Benzinga | Aug 9, 2021 08:52AM EDT

International Seaways Q2 Results Misses Estimates

* International Seaways Inc (NYSE:INSW) reported second-quarter total shipping revenues of $46.3 million, a decline of 66.7% year-over-year, missing the consensus of $47.44 million. TCE revenue for the quarter was $44.7 million.

* TCE revenues for the Crude Tankers segment were $31.1 million (-70.6% Y/Y), reflecting the impact of lower average rates in the VLCC, Suezmax, Aframax, and Panamax sectors.

* TCE revenues for the Product Carriers segment were $13.6 million (-53.7% Y/Y).

* Adjusted loss per share of $(0.51) missed the consensus of $(0.48).

* Adjusted EBITDA declined to $9.79 million, compared to $96.27 million in 2Q20, and margin fell to 21.1% from 68.9%.

* International Seaways declared a regular quarterly dividend of $0.06 per share payable on September 23, 2021, to shareholders of record at the close of business on September 9, 2021.

* International Seaways used cash in operating activities year-to-date of $22.52 million, compared to cash provided by operating activities of $127.69 million a year ago.

* The company's total liquidity was $173.6 million, with cash of $133.6 million as of June 30, 2021, and $40 million of undrawn revolver capacity.

* International Seaways completed the previously announced merger with Diamond S Shipping Inc. (NYSE:DSSI). The transaction significantly enhances INSW's scale in the core crude and product markets and will generate ~$32 million in cost and revenue synergies, expected to be realized within 2022.

* Price Action: INSW shares closed higher by 2.36% at $16.07 on Friday.