Intl Seaways Q4 2023 results

International Seaways (INSW) announced their Q4 2023 results on 02/29/24

  • Shipping rev of $338.2M
  • Net income of $132.1M
  • Declared div of $1.32/sh (combination of regular div + special div)
  • Sold two MR2 vessels in Q4 2023
  • INSW is in a good position from a debt perspective - 17% net loan to value, with 30 unencumbered vessels, and lots of liquidity.
  • Fleet mix is a plus - the products segment certainly pulling their weight
  • Subsequent to quarter end, announced acquisition of 6 MR2 vessels for $232M. Given the vessel ages (2014-2015) fair price on the deal. (TRMD paid about $40M avg for vessels 1-2 years younger).
  • Pricing on their four LR1 newbuild (each under $58M) indicates a timely purchase,