|Over a week ago|
International Seaways sees Q2, Q3 stronger » 07:3205/0705/07/20
International Seways currently believe that the second and third quarters of 2020 will likely be a stronger rate environment for tankers, due to excess crude supply and the resulting need for seaborne storage of crude oil and products, than 2021. Tanker rates in Q2 thus far have been highly volatile. Total oil being produced is still substantially greater than global demand. This excess production continues the need for tankers to be used as floating storage, and, coupled with increased delays offloading cargoes as shore-based storage fills up, has supported a robust tanker rate environment. This implies significant cash generation in the near term. When supply and demand eventually come back into balance, this could have negative repercussions for tankers as the oil held in inventory will supplant oil tanker transportation demand. The company has put four VLCCs on time charters for periods ranging from seven months to 36 months at current high rates with major oil producing and trading companies.
International Seaways reports Q1 EPS ex-items $1.49, consensus $1.46 » 07:3005/0705/07/20
Reports Q1 revenue…
Reports Q1 revenue $125.34M, consensus $121.89M. "Our substantial operating leverage and earnings power were evident in our first quarter results, as we posted our highest quarterly EPS as a public company," said CEO Lois Zabrocky. "The rate environment strengthened in the second quarter with low oil prices, excess oil supply and the increasing demand for floating storage pushing rates higher. With our sizeable fleet and significant exposure to the VLCC market, we have captured this market strength, which will positively impact our earnings. In addition to strong Q2 bookings to date, we capitalized on the robust rate environment by entering into a number of very favorable time charters. Specifically, we locked-in four time charters for periods ranging from seven to 36 months with major oil producing and trading companies at very attractive rates."
|Over a month ago|
Morgan Stanley integrated oil analyst to hold analyst/industry conference call » 10:0804/0604/06/20
EURN, FRO, INSW
Integrated Oil &…
Integrated Oil & Midstream Analyst McDermott, along with Hugo De Stoop. CEO of Euronav, Robert Macleod, CEO of Frontline Management and Lois Zabrocky, CEO of International Seaways, discuss the tanker markets and storage capacity amid the oil glut on an Analyst/Industry conference call to be held on April 6 at 11 am.
Deutsche Bank to host a virtual summit » 08:3304/0204/02/20
ASC, CMRE, CPLP, DSX, EGLE, EURN, GLOG, GNK, INSW, LPG, NM, NMM, NNA, SALT, SB, SBLK, SFL, STNG, TK, TNP, TOO, ALIN
7th Annual Shipping…
7th Annual Shipping Virtual Summit will be held on April 2. Webcast Link
Fly Intel: Top five weekend stock stories » 20:1403/1503/15/20
DAL, AAL, ALK, LUV, JBLU, UAL, SAVE, AAPL, NKE, LULU, LE, ANF, UA, UAA, NWARF, DIS, CXO, COG, PSX, VLO, EURN, INSW, STNG
Catch up on the…
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. The Federal Reserve has lowered the federal funds target rate to 0%-0.25% as the coronavirus outbreak continues. In a statement, the Fed said that, "The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States. Global financial conditions have also been significantly affected. [...] Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook. In light of these developments, the Committee decided to lower the target range for the federal funds rate to 0 to 1/4 percent. The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals. This action will help support economic activity, strong labor market conditions, and inflation returning to the Committee's symmetric 2 percent objective." 2. President Donald Trump has taken a coronavirus test but said on Saturday that his temperature was "totally normal", while his administration extended a travel ban to Britain and Ireland to try to contain a pandemic that has shut down much of the daily routine of American life, Reuters' Jan Wolfe and Brendan O'Brien reported. Following the announcement, Reuters' David Shepardson reported that Delta Air Lines (DAL) was halting service to London from Detroit and Dublin flights from New York. American Airlines (AAL) also slashed long-haul international flights by 75% because of the collapse in travel demand and government restrictions imposed to slow the spread of coronavirus, Bloomberg's Mary Schlangenstein wrote. Other publicly traded companies in the space include Alaska Air (ALK), Southwest (LUV), JetBlue (JBLU), United Airlines (UAL), and Spirit Airlines (SAVE). Meanwhile, several companies have announced store closures worldwide as the coronavirus outbreak continues, including Apple (AAPL), Nike (NKE), Lululemon (LULU), Land's End (LE), Abercrombie & Fitch (ANF) and Under Armour (UA, UAA). 3. Early in the week, global airlines faced three scenarios when it came to the coronavirus-bad, really bad, and "really really bad," and it took just a few days to arrive at that "really really bad" scenario as the coronavirus outbreak was deemed a pandemic and President Trump announced the 30-day ban on foreign citizens traveling to the U.S. from 26 European countries, Daren Fonda's wrote in this week's edition of Barron's. Some airlines, like Delta Air Lines, have the financial mettle to take off once the health, and economic, recovery begins. Others, like Norwegian Air Shuttle (NWARF), which announced on Thursday it would lay off half its employees and ground 4,000 flights, will have a much bumpier ride, the author noted. 4. Disney's (DIS) animated movie "Onward" stayed number 1 in North America as moviegoing in the U.S. slowed amid the coronavirus pandemic and as box office revenue fell to a 20-year low, according to initial estimates. While an official tally won't be finalized until Monday, revenue should come in around $55.3M, according to Comscore. The film earned $10.5M for a 10-day domestic total of $60.3M. Overseas, the movie grossed an estimated $6.8M in its second weekend for a foreign tally of $41.4M and $101.7M globally. "Onward" sports an A- CinemaScore and an 86% Rotten Tomatoes. 5. Concho Resources (CXO), Cabot Oil & Gas (COG), Phillips 66 (PSX), Valero Energy (VLO), Euronav (EURN), International Seaways (INSW), and Scorpio Tankers (STNG) saw positive mentions in this week's edition of Barron's.
