2024-04-02 10:17:43 ET
Summary
- International Seaways expects a supply shortage of oil and oil product tankers to continue in 2024 due to increased demand and supply shortages.
- The company's fleet has expanded with the acquisition of new vessels, allowing for fleet renewal and maintaining competitiveness.
- Revised revenue and EBITDA guidance for International Seaways, with an increase in time charter revenue and operating costs. Target price on the stock has been revised upwards.
Investment thesis
We have covered International Seaways (INSW) stock before, and since the previous report, our expectations for the company's financial results and dividends have generally been met. The company continues to pay a high additional dividend as we expected, with a quarterly dividend of $0.12 per share and an additional dividend of $1.2 per share to be paid to shareholders in March 2024. The rating is 'Hold'....
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International Seaways: The market Situation Is Unchanged