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International Seaways (INSW) investor relations material
International Seaways Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Reported Q3 2025 net income of $71 million ($1.42 per diluted share) and adjusted net income of $57 million ($1.15 per share), with adjusted EBITDA of $108 million; maintained a 75% payout ratio and declared a $0.86 per share dividend.
Extended $50 million share repurchase program through 2026 and continued disciplined capital allocation, including significant fleet renewal and optimization.
Successfully completed a cross-border redomiciliation of key subsidiaries to Bermuda in October 2025, with full lender consent and legal safeguards to ensure continuity of all financing arrangements and security interests.
Financial highlights
Q3 2025 adjusted EBITDA was $108 million, with TCE revenues of $195.6 million and shipping revenues of $196 million.
Free cash flow for Q3 2025 was $63 million; total liquidity as of September 30, 2025, was $985 million, including $413 million in cash and $572 million undrawn revolver.
Net loan-to-value at 13% on over $3 billion in fleet value; net debt under $400 million.
Issued $250 million in senior unsecured bonds at 7.125% coupon to refinance sale-leasebacks and unencumber six vessels.
Outlook and guidance
Q4 2025 blended spot TCE fixed at $40,400 per day on 47% of revenue days; continued strong free cash flow generation expected.
2026 break-even rate expected at $14,500 per day, up from $13,100 previously, mainly due to higher operating and dry dock costs.
Contracted revenue of $229 million (excluding profit share) with an average time charter duration of 1.5 years.
Impact of fleet optimization on fleet age?
Future flexibility from unencumbering VLCCs?
Reconcile Q3 spot rates with market outlook.
Drivers for MR outperformance in Q4?
Offshore storage opportunities ahead?
Impact of rising asset values on fleet renewal?
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Next International Seaways earnings date
Q4 202527 Feb, 2026
Next International Seaways earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
International Seaways Inc. is a global shipping company that owns and operates a fleet of crude oil and petroleum product tankers. The company provides maritime transportation services for oil companies and traders, shipping crude oil and refined petroleum products across key global trading routes. Its fleet includes very large crude carriers (VLCCs), Suezmaxes, Aframaxes, and product tankers. The company is headquartered in New York, United States, and its shares are listed on the NYSE.
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