Procore signs multi-year strategic collaboration agreement with AWS
International Seaways, Inc. (NYSE:INSW), a shipping company currently rated with "GREAT" financial health according to InvestingPro analysis, has disclosed that William F. Nugent, the company's Senior Vice President, recently sold 1,000 shares of the company's common stock. The transaction, dated December 31, 2024, was conducted at a price of $35.07 per share, amounting to a total of $35,070. Following this sale, Nugent holds 49,803 shares in the company. The transaction was executed under a Rule 10b5-1 trading plan, which was established earlier in the year on May 10, 2024. The stock, which offers a substantial 15.9% dividend yield, has seen a notable decline of about 35% over the past six months, and appears undervalued based on InvestingPro's comprehensive analysis, which includes over 30 key financial metrics and exclusive insights.
In other recent news, International Seaways has reported strong third-quarter performance in 2024, with a net income of $92 million and an adjusted net income of $78 million. The company's EBITDA was over $143 million, and total liquidity was nearing the $700 million mark. Furthermore, International Seaways has made strategic changes in its fleet capabilities by selling three older MR tankers and acquiring six younger ones.
In a recent development, the company has terminated its Retiree Health and Welfare Plan. The decision, enacted by the company's Board of Directors, is aimed at distributing all deferred amounts under the Plan to participants. This move is part of the company's ongoing adjustments to its compensatory arrangements for certain officers.
In terms of leadership changes, Douglas Wheat has resigned from his position as Chairman of the Board and as a director of International Seaways, paving the way for Captain Ian Blackley to take over the role. This change followed the company's decision to reduce its board size from 10 to 9 directors.
Despite geopolitical uncertainties, International Seaways expects continued strength in tanker demand and is open to mergers and acquisitions opportunities. The company's forward-looking cash breakeven rate is projected to remain under $13,500 per day. These are the recent developments in the company's operations and strategies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.