The following is a summary of the International Seaways, Inc. (INSW) Q3 2024 Earnings Call Transcript:
Financial Performance:
Net income for Q3 2024 was $92 million, or $1.84 per diluted share, with adjusted net income at $78 million or $1.57 per share.
EBITDA recorded at $143 million with adjusted EBITDA at $130 million.
Cash breakeven on spot fleet is notably low, under $13,500 per day, with strong liquidity totaling nearly $700 million, encompassing over $540 million of undrawn revolver capacity.Net loan to vessel value ratio is historically low at under 14%.
A balance of $694 million in cash and undrawn revolving capacity by the end of the quarter.
Business Progress:
During 2024, sold three 15-year-old MR tankers for $72 million and acquired six MRs under 10 years old for $232 million, reflecting fleet renewal and strength.
Successfully bought and retired over 500,000 shares at an average price under $50 per share, along with a combined dividend of $1.50 per share in third quarter, returning $100 million to shareholders, 84% of adjusted net income from the prior quarter.
Strong financial positioning with considerable liquidity and a well-maintained, optimized vessel fleet.
Opportunities:
Anticipated oil demand growth, along with non-OPEC countries increasing their output, could likely lead to increased ton-mile demand and benefit tanker markets.
Limited tanker supply projected to bolster tanker earnings in the foreseeable future.
Risks:
Potential disruptions from geopolitical actions like increased sanctions on Russia could impact tanker rates and market dynamics.
An aging tanker fleet globally could pose challenges, although it presents a rejuvenation opportunity for the company.
More details: International Seaways IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
