Lois K. Zabrocky, President and CEO of International Seaways, Inc. (NYSE:INSW), recently sold 2,000 shares of the company’s common stock. The shares were sold at a weighted average price of $41.2825, amounting to a total transaction value of $82,565. According to InvestingPro data, the company maintains strong financial health with a "GREAT" overall score and offers an attractive dividend yield of ~14%. This sale was executed under a Rule 10b5-1 trading plan, which Zabrocky established on May 10, 2024. Following this transaction, Zabrocky holds 147,045 shares of International Seaways. The stock has shown recent momentum with a 9% gain over the past week, and InvestingPro analysis suggests the stock is currently undervalued, with 8 additional exclusive ProTips available to subscribers.
In other recent news, International Seaways reported robust third-quarter earnings, with a net income of $92 million and an adjusted net income of $78 million. The company’s EBITDA exceeded $143 million, and total liquidity was nearing $700 million. International Seaways’ strong financial health was also evident when the company returned approximately $100 million to shareholders through dividends and share repurchases. The company’s forward-looking cash breakeven rate is projected to remain under $13,500 per day, indicating significant free cash flow generation anticipated in the fourth quarter.
In a major development, International Seaways terminated its Retiree Health and Welfare Plan. The company’s board decided this move was in the best interest of the company, which maintains a strong financial position with a current ratio of 3.6x. Accrued and unpaid benefits are to be distributed within a period of 12 to 24 months following the termination date.
In addition to these, International Seaways saw a change in its board leadership, with Douglas Wheat resigning as Chairman of the Board and as a director, and Captain Ian Blackley taking over the role. This change followed the company’s decision to reduce its board size from 10 to 9 directors.
In relation to other companies, US-based shipping firms experienced a notable uptick in their stocks following the US government’s decision to blacklist China’s Cosco Shipping Holdings Co. and two shipbuilders. This move is expected to increase scrutiny of marine transport and shipbuilding sectors, potentially benefiting American shipping companies. Analyst Kenneth Lohwrites from Bloomberg Intelligence commented that the blacklist might discourage US firms from dealing directly with Cosco, but the fallout is likely to be limited.
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