International Seaways Inc (INSW)

International Seaways Reports First Quarter 2026 ResultsMay 7, 2026 6:45 AM
Business Wire International Seaways, Inc. (NYSE: INSW) (the “Company,” “Seaways,” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the first quarter 2026. HIGHLIGHTS & RECENT DEVELOPMENTS Quarterly Results: Net income for the first quarter of 2026 was $286 million, or $5.75 per diluted share. Adjusted net income(1) for the first quarter of 2026 was $194 million, or $3.90 per diluted share. Adjusted EBITDA(1) for the first quarter or 2026 was $244 million. Returns to Shareholders: Declared the largest quarterly dividend in Company history: $4.55 per share to be paid in June 2026. Increased payout ratio to 85% of adjusted net income and included an additional discretionary component for the quarter, reflecting strong performance and market conditions. Delivered total shareholder return of over 74% year to date, including share price appreciation and the March 2026 dividend. Paid $2.15 per share in total dividends in March 2026, reaching a milestone of $1 billion returned to shareholders since 2020. Healthy Balance Sheet: Total liquidity was approximately $918 million as of March 31, 2026, including cash of $377 million and $541 million undrawn revolving credit capacity. Net loan-to-value below 7% as of March 31, 2026. Fleet Optimization Program: Sold seven vessels with an average age of 17 years for proceeds of approximately $216 million net of positioning, commissions, and fees, and recognized gains of $88 million in the first quarter. Took delivery of Seaways Bonita in the first quarter and Seaways Cristobal in April, the third and fourth of six LR1 newbuildings. The remaining two vessels are expected to deliver during the third quarter of 2026. Lois K. Zabrocky, International Seaways President and CEO commented, “We delivered an excellent first quarter, our strongest since the fourth quarter of 2022, with meaningful contributions from both our crude and product tankers. Following the highest dividend in our history last quarter, we more than doubled our dividend this quarter to $4.55 per share by increasing our payout ratio to 85% of adjusted earnings and including an additional discretionary component that reflects the strength of today’s market and the performance we’ve built over time. With a robust balance sheet, nearly $1 billion of liquidity, and a notably strong start to the second quarter, we remain well positioned to continue delivering attractive returns and creating long-term value for our shareholders.” Ms. Zabrocky continued, “Geopolitics are a constant in our business and typically create inefficiencies as markets adjust to new trading patterns. The situation in the Strait of Hormuz, however, is more significant, as the world cannot substitute more than 20 million barrels per day of oil and refined product. While excess supply on the water and available inventories have helped support the global economy in the early days of this conflict, a prolonged disruption would place considerable strain on global markets. In the near term, we remain focused on operating in a strong market environment as conditions evolve, while hoping for a resolution before any broader impact on the global economy emerges. As conditions normalize, we would still expect tanker markets to benefit from the rebalancing of trade flows and the replenishment of inventories.” Jeff Pribor, the Company’s CFO stated, “Underlying cash generation was the strongest in the Company’s history, excluding the impact of working capital movements. In addition, we generated $216 million in proceeds from vessel sales during the quarter. Together, this supported our decision to increase the minimum payout ratio to 85% and include a discretionary component in the dividend for this quarter, reinforcing our commitment to returning capital to shareholders. At the same time, we continue to maintain a strong balance sheet with low leverage and significant liquidity, positioning us to deliver attractive returns while remaining opportunistic across our capital allocation priorities.” FIRST QUARTER 2026 RESULTS Net income for the first quarter of 2026 was $286 million, or $5.75 per diluted share, compared to net income of $50 million, or $1.00 per diluted share, for the first quarter of 2025. The increase was primarily driven by higher TCE revenues(1) from spot earnings that increased an average of approximately $30,000 per day across the fleet and an increase in gains on vessel sales. Shipping revenues for the first quarter were $325 million, compared to $183 million for the first quarter of 2025. Consolidated TCE revenues(1) for the first quarter were $317 million, compared to $178 million for the first quarter of 2025. Adjusted EBITDA(1) for the first quarter was $244 million, compared to $91 million for the first quarter of 2025. Crude Tankers Shipping revenues for the Crude Tankers segment were $191 million for the first quarter of 2026, compared to $88 million for the first quarter of 2025. TCE revenues(1) were $184 million for the first quarter, compared to $85 million for the first quarter of 2025. The increase in TCE revenues(1) was driven by higher average spot earnings of over $41,000 per day and higher average time charter earnings of approximately $46,500 per day, reflecting higher profit-sharing results. Product Carriers Shipping revenues for the Product Carriers segment were $134 million for the first quarter, compared to $95 million for the first quarter of 2025. TCE revenues(1) were $133 million for the first quarter, compared to $94 million for the first quarter of 2025. The increase in the first quarter of 2026 was attributable to higher TCE revenues(1) from spot earnings of approximately $21,000 per day compared to the first quarter of 2025. RETURNING CASH TO SHAREHOLDERS In March 2026, the Company paid a combined dividend of $2.15 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $2.03 per share. On May 6, 2026, the Company’s Board of Directors declared a combined dividend of $4.55 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $4.43 per share of common stock. Both dividends will be paid on June 26, 2026, to shareholders with a record date at the close of business on June 12, 2026. The Company currently has $50 million authorized under its share repurchase program, which expires at the end of 2026. HEALTHY BALANCE SHEET During the first quarter of 2026, the Company drew $43 million under the Korean export agency-backed facility (the “ECA Credit Facility”) in connection with the delivery of Seaways Bonita. In 2025, the Company entered into the ECA Credit Facility with DNB Bank and K-Sure for up to $240 million, secured by six LR1 newbuildings. The 12-year facility combines for a 20-year amortization profile and a blended interest rate of SOFR plus 125 basis points across two tranches. Funds will be drawn under the facility in connection with the delivery of each vessel. The Company drew another $43 million in April 2026 in connection with the delivery of Seaways Cristobal. During the first quarter of 2026, the Company made $6 million in scheduled principal repayments in connection with all of its debt arrangements. FLEET OPTIMIZATION PROGRAM On January 27, 2026, the Company acquired sole ownership of Tankers International, a leading shipping pool founded in 2000, providing commercial management of modern VLCC tonnage. Tankers International has formed a new pool to expand its commercial management into the Suezmax class, which commenced operations in March. In the first quarter of 2026, the Company sold seven vessels for aggregate proceeds of approximately $216 million, net of positioning, commissions