On 01 April 2020, International Seaways, Inc. (NYSE: INSW) stock observed trading -25.04% off 52-week high price. On the other end, the stock has been noted 58.03% away from low price over the last 52-weeks. The stock disclosed a move of 10.67% away from 50 day moving average and 7.18% away from 200 day moving average. Moving closer, we can see that shares have been trading 15.29% off 20-day moving average. It has market cap of $688.25M and dividend yield of 1.02%.
International Seaways, Inc. (INSW) recently stated results for the fourth quarter and full year 2019.
Net income for the fourth quarter was $15.9M, or $0.54 per share, contrast to a net income of $7.0M, or $0.24 per share, in the fourth quarter of 2018. Net income for the quarter reflects the impact of a $3.0M cash gain on sale of the LNG joint venture with Qatar Gas Transport Company Ltd. (Nakilat), offset by the release of the company’s share of the unrealized losses associated with the interest rate swaps held by the LNG JV of $21.6M into earnings from accumulated other comprehensive loss, a $0.3M loss on sale of vessels, a $3.2M write-off of deferred financing costs, and a $1.0M loss from the extinguishment of debt. Net income not including these items was $39.0M, or $1.32 per share.
Time charter equivalent (TCE) revenues (A) for the fourth quarter were $117.6M, contrast to $93.0M in the fourth quarter of 2018.
Adjusted EBITDA (B) for the fourth quarter was $72.2M, contrast to $46.2M in the same period of 2018.
Cash (C) was $150.2M as of December 30, 2019; total liquidity was $200.2M, including $50.0M undrawn revolver, contrast to cash of $117.6M and total liquidity of $167.6M as of December 31, 2018.
Sold its 49.9% ownership interest in the LNG joint venture for $123M in cash in October.
Made a prepayment of $100M in October on the 2017 Term Loan Facility.
Agreed to purchase a 2009-built LR1, the Seaways Guayaquil, which delivered in February.
Sold a 2002-built Aframax, the Seaways Portland, and agreed to sell a 2001-built Aframax, Seaways Fran.
Subsequent to the end of the quarter, closed on new senior secured credit facilities aggregating $390M, with proceeds used to refinance $383M existing high-cost secured and unsecured debt of the Company and its subsidiaries.
Instituted a program of returning cash to shareholders, including a fixed, quarterly dividend of $0.06 per share to complement our existing $30M share repurchase program.
Fourth Quarter 2019 Results
Net income for the fourth quarter of 2019 was $15.9M, or $0.54 per diluted share, contrast to a net income of $7.0M, or $0.24 per diluted share, in the fourth quarter of 2018. The increase in the fourth quarter of 2019 primarily reflects higher TCE revenues. These positive factors were partially offset by a decrease in equity in income of associated companies principally attributable to the company’s sale of its 49.9% ownership interest in the LNG joint venture with Qatar Gas Transport Company Ltd. (Nakilat) (“Nakilat”) to Nakilat on October 7, 2019. The Company received proceeds of $123M on this sale, not including fees and expenses. The Company recorded a cash gain on the sale of $3.0M and reclassified the company’s share of the unrealized losses associated with the interest rate swaps held by the LNG joint venture of $21.6M into earnings from accumulated other comprehensive loss, which was a noncash charge.
Consolidated TCE revenues for the fourth quarter of 2019 were $117.6M, contrast to $93.0M in the fourth quarter of 2018. Shipping revenues for the fourth quarter of 2019 were $124.0M, contrast to $100.6M in the fourth quarter of 2018. Strong TCE rates in the fourth quarter of 2019 were driven by increasing crude oil demand on the back of improving trade conditions and the end of a prolonged period of refinery maintenance ahead of IMO 2020, as well as external geopolitical factors including U.S. sanctions imposed on certain entities owned by China Ocean Shipping Company (“COSCO”)Because of alleged trading with Iran and the drone attack on a Saudi Arabian crude oil processing plant at Abqaiq.
Adjusted EBITDA was $72.2M for the quarter, contrast to $46.2M in the fourth quarter of 2018.
TCE revenues for the Crude Tankers section were $92.5M for the quarter contrast to $71.6M in the fourth quarter of 2018. This increase primarily resulted from the impact of higher average rates in the VLCC, Suezmax, Aframax and Panamax sectors, with average spot rates climbing to about $54,100, $50,900, $31,300 and $29,100 per day, respectively, aggregating about $32.8M. Partially offsetting the TCE revenue increase was the impact of a 325-day decrease in VLCC and Aframax revenue days aggregating $8.5M, and a $3.9M decrease in revenue from our Crude Tankers Lightering business during the current period Shipping revenues for the Crude Tankers section were $98.6M for the fourth quarter of 2019 contrast to $79.0M in the fourth quarter of 2018.
The USA based company International Seaways, Inc. moved with change of -1.51% to $23.53 with the total traded volume of 403325 shares in recent session versus to an average volume of 489.79K. INSW’s shares are at -20.93% for the quarter and driving a 37.20% return over the course of the past year and is now at -20.93% since this point in 2018. The average volatility for the week and month was at 10.12% and 13.51% respectively.