The following is a summary of the International Seaways, Inc. (INSW) Q1 2024 Earnings Call Transcript:

Financial Performance:

• International Seaways reported a Q1 2024 net income of $145 million with adjusted EBITDA of over $190 million.

• Significant reductions have been made in debt over previous years, dropping from $180 million in 2022 to under $50 million projected for forward 12 months.

• By the end of Q1, a total liquidity of $626 million was achieved, including $411 million in undrawn revolver funds.

• Expectations predict sizable free cash flow generation in Q2 2024.

Business Progress:

• The company has procured six eco MRs and six LR1s for fleet renewal and growth.

• A dividend of $1.75 per share was declared, representing 60% of their adjusted net income.

• The company continues to reinvest income into business operations, indicating a growth strategy and a commitment to return significant income to shareholders.

• Seaways maintains global operating leverage, creating value in low-inventory environments and aiming to secure outsized returns over extended periods.

• An increase in oil demand has driven an elevated market for Seaways and other tanker companies, bolstering business prospects.

• Reduced cash break-evens have enabled the company to remain resilient in low market situations and maintain high-quality debt.

• Successful sales of older vessel assets have reinforced cash allocations for fleet renewal while exhibiting a strong secondhand market.

More details: International Seaways IR

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