International Seaways, Inc. reported net income of $92 million, or $1.84 per diluted share, for the third quarter of 2024, a decrease from $98 million, or $1.99 per diluted share, in the prior year period. Consolidated Time Charter Equivalent (TCE) revenues for the quarter were $220 million, down from $236 million in the third quarter of 2023, primarily due to lower spot rates across most crude tanker sectors.
Despite the decline in overall TCE revenues, the company maintained a strong balance sheet, repaying $13 million in mandatory debt payments during the quarter. The $500 million revolving credit facility, amended in April 2024, is expected to save $20 million per quarter in mandatory debt repayments and reduce interest expense by over 85 basis points, with undrawn capacity of $541 million at September 30, 2024.
In fleet optimization, the company sold a 2008-built MR vessel in July 2024 for $24 million and took delivery of six modern MR vessels during 2024. International Seaways also declared a combined dividend of $1.20 per share on November 6, 2024, and repurchased 501,646 shares for approximately $25 million in the third quarter, demonstrating its commitment to shareholder returns.
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