International Seaways Reports Preliminary Q3 Net Income, Revenue; Plans Acquisition of Bruton

MT Newswires Live10-16

International Seaways (INSW) reported preliminary Q3 net income Friday of approximately $340 million to $350 million, including about $50 million gain on the sale of a 2012-built Suezmax.

Analysts polled by FactSet expect $180.8 million

The company expects shipping and other operating revenue of about $480 million to $490 million for the quarter. Analysts expect $308.5 million.

The crude oil and petroleum tanker also executed agreements to acquire Bruton, in a series of transactions valuing the company at about $370 million.

International Seaways has agreed to exchange around 50.5% of Bruton's shares for 0.0519 Seaways shares for each Bruton share held.

The first transactions are expected to settle on Oct. 20.

Seaways expects to issue approximately 3.1 million shares with the remainder of the deal settled in cash, it said.

The transaction would add Bruton's four VLCC vessels into Seaways' 70-vessel fleet, the company said.

Bruton shareholders will hold an Oct. 30 meeting to vote on the merger, the company said.

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