Strong Financial Performance
Net income for the third quarter was $71 million or $1.42 per diluted share. Excluding gains on vessel sales, adjusted net income for the third quarter was $57 million, or $1.15 per diluted share, with adjusted EBITDA $108 million.
Dividend and Share Repurchase Program
International Seaways announced a combined dividend of $0.86 per share to be paid in December, maintaining a payout ratio of at least 75% for the fifth consecutive quarter. The company also extended its $50 million share repurchase program to the end of 2026.
Fleet Renewal and Expansion
Took delivery of 2 LR1 vessels and sold 5 older vessels for proceeds of $67 million. Announced plans to purchase a 2020-built VLCC and continue fleet renewal strategy.
Strong Liquidity and Balance Sheet
Ended the third quarter with $985 million in total liquidity, including $413 million in cash and $572 million in undrawn revolver capacity. Net debt was under $400 million with a net loan-to-value of 13%.
Positive Market Conditions
Healthy oil demand growth and positive tanker demand drivers support a constructive outlook for seaborne transportation. Expected continued up cycle and favorable market conditions for tankers.
Strong Spot TCE Rates
Blended average spot TCE of about $40,400 per day fleet-wide for the fourth quarter, indicating significant free cash flow generation potential.