and fees. The vessels were among the oldest remaining in the fleet, consisting of five MRs with an average age of 18 years and two VLCCs with an average age of 15 years. The Company recognized gains of approximately $88 million in connection with the sale of these vessels. During 2026 to date, the Company took delivery of Seaways Bonita and Seaways Cristobal, the third and fourth of six LR1 newbuildings under construction in Korea with K Shipbuilding Co., Ltd. The remaining two vessels are expected to deliver by September 2026. The aggregate contract price for the six scrubber-fitted, dual-fuel ready LR1 vessels is approximately $359 million. As of March 31, 2026, the Company has approximately $122 million in remaining construction costs, of which approximately $116 million is expected to be drawn from the ECA Credit Facility in accordance with the delivery schedule. During the first quarter, the Company entered into an additional time charter agreement for three years on a 2012-built Suezmax with future contracted revenue of approximately $43 million. As of April 1, 2026, the Company has 14 vessels on time charter agreements with an average duration of 1.4 years and total future contracted revenues through expiry of approximately $223 million, excluding any applicable profit share. (1) This is a non-GAAP financial measure used throughout this press release; please refer to the section “Reconciliation to Non-GAAP Financial Information” for explanations of our non-GAAP financial measures and the reconciliations of reported GAAP to non-GAAP financial measures. CONFERENCE CALL The Company will host a conference call to discuss its first quarter 2026 results at 9:00 a.m. Eastern Time on Thursday, May 7, 2026. To access the call, participants should dial (800) 715-9871 for domestic callers and (646) 307-1963 for international callers and entering 1842743. Please dial in ten minutes prior to the start of the call. A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at https://www.intlseas.com. An audio replay of the conference call will be available until May 14, 2026, by dialing (800) 770-2030 for domestic callers and (609) 800-9909 for international callers, and entering Access Code 1842743. ABOUT INTERNATIONAL SEAWAYS, INC. International Seaways, Inc. (NYSE: INSW) is one of the largest public tanker companies in the world, providing seaborne transportation services for crude oil and refined petroleum products. The Company owns and operates a fleet across the principal tanker asset classes, including vessels on order. The Company focuses on the safe and reliable operation of its fleet and primarily employs its vessels in commercial pools, most of which it has an ownership interest, enhancing scale and market access. The Company is headquartered in New York City, N.Y. Additional information is available at https://www.intlseas.com. Forward-Looking Statements This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (the “SEC”), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to plans to issue dividends, the Company’s prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2025 for the Company, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC. Category: Earnings                 Consolidated Statements of Operations             ($ in thousands, except per share amounts)                   Three Months Ended       March 31,       2026       2025         (Unaudited)     (Unaudited) Shipping Revenues:             Pool revenues   $ 248,498     $ 137,596   Time and bareboat charter revenues     61,015       35,857   Voyage charter revenues     15,963       9,941   Total Shipping Revenues     325,476       183,394                 Other Operating Income     1,900       -                 Operating Expenses:             Voyage expenses     8,231       5,052   Vessel expenses     61,039       67,028   Charter hire expenses     7,696       9,145   Depreciation and amortization     40,567       39,705   General and administrative     9,311       13,217   Other operating expenses     138       95   Gain on disposal of vessels and other assets, net     (88,171 )     (10,021 ) Total operating expenses     38,811       124,221   Income from vessel operations     288,565       59,173   Holding gain on previously held equity interest     3,919       -   Operating income     292,484       59,173   Other income     2,618       1,844   Income before interest expense     295,102       61,017   Interest expense     (8,959 )     (11,452 ) Net income   $ 286,143     $ 49,565                 Weighted Average Number of Common Shares Outstanding:             Basic     49,460,962       49,307,449   Diluted     49,714,857       49,528,814                 Per Share Amounts:             Basic net income per share   $ 5.78     $ 1.00   Diluted net income per share   $ 5.75     $ 1.00                               Consolidated Balance Sheets             ($ in thousands)                   March 31,     December 31,       2026     2025       (Unaudited)       ASSETS             Current Assets:             Cash and cash equivalents   $ 141,847   $ 116,922 Short-term investments     235,000     50,000 Voyage receivables     242,467     177,887 Other receivables     25,719     13,836 Inventories     5,407     611 Prepaid expenses and other current assets     15,729     7,384 Current portion of derivative asset     317     406 Total Current Assets     666,486     367,046               Vessels and other property, less accumulated depreciation     1,987,355     2,077,986 Vessels construction in progress     64,223     57,725 Deferred drydock expenditures, net     98,043     109,257 Operating lease right-of-use assets     6,222     7,220 Pool working capital deposits     27,571     33,051 Goodwill     7,372     - Long-term derivative asset     -     5 Other assets     14,071     16,352 Total Assets   $ 2,871,343   $ 2,668,642               LIABILITIES AND EQUITY             Current Liabilities:             Accounts payable, accrued expenses and other current liabilities   $ 60,388   $ 69,921 Current portion of operating lease liabilities     2,240     3,182 Current installments of long-term debt     28,161     25,788 Total Current Liabilities     90,789     98,891 Long-term operating lease liabilities     5,793     5,954 Long-term debt     573,927     541,291 Other liabilities     6,559     2,229 Total Liabilities     677,068     648,365               Equity:             Total Equity     2,194,275     2,020,277 Total Liabilities and Equity   $ 2,871,343   $ 2,668,642                             Consolidated Statements of Cash Flows             ($ in thousands)                   Three Months Ended March 31,       2026       2025         (Unaudited)     (Unaudited) Cash Flows from Operating Activities:             Net income   $ 286,143     $ 49,565   Items included in net income not affecting cash flows:             Depreciation and amortization     40,567       39,705   Amortization of debt discount and other deferred financing costs     1,261       983   Stock compensation     1,461       1,946   Other – net     (529 )     456   Items included in net income related to investing and financing activities:             Gain on disposal of vessels and other assets, net     (88,171 )     (10,021 ) Holding gain on previously held equity interest     (3,919 )     —   Payments for drydocking     (13,850 )     (16,900 ) Insurance claims proceeds related to vessel operations     95       312   Changes in operating assets and liabilities     (81,997 )     3,901   Net cash provided by operating activities     141,061       69,947   Cash Flows from Investing Activities:             Expenditures for vessels, vessel improvements, and vessels