International Seaways Inc (INSW)

Gross profit margin

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Gross profit	US$ in thousands	627,603	627,538	470,516	-37,805	169,175
Revenue	US$ in thousands	951,613	1,071,780	864,665	272,546	421,648
Gross profit margin		65.95%	58.55%	54.42%	-13.87%	40.12%

December 31, 2024 calculation

Gross profit margin = Gross profit ÷ Revenue
= $627,603K ÷ $951,613K
= 65.95%

Based on the data provided, International Seaways Inc's gross profit margin has shown significant fluctuations over the past five years.

In December 2020, the company had a gross profit margin of 40.12%, indicating that for every dollar of revenue, the company retained $0.4012 after deducting the cost of goods sold.

However, by December 2021, the gross profit margin took a negative turn, dropping to -13.87%. This suggests that the cost of goods sold exceeded the revenue generated, resulting in a loss at the gross profit level.

The trend reversed in the following years, with the gross profit margin improving notably. In December 2022, the margin increased to 54.42%, demonstrating better control over costs and increased efficiency in generating revenue.

By December 2023, the gross profit margin continued to strengthen, reaching 58.55%. This indicates that the company was able to effectively manage its production costs and maximize profitability.

Finally, as of December 2024, International Seaways Inc achieved a substantial gross profit margin of 65.95%, reflecting a solid performance in converting revenue into gross profit.

Overall, the company's gross profit margin has witnessed fluctuations but has generally improved over the years, suggesting better cost management and operational efficiency.