international seaways revenue

Additionally, oil prices entered a strong contango market which drove traders to book oil tankers for storage. Zabrocky continued, "We executed on our disciplined and balanced capital allocation strategy, which included paying a regular quarterly cash dividend and repurchasing $20 million of our shares in the second quarter, while also taking steps to further delever. "Jeff Pribor, the Company’s CFO, added, "We continue to successfully allocate capital to strengthen our balance sheet and capital structure and provide a return to shareholders. View the latest INSW financial statements, income statements and financial ratios. ET on August 7, 2020 through 11:59 p.m. Adjusted EBITDA was $170.5 million for the first half of 2020, compared to $68.6 million for the first half of 2019.During the second quarter of 2020, four of our VLCCs commenced time charters with major oil producing and trading companies at high rates. Complementing our regular quarterly cash dividend of $0.06 paid to shareholders in June, we repurchased $20 million of shares during the quarter, creating additional value, and still ended the quarter with over $184 million in total liquidity. Consolidated TCE revenues for the first half of 2020 were $255.0 million, compared to $156.5 million for the first half of last year. The decline in equity in income of affiliated companies for the second quarter of 2020 compared to the second quarter of 2019 reflects the Company’s sale of its interest in the LNG joint venture for net proceeds of approximately $123 million in October 2019. We also took advantage of the elevated market by entering into four favorable time charters for periods ranging from seven to 36 months, positioning International Seaways to optimize revenue during a time when rates have come off recent highs."Ms.

Given that these returns are generally positive, long-term shareholders are probably happy going into this earnings release.Don't be surprised to see the stock move on comments made during its conference call. The larger ships, especially the VLCCs, have maintained healthier rates.In the second quarter of 2020, the Company recorded an impairment charge of $5.5 million on one of its 2002-built VLCCs to write-down its carrying value to its estimated fair value at June 30, 2020.


Shipping revenues for the first half of 2020 were $265.1 million compared to $170.9 million for the prior year period.Strong TCE rates in the second quarter were driven initially by the breakdown of production cut agreements between OPEC and Russia, coupled with reduced demand due to COVID-19, creating an environment where excess oil production created a strong demand for oil tankers. International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation serv ... Total Crude Tankers Revenue …

Over the last 52-week period, shares are up 9.76%. Here's how the company's EPS has stacked up against analyst estimates in the past:Shares of International Seaways were trading at $17.4 as of August 06. International Seaways Inc. (INSW) delivered earnings and revenue surprises of 5.75% and -4.00%, respectively, for the quarter ended June 2020. International Seaways Inc. (INSW) delivered earnings and revenue surprises of 5.75% and -4.00%, respectively, for the quarter ended June 2020. ET on August 14, 2020 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10146746.Vessels and other property, less accumulated depreciationInvestments in and advances to affiliated companiesAccounts payable, accrued expenses and other current liabilitiesItems included in net income/(loss) not affecting cash flows:Amortization of debt discount and other deferred financing costsChange in fair value of interest rate collar recorded through earningsItems included in net income/(loss) related to investing and financing activities:(Gain)/loss on disposal of vessels and other property, netInsurance claims proceeds related to vessel operationsProceeds from disposal of vessels and other propertyInvestments in and advances to affiliated companies, netNet cash (used in)/provided by investing activitiesIssuance of debt, net of issuance and deferred financing costsCash paid to tax authority upon vesting of stock-based compensationNet (decrease)/increase in cash, cash equivalents and restricted cashCash, cash equivalents and restricted cash at beginning of yearCash, cash equivalents and restricted cash at end of periodRevenue days in the above table exclude days related to full service lighterings and days for which recoveries were recorded under the Company’s loss of hire insurance policies.EVgo-GM partnership to give retailers 'competitive advantage' with EV chargers: EVgo CEODisney's $30 'Mulan' plan will be litmus test for entire film industryRetail sales, Lyft earnings: What to know in the week aheadMcDonald's sues former CEO over alleged employee relationshipsWhy Match Group (MTCH) Stock is a Compelling Investment CaseThis 20-year-old college student biked for 48 days to return home amid the pandemicTesla rival Nikola scores deal to make thousands of 1,000-horsepower electric garbage trucksKodak shares plunge after U.S. blocks $765 million loan dealPolestar 2 first drive: Why Tesla might not be the competition for this particular EVNews On The Move: Looting erupts in Chicago, Earthquake hits North CarolinaDow Jones Leads, Nasdaq Lags As Market Weighs Trump Orders, China Tensions

Combined with the savings from our successful refinancing earlier this year, the prepayment of our $40 million Transition Loan subsequent to the end of the quarter has enabled us to further reduce our cash breakevens to below $15,000 per day. Based on management's projections, International Seaways analysts model for earnings of $2.43 per share on sales of $144.50 million.

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