International Seaways, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 07, 2023 at 08:06 am EST
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International Seaways, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 47.24 million compared to USD 21.59 million a year ago. Revenue was USD 241.71 million compared to USD 236.83 million a year ago. Net income was USD 97.94 million compared to USD 113.43 million a year ago. Basic earnings per share from continuing operations was USD 2 compared to USD 2.3 a year ago. Diluted earnings per share from continuing operations was USD 1.99 compared to USD 2.28 a year ago.
For the nine months, sales was USD 119.41 million compared to USD 62.78 million a year ago. Revenue was USD 821.04 million compared to USD 526.51 million a year ago. Net income was USD 424.33 million compared to USD 169.46 million a year ago. Basic earnings per share from continuing operations was USD 8.65 compared to USD 3.42 a year ago. Diluted earnings per share from continuing operations was USD 8.58 compared to USD 3.4 a year ago.
International Seaways, Inc. is a tanker company engaged in providing energy transportation services for crude oil and petroleum products in international flag markets. The Company operates through two segments: Crude Tankers and Product Carriers. The Crude Tankers segment is made up of a fleet of VLCCs, Suezmaxes, and Aframaxes engaged in the worldwide transportation of crude oil. This segment also includes its Crude Tankers Lightering business through which it provides ship-to-ship (STS) lightering support services and full-service STS lightering to customers in the United States Gulf (USG), United States Pacific, Grand Bahama, and Panama regions. The Product Carriers segment consists of a fleet of MRs, LR1 product carriers, and an LR2 product carrier engaged in the worldwide transportation of refined petroleum products. It owns and operates a fleet of about 77 vessels, including 13 VLCCs, 13 Suezmaxes, five Aframaxes/LR2s, 11 LR1s, of which four are new buildings, and 35 MR tankers.