INSW

International Seaways, Inc. Announces Nomination of New Independent Directors

Retrieved on: 
Wednesday, April 17, 2024
Maritime, Energy, Transport, Oil, Gas, IPO, INSW, Investment, Annual general meeting, Growth, Renewable energy

The Company will nominate Kristian K. Johansen and Darron M. Anderson for election as independent directors to the Board at the Annual Meeting.

Key Points: 
  • The Company will nominate Kristian K. Johansen and Darron M. Anderson for election as independent directors to the Board at the Annual Meeting.
  • The nomination of Mr. Johansen follows discussions with representatives of the Seatankers Group (“Seatankers”), of which Famatown Finance Limited, INSW’s largest shareholder, is a member.
  • The nomination of Mr. Anderson is the result of the Company’s independent search process following the resignation of Nadim Z. Qureshi from the Board in February 2024.
  • “We are pleased to welcome Kristian and Darron to our Board,” said Douglas D. Wheat, Chairman of the Board.

International Seaways Reports Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Thursday, February 29, 2024
Maritime, Energy, Transport, Oil, Gas, INSW, TCE, Share repurchase, Ageing, Sale, Exercise, Line of credit, VLCC, Video game

Shipping revenues for the fourth quarter were $250.7 million, compared to $338.2 million for the fourth quarter of 2022.

Key Points: 
  • Shipping revenues for the fourth quarter were $250.7 million, compared to $338.2 million for the fourth quarter of 2022.
  • Consolidated TCE revenues(D) for the fourth quarter were $247.9 million, compared to $335.7 million for the fourth quarter of 2022.
  • Adjusted EBITDA for the fourth quarter was $158.8 million, compared to $254.3 million for the fourth quarter of 2022.
  • Shipping revenues for the Crude Tankers segment were $125.2 million for the fourth quarter of 2023, compared to $152.9 million for the fourth quarter of 2022.

International Seaways, Inc. to Present at Capital Link’s Company Presentation Series

Retrieved on: 
Tuesday, January 16, 2024
Maritime, Energy, Transport, Oil, Gas, Capital, INSW, Financial adviser

International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, announced today that it will participate in Capital Link’s Corporate Presentation Webinar Series on Wednesday, January 17, 2024 at 10:00 a.m. Eastern Time (“ET”).

Key Points: 
  • International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, announced today that it will participate in Capital Link’s Corporate Presentation Webinar Series on Wednesday, January 17, 2024 at 10:00 a.m. Eastern Time (“ET”).
  • The Company will discuss its current operations, business development and views on the tanker market.
  • You can register for the webinar below:
    On the registration page, please register for the presentation slated for January 17, 2024, at 10 am ET.
  • Once registered, you will receive an email confirmation with the link to click on for the respective presentation you signed up for.

George Economou Nominates Two Candidates for Genco Board

Retrieved on: 
Wednesday, January 10, 2024
Maritime, Transport, Logistics, Supply Chain Management, Other Transport, Online, Pons, Stanford University, University, Rowan University, Audit committee, Harvard Kennedy School, School, Innovate Corp., Maryport, GNK, TDW, Partner, WHEN, International, Common stock, INSW, Common, Annual general meeting, Security (finance), FreedomPay, Proxy, Capital market, GK, WILL, George Washington University, Compensated emancipation, DHT, Management

GK Investor LLC (“GK”), an affiliate of George Economou that is an approximately 5.4% shareholder of Genco Shipping & Trading Limited (“Genco” or the “Company”) (NYSE: GNK), today announced that it has nominated two candidates for election to the Genco Board of Directors (the “Board”) at the 2024 Annual Meeting of Genco’s Shareholders (the “Annual Meeting”).

Key Points: 
  • GK Investor LLC (“GK”), an affiliate of George Economou that is an approximately 5.4% shareholder of Genco Shipping & Trading Limited (“Genco” or the “Company”) (NYSE: GNK), today announced that it has nominated two candidates for election to the Genco Board of Directors (the “Board”) at the 2024 Annual Meeting of Genco’s Shareholders (the “Annual Meeting”).
  • If elected to the Genco Board, Ms. Day would bring substantial maritime industry, governance and financial expertise drawn from decades of senior executive and oversight experience.
  • If elected to the Genco Board, Mr. Pons would bring significant operational know-how, technology and corporate governance experience based on his numerous executive leadership roles and public company directorships.
  • George Economou stated, “As a significant Genco shareholder, I strongly believe in the Company’s potential to deliver improved value for shareholders.

