International Seaways (INSW) on Thursday said its board reduced by $0.10 a supplemental dividend payout to shareholders.

The company said it will pay a combined dividend of $0.60 per share, made up of a regular quarterly dividend of $0.12 per share and a supplemental dividend of $0.48 per share.

In March, the company paid a combined dividend of $0.70, made up of a regular quarterly dividend of $0.12 per share and a supplemental dividend of $0.58 per share.

The company's executives said the dividend payout is consistent with the business' intention to return 75% of adjusted net income to shareholders.

Price: 36.90, Change: +0.56, Percent Change: +1.54