International Seaways Inc (INSW) News & EventsINSWInternational Seaways Inc

International Seaways Acquires Bruton in $370M Deal

International Seaways announced the execution of agreements to acquire Bruton in a series of transactions that values Bruton at approximately $370M. The transaction combines Bruton's 4 VLCC vessels, including newbuildings, with Seaways diversified fleet of approximately 70 vessels across both the crude and product segments. Seaways has entered into exchange agreements with Bruton shareholders holding approximately 50.5% of Bruton's outstanding common shares, to immediately acquire those shares in exchange for 0.0519 INSW shares for each Bruton share held. The First-Step Exchange transactions are expected to settle on or about October 20. Seaways has also entered into a definitive transaction agreement with Bruton, pursuant to which the company will acquire all of the Bruton shares that remain outstanding following the completion of the First-Step Exchange in a cash and stock merger. Seaways expects to issue approximately 3.12M INSW shares in the Transactions, representing approximately 96% of the aggregate consideration payable in the Transactions, with the remainder settled in cash.

Seaways Q2 Revenue $467.3M Beats Expectations

Reports Q2 revenue $467.3M, consensus $399.43M. commented, "We delivered the highest quarterly net income in our nearly ten-year history, complemented by a record dividend for the second consecutive quarter. Today's market conditions highlight the benefits of the platform we've built over the past several years. We've positioned Seaways to maximize cash generation across market cycles by strengthening our balance sheet, lowering our cash break-even levels, maintaining a balanced fleet across crude and product tankers, and expanding our commercial platform. Those decisions have also enhanced our financial flexibility to pursue opportunistic growth while creating long-term value for our shareholders." CFO Jeff Pribor stated, "The record free cash flow generated in Q2 exceeded our previous high by nearly $100M. We followed last quarter's record dividend with the highest declaration in our history by continuing our practice of returning at least 85% of adjusted net income to shareholders. Supported by nearly $1B of liquidity and one of the strongest balance sheets in the industry, we maintain the financial flexibility to invest opportunistically without compromising our disciplined approach to capital allocation."

International Seaways Q1 Revenue Hits $325.5M, Dividend Doubled to $4.55

Reports Q1 revenue $325.5M, consensus $274.26M. Lois K. Zabrocky, International Seaways President and CEO commented, "We delivered an excellent first quarter, our strongest since the fourth quarter of 2022, with meaningful contributions from both our crude and product tankers. Following the highest dividend in our history last quarter, we more than doubled our dividend this quarter to $4.55 per share by increasing our payout ratio to 85% of adjusted earnings and including an additional discretionary component that reflects the strength of today's market and the performance we've built over time. With a robust balance sheet, nearly $1 billion of liquidity, and a notably strong start to the second quarter, we remain well positioned to continue delivering attractive returns and creating long-term value for our shareholders."