INSW Q3 2023 report

Announced 08/09

  • Revenue of $288M
  • Net income of $154.4M
  • Liquidity of $493M
  • Acquired 2 scrubber-fitted, dual fueled LR1 vessels for $115M
  • Finally revealed rate on the 2023 newbuild VLCCs ($43K daily, plus profitshare). Nice rate for 7 years
  • Combined dividend of $1.42/sh, or supplemental div of $1.30/sh
    International Seaways, Inc. (

Though I liked the results, closed out my small INSW stake earlier today.


Had not noticed this on first pass. But, Slide 16 is informative for Q3 and Q4 data on off-hire and spending. No issue with the timing - if a tanker co. needs to plan on dry-docks and upgrades, the weakest qtr of the cycle is the best time to do so. But, that means INSW, will also take a higher net hit with greater expenses.

From a financial perspective, INSW is in a stronger position and can deal with the situation better currently. But, it still represents somewhat of a “surprise” event. Will have to consider the data-point when deciding my re-entry in INSW.