International Seaways, Inc. (NYSE: INSW) (the "Company" or "INSW"), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today reported results for the first quarter 2020.
NEW YORK, March 19, 2020 -- Capital Link is pleased to announce that the 14th Annual International Shipping Forum will take place as a Digital Forum on Monday, March 30 &.
International Seaways Inc. (INSW) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
International Seaways (INSW) has seen solid earnings estimate revision activity over the past month, and belongs to a strong industry as well
Today we are going to look at International Seaways, Inc. (NYSE:INSW) to see whether it might be an attractive...
International Seaways, Inc. (NYSE: INSW) (the "Company" or "INSW") announced today that it plans to release first quarter 2020 results before market open on Thursday, May 7, 2020.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
A new job title has been born: worldwide corona czar. That's what Lois Zabrocky, CEO of Manhattan-based International Seaways (NYSE: INSW), dubbed her company's head of IT, who spent the past several weeks preparing the company and its systems for working off-site."We are now working remotely, from our homes," Zabrocky confirmed on Tuesday during the Virtual Investor Forum hosted by J Mintzmyer on Value Investor's Edge via Seeking Alpha.Coping With Coronavirus "The fact that the whole world is working remotely affects how quickly information is flowing and how everything is happening," she emphasized, adding, "I think the coronavirus has taken everyone aback."For crude- and product-tanker owner INSW, which has staff across the globe, "it definitely builds in inefficiencies that would have been unthinkable just a month ago — the whole world is now shutting down flights in response to the coronavirus."The good news, she reported, is "we have not had any crew come down the coronavirus." The bad news is that "repatriation of crew worldwide has become infinitely more complex. Countries are not wanting you to disembark your people or allow you to send your people easily to sea. That is where the challenges are logistically," Zabrocky said.Saudi Surge The CEO also spoke about the surge in export cargoes from Saudi Arabia, which has caused a spike in rates for very large crude carriers (VLCCs; tankers that carry 2 million barrels of crude oil).There have been numerous reports of VLCC charters westward from the Middle East Gulf to the U.S. Gulf instead of the traditional eastern route to Asia. Zabrocky said that in some cases, the final destination is not yet determined."Bahri [Saudi Aramco's shipping arm] is wise in the way it's doing its chartering. It's fixing [chartering] out into the future with options for discharge in the Far East as well as the U.S. Gulf. That gives it more freedom."She noted that "there is a lot of talk in the market now that China will use this opportunity [low prices] to shore up its version of the SPR [Strategic Petroleum Reserve] and they may have up to 200 million barrels of spare capacity." With regard to the U.S. plan to fill up 77 million barrels of spare capacity in its SPR, Zabrocky said, "it isn't 100% clear whether that will be international barrels or domestic barrels." With such stockpiling variables in mind, "it's not clear where a lot of these barrels [from the Middle East Gulf] will be going. They're fixed with a lot of options."Meanwhile, the VLCC rate surge is now cascading down to Suezmaxes (tankers that carry 1 million barrels of crude) in regions outside of the Middle East. "If a charterer is able to do so, it will split a 2 million-barrel cargo into two 1 million-barrel stems [cargoes] and take them on Suezmaxes instead," she said, noting that the practice is particularly prevalent in West Africa.A further consequence of Saudi Arabia's export push relates to IMO 2020, the regulation that requires ships without exhaust gas scrubbers to burn more expensive 0.5% sulfur fuel known as very low sulfur fuel oil (VLSFO) as opposed to 3.5% sulfur heavy fuel oil (HFO).Saudi Arabia's decision to flood the market has caused crude pricing to collapse, and with it the price of VLSFO. This has narrowed the VLSFO-HFO spread, a negative for companies like INSW that invested in scrubbers. The narrower the spread, the less savings from burning HFO and the longer it will take to pay back the scrubber investment.But Zabrocky pointed to a counterbalancing effect that could help the spread to re-widen, by pushing down the price of HFO."With Saudi deciding to crank up, a lot of those barrels will be Arab Heavy [grade]. There will be more heavy barrels on the market, which had been less prevalent previously. And that should translate into lower HFO prices," she maintained.More FreightWaves/American Shipper articles by Greg MillerImage Sourced from PixabaySee more from Benzinga * Airlines Scale Back Operations In Australia, New Zealand * "Business As Usual" Along Texas-Mexico Border * Costco Picks Up Final-Mile Carrier Innovel Solutions From Transform Holdco(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Shares of International Seaways (NYSE:INSW) rose 5.8% in pre-market trading after the company reported Q1 results.Quarterly Results Earnings per share rose 302.70% year over year to $1.49, which beat the estimate of $1.45.Revenue of $125,337,000 up by 23.03% from the same period last year, which beat the estimate of $121,890,000.Outlook International Seaways hasn't issued any earnings guidance for the time being.Revenue guidance hasn't been issued by the company for now.How To Listen To The Conference Call Date: May 07, 2020View more earnings on INSWWebcast URL: https://services.choruscall.com/links/insw200507.htmlPrice Action Company's 52-week high was at $31.39Company's 52-week low was at $14.89Price action over last quarter: Up 5.59%Company Overview International Seaways Inc owns and operates a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and petroleum products. The company's vessel operations are organized into two segments: Crude Tankers and Product Carriers. The fleet consists of ULCC, VLCC, Suezmax, Aframax, and Panamax crude tankers, as well as LR1, LR2 and MR product carriers.See more from Benzinga * Recap: Oaktree Specialty Lending Q2 Earnings * Himax Technologies: Q1 Earnings Insights * 11 Communication Services Stocks Moving In Thursday's Pre-Market Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Shareholders in International Seaways, Inc. (NYSE:INSW) may be thrilled to learn that the analysts have just delivered...
International Seaways CEO Lois Zabrocky joins Yahoo Finance’s On The Move to discuss the outlook on markets, a road to economic recovery, and the state of oil amid the coronavirus outbreak.
International Seaways Inc. (INSW) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
International Seaways, Inc. (NYSE: INSW) (the "Company" or "INSW"), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today reported results for the fourth quarter and full year 2019.
International Seaways Inc. (INSW) delivered earnings and revenue surprises of 10.92% and -0.26%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?
Jefferies SVP of Equity Research Randy Giveans joins Yahoo Finance’s Seana Smith and Julie La Roche on The Ticker to discuss the outlook on tanker companies, after Saudi Aramco unveiled new plans to raise its oil production capacity to 13 million barrels per day.
International Seaways, Inc. (NYSE: INSW) (the "Company" or "INSW") today announced its Board of Directors has declared a regular quarterly cash dividend of $0.06 per share for the second quarter of 2020 pursuant to a policy announced in March 2020. The dividend will be paid on June 22, 2020 to all stockholders of record as of June 8, 2020.
International Seaways Inc (INSW) delivered earnings and revenue surprises of 1.36% and 1.62%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
Is International Seaways, Inc. (NYSE:INSW) a good dividend stock? How can we tell? Dividend paying companies with...
Factors, risks and uncertainties that could cause international Seaways' actual results to differ from expectations include those described in our annual report on Form 10-K for 2019; in our quarterly report on Form 10-Q for the quarter ended March 31, 2020; and in other filings that we have made or in the future may make with the US Securities and Exchange Commission. With that out of the way, I would like to turn the call over to our President and Chief Executive Officer, Ms. Lois Zabrocky.
Moody's Investors Service, ("Moody's") placed all of its ratings for International Seaways, Inc. ("INSW") on review for downgrade, including the B3 Corporate Family Rating (CFR) and Caa1 rating on its senior unsecured notes due 2023. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating.