Business Context and Reporting Period
Company: International Seaways, Inc.
Filing Type: Form 8-K (Current Report)
Date: May 12, 2023
Event: Regulation FD Disclosure regarding a share repurchase program update.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, or debt levels. It focuses exclusively on capital allocation activities.
- Shares Repurchased: 204,600 shares
- Average Price per Share: $38.40
- Total Cost of Repurchase: Approximately $7.9 million
- Remaining Authorization: Approximately $32.1 million
- Total Program Authorization: $60.0 million
Material Changes
The Company executed open-market purchases of its common stock over the week preceding the filing date. These shares have been retired. Consequently, the remaining balance available under the previously authorized $60.0 million share repurchase program has decreased to approximately $32.1 million.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or discussion of risks and contingencies beyond the disclosure of the share repurchase activity. The information is furnished pursuant to Item 7.01 and is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Verify the exact number of shares retired and the impact on total outstanding shares in subsequent filings.
- Confirm the remaining $32.1 million authorization balance against future 8-K filings for additional repurchases.
- Review the Company's most recent 10-Q or 10-K for comprehensive liquidity and debt metrics not included in this 8-K.