- International Seaways Inc (NYSE:INSW) reported fourth-quarter total shipping revenues of $94.67 million, an increase of 66.9% year-over-year, missing the consensus of $102.6 million.
- Total operating expenses reduced by 25.9% Y/Y to $114.72 million.
- Operating loss for the quarter narrowed to $(14.79) million, from $(109.75) million a year ago.
- Adjusted loss per share of $(0.57) missed the consensus of $(0.36).
- TCE revenue for the quarter was $93 million, compared to $53 million in 4Q20.
- Adjusted EBITDA was $11.9 million, compared to a loss of $(5) million in 4Q20.
- TCE revenues for the Crude Tankers segment were $42.2 million (-3.6% Y/Y), reflecting a decline in fixed-time charter activity.
- TCE revenues for the Product Carriers segment were $50.5 million compared to $8.9 million a year ago. This increase is attributable to an increase of 3,373 revenue days due to the merger and higher average rates earned by the LR1 and MR fleets.
- Dividend: International Seaways declared a regular quarterly dividend of $0.06 per share payable on March 28, 2022, to shareholders of record on March 14, 2022
- International Seaways used cash in operating activities of $76.19 million in FY21, compared to cash provided by operating activities of $216.14 million a year ago.
- The company's total liquidity was $238.9 million, with cash of $98.9 million as of December 31, 2021, and $140 million of undrawn revolver capacity.
- During the quarter, the company repurchased and retired 1.08 million shares at an average price of $15.44 per share, for a total cost of $16.7 million.
- Price Action: INSW shares are trading higher by 0.28% at $18.09 on the last check Wednesday.
