Q1 2024 International Seaways Inc Earnings Call Transcript
Key Points
- International Seaways Inc reported strong earnings for the eighth consecutive quarter with a net income of $145 million and $2.92 per diluted share.
- Adjusted EBITDA for the first quarter of 2024 was $192 million, indicating robust operational performance.
- The company has enhanced its financial flexibility by increasing total liquidity to $626 million, including $559 million in undrawn revolver capacity.
- International Seaways Inc declared a combined dividend of $1.75 per share, maintaining a double-digit yield for shareholders.
- The company successfully upgraded its fleet by acquiring six new Eagle MRs and declared options for additional dual-fuel ready LR1 vessels, positioning itself well for future market demands.
- Despite strong earnings, the company faces ongoing risks and uncertainties that could affect future results, as noted in forward-looking statements.
- Mandatory debt repayments have been reduced significantly, but the company still holds $700 million in gross debt as of March 31.
- The tanker market's volatility and the potential impact of global economic conditions could pose challenges to sustaining current performance levels.
- While the company has reduced its breakeven costs, it remains exposed to fluctuations in the tanker market, which could impact profitability.
- The company's strategy involves selling older vessels, which, while profitable, could affect operational capacity if not managed carefully.
Good morning, and thank you for attending today's International Seaways First Quarter 2024 Results Call. My name is Jennifer, and I'll be your moderator today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers. At the end, if you'd like to ask a question, press star one on your telephone keypad. I would now like to turn the conference over to CEO and General Counsel, James Small. James, please proceed for Gerber.
Good morning, everyone, and welcome to International Seaways earnings call for the third quarter of 2024. Before we begin, I would like to start off by advising everyone with us on the call today are the following. During this call, management may make forward-looking statements regarding the Company or the industry in which it operates. The statements may address without limitation the following topics outlooks for the crude and product tanker markets and changes in
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