secwatch.observer — SEC 8-K summary
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Issuer:     International Seaways, Inc. (INSW)
CIK:        0001679049
Form:       8-K
Filed at:   2024-02-29T23:59:59+00:00
Accession:  0001104659-24-029058
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

INSW posts record full-year 2023 net income of $556M; Q4 net income $132M, dividend $1.32/share
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- Full-year 2023 net income $556.4M ($11.25 diluted EPS), up from $387.9M in 2022; record earnings.
- Q4 2023 net income $132.1M ($2.68 diluted) vs $218.4M in Q4 2022; adjusted net income $107.6M ($2.18 diluted).
- Declared combined dividend $1.32/share ($0.12 regular + $1.20 supplemental) payable March 28; represents 60% of adjusted Q4 net income.
- Total liquidity ~$601M; net loan-to-value 17% (lowest ever); prepaid nearly $300M debt in 2023.
- Agreed to buy six MRs for $232M (15% stock); ordered four LR1 newbuilds; contracted future revenues $354M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1679049/000110465924029058/0001104659-24-029058-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1679049/000110465924029058/tm247547d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-029058

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer