International Seaways Shares Gain On Street-Beating Q2 Results

International Seaways Inc INSW reported second-quarter total shipping revenues of $188.19 million, an increase of 306.4% year-over-year, beating the consensus of $180.33 million.
Adjusted EPS of $1.43 beat the consensus of $1.19.
Adjusted EBITDA for the second quarter was $111.7 million, compared to $9.8 million in 2Q21, and the margin was 59.3%, up by 3,820 bps.
Consolidated TCE revenues were $185.5 million for Q2, compared to $44.7 million for 2Q21. This increase in TCE revenue reflects an increase of over 3,800 revenue days of the significantly larger post-merger fleet.
Total operating expenses increased by 58.2% Y/Y to $100.82 million.
Shipping revenues were $188.2 million, compared to $46.3 million in 2Q21.
During the quarter, the company entered eight-year lease financing arrangements for the sale and leaseback of two 2010-built MRs, generating net proceeds of $15.4 million net of debt repayment.
The company authorized an upsize of the share repurchase program to $60 million from $33 million and extended the program's expiration to the end of 2023.
International Seaways' cash provided by operating activities year-to-date totaled $14.85 million, compared to cash used of $(22.52) million a year ago.
INSW held cash of $231.7 million as of June 30, 2022; total liquidity was $451.7 million, including $220 million of undrawn revolver capacity.
"After a little more than a year since our transformational merger that tripled our fleet size and diversified our tanker portfolio with the addition of over 40 product carriers, Seaways is well positioned for the strong underlying fundamentals that we expect to firm the tanker markets over the next few years," commented CEO Lois K. Zabrocky.
Price Action: INSW shares are trading higher by 5.08% at $26.69 on the last check Tuesday.

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