International Seaways easily surpassed the earnings expectations of Wall Street analysts in a profitable third quarter.
The New York-based tanker owner also confirmed the sales of two elderly VLCCs expected to fuel a shares buy-back effort.
The earnings beat came on revenue and hire rates that were substantially better than expected, analysts said.
But like other tanker owners that have reported results this week, International Seaways also guided to fourth-quarter bookings that are substantially below rates seen last quarter.
