International Seaways Inc (NYSE:INSW)
$ 42.7303 0.8003 (1.91%) Market Cap: 2.09 Bil Enterprise Value: 2.59 Bil PE Ratio: 4.10 PB Ratio: 1.11 GF Score: 79/100

Q3 2024 International Seaways Inc Earnings Call Transcript

Nov 07, 2024 / 02:00PM GMT
Release Date Price: $43.88 (-2.12%)

Key Points

Positve
  • International Seaways Inc (INSW) reported a net income of $92 million for the third quarter, with an adjusted net income of $78 million, indicating strong financial performance.
  • The company has nearly $700 million in total liquidity, including over $540 million of undrawn revolver capacity, providing significant financial flexibility.
  • INSW returned $100 million to shareholders in the third quarter, representing 84% of the adjusted net income from the prior quarter, showcasing a strong commitment to shareholder returns.
  • The tanker market outlook remains positive, with limited tanker supply expected to support strong earnings over the next few years.
  • INSW's balanced capital allocation approach includes fleet renewal, enhancing the balance sheet, and maintaining a double-digit dividend yield for shareholders.
Negative
  • The company experienced increased vessel expenses due to repairs and off-hire of older vessels, impacting TCE earnings.
  • There is uncertainty in the market due to geopolitical factors, such as potential energy sanctions on Russia, which could affect tanker demand.
  • Despite strong financial performance, there is a general lack of excitement in the sector, affecting equity values and potentially impacting M&A activities.
  • The tanker order book has increased slightly, which could impact future market dynamics if not managed properly.
  • The aging fleet presents a challenge, with a significant number of vessels approaching the end of their operational life, necessitating careful fleet management and renewal.
Operator

Hello, everyone and welcome to the International Seaways Inc third quarter, 2024 earnest conference call. My name is Carla and I will be coordinating your call today.

During the presentation, you can register a question about press star followed by one on your telephone keypad. And if you change your mind, please press star followed by two. I will now hand you over to your host James Small General Council at International Seaways to begin James. Please go ahead.

James Small
International Seaways Inc - Chief Administrative Officer, Senior Vice President, Secretary, General Counsel

Thank you. 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 of the following.

During this call. And in the accompanying presentation, management may make forward-looking statements regarding the company or the industry in which it operates.

Those statements may address without limitation, the following topics,

Already have an account? Log in
Get the full story
Access to All Earning Calls and Stock Analysis
30-Year Financial on one screen
All-in-one Stock Screener with unlimited filters
Customizable Stock Dashboard
Real Time Insider Trading Transactions
8,000+ Institutional investors’ 13F holdings
Powerful Excel Add-in and Google sheets Add-on
All data downloadable
Quick customer support
And much more...
30-Day 100% money back guarantee
You are not charged until the trial ends. Subscription fee may be tax deductible.
Excellent
4.6 out of 5 Trustpilot