under construction     (70,655 )     (82,973 ) Security deposits returned for vessel exchange transactions     —       5,000   Proceeds from disposal of vessels and other property, net     222,833       115,264   Expenditures for other property     (319 )     (376 ) Cash consideration paid for the purchase of equity method investment, net of cash acquired     (4,493 )     —   Investments in short term time deposits     (225,000 )     —   Proceeds from maturities of short term time deposits     40,000       —   Net cash (used in)/provided by investing activities     (37,634 )     36,915   Cash Flows from Financing Activities:             Borrowings on nonrevolving credit facility debt     42,604       —   Borrowings on revolving credit facilities     —       20,000   Repayments on revolving credit facilities     —       (101,600 ) Repayments of nonrevolving credit facility debt     (1,019 )     —   Payments on sale and leaseback financing     (5,293 )     (12,242 ) Payments of deferred financing costs     (1,563 )     —   Cash dividends paid     (106,435 )     (34,495 ) Cash paid to tax authority upon vesting or exercise of stock-based compensation     (6,796 )     (3,262 ) Net cash used in financing activities     (78,502 )     (131,599 ) Net increase/(decrease) in cash and cash equivalents     24,925       (24,737 ) Cash and cash equivalents at beginning of year     116,922       157,506   Cash and cash equivalents at end of period   $ 141,847     $ 132,769   Spot and Fixed TCE Rates Achieved and Revenue Days The following table provides a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months ended March 31, 2026 and the comparable period of 2025. Revenue days in the quarter ended March 31, 2026 totaled 5,799 compared with 6,635 in the prior year quarter. The information in these tables excludes commercial pool fees/commissions averaging approximately $1,185 and $896 per day for the three months ended March 31, 2026 and 2025, respectively.                                                                                   Three Months Ended March 31, 2026     Three Months Ended March 31, 2025       Spot     Fixed     Total     Spot     Fixed     Total Crude Tankers                                     VLCC                                     Average TCE Rate   $ 86,693   $ 128,264         $ 33,531   $ 37,974       Number of Revenue Days     693     265     958     657     270     927 Suezmax                                     Average TCE Rate   $ 68,027   $ 36,964         $ 30,911   $ 29,170       Number of Revenue Days     979     184     1,163     1,088     78     1,166 Aframax                                     Average TCE Rate   $ 51,379   $ 38,511         $ 25,422   $ 38,502       Number of Revenue Days     266     90     356     270     89     359 Total Crude Tankers Revenue Days     1,988     539     2,477     2,015     437     2,452 Product Carriers                                     Aframax (LR2)                                     Average TCE Rate   $ -   $ 39,509         $ -   $ 39,417       Number of Revenue Days     -     90     90     -     90     90 Panamax (LR1)                                     Average TCE Rate   $ 70,664   $ -         $ 27,367   $ -       Number of Revenue Days     507     -     507     719     -     719 MR                                     Average TCE Rate   $ 37,224   $ 22,037         $ 21,408   $ 21,782       Number of Revenue Days     2,192     533     2,725     2,664     710     3,374 Total Product Carriers Revenue Days     2,699     623     3,322     3,383     800     4,183 Total Revenue Days     4,637     1,162     5,799     5,398     1,237     6,635                                                                             Revenue days in the above table exclude days related to full service lighterings and certain of the Company’s vessels that were employed in transitional voyages. During the 2026 and 2025 periods, each of the Company’s LR1s participated in the Panamax International Pool and transported crude oil cargoes exclusively. Fleet Information As of March 31, 2026, INSW’s fleet totaled 67 vessels, of which 59 were owned and 8 were chartered in.                                                                 Total at March 31, 2026 Vessel Fleet and Type   Vessels Owned     Vessels Chartered-in1     Total Vessels     Total Dwt Operating Fleet                       VLCC   7     3     10     3,003,422 Suezmax   13     -     13     2,061,754 Aframax   4     -     4     452,375 Crude Tankers   24     3     27     5,517,551                         LR2   1     -     1     112,691 LR1   7     1     8     594,367 MR   24     4     28     1,410,231 Product Carriers   32     5     37     2,117,289                         Total Operating Fleet   56     8     64     7,634,840                         Newbuild Fleet                       LR1   3     -     3     223,200                         Total Newbuild Fleet   3     -     3     223,200                         Total Operating and Newbuild Fleet   59     8     67     7,858,040 (1)   Includes bareboat charters, but excludes vessels chartered in where the duration of the charter was one year or less at inception. Reconciliation to Non-GAAP Financial Information The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures may provide certain investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP. Adjusted Net Income Adjusted Net Income consists of Net Income adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. This measure does not represent or substitute net income or any other financial item that is determined in accordance with GAAP. While Adjusted Net Income is frequently used as a measure of operating results and performance, it may not be necessarily comparable with other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income, as reflected in the consolidated statement of operations, to Adjusted Net Income:                       Three Months Ended March 31, ($ in thousands)     2026       2025   Net income   $ 286,143     $ 49,565   Gain on disposal of vessels and other assets, net     (88,171 )     (10,021 ) Gain on equity method investment     (3,919 )     -   Adjusted Net Income   $ 194,053     $ 39,544                 Weighted average shares outstanding (diluted)     49,714,857       49,528,814   Adjusted Net Income per diluted share   $ 3.90     $ 0.80   EBITDA and Adjusted EBITDA EBITDA represents net income before interest expense, income taxes, and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income/(loss) as reflected in the condensed consolidated statements of operations, to EBITDA and Adjusted EBITDA:                                   Three Months Ended March 31, ($ in thousands)     2026       2025   Net income   $ 286,143     $ 49,565   Interest expense     8,959       11,452   Depreciation and amortization     40,567       39,705   EBITDA     335,669       100,722   Gain on disposal of vessels and other assets, net     (88,171 )     (10,021 ) Holding gain on previously held equity interest     (3,919 )     -   Adjusted EBITDA   $ 243,579     $ 90,701   Time Charter Equivalent (TCE) Revenues Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow:                                   Three Months Ended March 31, ($ in thousands)     2026     2025 Time charter equivalent revenues   $ 317,245   $ 178,342 Add: Voyage expenses     8,231     5,052 Shipping Revenues   $ 325,476   $ 183,394   View source version on businesswire.com: https://www.businesswire.com/news/home/20260506460660/en/ Investor Relations & Media Contact:
Tom Trovato, International Seaways, Inc.
(212) 578-1602
ttrovato@intlseas.com Original: International Seaways Reports First Quarter 2026 Results

