NEW YORK--(BUSINESS WIRE)-- International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the second quarter of 2022.
“During the second quarter, we demonstrated Seaways’ significant operating leverage and earnings power,” said Lois K. Zabrocky, International Seaways’ President and CEO. “We capitalized on oil markets that were the strongest we’ve seen since before the pandemic based on strong demand, supply constraints and depleted inventories as the world grapples with energy security. Refined product oil demand, particularly gasoline and middle distillates has outpaced supply even as refinery utilization is well above pre-pandemic levels.”
Ms. Zabrocky added, “After a little more than a year since our transformational merger that tripled our fleet size and diversified our tanker portfolio with the addition of over 40 product carriers, Seaways is well positioned for the strong underlying fundamentals that we expect to firm the tanker markets over the next few years. We expect continued growing demand, limited fleet growth and higher utilization from the longer distances between oil supply sources and demand destinations. Amidst the strengthening market, we took decisive steps in the second quarter to further advance Seaways’ industry position, while unlocking value for shareholders, enhancing our financial strength, and capitalizing on our increased scale. Doubling our quarterly dividend to $0.12 per share is an important milestone and reflects our prioritization of enhancing returns to shareholders, which have totaled over $100 million since the beginning of 2020.”
Jeff Pribor, the Company’s CFO stated, “During the quarter we successfully unlocked the value of the FSO joint venture, receiving approximately $140 million in cash, closed on a new credit facility that extended our maturities and repaid our revolver to be fully undrawn at $220 million of capacity. As a result of these initiatives and our cash flow generation, we grew our total liquidity at quarter’s end to over $450 million and improved our net loan to value to 37%. With our substantial liquidity and $60 million outstanding on our share repurchase authorization, we remain focused on building upon our track record of returning capital to shareholders while taking advantage of accretive opportunities to create enduring value.”