International Seaways Announces Q4 and Full-Year 2024 Financial Results

International Seaways, Inc. (NYSE: INSW), one of the world’s largest tanker companies, today announced financial results for the fourth quarter and full year of 2024, highlighting strong earnings, fleet optimization efforts, and continued shareholder returns.

Financial Highlights:

• Q4 2024 Net Income: $36 million ($0.72 per diluted share).
• Full-Year 2024 Net Income: $417 million ($8.38 per diluted share).
• Adjusted Net Income: $45 million for Q4 2024, excluding a non-cash impairment charge.
• Adjusted EBITDA: $95 million in Q4 and $583 million for the full year.

Fleet Optimization & Balance Sheet Strength:

• Executed a vessel swap, exchanging two older VLCCs and $3 million in cash for three 2015-built MRs.
• Total liquidity stood at $632 million as of December 31, 2024, including $157 million in cash and $475 million in undrawn revolving credit.
• Maintained a low net loan-to-value ratio of 15.5%, reinforcing financial flexibility.

Shareholder Returns:

• Paid $5.77 per share in combined dividends for 2024, reflecting a 12% dividend yield on the average share price.
• Declared a $0.70 per share dividend for Q1 2025, representing 77% of Q4 adjusted net income.