International Seaways ( (INSW) ) has released its Q4 earnings. Here is a breakdown of the information International Seaways presented to its investors.
International Seaways, Inc. is a leading tanker company that provides energy transportation services for crude oil and petroleum products globally. Headquartered in New York City, the company operates a diverse fleet of vessels, including VLCCs, Suezmaxes, Aframaxes, and MRs.
International Seaways reported a net income of $36 million for the fourth quarter of 2024, with a full-year net income of $417 million. The company executed a fleet optimization program, swapping older vessels for newer ones, and maintained a robust balance sheet with total liquidity of $632 million by year-end.
Key financial metrics showed a decrease in shipping revenues for both the fourth quarter and the full year compared to 2023, primarily due to lower spot rates and changes in the fleet. Despite this, the company paid significant dividends to shareholders, reflecting a 12% yield on average share price for 2024. Strategic fleet acquisitions and divestitures were part of the company’s efforts to enhance operational efficiency and shareholder value.
Looking forward, International Seaways remains optimistic about market conditions, driven by favorable supply-demand dynamics and geopolitical factors. The company plans to continue its disciplined growth strategy while prioritizing shareholder returns and maintaining a healthy balance sheet.