INSW Q2 net income $144.7M ($2.91/sh), down YoY; Q3 dividend $1.50; bought 6 MRs for $232M

International Seaways, Inc.

2024-Q2 EPS reported $5.83 revenue$531,810,000

Net income $144.7M ($2.91 diluted EPS) vs $153.8M ($3.11) in Q2 2023; adjusted net income $118M ($2.37).
Revenue $257.4M, down from $292.2M; TCE revenue $251.8M; consolidated adjusted EBITDA $167M vs $205.1M.
Acquired six eco MR vessels for $232M (partially with 623,778 shares) and sold three older MRs for $72M net proceeds.
Board declared Q3 combined dividend of $1.50/share ($0.12 regular + $1.38 supplemental), payable Sept 25, 2024.
Amended credit facility to $500M RCF, reduced mandatory repayments by $19.5M/quarter, margin cut by ~85 bps; liquidity $682M.

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