The market responded positively with a 6.8% gain, reflecting investor approval of record net income, a significant dividend increase, and disciplined capital allocation despite ongoing market volatility and operational challenges.
- Reported record net income of $286 million ($5.75 per diluted share); adjusted net income was $194 million ($3.90 per diluted share).
- Declared a record quarterly combined dividend of $4.55 per share, more than doubling the prior quarter’s payout, anchored by an 85% payout ratio and a discretionary component.
- Sold 7 aging vessels (average 17 years old) for $216 million as part of ongoing fleet optimization and continue to introduce new LR1 vessels; 2 delivered so far in 2026, 2 more expected in Q3.
- Enhanced strategic positioning with sole ownership of Tankers International, expanding into Suezmax charters, and securing a new 3-year time charter at $40,000/day.
- Maintained strong liquidity with $918 million in total capacity, including nearly $380 million cash and $540 million undrawn revolver, supported by vessel sales and disciplined balance sheet management.
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