International Seaways declares $1.20 per share special dividend
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| INSW will pay 4 special dividends in 2024 (image: company investor presentation) |
International Seaways (INSW) will pay a $1.20 per share special dividend in December 2024. This is the fourth special dividend this year for the oil and gas transportation services company.
On November 6, 2024, the company’s board of directors declared a combined dividend of $1.20 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $1.08 per share of common stock. Both dividends will be paid on December 27, 2024, to shareholders with a record date at the close of business on December 13, 2024.
In September 2024, the Company paid a combined dividend of $1.50 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $1.38 per share.
The regular quarterly dividend of 12 cents per share paid by INSW yields 1.1% at a stock price of $43. This $1.20 per share special dividend has a 2.8% yield. Please note that INSW already paid specials dividends of $1.38 per share, $1.20 per share and $1.63 per share in 2024.
“We continue to execute on our balanced capital allocation strategy, utilizing our strong cash generation in third quarter to deliver double-digit returns to our shareholders,” said Lois K. Zabrocky, International Seaways President and CEO. “Including the combined dividend of $1.20 per share declared for the fourth quarter, aggregate dividends in 2024 will total $5.77 per share, or 12% of the average share price. We remain committed to a balanced capital allocation approach, as we continue to look for attractive opportunities to enhance our fleet, while optimizing returns to shareholders.”
Other companies announcing special dividends last week are American Financial Group, OTC Markets and RLI Corp.
International Seaways, Inc. is a tanker company engaged in providing energy transportation services for crude oil and petroleum products in international flag markets. The U.S.-based company owns and operates a large fleet of crude oil and petroleum product tankers. It transports oil and petroleum products worldwide, serving global energy companies, traders, and governments. The company provides shipping services primarily through time charters, spot contracts, and pool arrangements.
