International Seaways Reports Second Quarter FY2023 Earnings on June 30, 2023
August 11, 2023
🌥️Earnings Overview
On June 30 2023, INTERNATIONAL SEAWAYS ($NYSE:INSW) reported their financial results for the second quarter of FY2023. Total revenue for this period was USD 292.2 million, a 55.3% growth over the same quarter of the previous year. Net income also increased by 122.7%, totaling USD 153.8 million.
Share Price
On Wednesday, June 30, 2023, INTERNATIONAL SEAWAYS reported their second quarter fiscal year 2023 earnings. The stock opened at $46.7 and closed at $46.2, up 3.9% from the prior closing price of $44.5. This was mainly due to a strong performance in the container shipping and tanker shipping segments. The company attributed the positive results to their strategic initiatives, which included expanding their network of vessels, developing new services, and improving efficiency.
They reported that their vessels had been operating at full capacity throughout the quarter, with freight volumes showing positive growth. Overall, it was a successful quarter for INTERNATIONAL SEAWAYS and shareholders are likely to be pleased with the performance. As we move into the third quarter of FY2023, we will continue to monitor the company’s performance and ensure that investors remain well informed. 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 analyzed the financials of INTERNATIONAL SEAWAYS and we have drawn some conclusions about the company. Our Star Chart shows that the company is strong in dividend and growth, and medium in asset and profitability. Additionally, its health score is 6/10, which indicates that it is in an intermediate position and should be able to sustain operations in times of crisis. GoodWhale has classified INTERNATIONAL SEAWAYS as a ‘cheetah’, a type of company that is characterized by high revenue or earnings growth but lower profitability and stability. Investors who are looking for high growth potential but are comfortable taking on some risk may find that INTERNATIONAL SEAWAYS is a good investment opportunity. 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
Investing in INTERNATIONAL SEAWAYS is looking more attractive after the company reported their second quarter FY2023 earnings results. The total revenue for this period was USD 292.2 million, which is up 55.3% compared to the same period in the previous year. Net income was also up 122.7%, amounting to USD 153.8 million.
The stock price reacted positively to the news, indicating that investors have responded favorably to the company’s performance. Given the strong financials, INTERNATIONAL SEAWAYS appears to be an attractive investment option at the moment.
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