International Seaways to Announce First Quarter 2026 Results on May 7, 2026April 23, 2026 5:00 PM
Business Wire
International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”) announced today that it plans to release first quarter 2026 results before market open on Thursday, May 7, 2026. The Company will host a conference call for investors at 9:00 a.m. Eastern Time (“ET”) on the same day.


Conference Call Details:




Date:






Thursday, May 7, 2026








Time






9:00 AM ET








Dial-in Numbers






US: +1 (800) 715-9871








 






International: +1 (646) 307-1963








Conference ID






1842743







A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at https://www.intlseas.com/.


An audio replay of the conference call will be available starting at 12:00 p.m. ET on Thursday, May 7, 2026 through 11:59 p.m. ET on Thursday, May 14, 2026 by dialing +1 (800) 770-2030 for domestic callers and +1 (609) 800-9909 for international callers, and entering Access Code 1842743.


About International Seaways, Inc.

International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of approximately 70 vessels across the principal tanker asset classes including four vessels on order. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.


Forward-Looking Statements

This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (the “SEC”), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to plans to issue dividends, the Company’s prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2025 for the Company, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423607017/en/
Investor Relations & Media:

Tom Trovato, International Seaways, Inc.

(212) 578-1602

ttrovato@intlseas.com


Original: International Seaways to Announce First Quarter 2026 Results on May 7, 2026

International Seaways Reports Fourth Quarter and Full Year 2025 ResultsFebruary 26, 2026 6:45 AM
Business Wire
Cumulative Shareholder Returns to Exceed $1 Billion Since 2020


International Seaways, Inc. (NYSE: INSW) (the “Company,” “Seaways,” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the fourth quarter and full year 2025.


HIGHLIGHTS & RECENT DEVELOPMENTS


Annual and Quarterly Results:



Net income for the fourth quarter of 2025 was $128 million, or $2.56 per diluted share. Net income for the full year was $309 million, or $6.23 per diluted share.



Adjusted net income(1), defined as net income excluding special items, for the fourth quarter of 2025 was $122 million, or $2.45 per diluted share. Special items include gains on vessel sales and costs in connection with extinguishment of debt.



Adjusted EBITDA(1) for the fourth quarter for 2025 was $175 million and for the full year was $475 million.



Fleet Optimization Program:



Consolidated ownership of Tankers International, a leading VLCC pool, through the acquisition of the remaining 50% interest, as the platform expands into a new Suezmax pool.



Took delivery of Seaways Gibbs Hill, a 2020-built, scrubber-fitted VLCC, in the fourth quarter for an aggregate price of $119 million.



Sold 10 vessels during 2025 with an average age of 18 years for net proceeds of approximately $131 million. In 2026 to date, the Company has sold or agreed to sell seven vessels with an average age of 17 years for proceeds of approximately $216 million.



Four of the six LR1 newbuildings are on track to deliver in 2026. Two vessels delivered in 2025: Seaways Alacran in the third quarter and Seaways Balboa in the fourth quarter.



Healthy Balance Sheet:



Total liquidity was $724 million as of December 31, 2025, including total cash(1) of $167 million and $557 million undrawn revolving credit capacity.



Net loan-to-value remained low at approximately 13% as of December 31, 2025.



Unencumbered six VLCCs following the fourth quarter repayment of sale leaseback arrangements using proceeds from the September Norwegian bond issuance. As a result, the Company had 31 unencumbered vessels in the fleet as of December 31, 2025.



Returns to Shareholders:



Declared a combined dividend of $2.15 per share to be paid in March 2026, representing 87% adjusted net income(1).



Largest quarterly dividend declared in Company history.



Over $1 billion in returns to shareholders since 2020, including share repurchases and the March dividend payment.



Paid a combined $0.86 per share in dividends in December 2025.



Lois K. Zabrocky, International Seaways President and CEO commented, “We concluded 2025 with our strongest quarter since the first quarter of 2024, with solid contributions from both the crude and product segments and a return of VLCCs as leaders in tanker earnings. Our fleet renewal activity in 2025 reflects the disciplined approach we strive to take across the cycles: monetizing older assets at attractive values while securing modern tonnage that positions the fleet for long-term trading opportunities. We remained active through the fourth quarter and into the start of the year highlighted by the sales of older vessels, the strategic consolidation of Tankers International, and substantial returns to shareholders amid the strength of the tanker markets.”


Ms. Zabrocky continued, “Strong market fundamentals remain the underlying driver of tanker earnings, while today’s geopolitical environment has served as a powerful catalyst. Beneath the geopolitical headlines, we continue to see healthy oil demand growth of more than one million barrels per day, alongside supply growth from the Americas and OPEC+. On the supply side, while the orderbook stands at more than 15% of the existing fleet, nearly half of the fleet is expected to reach 20 years of age by the time those vessels deliver. At the same time, we are seeing increased enforcement actions targeting sanctioned tonnage, which now exceeds the size of the orderbook, and we expect this to constrain effective fleet growth in compliant trades. Against this backdrop, Seaways remains well positioned with our significant operating leverage to convert positive market dynamics into strong cash flow generation, supporting the continued execution of our disciplined capital allocation strategy.”


Jeff Pribor, the Company’s CFO stated, “Following the placement of $250 million in senior unsecured bonds, we repaid higher-cost debt and unencumbered six additional vessels. Over the course of the year, we took advantage of our financial strength and flexibility to renew the fleet without stretching the balance sheet, funding investments through sales of older vessels and attractively priced financing, while reducing our net loan-to-value ratio to 13% and returning nearly $150 million to shareholders. With continued strength in tanker markets into 2026, we remain focused on deploying cash flow toward fleet renewal and shareholder returns.”


FOURTH QUARTER 2025 RESULTS


Net income for the fourth quarter of 2025 was $128 million, or $2.56 per diluted share, compared to net income of $36 million, or $0.72 per diluted share, for the fourth quarter of 2024. The increase in results was primarily driven by higher TCE revenues(1) from spot earnings across the fleet, with weighted average spot rates increasing by approximately $15,400 per day, and the impact of fleet optimization, reflected in lower vessel expenses and gains on vessel sales compared with a non-cash impairment charge in the fourth quarter of 2024.


Shipping revenues for the fourth quarter were $268 million, compared to $195 million for the fourth quarter of 2024. Consolidated TCE revenues(1) for the fourth quarter were $260 million, compared to $191 million for the fourth quarter of 2024.


Adjusted EBITDA(1) for the fourth quarter was $175 million, compared to $95 million for the fourth quarter of 2024.


Crude Tankers


Shipping revenues for the Crude Tankers segment were $151 million for the fourth quarter of 2025, compared to $96 million for the fourth quarter of 2024. TCE revenues(1) were $147 million for the fourth quarter, compared to $93 million for the fourth quarter of 2024. This increase was attributable to higher spot earnings across the segment, with weighted average spot rates increasing by over $26,000 per day and higher time charter revenues, reflecting incremental profit sharing of approximately $36,900 per day on our dual-fuel VLCCs.


Product Carriers


Shipping revenues for the Product Carriers segment were $117 million for the fourth quarter of 2025, compared to $99 million for the fourth quarter of 2024. TCE revenues(1) were $113 million for the fourth quarter of 2025, compared to $97 million for the fourth quarter of 2024. The increase was driven by higher spot earnings across the product segment, with weighted average spot rates increasing by over $8,000 per day.


FLEET OPTIMIZATION PROGRAM


On January 27, 2026, the Company acquired sole ownership of Tankers International, a leading shipping pool founded in 2000, providing commercial management of modern, independent VLCC tonnage. Tankers International has formed a new pool to expand its commercial management into the Suezmax class, to which the Company expects to contribute its Suezmax vessels trading in the spot market.


