International Seaways, Inc. Earnings Recaps
Q2 2026
Aug 12, 2026
Shares fell 3.6% as investors appeared concerned by a cautious outlook and potential risks from ongoing geopolitical disruptions that could dampen tanker demand over the medium term.
Key takeaways
- Delivered record adjusted net income of $295 million ($5.91 per share) and record EBITDA of $345 million for the quarter.
- Declared the largest quarterly dividend ever at $5.05 per share, maintaining a commitment to return at least 85% of adjusted net income to shareholders.
- Ordered 4 new LR1 vessels for delivery in late 2028 at stable prices despite industry-wide cost increases, underscoring disciplined fleet renewal.
- Highlighted ongoing geopolitical disruptions in the Strait of Hormuz and Bab-el-Mandeb as both a source of elevated tanker demand through inefficiencies and a risk to long-term oil consumption.
- Maintained nearly $1 billion in liquidity with low leverage, providing financial flexibility amid uncertain demand outlook scenarios.
Q1 2026
May 8, 2026
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.
Key takeaways
- 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.
Q3 2025
Nov 7, 2025
International Seaways reported a strong Q3 2025 with net income of $71 million, driven by effective fleet management and a commitment to returning capital to shareholders.
Key takeaways
- Adjusted net income stood at $57 million ($1.15 per diluted share) with adjusted EBITDA of $108 million.
- The company announced a combined dividend of $0.86 per share, marking its fifth consecutive quarter with a payout ratio exceeding 75%.
- Two new LR1 vessels were delivered during the quarter, financed through an $82 million facility, contributing to fleet modernization.
- The sale of five older vessels generated $67 million, with plans to sell three more in Q4 for an additional $37 million.
- Robust liquidity position with total liquidity of $985 million and a low net loan-to-value ratio of 13%.