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International Seaways (INSW) investor relations material
International Seaways Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Record Q3 2026 net income was $344.2M, or $6.90/share; adjusted net income was $294.4M, or $5.84/share.
Adjusted EBITDA reached $344.5M; free cash flow was $234.1M.
A $5.05/share dividend was declared, with a stated practice of returning at least 85% of adjusted net income.
Financial highlights
Q3 shipping revenue was $483.2M and TCE revenue was $442.6M, versus $196.4M and $192.5M, respectively, a year earlier.
Operating income rose to $351.3M from $78.7M, reflecting higher TCE revenue and vessel-sale gains.
Free cash flow was $234.1M and operating cash flow was $243.0M; working-capital use was $64M.
Nine-month net income was $925.3M versus $181.8M; adjusted EBITDA was $933.3M versus $299.9M.
Outlook and guidance
As of Oct. 28, 53% of Q4 2026 spot fixtures were fixed at a blended TCE of $172,300/day; actual rates may change as voyages are fixed.
FY 2027 estimates include vessel expenses of $268–280M, cash interest of $45–53M, scheduled debt repayments of $42–47M and drydock/capex of $109–125M, excluding newbuilding costs.
Four LR1 newbuilds are scheduled for H2 2028 delivery at an aggregate contract price of $244M, funded through long-term financing and available liquidity.
Historically high charter rates may not persist; management cited trade-flow rebalancing and inventory replenishment as potential market support.
- Record Q2 net income, historic dividend, and robust fleet renewal highlight strong performance.INSW
Q2 2026 - All proposals passed, with strong financials, high dividends, and active fleet renewal emphasized.INSW
AGM 2026 - Record earnings, robust capital returns, and a modern, sustainable fleet drive industry leadership.INSW
Investor presentation - Record net income, EBITDA, and dividend highlight strong performance and robust liquidity.INSW
Q1 2026 - Board urges support for all annual meeting proposals, clarifying voting standards and outcomes.INSW
Proxy filing - Annual meeting to vote on directors, auditor, executive pay, and extended rights plan.INSW
Proxy filing - Key votes include director elections, auditor ratification, and executive pay approval.INSW
Proxy filing - Proxy covers director elections, auditor, say-on-pay, rights plan, and strong ESG focus.INSW
Proxy filing - Q1 2025 net income dropped, but strong liquidity and high dividends were maintained.INSW
Q1 2025
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