NYSE$INSW
International Seaways Inc · Q1 2020 earnings
Q1 2020 earnings · · Investor relations
Briefing
International Seaways posted its highest quarterly EPS as a public company.
International Seaways reported a net income of $33.0 million, or $1.12 per diluted share, for the first quarter of 2020, compared to a net income of $10.9 million, or $0.37 per diluted share, in the first quarter of 2019. Consolidated TCE revenues for the first quarter of 2020 were $119.7 million, compared to $94.0 million in the first quarter of 2019.
- First quarter EPS was the highest as a public company.
- Rate environment strengthened in the second quarter due to low oil prices and excess oil supply.
- Company locked in four time charters with major oil producing and trading companies.
- Company initiated a regular quarterly cash dividend and repurchased shares in the first quarter.
Headline financials
Revenue & EPS history
International Seaways · Revenue · Quarterly
$125M
Revenue by segment
International Seaways · $120M total across 2 segments · Q1 2020
- Crude Tankers$88.9M+22.5%74.2%
- Product Carriers$30.9M+44.4%25.8%
Forward guidance
The second and third quarters of 2020 will likely be a stronger rate environment for tankers, due to excess crude supply and the resulting need for seaborne storage of crude oil and products, than 2021.
Tailwinds
- Excess crude supply and the resulting need for seaborne storage of crude oil and products will lead to a stronger rate environment for tankers in Q2 and Q3 2020.
- Total oil being produced is still substantially greater than global demand, continuing the need for tankers to be used as floating storage.
- Increased delays offloading cargoes as shore-based storage fills up has supported a robust tanker rate environment.
- Significant cash generation in the near term is expected.
- Four VLCCs have been put on time charters for periods ranging from seven months to 36 months at current high rates.
Headwinds
- When supply and demand eventually come back into balance, this could have negative repercussions for tankers as the oil held in inventory will supplant oil tanker transportation demand.
- Tanker rates in the second quarter thus far have been highly volatile.
- Extensive travel restrictions instituted in response to the COVID-19 pandemic poses challenges.
- Shift scrubber installations on three of our modern VLCCs to 2021.
- OPEC+ agreement in early April 2020 to cut production substantially beginning in May/June 2020.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2020
+1.1%
Avg return
Earnings day
+1.8%
Avg return
5 days after
+0.3%
Avg return
30 days after
68%
26 / 38 earnings
Positive
+10.3%
Q1 2021
Best reaction
-15.5%
Q3 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +5.1% | +3.0% | -5.5% | |
| Q4 2025 | +3.8% | +8.8% | +2.4% | |
| Q3 2025 | +4.6% | +6.0% | +2.0% | |
| Q1 2025 | +1.0% | +6.5% | +2.8% | |
| Q4 2024 | -7.5% | -5.8% | -9.1% | |
| Q3 2024 | -3.9% | -6.5% | -17.3% | |
| Q2 2024 | -3.6% | -2.8% | -2.6% | |
| Q1 2024 | +9.3% | +8.9% | +8.8% | |
| Q4 2023 | +3.3% | +1.0% | +1.8% | |
| Q3 2023 | -3.8% | -3.0% | -9.9% | |
| Q2 2023 | +1.8% | +1.8% | -2.2% | |
| Q1 2023 | +4.6% | +8.9% | +5.0% | |
| Q4 2022 | +5.4% | +8.7% | -15.6% | |
| Q3 2022 | +2.2% | -3.0% | -12.4% | |
| Q2 2022 | +6.1% | +12.1% | +25.4% | |
| Q1 2022 | +1.3% | -7.4% | +12.2% | |
| Q4 2021 | +0.3% | +3.2% | +4.5% | |
| Q3 2021 | -5.3% | -1.0% | -14.5% | |
| Q2 2021 | +0.7% | -0.3% | +7.5% | |
| Q1 2021 | +10.3% | +5.7% | +7.2% | |
| Q4 2020 | +6.4% | +7.1% | -4.9% | |
| Q3 2020 | +5.4% | +7.7% | +23.4% | |
| Q2 2020 | +0.5% | +7.2% | -8.6% | |
| Q1 2020 | +5.0% | +4.0% | +3.9% | |
| Q4 2019 | -5.9% | -7.0% | +4.8% | |
| Q3 2019 | +1.1% | +6.2% | +15.1% | |
| Q2 2019 | +1.7% | +3.8% | +15.0% | |
| Q1 2019 | +7.1% | +7.6% | -2.1% | |
| Q4 2018 | +7.5% | +7.1% | +10.6% | |
| Q3 2018 | -15.5% | -21.8% | -17.5% | |
| Q2 2018 | -4.2% | -5.4% | -13.1% | |
| Q1 2018 | -2.6% | -1.2% | +1.6% | |
| Q4 2017 | +10.1% | +12.7% | +9.3% | |
| Q3 2017 | -9.1% | -16.2% | -19.9% | |
| Q2 2017 | -3.1% | -6.1% | -18.3% | |
| Q1 2017 | +5.7% | +0.5% | -0.2% | |
| Q4 2016 | -5.9% | -6.1% | -5.3% | |
| Q3 2016 | +3.6% | +24.0% | +27.8% | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q4 2015 | — | — | — | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — |
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