During the fourth quarter of 2025, the Company took delivery of Seaways Gibbs Hill, a 2020-built, scrubber-fitted VLCC. In August 2025, the Company agreed to purchase the vessel for $119 million, of which $12 million was paid during the third quarter in connection with the agreement.


In the fourth quarter, the Company sold three MR vessels with an average age of 18.5 years for net proceeds of $36 million. During the year ended December 31, 2025, the Company sold ten vessels, eight MRs and two LR1s, with an average age of 18.0 years for proceeds of approximately $131 million, excluding two vessels that were swapped in early 2025. The vessel swap exchanged two older VLCCs and $3 million in cash for three younger MRs through a series of vessel sales and purchase agreements spanning over the fourth quarter of 2024 and the first quarter of 2025.


Between December 2025 and February 2026, the Company sold or entered into agreements to sell seven vessels for aggregate proceeds of approximately $216 million, net of commissions and fees. The vessels are among the oldest remaining in the fleet, consisting of five MRs with an average age of 18 years and two VLCCs with an average age of 15 years. The Company expects to close these transactions during the first quarter of 2026 and recognize gains from the vessel sales of approximately $80 million.


During the fourth quarter of 2025, the Company took delivery of the Seaways Balboa, the second of six LR1 newbuildings under construction in Korea with K Shipbuilding Co., Ltd. The aggregate contract price for the six scrubber-fitted, dual-fuel ready LR1 vessels is approximately $359 million. As of December 31, 2025, the Company has approximately $188 million in remaining construction costs, of which approximately $158 million is expected to be drawn from the ECA Credit Facility (as defined below) in accordance with the delivery schedule. In the first quarter of 2026, the Company paid approximately $30 million in installment payments related to the construction of these vessels.


In the fourth quarter, the Company entered into a time charter agreement for one year on a 2012-built Suezmax that commenced in November 2025. As of January 1, 2026, the Company has 13 vessels on time charter agreements with an average duration of 1.4 years and total future contracted revenues through expiry of approximately $210 million, excluding any applicable profit share.


BALANCE SHEET ENHANCEMENTS


In September 2025, the Company successfully issued $250 million of senior unsecured bonds maturing in 2030 in the Norwegian bond market at a coupon rate of 7.125%. Proceeds from the bonds were used in the exercise of declared purchase options on existing sale leaseback arrangements bearing interest at SOFR plus 405 basis points with an 18-year amortization profile. The purchase options were paid in November 2025 for $258 million, which unencumbered six VLCCs, reduced interest expense and eliminated approximately $22 million in annual mandatory principal payments.


In August 2025, the Company entered into a Korean export agency-backed financing with DNB Bank and K-Sure for up to $240 million, secured by six LR1 newbuildings delivering between the third quarter of 2025 and the third quarter of 2026 (the “ECA Credit Facility”). The 12-year facility combines for a 20-year amortization profile and a blended interest rate of SOFR plus 125 basis points across two tranches. Funds will be drawn under the facility in connection with the delivery of each vessel. During 2025, the Company drew $82 million in connection with the delivery of two vessels.


In the year ended December 30, 2025, the Company repaid $145 million on its revolving credit facilities, composed of $69 million, primarily borrowed for timing differences in connection with the vessel swap and $76 million to offset capacity reductions in our revolving credit facilities.


RETURNING CASH TO SHAREHOLDERS


In December 2025, the Company paid a combined dividend of $0.86 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $0.74 per share.


On February 25, 2026, the Company’s Board of Directors declared a combined dividend of $2.15 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $2.03 per share of common stock. Both dividends will be paid on March 30, 2026, to shareholders with a record date at the close of business on March 20, 2026.


In October 2025, the Company’s Board of Directors extended the expiry of the $50 million share repurchase program to the end of 2026.


(1) This is a non-GAAP financial measure used throughout this press release; please refer to the section “Reconciliation to Non-GAAP Financial Information” for explanations of our non-GAAP financial measures and the reconciliations of reported GAAP to non-GAAP financial measures.


CONFERENCE CALL


The Company will host a conference call to discuss its fourth quarter 2025 results at 9:00 a.m. Eastern Time on Thursday, February 26, 2026. To access the call, participants should dial (833) 470-1428 for domestic callers and (929) 526-1599 for international callers and entering 699376. Please dial in ten minutes prior to the start of the call. A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at https://www.intlseas.com.


An audio replay of the conference call will be available until March 13, 2026, by dialing (866) 813-9403 for domestic callers and +44 204 525 0658 for international callers, and entering Access Code 421241.


ABOUT INTERNATIONAL SEAWAYS, INC.


International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of approximately 70 vessels across the principal tanker asset classes including four vessels on order. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.


Forward-Looking Statements


This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (the “SEC”), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to plans to issue dividends, the Company’s prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2025 for the Company, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.


Category: Earnings




 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Consolidated Statements of Operations






 






 






 






 






 






 






 






 






 






 






 






 








($ in thousands, except per share amounts)






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






Three Months Ended






 






 






Fiscal Year Ended








 






 






 






December 31,






 






 






December 31,








 






 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








 






 






 






(Unaudited)






 






 






(Unaudited)






 






 






 






 






 






 








Shipping Revenues:






 






 






 






 






 






 






 






 






 






 






 






 








Pool revenues






 






$






209,394






 






 






$






145,194






 






 






$






641,785






 






 






$






749,164






 








Time and bareboat charter revenues






 






 






45,954






 






 






 






38,089






 






 






 






157,580






 






 






 






137,119






 








Voyage charter revenues






 






 






12,531






 






 






 






11,330






 






 






 






43,937






 






 






 






65,330






 








Total Shipping Revenues






 






 






267,879






 






 






 






194,613






 






 






 






843,302






 






 






 






951,613






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Operating Expenses:






 






 






 






 






 






 






 






 






 






 






 






 








Voyage expenses






 






 






7,897






 






 






 






3,973






 






 






 






23,688






 






 






 






18,510






 








Vessel expenses






 






 






65,879






 






 






 






73,171






 






 






 






266,143






 






 






 






275,661






 








Charter hire expenses






 






 






7,355






 






 






 






8,998






 






 






 






33,261






 






 






 






29,839






 








Depreciation and amortization






 






 






41,362






 






 






 






39,466






 






 






 






163,586






 






 






 






149,440






 








General and administrative






 






 






13,022






 






 






 






15,113






 






 






 






50,235






 






 






 






52,607






 








Other operating expenses






 






 






1,831






 






 






 






105






 






 






 






3,541






 






 






 






2,820






 








Third-party debt modification fees






 






 






-






 






 






 






-






 






