International Seaways, Inc. (INSW) reported its financial results for the three and nine months ended September 30, 2024, revealing a decline in both revenues and profitability compared to the same periods in 2023. Shipping revenues for the third quarter of 2024 totaled $225.2 million, down from $241.7 million in Q3 2023. For the nine-month period, revenues decreased to $757.0 million from $821.0 million in the prior year. The decline in revenues was attributed to lower average daily rates and increased off-hire days, particularly in the LR1 fleet.

Income from vessel operations also saw a decrease, with Q3 2024 reporting $101.0 million compared to $114.2 million in Q3 2023. For the nine months, income from vessel operations fell to $410.2 million from $468.1 million. Net income for Q3 2024 was $91.7 million, down from $97.9 million in Q3 2023, while net income for the nine months decreased to $380.9 million from $424.3 million.

The average time charter equivalent (TCE) rates for the company’s vessels also declined, with Q3 2024 rates averaging $36,587, down from $41,470 in Q3 2023. The decrease in TCE revenues was primarily driven by a significant reduction in rates across the crude tanker fleet and increased off-hire days.

On the strategic front, International Seaways announced the acquisition of six MR Product Carriers for approximately $232 million, with 85% of the payment made in cash. The company also recognized a gain of $41.4 million from the sale of three older vessels during the nine months ended September 30, 2024. Additionally, the company has commitments for the construction of six new dual-fuel ready LNG LR1 vessels, expected to be delivered between late 2025 and 2026.

Financially, the company reported total assets of $2.59 billion as of September 30, 2024, an increase from $2.52 billion at the end of 2023. Total equity rose to $1.87 billion, up from $1.72 billion. Cash and cash equivalents decreased to $103.3 million from $126.8 million at the end of 2023, reflecting significant expenditures on vessels and dividends.

The company continues to manage its debt effectively, with total debt outstanding at $650.5 million and a net debt to capital ratio of 21%, down from 23.8% at the end of 2023. The company also declared a regular quarterly cash dividend of $0.12 per share and a supplemental dividend of $1.08 per share, payable in December 2024.