International Seaways Reports Third Quarter 2023 Results

Retrieved on: 
Tuesday, November 7, 2023
Maritime, Energy, Transport, Oil, Gas, Line of credit, Sale, TCE, NYSE, International, EBITDA, Share repurchase, Exercise, VLCC, Revolver, Credit, Depreciation, INSW, Aframax, Access code, Reinsurance, Bookkeeping, Security (finance), Satellite navigation device, Self storage, Bank, Holding company, Natural gas, Airline, Renting, Video game, Beauty salon, Suezmax, LNG, Sound (geography)

International Seaways, Inc. (NYSE: INSW) (the “Company”, “Seaways”, or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the third quarter 2023.

Key Points: 
  • International Seaways, Inc. (NYSE: INSW) (the “Company”, “Seaways”, or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the third quarter 2023.
  • “We continued to generate significant cash and earnings from our diversified portfolio of crude and product tankers during the third quarter,” said Lois K. Zabrocky, International Seaways’ President and CEO.
  • Shipping revenues for the Crude Tankers segment were $114.3 million for the third quarter of 2023, compared to $77.1 million for the third quarter of 2022.
  • The Company will host a conference call to discuss its third quarter 2023 results at 9:00 a.m. Eastern Time (“ET”) on Tuesday, November 7, 2023.

International Seaways Reports Second Quarter 2023 Results

Retrieved on: 
Wednesday, August 9, 2023
Maritime, Energy, Transport, Oil, Gas, Optimism, International, Share repurchase, TCE, Line of credit, INSW, Sale, Suezmax, VLCC Metula oil spill, EBITDA, VLCC, NYSE, Reinsurance, Holding company, Car rental, Renewable energy, Self storage, Bank, Natural gas, Airline, Video game, Beauty salon, Security (finance), Satellite navigation device, LNG, Aframax

Shipping revenues for the second quarter were $292.2 million, compared to $188.2 million for the second quarter of 2022.

Key Points: 
  • Shipping revenues for the second quarter were $292.2 million, compared to $188.2 million for the second quarter of 2022.
  • Consolidated TCE revenues for the second quarter were $288.3 million, compared to $185.5 million for the second quarter of 2022.
  • Shipping revenues for the Crude Tankers segment were $152.2 million for the second quarter of 2023, compared to $62.1 million for the second quarter of 2022.
  • The Company will host a conference call to discuss its second quarter 2023 results at 9:00 a.m. Eastern Time (“ET”) on Wednesday, August 9, 2023.

International Seaways Announces Preliminary Results of 2023 Annual Meeting of Stockholders

Retrieved on: 
Wednesday, June 7, 2023
Maritime, Energy, Transport, Oil, Gas, LLP, International, Restatements of the Law, National Executive Board of the Boy Scouts of America, INSW, Annual Meetings of the International Monetary Fund and the World Bank Group, Named, Annual general meeting, NYSE, Ernst & Young, Holding company, Shareholder

At the Annual Meeting, stockholders also ratified the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for 2023; approved the compensation of the Named Executive Officers for 2023 as described in the Company’s Proxy Statement; approved the frequency of future advisory votes on Named Executive Officer for every year and ratified the Company’s Amended and Restated Shareholder Rights Agreement.

Key Points: 
  • At the Annual Meeting, stockholders also ratified the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for 2023; approved the compensation of the Named Executive Officers for 2023 as described in the Company’s Proxy Statement; approved the frequency of future advisory votes on Named Executive Officer for every year and ratified the Company’s Amended and Restated Shareholder Rights Agreement.
  • “On behalf of International Seaways’ Board, I would like to thank our stockholders for their participation and feedback throughout this process,” said Douglas Wheat, Chairman of the Board.
  • “Today’s results demonstrate our stockholders’ strong support for our highly qualified, diversified Board and the strategy we are executing to drive long-term value creation.
  • We will continue to take decisive action to build on our track record to enhance stockholder value.”
    The Company will file final voting results with the U.S. Securities and Exchange Commission on a Form 8-K within four days after the Annual Meeting.

