International Seaways has opened the spigot of shareholder rewards, declaring a $1 special dividend after reporting its best third-quarter earnings ever.
The reward came on top of the regular $0.12-per-share dividend at a time when the management has been under pressure from top investor John Fredriksen to enhance shareholder value.
But the New York-based diversified tanker owner traditionally has taken a balanced approach to managing its balance sheet, and that continued in the quarter as it bought back nearly 688,000 shares at an average price of $29.08
