Long Position on INSW @ $45.00 on 11/9/2022 (Momentum)

International Seaways, Inc. (INSW) owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. 

It operates in two segments, Crude Tankers and Product Carriers.

As of December 31, 2021, the company owned and operated a fleet of 83 vessels, which include 12 chartered-in vessels, as well as had ownership interests in two floating storage and offloading service vessels.

It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities. The company was formerly known as OSG International, Inc. and changed its name to International Seaways, Inc. in October 2016.

Yesterday, International Seaways (INSW) reported 3rd Quarter September 2022 earnings of $2.28 per share on revenue of $236.8 million. Revenue grew 179.2% on a year-over-year basis.

Shares have formed a bullish "cup and handle" and are expected to move higher from this formation.

Entry Point: $45.00

Stop Loss: $42.00

Trading Range: $13.05 to $46.99

Target Price: $49.50

Position closed on 12/1/2022 at price of $42.00 with a -6.67% loss in 22 days.

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