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Jun 30, 2020
International Seaways Q2 2020 Earnings Report
Achieved highest quarterly net income as a public company for the second consecutive quarter, capitalizing on the rate environment and executing a disciplined capital allocation strategy.
Key Takeaways
International Seaways reported a net income of $64.4 million for Q2 2020, a significant increase compared to a net loss of $16.5 million in Q2 2019. The company capitalized on strong TCE revenues and lower interest expenses. They also repurchased $20 million of shares and prepaid $40 million Transition Loan.
Generated highest quarterly net income as a public company.
Capitalized on the rate environment in the VLCC market and midsized tanker sectors.
Entered into four favorable time charters for periods ranging from seven to 36 months.
Repurchased $20 million of shares and prepaid $40 million Transition Loan.
Revenue by Segment
Forward Guidance
The Company agreed to prepay the $40.0 million outstanding principal balance under the Transition Term Loan Facility using available cash on hand, bringing forward looking cash breakevens for its spot fleet to under $15,000 per day and increasing the number of unencumbered ships in our fleet to 14.
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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