International Seaways, Inc. Third Quarter 2024 Earnings Presentation November 7, 2024 INSW NYSE Disclaimer Forward-Looking Statements During the course of this presentation, the Company (International Seaways, Inc. (INSW)) may make forward-looking statements or provide forward-looking information. All statements other than statements of historical facts should be considered forward-looking statements. Some of these statements include words such as ''outlook,'' ''believe,'' ''expect,'' ''potential,'' ''conti ...

International Seaways (INSW) came out with quarterly earnings of $1.57 per share, beating the Zacks Consensus Estimate of $1.42 per share. This compares to earnings of $1.99 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 10.56%. A quarter ago, it was expected that this company would post earnings of $2.50 per share when it actually produced earnings of $2.37, delivering a surprise of -5.20%.Over the last four quarters, the co ...

When thinking about stocks with recession-resistant characteristics, a few key metrics come to mind. First are low-beta stocks. Beta measures how much a stock’s price moves compared to the overall market. A beta of 1 means that, on average, when the market went up 10% in a month, the stock also went up 10%. Conversely, if the market went down 10%, so did the stock. The stock market tends to fall in a recession. So, stocks with betas significantly less than one are likely to fall less than the market, raisin ...

Core Viewpoint - International Seaways (INSW) is well-positioned to benefit from the growing dislocation between oil supply and demand, with a strong focus on dividends and share buybacks, making it an attractive investment opportunity [1][20]. Company Overview - INSW owns a large fleet of crude and product tankers with an average age of 12.1 years, generating over 80% of its revenues from pool agreements [2][3]. - The fleet consists of more than 70 tankers, including 13 VLCCs, 13 Suezmax, and 36 Handymax/MR2 vessels [3]. Financial Performance - In 2Q24, INSW reported a fleetwide day rate of $37,940 and a daily operating expense (OPEX) of $8,600, with EPS declining to $2.91 from $3.11 year-over-year [2][10]. - The company declared a dividend of $1.50 per share for 2Q24, resulting in an 11.8% yield, and repurchased shares worth $25 million as part of a $50 million buyback program [2][14]. Revenue Breakdown - More than 80% of INSW's revenue comes from pool agreements, with 11% from time charters and 7% from voyage charters [2][4]. - Pool revenue declined by $40 million year-over-year, while time charter revenue grew by 19% [10]. Operating Efficiency - INSW's breakeven cash flow is $16,100 per day, indicating operational efficiency, and the company has maintained stable operating expenses despite revenue fluctuations [6][19]. - The company has a healthy balance sheet with a loan-to-value (LTV) ratio below 30% and total liquidity of $662 million [11][13]. Market Position - INSW trades at 76% of its net asset value (NAV), with a market capitalization of $2,450 million and a NAV of $3,207 million [15]. - The tanker market is expected to experience a supply deficit in the next 18-24 months due to an aging fleet and limited new ship deliveries [19]. Investment Appeal - The combination of a double-digit dividend yield, active share buybacks, and a solid financial position supports a "Strong Buy" rating for INSW [20].

A STORE D THING L TH 0 4 TIP H 4 Holly 4 17 l I HeliRy Listen and subscribe to the Marketplace Roundtable on these podcast platforms: International Seaways (NYSE:INSW) CEO Lois Zabrocky and CFO Jeff Pribor joined Value Investor's Edge Live on Aug. 27, 2024, to discuss the crude tanker and product tanker markets and ongoing company prospects. INSW has produced exceptional operating results over the past two years and their balance sheet has been transformed into rock-solid status. However, sentiment has rece ...

Nearmap Yesterday, International Seaways (NYSE:INSW) published its 2024-Q2 quarterly results. Despite the earnings per share missing analysts' expectations by $0.14/share, revenues met projections, leading to a 2.6% rise in the stock during pre-market trading. In this article, I will provide a comprehensive review of International Seaways earnings and I will explain why I believe the stock is worth a buy rating. If you are interested in oil tanker companies, you can have a look at some previous articles tha ...

International Seaways, Inc. Second Quarter 2024 Earnings Presentation August 7, 2024 INSW NYSE Disclaimer Forward-Looking Statements During the course of this presentation, the Company (International Seaways, Inc. (INSW)) may make forward-looking statements or provide forward-looking information. All statements other than statements of historical facts should be considered forward-looking statements. Some of these statements include words such as ''outlook,'' ''believe,'' ''expect,'' ''potential,'' ''contin ...

International Seaways (INSW) came out with quarterly earnings of $2.37 per share, missing the Zacks Consensus Estimate of $2.50 per share. This compares to earnings of $3.12 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -5.20%. A quarter ago, it was expected that this company would post earnings of $2.38 per share when it actually produced earnings of $2.92, delivering a surprise of 22.69%. Over the last four quarters, the ...

