international seaways annual reportshinedown attention attention
Net income excluding these items was $68.5 million, or $2.39 per diluted share.Repurchased 926,700 shares at an average price of $21.57 per share, for a total cost of $20 million, completing $30 million buyback authorization.On August 4, 2020 renewed share buyback authorization program for a further $30 million.Paid a regular quarterly cash dividend of $0.06 per share in June 2020 and announced a quarterly cash dividend of $0.06 per share payable in September 2020.Subsequent to the end of the quarter, agreed to prepay the full $40.0 million outstanding under the Transition Term Loan Facility. As the quarter progressed, however, OPEC and Russia agreed to steep production cuts, oil markets recovered narrowing the contango, and accordingly, tanker freight markets subsequently declined, particularly on smaller ships. Consolidated TCE revenues for the first half of 2020 were $255.0 million, compared to $156.5 million for the first half of last year. "Consolidated TCE revenues for the second quarter of 2020 were $135.3 million, compared to $62.5 million for the second quarter of 2019. This page includes all SEC registration details as well as a list of all documents (S-1, Prospectus, Current Reports, 8-K, 10K, Annual Reports) filed by International Seaways… International Seaways Inc. annual stock financials by MarketWatch. FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020. International Seaways Inc. (INSW) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. The company's vessel operations are organized into two segments: Crude Tankers and Product Carriers. International Seaways, Inc is primarely in the business of water transportation. Shipping revenues for the first half of 2020 were $265.1 million compared to $170.9 million for the prior year period.Strong TCE rates in the second quarter were driven initially by the breakdown of production cut agreements between OPEC and Russia, coupled with reduced demand due to COVID-19, creating an environment where excess oil production created a strong demand for oil tankers. Adjusted EBITDA was $170.5 million for the first half of 2020, compared to $68.6 million for the first half of 2019.During the second quarter of 2020, four of our VLCCs commenced time charters with major oil producing and trading companies at high rates. Shipping revenues for the second quarter of 2020 were $139.7 million, compared to $69.0 million for the second quarter of 2019. ⚠️ Notice: This page details filings for International Seaways, Inc. International Seaways, Inc. (NYSE: INSW) (the "Company" or "INSW"), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today reported results for the second quarter of 2020.
ET on August 7, 2020 through 11:59 p.m. UNITED STATES SECURITIES AND EXCHANGE COMMISSION. Net income for the quarter reflects the impact of a $4.1 million impairment charge and gain on sale of vessels. The fleet consists of ULCC, VLCC, Suezmax, Aframax, and Panamax crude tankers, as well as LR1, LR2 and MR product carriers. Our ample liquidity has allowed the Company to take these steps, while maintaining balance sheet strength and the flexibility to continue to deploy capital to best serve shareholders. International Seaways Inc owns and operates a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and petroleum products. Complementing our regular quarterly cash dividend of $0.06 paid to shareholders in June, we repurchased $20 million of shares during the quarter, creating additional value, and still ended the quarter with over $184 million in total liquidity. Additionally, oil prices entered a strong contango market which drove traders to book oil tankers for storage. The larger ships, especially the VLCCs, have maintained healthier rates.In the second quarter of 2020, the Company recorded an impairment charge of $5.5 million on one of its 2002-built VLCCs to write-down its carrying value to its estimated fair value at June 30, 2020. ET on August 14, 2020 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10146746.Vessels and other property, less accumulated depreciationInvestments in and advances to affiliated companiesAccounts payable, accrued expenses and other current liabilitiesItems included in net income/(loss) not affecting cash flows:Amortization of debt discount and other deferred financing costsChange in fair value of interest rate collar recorded through earningsItems included in net income/(loss) related to investing and financing activities:(Gain)/loss on disposal of vessels and other property, netInsurance claims proceeds related to vessel operationsProceeds from disposal of vessels and other propertyInvestments in and advances to affiliated companies, netNet cash (used in)/provided by investing activitiesIssuance of debt, net of issuance and deferred financing costsCash paid to tax authority upon vesting of stock-based compensationNet (decrease)/increase in cash, cash equivalents and restricted cashCash, cash equivalents and restricted cash at beginning of yearCash, cash equivalents and restricted cash at end of periodRevenue days in the above table exclude days related to full service lighterings and days for which recoveries were recorded under the Company’s loss of hire insurance policies.Hillary Clinton: Biden has 'great choices' for running mate to help defeat 'wannabe authoritarian'What does the lawsuit against the NRA mean for gun rights?Medical Devices Reimbursement Market Size Worth $1169.8 Billion By 2027: Grand View Research, Inc.Jason Derulo Knocks Out Will Smith's Teeth in Golf Video and You Won't Be Able to Look AwayTrump’s Old Words About Obama’s Executive Orders Come Back To Haunt HimGeorgia college students stage 'die-in' to protest school opening plans: 'We are not dispensable'Georgia school moves online after COVID-19 infections reportedHand Tools Market Analysis Highlights the Impact of COVID-19 (2020-2024) | Growth of Residential Construction to Boost Market Growth | TechnavioPHOTOS: John Lewis – congressman and civil rights activist – a life of extraordinary serviceKelly Osbourne celebrates her 85-pound weight loss: 'I worked hard and it feels good'Alyssa Milano shows off hair loss, visits ER as she pushes back against COVID-19 critics: 'Why would I f*****g lie about having a virus?”Astros and A's brawl after Ramón Laureano gets hit twice and charges Houston dugoutConspiracy-mongering Republican seeking John Lewis seat gets social media boost from TrumpBBC apologizes for using racist term in news reportPartner Communications Announces That S&P Maalot Has Reaffirmed the Company's ilA+ Credit Rating and Updated the Company's Rating Outlook to StableRecord-breaking shark breach caught on camera: ‘The photo you dream of’1 dead, at least 20 injured in shooting at apparent D.C. block partyTrump will reportedly only have a handful of people help him with debate prep
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