New York City headquartered tanker operatof International Seaways, Inc. [NYSE: INSW] reported first quarter results that were down on the equivalent quarter of last year, but that president and CEO Lois K.
and CEO Lois K. Zabrocky
New York City headquartered tanker operatof International Seaways, Inc. [NYSE: INSW] reported first quarter results that were down on the equivalent quarter of last year, but that president and CEO Lois K. Zabrocky described as “encouraging.”
FIRST QUARTER 2025 RESULTS
Net income for the first quarter of 2025 was $50 million, or $1.00 per diluted share, compared to net income of $144 million, or $2.92 per diluted share, for the first quarter of 2024, Intenational Seaways reports. The decrease in results in the first quarter of 2025 was primarily driven by lower TCE revenues from spot earnings that decreased an average of approximately $18,000 per day across the total fleet.
Shipping revenues for the first quarter were $183 million, compared to $274 million for the first quarter of 2024. Consolidated TCE revenues(1) for the first quarter were $178 million, compared to $271 million for the first quarter of 2024.
Adjusted EBITDA for the first quarter was $91 million, compared to $191 million for the first quarter of 2024.
ENCOURAGING
“We delivered encouraging results for the first quarter of 2025, which were marked by a gradual strengthening of market conditions each month,” said Zabrocky. “Seaways took advantage of our balanced fleet of crude and product tankers to execute our disciplined capital allocation strategy. After two consecutive years of returning over $300 million to shareholders, we declared a combined dividend of $0.60 per share for the first quarter, delivering on our intention to return 75% of adjusted net income to shareholders. With our enhanced scale through pool employment and our healthy balance sheet, we believe we are well positioned to build on our track record of delivering compelling returns and incremental value for shareholders.”
“While OECD inventories drew down by 50 million barrels during the quarter, pressuring near-term market fundamentals,” Zabrocky continued, “the rate environment improved progressively during the first quarter. Looking ahead, the global economic outlook remains clouded by geopolitical uncertainty, but we believe oil demand will continue to grow. With inventories at depleted levels, replenishment will be necessary. We expect these dynamics, coupled with persistent regional imbalances, to support demand growth for seaborne transportation. We remain constructive on tanker supply, with modest fleet growth from scheduled deliveries and elevated recycling volumes – already ahead of recent years – that should help absorb new capacity.”
Jeff Pribor, the International Seaways CFO stated, “Seaways continues to deliver on its commitment to balanced capital allocation. For the third consecutive quarter, we are returning 75% or more of our adjusted net income to shareholders through dividends. At the same time, we are reducing debt to preserve substantial revolving credit capacity to support fleet growth. We remain active in renewing our fleet with our strategic vessel swap, sales of older tonnage and progress payments on our newbuilding program, even as broader market transaction activity has slowed. Based on our strong financial position, highlighted by total liquidity of $673 million, we remain opportunistic with fleet renewal across our varied asset classes.”
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