- 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. (q4cdn.com)
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.