International Seaways, Inc. reported robust financial performance for the second quarter of 2024, with a net income of $145 million, or $2.91 per diluted share. The company also generated $257 million in shipping revenues and $252 million in consolidated Time Charter Equivalent (TCE) revenues for the quarter.
The Crude Tankers segment contributed $121 million in TCE revenues, with average spot earnings of $46,400 per day for VLCCs, $45,000 per day for Suezmaxes, and $31,500 per day for Aframaxes. The Product Carriers segment reported $131 million in TCE revenues, with LR1 spot earnings at $53,000 per day and MR spot earnings at $35,000 per day.
The company's strategic initiatives included the delivery of six modern MR vessels during the second quarter of 2024, enhancing its fleet capabilities. This strong financial performance, coupled with strategic fleet enhancements, underscores the company's operational effectiveness and solid liquidity position.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.