Thu, May 8, 12:16 PM (15 days ago)
**International Seaways, Inc. (INSW) Q1 2025 Financial Summary** **Financial Health and Performance:** - **Revenue:** $183.4 million, down 33% from $274.4 million in Q1 2024. - **Net Income:** $49.6 million, significantly lower than $144.5 million in Q1 2024. - **Earnings per Share (EPS):** $1.00, compared to $2.95 in Q1 2024. - **Cash Flow from Operations:** $69.9 million, down from $156.4 million in Q1 2024. - **Cash and Cash Equivalents:** $132.8 million, down from $157.5 million in Q1 2024. **Profit Margins:** - **Operating Margin:** Decreased due to higher operating expenses and lower revenue. - **Net Margin:** Reduced from 52.7% in Q1 2024 to 27.0% in Q1 2025. **Segment Performance:** - **Crude Tankers:** Revenue decreased by 32% to $84.6 million. - **Product Carriers:** Revenue decreased by 36% to $93.7 million. **Operational Highlights:** - **Fleet:** 78 vessels in operation, with 6 LR1 newbuilds scheduled for delivery by Q3 2026. - **Vessel Sales and Purchases:** Sold 2 VLCCs and purchased 3 MRs, resulting in a net cash outflow of $2.9 million. - **Debt:** $594.9 million in total debt, with a net debt to capital ratio of 19.8%. **Future Operations and Impact:** - **Dividends:** Declared a regular quarterly cash dividend of $0.12 per share and a supplemental dividend of $0.48 per share. - **Capital Expenditures:** Committed to constructing 6 dual-fuel ready LR1s and other vessel improvements. - **Liquidity:** $673.2 million in total liquidity, including $132.8 million in cash and $540.4 million in undrawn revolver capacity. **Trends and Uncertainties:** - **Market Conditions:** Tanker rates held steady, but global economic turmoil and trade barriers create uncertainty. - **Regulatory Risks:** Potential impact from U.S. trade policies and international conflicts. - **Environmental Compliance:** Ongoing investments in ballast water treatment systems and performance efficiency devices. **Conclusion:** International Seaways, Inc. faced a challenging quarter with significant declines in revenue and net income. The company is focusing on fleet renewal, debt reduction, and strategic capital allocation to navigate market uncertainties and maintain liquidity. The strong balance sheet and diversified financing sources position INSW to support operations and pursue growth opportunities.