Seatankers Group Delivers Open Letter to Fellow Shareholders of International Seaways, Inc.

Retrieved on: 
Tuesday, May 30, 2023
Diamond, Common stock, Neo, Fear, Trust, Trust law, Acquisition, Frustration, Annual general meeting, NYSE, NEO, Security (finance), Holding company, Management, INSW

NEW YORK, May 30, 2023 (GLOBE NEWSWIRE) -- Famatown Finance Limited (“Famatown”), a company indirectly controlled by trusts settled by Mr. John Fredriksen1 and a member of the Seatankers Group, which is the largest owner of shares of common stock, no par value (“Common Stock”) of International Seaways, Inc. (“International Seaways”) (NYSE:INSW) with ownership of approximately 16.6% of the outstanding Common Stock, has issued an open letter to its fellow shareholders of International Seaways.

Key Points: 
  • The full text of the open letter issued to International Seaways shareholders follows:
    A LETTER TO THE SHAREHOLDERS OF INTERNATIONAL SEAWAYS, INC. (INSW)
    Famatown Finance Limited (together with its affiliates, “Seatankers,” “our,” or “we”) has been a material shareholder of International Seaways, Inc. (“INSW” or the “Company”) since March 2022 and currently maintains a significant 16.63% equity stake in the Company.
  • Today, we are writing to our fellow shareholders because we are deeply concerned about INSW's lack of responsiveness and cooperation regarding initiatives that would unlock significant shareholder value.
  • This is contrary to INSW's public filing on May 11, 2022, stating that the company is "singularly focused on delivering value to our shareholders."
  • The poison pill effectively precludes Seatankers from having productive discussions with other INSW shareholders over the fear that our conversations with fellow potentially like-minded INSW shareholders will trigger the poison pill’s dilution provisions.

International Seaways Responds to Seatankers Group

Retrieved on: 
Tuesday, May 30, 2023
Maritime, Energy, Transport, Oil, Gas, Diamond, Overseas Shipholding Group, INSW, Frontline Ltd., Record, Woman, Glass Lewis, Investment, Diamond S Shipping Group Inc., Annual general meeting, Our Boarding House, Letter, NYSE, ISS, Holding company, Management, Front line

To that end, we want to address the misleading statements made by Seatankers in its public letter today regarding the Company’s performance, governance and history of engagement with Seatankers.

Key Points: 
  • To that end, we want to address the misleading statements made by Seatankers in its public letter today regarding the Company’s performance, governance and history of engagement with Seatankers.
  • We have engaged extensively with Seatankers over the last year to reach a constructive resolution.
  • Seatankers, however, refused to enter into any settlement that meaningfully restricted their ability to pursue proxy fights and hostile activity while on the Board.
  • Over the course of our engagement with Seatankers, we have monitored the disruptive and value-destructive actions by Seatankers’ founder, John Fredriksen, in connection with the failed Frontline-Euronav transaction.

International Seaways Reports First Quarter 2023 Results

Retrieved on: 
Friday, May 5, 2023
Maritime, Energy, Transport, Oil, Gas, International, Share repurchase, TCE, Line of credit, INSW, Sale, EBITDA, VLCC, Credit, Environment, NYSE, Petroleum, Video game, Security (finance), Airline, Bank, Holding company, Sound (geography), LNG, Aframax

International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the first quarter 2023.

Key Points: 
  • International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the first quarter 2023.
  • Repayment of approximately $75 million within the debt portfolio is expected during the second quarter of 2023.
  • Shipping revenues for the Crude Tankers segment were $132.4 million for the first quarter of 2023, compared to $39.6 million for the first quarter of 2022.
  • The Company will host a conference call to discuss its first quarter 2023 results at 9:00 a.m. Eastern Time (“ET”) on Friday, May 5, 2023.