International Seaways, Inc. - INSW STOCK NEWS

International Seaways reported a record net income of $113.4 million or $2.28 per diluted share for Q3 2022, recovering from a net loss of $67.4 million in Q3 2021. Adjusted EBITDA surged to approximately $157.1 million, driven by a $161.6 million revenue increase due to favorable market conditions. Total liquidity stood at $475.5 million. The company declared a $1.00 special dividend and has consistently returned capital to shareholders, repurchasing shares and maintaining a strong balance sheet.

International Seaways plans to announce its third quarter 2022 results before market open on November 8, 2022. Following this, a conference call for investors will take place at 9:00 a.m. ET. Dial-in numbers are provided for both US and international participants. Investors can access a live webcast via the company's website. An audio replay of the call will be available shortly after, lasting until November 15, 2022.

International Seaways is a leading tanker company with a fleet of 78 vessels, specializing in energy transportation services.

International Seaways, Inc. (NYSE: INSW) announced strong earnings, demonstrating effective shareholder value focus. The company operates a fleet of 78 vessels, including VLCCs, Suezmaxes, and MR tankers. It aims to leverage its recent merger with Diamond S for improved market positioning and shareholder engagement. International Seaways remains committed to transparency and plans to file a proxy statement for upcoming stockholder matters. Investors are encouraged to refer to SEC filings for detailed information and risk factors.

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.

International Seaways, Inc. (NYSE: INSW) reported a second-quarter 2022 net income of $69.0 million, or $1.38 per diluted share, rebounding from a net loss of $18.8 million in Q2 2021. Adjusted EBITDA reached $111.7 million, driven by higher TCE revenues of $185.5 million. The company executed a $140 million sale of its FSO joint venture, streamlined debt with a new $750 million credit facility, and doubled its quarterly dividend to $0.12 per share. Total liquidity was $451.7 million. Strong demand and supply constraints in the oil market are expected to sustain profitable operations.

International Seaways, Inc. (NYSE: INSW) plans to release its second quarter 2022 results on August 9, 2022, before market open. Following the release, the Company will host a conference call for investors at 9:00 AM ET. Dial-in numbers include US: +1 (844) 200-6205 and International: +1 (929) 526-1599. An audio replay will be available post-call until August 16, 2022. International Seaways is a leading tanker company with a fleet of 78 vessels, providing energy transportation services globally.

International Seaways, Inc. (NYSE: INSW) has completed the sale of its 50% interest in two floating storage and offshore vessels to Euronav NV for a total value of $300 million, netting approximately $140 million in cash. This sale, approved by North Oil Company, aims to strengthen INSW's balance sheet. Additionally, the Board declared a cash dividend of $0.12 per share for Q2 2022, an increase from the previous $0.06 per share, payable on June 29, 2022.

International Seaways (NYSE: INSW) issued a statement in response to an open letter from Famatown Finance, revealing its commitment to shareholder value and strategic growth. The company highlights a 52% stock increase year-to-date, driven by the acquisition of Diamond S Shipping, which has significantly enhanced its fleet and earnings. A recent stockholder rights plan was adopted to protect against hostile takeovers, particularly from competitors. The Board, with extensive experience, is engaged with shareholders and will evaluate the Famatown letter cautiously.