Valero, Cabot among stocks to ride out turmoil in energy markets, Barron's says » 12:5803/1403/14/20
STNG, INSW, EURN, VLO, PSX, COG, CXO
Last week, oil prices…
Last week, oil prices crashed on simultaneous supply and demand shocks and now investors have three options, namely to ignore the industry entirely, to buy energy stocks that could persevere amid low oil prices, or to bottom-fish for oil producers that have been beaten down and could snap back smartly like Avi Salzman writes in this week's edition of Barron's. Concho Resources (CXO), Cabot Oil & Gas (COG), Phillips 66 (PSX), Valero Energy (VLO), Euronav (EURN), International Seaways (INSW), and Scorpio Tankers (STNG) could still prosper amid the slump in oil prices, the author contends. Reference Link
International Seaways upgraded to Buy from Neutral at B. Riley FBR » 04:5103/0403/04/20
B. Riley FBR analyst Liam…
B. Riley FBR analyst Liam Burke upgraded International Seaways to Buy from Neutral with a $32.50 price target.
International Seaways reports Q4 EPS $1.32 ex-items, consensus $1.45 » 06:0303/0303/03/20
Reports Q4 revenue…
Reports Q4 revenue $124.02M, consensus $126.82M. Q4 time charter equivalent revenues were $117.6M, compared to $93.0M last year. "During 2019, we unlocked significant value for shareholders by monetizing our non-core investment in the LNG joint venture and allocating capital to further reduce our leverage and significantly lower our cost of capital," said the company. "This success, together with our recently completed refinancing, transformed our capital structure and enabled us to maintain one of the lowest leverage profiles in the public company shipping sector, with our net loan to asset value of our conventional tanker fleet at 41%. The new credit facilities will reduce annual interest expense by approximately $15M, by lowering our average interest rates on the refinanced portion of our debt by 350 basis points, or 3.5%, and our overall average interest rates by 200 basis points, or 2.0%. Our significant operating leverage and earnings power were also evident in 2019, as we capitalized on the strong market in the fourth quarter, returning to profitability and ending the year with over $200M in total liquidity. While rates in the first quarter have come off of recent highs, primarily due to concerns around the impact of the coronavirus, we expect overall tanker fundamentals to remain positive and supportive of a strengthening market once the virus is contained."
|Over a quarter ago|
Paulson adds Pretium, exits United Tech in Q4 » 17:0602/1402/14/20
PVG, TECD, TIF, LOGM, CPE, UTX, PCG, INSW, LYFT, S, GOLD, SES, CZR, QEP, NMRK, AGN, BHC, GLD, DISCK, HZNP
John Paulson's Paulson & Co. disclosed in an SEC filing its holdings as of December 31, 2019. The fund's six new buys during the fourth quarter included, by size of position, Pretium Resources (PVG), Tech Data (TECD), Tiffany (TIF), and LogMeIn (LOGM). Paulson exited 13 positions during the quarter, including by size of previous position Callon Petroleum (CPE), United Technologies (UTX), PG&E (PCG), International Seaways (INSW), and Lyft (LYFT). The fund increased its stake in three holdings, including by size of previous position Sprint (S), Barrick Gold (GOLD), and Synthesis Energy Systems (SES). Paulson reduced its stake in five holdings, including by size of previous position Caesars Entertainment (CZR), QEP Resources (QEP), Newmark Group (NMRK), and Allergan (AGN). The fund's top holdings as of December 31, in order of size, were Bausch Health (BHC), SPDR Gold Shares (GLD), Allergan, Discovery Class C (DISCK), and Horizon Therapeutics (HZNP).
International Seaways management to meet with BTIG » 04:5501/2901/29/20
Meeting to be held in…
Meeting to be held in Boston on January 29 hosted by BTIG.