New York City headquartered vessel titanInternational Seaways Inc (NYSE: INSW) has actually participated in agreements to construct 2, scrubber-fitted, dual-fuel (LNG) prepared, LR1 vessels in Korea atK Shipbuilding Co, Ltd The vessels are anticipated to be supplied in the 2nd fifty percent of 2025 at an acquired cost of about $115 million in accumulation.
The business revealed the agreements as it launched a 2nd quarter record that saw its 2nd quarter take-home pay get to $154 million, contrasted $69 million in the 2nd quarter of 2022.
“We generated strong earnings for the fifth consecutive quarter, built on our track record of returning substantial capital to shareholders, and took steps to further enhance our balance sheet during the second quarter,” stated head of state and chief executive officer Lois K.Zabrocky “With the combined dividend of $1.62 per share and $14 million in share repurchases in the second quarter, cumulative returns to shareholders represent over $190 million in the first half of the year. We are pleased to announce another combined dividend of $1.42 per share and increase to our share buyback authorization. We plan to continue executing our balanced capital allocation strategy to maximize long-term shareholder value.”
“We continue to take advantage of the strong market, as evidenced by healthy third quarter bookings to-date,” she included. “Our optimism is fueled by attractive supply and demand fundamentals, underpinned by trends in the global energy trade, as Russian oil displacement has resulted in increases in ton-mile demand and tanker utilization. Economic activity has remained strong, and oil demand forecasts signal a pickup in the second half of the year. These factors, combined with an historically low orderbook and an aging global fleet, drive our expectation for strong tanker earnings for the foreseeable future.”
