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Mar 31, 2024
International Seaways Q1 2024 Earnings Report
Reported strong quarterly earnings, balance sheet enhancements, and continued returns to shareholders.
Key Takeaways
International Seaways reported a net income of $144.5 million for Q1 2024, with earnings per diluted share of $2.92. The company continues to return cash to shareholders, declaring a combined dividend of $1.75 per share. They also optimized their capital structure with a new $500 million revolving credit facility.
Net income for the first quarter of 2024 was $144.5 million, or $2.92 per diluted share.
Declared a combined dividend of $1.75 per share, representing 60% of adjusted net income.
Shipping revenues for the first quarter were $274.4 million.
Consolidated TCE revenues for the first quarter were $270.9 million.
Revenue by Segment
Forward Guidance
International Seaways remains optimistic about the market direction based on attractive supply and demand fundamentals, supported by growing oil demand, the evolving global energy trade, and a historically low tanker orderbook.
Positive Outlook
- Growing oil demand.
- Evolving global energy trade.
- Historically low tanker orderbook.
- Agreement to acquire six MRs and exercise options on two additional dual-fuel LR1s.
- Balance sheet is the strongest in company history.
Challenges Ahead
- Capacity under the $500 Million RCF is reduced on a quarterly basis by approximately $12.8 million each quarter.
- Lower TCE revenues
- Higher vessel expenses
- Higher depreciation
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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