NYSE$INSW
International Seaways Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reported strong quarterly earnings, balance sheet enhancements, and continued returns to shareholders.
International Seaways reported a net income of $144.5 million for Q1 2024, with earnings per diluted share of $2.92. The company continues to return cash to shareholders, declaring a combined dividend of $1.75 per share. They also optimized their capital structure with a new $500 million revolving credit facility.
- Net income for the first quarter of 2024 was $144.5 million, or $2.92 per diluted share.
- Declared a combined dividend of $1.75 per share, representing 60% of adjusted net income.
- Shipping revenues for the first quarter were $274.4 million.
- Consolidated TCE revenues for the first quarter were $270.9 million.
Headline financials
Revenue & EPS history
International Seaways · Revenue · Quarterly
$274M
Revenue by segment
International Seaways · $242M total across 2 segments · Q3 2023
- Product Carriers$128M-20.2%52.7%
- Crude Tankers$114M+48.2%47.3%
Forward guidance
International Seaways remains optimistic about the market direction based on attractive supply and demand fundamentals, supported by growing oil demand, the evolving global energy trade, and a historically low tanker orderbook.
Tailwinds
- Growing oil demand.
- Evolving global energy trade.
- Historically low tanker orderbook.
- Agreement to acquire six MRs and exercise options on two additional dual-fuel LR1s.
- Balance sheet is the strongest in company history.
Headwinds
- Capacity under the $500 Million RCF is reduced on a quarterly basis by approximately $12.8 million each quarter.
- Lower TCE revenues
- Higher vessel expenses
- Higher depreciation
- Gain on vessel sale in Q1 2023 not repeated in Q1 2024
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 2024
+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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