Business
International Seaways Reports First Quarter 2025 Results
NEW YORK, May 08, 2025--International Seaways, Inc. (NYSE: INSW) (the "Company," "Seaways," or "INSW"), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the first quarter 2025.
About this update from International Seaways, Inc.
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":480,"height":288,"url":"https://media.zenfs.com/en/business-wire.com/f427851d58ec0d3e3c61c7468d51bbf2"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/1yWYAw5I0cYuexC9j_GFOw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU3NjtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/f427851d58ec0d3e3c61c7468d51bbf2","width":480,"height":288}},"lazy":false},{"type":"text","content":"NEW YORK, May 08, 2025--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the "Company," "Seaways," or "INSW"), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the first quarter 2025.","length":326,"tagName":"p"},{"type":"text","content":"HIGHLIGHTS & RECENT DEVELOPMENTS","length":36,"tagName":"p"},{"type":"text","content":"Quarterly Results:","length":18,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Net income for the first quarter of 2025 was $50 million, or $1.00 per diluted share.","length":85,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted net income(1), defined as net income excluding special items, for the first quarter of 2025 was $40 million, or $0.80 per diluted share, which excludes a gain on vessel sales in connection with the fleet optimization described below.","length":242,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Adjusted EBITDA(1) for the first quarter or 2025 was $91 million.","length":65,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":392,"olType":false},{"type":"text","content":"Fleet Optimization Program:","length":27,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Concluded strategic vessel swap (the "swap"), exchanging two of the Company’s oldest VLCCs and $3 million in cash for three 2015-built MRs through a series of sales and purchase transactions. A majority of the transactions were completed during the first quarter with only one MR delivery in late December 2024.","length":321,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":321,"olType":false},{"type":"text","content":"Healthy Balance Sheet:","length...