International Seaways reported an expected slump in first-quarter profit but said it is planning to spend cash on buying back shares and potentially on ships.
The New York-listed crude and products tanker owner reported net income of $18.1m during the period, which was somewhat lower than the $59.9m booked in the first quarter of 2016.
But the $0.62 in earnings per share was just a penny lower than the consensus estimate on Wall Street, according to Clarksons Platou Securities.
