International Seaways (INSW) Q2 2026 earnings summary

Executive summary

• Achieved record net income of $295 million ($5.91 per share) and adjusted EBITDA of $345 million for Q2 2026, driven by strong spot earnings, profit-sharing, and fleet optimization.

• Declared the largest quarterly dividend in company history at $5.05 per share, with a payout ratio exceeding 85% of adjusted net income and a 21% yield over the last twelve months.

• Maintained robust liquidity of $935 million, including $409 million in cash and $526 million in undrawn revolving credit, and a net loan-to-value ratio of approximately 6%.

• Significant fleet renewal with sales of older vessels, delivery of new dual-fuel LR1 product carriers, and four additional LR1s ordered for 2028 delivery.

• Integrated Tankers International Suezmax pool and acquired sole ownership of Tankers International, expanding commercial scale and flexibility.

Financial highlights

• Q2 2026 net income and adjusted net income reached $295 million ($5.91 per diluted share), with adjusted EBITDA of $345 million and record free cash flow of $261 million.

• Shipping revenues rose to $467 million, with TCE revenues of $434 million and blended spot TCEs at $79,000 per day, up from $27,500 a year ago.

• Crude tanker revenues totaled $253 million, including $51 million from profit-sharing time charters; product carriers contributed $181 million in TCE revenues.

• Paid $225 million in dividends in Q2 2026, with $331.8 million paid YTD and $12.61 per share declared over the last twelve months.

• Ended the quarter with $935 million in liquidity and a net loan-to-value ratio of 6%.

Outlook and guidance

• Booked 48% of expected Q3 2026 revenue days at a blended spot TCE of $61,000 per day; spot cash breakeven remains below $14,500 per day.

• Management expects continued volatility in tanker rates due to geopolitical disruptions but anticipates robust demand for fleet services.

• Ongoing focus on disciplined capital allocation, fleet renewal, and shareholder returns.

• Guidance for Q3 2026 includes revenue of $61–66 million and vessel expenses of $14.4 million.

• All ten newbuild LR1 vessels expected to join the Panamax International Pool, which has historically outperformed the LR1 market.