International Seaways, Inc. reported a significant decline in financial performance for the first quarter of 2025, with net income falling to $49.6 million, down 65.7% from $144.5 million in the same period last year. The company's shipping revenues totaled $183.4 million, a decrease of 33.1% from $274.4 million in the first quarter of 2024. This decline was primarily attributed to lower time charter equivalent (TCE) revenues, which decreased by 34% to $178.3 million, reflecting reduced average daily rates across the fleet and a decrease in operational days for certain vessels.
The company's operational metrics showed notable changes compared to the previous fiscal period. The average daily TCE rate for the Crude Tankers segment dropped to $34,528 from $46,991, while the Product Carriers segment saw a decrease to $22,061 from $39,807. The total number of vessels in operation remained stable at 78, but the company is set to expand its fleet with six new LR1 product carriers scheduled for delivery between late 2025 and mid-2026. The company also reported a net gain of $10.0 million from vessel sales during the quarter, which partially offset the overall revenue decline.
In terms of strategic developments, International Seaways executed several significant transactions, including the sale of two older VLCCs for $116.6 million and the acquisition of three MRs for $119.5 million. These transactions were part of a broader strategy to optimize the fleet and enhance operational efficiency. The company also repaid $101.6 million of its outstanding balance under its $500 million revolving credit facility during the quarter, reflecting a commitment to reducing debt levels.
Operationally, the company reported a decrease in vessel expenses to $67.0 million from $63.4 million, driven by the sale of older vessels. General and administrative expenses increased slightly to $13.2 million, attributed to higher compensation and legal costs. As of March 31, 2025, the company maintained a strong liquidity position with $132.8 million in cash and $540.4 million in undrawn revolver capacity, providing a solid foundation for future operations and investments.
Looking ahead, International Seaways expressed cautious optimism, emphasizing its strong balance sheet and liquidity position as key advantages in navigating the volatile shipping market. The company plans to continue its disciplined capital allocation strategy, focusing on fleet renewal and potential strategic opportunities while managing the impacts of market fluctuations and geopolitical uncertainties.
About International Seaways, Inc.
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