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Sep 30, 2021
International Seaways Q3 2021 Earnings Report
International Seaways reported a net loss due to significantly lower TCE revenues and increased vessel expenses, despite merger benefits.
Key Takeaways
International Seaways reported a net loss of $67.4 million for Q3 2021, compared to a net income of $14.0 million in Q3 2020. The decline was primarily due to lower TCE revenues and increased vessel expenses, despite the merger with Diamond S. The company completed the merger and is focused on achieving cost and revenue synergies. They also returned capital to shareholders through dividends and share repurchases.
Completed merger with Diamond S, expecting $23 million in cost synergies and $9 million in revenue synergies in 2022.
Paid a special dividend of $1.12 per share and a regular quarterly dividend.
Total liquidity of over $300 million.
Net loss of $67.4 million, or $1.44 per diluted share.
Revenue by Segment
Forward Guidance
International Seaways expects to achieve cost synergies of approximately $23 million and revenue synergies of $9 million, which are expected to be fully realizable within 2022.
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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