INSW Q3 2022 results

Announced earlier today (11/08), International Seaways (INSW)
After their merger with Diamond S Shipping, the company ended up with a more balanced fleet of dirty and clean tankers. As the clean tanker market has been on fire, this has been really helpful for INSW. Case in point, their vessels in the clean vessel category
LR1s earned $41K daily
MRs earned $36K daily
Those two averages are each at least twice what some would view as a good rate for the category.
The crude/dirty tankers are also doing well, but the rates were reversed per size i,e
Size: VLCC > Suezmax > Aframax
Rates: Aframax > Suezmax > VLCC
The latter seems to be changing in Q4 (with VLCC rates powering higher).
INSW seeming to be “cleaning up” its fleet - about 1/4 of the fleet has been trimmed post-merger. Also, INSW sold its 50% stake in the ULCC joint venture and takes delivery of 3 dual-fuel VLCCs in 2023.
Special div of $1 (probably related to the sale of the ULCCs), share buy-backs + pre-payment of debt suggest more cash available.

Across the board, nice stats

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