International Seaways, Inc. - INSW STOCK NEWS

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.

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.

International Seaways reported a net loss of $5.5 million for 2020, or $0.20 per diluted share, impacted by impairments totaling $100.1 million and refinancing expenses of $14.5 million. The fourth quarter resulted in a loss of $116.9 million, a sharp decline from a net income of $15.9 million in Q4 2019. Time charter equivalent revenues dropped to $53 million, markedly down from $117.6 million year-over-year. However, the company secured 10-year contract extensions for its floating storage units, expected to generate over $322 million in revenues. Liquidity stood at $255.7 million.