Revenue and Market Performance - For the three and six months ended June 30, 2024, the Company derived 52% and 53% of TCE revenues from the Product Carriers segment, compared to 48% and 51% for the same periods in 2023[90] - Approximately 88% and 89% of total TCE revenues were derived from the spot market for the three and six months ended June 30, 2024, compared to 91% and 93% for the same periods in 2023[93] - TCE revenues decreased by $36.5 million, or 13%, to $251.8 million in Q2 2024 compared to $288.3 million in Q2 2023, primarily due to lower average daily rates[103] - Income from vessel operations fell by $13.9 million to $154.8 million in Q2 2024 from $168.7 million in Q2 2023, influenced by decreased TCE revenues and increased depreciation[102] - In Q2 2024, TCE revenues for the Crude Tankers segment decreased by $28.1 million, or 19%, to $120.9 million from $148.9 million in Q2 2023[110] - TCE revenues for the Product Carriers segment decreased by $8.4 million, or 6%, to $131.0 million in Q2 2024 from $139.4 million in Q2 2023[118] - TCE revenues for the Crude Tankers segment decreased by $33.4 million, or 12%, to $244.8 million in the first half of 2024 from $278.2 million in the first half of 2023[113] - TCE revenues for the Product Carriers segment decreased by $15.5 million, or 5%, to $278.0 million in the first half of 2024 from $293.5 million in the first half of 2023[121] Fleet and Operational Capacity - As of June 30, 2024, the Company's operating fleet consisted of 77 vessels aggregating 9.0 million deadweight tons, with six newbuilds scheduled for delivery between the second half of 2025 and the third quarter of 2026, bringing the total to 83 vessels[91] - The average number of owned vessels increased to 40.6 in Q2 2024 from 39.0 in Q2 2023[115] - The tanker fleet increased by 0.9 million dwt in Q2 2024, with a year-over-year increase of 6.8 million dwt across various tanker types[98] - The crude tanker orderbook rose by 8.4 million dwt in Q2 2024, with a year-over-year increase of 38.4 million dwt[99] - The Company operates predominantly in the International Flag market, providing ocean transportation services for crude oil and refined petroleum products[90] Financial Position and Liquidity - As of June 30, 2024, total liquidity was $682.5 million, consisting of $176.1 million in cash and $506.3 million in undrawn revolver capacity[131] - Cash and cash equivalents increased by $49.4 million during the six months ended June 30, 2024, primarily due to $324.4 million from operating activities[132] - The company declared and paid total dividends of $151.6 million during the six months ended June 30, 2024[132] - The company entered into agreements for the en bloc purchase of six vessels for an aggregate purchase price of $232 million, with 85% funded from available liquidity[137] - As of June 30, 2024, the company has a remaining term loan balance of $94.6 million and undrawn revolver capacity of $257.4 million under its $750 Million Credit Facility[141] Costs and Expenses - The Company anticipates that increasing operating costs and capital expenses will arise as its vessels age, impacting future profitability[85] - Vessel expenses increased by $0.9 million to $29.9 million in Q2 2024 from $29.0 million in Q2 2023, primarily due to VLCC newbuild deliveries[111] - Vessel expenses for the Product Carriers segment increased by $1.8 million to $37.9 million in Q2 2024 from $36.1 million in Q2 2023, mainly due to higher drydock deviation costs[120] - General and administrative expenses increased by $1.3 million to $24.1 million for the six months ended June 30, 2024, compared to $22.8 million for the same period in 2023[123] - Interest expense decreased to $25.3 million for the six months ended June 30, 2024, from $34.9 million for the same period in 2023[126] Market Trends and Economic Factors - Global oil consumption is estimated to reach 102.9 million b/d in Q2 2024, a 0.7% increase from Q2 2023, and 103.1 million b/d for the full year 2024, up 1.0% from 2023[95] - U.S. crude oil production increased by 5.5% to 13.3 million b/d in Q2 2024 compared to Q1 2024 and by 4.7% from Q2 2023[96] - Total OECD commercial inventories decreased by 1.9% or 27 million barrels of crude in Q2 2024 compared to Q2 2023[97] - Clean product tanker rates remained strong in Q2 2024, continuing into Q3 2024 despite weaker VLCC rates[100] Strategic Initiatives and Compliance - The company expects to deliver six new dual-fuel ready LNG LR1 Product Carriers between the second half of 2025 and the third quarter of 2026 for an aggregate cost of approximately $359 million[139] - The company has diversified financing sources with debt maturities spread out between 2030 and 2031, supporting its disciplined capital allocation strategy[145] - The company manages interest rate risk through derivative financial instruments, including interest rate swaps and caps[148] - The certifications from the Chief Executive Officer and Chief Financial Officer affirm compliance with the Sarbanes-Oxley Act, ensuring transparency and accountability in financial reporting[158] - The company is actively expanding its operational capabilities through partnerships and financial agreements, which may lead to increased market presence and operational efficiency[157]

Investors might want to bet on International Seaways (INSW) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices. The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analys ...