International Seaways Inc

Latest Results (07.10.2025):

International Seaways Inc. reported its financial results for the fourth quarter and full year of 2024, showcasing a strong performance despite challenges in the market. The company demonstrated robust liquidity and continued its commitment to returning value to shareholders through dividends.

Net Income and EBITDA

For the fourth quarter of 2024, International Seaways Inc. reported a net income of $36 million, or $0.72 per diluted share, compared to $132 million, or $2.68 per diluted share, in the same quarter of 2023. Adjusted EBITDA for Q4 2024 stood at $95 million, while the full-year adjusted EBITDA was $583 million.

Fleet Optimization Program

The company executed a vessel swap, exchanging two of its oldest VLCCs and $3 million in cash for three 2015-built MRs. This strategic move, primarily completed in Q1 2025, aims to modernize the fleet and enhance operational efficiency.

Robust Balance Sheet

As of December 31, 2024, International Seaways maintained total liquidity of approximately $632 million, including $157 million in cash and $475 million undrawn revolving credit capacity. The net loan-to-value ratio remained low at 15.5%, reflecting a strong financial position.

Returns to Shareholders

The company paid a combined $1.20 per share in regular and supplemental dividends in December 2024 and $5.77 per share over the full year, representing a 12% dividend yield. Additionally, a combined dividend of $0.70 per share was declared for March 2025, accounting for 77% of the adjusted net income for Q4.

Operational Performance

Shipping revenues for Q4 2024 were $195 million, down from $251 million in Q4 2023, primarily due to decreased TCE revenues and higher depreciation expenses. The full-year shipping revenues totaled $952 million, compared to $1,072 million in 2023.

Future Outlook

International Seaways remains optimistic about market conditions, supported by favorable supply-demand dynamics and higher ton-mile demand. The company plans to continue its disciplined capital allocation strategy, focusing on fleet renewal and maintaining a healthy balance sheet.