 






 






-






 






 






 






168






 








(Gain)/Loss on disposal of vessels and other assets, net






 






 






(7,629






)






 






 






8,745






 






 






 






(42,537






)






 






 






(32,657






)








Total operating expenses






 






 






129,717






 






 






 






149,571






 






 






 






497,917






 






 






 






496,388






 








Income from vessel operations






 






 






138,162






 






 






 






45,042






 






 






 






345,385






 






 






 






455,225






 








Other income






 






 






799






 






 






 






1,593






 






 






 






6,169






 






 






 






10,118






 








Income before interest expense and income taxes






 






 






138,961






 






 






 






46,635






 






 






 






351,554






 






 






 






465,343






 








Interest expense






 






 






(11,868






)






 






 






(11,895






)






 






 






(42,704






)






 






 






(49,703






)








Income before income taxes






 






 






127,093






 






 






 






34,740






 






 






 






308,850






 






 






 






415,640






 








Income tax benefit






 






 






411






 






 






 






1,083






 






 






 






411






 






 






 






1,084






 








Net income






 






$






127,504






 






 






$






35,823






 






 






$






309,261






 






 






$






416,724






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Weighted Average Number of Common Shares Outstanding:






 






 






 






 






 






 






 






 






 






 






 






 








Basic






 






 






49,368,928






 






 






 






49,175,563






 






 






 






49,335,230






 






 






 






49,270,496






 








Diluted






 






 






49,682,572






 






 






 






49,546,868






 






 






 






49,595,945






 






 






 






49,680,127






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Per Share Amounts:






 






 






 






 






 






 






 






 






 






 






 






 








Basic net income per share






 






$






2.58






 






 






$






0.73






 






 






$






6.27






 






 






$






8.45






 








Diluted net income per share






 






$






2.56






 






 






$






0.72






 






 






$






6.23






 






 






$






8.38






 









 






 






 






 






 






 






 








 






 






 






 






 






 






 








Consolidated Balance Sheets






 






 






 






 






 






 








($ in thousands)






 






 






 






 






 






 








 






 






 






December 31,






 






 






December 31,








 






 






 






2025






 






 






2024








 






 






 






 






 






 






 








ASSETS






 






 






 






 






 






 








Current Assets:






 






 






 






 






 






 








Cash and cash equivalents






 






$






116,922






 






$






157,506








Short-term investments






 






 






50,000






 






 






-








Voyage receivables






 






 






177,887






 






 






185,521








Other receivables






 






 






13,836






 






 






13,771








Inventories






 






 






611






 






 






1,875








Prepaid expenses and other current assets






 






 






7,384






 






 






15,570








Current portion of derivative asset






 






 






406






 






 






2,080








Total Current Assets






 






 






367,046






 






 






376,323








 






 






 






 






 






 






 








Vessels and other property, less accumulated depreciation






 






 






2,077,986






 






 






2,050,211








Vessels construction in progress






 






 






57,725






 






 






37,020








Deferred drydock expenditures, net






 






 






109,257






 






 






90,209








Operating lease right-of-use assets






 






 






7,220






 






 






21,229








Pool working capital deposits






 






 






33,051






 






 






35,372








Long-term derivative asset






 






 






5






 






 






801








Other assets






 






 






16,352






 






 






25,232








Total Assets






 






$






2,668,642






 






$






2,636,397








 






 






 






 






 






 






 








LIABILITIES AND EQUITY






 






 






 






 






 






 








Current Liabilities:






 






 






 






 






 






 








Accounts payable, accrued expenses and other current liabilities






 






$






69,921






 






$






66,264








Current portion of operating lease liabilities






 






 






3,182






 






 






14,617








Current installments of long-term debt






 






 






25,788






 






 






50,054








Total Current Liabilities






 






 






98,891






 






 






130,935








Long-term operating lease liabilities






 






 






5,954






 






 






8,715








Long-term debt






 






 






541,291






 






 






638,353








Other liabilities






 






 






2,229






 






 






2,346








Total Liabilities






 






 






648,365






 






 






780,349








 






 






 






 






 






 






 








Equity:






 






 






 






 






 






 








Total Equity






 






 






2,020,277






 






 






1,856,048








Total Liabilities and Equity






 






$






2,668,642






 






$






2,636,397














 



 






 






 






 






 






 






 








Consolidated Statements of Cash Flows






 






 






 






 






 






 








($ in thousands)






 






 






 






 






 






 








 






 






 






Fiscal Year Ended December 31,








 






 






 






2025






 






 






 






2024






 








 






 






 






 






 






 






 








Cash Flows from Operating Activities:






 






 






 






 






 






 








Net income






 






$






309,261






 






 






$






416,724






 








Items included in net income not affecting cash flows:






 






 






 






 






 






 








Depreciation and amortization






 






 






163,586






 






 






 






149,440






 








Loss on write-down of vessels and other assets






 






 






—






 






 






 






8,700






 








Amortization of debt discount and other deferred financing costs






 






 






4,262






 






 






 






4,110






 








Deferred financing costs write-off






 






 






1,761






 






 






 






—






 








Stock compensation






 






 






8,699






 






 






 






9,000






 








Other – net






 






 






(189






)






 






 






(553






)








Items included in net income related to investing and financing activities:






 






 






 






 






 






 








Gain on disposal of vessels and other assets, net






 






 






(42,537






)






 






 






(41,357






)








Loss on extinguishment of debt






 






 






315






 






 






 






—






 








Payments for drydocking






 






 






(84,211






)






 






 






(58,642






)








Insurance claims proceeds related to vessel operations






 






 






2,840






 






 






 






1,073






 








Changes in operating assets and liabilities






 






 






16,265






 






 






 






58,643






 








Net cash provided by operating activities






 






 






380,052






 






 






 






547,138






 








Cash Flows from Investing Activities:






 






 






 






 






 






 








Expenditures for vessels, vessel improvements, and vessels under construction






 






 






(340,480






)






 






 






(278,794






)








Security deposits for vessel exchange transactions






 






 






5,000






 






 






 






(5,000






)








Proceeds from disposal of vessels and other property, net






 






 






246,259






 






 






 






71,895






 








Expenditures for other property






 






 






(1,441






)






 






 






(1,386






)








Pool working capital deposits






 






 






(650






)






 






 






(1,732






)








Investments in short term time deposits






 






 






(50,000






)






 






 






(125,000






)








Proceeds from maturities of short term time deposits






 






 






—






 






 






 






185,000






 








Net cash used in investing activities






 






 






(141,312






)






 






 






(155,017






)








Cash Flows from Financing Activities:






 






 






 






 






 






 








Borrowings on nonrevolving credit facility debt






 






 






331,494






 






 






 






—






 








