Value Investor's Edge Live #36: Tanker Market Updates With International Seaways

Lois Zabrocky and Jeff Pribor, CEO and CFO of International Seaways (INSW), joined J Mintzmyer's Value Investor's Edge Live on June 11, 2021, to discuss the crude and product tanker markets and forward prospects. We also reviewed company-specific plans and capital allocation priorities after they complete the merger with Diamond S Shipping (DSSI). International Seaways will then become one of the largest publicly-traded tanker companies and is poised to increase repurchases as part of a balanced capital allocation program. INSW is also preparing a $1.10/sh special dividend as part of their merger program. This interview and discussion is relevant for anyone with crude or product tanker investments, including Ardmore Shipping (ASC), DHT Holdings (DHT), Euronav (EURN), Frontline (FRO), Hafnia Tankers (Oslo: HAFNI), Navios Acquisition (NNA), Nordic American Tankers (NAT), Pyxis Tankers (PXS), Scorpio Tankers (STNG), Teekay Tankers (TNK), Torm Plc (TRMD), Tsakos Energy Navigation (TNP), or Okeanis Eco Tankers (Oslo: OET). Topics Covered(0:00) Intros/Disclosures(2:00) Crude tanker market update, are we past the worst?(6:00) Outlook for product tanker market vs. crude?(10:30) Potential impact from EEXI and/or bunker tax proposals?(14:00) Any risks from ‘green recycling’ requirements?(19:00) Overall commentary on DSSI merger.(21:15) Why does INSW trade at a massive discount to peers?(26:45) Potential for repurchase after the DSSI merger closes?(30:15) Potential for a tender offer?(32:00) Commentary on future dividend potential/plans?(34:45) Plans/potential for the FSO joint-venture?(40:30) Review of the dual-fuel LNG economics.(49:00) Why buy INSW vs. other tanker peers?Learn more about your ad choices. Visit megaphone.fm/adchoices