International Seaways, Inc. reported net income of $36 million, or $0.72 per diluted share, for the fourth quarter of 2024, a decrease from $132 million, or $2.68 per diluted share, in Q4 2023. Full-year 2024 net income was $417 million, or $8.38 per diluted share, down from $556 million, or $11.25 per diluted share, in 2023.
Consolidated Time Charter Equivalent (TCE) revenues for Q4 2024 were $191 million, compared to $248 million in the prior year quarter, primarily due to lower spot rates across both crude and product tanker segments. Full-year 2024 TCE revenues were $933 million, a decline from $1,056 million in 2023.
The company continued its fleet optimization, agreeing to a vessel swap in Q4 2024 involving two VLCCs and cash for three MRs, with initial payments of $53 million. International Seaways declared a combined dividend of $0.70 per share on February 26, 2025, for the first quarter, following total dividends of $5.77 per share paid in 2024.
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