International Seaways, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 29, 2024 at 06:45 am
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International Seaways, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 46.56 million compared to USD 26.96 million a year ago. Revenue was USD 250.73 million compared to USD 338.16 million a year ago. Net income was USD 132.11 million compared to USD 218.43 million a year ago. Basic earnings per share from continuing operations was USD 2.7 compared to USD 4.45 a year ago. Diluted earnings per share from continuing operations was USD 2.68 compared to USD 4.4 a year ago.
For the full year, the company reported sales was USD 165.97 million compared to USD 89.74 million a year ago. Revenue was USD 1,071.78 million compared to USD 864.67 million a year ago. Net income was USD 556.45 million compared to USD 387.89 million a year ago. Basic earnings per share from continuing operations was USD 11.35 compared to USD 7.85 a year ago. Diluted earnings per share from continuing operations was USD 11.25 compared to USD 7.77 a year ago.
International Seaways, Inc. is a tanker company engaged in providing energy transportation services for crude oil and petroleum products in international flag markets. The Company operates through two segments: Crude Tankers and Product Carriers. The Crude Tankers segment is made up of a fleet of VLCCs, Suezmaxes, and Aframaxes engaged in the worldwide transportation of crude oil. This segment also includes its Crude Tankers Lightering business through which it provides ship-to-ship (STS) lightering support services and full-service STS lightering to customers in the United States Gulf (USG), United States Pacific, Grand Bahama, and Panama regions. The Product Carriers segment consists of a fleet of MRs, LR1 product carriers, and an LR2 product carrier engaged in the worldwide transportation of refined petroleum products. It owns and operates a fleet of about 77 vessels, including 13 VLCCs, 13 Suezmaxes, five Aframaxes/LR2s, 11 LR1s, of which four are new buildings, and 35 MR tankers.
INTERNATIONAL SEAWAYS, INC. 
