International Seaways reports Q3 EPS $1.99, consensus $1.68

Reports Q3 revenue $241.7M, consensus $217.21M. “We continued to generate significant cash and earnings from our diversified portfolio of crude and product tankers during Q3,” said CEO Lois Zabrocky. “Seaways remains committed to returning cash to shareholders by declaring a combined dividend of $1.25 per share for the fourth quarter. Including this declaration, aggregate dividends during 2023 will be $6.29 per share increasing our cumulative returns to shareholders to over $320M…We expect the tanker markets’ attractive supply and demand dynamics to continue to drive strong tanker earnings for the foreseeable future. CFO Jeff Pribor stated, “Maintaining a strong and diverse capital structure remains a top priority for Seaways. During Q3, we continued to enhance our balance sheet, executing a new revolving credit facility agreement that increased our total revolving capacity, which together with further de-leveraging, reduced our cash breakeven costs nearly $1,000 per day. We are pleased with our success to-date, lowering our breakeven levels to amongst the lowest in the industry at $14,750 per day in a diversified tanker company. This further improves our ability to generate free cash, and, combined with our ample liquidity of $581M and net loan-to-value ratio of 19%, ensures Seaways is ideally positioned to optimize returns to shareholders.”