Loading...
•
Dec 31, 2020
International Seaways Q4 2020 Earnings Report
Reported a net loss due to lower TCE revenues and a loss on disposal of vessels and other property, including impairments, but took steps to unlock shareholder value.
Key Takeaways
International Seaways reported a net loss for Q4 2020, primarily due to lower TCE revenues and losses on vessel disposals. However, the company highlighted its strong cash position, dividend initiation, and share repurchases as steps towards unlocking shareholder value.
Net loss for the fourth quarter was $116.9 million, or $4.18 per diluted share.
Consolidated TCE revenues for the fourth quarter were $53.0 million.
The company recorded an impairment charge of $85.9 million for several vessels.
Adjusted EBITDA for the fourth quarter was a loss of $5.0 million.
Revenue by Segment
Forward Guidance
The company has contracted to build three dual fuel LNG VLCCs at DSME shipyard in South Korea. The three ships, upon delivery, will be time chartered to Shell for a period of seven years at a rate that consists of a floor rate plus profit sharing.
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
Loading earnings performance data...
Loading earnings reaction data...