Lois K. Zabrocky, President and CEO of International Seaways, Inc. (NYSE:INSW), recently sold 2,000 shares of common stock in a transaction executed on December 16, 2024. The shares were sold at an average price of $33.9561, yielding a total transaction value of $67,912. The sale comes as INSW trades near its 52-week low of $32.73, with the stock down approximately 37% over the past six months. According to InvestingPro analysis, the company maintains a strong financial position with a current ratio of 3.6x. Following this sale, Zabrocky retains ownership of 149,045 shares in the company. The sale was conducted under a Rule 10b5-1 trading plan, which was set up earlier in the year. Despite recent price weakness, INSW offers a substantial 17.3% dividend yield and appears undervalued based on InvestingPro Fair Value metrics. For deeper insights into INSW's valuation and comprehensive analysis, investors can access the detailed Pro Research Report, available exclusively on InvestingPro.
In other recent news, International Seaways, Inc. underwent significant changes in its board leadership, with Douglas Wheat resigning as Chairman of the Board and Captain Ian Blackley taking over the role. This transition was accompanied by a reduction in the board size from 10 to 9 directors. International Seaways also 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 exceeded $143 million and its total liquidity approached the $700 million mark. In the same period, International Seaways sold three older MR tankers and acquired six younger ones, enhancing its fleet capabilities. The company returned approximately $100 million to shareholders through dividends and share repurchases.
Despite geopolitical uncertainties, International Seaways expects continued strength in tanker demand. The company's forward-looking cash breakeven rate is projected to remain under $13,500 per day, with significant free cash flow generation anticipated in the fourth quarter. Given its strategic approach to fleet management and shareholder returns, coupled with its strong financial results, International Seaways is poised for future growth.
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