In This Story
International Seaways, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total assets of $2,587,846,000, compared to $2,521,819,000 at the end of the previous year. Total liabilities were reported at $713,216,000, down from $805,062,000.
The company reported shipping revenues of $225,190,000 for the quarter, down from $241,708,000 in the same quarter the previous year. This decrease was attributed to a reduction in time charter equivalent revenues.
Operating expenses for the quarter totaled $124,218,000, compared to $127,548,000 in the previous year. The decrease was primarily due to lower charter hire expenses.
Net income for the quarter was $91,688,000, compared to $97,937,000 in the previous year. Basic net income per share was $1.85, down from $2.00 in the previous year.
Cash provided by operating activities was $453,516,000 for the nine months ended September 30, 2024. Cash used in investing activities was $137,086,000, primarily for vessel acquisitions, while cash used in financing activities was $339,881,000.
The company declared and paid regular quarterly and supplemental dividends totaling $225,385,000 during the nine months ended September 30, 2024.
International Seaways announced the acquisition of six MR Product Carriers for $232 million, funded 85% in cash and 15% in shares of common stock. The company also sold three MRs, recognizing a gain of $41,402,000.
The company continues to focus on fleet renewal and strategic fleet optimization, with six LR1 newbuilds scheduled for delivery between the second half of 2025 and the third quarter of 2026.
The filing also details financial agreements, including an amended $500 Million Revolving Credit Facility, which matures in January 2030. The facility bears an interest rate based on term SOFR plus an applicable margin.
International Seaways does not anticipate significant changes to its operating strategy and continues to emphasize maintaining a strong balance sheet and liquidity position.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the International Seaways Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.