Is it a Great Move to Acquire International Seaways (INSW) Shares?

Greenlight Capital, an investment management firm, published its first-quarter 2022 investor letter – a copy of which can be downloaded here. The Greenlight Capital funds (the “Partnerships”) returned 4.4%1 in the first quarter of 2022, compared to a 4.6% decline for the S&P 500 index. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Greenlight Capital mentioned International Seaways, Inc. (NYSE:INSW) and explained its insights for the company. Founded in 1999, International Seaways, Inc. (NYSE:INSW)  is a United States-based tanker company with a $1.05 billion market capitalization. International Seaways, Inc. (NYSE:INSW)  delivered a 45.44% return since the beginning of the year, while its 12-month returns are up by 20.62%. The stock closed at $21.35 per share on April 21, 2022.

Here is what Greenlight Capital has to say about International Seaways, Inc. (NYSE:INSW) in its Q1 2022 investor letter:

“INSW is an owner and operator of oil tankers and product carriers. Demand for oil fell during the pandemic, leading to a prolonged period of low charter rates for tankers. We acquired our shares during the quarter at an average price of $15.30, or less than 60% of INSW’s liquidation value. With oil demand having now recovered to pre-pandemic levels and no shipyard slots available for the construction of new tankers for several years, we expect a tighter market, and with it, INSW’s discount to its NAV to close. Management has been a good steward of capital, acquiring ships during low points in the cycle and repurchasing shares at attractive prices. INSW shares ended the quarter at $18.04.”

Photo by Shaah Shahidh on Unsplash

Our calculations show that International Seaways, Inc. (NYSE:INSW) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. International Seaways, Inc. (NYSE:INSW) was in 14 hedge fund portfolios at the end of the fourth quarter of 2021. International Seaways, Inc. (NYSE:INSW) delivered a 55.05% return in the past 3 months.

In April 2022, we published an article that includes International Seaways, Inc. (NYSE:INSW) in 10 Oil Tanker Stocks That Pay Dividends. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.