INSW report Q3 2023

International Seaways (INSW) announced their Q3 results earlier today.

  • Revenue of $241.7M
  • Net income of $97.9M
  • Declared dividend of $1.25/sh (reg div of 12c/sh + supplemental div of $1.13/sh)
  • Exercised options on 2 additional LR1s

Though I am a Frontline (FRO) backer, I do think they were being unfair when they attacked INSW mgmt. (Fredriksen backed trusts have a significant stake in INSW, so that was part of the impetus). INSW has reduced their leverage significant the last couple of years, while paying a very nice dividend the last couple of years. Opting for a small regular dividend, while also paying a supplemental dividend seems to be a good strategy.

INSW now has a lot of liquidity. But, in addition, INSW has many unencumbered vessels, which could provide additional liquidity. Unlike their counterparts at Teekay Tankers (TNK), INSW mgmt is also looking to the future with a number of fleet additions. Three dual fuel VLCCs delivered this year, and the company has placed orders for 4 LR1 vessels. In addition, INSW has exercised options on a couple of “on-the-water” charter-in vessels.

No INSW position currently