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International Seaways (INSW) investor relations material
International Seaways Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Q2 2025 net income was $62M ($1.25/diluted share), adjusted net income $50M ($1.02/diluted share), and adjusted EBITDA $102M, reflecting strong shareholder returns and ongoing fleet renewal through the sale of six older vessels and the purchase of a modern VLCC.
Declared a combined dividend of $0.77/share for September 2025, maintaining a payout ratio of at least 75% of adjusted net income for the fourth consecutive quarter.
Total liquidity stood at $709M as of June 30, 2025, with $149M in cash and $560M undrawn revolver capacity; net loan-to-value remained low at 14%.
The fleet comprised 75 vessels as of June 30, 2025, with six LR1 newbuilds scheduled for delivery through Q3 2026.
Share repurchase program authorized up to $50M, with no shares repurchased in 2025.
Financial highlights
Q2 2025 shipping revenues were $196M, down from $257M in Q2 2024; consolidated TCE revenues were $189M, compared to $252M in Q2 2024.
Adjusted EBITDA for Q2 2025 was $102M, down from $167M in Q2 2024; free cash flow for Q2 2025 was $71M.
Paid $0.60/share dividend in June 2025; dividends paid in 2025 totaled $64.1M, with further dividends declared for Q3 2025.
Net loan-to-value was approximately 14% as of June 30, 2025.
Net debt to capital ratio improved to 17.3% from 22.2% at year-end 2024.
Outlook and guidance
Q3 2025 fixtures are 41% fixed at an average TCE of $27,900/day; spot cash break-even rate for the next 12 months is ~$13,000/day.
Management expects strong balance sheet and liquidity to support operations, fleet renewal, and shareholder returns over the next 12 months.
Oil demand is expected to grow, with tanker supply growth limited as new deliveries lag vessel removals.
Updated expense and capex guidance for Q3 and FY 2025 provided.
Clarify net proceeds from vessel sales.
Assess impact of sanctions on trade patterns.
How will Ocean Yield loans be refinanced?
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Next International Seaways earnings date
Q3 20256 Nov, 2025
Next International Seaways earnings date
Q3 20256 Nov, 2025
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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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