Lois K. Zabrocky, President and CEO of International Seaways, Inc. (NYSE:INSW), has sold a portion of her shares in the company. According to a recent filing, Zabrocky sold 2,000 shares of common stock on November 15, 2024. The shares were sold at a weighted average price of $41.8292, resulting in a total transaction value of $83,658. The sale was conducted as part of a pre-established Rule 10b5-1 trading plan. Following this transaction, Zabrocky retains ownership of 151,475 shares in the company.
In other recent news, International Seaways, Inc. reported a strong third quarter in 2024, with net income of $92 million and an adjusted net income of $78 million. The company's EBITDA surpassed $143 million, and total liquidity is nearing $700 million. The company also enhanced its fleet capabilities by selling three older MR tankers and acquiring six younger ones. Shareholders received approximately $100 million through dividends and share repurchases.
International Seaways anticipates continued strength in tanker demand and a low tanker order book relative to the fleet size. A forward-looking cash breakeven rate is under $13,500 per day, and significant free cash flow generation is expected in Q4. The company is also open to merger and acquisition opportunities in a fragmented market while focusing on shareholder returns and fleet renewal. Despite geopolitical uncertainties and soft product tanker rates, the company maintains a strong balance sheet with over $540 million in undrawn credit capacity. The executives discussed the potential for consolidation in the tanker industry due to stricter regulations and increasing R&D costs, and the company's plan to deploy free cash flow primarily towards shareholder returns and fleet renewal.
InvestingPro Insights
International Seaways, Inc. (NYSE:INSW) presents an intriguing investment profile, as revealed by recent InvestingPro data. The company's stock currently trades at a P/E ratio of 4.04, suggesting it may be undervalued relative to its earnings. This low valuation is particularly noteworthy given the company's robust financial performance.
Despite the recent share sale by CEO Lois K. Zabrocky, INSW boasts impressive profitability metrics. The company's gross profit margin stands at a healthy 68.19% for the last twelve months as of Q3 2024, while its operating income margin is an impressive 48.67%. These figures indicate strong operational efficiency and cost management.
One of the most striking aspects of INSW's financial profile is its dividend yield, which currently stands at 13.78%. This high yield is supported by a remarkable dividend growth of 877.08% over the last twelve months, potentially making it an attractive option for income-focused investors.
InvestingPro Tips highlight additional strengths:
1. International Seaways holds more cash than debt on its balance sheet, indicating a strong financial position.
2. The company has maintained consistent dividend payments, which aligns with its high yield and recent dividend growth.
These insights are just a sample of the valuable information available through InvestingPro. Subscribers can access 11 additional tips for INSW, providing a more comprehensive analysis of the company's investment potential.
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