International Seaways, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 09, 2023 at 01:06 pm
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International Seaways, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 44.61 million compared to USD 23.47 million a year ago. Revenue was USD 292.2 million compared to USD 188.2 million a year ago. Net income was USD 153.76 million compared to USD 69.04 million a year ago. Basic earnings per share from continuing operations was USD 3.13 compared to USD 1.39 a year ago. Diluted earnings per share from continuing operations was USD 3.11 compared to USD 1.38 a year ago.
For the six months, sales was USD 72.16 million compared to USD 41.19 million a year ago. Revenue was USD 579.33 million compared to USD 289.68 million a year ago. Net income was USD 326.4 million compared to USD 56.04 million a year ago. Basic earnings per share from continuing operations was USD 6.64 compared to USD 1.13 a year ago. Diluted earnings per share from continuing operations was USD 6.59 compared to USD 1.12 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. 
