International Seaways, Inc. Q3 2026 Earnings Recap

International Seaways fell 4.9% after earnings, despite record quarterly profit. The transcript points to a likely concern: results largely matched the prior quarter, while management’s outlook emphasized exceptionally high, geopolitically influenced tanker rates rather than a clear indication those levels will persist.

Key Takeaways

• Net income was a record $344 million, or $6.90 per share; adjusted net income was approximately $291 million, or $5.84 per diluted share.
• Adjusted EBITDA was $345 million, which management described as comparable to the prior quarter.
• Blended spot TCEs were $67,700 per day, versus $29,400 a year earlier; crude tanker revenue was a record $321 million, including about $77 million of VLCC profit sharing.
• The company declared a $5.05-per-share dividend and reiterated its commitment to an at-least-85% payout ratio.
• Management cited geopolitical disruptions and unusually high VLCC rates, while also noting a growing order book—leaving the outlook exposed to both market normalization and future fleet additions.