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International Seaways Reports Q3 2024 Financial Results
Company Announcements

International Seaways Reports Q3 2024 Financial Results

International Seaways ( (INSW) ) has released its Q3 earnings. Here is a breakdown of the information International Seaways presented to its investors.

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International Seaways, Inc., a leading global tanker company, specializes in providing energy transportation services for crude oil and petroleum products. Headquartered in New York, the company boasts a diverse fleet dedicated to high levels of customer service and operational efficiency.

In its latest earnings report for the third quarter of 2024, International Seaways announced a net income of $92 million, marking a slight decline from the previous year. The company highlighted its robust balance sheet with significant liquidity and continued focus on shareholder returns through dividends and share repurchases.

Key financial metrics for the third quarter include an adjusted EBITDA of $130 million and total liquidity of approximately $694 million. Despite a decrease in shipping revenues to $225 million from the previous year, the company maintained a strong position by optimizing its fleet, including the sale of a vessel for $24 million and acquiring six modern MR vessels.

International Seaways remains optimistic about the tanker market’s future, driven by global oil demand and fleet dynamics. With a continued focus on capital allocation and fleet enhancement, the company is well-positioned to generate substantial free cash flow and deliver returns to shareholders.

Looking forward, International Seaways is committed to leveraging its financial strength and market opportunities to enhance its fleet and maximize shareholder value. The management anticipates sustained earnings driven by favorable market fundamentals and strategic investments.

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