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Dec 31, 2021
International Seaways Q4 2021 Earnings Report
International Seaways reported a net loss due to merger costs and increased vessel expenses, offset by a gain on vessel disposal.
Key Takeaways
International Seaways reported a net loss for Q4 2021, which was, however, lower than the net loss reported for Q4 2020. The decrease in net loss primarily reflects gain on disposal of vessels, partially offset by merger and integration related costs.
Net loss for the fourth quarter of 2021 was $34.0 million, or $0.68 per diluted share.
Consolidated TCE revenues for the fourth quarter were $93.0 million.
Adjusted EBITDA for the fourth quarter was $11.9 million.
During the fourth quarter of 2021, the Company repurchased and retired 1,077,070 shares of its common stock for a total cost of $16.7 million.
Revenue by Segment
Forward Guidance
International Seaways anticipates a stronger rate environment in the second half of 2022 due to low inventories, growing oil demand, and increased oil production.
Positive Outlook
- Inventories at the lowest levels since 2014.
- Growing oil demand expected to surpass pre-pandemic levels.
- Expectations of increased oil production.
- Strong position to evaluate additional opportunities to create value for shareholders.
- Diversified fleet of crude and product tankers provides considerable operating leverage to a rising rate environment.
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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