Borrowings on revolving credit facilities






 






 






80,000






 






 






 






120,000






 








Repayments on revolving credit facilities






 






 






(224,581






)






 






 






(70,000






)








Repayments of debt






 






 






—






 






 






 






(39,851






)








Premium and fees on extinguishment of debt






 






 






(315






)






 






 






—






 








Payments on sale and leaseback financing






 






 






(303,504






)






 






 






(49,294






)








Payments of deferred financing costs






 






 






(11,666






)






 






 






(5,759






)








Cash dividends paid






 






 






(144,611






)






 






 






(284,416






)








Repurchase of common stock






 






 






—






 






 






 






(25,000






)








Cash paid to tax authority upon vesting or exercise of stock-based compensation






 






 






(6,141






)






 






 






(7,055






)








Net cash used in financing activities






 






 






(279,324






)






 






 






(361,375






)








Net (decrease)/increase in cash, cash equivalents and restricted cash






 






 






(40,584






)






 






 






30,746






 








Cash and cash equivalents at beginning of year






 






 






157,506






 






 






 






126,760






 








Cash and cash equivalents at end of year






 






$






116,922






 






 






$






157,506






 







Spot and Fixed TCE Rates Achieved and Revenue Days


The following tables provides a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months and fiscal year ended December 31, 2025 and the comparable periods of 2024. Revenue days in the quarter ended December 31, 2025 totaled 5,945 compared with 6,697 in the prior year quarter. Revenue days in the year ended December 31, 2025 totaled 25,393 compared with 25,904 in the prior year. The information in these tables excludes commercial pool fees/commissions averaging approximately $942 and $764 per day for the three months ended December 31, 2025 and 2024, respectively, and approximately $924 and $902 per day for the years ended December 31, 2025 and 2024, respectively.




 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






Three Months Ended December 31, 2025






 






 






Three Months Ended December 31, 2024








 






 






 






Spot






 






 






Fixed






 






 






Total






 






 






Spot






 






 






Fixed






 






 






Total








Crude Tankers






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








VLCC






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average TCE Rate






 






$






75,566






 






$






69,847






 






 






 






 






$






35,572






 






$






32,947






 






 






 








Number of Revenue Days






 






 






527






 






 






276






 






 






803






 






 






823






 






 






276






 






 






1,099








Suezmax






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average TCE Rate






 






$






52,802






 






$






35,940






 






 






 






 






$






29,700






 






$






30,855






 






 






 








Number of Revenue Days






 






 






1,052






 






 






134






 






 






1,186






 






 






1,023






 






 






154






 






 






1,177








Aframax






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average TCE Rate






 






$






42,201






 






$






38,326






 






 






 






 






$






31,212






 






$






38,500






 






 






 








Number of Revenue Days






 






 






292






 






 






92






 






 






384






 






 






276






 






 






92






 






 






368








Total Crude Tankers Revenue Days






 






 






1,871






 






 






502






 






 






2,373






 






 






2,122






 






 






522






 






 






2,644








Product Carriers






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Aframax (LR2)






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average TCE Rate






 






$






-






 






$






39,522






 






 






 






 






$






-






 






$






39,501






 






 






 








Number of Revenue Days






 






 






-






 






 






91






 






 






91






 






 






-






 






 






92






 






 






92








Panamax (LR1)






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average TCE Rate






 






$






62,904






 






$






-






 






 






 






 






$






37,103






 






$






-






 






 






 








Number of Revenue Days






 






 






381






 






 






-






 






 






381






 






 






715






 






 






-






 






 






715








MR






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average TCE Rate






 






$






28,523






 






$






21,935






 






 






 






 






$






21,488






 






$






21,954






 






 






 








Number of Revenue Days






 






 






2,528






 






 






572






 






 






3,100






 






 






2,520






 






 






726






 






 






3,246








Total Product Carriers Revenue Days






 






 






2,909






 






 






663






 






 






3,572






 






 






3,235






 






 






818






 






 






4,053








Total Revenue Days






 






 






4,780






 






 






1,165






 






 






5,945






 






 






5,357






 






 






1,340






 






 






6,697









 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






Fiscal Year Ended December 31, 2025






 






 






Fiscal Year Ended December 31, 2024








 






 






 






Spot






 






 






Fixed






 






 






Total






 






 






Spot






 






 






Fixed






 






 






Total








Crude Tankers






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








VLCC






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average TCE Rate






 






$






44,397






 






$






47,121






 






 






 






 






$






39,011






 






$






35,758






 






 






 








Number of Revenue Days






 






 






2,455






 






 






1,095






 






 






3,550






 






 






3,395






 






 






1,098






 






 






4,493








Suezmax






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average TCE Rate






 






$






38,329






 






$






33,726






 






 






 






 






$






39,303






 






$






30,971






 






 






 








Number of Revenue Days






 






 






4,342






 






 






355






 






 






4,697






 






 






4,036






 






 






702






 






 






4,738








Aframax






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average TCE Rate






 






$






31,941






 






$






38,496






 






 






 






 






$






32,433






 






$






38,518






 






 






 








Number of Revenue Days






 






 






1,096






 






 






353






 






 






1,449






 






 






873






 






 






365






 






 






1,238








Total Crude Tankers Revenue Days






 






 






7,893






 






 






1,803






 






 






9,696






 






 






8,304






 






 






2,165






 






 






10,469








Product Carriers






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








LR2






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average TCE Rate






 






$






-






 






$






39,485






 






 






 






 






$






53,159






 






$






39,500






 






 






 








Number of Revenue Days






 






 






-






 






 






364






 






 






364






 






 






149






 






 






161






 






 






310








LR1






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average TCE Rate






 






$






36,516






 






$






-






 






 






 






 






$






49,915






 






$






-






 






 






 








Number of Revenue Days






 






 






2,251






 






 






-






 






 






2,251






 






 






2,386






 






 






-






 






 






2,386








MR






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Average TCE Rate






 






$






23,535






 






$






21,638






 






 






 






 






$






30,887






 






$






21,809






 






 






 








Number of Revenue Days






 






 






10,345






 






 






2,737






 






 






13,082






 






 






10,348






 






 






2,391






 






 






12,739








Total Product Carriers Revenue Days






 






 






12,596






 






 






3,101






 






 






15,697






 






 






12,883






 






 






2,552






 






 






15,435








Total Revenue Days






 






 






20,489






 






 






4,904






 






 






25,393






 






 






21,187






 






 






4,717






 






 






25,904







(a) In May 2025, the 2010-built Seaways Raffles delivered into the Tankers International 15-plus pool, which is excluded from the average spot TCE rate presented in the tables above. If the 15-plus pool was included, the average VLCC TCE spot rate would be $75,428 per day on 618 revenue days for the fourth quarter of 2025, and $44,817 per day on 2,697 revenue days for the full year 2025.


