secwatch.observer — SEC 8-K summary
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Issuer:     International Seaways, Inc. (INSW)
CIK:        0001679049
Form:       8-K
Filed at:   2023-02-28T23:59:59+00:00
Accession:  0001104659-23-026388
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

International Seaways reports record Q4 net income $218.4M, declares $2.00 combined dividend
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- Q4 net income $218.4M ($4.40 diluted EPS) vs net loss $34.0M ($0.68 loss) in Q4 2021; full-year net income $387.9M ($7.77 EPS) vs loss $133.5M.
- Consolidated TCE revenues Q4 $335.7M (up from $93.0M YoY); full-year TCE revenues $853.7M (up from $255.9M).
- Board declared regular quarterly dividend $0.12/share and supplemental dividend $1.88/share, payable March 28, 2023 to holders of record March 14.
- Fleet optimization: sold 2008-built MR for ~$14M net; agreed to sell another MR for ~$14M; exercised purchase options on two Aframaxes for ~$41M (45% discount).
- Credit facility amendment expected March 2023: RCF increased by $40M to ~$260M, $100M prepayment on term loan, 22 vessels removed from collateral.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1679049/000110465923026388/0001104659-23-026388-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1679049/000110465923026388/tm238029d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-026388

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