International Seaways Reports Earnings Results for Q2 FY2023 Ending June 30 2023
August 21, 2023
🌥️Earnings Overview
On August 9 2023, INTERNATIONAL SEAWAYS ($NYSE:INSW) announced their earnings report for the second quarter of FY2023, ending June 30 2023. The total revenue for the quarter was USD 292.2 million, which was a 55.3% year-on-year increase. Net income increased by 122.7%, reaching USD 153.8 million.
Market Price
On Wednesday, INTERNATIONAL SEAWAYS reported its earnings results for the second quarter of fiscal year 2023 ending June 30, 2023. The stock opened at $46.7 and closed at $46.2, up by 3.9% from the previous closing price of 44.5. The strong financial performance in Q2 was attributed to the company’s diversified portfolio and effective cost management strategies. Overall, INTERNATIONAL SEAWAYS reported an impressive earnings result for Q2 FY2023, and investors seemed to be pleased with this positive news as the stock gained 3.9% from the previous day’s close. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for International Seaways. More…
| Total Revenues | Net Income | Net Margin |
| 1.15k | 658.25 | 55.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for International Seaways. More…
| Operations | Investing | Financing |
| 687.41 | -330.32 | -472.79 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for International Seaways. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 2.66k | 1.04k | 33.14 |
Key Ratios Snapshot
Some of the financial key ratios for International Seaways are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 35.9% | 61.3% | 63.3% |
| FCF Margin | ROE | ROA |
| 37.8% | 28.8% | 17.2% |
Analysis
GoodWhale has conducted a financial analysis of INTERNATIONAL SEAWAYS, and the results show that the company is strong in dividend, growth, and medium in asset, profitability. Given its financials, INTERNATIONAL SEAWAYS may be attractive to investors who are looking for high potential returns and are willing to take on higher risk. INTERNATIONAL SEAWAYS has an intermediate health score of 6/10 considering its cashflows and debt, which suggests that the company might be able to pay off debt and fund future operations. More…
Peers
The shipping industry is highly competitive, with International Seaways Inc competing against TORM PLC, Euronav NV, and Overseas Shipholding Group Inc. All four companies are major players in the industry, with a strong presence in the market. International Seaways Inc has a strong fleet of vessels and a strong financial position, which gives it a competitive advantage in the market.
– TORM PLC ($NASDAQ:TRMD)
SSE PLC is a British energy company headquartered in Perth, Scotland. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. The company has a market capitalisation of £2.45 billion as of May 2021 and a return on equity of 7.59% as of March 2021.
SSE PLC is an integrated energy company with operations in electricity generation, transmission, distribution and supply, as well as gas storage and distribution. The company’s customer base includes domestic and commercial customers, as well as industrial and power generation customers. SSE PLC is one of the “Big Six” energy suppliers in the United Kingdom.
– Euronav NV ($NYSE:EURN)
Euronav NV is a Belgium-based company engaged in the maritime transportation sector. The Company owns and operates a fleet of very large crude carriers (VLCCs), which are used to transport crude oil, as well as a number of product and chemical tankers. As of December 31, 2014, the Company’s VLCC fleet consisted of 32 vessels with a deadweight tonnage (DWT) of 9.7 million each. The Company operates its vessels through time charters, voyage charters and pool arrangements. The Company is also engaged in the crude oil tanker market through its investment in Tanker Investments Ltd. (TiL), which owns a VLCC and an Aframax.
– Overseas Shipholding Group Inc ($NYSE:OSG)
Overseas Shipholding Group, Inc. is one of the world’s leading energy transportation companies. They operate a modern fleet of tankers and product carriers that serve the crude oil and refined petroleum product shipping industries. The company is publicly traded on the New York Stock Exchange and is a member of the S&P 500 Index.
Summary
International Seaways reported strong second quarter earnings results for FY2023, with total revenue increasing 55.3% year-on-year to USD 292.2 million and net income rising 122.7% to USD 153.8 million year-on-year. The strong earnings announcement drove a positive reaction from investors, with the company’s stock price rising the same day. Investors looking to benefit from the positive momentum should consider investing in International Seaways as the company continues to demonstrate robust growth and solid financials.
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