International Seaways Inc · Q2 2021 earnings

Briefing

International Seaways reported a net loss due to significantly lower TCE revenues, which was partially offset by lower vessel expenses, depreciation and amortization, charter hire expenses and interest expense.

International Seaways reported a net loss of $18.8 million for Q2 2021, a significant decrease compared to the net income of $64.4 million in Q2 2020. The decline is primarily attributed to lower TCE revenues. The company completed its merger with Diamond S Shipping and expects to achieve cost synergies in excess of $23 million and revenue synergies of $9 million within 2022.

• Completed merger with Diamond S Shipping, solidifying status as an industry bellwether.
• Expects cost synergies in excess of $23 million and revenue synergies of $9 million to be fully realizable within 2022 from the Diamond S merger.
• Strategic focus remains on achieving the highest operational standards and preserving financial strength.
• Paid over $70 million to shareholders since 2020 in the form of stock buybacks and dividends.

Headline financials

Revenue & EPS history

International Seaways expects to achieve cost synergies in excess of $23 million and revenue synergies of $9 million from the Diamond S merger, which are expected to be fully realizable within 2022.