Revenue days in the above table exclude days related to full service lighterings and certain of the Company’s vessels that were employed in transitional voyages.


During the 2025 and 2024 periods, each of the Company’s LR1s participated in the Panamax International Pool and transported crude oil cargoes exclusively.


Fleet Information


As of December 31, 2025 INSW’s fleet totaled 74 vessels, of which 66 were owned and 8 were chartered in.




 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






Total at December 31, 2025








Vessel Fleet and Type






 






Vessels Owned






 






 






Vessels Chartered-in1






 






 






Total Vessels






 






 






Total Dwt








Operating Fleet






 






 






 






 






 






 






 






 






 






 






 








VLCC






 






9






 






 






3






 






 






12






 






 






3,617,800








Suezmax






 






13






 






 






-






 






 






13






 






 






2,061,754








Aframax






 






4






 






 






-






 






 






4






 






 






452,375








Crude Tankers






 






26






 






 






3






 






 






29






 






 






6,131,929








 






 






 






 






 






 






 






 






 






 






 






 








LR2






 






1






 






 






-






 






 






1






 






 






112,691








LR1






 






6






 






 






1






 






 






7






 






 






519,941








MR






 






29






 






 






4






 






 






33






 






 






1,658,013








Product Carriers






 






36






 






 






5






 






 






41






 






 






2,290,645








 






 






 






 






 






 






 






 






 






 






 






 








Total Operating Fleet






 






62






 






 






8






 






 






70






 






 






8,422,574








 






 






 






 






 






 






 






 






 






 






 






 








Newbuild Fleet






 






 






 






 






 






 






 






 






 






 






 








LR1






 






4






 






 






-






 






 






4






 






 






297,600








 






 






 






 






 






 






 






 






 






 






 






 








Total Newbuild Fleet






 






4






 






 






-






 






 






4






 






 






297,600








 






 






 






 






 






 






 






 






 






 






 






 








Total Operating and Newbuild Fleet






 






66






 






 






8






 






 






74






 






 






8,720,174









(1) Includes bareboat charters, but excludes vessels chartered in where the duration of the charter was one year or less at inception.







Reconciliation to Non-GAAP Financial Information


The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures may provide certain investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.


Adjusted Net Income


Adjusted net income consists of net income adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. This measure does not represent or substitute net income or any other financial item that is determined in accordance with GAAP. While adjusted net income is frequently used as a measure of operating results and performance, it may not be necessarily comparable with other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income, as reflected in the condensed consolidated statement of operations, to adjusted net income:















 



 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






Three Months Ended December 31,






 






 






Fiscal Year Ended December 31,








($ in thousands)






 






 






2025






 






 






 






2024






 






 






2025






 






 






 






2024






 








Net income






 






$






127,504






 






 






$






35,823






 






$






309,261






 






 






$






416,724






 








Third-party debt modification fees






 






 






-






 






 






 






-






 






 






-






 






 






 






168






 








Write-off of deferred financing costs






 






 






1,761






 






 






 






-






 






 






1,761






 






 






 






-






 








Loss on extinguishment of debt






 






 






315






 






 






 






-






 






 






315






 






 






 






-






 








(Gain)/Loss on disposal of vessels and other assets, net






 






 






(7,629






)






 






 






8,745






 






 






(42,537






)






 






 






(32,657






)








Provision for settlement of multi-employer pension plan obligations






 






 






-






 






 






 






-






 






 






-






 






 






 






1,019






 








Adjusted Net Income






 






$






121,951






 






 






$






44,568






 






$






268,800






 






 






$






385,254






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Weighted average shares outstanding (diluted)






 






 






49,682,572






 






 






 






49,546,868






 






 






49,595,945






 






 






 






49,680,127






 








Adjusted Net Income per diluted share






 






$






2.45






 






 






$






0.90






 






$






5.42






 






 






$






7.75






 







EBITDA and Adjusted EBITDA


EBITDA represents net income before interest expense, income taxes, and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income as reflected in the condensed consolidated statements of operations, to EBITDA and Adjusted EBITDA:




 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






Three Months Ended December 31,






 






 






Fiscal Year Ended December 31,








($ in thousands)






 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Net income






 






$






127,504






 






 






$






35,823






 






 






$






309,261






 






 






$






416,724






 








Income tax benefit






 






 






(411






)






 






 






(1,083






)






 






 






(411






)






 






 






(1,084






)








Interest expense






 






 






11,868






 






 






 






11,895






 






 






 






42,704






 






 






 






49,703






 








Depreciation and amortization






 






 






41,362






 






 






 






39,466






 






 






 






163,586






 






 






 






149,440






 








EBITDA






 






 






180,323






 






 






 






86,101






 






 






 






515,140






 






 






 






614,783






 








Third-party debt modification fees






 






 






-






 






 






 






-






 






 






 






-






 






 






 






168






 








Write-off of deferred financing costs






 






 






1,761






 






 






 






-






 






 






 






1,761






 






 






 






-






 








Loss on extinguishment of debt






 






 






315






 






 






 






-






 






 






 






315






 






 






 






-






 








(Gain)/Loss on disposal of vessels and other assets, net






 






 






(7,629






)






 






 






8,745






 






 






 






(42,537






)






 






 






(32,657






)








Provision for settlement of multi-employer pension plan obligations






 






 






-






 






 






 






-






 






 






 






-






 






 






 






1,019






 








Adjusted EBITDA






 






$






174,770






 






 






$






94,846






 






 






$






474,679






 






 






$






583,313






 







Total Cash




 






 






 






 






 






 








 






 






 






 






 






 








 






 






December 31,






 






 






December 31,








($ in thousands)






 






2025






 






 






2024








Cash and cash equivalents






$






116,922






 






$






157,506








Short-term investments






 






50,000






 






 






-








Total Cash






$






166,922






 






$






157,506







Time Charter Equivalent (TCE) Revenues


Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the condensed consolidated statements of operations follow:




 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






Three Months Ended December 31,






 






Fiscal Year Ended December 31,








($ in thousands)






 






 






2025






 






 






2024






 






 






2025






 






 






2024








Time charter equivalent revenues






 






$






259,982






 






$






190,640






 






$






819,614






 






$






933,103








Add: Voyage expenses






 






 






7,897






 






 






3,973






 






 






23,688






 






 






18,510








Shipping revenues






 






$






267,879






 






$






194,613






 






$






843,302






 






$






951,613







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226434448/en/
Investor Relations & Media Contact:

Tom Trovato, International Seaways, Inc.

(212) 578-1602

ttrovato@intlseas.com


Original: International Seaways Reports Fourth Quarter and Full Year 2025 Results