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Jun 30, 2021
International Seaways Q2 2021 Earnings Report
International Seaways reported a net loss due to significantly lower TCE revenues, which was partially offset by lower vessel expenses, depreciation and amortization, charter hire expenses and interest expense.
Key Takeaways
International Seaways reported a net loss of $18.8 million for Q2 2021, a significant decrease compared to the net income of $64.4 million in Q2 2020. The decline is primarily attributed to lower TCE revenues. The company completed its merger with Diamond S Shipping and expects to achieve cost synergies in excess of $23 million and revenue synergies of $9 million within 2022.
Completed merger with Diamond S Shipping, solidifying status as an industry bellwether.
Expects cost synergies in excess of $23 million and revenue synergies of $9 million to be fully realizable within 2022 from the Diamond S merger.
Strategic focus remains on achieving the highest operational standards and preserving financial strength.
Paid over $70 million to shareholders since 2020 in the form of stock buybacks and dividends.
Revenue by Segment
Forward Guidance
International Seaways expects to achieve cost synergies in excess of $23 million and revenue synergies of $9 million from the Diamond S merger, which are expected to be fully realizable within 2022.
Positive Outlook
- Cost synergies in excess of $23 million expected from Diamond S merger.
- Revenue synergies of $9 million expected from Diamond S merger.
- Synergies are expected to be fully realizable within 2022.
- Completed merger with Diamond S Shipping.
- International Seaways is now the second largest U.S.-listed tanker company by vessel count.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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