence in the company's financial health.

How many shares did INSW repurchase in August 2023?

International Seaways repurchased 687,740 shares in August 2023.

What was the average price paid for the shares repurchased by INSW in August?

The average price paid for the repurchased shares was $29.08.

How much of the share repurchase program remains available for INSW?

Approximately $40.0 million remains available under the $60.0 million share repurchase program.