At first, I was going to challenge their first bullet. Then I remembered, the name of the precursor entity was NOT International Seaways, but Overseas Shipping Group (OSG). Indeed, circa 2007-2008, OSG was indeed a large tanker company which included a subsidiary that focused on US Jones Act trade (and eventually became the current OSG).
INSW merged with Diamond S Shipping a few years ago, and that resulted in a fleet of a lot more clean tanker vessels. That was a huge plus for Q4 2022 results with $184.9M (out of $335.7M) from the Product tanker segment. On a full year 2022 basis, the results are even more skewed towards the Product tanker side ($531.9M of $864.7M)
INSW will pay a combined dividend of $2/sh - $0.12 regular dividend and $1.88/sh supplemental dividend. INSW has also repurchased some shares,
International Seaways Reports Fourth Quarter and Full Year 2022 Results (intlseas.com)
Lots of other positive developments
- 3 VLCC newbuilds deliver in the first half of 2023.
- Company has sold a couple of MR vessels at a nice price
- INSW has exercised a couple of Aframax leases - acquiring each vessel at a huge discount to current value.