International Seaways Reports Earnings Miss, Predicts Lower Spot Rates

New York-listed International Seaways missed analyst earnings expectations in a quarter marked by lower year-over-year hire rates for its tankers, and has guided to lower spot rates in the current quarter, including $32,100 per day for VLCCs.

The Manhattan-based owner on Wednesday reported adjusted net income of $118m or $2.37 per diluted share, which fell below consensus analyst estimates of $2.53