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International Seaways Reports Fourth Quarter and Full Year 2020 Results
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International Seaways, Inc. (NYSE: INSW) (the Company or INSW ), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today reported results for the fourth quarter and full year 2020.
Highlights
Net loss for the twelve months ended December 31, 2020 was $5.5 million, or $0.20 per diluted share. Net loss for 2020 reflects the impact of impairments and loss on sale of vessels of $100.1 million and various expenses related to refinancing of $14.5 million, and a non-cash deferred tax provision of $16.4 million recorded as a reduction of equity in results of the FSO (Floating Storage Offloading) joint ventures, principally related to the extension of their service contracts. Net income excluding these items would have been $125.2 million, or $4.39 per diluted share.